Simsbury, Connecticut-based The Hartford Financial Services Group recently acquired Boston-based Sun Life Retirement Services (RSI) from the U.S. division of Sun Life Financial Inc., thereby adding $17 billion in retirement plan assets across 6,000 plans and 465,000 retirement plan participants to its business.
The Hartford also gains state-of-the-art service capabilities and an expanded national footprint with new service locations in Boston and Phoenix, the company said in a statement.
The Hartford also agreed recently to buy TopNoggin, a Powell, Ohio-based defined benefit and administrative consulting firm. Through this acquisition, The Hartford gains access to TopNoggin's proprietary technology that tackles the expensive, time-consuming, and cumbersome tasks of data management, administration and benefit calculations, The Hartford said.
The company's retirement plans group is one of The Hartford's fastest growing business segments, with 2006 deposits of $5.5 billion–an increase of 23% over the prior year, the company said in the statement. The group reported 2006 net income of $109 million, 45% more than in 2005, through its provision of 401(k) plans for corporations, retirement plans for government entities, and 403(b) plans for education, healthcare, and non-profit organizations.
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