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Equity
6 Months Ended
Jun. 30, 2014
Equity [Abstract]  
Equity
July 2014, the Board of Directors approved a $775 increase in the Company's authorized equity repurchase program that provides the Company with the ability to repurchase $2.775 billion in equity during the period commencing on January 1, 2014 and ending on December 31, 2015.
On July 30, 2014, the Company entered into an accelerated share repurchase agreement (“ASR”) with a major financial institution. Under the terms of the agreement, on July 31, 2014 The Hartford will pay $525 and receive an initial delivery of approximately 11.2 million shares of its common stock. The actual per share purchase price and the total number of shares to be repurchased will be based on the volume weighted average price, or VWAP, of the Company’s common stock during the term of the ASR, less a discount and subject to certain adjustments. Final maturity of the ASR will occur no later than the end of 2014, and may occur earlier at the financial institution's discretion. If the total number of shares to be repurchased is less than the initial delivery, the Company may elect to settle in cash or shares (limited to an established maximum number of shares); and if the total number of shares to be repurchased is greater than the initial delivery, the Company will receive shares in settlement.
During the six months ended June 30, 2014, the Company repurchased 19.0 million common shares for $651. In addition, the Company repurchased 3.9 million common shares, for $140, from July 1, 2014 to July 29, 2014. The warrants outstanding at June 30, 2014 were 11.6 million.
The declaration of a quarterly common stock dividend of $0.15 during the second quarter of 2014 triggered a provision in The Hartford’s Warrant Agreement with The Bank of New York Mellon, relating to warrants to purchase common stock issued in connection with the Company’s participation in the Capital Purchase Program, resulting in an adjustment to the warrant exercise price. The warrant exercise price at June 30, 2014 was $9.451.