8th May 2009

Hartford to close UK operation from 8th May 2009

Hartford Life Limited President and CEO Marc Lieberman has announced that the company will suspend all sales in the UK and will close its London-based sales and marketing operations in the coming months. The firm will maintain its Dublin-based service operation to serve existing policyholders and honour the company's long-term commitments.

Hartford Life Limited has more than 18,000 policies in force and £1.2 billion of assets under management as of March 31, 2009. The company currently markets investment bond and pension products in the UK and has been in operation since 2005.

"Our decision to suspend all sales in the UK is a difficult one. We're taking this step in response to the continued turmoil in the financial markets and our company's overall efforts to preserve capital and reduce the risks associated with various business lines," Lieberman said. "Our highest priority as we suspend sales in the UK is that we honour the company's long-term commitments to existing policyholders in the now and into the future, and we will do so."

Sales of products in the will UK cease on May 8 and Hartford Life Limited will begin the process of closing its sales and marketing office as well as resizing its Dublin-based service, operations and technology hub with the goal of servicing existing customers. The company is unable to provide specific details or employee impacts at this time but will consult with affected employees about what support and benefits will be made available to them during this transition.

The company has also begun a full scale communications process with regulators in these markets, its current strategic partners and its clients to ensure an orderly transition process and reaffirm its commitment to honour all in-force policy guarantees.