The Hartford Financial Services Group said it has completed the sale of its Japanese annuity unit for $963 million.
The company announced in April that it would offload Hartford Life Insurance K.K. to Orix Life Insurance Corp. for $895 million, part of its push away from annuities and towards its core property-casualty business.
The additional $68 million is a purchase price adjustment reflecting a change in value of the business, the company said.
In the second quarter, the company said it expects to record an after-tax loss on discontinued operations of $625 million and a U.S. life statutory surplus loss of $325 million.
Including the sale price and the impact of hedging, The Hartford said it anticipates having $1 billion for potential capital management actions. The company is seeking permission for state insurance regulators to issue shareholders dividends.
