Life Insurance Quotes

Hartford reveals annuities plan and figures

10/10/11

Hartford Financial Services recently announced that its standing in the annuities market is on the upswing, promising news from a company that was a leader in annuities sales, behind only MetLife through most of the financial crisis, according to the Financial Times.

In 2007, the source says, Hartford Financial totalled annuities sales of about $15 billion, making the company one of the primary players in the annuities services market. It saw a significant downturn in the wake of the financial crisis, but following a period of adjustment, the integration of some new products and practices and a TARP bailout, the company seems poised to position itself as a strong financial force.

Hartford Financial announced a plan to move forward with new risk management services and products for middle markets and small businesses, the source said, an effort to move away from the riskier financial moves that left many variable annuities providers in trouble during the economic downturn.

Althoiugh the financial provider's figures for the second quarter of 2010, especially numbers for variable annuities sales, are significantly lower than original projections, officials at Hartford are optimistic, and the source notes that 76 percent of its assets were in individual annuities accounts, the highest percentage among American providers, and an indication of the company's focus.

According to the Insurance Information Institute, annuities sales in the United States saw a significant decline in 2010, falling 27 percent.

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