Hartford Financial Services Group Inc. has agreed to sell its retirement plans business to the Massachusetts Mutual Life Insurance Co. for $400 million.
"We continue to make good progress executing on our strategy," Harford Chairman, President and CEO Liam E. McGee said in a Sept. 4 announcement.
Earlier this year, the Hartford, Conn.-based insurer agreed to sell its individual annuity business to Forethought Financial Group Inc., a financial services company in Houston. The insurer also has said it will sell its individual life insurance unit and Woodbury Financial Services, a broker-dealer.
Under pressure to increase value for shareholders, Harford wants to sharpen its focus on property and casualty insurance, group benefits and mutual funds.
Hartford's retirement plans business serves more than 33,000 mostly small- to mid-size plans with more than 1.5 million participants. MassMutual, which now serves mostly mid-size to larger corporate plans, said the acquisition will strengthen its position in the market. The combined organization will serve about 3 million participants.