Talcott Resolution at a Glance: Rates, Products and Reviews
After merging with Allianz and The Hartford, Talcott Resolution Life Insurance Company no longer offers new annuities, although it continues to service existing contracts. Its a reliable company with high customer satisfaction, boasting financial strength ratings and a low customer complaint index.
- Written by Lena Muhtadi Borrelli
- Edited By
Michael Santiago, CRPC™
Michael Santiago, CRPC™
Senior Financial Editor
Michael Santiago, a senior financial editor, joined RetireGuide in 2023. With over 10 years of professional writing and editing experience, he brings a wealth of expertise in creating content for diverse industries, including travel and healthcare. Having traveled to more than 40 countries across five continents and lived in Europe and Asia for several years, Michael's global perspective enriches his work. He combines his strong writing skills, editorial judgment and passion for crafting accurate and engrossing content to enhance the user experience on RetireGuide.
Read More- Published: November 3, 2024
- Updated: November 4, 2024
- 4 min read time
- This page features 4 Cited Research Articles
- Owned by Sixth Street, Talcott Resolution Life Insurance Company includes Allianz and The Hartford policies after two mergers.
- Though Talcott Resolution continues to service existing contracts, it does not accept any new annuity contracts.
- It receives strong financial strength ratings with a low customer complaint index and a good rating from the Better Business Bureau for customer satisfaction.
Introduction to Talcott Resolution
Talcott Resolution Life Insurance Company is a company with a long history. Originally Hartford Life Insurance Company, Talcott became a provider of life insurance and annuity products before shifting its focus to the reinsurance of other company policies.
Today, Talcott Resolution Life Insurance continues to service existing contracts, but it no longer accepts new contracts.
Company Overview
Talcott Resolution Life Insurance Company was established through the incorporation of Hartford Life Insurance Company. It began selling life insurance and annuity products in 1978, and by 2003, it had become the top seller of variable annuities in the industry, with $190 billion of assets under management by 2007.
In 2018, Talcott Resolution became an independent insurer. At the end of 2021, it entered into a reinsurance agreement with Allianz Life, inheriting $20 billion of fixed indexed annuity liabilities with a Bermuda affiliate. Today, with the backing of Sixth Street, it serves approximately 900,000 customers with $91 billion in assets.
Reputation and Market Presence
Talcott Resolution may be small, comprising just 0.013% of market share, but it brings a dedicated workforce to its policyholders. Its employees average 14 years with the company, while its leadership team averages more than 25 years of experience within the industry.
It is a company dedicated to community involvement and charitable causes with a focus on the Greater Hartford, Connecticut, Twin Cities, Minnesota and Philadelphia, Pennsylvania areas. Its employees have collectively volunteered over 3,400 hours and delivered more than 840,000 meals to those in need. The company places a concentrated focus on food insecurity and education while supporting causes like Habitat for Humanity, the Boys and Girls Clubs and Junior Achievement to make a difference in the community.
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Financial Strength and Stability
Talcott Resolution, a reliable provider of annuities, boasts impressive credit ratings, including an A- from AM Best and an A- from Fitch, reflecting its strong financial stability and backing.
Credit Ratings
AM Best is a credit rating agency that assigns companies financial strength ratings. Talcott Resolution receives an A- (Excellent) rating, showing that it enjoys strong financial backing and is a reliable provider for annuities.
Company Stability
Talcott Resolution has a long history of reinsuring policies from other insurers, showing continued financial stability since its founding.
Today, it still holds strong. From S&P Global, it receives a BBB+ rating. It is not the highest score but certainly not the worst, either. It fares better with Fitch ratings, earning an A- for its credit rating.
Customer Reviews and Satisfaction
Talcott Resolution Life Insurance Company accounts for just 0.08% of market complaints with a below-average company complaint index. Although it is not accredited by the Better Business Bureau (BBB), it earns a B+ rating based on ten complaints in the last year, four of which occurred in the last year. It has just one negative review, which complains of rate increases and payment issues.
It does not rate in the J.D. Power 2023 U.S. Individual Life Insurance Study, nor is there a rating for Talcott Resolution annuities.
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Pros and Cons of Talcott Resolution Annuities
Talcott Resolution provides a selection of annuities aimed at helping individuals achieve a stable income in retirement. These products offer potential advantages for long-term financial planning, though they also have some limitations. Here’s an overview of the pros and cons to keep in mind when considering a Talcott Resolution annuity for your retirement needs.
- Strong financial backing
- High credit ratings
- Low complaint index
- No new policies
- Limited details online
While Talcott Resolution Life Insurance Company is not available to new customers, it does continue to provide superior customer service and delivers peace of mind with a strong credit rating. By adopting the policies of Allianz and The Hartford, Talcott Resolution has only become a stronger player in the retirement planning space, offering continued service and reliability for life insurance and annuity products.
Editor Norah Layne contributed to this article.
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4 Cited Research Articles
- Talcott Resolution. (2024). About Us. Retrieved from https://www.talcottresolution.com/overview.html
- Talcott Resolution. (2024). Community Involvement. Retrieved from https://www.talcottresolution.com/community.html
- J.D. Power. (2023, October 12). Satisfaction with Life Insurance and Annuity Products Climbs as Customers Embrace Digital, J.D. Power Finds. Retrieved from https://www.jdpower.com/business/press-releases/2023-us-individual-life-insurance-annuity-studies
- Fitch Ratings. (n.d.). Talcott Resolution Life Insurance Company. Retrieved from https://www.fitchratings.com/entity/hartford-life-insurance-company-80090067
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