Report: Prudential, Hartford Financial Close to a Deal

Prudential (NYSE:PRU) is closing in on a deal that could be reached as early as Thursday for Hartford Financial Services’ (NYSE:HIG) individual life-insurance business, according to a report by The Wall Street Journal.

The two financial services companies have reportedly been working on details of what will be a complex deal, a person close to the matter told the newspaper.

Analysts have valued the life-insurance business at as much as $1 billion, making the potential purchase one of Prudential’s biggest since it scooped up two Japanese life insurers from AIG (NYSE:AIG) for $5 billion last year.

That arm of Hartford Financial earned $133 million in profit on sales of $1.34 billion last year.

The talks between Connecticut-based Hartford Financial and Newark, N.J.-based Prudential first emerged publicly this summer.

Neither company immediately responded to for a comment.