UK variable annuity future 'in doubt'

Opinion is divided over the benefits of the products and the extent to which the UK is dominated by traditional lifetime annuities provided by large insurance companies. Last week, The Hartford announced it will no longer accept new annuities business in the UK or Ireland, but will keep its Dublin office open to service existing clients. It will also withdraw from Japan and has cancelled plans to launch in Germany. The firm says it decided to close its UK operations because it needs to preserve capital, and market commentators say a rapidly falling share price has led to the decision t...