INSURANCE

Mutual Benefit in Pact With Hartford: Mutual Benefit Life Insurance Co. has reached an agreement in principle under which Hartford Life Insurance Co. will assume its existing corporate-owned life insurance business. Terms were not disclosed. However, Mutual Benefit, which was seized by New Jersey regulators last year, said it will retain “a substantial portion of future profits on the existing block of business, as well as an interest in future profits on new business.” Mutual Benefit has more than 160,000 corporate-owned life insurance policies outstanding, with a face value of about $44 billion. The policies generate annual premium payments of about $1.8 billion.