Thomas Marra will be retiring from his post as president of Hartford Financial Services Group Inc. July 3, the company says.

Marra has been leading the Hartford Life unit at Hartford Financial, Hartford.

Hartford Chairman Ramani Ayer now will directly oversee both the property-casualty operations and the life operations, the company says.

Marra, who has worked for Hartford for 28 years, also is resigning from Hartford’s board, “effective immediately,” the company says.

Hartford has reported in documents filed with the U.S. Securities and Exchange Commission that it has suffered blows to its capital position as a result of the effects of the turmoil in the financial markets on variable annuity guarantee programs and other operations.

Marra “has made substantial contributions to this organization over that time,” Ayer says in a statement about Marra’s departure. “Tom drove the expansion and growth of our life business, significantly diversifying the Hartford’s operations. … We thank Tom for his service to the company and we wish him well in all his future endeavors.”

“The Hartford has been my home for 29 years and I have personally benefitted from the many people I have been fortunate enough to work with,” Marra says in a statement distributed with the announcement of his retirement. “From a business perspective, the timing is right. The new reporting structure will allow for more streamlined and decisive management and enable the Hartford to continue meeting the challenges of this dynamic, turbulent market.”