The Hartford Insurance Group, Inc. (HIG) Earnings

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Sep 2026upcoming

Next quarter

Reports Oct 26, 2026.

Consensus is $3.11 EPS for Sep 2026 across 10 estimates, ranging $2.94 to $3.31.

HIG Jun 2026

Reported Jul 23, 2026

: 9.62%
: -1.16%

: $3.12
: $3.42
: —
: $111.00M

Reported results

: $111.00M; from $110.00M
: $1.30B; from $995.00M
: $4.68; from $3.44

Highlights

Core earnings: Core EPS was $3.42, 9.6% above the $3.12 consensus and up from $3.24 in Q2 2025 and $2.90 in Q1 2026.
Reported profit: Net income rose to $1.30 billion from $995 million a year earlier and $856 million in Q1; GAAP diluted EPS was $4.68 versus $3.44 a year ago and $3.04 last quarter.
Hartford Funds sale: Discontinued operations contributed $318 million after tax, including a $251 million tax benefit tied to the sale of Hartford Funds, materially widening the gap between GAAP and core earnings.
P&C underwriting: Property & Casualty core earnings increased to $840 million from $805 million a year ago and $706 million in Q1, while the combined ratio was 91.2% versus 88.6% and 92.6%, respectively.
Business Insurance: Core earnings rose to $695 million from $697 million a year ago and $551 million in Q1; earned premiums increased 7% year over year to $3.66 billion, but the combined ratio deteriorated to 91.4% from 86.6%.
Personal Insurance: Core earnings climbed to $128 million from $94 million a year ago but declined from $141 million in Q1; the combined ratio was 90.1%, up from 87.7% sequentially but well below 94.1% a year ago.
Investment income: Net investment income increased 22% year over year to $800 million, with alternative investment income of $114 million versus $13 million a year ago; the annualized pretax investment yield was 4.9%.
Employee Benefits: Core earnings fell to $139 million from $163 million a year ago but improved from $127 million in Q1, as the loss ratio rose to 72.5% from 69.1% a year ago.
Capital returns: The company repurchased $454 million of common stock in the quarter and declared a $0.60 per-share common dividend; common shares outstanding fell to 271.6 million from 276.9 million at year-end.

Analysis

The Hartford delivered a solid underlying quarter, with core EPS of $3.42 beating the $3.12 consensus by 9.6%. Core earnings reached $945 million, up 1% from $932 million in Q2 2025 and 16% from $812 million in Q1 2026. GAAP results were considerably stronger: net income was $1.30 billion, versus $995 million a year ago and $856 million in the prior quarter, helped by $318 million of discontinued-operations income. That included a $251 million tax benefit associated with the agreed sale of Hartford Funds, making the $4.68 GAAP diluted EPS less representative of continuing operations.

The operating print was defined by higher investment income and continued P&C profitability, though underwriting was less favorable than last year. Consolidated net investment income rose 22% to $800 million, supported by $114 million of alternative investment income. P&C core earnings rose to $840 million, but its combined ratio expanded to 91.2% from 88.6% a year ago, reflecting catastrophe losses and less favorable underlying loss trends. Business Insurance retained strong earnings and 7% earned-premium growth, while Personal Insurance remained profitable at a 90.1% combined ratio. Employee Benefits improved sequentially but remained below its year-ago result.

Earnings and sale effects

Continuing operations generated $980 million of net income, up from $938 million a year ago and $804 million in Q1. Core earnings were $945 million, or $3.42 per diluted share, compared with $932 million and $812 million in the comparable periods. The difference between GAAP and core results was dominated by the Hartford Funds transaction: the business was classified as held for sale after the June 3 agreement, and discontinued operations contributed $318 million after tax in the quarter, including a $251 million tax benefit related to the sale.

Revenue growth: Total revenue rose 8% year over year to $7.26 billion, led by earned premiums of $6.28 billion, up from $5.96 billion, and net investment income of $800 million versus $658 million.
Returns: Core earnings ROE was 18.7%, down from 19.2% in Q1 but up from 16.0% a year ago; net-income ROE was 23.8% versus 23.0% and 19.8%, respectively.

P&C underwriting

P&C remained the main operating engine, producing $840 million of core earnings in the quarter and $1.55 billion in the first half, up from $1.30 billion in the first half of 2025. The year-over-year earnings gain was supported by higher investment income and continued premium growth, but the underwriting comparison was less clean: the combined ratio increased to 91.2% from 88.6% a year ago, while the underlying combined ratio rose to 88.7% from 88.0%. Catastrophe losses were $222 million, or 4.9 points of earned premium, versus a negligible catastrophe impact in the prior-year quarter.

Business Insurance: Core earnings were $695 million, versus $697 million a year ago and $551 million in Q1. Earned premiums increased 7% to $3.66 billion, while the combined ratio was 91.4%, compared with 86.6% a year ago and 94.8% in Q1.
Personal Insurance: Core earnings were $128 million, up from $94 million a year ago but down from $141 million in Q1. The combined ratio was 90.1%, with an underlying ratio of 86.3%; earned premiums declined 3% year over year to $905 million.
Pricing and retention: Business Insurance renewal price increases moderated to 4.1% in Small Business and 3.5% in Middle Market. Personal Insurance pricing remained higher, at 5.5% for auto and 10.4% for homeowners.

Investment income

Investment income was a major contributor to the beat. Consolidated net investment income increased to $800 million from $658 million a year earlier and $734 million in Q1. The annualized pretax portfolio yield was 4.9%, versus 4.3% a year ago, while the yield excluding limited partnerships and other alternatives was 4.7%. Alternative investment income reached $114 million, compared with $13 million in the year-ago quarter, though it was below the $160 million recorded in Q4 2025.

P&C portfolio: P&C net investment income rose to $645 million from $526 million a year ago, including $94 million from limited partnerships and other alternatives.
Asset base: Total investments were $64.0 billion at June 30, up from $63.5 billion at year-end; the fixed-maturity portfolio was $45.8 billion and had a duration of 4.1 years.

Employee Benefits

Employee Benefits delivered $139 million of core earnings, improving from $127 million in Q1 but declining from $163 million a year earlier. Total premiums increased 7% year over year to $1.71 billion, led by group disability premiums of $889 million. The loss ratio rose to 72.5% from 69.1% a year ago, while the expense ratio improved slightly to 25.2% from 25.7%. Fully insured ongoing sales were $140 million, down sharply from $582 million in Q1 but above $59 million in Q2 2025.

Disability: The group disability loss ratio increased to 74.8% from 68.5% a year ago, while premiums rose to $889 million from $838 million.
Life: Group life premiums were $652 million, broadly stable year over year, and the loss ratio improved to 74.2% from 74.3%.

Capital and liquidity

The Hartford continued to return capital while strengthening its common equity base. Common stockholders' equity excluding AOCI rose to $21.67 billion at June 30 from $20.70 billion at December 31, while book value per common share excluding AOCI increased to $79.79 from $74.76. The company repurchased $454 million of common stock during the quarter and declared $164 million of common dividends.

Leverage: Total debt was $4.37 billion and debt to capitalization excluding AOCI was 16.6%, down from 17.2% at year-end.
Cash generation: Operating cash flow was $2.23 billion in the first half, compared with $2.28 billion a year earlier; financing uses included $916 million for treasury stock purchases and $332 million of common dividends.

The Hartford Insurance Group, Inc.

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