HARTFORD, Conn. (AP) — The Hartford is getting out of the business of selling annuities and says Forethought Financial Group Inc. will buy its units that market annuities and manage sales of the financial product.
Hartford Financial Services Group Inc. announced the deal with privately-owned Forethought on Thursday. Hartford announced last month that it would stop selling the products so it can focus on property and casualty insurance, group benefits and mutual funds.
Customers buy annuities over time in anticipation of later receiving regular payments from the seller for a specified period.
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