Last week, Hartford Life Insurance Co. became the latest carrier to offer a portion of its variable annuity holders a voluntary buyout. For those owners who accept, all riders, including the lifetime income guarantee, will be voided. In exchange, they can surrender their contract and receive a premium over their current account value.
The move comes not long after Hartford decided to exit the life and variable annuity business to concentrate on property and casualty insurance and other lines of business. Currently, its variable annuity book is in runoff.
"We continue to examine other options to accelerate the runoff of the U.S. and international annuities. With any actions we take, we will continue to honor our obligations to contract holders," said CEO Liam E. McGee in a conference call last Friday.
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