The Hartford Financial Services Group announced Wednesday that it has paid back $3.4 billion in federal bailout funds to the U.S. Treasury, a day before the company plans to hold it’s in annual investor meeting in New York City.
The Hartford-based property and casualty and life insurer also cut federal taxpayers a check for $21.7 million, as part of an interest payment on the investment.Â
The Hartford funded the repurchase with proceeds from its recent equity and debt offerings, as well as from other available resources.
The previously announced offering included the sale of $2 billion in equity and $1.1 billion in debt. The company previously said it would use the $2 billion from equity, plus $425 million from the debt offering, with about $1 billion more in funds from The Hartford’s treasury to repay its debt.
 “We are pleased to complete our plan to return the U.S. Treasury’s investment in The Hartford and appreciated the opportunity to participate in CPP and the support of the government and American taxpayers,” said Liam E. McGee, The Hartford’s chairman, president and CEO. “With the capital raise completed and the investment repaid, we are well positioned from both a capital and balance sheet perspective.”
The U.S. Treasury continues to hold warrants to purchase approximately 52 million shares of The Hartford’s common stock at an initial exercise price of $9.79 per share.
The company does not intend to repurchase the warrants from the U.S. Treasury.
