HARTFORD, Conn.—Hartford Financial Services Group said Tuesday that it has completed equity and debt offerings in its plan to repurchase $3.4 billion of its preferred shares that were issued to the U.S. Treasury Department under the Troubled Asset Relief Program.

Hartford said investors purchased 59.6 million shares of is common stock, 23 million depository shares and $1.1 billion in senior notes. The total includes 7.3 million shares of common stock and 3 million depository shares that were issued to underwriters exercising their respective options.

At $27.75 per share, the stock sale generated gross proceeds of $1.65 billion. At $25 per share, the depository notes generated $575 million. Hartford did not release a total amount generated in the sale, but the pieces total gross proceeds of $3.32 billion.

Subject to approval, Hartford said it plans to use $425 million of the net proceeds from the debt offerings, together with the common stock, depository shares and available funds to repurchase $3.4 billion of its preferred shares issued to the U.S. Treasury under the TARP program last year, the insurer said in a statement.

Hartford said it plans to use remaining proceeds from the senior notes offering to prefund its senior debt maturing in 2010 and 2011.