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Hartford boosts buybacks, dividend as profit beats estimates

Hartford Financial Services Group Inc., the insurer that sold life units to focus on property-casualty coverage, increased its share buyback by $1.6 billion and raised the dividend 17 percent as second-quarter profit beat analysts estimates.

By Katherine Chiglinsky | Updated on July 27, 2015

(Bloomberg) — Hartford Financial Services Group Inc., the insurer that sold life units to focus on property-casualty coverage, increased its share buyback by $1.6 billion and raised the dividend 17 percent as second-quarter profit beat analysts’ estimates.

The insurer posted net income of $413 million, or 96 cents a share, compared with a loss of $467 million, or $1, a year earlier that was driven by costs tied to the sale of a Japan annuity business, according to a statement Monday from Hartford. Operating profit, which excludes some investment results, was 91 cents a share, while analysts had predicted 77 cents according to the average estimate in a Bloomberg survey.

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