Filed Under:Markets, Commercial Lines

The Hartford Exiting Life Business to Concentrate on P&C

(AP Photo)
(AP Photo)

NU Online News Service, March 21, 10:29 a.m. EDT 

The Hartford Insurance Group is exiting its life business in order to concentrate on its stronger property and casualty operations.

McGee says the company will stop new annuity sales effective April 27 and expects to take a related after-tax charge of $15 million to $20 million in the second quarter of 2012.

This action is also expected to reduce annual run-rate operating expenses by approximately $100 million, pre-tax, beginning in 2013.

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