Hartford Financial Services Group (HIG) is exploring options for a possible sale of its corporate-owned life-insurance business, as part of its strategy to better concentrate on property and casualty insurance business.
Sources familiar with the matter were quoted by Bloomberg as saying that the company is engaged in talks with investment banks about a possible sale of the unit, which may fetch approximately $200m.
The unit put for sale had policies with $37bn in account value as of March 2013, the news agency reported.
In 2012, Hartford disposed of certain part of the unit to Philadelphia Financial Group, and a sale of the remaining will accelerate Hartford’s withdraw from life insurance business.
In January, the company offloaded its Retirement Plans business to Massachusetts Mutual Life Insurance for $355m. In the same month, it divested its Individual Life insurance business to Prudential Insurance Company of America for $615m.
Most recently, Hartford sold its UK Variable Annuity Business, a part of its Talcott Resolution segment, to Berkshire Hathaway.