Hartford Financial Services, the nation’s top seller of annuities through banks, is aiming not just to build scale but also to penetrate the emerging-wealthy market with its $1.12 billion deal to buy Fortis Inc.’s U.S. variable life, annuity, and mutual fund business.

The deal was announced Thursday and is slated to close next quarter. It would unite The Hartford, which has $183 billion of assets under management, and Woodbury, Minn.-based Fortis Financial Group, which has $11 billion.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.