Hartford Life Insurance Company is getting back into the structured settlement annuity business in an effort to expand overall annuity sales.
Hartford Life, Simsbury, Conn., a unit of Hartford Financial Services Group Inc., Hartford (NYSE:HIG), curtailed annuity sales in the wake of the recent economic slump.
The company now is trying to regain momentum by focusing on the structured settlement niche.
A structured settlement annuity is a vehicle for guaranteeing payments to people who received settlements involving a workers’ compensation or personal injury claim.
Hartford Life can provide medical underwriting for structured settlements, and that may increase payouts for some recipients with conditions that shorten their life expectancy, the company says.
Hartford Life is still managing $7.6 billion in assets associated with structured settlement annuities sold before the slump.
David Levenson, president of Hartford’s wealth management unit, says the annuity business is important to the unit’s strategy.
“We are committed to rejuvenating our market position through new products and expanded distribution,” Levenson says in a statement.
- Allison Bell