After qualifying for $3.4 billion in U.S. bailout cash last week from the federal government's Troubled Asset Relief Program, The Hartford said it will not be selling its property-casualty, group benefits or life insurance businesses.

After The Hartford reported a first-quarter net loss of $1.2 billion, UBS Investment Research earlier this month suggested that if the financial services conglomerate was looking to raise capital, it could probably sell off its p-c operations for $9 billion–with the caveat that a sale was unlikely to be pursued if government bailout money could be obtained.

In a statement, Hartford Chief Executive Officer Ramani Ayer told stakeholders that the firm is taking steps to restructure its global annuity business and is exploring options for its institutional markets group.

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