Deals
Hartford Rallies on Capital Gain From Life-Unit Sale
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Hartford Financial Services Group Inc. advanced the most on the 22-company Standard & Poor’s 500 Insurance Index after the firm agreed to sell a life unit to Prudential Financial Inc.
Hartford rose 0.7 percent to $19.44 at 4 p.m. in New York and has climbed 20 percent this year. The insurer will get a statutory capital benefit of about $1.5 billion in the deal, more than the $1.1 billion expected by Randy Binner, an analyst at FBR Capital Markets. The sum includes a $615 million cash payment, according to a statement yesterday from Hartford, which is based in the Connecticut city of the same name.