Hartford Says Senior Debt Buyback to Cut Profit by $200 Million

Hartford Financial Services Group Inc., the insurer scaling back its life business to focus on property-casualty coverage, said first-quarter earnings will be cut by about $200 million as part of a deal to repurchase debt.

The pretax cost is associated with the tender offer for senior debt with a principal amount of $800 million, according to a Business Wire statement today from Hartford, which is based in the Connecticut city of the same name.