At closing, HLIL’s sole asset will be its subsidiary, Hartford Life Limited (HLL), a Dublin-based company that sold variable annuities in the UK from 2005 to 2009.
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Commenting on the agreement, The Hartford executive vice president and CFO, Christopher Swift, said: "The Hartford has made significant progress reducing the size and risk of Talcott Resolution’s legacy variable annuity blocks and the business unit is now self-sufficient from a capital perspective.
"Selling the UK business is another meaningful step forward. We are pleased with the outcome of the competitive bidding process, which reflects our criteria of executing transactions on terms that are attractive to The Hartford," Swift added.
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close by the end of the year.
