Reuters – The Hartford to Sell Retirement Unit to MassMutual

The Hartford Financial Services Group is to sell its retirement plans business to life insurer MassMutual for $400 million cash, writes Reuters. This forms part of The Hartford’s plan to shed assets and focus on its property insurance business.

Reuters – The Hartford Financial Services Group Inc on Tuesday said it would sell its retirement plans business to life insurer MassMutual for $400 million cash, part of The Hartford’s plan to shed assets and focus on its property insurance business.

The deal is expected to close by the end of the year. The Hartford, in a statement, said it does not expect a material impact on its financial results.