The Hartford Increases Share Repurchasing By $750 Million

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 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.

About Matthew Sturdevant

Full-time staff journalist at The Hartford Courant and magazine freelancer with a master's degree in writing from Dartmouth. My work has appeared in The Los Angeles Times, The Chicago Tribune, Taiwan News, The Baltimore Sun and many other news sources. My blog has been referenced by Politico.com, the Kaiser Family Foundation, the Georgetown Law Library and a number of organizations in healthcare and business. Sturdevant’s blog is "a well-written wealth of ideas," said The Donald W. Reynolds National Center for Business Journalism, (businessjournalism.org, May 18, 2011). I have experience writing for newspapers, magazines, Web sites and blogs as well as shooting and editing video. I made regular appearances on news-talk radio and on the NBC affiliate station in Corpus Christi, Texas. I made occasional appearances on the Fox affiliate in Connecticut promoting Hartford Courant articles.

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