The Hartford Announces $1.5 Billion Share Repurchase Authorization
The Hartford's Board of Directors has approved a significant $1.5 billion share repurchase program effective from January 1, 2021, to December 31, 2022. This initiative aims to enhance shareholder value and reflects the company's strong capital position. The repurchase will include common stock and convertible securities, with purchases possibly executed via open market transactions or privately negotiated deals. Future buybacks will be strategically timed based on the company’s market conditions and capital strength, allowing flexibility in response to financial dynamics.
- Authorization of a $1.5 billion share repurchase program, indicating strong capital health.
- Share buybacks could enhance shareholder value and EPS in the long term.
- None.
The Hartford’s (NYSE: HIG) Board of Directors authorized a
The authorization permits purchases of common stock as well as any other securities convertible into or exchangeable for the company’s common stock. Repurchases may be made in the open market through derivative, accelerated repurchase and other privately negotiated transactions, and through plans designed to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The timing of any future repurchases will be dependent upon several factors, including the market price of the company's securities, the company's capital position, consideration of the effect of any repurchases on the company's financial strength or credit ratings, and other considerations. The repurchase program may be modified, extended or terminated by the Board of Directors at any time.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at @TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.
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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 2019 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, 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.
From time to time, The Hartford may use its website and/or social media outlets, such as Twitter and Facebook, to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com, Twitter account at www.twitter.com/TheHartford_PR and Facebook at https://facebook.com/thehartford. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.
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FAQ
What is the purpose of the $1.5 billion share repurchase program by HIG?
When is the share repurchase program for HIG effective?
How may HIG execute the share repurchase program?
What factors will influence the timing of HIG's share repurchases?
