December 4, 2017 / 11:28 AM / 13 days ago

BRIEF-The Hartford Announces Agreement To Sell Talcott Resolution

Dec 4 (Reuters) - Hartford Financial Services Group Inc :

* THE HARTFORD ANNOUNCES AGREEMENT TO SELL TALCOTT RESOLUTION

* HARTFORD FINANCIAL SERVICES GROUP INC - ‍HARTFORD ALSO RETAIN AN ESTIMATED $950 MILLION OF TALCOTT RESOLUTION TAX BENEFITS​

* HARTFORD FINANCIAL SERVICES GROUP INC - TOTAL CONSIDERATION TO HARTFORD OF $2.05 BILLION, COMPRISED OF CASH

* HARTFORD FINANCIAL SERVICES - SUBJECT TO REGULATORY APPROVAL, CO ALSO EXPECTS TO RECEIVE $300 MILLION IN A PRE-CLOSING DIVIDEND FROM TALCOTT RESOLUTION

* HARTFORD FINANCIAL- ‍UNDER TERMS OF SALE AGREEMENT & SUBJECT TO REGULATORY APPROVAL, INVESTOR GROUP WILL FORM NEW CO THAT WILL PURCHASE HARTFORD LIFE​

* HARTFORD FINANCIAL SERVICES GROUP INC - ‍HARTFORD WILL RECEIVE A 9.7 PERCENT OWNERSHIP INTEREST, VALUED AT $164 MILLION, IN NEW COMPANY​

* HARTFORD FINANCIAL SERVICES - SUBJECT TO REGULATORY APPROVAL, CO WILL REDUCE ITS LONG-TERM DEBT BY $143 MILLION

* HARTFORD FINANCIAL SERVICES GROUP - ‍INVESTOR GROUP WILL FORM A NEW COMPANY THAT WILL PURCHASE HARTFORD LIFE FOR A NET PAYMENT OF $1.443 BILLION IN CASH​

* HARTFORD FINANCIAL SERVICES GROUP - CURRENTLY EXPECTS TO USE ABOUT $400 MILLION OF PROCEEDS FROM SALE FOR ADDITIONAL DEBT REPAYMENT

* HARTFORD FINANCIAL SERVICES GROUP INC - AS PART OF TRANSACTION, ABOUT 400 HARTFORD EMPLOYEES WILL BECOME EMPLOYEES OF NEW COMPANY

* HARTFORD FINANCIAL SERVICES GROUP INC - TOTAL CONSIDERATION TO HARTFORD OF $2.05 BILLION IS ALSO COMPRISED OF A PRE-CLOSING DIVIDEND, TRANSFERRED DEBT

* HARTFORD FINANCIAL SERVICES - CO ESTIMATES SALE TO RESULT IN GAAP NET LOSS OF ABOUT $3.2 BILLION, AFTER TAX, TO BE RECORDED IN DISCONTINUED OPERATIONS IN Q4 2017

* HARTFORD FINANCIAL-PRIOR TO CLOSE OF DEAL,‍GROUP BENEFITS,MUTUAL FUNDS UNITS,CURRENTLY UNITS OF HLI,TO BE TRANSFERRED TO ANOTHER UNIT, NOT PART OF DEAL Source text for Eikon: Further company coverage:

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