Hartford Financial (NYSE: HIG) reported Q2 EPS of $0.91, $0.14 better than the analyst estimate of $0.77.

Increase In and Extension of Capital Management Plan for 2014-2016

The Hartford also announced today that its board of directors approved an increase in and extension of the company’s capital management plan. The current equity repurchase plan was increased by $1.6 billion and extended through Dec. 31, 2016. The debt management plan was expanded to include the repayment of $275 million of debt maturing in 2016 and extended through Dec. 31, 2016. The board of directors also declared a quarterly dividend of $0.21 per share of common stock, payable on Oct. 1, 2015, to shareholders of record at the close of business on Sept. 1, 2015. This represents an increase of $0.03 per share, or 17%, over the prior quarterly dividend.

“By focusing on margin expansion within our P&C, Group Benefits and Mutual Funds businesses and reducing the size and risk of Talcott Resolution, we have significantly improved the company’s financial strength, enabling us to expand our capital management plan,” said The Hartford's Chief Financial Officer Beth Bombara. “We continue to deepen our capabilities and are a strong competitor in each of our chosen markets. We will maintain financial flexibility and execute our strategy, including effectively managing capital to create shareholder value.”

The 2014-2015 equity repurchase authorization initially announced in February 2014 and increased in July 2014 totaled $2.775 billion through Dec. 31, 2015. As of July 24, 2015, the company had used approximately $2.4 billion of this authorization for 63.4 million shares, including $250 million for 6.0 million shares in second quarter 2015. Today’s approval extends the approximately $398 million remaining under this plan through Dec. 31, 2016, and adds an additional $1.6 billion, for a total of approximately $2.0 billion for equity repurchases through Dec. 31, 2016. The company currently intends to use this authorization ratably through the end of 2016.

The 2014-2015 debt management plan initially announced in February 2014 and expanded in July 2014 was comprised of the expected repayment of $656 million for 2014 and 2015 debt maturities and a debt management authorization of $500 million through Dec. 31, 2015. Through June 30, 2015, the company had repaid $489 million of maturing debt and utilized $317 million of the debt management authorization, leaving $183 million outstanding under the current authorization. Today the board of directors authorized the extension of the $183 million remaining under the debt management plan through Dec. 31, 2016. The company also announced that it intends to repay $275 million of debt maturing in 2016 in addition to the remaining $167 million 2015 debt maturity under the prior plan.

For earnings history and earnings-related data on Hartford Financial (HIG) click here.