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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 property/casualty subsidiaries will remain under review with developing implications, and the ratings of its life subsidiaries will remain under review with negative implications following the recent announcement that The Hartford has closed on the previously announced sale of its retirement plans business to
Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA) and its individual life business to
Prudential Financial, Inc. (Prudential) (Newark, NJ) [NYSE: PRU], as well as its individual annuity new business capabilities to
Forethought Financial Group, Inc. (headquartered in Houston, TX). The closure of The Hartford’s sale of Woodbury Financial to
American International Group, Inc. (New York, NY) was announced in December 2012.
The completion of these transactions is consistent with The Hartford’s strategy to refocus on its property/casualty, group benefits and mutual funds businesses, as outlined by management in early 2012. With the close of these transactions, The Hartford has successfully executed its announced restructuring and will move forward with a strategy centered on those core businesses. Management anticipates $2.2 billion of statutory capital benefit from these transactions, including both increased surplus at the U.S. life operations and reduced risk-based capital requirements for those businesses.