J.C. Flowers & Co. and Apollo Global Management are expected to bid on the Hartford Financial Services Group’s Japanese annuity business, according to Reuters.
Reuters, which cited unnamed sources, said second round bids are due next week.
The Hartford has is moving away from annuities and towards property casualty lines because of low interest rates, the report said.
The Hartford said in June it would sell its United Kingdom variable annuity business to Berkshire Hathaway for $285 million.
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Reuters cited a source who estimated the Japanese unit could sell for up to $1 billion.
