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Report: Prudential Emerges as Leader in Hartford Life Bidding

Sources told Bloomberg News that Pru could pay as much as $1 billion for The Hartford's life insurance unit.

A Bloomberg report indicates that Prudential has emerged as the lead bidder for The Hartford's life insurance unit.

Citing "two people with knowledge of the matter," the Bloomberg article says that the price could be about $1 billion.

The Hartford said in March that it would sell its life units after pressure from its biggest shareholder, hedge fund manager John Paulson.

"Individual Life, Woodbury Financial Services and Retirement Plans are strong businesses with distinct market positions and talented employees, but they do not align with our go-forward focus," Chief Financial Officer Christopher Swift said in a statement at the time.

Woodbury, a broker-dealer specializing in life insurance, annuities, and other products, was sold to AIG unit SunAmerica earlier this month.

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio

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