American financial group, inc. announces agreement to sell its annuity business to massmutual for $3.5 billion

Cincinnati--(business wire)--american financial group, inc. (nyse: afg) announced today that it has entered into a definitive agreement to sell its annuity business to massachusetts mutual life insurance company (massmutual) for $3.5 billion in cash, subject to final closing adjustments to the extent that gaap shareholders' equity excluding accumulated other comprehensive income of the entities sold varies from $2.8 billion. under the terms of the agreement, which is expected to close in the se
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