Summary
The Hartford Financial Services Group, Inc. (HIG) announced on July 31, 2012, that its subsidiary, Hartford Life and Annuity Insurance Company, has entered into a definitive agreement to sell Woodbury Financial Services, Inc. to AIG Advisor Group, Inc. This transaction represents a strategic divestiture for The Hartford, likely aimed at streamlining its operations and focusing on core insurance and financial services businesses. The sale is anticipated to close by the end of 2012, pending regulatory approvals and other standard closing conditions. While the financial terms of the deal are not disclosed in this 8-K filing, this divestiture is a significant event for investors to monitor as it could impact the company's asset base, revenue streams, and strategic direction.
Key Highlights
- 1The Hartford Financial Services Group, Inc. (HIG) is selling its subsidiary, Woodbury Financial Services, Inc.
- 2The buyer is AIG Advisor Group, Inc., a subsidiary of American International Group, Inc.
- 3The sale is conducted through The Hartford's subsidiary, Hartford Life and Annuity Insurance Company.
- 4The transaction is expected to close by the end of 2012.
- 5The sale is subject to regulatory approval and customary closing conditions.
- 6This announcement was made on July 31, 2012, via an 8-K filing (Regulation FD Disclosure).