HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford’s board of directors approved a $750 million increase in the company’s 2013-14 equity repurchase authorization, bringing the total authorization, which expires on December 31, 2014, to $1.25 billion. To date, the company has repurchased $166 million of common shares and warrants under the existing authorization. In addition, the board of directors has decided to raise the quarterly dividend paid to common shareholders by 50%, from $0.10 per share to $0.15 per share, when it declares the next regularly scheduled dividend, payable on October 1, 2013.
“The financial position, capital flexibility and risk profile of the company have continued to improve, particularly with Talcott Resolution’s capital self-sufficiency,” said The Hartford’s Chairman, President and CEO Liam E. McGee. “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.”
ABOUT THE HARTFORD
With more than 200 years of expertise, The Hartford (NYSE:HIG) is a leader in property and casualty insurance, group benefits and mutual funds. The company is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at www.thehartford.com.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2012 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.