Hartford Insurance Group, Inc.: Form 10-Q for the period ended Mar 31, 2022
Filed with the SEC on Apr 28, 2022 and accepted by EDGAR at Apr 28, 2022, 16:23 ET.
Management's discussion and analysis
As filed, 4,686 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
PURCHASES OF EQUITY SECURITIES BY THE ISSUER
Repurchases of common stock by the Company during the quarter ended March 31, 2022 are set forth below. During the period from April 1, 2022 to April 27, 2022, the Company repurchased 1.9 million shares for $139.
Repurchases of Common Stock by the Issuer for the Three Months Ended March 31, 2022
(in millions)
| Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs[1] |
|---|---|---|---|---|
| January 1, 2022 - January 31, 2022 | 2,316,941 | $71.02 | 2,316,941 | $1,133 |
| February 1, 2022 - February 28, 2022 | 3,022,500 | $70.32 | 3,022,500 | $921 |
| March 1, 2022 - March 31, 2022 | 342,014 | $67.01 | 342,014 | $898 |
| Total | 5,681,455 | $70.40 | 5,681,455 |
[1]On December 17, 2020, the Board of Directors authorized a new equity repurchase plan for $1.5 billion for the period commencing January 1, 2021 through December 31, 2022. The Board of Directors increased this authorization by $1.0 billion on April 22, 2021 and by $500 on October 28, 2021, bringing the aggregate repurchase authorization to $3.0 billion through December 31, 2022. The timing of any repurchases of shares under the remaining equity repurchase authorization is dependent upon several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations.
EXHIBITS
See Exhibits Index on page 105.
FOR THE QUARTER ENDED MARCH 31, 2022
FORM 10-Q
EXHIBITS INDEX
| Exhibit No. | Description | Form | File No. | Exhibit No | Filing Date |
|---|---|---|---|---|---|
| 3.01 | Restated Certificate of Incorporation of The Hartford, as filed with the Delaware Secretary of State on October 20, 2014. | 8-K | 001-13958 | 3.01 | 10/20/2014 |
| 3.02 | Amended and Restated By-Laws of The Hartford, amended effective December 17, 2020. | 8-K | 001-13958 | 3.1 | 7/21/2016 |
| 10.01 | First Amendment, entered into as of March 10, 2022, to the Amended and Restated Credit Agreement among The Hartford Financial Services Group, Inc. as borrower, Bank of America, N.A., as administrative agent, BofA Securities, Inc. as Sustainability Coordinator and the other parties signatory thereto.** | ||||
| 15.01 | Deloitte & Touche LLP Letter of Awareness.** | ||||
| 31.01 | Certification of Christopher J. Swift pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.** | ||||
| 31.02 | Certification of Beth A. Costello pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.** | ||||
| 32.01 | Certification of Christopher J. Swift pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** | ||||
| 32.02 | Certification of Beth A. Costello pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** | ||||
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema.** | ||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase.** | ||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase.** | ||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase.** | ||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase.** | ||||
| 104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, formatted in Inline XBRL. | ||||
| * | Management contract, compensatory plan or arrangement. | ||||
| ** | Filed with the Securities and Exchange Commission as an exhibit to this report. |
105
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| The Hartford Financial Services Group, Inc. | ||
| (Registrant) | ||
| Date: | April 28, 2022 | /s/ Scott R. Lewis |
| Scott R. Lewis | ||
| Senior Vice President and Controller | ||
| (Chief accounting officer and duly authorized signatory) |
106
Risk factors
As filed, 727 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
RISK FACTORS
Investing in The Hartford involves risk. In deciding whether to invest in The Hartford, you should carefully consider the risk factors disclosed in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, (collectively the "Company's Risk Factors" or individually, the "Company's Risk Factor"), which is incorporated herein by
reference, any of which could have a significant or material adverse effect on the business, financial condition, operating results or liquidity of The Hartford. This information should be considered carefully together with the other information contained in this report and the other reports and materials filed by The Hartford with the SEC.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2022-03-31. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2022-01-01 to 2022-03-31 | $379.0m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Selling, general and administrative | 3 months2022-01-01 to 2022-03-31 | $1.21bn | us-gaap:SellingGeneralAndAdministrativeExpense |
| Interest expense | 3 months2022-01-01 to 2022-03-31 | $62.0m | us-gaap:InterestExpense |
| Income tax | 3 months2022-01-01 to 2022-03-31 | $98.0m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2022-01-01 to 2022-03-31 | $445.0m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2022-01-01 to 2022-03-31 | $1.30 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2022-01-01 to 2022-03-31 | $1.32 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2022-01-01 to 2022-03-31 | 337,300,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months2022-01-01 to 2022-03-31 | $429.0m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months2022-01-01 to 2022-03-31 | $31.0m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 3 months2022-01-01 to 2022-03-31 | $130.0m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 3 months2022-01-01 to 2022-03-31 | $400.0m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | At period end2022-03-31 | $223.0m | us-gaap:Cash |
| Total assets | At period end2022-03-31 | $75.25bn | us-gaap:Assets |
| Total liabilities | At period end2022-03-31 | $59.35bn | us-gaap:Liabilities |
| Long-term debt | At period end2022-03-31 | $4.35bn | us-gaap:LongTermDebt |
| Short-term borrowings | At period end2022-03-31 | $591.0m | us-gaap:ShortTermBorrowings |
| Shareholders' equity | At period end2022-03-31 | $15.90bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000874766-22-000044. Last ingested by Listed: Nov 4, 2026, 16:53 ET. Listed shows no prices and gives no investment advice.