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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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December 19, 2014
10:17 EDTHIGOn The Fly: Analyst Downgrade Summary
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06:15 EDTHIGHartford Financial downgraded to Neutral from Buy at Citigroup
Citigroup downgraded Hartford Financial to Neutral citing valuation. The firm believes the stock is pricing in Hartford's restructuring. Citi raised its price target for shares to $44 from $41.
December 12, 2014
14:38 EDTHIGHartford Financial price target raised to $47 from $44 at Argus
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