The Hartford Financial Services Group Inc. announced recently its intention to once again enter the structured settlement annuity market in an effort to expand their annuity business. Hartford had exited this particular business back in October 2009.
“The annuities market is a growth opportunity for us, and represents the next step in our reemergence,” said Rob Arena, the head of annuities for Hartford’s Wealth Management unit.
The company’s structured settlement fixed annuity provides tax-free payouts to those who received a settlement due to a personal injury or worker’s compensation claim. These payments, which represent an aspect of the company’s return to the annuities market, will provide these individuals with regular income.
According to an article in the Annuity News Journal, the company had over $7.5 billion in structured settlement annuity assets under management at the end of June. This figure was from annuity contracts preceding the October 2009 exit, now revealed to be only a temporary exit, from the annuities market. Of the total annuity assets under management, Hartford had $91.3 billion.
The company has the capability to again become a major player in the annuities market, and hopefully the board of directors will be able to keep everything on track. Recently, in morning trading, shares of The Hartford Group were down 4 cents, perhaps reflecting the slight caution that the market is taking towards Hartford’s return to the annuities arena; the stock is now at $17.42.
Hank Didier co-founded Vantage Capital Consultants to purchase structured settlements the right way – with the plaintiff’s best interest in mind.