actually of the first 500 million they allocated a total of 166 million was spent in the first quarter or this last quarter now the total is 1.25 billion and they have 1.084 billion left to spend so that works out to about 90 million per month over a year or 45 million per month over 2 yrs. I would say they do it somewhere in between but they should report every quarter so we will see. If will give a lot of upward bias to stock price reducing outstanding shares 10% plus buying over a million shares a month. They may use some of the shares for the warrants when they are exercised but I am not sure of that. It doesn't say they are going to buy back shares of warrants in anything I have read so if you have seen that please let me know where. A friend and i have been discussing the annuity business and they sold off UK annuity to warren but they still have the US and Japan and Canada and that was what the Talbott resolution was about that funded those separately, is that correct to everyones understanding??
The Hartford’s board of directors approved a $750 million increase in the company’s 2013-14 equity repurchase authorization, bringing the total authorization, which expires on December 31, 2014, to $1.25 billion. To date, the company has repurchased $166 million of common shares and warrants under the existing authorization. In addition, the board of directors has decided to raise the quarterly dividend paid to common shareholders by 50%, from $0.10 per share to $0.15 per share, when it declares the next regularly scheduled dividend, payable on October 1, 2013.
Also during the quarter, we began repurchasing shares under our current $500 million authorization and have repurchased a total of $68 million through April 29. We expect to repurchase about $100 million per quarter under the current authorization. At current share prices, our buyback program is accretive to book value and earnings per share.
We are focused on improving ROEs and expect a core earnings ROE of 7.5% to 8% for 2013. We remain on target to meet that goal with an annualized core earnings ROE of 9.3% this quarter, which tends to be seasonally high because of lower catastrophe and weather losses.