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Orix looking at purchasing Hartford Life Insurance K.K.

Orix, a Japan-based financial services firm, has said that it is looking at purchasing Hartford Life Insurance K.K in the country.

Furthermore, the company has confirmed that it is yet to reach a decision at this point.

Based in Tokyo, Hartford offers life and health insurance products, and operates as a subsidiary of Hartford Life.

Meanwhile, sources familiar with the development were quoted by Bloomberg as saying that the acquisition would include retirement products known as variable annuities.

A Hartford spokeswoman Shannon Lapierrefor told the news agency, "We continue to look at ways to further accelerate the runoff of the legacy annuity block and to permanently eliminate these exposures.

”A transaction is one of the options we would evaluate.”