NU Online News Service, March 26, 1:53 p.m. EDT

While Hartford's decision to exit its life operations to focus on its property and casualty business is credit positive, the plan may take a long time to materially reduce the company's total risk, according to Moody's Investors Services.

In its Weekly Credit Outlook, Moody's contends that, given the long-term nature of variable-annuity contracts, “it will take many years for the portfolio to roll off, though the run-off status of the line may lead to elevated policy redemptions by customers and somewhat speed the process of winding down the business.

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