Prudential Financial Inc. has agreed to pay $615 million in cash to acquire the individual life insurance business of Hartford Financial Services Group Inc., LifeHealthPro reported. Prudential and Hartford said they hope to get the regulatory approvals they need to complete the deal by early 2013. Prudential would end up reinsuring about 700,000 life policies that provide about $135 billion in coverage. Prudential would get control over the $7 billion in assets and reserves backing the policies, and it would take over management of $5 billion in separate account assets. The benefits and provisions of Hartford's in-force life insurance contracts will remain unchanged. Prudential will collect the policy premiums, and it will be responsible for paying claims and providing customer service and administration, Prudential said.