Is Hartford a good annuity company?
Hartford is not really an annuity company anymore, so the question is really about the company now standing behind your contract. Hartford Financial Services stopped selling new annuities back in 2012 and sold its entire annuity block to a Cornell Capital-led investor group in 2018. Every Hartford annuity is now serviced by Talcott Resolution Life Insurance Company, an independent, stand-alone insurer that AM Best has since upgraded to A- (Excellent), with S&P at BBB+ and Moody's at Baa1. That puts Talcott in the same tier most buyers compare when shopping today, a marked improvement from the B++ grade it carried in the years right after the 2018 sale. If you already own a Hartford annuity, your guarantees continue with Talcott. If you are shopping for a new annuity, Hartford is not an option, since it does not write new contracts.
Hartford at a glance
| Original issuer | Hartford Life Insurance Company |
|---|---|
| Current issuer | Talcott Resolution Life Insurance Company |
| Stopped selling new annuities | 2012 |
| Sold to independent investors | May 31, 2018, led by Cornell Capital LLC, for $2.05 billion |
| Business status | Closed to new sales, managing existing contracts (runoff) |
| AM Best rating | A- (Excellent), affirmed through 2024-2025, upgraded from B++ |
| Offices | Windsor and Woodbury, Connecticut |
| What it sells today | Nothing new; services existing annuity and life contracts only |
Where Hartford sits on the AM Best scale
A- is grade 4 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+
- A
- A-Hartford
- B++
- B+
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for Hartford
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
Why Hartford is not the company on your annuity anymore
Hartford Financial Services announced in March 2012 that it was getting out of the annuity business entirely, a move that came about a month after hedge fund manager John Paulson, whose firm held an 8.4% stake in Hartford, pushed the company to break up its property and casualty and annuity operations. Hartford's stock jumped more than 6% in pre-market trading the morning of the announcement. By April 27 of that year, Hartford had stopped selling annuities altogether, a decision that trimmed roughly $100 million a year off its expenses.
Rather than sell the annuity block right away, Hartford Financial Services set up a separate operation called Talcott Resolution to manage it. That operation ran in what the industry calls runoff mode: collecting premiums and other payments from existing policyholders, but writing no new life insurance or annuity business. Between 2013 and 2014, Talcott worked through a series of divestitures to simplify what it was managing, reinsuring its retirement plan business to MassMutual, reinsuring its individual life insurance block to Prudential Financial, and selling its Japanese annuity subsidiary to ORIX Life Insurance Corporation. Talcott also extended buy-out offers to many existing variable annuity owners, worth more than their account value, specifically to reduce the guaranteed lifetime income exposure sitting on Hartford's books.
The sale to independent investors
Hartford spent years looking for a way out of the annuity business entirely, not just running it down. In September 2016, Hartford brought in J.P. Morgan Chase & Co. to help find a buyer for Talcott Resolution, and a group of Credit Suisse analysts estimated the business was worth $3 billion to $4 billion at the time.
The search ended on May 31, 2018, when an investor group led by Cornell Capital LLC closed its purchase of Talcott Resolution for a deal valued at $2.05 billion. With that sale final, Hartford Life Insurance Company was renamed Talcott Resolution Life Insurance Company and became a genuinely independent insurer with no remaining ties to Hartford. The new ownership group did not announce specific growth plans at closing, focusing instead on separating Talcott's operations cleanly from its former parent, though its attorney indicated it would look for opportunities to build on Talcott's strengths over time. Talcott has since closed its Hartford, Connecticut offices, keeping only its Windsor and Woodbury, Connecticut locations. In March 2020, the company hired Peter Manley to lead corporate development and strategy. Manley previously spent years as a J.P. Morgan managing director in the financial institutions group, where his deal history includes the Brighthouse Financial spinoff from MetLife and Athene's purchase of Aviva USA, and his hire is a sign the new owners are actively managing the business rather than simply letting it wind down.
Today, the Talcott organization includes several separate insurance entities beyond the main Talcott Resolution Life Insurance Company, among them Talcott Resolution Life and Annuity Insurance Company, Talcott Life Insurance Company, American Maturity Life Insurance Company, and a reinsurance subsidiary that handles international business.
How financially strong is Talcott Resolution today?
| Rating agency | Rating | Category | Notes |
|---|---|---|---|
| AM Best | A- | Excellent | Affirmed through 2024-2025, upgraded from B++, stable outlook |
| S&P Global | BBB+ | Investment grade | Outlook revised to positive, December 2025 |
| Moody's | Baa1 | Investment grade | Positive outlook |
Both Talcott Resolution Life Insurance Company and Talcott Resolution Life and Annuity Insurance Company carry these ratings. That puts Talcott in the same tier as many A-rated carriers people compare when shopping for a new annuity, a real improvement from the B++/BBB/Baa3 grades it carried in the years right after the 2018 sale. Confirm the current ratings directly with each agency, since a lot can change at a runoff company over several years.
A rating measures the company's ability to pay claims, not whether a particular product is a good fit. For a legacy company like Talcott, it is also worth knowing that the business is being managed down, not grown.
State guaranty associations add a further backstop up to state-set limits if an insurer cannot meet its obligations. Our guide to state guaranty associations covers the limit in your state.
How to reach Talcott Resolution about your Hartford annuity
If you own an annuity that started with Hartford, you no longer manage it through TheHartford.com. Talcott Resolution's service center handles all account questions:
- Customer service: 1-800-862-6668, Monday through Thursday 8 a.m. to 7 p.m. Eastern, Friday 9:15 a.m. to 6 p.m. Eastern
- Automated balance line: 1-888-488-2228, available 24 hours a day
- Common forms: beneficiary change forms, agent change forms and required minimum distribution paperwork are all available through Talcott's Annuity Service Center
If your original agent is no longer available, or you are not sure what fees, riders or investment options your existing contract carries, a licensed strategist can review an old Hartford or Talcott annuity with you and lay out your options, including whether a 1035 exchange into a newer contract makes sense for your situation.
Other annuity companies to consider
If you are researching Hartford because you are comparing legacy or runoff-style carriers, these are worth a look too:
- Venerable: another company built specifically to manage a closed block of older variable annuities
- MassMutual: took on part of Hartford's old retirement plan business in 2013
- Prudential: took on part of Hartford's old individual life insurance block in 2013
Pros and cons
Pros
- Talcott Resolution operates as an independent, stand-alone insurer with its own investment-grade ratings
- The runoff structure exists specifically to manage and reduce risk on the closed block of old contracts
- Talcott offered many existing variable annuity owners buy-out terms worth more than their account value
- Ratings are affirmed by three agencies (AM Best, S&P and Moody's), all with a stable outlook
- The company has kept experienced leadership in place to manage the closed block, including hiring a former J.P. Morgan dealmaker for corporate strategy
Cons
- You cannot buy a new annuity from Hartford or Talcott; the company is closed to new sales
- A runoff company's rating can still move; confirm the live grade before relying on it for a large decision
- The business has changed ownership and structure multiple times since 2012, which can make it harder to track over the long run
- The new owners have not announced growth plans, so the business is being managed down rather than built up
- Some pieces of the original Hartford annuity business have been reinsured or sold to other insurers, which can make it confusing to know exactly who backs which guarantee
Frequently asked questions
Is Hartford now called Talcott?
Yes. When the sale to a Cornell Capital-led investor group closed on May 31, 2018, Hartford Life Insurance Company was renamed Talcott Resolution Life Insurance Company and became a fully independent insurer.
Did Prudential take over my Hartford annuity?
Not your annuity specifically. As part of a 2013 restructuring, Hartford reinsured its individual life insurance block to Prudential Financial, while its retirement plan business went to MassMutual. Annuity contracts stayed with the company that became Talcott Resolution, so if you own a Hartford annuity, Talcott is who services it, not Prudential.
Is Talcott Resolution the same company as Hartford Annuities?
It is the direct successor. Hartford sold its annuity business to independent investors in 2018, and the renamed entity, Talcott Resolution, now owns and services every contract that used to say Hartford on it.
How do I access or manage my old Hartford annuity?
Contact Talcott Resolution directly at 1-800-862-6668 (Monday through Thursday 8 a.m. to 7 p.m. and Friday 9:15 a.m. to 6 p.m. Eastern), or check your balance anytime through their automated line at 1-888-488-2228. Talcott's service center also handles beneficiary changes, agent changes and required minimum distribution paperwork.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
