(udpated)

The Hartford (NYSE: HIG) reported Q1 EPS of $0.56, versus $1.34 reported last year. Revenue for the quarter came in at $5.3 billion vs $4.96 last year.

• Increases share repurchase authorization to $2.5 billion; $1.5 billion in 2021
• Targets 13-14% ROE in 2022 and 2023
• Board unanimously rejects two additional Chubb proposals as not in the best interests of shareholders
• Increasing the share repurchase authorization to $2.5 billion through 2022 and accelerating initial buyback plans, expecting to utilize $1.5 billion by year-end. "As a result, we expect to achieve a return on equity of 13-14 percent in 2022 and 2023, enhancing value creation for all our stakeholders."

ADDITIONAL UNSOLICITED PROPOSALS FROM CHUBB:

The Hartford also announced the receipt of two additional unsolicited proposals from Chubb Limited to acquire the company. In a letter dated March 30, 2021, Chubb said it was prepared to offer “in excess of $67 per share” if The Hartford would engage in “meaningful discussion and due diligence.” The Hartford received another letter, dated April 14, 2021, in which Chubb said it was willing to increase its offer to “$70 per Hartford share, the top end of our range,” payable approximately 60% in cash and 40% in Chubb stock.

The Hartford’s board of directors, after consultation with its financial and legal advisors, unanimously rejected both proposals, determining that entering into discussions regarding a strategic transaction would not be in the best interests of the company and its shareholders. The board also unanimously reaffirmed its conviction and confidence in The Hartford’s strategic business plan.

The Hartford filed copies of both Chubb proposals and both response letters from The Hartford as exhibits to a Current Report on Form 8-K furnished today with the Securities and Exchange Commission.

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