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April 28, 2014
05:46 EDTHIGHartford Financial to sell Japan annuity company for $895M
The Hartford announced it has entered into a definitive agreement with ORIX Life Insurance Corporation, a subsidiary of ORIX Corporation, to sell 100% of the outstanding shares of Hartford Life Insurance K.K., or HLIKK, The Hartford’s wholly-owned Japanese annuity subsidiary. Concurrent with closing, all reinsurance agreements between HLIKK and The Hartford’s U.S. life insurance subsidiaries will terminate, with the exception of an agreement covering about $1.1B of fixed payout annuity reserves. The transaction is expected to be approved by the Japanese Financial Services Agency and, subject to other customary closing conditions, to close in July. The Hartford estimates that the March 31, pro forma effect of the transaction is a U.S. GAAP loss of approximately $675M and a U.S. life statutory surplus loss of approximately $275M. The company estimates a March 31, pro forma capital benefit from this transaction of approximately $1.4B. The estimated capital benefit includes the net sales proceeds of approximately $860M, after-tax, and an estimated reduction in capital required in the company’s U.S. life insurance subsidiaries of approximately $540M due to the termination of certain reinsurance agreements.
News For HIG From The Last 14 Days
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August 20, 2015
10:28 EDTHIGOptions with decreasing implied volatility
Options with decreasing implied volatility: KING JCP URBN DKS JWN HIG ADI DAR LOW TJX
August 18, 2015
16:00 EDTHIGOptions Update; August 18, 2015
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August 17, 2015
10:55 EDTHIGOptions with increasing implied volatility
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06:04 EDTHIGHartford Financial implied volatility of 38 at upper end of index
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