Hartford Financial Services Group is in talks to sell the majority of its life insurance unit to Sun Life Financial, according to a Bloomberg report.
Similar talks with MetLife last month ended without a deal, the news agency said. Sun Life has not addressed the report directly.
“The numbers of rumours and speculation have increased recently due to the current economic climate,” said Michel Leduc, a spokesman for Sun Life, in a statement. “Without commenting on any particular situation, Sun Life’s commitment to business growth includes actively looking at all potential opportunities in key markets that build shareholder and customer value.”
Bloomberg explains that Sun Life is looking to expand in individual life insurance and annuities in the U.S., and Connecticut-based Hartford lost US$2.7 billion in 2008 and is looking for a buyer.