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HIG, The Hartford Insurance Group Inc.

Insurance — Property & Casualty financial

The Hartford Insurance Group Inc. sells diverse and innovative products through multiple distribution channels to individuals and businesses and is considered a leading property & casualty and employee group benefits insurer.

Principal Products and Services Workers' Compensation Covers employers for losses incurred due to employees sustaining an injury, illness or disability in connection with their work.

Latest annual: FY2025 10-K

HIG · The Hartford Insurance Group Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$28.4B

+6.9% YoY · 7% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $28.8B 5-yr avg $24.8B

Combined ratio 98% 5-yr avg 103%

Loss ratio 63% 5-yr avg 67%

Return on equity 22% 5-yr avg 16%

Next report Est. 10/20–10/29 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~24 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Underwriting discipline and the float. What decides it: whether the combined ratio stays below 100% so the policies make money on their own, how large the float is against equity, and what that float earns once it is invested. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: It underwrites at a profit, about a 98% combined ratio (it keeps roughly 2% of premiums before investing the float). Book value per share, the measure Berkshire is judged on, has compounded about 5% a year across the record. The float runs about 2.4× equity, the leverage that magnifies both the underwriting and the investing. Whether the discipline holds through a soft market, and how the float is invested, are what the 10-K decides.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$16.3B	$17.2B	$19.0B	$20.7B	$20.5B	$22.4B	$22.4B	$24.5B	$26.5B	$28.4B	$28.8B	RevenueRevenue
$13.7B	$14.1B	$15.9B	$16.9B	$17.3B	$18.0B	$19.4B	$21.0B	$22.6B	$24.0B	$24.7B	Premiums earnedPremiums
$1.6B	$1.6B	$1.8B	$2.0B	$1.8B	$2.3B	$2.2B	$2.3B	$2.6B	$2.9B	$3.1B	Investment incomeInv. inc.
$447M	$723M	$1.8B	$2.6B	$2.1B	$2.9B	$2.3B	$3.1B	$3.8B	$4.8B	—	Pretax incomePretax
$896M	($3.1B)	$1.8B	$2.1B	$1.7B	$2.4B	$1.8B	$2.5B	$3.1B	$3.8B	$4.4B	Net incomeNet inc.
—	—	15%	19%	18%	18%	20%	19%	19%	19%	18%	Effective tax rateTax rate
											Cash flow & returns
$2.1B	$2.2B	$2.8B	$3.5B	$3.9B	$4.1B	$4.0B	$4.2B	$5.9B	$5.9B	$5.9B	Operating cash flowOp. cash
$1.8B	$1.9B	$2.7B	$3.4B	$3.8B	$4.0B	$3.8B	$4.0B	$5.8B	$5.8B	$5.9B	Owner earningsOwner earn.
73%	72%	70%	68%	68%	71%	68%	68%	66%	63%	63%	Loss ratioLoss
10%	10%	9%	10%	10%	9%	9%	10%	10%	10%	11%	Expense ratioExpense
≈ 116%	≈ 116%	≈ 108%	≈ 107%	≈ 106%	≈ 108%	≈ 104%	≈ 102%	≈ 101%	≈ 98%	≈ 98%	Combined ratioCombined
5%	-23%	14%	13%	9%	13%	13%	16%	19%	20%	22%	Return on equityROE
3%	−26%	11%	10%	7%	11%	10%	13%	16%	17%	19%	Retained to equityRetained/eq
$334M	$341M	$379M	$433M	$457M	$485M	$506M	$528M	$556M	$592M	$625M	Dividends paidDiv. paid
$1.3B	$1.0B	$0	$200M	$150M	$1.7B	$1.6B	$1.4B	$1.5B	$1.6B	—	BuybacksBuybacks
$949M	($1.4B)	($2.0B)	($2.1B)	($2.1B)	($2.5B)	($1.3B)	($2.4B)	($3.8B)	($3.8B)	—	Investing cash flowInv. cash
($2.5B)	($979M)	($1.5B)	($1.2B)	($1.8B)	($1.6B)	($2.7B)	($1.9B)	($2.1B)	($2.2B)	—	Financing cash flowFin. cash
($40M)	$70M	($10M)	($9M)	$8M	($6M)	($14M)	$3M	($20M)	$14M	—	Exchange-rate effectFX
—	—	—	$141M	—	—	$7M	($155M)	$45M	($57M)	—	Change in cashΔ cash
											Balance sheet
$39.8B	$45.1B	$46.8B	$53.0B	$56.5B	$57.7B	$52.6B	$55.9B	$59.2B	$64.0B	$64.0B	Investments (total)Investments
$28.3B	$32.3B	$33.0B	$36.5B	$37.9B	$39.7B	$41.2B	$42.3B	$44.6B	$46.3B	$47.1B	Float (reserves)Float
$224.6B	$225.3B	$62.3B	$70.8B	$74.1B	$76.6B	$73.0B	$76.8B	$80.9B	$86.0B	$88.0B	Total assetsAssets
$207.7B	$211.8B	$49.2B	$54.5B	$55.6B	$58.7B	$59.3B	$61.5B	$64.5B	$67.0B	—	Total liabilitiesTotal liab.
$16.9B	$13.5B	$13.1B	$16.3B	$18.6B	$17.8B	$13.7B	$15.3B	$16.4B	$19.0B	$19.6B	Shareholders’ equityEquity
											Per share
395M	364M	364M	365M	361M	354M	330M	312M	299M	287M	278M	Shares out (diluted)Shares
$2.27	$-8.61	$4.96	$5.71	$4.82	$6.70	$5.52	$8.04	$10.42	$13.39	$15.70	EPS (diluted)EPS
$4.67	$5.32	$7.47	$9.27	$10.42	$11.18	$11.63	$12.86	$19.30	$20.08	$21.12	Owner earnings / shareOE/sh
$0.85	$0.94	$1.04	$1.19	$1.27	$1.37	$1.54	$1.70	$1.86	$2.07	$2.25	Dividends / shareDiv/sh
$42.81	$37.10	$35.98	$44.59	$51.46	$50.28	$41.51	$49.20	$55.08	$66.24	$70.60	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+10.2%/yr	+11.7%/yr
Owner earnings / share	+17.6%/yr	+14.0%/yr
EPS	+21.8%/yr	+22.7%/yr
Dividends / share	+10.4%/yr	+10.3%/yr
Capital spending / share	+0.4%/yr	+13.3%/yr
Book value / share	+5.0%/yr	+5.2%/yr

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

Combined ratio ≈ 98%

Roughly breakeven

Total benefits, losses and expenses $23.6B ÷ premiums earned $24.0B

Industry peers: median 112%

What this means
The heart of a property-casualty insurer: claims and costs as a share of premiums. Below 100% means it is paid to hold the float, the gold standard; above 100% means it loses money on the policies and must make it back on investments. Approximate here, taken from the filer's total benefits, losses and expenses over premiums, so it can sit a point or two off the company's headline figure; a number held below 100% across cycles is the mark of a disciplined underwriter, the rarest thing in the business.
Return on equity 20%

Strong

Net income $3.8B ÷ equity $19.0B

Industry peers: median 9%

What this means
What it earns on shareholders' capital, the underwriting result plus what the float earns invested. Durably above the ~10% cost of equity is what compounds book value.

The float

Float $4.8B

0.3× equity

Policy benefits + deposits + guarantees − recoverables − DAC − receivables = $4.8B

What this means
Money held against future claims and invested in the meantime. Buffett's insight was that good underwriting makes this float cost less than nothing, a pool of other people's money the owners earn on. Basis note: recoverables deduction unavailable; DAC deduction unavailable. The larger it is against equity, the more that leverage works, for better or worse.
Investment income $2.9B

60.7% on the float

Net investment income $2.9B, 60.7% on the float

What this means
What the float and capital earned this year. This is the second engine: an insurer that breaks even on underwriting still wins if the float is large and invested well.

The cost and the reserves

Cost of float —

Not enough data

What this means
Needs the full float arithmetic and a cleanly tagged underwriting total; a partial figure would mislead.
Reserve development —

Not enough data

What this means
Not disclosed in the filings' structured data — the absence is itself worth knowing on a business whose product is a promise.

All figures as filed; the source filing is linked above.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Christopher Swift	$15.8M	$38.8M	$4.0B
2022	Christopher Swift	$16.1M	$26.5M	$3.8B
2023	Christopher Swift	$16.4M	$11.8M	$4.0B
2024	Christopher Swift	$19.3M	$48.6M	$5.8B
2025	Christopher Swift	$22.1M	$48.0M	$5.8B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Insurance reserves as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Insurance — Property & Casualty

The same industry, side by side on the underwriting lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Combined ratiomedian over the record	Loss ratiomedian over the record	Yield on floatmedian over the record	ROTCEmedian over the record
HIGThe Hartford Insurance Group Inc.	$28.4B	107%	68%	5.3%1y	16%
AIGAmerican International Group	$28.0B	124%	76%	6.2%	3%
ACGLArch Capital	$19.9B	88%	55%	5.1%	14%
LLoews Corp.	$18.5B	149%	76%	9.7%	6%
EGEverest Group	$17.7B	100%	70%	5.5%	9%
MKLMarkel Group Inc.	$15.5B	—	59%	3.1%	12%
CNACNA Financial Corporation	$15.0B	127%	76%	9.1%	8%
CINFCincinnati Financial Corporation	$12.6B	98%	66%	10.5%	14%
Group median	—	107%	69%	5.8%	11%

The price

What a price has to assume.

What the price implies

price / tangible book

An insurer is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what The Hartford Insurance Group Inc.’s record justifies.

Today’s price $

The assumptions Cost of equity 10% Long-term growth 3%

Tangible book / share, delivered6%/yr’20→’25

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). An insurer earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for an insurer.

Enter a price above to run it.

Price / tangible book—

Justified by the return—

Normalized return on tangible equity16%

Price / book—

Earnings yield—

P/E (3-yr avg ’23–’25)—

Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $17.4B on 271M shares, a 16% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the insurer keeps earning that return; an underwriting cycle, a reserve shortfall or a bad year on the float changes it, which is what the record and the 10-K are for.

Weigh HIG against another business →

Cite: Owner Scorecard, "The Hartford Insurance Group Inc. (HIG), the owner's record," https://ownerscorecard.com/c/HIG, data as of 2026-07-18.

Manual order: ← HI its page in the Manual HII →

Industry order: ← HG the Insurance — Property & Casualty chapter HIPO →