Hartford Financial Services (NYSE: HIG) Chief Executive Liam McGee said that the company expects to begin buying back shares soon and will complete its $500 million repurchase program early in next year’s second quarter.
The company had announced the repurchase authorization in August this year, but volatile equity markets caused the company to delay its implementation.
The buyback is the company’s first since it was forced to accept a $3.4 billion federal rescue in the depths of the financial crisis. The company repaid for the rescue over a year ago, and doubled its dividend in February.
Moreover, the company estimates 2012 core earnings to be $1.58 billion to $1.7 billion, or $3.30 to $3.60 a share. Analysts surveyed by Thomson Reuters had estimated the company would earn $3.51 a share.
The Hartford Financial Services Group, Inc. (together with its subsidiaries, The Hartford) is an insurance and financial services company.
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