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BRIEF-Hartford Financial enters agreement with Prudential Financial to buy group annuity contract and transfer pension plan liabilities​
June 26, 2017 / 11:25 AM / 4 months ago

BRIEF-Hartford Financial enters agreement with Prudential Financial to buy group annuity contract and transfer pension plan liabilities​

June 26 (Reuters) - Hartford Financial Services Group Inc

* Hartford Financial-agreement with Prudential Financial to buy group annuity contract and transfer $1.6 billion in U.S. Qualified pension plan liabilities​

* Hartford Financial - agreement to transfer responsibility for pension benefits for about 38 percent of Hartford’s U.S. Pension plan participants to Prudential

* Hartford Financial - ‍as a result of transaction, expects to recognize reduction to stockholder’s equity of about $140 million, or $0.37 per share

* Hartford - as a result of transaction, co expects to recognize, in Q2 2017, a pension settlement charge to net income of about $485 million, after-tax

* Hartford Financial - to maintain plan’s pre-transaction-funded status, hartford intends to make a contribution of about $300 million by year-end 2017

* Hartford Financial Services Group Inc - there will be no change to pension benefits for any plan participants as a result of the transaction Source text for Eikon: Further company coverage:

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