The Hartford’s board of directors authorized a $1.5 billion share buyback program, expected to start Jan. 1 and last through Dec. 31, 2022.
Like most insurance companies, The Hartford suspended its buyback programs in early 2020 due to market volatility, according to Zacks Equity Research. The company has a history of putting buybacks on hold to use the funds for growth initiatives including buyouts, Zacks added.
The property-casualty insurer, based downtown and operating as The Hartford Financial Services Group, reported in October a 13.5% decrease in third-quarter profits due to catastrophe losses combined with losses from The COVID-19 pandemic.