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Hartford increases share buyback by $750 mln to $1.25 bln
June 26, 2013 / 1:05 PM / 4 years ago

Hartford increases share buyback by $750 mln to $1.25 bln

June 26 (Reuters) - Insurer Hartford Financial Services Group increased its share buyback by $750 million to $1.25 billion and raised its quarterly dividend by 50 percent to 15 cents per share.

The company has repurchased $166 million of common shares and warrants under the existing buyback program.

“The financial position, capital flexibility and risk profile of the company have continued to improve,” Chief Executive Liam McGee said in a statement.

Hartford is the 11th-largest property and casualty insurer in the country with a market share of 2.05 percent, according to the National Association of Insurance Commissioners (NAIC), a multi-state insurance regulatory body.

The company’s first-quarter operating profit beat analysts’ expectations, helped by higher underwriting margins, but premium income fell slightly in its core property and casualty business.

Hartford’s shares, which have risen 7 percent since it reported first-quarter results at the end of April, closed at $29.18 on Tuesday on the New York Stock Exchange.

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