Published in the journal BMJ, the study also found HRT is not associated with an increased risk of cancer or stroke – but past studies have shown a link.
The Department of Health advises women to only use it on a short-term basis.
The researchers traced 1,000 women over 10 years – half of them were on HRT.
Talking about their findings, the paper’s authors said: “HRT had significantly reduced risk of mortality, heart failure, or heart attack, without any apparent increase of cancer, deep vein thrombosis or stroke.”
However, they stressed that “due to the potential time lag, longer time may be necessary to take more definite conclusions”.
Safety concerns about the long-term use of the therapy has been debated by academics over the past decade.