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A.M. Best Co. has commented that the ratings of
The Hartford Financial Services Group, Inc. (The Hartford) (Hartford, CT) [NYSE: HIG] and its subsidiaries will remain under review with developing implications following the recent announcement that it has signed a definitive agreement to sell its individual life business to
Prudential Financial, Inc. (Prudential) (Newark, NJ) [NYSE: PRU] for a cash ceding commission of $615 million. The sale is expected to close in the first quarter of 2013, subject to regulatory approvals.
The announced transaction remains consistent with The Hartford’s strategy to focus on its property/casualty, group benefits and mutual funds businesses as outlined by management in early 2012. Upon the close of the announced sales of Woodbury Financial Services, its retirement plans business and its individual life business, The Hartford will have successfully executed its announced restructuring and will move forward with a strategy centered on its core strengths.