# Hartford Financial Services Group (HIG.US)

Canonical: https://gigainvestors.com/s/HIG

Analysis as of: 2026-10-16T07:29:01.938Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $132.81 per share; close as of 2026-10-15.

Estimated value: low $128.81 per share, central $161.02 per share, high $214.69 per share. Buy at or below the central value $161.02 per share. Valuation as of 2026-10-16T07:29:01.938Z; scenarios are not confidence intervals.

Expected annual return: 10.8% at the stated quote. About 10.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 8

- Return on common equity variation (informational): 1.17×

Chart: Net income; fiscal year observations.

- FY2016: $896M

- FY2017: -$3.1B

- FY2018: $1.8B

- FY2019: $2.1B

- FY2020: $1.7B

- FY2021: $2.4B

- FY2022: $1.8B

- FY2023: $2.5B

- FY2024: $3.1B

- FY2025: $3.8B

### moat: pass

- Common book per share

- Bank / P&C ROTE, median of available years: 13.5%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 5.3%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 5.3%

- FY2017: -23.2%

- FY2018: 14.1%

- FY2019: 13.0%

- FY2020: 9.4%

- FY2021: 13.5%

- FY2022: 13.5%

- FY2023: 16.6%

- FY2024: 19.2%

- FY2025: 20.5%

### economics: pass

- Common book per share

- Book value per share + reinvested dividends, annualized return: 7.7%

- Book return interval: 10 years

- Starting book value per share: $41.49

- Ending book value per share: $65.08

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 5.2%

- FY2017: -11.2%

- FY2018: -2.7%

- FY2019: 27.9%

- FY2020: 18.6%

- FY2021: 0.3%

- FY2022: -14.8%

- FY2023: 23.1%

- FY2024: 16.0%

- FY2025: 24.4%

### management: pass

- Common book per share

- Diluted shares, 10-year annual growth: -3.9%

- Diluted shares, 5-year annual growth: -4.5%

- Share growth excluding flagged crisis recapitalisations: -3.9%

- Five-year share growth excluding flagged crisis recapitalisations: -4.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 3.54×

- Book value created per share: $23.59

- Earnings retained per share after dividends and buybacks: $6.67

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 93

- FY2017: 86

- FY2018: 86

- FY2019: 86

- FY2020: 85

- FY2021: 83

- FY2022: 77

- FY2023: 73

- FY2024: 70

- FY2025: 67

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.2% a year forever · net income +23.5%

Story as of 2026-10-16T09:58:52.655Z; price observation 2026-10-15.

The price assumes profits grow 5.2% a year forever

- 2025-04-24: Hartford profit falls as California wildfire losses climb ([finance.yahoo.com](https://finance.yahoo.com/news/hartford-profit-falls-california-wildfire-223931389.html))

- 2026-04-24: HIG Q1 Earnings Miss on Higher Costs Despite Personal Insurance Gains ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/hig-q1-earnings-miss-higher-162100263.html))

- 2026-06-03: Wellington to Buy Hartford Funds, Boosting Reach With Financial Advisors ([finance.yahoo.com](https://finance.yahoo.com/m/a0a64daa-806b-3717-aa57-c96032a8b222/wellington-to-buy-hartford.html))

- 2026-07-24: HIG's Q2 Earnings Beat Estimates on Strong Investment Income ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/higs-q2-earnings-beat-estimates-185700510.html))

### Net income · FY2025

net income +23.5%; source https://www.sec.gov/Archives/edgar/data/874766/000087476626000012/hig-20251231.htm; observed 2026-02-20.

- FY2016: $896M 

- FY2017: -$3.1B 

- FY2018: $1.8B 

- FY2019: $2.1B 

- FY2020: $1.7B 

- FY2021: $2.4B 

- FY2022: $1.8B 

- FY2023: $2.5B 

- FY2024: $3.1B 

- FY2025: $3.8B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance diversified; annual sales are USD 28.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/874766/000087476626000012/hig-20251231.htm#000087476626000012 (filed 2026-02-20); FY2025: revenue 28368000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HIG.US: The Hartford Insurance Group, Inc., together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. It operates through Business Insurance, Personal Insurance, Property & Casualty Other Operations, Employee Benefits and Hartford Funds. The company offers insurance coverage, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers. The company also provides automobiles, homeowners, and personal umbrella coverages. The Property & Casualty Other Operations segment offers coverage for asbestos and environmental exposures. In addition, it provides group life, disability, and other group coverages to members of employer groups, associations, and affinity groups through direct insurance policies; reinsurance to other insurance companies; employer paid and voluntary product coverages; disability underwriting, administration, and claims processing to self-funded employer plans; leave management solution; distributes its group insurance products and services through brokers, consultants, third-party administrators, trade associations, and private exchanges. Further, the company offers managed mutual funds across various asset classes; and exchange-traded funds through broker-dealer organizations, independent financial advisers, defined contribution plans, financial consultants, bank trust, and registered investment advisers, as well as investment management, distribution, and administrative services, such as product design, implementation, and oversight. The company was founded in 1810 and is headquartered in Hartford, Connecticut.

### Why customers stay

It earns 13.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on tangible equity observations [[2016,0.05300834171448855],[2017,-0.2320290499481251],[2018,0.1410668128769484],[2019,0.12951807228915663],[2020,0.09417188014487982],[2021,0.13450861427508443],[2022,0.13476240443711587],[2023,0.16561061828853466],[2024,0.1917706199962763],[2025,0.20461249664789488]]; median 0.13463550935610014. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,334000000],[2017,341000000],[2018,379000000],[2019,454000000],[2020,478000000],[2021,506000000],[2022,527000000],[2023,549000000],[2024,577000000],[2025,613000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/874766/000087476626000012/hig-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 1615000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HIG.US SharesStats.PercentInsiders = 0.345 percentage points; cache date 2026-10-16.

### What could break it

"Insurance Industry and Product Related Risks" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/874766/000087476626000012/hig-20251231.htm (filed 2026-02-20); Insurance Industry and Product Related Risks

### What the price says

The price assumes profits grow 5.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Price 132.81; FX 1; original perpetual distributable cash 6.4407425154308156; discount 0.1; growth 0.05150408466658524. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $44.11 per share

- 2016-11: $47.12 per share

- 2016-12: $47.65 per share

- 2017-01: $48.71 per share

- 2017-02: $48.89 per share

- 2017-03: $48.07 per share

- 2017-04: $48.36 per share

- 2017-05: $49.39 per share

- 2017-06: $52.57 per share

- 2017-07: $55.00 per share

- 2017-08: $54.07 per share

- 2017-09: $55.43 per share

- 2017-10: $55.05 per share

- 2017-11: $57.44 per share

- 2017-12: $56.28 per share

- 2018-01: $58.76 per share

- 2018-02: $52.85 per share

- 2018-03: $51.52 per share

- 2018-04: $53.84 per share

- 2018-05: $52.33 per share

- 2018-06: $51.13 per share

- 2018-07: $52.70 per share

- 2018-08: $50.37 per share

- 2018-09: $49.96 per share

- 2018-10: $45.42 per share

- 2018-11: $44.19 per share

- 2018-12: $44.45 per share

- 2019-01: $46.92 per share

- 2019-02: $49.36 per share

- 2019-03: $49.72 per share

- 2019-04: $52.31 per share

- 2019-05: $52.66 per share

- 2019-06: $55.72 per share

- 2019-07: $57.63 per share

- 2019-08: $58.28 per share

- 2019-09: $60.61 per share

- 2019-10: $57.08 per share

- 2019-11: $61.86 per share

- 2019-12: $60.77 per share

- 2020-01: $59.28 per share

- 2020-02: $49.95 per share

- 2020-03: $35.24 per share

- 2020-04: $37.99 per share

- 2020-05: $38.29 per share

- 2020-06: $38.55 per share

- 2020-07: $42.32 per share

- 2020-08: $40.45 per share

- 2020-09: $36.86 per share

- 2020-10: $38.52 per share

- 2020-11: $44.20 per share

- 2020-12: $48.98 per share

- 2021-01: $48.02 per share

- 2021-02: $50.69 per share

- 2021-03: $66.79 per share

- 2021-04: $65.96 per share

- 2021-05: $65.35 per share

- 2021-06: $61.97 per share

- 2021-07: $63.62 per share

- 2021-08: $67.22 per share

- 2021-09: $70.25 per share

- 2021-10: $72.93 per share

- 2021-11: $66.10 per share

- 2021-12: $69.04 per share

- 2022-01: $71.87 per share

- 2022-02: $69.48 per share

- 2022-03: $71.81 per share

- 2022-04: $69.93 per share

- 2022-05: $72.51 per share

- 2022-06: $65.43 per share

- 2022-07: $64.47 per share

- 2022-08: $64.31 per share

- 2022-09: $61.94 per share

- 2022-10: $72.41 per share

- 2022-11: $76.37 per share

- 2022-12: $75.83 per share

- 2023-01: $77.61 per share

- 2023-02: $78.28 per share

- 2023-03: $69.69 per share

- 2023-04: $70.99 per share

- 2023-05: $68.52 per share

- 2023-06: $72.02 per share

- 2023-07: $71.88 per share

- 2023-08: $71.82 per share

- 2023-09: $70.91 per share

- 2023-10: $73.45 per share

- 2023-11: $78.16 per share

- 2023-12: $80.38 per share

- 2024-01: $86.96 per share

- 2024-02: $95.84 per share

- 2024-03: $103.05 per share

- 2024-04: $96.89 per share

- 2024-05: $103.45 per share

- 2024-06: $100.54 per share

- 2024-07: $110.92 per share

- 2024-08: $116.10 per share

- 2024-09: $117.61 per share

- 2024-10: $110.44 per share

- 2024-11: $123.31 per share

- 2024-12: $109.40 per share

- 2025-01: $111.55 per share

- 2025-02: $118.28 per share

- 2025-03: $123.73 per share

- 2025-04: $122.67 per share

- 2025-05: $129.84 per share

- 2025-06: $126.87 per share

- 2025-07: $124.39 per share

- 2025-08: $132.31 per share

- 2025-09: $133.39 per share

- 2025-10: $124.18 per share

- 2025-11: $137.03 per share

- 2025-12: $137.80 per share

- 2026-01: $135.06 per share

- 2026-02: $140.83 per share

- 2026-03: $135.23 per share

- 2026-04: $136.81 per share

- 2026-05: $127.13 per share

- 2026-06: $132.52 per share

- 2026-07: $141.91 per share

- 2026-08: $137.38 per share

- 2026-09: $122.36 per share

- 2026-10: $131.19 per share

## Annual estimated value (USD per share)

- FY2016: low $15.67 per share, central $17.23 per share, high $19.15 per share

- FY2017: low $6.59 per share, central $7.25 per share, high $8.06 per share

- FY2018: low $4.40 per share, central $5.03 per share, high $5.87 per share

- FY2019: low $6.54 per share, central $7.62 per share, high $9.11 per share

- FY2020: low $8.55 per share, central $9.92 per share, high $11.82 per share

- FY2021: low $18.99 per share, central $23.74 per share, high $31.66 per share

- FY2022: low $33.48 per share, central $41.85 per share, high $55.80 per share

- FY2023: low $60.22 per share, central $75.27 per share, high $100.36 per share

- FY2024: low $90.58 per share, central $113.23 per share, high $150.97 per share

- FY2025: low $115.02 per share, central $143.78 per share, high $191.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/874766/000087476626000012/hig-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.