Hartford Financial Reportedly Nears To Sell Japan Unit To Orix

(RTTNews) - Hartford Financial Services Group (HIG) is nearing to sell its Japan based operations to Orix Corp. (IX), according to media reports.

Orix would pay about $875 million or 90 billion Yen, according to Nikkei, which reported on the talks earlier Friday.

The transaction would include retirement products known as variable annuities. A finalizing agreement is reportedly expected earlier on April 2014.

Hartford CEO, Liam McGee said, has sold a U.S. unit to Prudential Financial and added hedges to guard against currency fluctuations and stock-market declines as the CEO seeks to limit liabilities tied to life and retirement contracts issued in prior years.

Hartford's stock closed 0.9 percent higher and was last traded at $35.25 on Friday in the New York Stock Exchange.