Hartford has completed the sale of its Japanese annuity subsidiary, Hartford Life Insurance KK (HLIKK) to ORIX Life Insurance in a transaction valued at approximately $963m.

The $963m deal comprised of a purchase price of $895m and an estimated positive purchase price adjustment of $68m, according to the Hartford.

Hartford CEO Christopher J Swift said: "Completing the Japan transaction is another significant milestone in The Hartford’s journey to focus on our P&C, Group Benefits and Mutual Funds businesses."

"This is an excellent transaction for shareholders that permanently reduces the risk profile of the company while also generating a significant capital benefit for the company."

Under the terms of the agreement, which was originally inked in April this year, all reinsurance agreements between HLIKK and The Hartford’s US life insurance subsidiaries will terminate, with the exception of an agreement covering about $1.1bn of fixed payout annuity reserves.

Based in Tokyo, Hartford provides an array of life and health insurance products, and operates as a subsidiary of Hartford Life.

Deutsche Bank acted as financial advisor and Sidley Austin served as legal advisor to The Hartford.

Hartford (HIG), which offers property and casualty insurance, group benefits and mutual funds, disposed of its UK Variable Annuity Business to Berkshire Hathaway in December 2013.