VALUATION HIGHLIGHTS

1. Property And Casualty (Commercial P&C, Consumer Property And Casualty, Property & Casualty Investment Income) constitutes 80% of the Trefis price estimate for Hartford Financial's stock.
2. Group Life Insurance (Group Life Insurance Premiums, Group Life Investment Income) constitutes 15% of the Trefis price estimate for Hartford Financial's stock.

WHAT HAS CHANGED?

Latest Earnings

Hartford reported a better-than-expected set of Q3 2025 results. Revenue grew by 7.1% to $7.23 billion, while earnings came in at $3.77 per share, up from $2.56 per share in the year-ago quarter. Results were driven by strong growth in premiums, particularly in its business insurance segment.

POTENTIAL UPSIDE & DOWNSIDE TO TREFIS PRICE

Below are key drivers of Hartford's value that present opportunities for upside or downside to the current Trefis price estimate:

US Property & Casualty Insurance

• Hartford's Total U.S. Worker's Compensation Premiums: Hartford's Workers Compensation accounts for around 30% of the net premiums in the Property & Casualty commercial insurance space in the U.S. We expect total premium for this division to increase from $3.7 billion in 2024 to $4 billion by the end of our forecast period due to a stronger U.S. economy. If, however, the unemployment rates start to increase and the economic recovery is not up to market expectations, Hartford's total workers' compensation premiums could decline to $3 billion by the end of our forecast period. This presents a nearly 5% downside to our price estimate for Hartford.

For additional details, select a driver above or select a division from the interactive Trefis split for Hartford at the top of the page.

BUSINESS SUMMARY

The Hartford Financial Services Group (Hartford) is an insurance and financial services company. Hartford is one of the largest providers of property and casualty insurance products and life insurance products in the U.S. The company also sells mutual funds and exchange-traded funds in domestic and international markets.

SOURCES OF VALUE

Hartford's most valuable business is its U.S. Property & Casualty (P&C) business, followed by the investment of insurance premiums collected across all its insurance products in assets such as bonds, equities, and mortgages.Hartford's U.S. Property & Casualty insurance business is the company's largest source of value. This is due to the significance of P&C insurance in the U.S. market.Hartford is one of the leading P&C insurance providers in the U.S. Hartford earned over $15 billion in premiums and fees related to P&C insurance policies in the year 2024, and we estimate that these revenues will grow at a rate of 4-6% for the forecast period.

Yield on Invested Insurance Premiums

Insurance companies like Hartford invest their insurance premiums in bonds, securities, and such assets to generate growth in their insurance assets and better finance potential future insurance claims.The value generated by Hartford's investment business is significant due to the size of the insurance assets that the company manages.