A U.S. financial services giant says it wants to sell retirement savings and retirement income products in European countries with aging populations.
The Simsbury, Conn., life arm of Hartford Financial Services Group Inc., Hartford, says it will start by rolling out annuities in Germany.
Hartford, which plans to enter Germany using its Hartford Life Ltd. unit, hopes to get the regulatory approvals it needs to proceed by March 31, 2009.
Germans have about $5.8 trillion in assets, including $2.8 trillion in cash, and projections indicate that one-third of the German population will be 60 or older by 2025, Hartford says.