NU Online News Service, Sept. 7, 2004, 5:11 p.m. EDT
Hartford Life Insurance K.K., Tokyo, is getting into Japan’s fixed annuity market.[@@]
The company, a unit of Hartford Financial Services Group Inc., Hartford, has accumulated the equivalent of about $9.3 billion in Japanese variable annuity assets since it entered Japan’s young VA market in December 2000.
Hartford Life now is adding 2 fixed annuities to appeal to Japanese investors who are wary of taking on investment risk.
One of the annuities is the Sonata, a yen-denominated annuity with a 10-year maturity, and the other is the Legato, a dollar-denominated annuity with a choice of a 5-year or a 10-year maturity.
Hartford Life Insurance K.K. is writing the annuities and backing the product guarantees, Hartford says.