Insurer Prudential Financial Inc. has emerged as the top bidder for the individual life insurance business of rival The Hartford Financial Services Group Inc, a sale that could be worth roughly $1 billion, according to Bloomberg.
However, a possible deal between the No. 2 U.S. life insurer Prudential and The Hartford is still weeks away and could crumble, according to Bloomberg reported, citing two people with knowledge of the matter.
Under pressure from hedge fund manager and shareholder John Paulson, The Hartford said in March that it was shedding most of its life insurance-related businesses and focusing on property insurance.
At the end of July, it struck a deal to sell its Woodbury Financial Services brokerage unit to insurance giant American International Group Inc.
Among the other companies interested in The Hartford's life insurance business is Birmingham, Alabama-based Protective Life Corporation.
Prudential and The Hartford declined to comment. Protective did not immediately return requests for comment.