The Hartford is increasing its share buyback program by $750 million, to $1.25 billion, in the current repurchasing period, which expires at the end of 2014.
As of Thursday, The Hartford Financial Services Group had repurchased $166 million of common shares and warrants during the existing authorization. The board also raised the quarterly dividend paid to common shareholders from 10 cents per share to 15 cents per share. The Hartford Financial Services Group had 455.9 million shares outstanding as of Thursday.
“The financial position, capital flexibility and risk profile of the company have continued to improve, particularly with Talcott Resolution’s capital self-sufficiency,” The Hartford’s CEO Liam E. McGee said in a prepared statement. “As a follow up to the April 11th investor meeting, we are pleased to share the next phase of The Hartford’s capital management plan, which reflects our commitment to use excess capital for capital management actions and reinvestment in the businesses.”
Shares of The Hartford were trading at at $30.88, down 35 cents on Friday afternoon.