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July 29, 2022

The Hartford’s board OKs $3B share repurchase program

Contributed photo The headquarters of The Hartford Financial Services Group.

The Hartford on Thursday said its board of directors has authorized a new $3 billion share repurchase program, continuing a trend in corporate America of significant stock buybacks. 

The new program runs from Aug. 1, 2022 through end of 2024, the company said. It’s in addition $450 million in share repurchases the property and casualty insurer completed in the second quarter, the company said. 

Hartford area companies have repurchased billions of dollars of their own shares in recent months, a nationwide trend.
The announcement came the same day The Hartford reported $437 million, $1.32 per share, in second quarter profits, down significantly from $900 million, or $2.51 per share, reported the in the year-ago period. 

Its total revenues during the quarter totaled $5.4 billion, down slightly from $5.6 billion a year earlier. 

Despite declines in revenues and profits, The Hartford did report growth in its commercial lines business, while its personal lines business saw a decline in revenues. 

The Hartford’s stock price was up 2.5% in early morning trading to $64.41. 

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