American International Group, Inc.'s SunAmerica Financial Group, Inc. To Acquire Woodbury Financial Services From The Hartford Financial Services Group Inc.

American International Group, Inc. announced that its life and retirement business, SunAmerica Financial Group, Inc., has signed a definitive agreement with The Hartford Financial Services Group Inc. to acquire Woodbury Financial Services, Inc. Woodbury Financial is a independent broker-dealer. Once the transaction is finalized, Woodbury Financial Services will become part of the SunAmerica Financial Group’s Advisor Group. The transaction is expected to be finalized by the end of 2012, subject to required regulatory approvals and customary closing conditions. Located in Oakdale, MN, Woodbury Financial Services has more than 200 home office employees and nearly 1,400 independent representatives throughout the United States. The roots of Woodbury Financial date back to 1910, with Montana Life. Terms of the transaction were not disclosed.