Hartford Financial Services Group Inc. is offering to pay some clients to give up retirement products as Chief Executive Officer Liam McGee works to reduce risks tied to stock market declines and free up capital.
Holders of some variable annuities, which guarantee payouts, would be offered cash to give up the contracts, McGee says. The offer will be made to holders representing 45% of the Hartford, Conn.-based company’s net amount at risk on the contracts, he says.
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