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If it is indeed looking to make a deal to raise capital, Hartford Financial Services Group could possibly sell its property-casualty insurance operations for up to $9 billion, according to a UBS analysis issued after reports that the company is shopping the property.

But Andrew Kligerman, managing director for UBS Investment Research, Life Insurance in New York, also called such a sale unlikely if the group is successful in obtaining Troubled Assets Relief Program funds from the federal government.

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