NYSE: HIG · Property & Casualty Insurance
Hartford (The)
The Hartford Insurance Group, based in Hartford, Connecticut, provides property and casualty insurance, employee benefits and mutual funds. It reports five segments: Business Insurance (small business, middle market, global specialty; $13,883 million of 2025 earned premiums), Personal Insurance (auto and home, mostly through an exclusive AARP licensing agreement running through 2032), Property & Casualty Other Operations (run-off asbestos and environmental), Employee Benefits (group disability, life and supplemental health) and Hartford Funds. 2025 revenues rose 7% to $28,368 million and net income to $3,836 million. In September 2026 it commuted its asbestos and environmental adverse development cover with Berkshire Hathaway’s NICO for a $1.12 billion cash payment, and it announced that President A. Morris Tooker will succeed Christopher Swift as CEO on March 1, 2027.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 25, 2026 03:42 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-2010-Q (quarter ended 2026-09-30) · filed 2026-10-26Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.7%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 13.5%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 21.7%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 22.1%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.54x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 8.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.57
Higher than 41% of 44 financial companies
Average yearly growth over the years shown
Higher than 31% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 82% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 69% of 45 financial companies
Equity ÷ total assets
Higher than 57% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$134.88close on 2026-11-04
Market cap$37.35B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 8.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.6%
At FY2025 year-end: 10.4x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.0x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 15.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$6.95B → $7.22B (vs. a year earlier)↑ +3.9%$6.95B → $7.22B (vs. a year earlier)
- Net income$1.08B → $1.32B (vs. a year earlier)↑ +22.5%$1.08B → $1.32B (vs. a year earlier)
- Diluted EPS$3.77 → $4.82 (vs. a year earlier)↑ +27.9%$3.77 → $4.82 (vs. a year earlier)
- Cash$203M → $178M (vs. previous quarter-end)↓ −12.3%$203M → $178M (vs. previous quarter-end)
- Long-term debt$4.37B → $4.38B (vs. previous quarter-end)→ +0.0%$4.37B → $4.38B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 26, 2026.
Key changes
Q3 net income $1.3B, or $4.82 per share, up 23%. Source sentence
Third quarter 2026 net income available to common stockholders of $1.3 billion ($4.82 per diluted share) increased 23% from $1.1 billion ($3.77 per diluted share) over the same period in 2025.
Core earnings $956M, down 6%. Source sentence
Core earnings* of $956 million ($3.50 core earnings per diluted share*) decreased 6% from $1,022 million ($3.59 core earnings per diluted share) over the same period in 2025.
Quarterly dividend up 12%. Source sentence
Increased quarterly common dividend per share by 12%
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- HARTFORD INSURANCE GROUP, INC.
- Headquarters
- HARTFORD, CT
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: HIG
- Industry
- Property & Casualty Insurance
- CIK
- 874766
Workforce (as of FY2025 year-end)
Employees
19,200
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 29–32 days after quarter end (Jan 29, 2026; Jan 30, 2025; Feb 1, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 23–32 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 26, 2026 (+26 days) | Oct 26, 2026 10-Q (+26 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 23, 2026 (+23 days) | Jul 23, 2026 10-Q (+23 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | Apr 23, 2026 10-Q (+23 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 29, 2026 (+29 days) | Feb 20, 2026 10-K (+51 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 27, 2025 (+27 days) | Oct 27, 2025 10-Q (+27 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 28, 2025 (+28 days) | Jul 28, 2025 10-Q (+28 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 24, 2025 (+24 days) | Apr 24, 2025 10-Q (+24 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 30, 2025 (+30 days) | Feb 21, 2025 10-K (+52 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 24, 2024 (+24 days) | Oct 24, 2024 10-Q (+24 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 25, 2024 (+25 days) | Jul 25, 2024 10-Q (+25 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 25, 2024 10-Q (+25 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 1, 2024 (+32 days) | Feb 23, 2024 10-K (+54 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Business Insurance
Workers’ compensation, property, liability and specialty
Coverage for small businesses, middle market and large accounts and global specialty lines.
Personal Insurance
AARP auto and homeowners
Auto and home insurance, mostly through the exclusive AARP licensing agreement effective through 2032.
Employee Benefits
Group benefits
Group disability, life, supplemental health and absence management.
Hartford Funds
Mutual funds and ETFs
Funds managed by global sub-advisors.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Workers’ compensation and employee benefits
Workers’ compensation and employee benefits coverage
U.S. share
A leading provider
Company-disclosed“As a leading provider of workers’ compensation and employee benefits coverages …”
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Total revenues $28,368M (+7%); net income $3,836M; EPS $13.32.
Source: Form 10-K (FY2025)
Q3 2026
Net income to common $1.3B ($4.82 per share, +23%) including the NICO commutation; core earnings $956M ($3.50, −6%). P&C written premiums +4% (Business Insurance +6%); combined ratios 91.3 (Business) and 93.2 (Personal). Hartford returned $638M, including $475M of buybacks, and raised the quarterly dividend 12% to $0.67.
Source: Q3 2026 earnings release
NICO commutation
On September 25, 2026 Hartford Fire received $1.12B from NICO, terminating the A&E adverse development cover in place since 2016 and resolving an arbitration; it expects a $497M pre-tax net gain in Q3 2026.
Source: Form 8-K (2026-09-25) — Items 1.02/7.01 commutation of A&E reinsurance with NICO
CEO succession
Swift becomes Executive Chair and Tooker CEO effective March 1, 2027.
Source: Form 8-K (2026-09-30) — Item 5.02 CEO succession
Capex ÷ D&A (FY2025)
0.43x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$169M ÷ $396M = 0.43x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $114M in FY2020 to $169M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$28.37B
As reported in the 10-K
Revenue CAGR (5 years)
+6.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($28,368M ÷ $20,523M) ^ (1÷5) − 1 = 6.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
21.7%▲favorable
6-year average: 15.4%
As reported in the 10-K
- ▲
Revenue grew +6.7% a year over 5 years (strong growth)
From $20.52B in FY2020 to $28.37B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 15.4% over 6 years (latest: 21.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- AARP
- National Indemnity Company (Berkshire Hathaway)
07 · what it does
Key activities
- Business Insurance (workers’ compensation, property, liability, specialty)
- Personal Insurance (auto and homeowners)
- Employee Benefits (group disability and life)
- Hartford Funds
06 · what it draws on
Key resources
- About 19,200 employees (end-2025)
- Independent agents, brokers and the AARP Program
- Investment portfolio managed by HIMCO
02 · why customers buy
Value propositions
- Commercial, personal and group benefits insurance, plus funds; the AARP relationship since 1984 is a competitive advantage in personal lines.
04 · how it keeps them
Customer relationships
- Policy renewals and group benefits contracts with employers.
03 · how it reaches them
Channels
- Independent agents, brokers and wholesalers; direct to AARP members; broker-dealers and advisers for funds.
01 · who it serves
Customer segments
- Small and mid-sized businesses and large accounts
- AARP members
- Employers and their employees
- Mutual fund investors
09 · where money goes
Cost structure
FY2025, share of revenue ($28.37B)
- Selling, general & administrative19.7%
Depreciation & amortization (inside the costs above): $396M. Capital spending: $169M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Total revenues $28,368M (2025)
- Business Insurance earned premiums $13,883M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Collects premiums for property and casualty and group benefits coverage, invests the float, pays claims, and earns fees from Hartford Funds mutual funds and ETFs.
01 what it draws on
Inputs & resources
- About 19,200 employees (end-2025)
- Independent agents, brokers and the AARP Program
- Investment portfolio managed by HIMCO
02 what it does
Activities
- Business Insurance (workers’ compensation, property, liability, specialty)
- Personal Insurance (auto and homeowners)
- Employee Benefits (group disability and life)
- Hartford Funds
03 who it serves
Customers
- Small and mid-sized businesses and large accounts
- AARP members
- Employers and their employees
- Mutual fund investors
04 how money comes in
How it earns
- Total revenues $28,368M (2025)
- Business Insurance earned premiums $13,883M
How the business makes money
- AARP Program earned premiums were $3.4B in 2025.
- Workers’ compensation is the single largest reserve line of business.
- P&C subsidiaries have $2.5B of regulatory dividend capacity for 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
The Hartford’s commercial lines are rate-regulated, and federal terrorism reinsurance limits its losses.
Regulated prices & reimbursement
Rate regulation
Small and middle-market commercial lines are subject to rate regulation.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Government as customer
Federal terrorism backstop
The federal government pays a share of losses from certified terrorism after an insurer’s losses exceed 20% of its premiums.
Supports the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Environmental rules
PFAS and mass-tort exposure
Claims include PFAS and other environmental and product exposures.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Business Insurance
15,898 (56%)Employee Benefits
7,178 (25%)Personal Insurance
4,101 (14%)Hartford Funds
1,098 (4%)P&C Other Operations
76 (0%)
Source: Form 10-K (FY2025) — Schedule III, Supplementary Insurance Information Earned premiums, fee income and other plus net investment income by segment; Corporate and realized gains make up the rest of $28,368M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Licensing agreement
AARP
Exclusive licensing agreement for auto and homeowners insurance to AARP members, effective through December 31, 2032.
Source: Form 10-K (FY2025)
Supply / distribution agreement
National Indemnity Company (Berkshire Hathaway)
A&E adverse development reinsurance cover from 2016, commuted in September 2026 for $1.12B.
Source: Form 8-K (2026-09-25) — Items 1.02/7.01 commutation of A&E reinsurance with NICO
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Businesses, AARP members, employers and fund investors across the U.S.
Named by the company
No customer is named as material; AARP Program business earned $3.4B of premiums in 2025.
Suppliers
Independent agents and brokers, reinsurers and fund sub-advisors.
Named by the company
No supplier is named as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The Hartford competes with large national carriers, regional carriers, direct writers, mutual companies and brokers owning MGAs, and with asset managers including passive strategies; the 10-K names no specific competitors.
Competitors named in the 10-K
The 10-K names competitor categories only.
Peer group the company chose
2025 performance peer group (15 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Insurers used to rank three-year relative TSR for performance share awards.
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Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 20,523 | 22,390 | 22,362 | 24,527 | 26,535 | 28,368 |
| Pretax income | 2,120 | 2,905 | 2,262 | 3,088 | 3,849 | 4,760 |
| Net income (attributable) | 1,737 | 2,371 | 1,819 | 2,504 | 3,111 | 3,836 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 9.1% | -0.1% | 9.7% | 8.2% | 6.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 8.5% | 10.6% | 8.1% | 10.2% | 11.7% | 13.5% |
| Balance sheet ($M) | ||||||
| Total assets | 74,111 | 76,578 | 73,008 | 76,780 | 80,917 | 85,997 |
| Total equity | 18,556 | 17,805 | 13,676 | 15,327 | 16,447 | 18,979 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 4,352 | 4,944 | 4,357 | 4,362 | 4,366 | 4,371 |
| Equity ratio | 25.0% | 23.3% | 18.7% | 20.0% | 20.3% | 22.1% |
| ROE | 9.4% | 13.0% | 11.6% | 17.3% | 19.6% | 21.7% |
| Cash flow ($M) | ||||||
| Operating CF | 3,871 | 4,093 | 4,008 | 4,220 | 5,909 | 5,922 |
| Investing CF | -2,066 | -2,466 | -1,277 | -2,431 | -3,768 | -3,758 |
| Financing CF | -1,778 | -1,581 | -2,710 | -1,947 | -2,076 | -2,235 |
| Free cash flowcalccash flow from operations − capital expenditures | 3,757 | 3,960 | 3,833 | 4,005 | 5,764 | 5,753 |
| Cash and equivalents | 239 | 337 | 344 | 189 | 234 | 177 |
| Per share & other | ||||||
| EPS ($) | 4.76 | 6.64 | 5.46 | 7.97 | 10.35 | 13.32 |
| BVPS ($) | 51.76 | 53.16 | 43.40 | 51.35 | 57.20 | 68.54 |
| Dividend per share ($) | 1.30 | 1.44 | 1.58 | 1.75 | 1.93 | 2.16 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 27.3% | 21.7% | 28.9% | 21.9% | 18.6% | 16.2% |
| P/E (x) | 10.3 | 10.4 | 13.9 | 10.1 | 10.6 | 10.4 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 0.95 | 1.30 | 1.75 | 1.57 | 1.91 | 2.01 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $7.22B+3.9% | $1.32B+22.5% | $4.82 |
| 2026-06-30 | $7.26B+8.1% | $1.3B+30.5% | $4.68 |
| 2026-03-31 | $7.23B+6.1% | $856M+35.9% | $3.04 |
| 2025-12-31 † | $7.9B+14.8% | $1.13B+32.6% | — |
| 2025-09-30 | $6.95B | $1.08B | $3.77 |
| 2025-06-30 | $6.72B | $995M | $3.44 |
| 2025-03-31 | $6.81B | $630M | $2.15 |
| 2024-12-31 † | $6.88B | $853M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an insurer, so these are the usual yardsticks instead.
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 9.4% | 13.0% | 11.6% | 17.3% | 19.6% | 21.7% |
| Premiums earned growthChange from the prior year. | — | 4.1% | 7.7% | 8.4% | 7.3% | 6.5% |
| Claims and benefits ÷ premiums earnedNot a combined ratio: underwriting expenses are excluded, and life insurers’ benefits run higher by design. | 68.3% | 70.7% | 67.8% | 67.7% | 65.9% | 63.4% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 25.0% | 23.3% | 18.7% | 20.0% | 20.3% | 22.1% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 93.4%
- Directors & officers (shares)
- 1.3%
- Everyone else (est.)
- 5.3%
- Directors & officers (voting power)
- 1.3%
- Institutional-ownership rank
- 144 of 416
- Beta (adjusted)
- 0.57
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 34% of covered companies have more
above 1 = swings more than the market
- 253.0M shares reported by 1,198 13F filers ÷ 270.9M shares outstanding on 2026-07-22. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-09 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-22)
20
Strengths & weaknessesSite analysis
Strengths
1. Rising earnings
Net income rose from $1,737M (2020) to $3,836M (2025); EPS from $4.76 to $13.32.
Evidence: Form 10-K (FY2025)
2. AARP partnership
Exclusive AARP licensing agreement through December 31, 2032, which the 10-K calls an important competitive advantage.
Evidence: Form 10-K (FY2025)
3. Dividend growth
Dividend per share rose every year from $1.30 (2020) to $2.16 (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Catastrophe exposure
Property and personal lines are exposed to weather and catastrophe losses.
Evidence: Form 10-K (FY2025)
2. Legacy liabilities
Run-off asbestos and environmental reserves sit in P&C Other Operations; the NICO cover has now been commuted.
Evidence: Form 8-K (2026-09-25) — Items 1.02/7.01 commutation of A&E reinsurance with NICO
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
10.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.57%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
16%
Dividends per share ÷ diluted EPS
1. Earnings growth
EPS nearly tripled from 2020 to 2025.
- What has to hold
- Underwriting margins hold.
- The other side
- Catastrophe and reserve risk.
Evidence: Form 10-K (FY2025)
2. Capital returns
Rising dividends and buybacks; share count fell from 358M (2020) to 277M (2025).
- What has to hold
- Dividend capacity from subsidiaries continues.
- The other side
- Regulatory limits on subsidiary dividends.
Evidence: Form 10-K (FY2025)
Insurance company: operating income, ROIC/WACC and FCF yield are not shown. Book value per share includes $334M of Series G preferred stock (about $1.2 per share).
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -0.1% in FY2022 ($22.39B → $22.36B) | Yes, by FY2023 |
| Net income | -23.3% in FY2022 ($2.37B → $1.82B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income stayed above $1.7B in every year 2020–2025.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
The Hartford faces ordinary-course claims litigation and putative class actions over claims payments and sales practices; its Boy Scouts of America abuse claims were resolved by a $787 million settlement paid in 2023.
0 open matters · 2 settled or closed
Boy Scouts of America settlement
SettledProduct liabilityBoy Scouts of America, Local Councils and abuse claimants v. The Hartford
Settlement of February 14, 2022 with the BSA, Local Councils and attorneys for most alleged victims over sexual abuse claims tied to 1970s–early 1980s liability policies; The Hartford paid $787M on April 20, 2023 and received a complete release and an injunction against further claims.
- Amounts
- $787 million paid
Source: Form 10-K (FY2025) — Note 10, Reserve for Unpaid Losses and Loss Adjustment Expenses
NICO adverse development cover arbitration
SettledContract disputeHartford Fire Insurance Company and affiliates v. National Indemnity Company
A confidential arbitration with National Indemnity Company over the 2016 asbestos and environmental reinsurance agreement was resolved by the September 2026 commutation and a $1.12B payment to Hartford Fire.
- Amounts
- $1.12 billion received
Source: Form 8-K (2026-09-25) — Items 1.02/7.01 commutation of A&E reinsurance with NICO
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
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Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Disaster
Catastrophe losses
- Company disclosure (summarized from the 10-K)
- Weather and other catastrophes can cause large property losses.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Reserve adequacy and social inflation
- Company disclosure (summarized from the 10-K)
- Reserves for workers’ compensation, general liability and A&E could prove inadequate.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with national, regional and direct carriers; in Hartford Funds also with passive strategies.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4FX & interest rates
Investment and rate risk
- Company disclosure (summarized from the 10-K)
- Investment income and portfolio values depend on interest rates and credit markets.
- Company’s stated mitigation
- By investing in fixed income securities of similar duration to our liabilities, we hedge our interest rate exposure over a three year period at the time we price and sell long-term disability policies given average three year rate guarantees.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Governance & key people
CEO transition
- Company disclosure (summarized from the 10-K)
- Christopher Swift will hand the CEO role to A. Morris Tooker on March 1, 2027.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
As a public company, we continue to monitor the development of various climate disclosure regimes. Read more
Such developments have stalled at the federal level, with the SEC having withdrawn its defense of its 2024 comprehensive climate rules, but have continued to expand in certain state and international jurisdictions. We may be subject to these reporting regimes based on the particulars of our corporate footprint. Other regulators may impose additional reporting requirements affecting our operations, such as disclosure related to greenhouse gas emissions (GHGe) and other climate-related information, thereby increasing our operating expenses and litigation risk.
No longer in the text (3)
Effective December 31, 2016, the Company entered into an agreement with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc. Read more
(“Berkshire”) whereby the Company was reinsured for subsequent adverse development on substantially all of its net A&E reserves up to an aggregate net limit of $1.5 billion. As of December 31, 2024, the Company has exhausted the $1.5 billion treaty limit, and as such, any further development that increases our recorded net reserves could have a material adverse effect on our financial condition, results of operations or liquidity. We remain directly liable to claimants and if the reinsurer does not fulfill its obligations under the agreement we may need to increase our recorded net reserves. For additional information related to risks associated with the adverse development cover ("ADC"), see Note 10 - Reserve for Unpaid Losses and Loss…
Following the U.K.’s withdrawal from the European Union, the U.K entered into a free trade agreement with the E.U. Read more
on December 30, 2020. Under this agreement, a Trade Partnership Committee meets on a regular basis to discuss areas of cooperation. It is possible that deliberations of this Trade Partnership Committee could affect how U.K. domiciled financial services and insurance firms are regulated.
Any proposed or future legislation or NAIC initiatives, if adopted, may be more restrictive on our ability to conduct business than current regulatory requirements or may result in higher costs or increased statutory capital and reserve requirements. The International Association of Insurance Supervisors ("IAIS") continues to advance the development of insurance group capital standards for use with Internationally Active Insurance Groups ("IAIGs"). Working through the NAIC, U.S. state insurance regulators adopted a group capital calculation for use in solvency-monitoring activities. The calculation is intended to provide additional analytical information to the lead state for use in assessing group risks and capital adequacy to complement the current holding company analysis in the U.S. In December, 2024, the IAIS approved the final version of the global Insurance Capital Standard (ICS)…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 20, 2026 ↗ with the 10-K filed Feb 21, 2025 ↗.
26
What to watch going forwardSite analysis
- CEO transition to A. Morris Tooker (March 1, 2027).
- Effect of the NICO commutation on A&E reserves.
- Catastrophe losses and pricing in Business and Personal Insurance.
- Employee Benefits disability results.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 25, 2026 03:42 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-20Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Hartford (The)’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.