The Hartford has completed the sales of three businesses, closing on agreements for the sale of Individual Life to The Prudential Insurance Company of America and Retirement Plans to Massachusetts Mutual Life Insurance Company, as well as its Individual Annuity new business capabilities to Forethought Financial Group, Inc.

“Completing these transactions on favorable financial terms with a significant capital benefit represents an important milestone in the execution of The Hartford's transformation,” said The Hartford's Chairman, President and CEO Liam E. McGee. “We will be a more focused, disciplined and efficient company with greater financial flexibility while generating profitable growth and superior financial returns for shareholders.”

In aggregate, The Hartford does not expect these transactions to have a material impact on GAAP net income. However, due to the timing of the transaction closings, the company expects a modest realized capital loss in fourth quarter 2012 and a modest gain in first quarter 2013. The company will realize an estimated net statutory capital benefit from these transactions of approximately $2.2 billion, which is comprised of an increase in U.S. life statutory surplus and a reduction in the U.S. life risk-based capital requirements. This net statutory capital benefit is almost entirely associated with the sales of Retirement Plans and Individual Life, which closed on Jan. 1 and 2, 2013, respectively, and, as a result, will be realized in first quarter 2013 statutory financial results.