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Hartford Life, the Japanese subsidiary of U.S. insurer Hartford Financial Services Group, said in a statement more than 90% of Adagio 3 Win's policies have suspended investment activities in a bid to control losses.
Under the policy's cost-cut clause, Hartford Life needs to terminate investment for the annuity product if the value of invested assets falls below 80% of its principal. Adagio 3 Win is sold mainly through bank networks in Japan.
The annuity product was designed for long-term protection, with a single premium of at least 2 million yen (16,670 euros). The fund invests in stocks and other financial products for a 10-year period. It pays policyholders annuity benefits, including investment returns.
Hartford Life started to halt investments for the Adagio 3 Win policies in October, when Japan and global stock markets began to drop sharply. Affected policyholders have the option to receive annuity benefits equivalent to the principal over a period of 15 years or to be paid back 80% of the principal in a lump sum.
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
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