HARTFORD, Conn. (AP) — Warren Buffett's Berkshire Hathaway Inc. is buying The Hartford's British variable annuity business for about $285 million.
Hartford Financial Services Group Inc. announced in March that it was exiting the annuity business so that it can focus on its property and casualty insurance, group benefits and mutual funds. The Hartford, Conn. company said that its decision to exit the annuity business came after a board evaluation.
Annuities are a popular component of retirement plans, and can be structured to provide fixed payments at specified intervals for the lives of the beneficiaries.
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