Hartford Financial Services up 6.4% After Split-Up Announcement

Hartford Financial Services HIG is trading higher on the session following the reports that it will exit the annuity business and focus on property and casual, group benefits and mutual funds businesses. The Hartford's Chairman, President and CEO Liam E. McGee. “The Hartford's sharper focus will lead to an organization that, over time, will be positioned for higher returns on equity, reduced sensitivity to capital markets, a lower cost of capital and increased financial flexibility. With this portfolio and the actions we are taking, we are on the right path to unlock value and deliver superior, long-term returns for shareholders.” Hartford Financial Services is currently trading at $23.10, a gain of $1.39 or 6.40%.