Financial services firm Orix has confirmed that it is considering to buy Hartford Life Insurance K.K., although no decision has been made at this point.

According to earlier reports, Hartford Financial Services Group is nearing to divest its Japanese operations, including retirement products called variable annuities, to Orix.

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Orix is expected to pay nearly $875m for the deal, reported Japan’s news agency Nikkei.

Based in Tokyo, Japan, Hartford Life Insurance offers life and health insurance products, and operates as a subsidiary of Hartford Life.

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