As part of its plan to prune its business, Hartford Financial Services Group Inc. is selling its securities brokerage Woodbury Financial Services to insurer American International Group Inc.
The sale of the unit is the first of three transactions planned by Hartford under its strategy of focusing on its property and casualty insurance, group benefits and mutual funds businesses.
Hartford and AIG announced Tuesday that they have signed an agreement for the sale of Woodbury to AIG's U.S. life and retirement business, SunAmerica Financial Group. The amount that New York-based AIG will pay wasn't disclosed in the announcements. Hartford's chief executive, Liam McGee, told the Wall Street Journal that it could be as much as $90 million, depending on Woodbury's financial performance before and after the deal closes later this year.
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