The company achieved a notable margin inflection as the combined ratio improved from 85.0% in 2023Q4 to 80.7% in 2025Q4, signaling successful operational efficiency gains.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 28.76B | 28.26B | 26.38B | 24.33B | 21.85B | 21.65B | 20.32B | 20.51B | 18.75B | 17.16B | 16.29B | 16B | 18.61B | 20.67B | 22.09B | 21.73B | 22.05B | 24.7B | 9.22B | 25.92B | 26.5B | 27.08B | 22.71B | 18.73B | 16.42B | 15.98B | 14.7B | 13.53B | 15.02B | 13.83B | 12.58B |
| Revenue Growth % | 7.33% | 7.1% | 8.44% | 11.33% | 0.95% | 6.54% | -0.92% | 9.38% | 9.25% | 5.35% | 1.84% | -14.06% | -9.96% | -6.4% | 1.62% | -1.43% | -10.74% | 167.94% | -64.43% | -2.2% | -2.15% | 19.27% | 21.22% | 14.11% | 2.73% | 8.69% | 8.69% | -9.95% | 8.63% | 9.95% | 3.51% |
| Medical Costs & Claims | 11.24B | 15.24B | 22.41B | 21.16B | 19.8B | 19.18B | 17.99B | 17.77B | 16.83B | 16.11B | 15.51B | 14.15B | 16.54B | 18.59B | 20.81B | 21B | 19.27B | 17.02B | 24.43B | 17.05B | 18.6B | 19.95B | 16.48B | 15.96B | 12.28B | 11.98B | 10.63B | 9.91B | 10.63B | 9.87B | 10.62B |
| Medical Cost Ratio % | 39.08% | 53.92% | 84.95% | 86.98% | 90.61% | 88.59% | 88.54% | 86.62% | 89.76% | 93.86% | 95.22% | 88.44% | 88.85% | 89.93% | 94.21% | 96.6% | 87.39% | 68.9% | 264.97% | 65.8% | 70.19% | 73.64% | 72.59% | 85.19% | 74.77% | 74.96% | 72.31% | 73.28% | 70.78% | 71.34% | 84.44% |
| Gross Profit | 10.29B | 13.02B | 3.97B | 3.17B | 2.05B | 2.47B | 2.33B | 2.74B | 1.92B | 1.05B | 778M | 1.85B | 2.08B | 2.08B | 1.28B | 738M | 2.78B | 7.68B | -15.21B | 8.86B | 7.9B | 7.14B | 6.22B | 2.77B | 4.14B | 4B | 4.07B | 3.62B | 4.39B | 3.96B | 1.96B |
| Gross Margin % | 35.79% | 46.08% | 15.05% | 13.02% | 9.39% | 11.41% | 11.46% | 13.38% | 10.24% | 6.14% | 4.78% | 11.56% | 11.15% | 10.07% | 5.79% | 3.4% | 12.61% | 31.1% | -164.97% | 34.2% | 29.81% | 26.36% | 27.41% | 14.81% | 25.23% | 25.04% | 27.69% | 26.72% | 29.22% | 28.66% | 15.56% |
| Gross Profit Growth % | - | 227.96% | 25.36% | 54.41% | -16.96% | 6.05% | -15.09% | 42.86% | 82.34% | 35.35% | -57.92% | -10.89% | -0.29% | 62.83% | 73.17% | -73.45% | -63.81% | 150.51% | -271.6% | 12.19% | 10.68% | 14.67% | 124.41% | -33.03% | 3.5% | -1.69% | 12.61% | -17.64% | 10.72% | 102.55% | -83.89% |
| Operating Expenses | 6.32B | 8.26B | 121M | 79M | -211M | -435M | 209M | 183M | 167M | 330M | 331M | 371M | 376M | 610M | 1.37B | 538M | 508M | 9.41B | -10.62B | 4.86B | 4.3B | 4.15B | 3.7B | 3.32B | 3.07B | 2.81B | 2.65B | 2.38B | 2.91B | 1.74B | 2.17B |
| OpEx / Revenue % | 21.96% | 29.23% | 0.46% | 0.32% | -0.97% | -2.01% | 1.03% | 0.89% | 0.89% | 1.92% | 2.03% | 2.32% | 2.02% | 2.95% | 6.19% | 2.48% | 2.3% | 38.1% | -115.18% | 18.75% | 16.22% | 15.33% | 16.3% | 17.74% | 18.72% | 17.62% | 18.04% | 17.59% | 19.4% | 12.56% | 17.26% |
| Depreciation & Amortization | 304M | 396M | 356M | 510M | 625M | 680M | 562M | 451M | 467M | 399M | 398M | 373M | 276M | 189M | 467M | 668M | 596M | 470M | 361M | 794M | 606M | 561M | 274M | 219M | 2.35B | 72M | 63M | 58M | 103M | 85M | 81M |
| Combined Ratio % | 61.04% | 83.16% | 85.41% | 87.31% | 89.65% | 86.58% | 89.57% | 87.52% | 90.65% | 95.79% | 97.26% | 90.76% | 90.87% | 92.88% | 100.4% | 99.08% | 89.7% | 107% | 149.8% | 84.55% | 86.41% | 88.98% | 88.89% | 102.94% | 93.49% | 92.57% | 90.36% | 90.87% | 90.18% | 83.9% | 101.7% |
| Operating Income | 3.98B | 4.76B | 3.85B | 3.09B | 2.26B | 2.9B | 2.12B | 2.56B | 1.75B | 723M | 447M | 1.48B | 1.7B | 1.47B | -89M | 200M | 2.27B | -1.73B | -4.59B | 4B | 3.6B | 2.98B | 2.52B | -550M | 1.07B | 1.19B | 1.42B | 1.24B | 1.48B | 2.23B | -214M |
| Operating Margin % | 13.83% | 16.84% | 14.59% | 12.69% | 10.35% | 13.42% | 10.43% | 12.48% | 9.35% | 4.21% | 2.74% | 9.24% | 9.13% | 7.12% | -0.4% | 0.92% | 10.3% | -7% | -49.8% | 15.45% | 13.59% | 11.02% | 11.11% | -2.94% | 6.51% | 7.43% | 9.64% | 9.13% | 9.82% | 16.1% | -1.7% |
| Operating Income Growth % | - | 23.67% | 24.64% | 36.52% | -22.13% | 37.03% | -17.19% | 46.04% | 142.46% | 61.75% | -69.76% | -13.01% | 15.5% | 1752.81% | -144.5% | -91.2% | 231.48% | 62.36% | -214.63% | 11.19% | 20.67% | 18.31% | 558.73% | -151.5% | -10.03% | -16.29% | 14.82% | -16.27% | -33.77% | 1140.65% | -101.76% |
| EBITDA | 4.28B | 5.16B | 4.21B | 3.6B | 2.89B | 3.58B | 2.68B | 3.01B | 2.22B | 1.12B | 845M | 1.85B | 1.98B | 1.66B | 378M | 868M | 2.87B | -1.26B | -4.23B | 4.8B | 4.21B | 3.55B | 2.8B | -331M | 3.41B | 1.26B | 1.48B | 1.29B | 1.58B | 2.31B | -133M |
| EBITDA Margin % | 14.89% | 18.25% | 15.94% | 14.79% | 13.21% | 16.56% | 13.2% | 14.68% | 11.84% | 6.54% | 5.19% | 11.57% | 10.61% | 8.03% | 1.71% | 3.99% | 13.01% | -5.09% | -45.88% | 18.52% | 15.88% | 13.09% | 12.32% | -1.77% | 20.79% | 7.88% | 10.07% | 9.56% | 10.5% | 16.72% | -1.06% |
| Interest Expense | 199M | 199M | 199M | 199M | 213M | 234M | 236M | 259M | 298M | 316M | 327M | 346M | 376M | 397M | 457M | 508M | 508M | 476M | 343M | 263M | 277M | 252M | 251M | 271M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | -149M | -199M | 0 | 0 | 0 | 0 | 0 | -259M | -298M | -316M | -327M | -346M | -376M | -397M | -457M | -508M | -508M | -476M | -343M | -263M | -277M | -252M | -251M | -271M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 5.03B | 4.76B | 3.85B | 3.09B | 2.26B | 2.9B | 2.12B | 2.56B | 1.75B | 723M | 447M | 1.48B | 1.7B | 1.47B | -89M | 200M | 2.27B | -1.73B | -4.59B | 4B | 3.6B | 2.98B | 2.52B | -550M | 1.07B | 341M | 1.42B | 1.24B | 1.48B | 1.67B | -318M |
| Pretax Margin % | 17.51% | 16.84% | 14.59% | 12.69% | 10.35% | 13.42% | 10.43% | 12.48% | 9.35% | 4.21% | 2.74% | 9.24% | 9.13% | 7.12% | -0.4% | 0.92% | 10.3% | -7% | -49.8% | 15.45% | 13.59% | 11.02% | 11.11% | -2.94% | 6.51% | 2.13% | 9.64% | 9.13% | 9.82% | 12.05% | -2.53% |
| Income Tax | 972M | 924M | 738M | 584M | 443M | 534M | 383M | 475M | 268M | 985M | -166M | 289M | 350M | 246M | -309M | -373M | 572M | -841M | -1.84B | 1.06B | 857M | 711M | 385M | -459M | 68M | -200M | 390M | 287M | 388M | 334M | -219M |
| Effective Tax Rate % | 19.31% | 19.41% | 19.17% | 18.91% | 19.58% | 18.38% | 18.07% | 18.55% | 15.29% | 136.24% | -37.14% | 19.55% | 20.6% | 16.72% | 347.19% | -186.5% | 25.18% | 48.67% | 40.12% | 26.37% | 23.79% | 23.82% | 15.26% | 83.45% | 6.37% | -58.65% | 27.5% | 23.24% | 26.31% | 20.05% | 68.87% |
| Net Income | 4.06B | 3.84B | 3.11B | 2.5B | 1.82B | 2.37B | 1.74B | 2.08B | 1.81B | -3.13B | 896M | 1.68B | 798M | 176M | -38M | 712M | 1.64B | -887M | -2.75B | 2.95B | 2.75B | 2.27B | 2.12B | -91M | 1B | 507M | 974M | 862M | 1.01B | 1.33B | -99M |
| Net Margin % | 14.13% | 13.57% | 11.79% | 10.29% | 8.32% | 10.95% | 8.55% | 10.17% | 9.64% | -18.24% | 5.5% | 10.51% | 4.29% | 0.85% | -0.17% | 3.28% | 7.42% | -3.59% | -29.82% | 11.38% | 10.36% | 8.4% | 9.31% | -0.49% | 6.09% | 3.17% | 6.62% | 6.37% | 6.76% | 9.63% | -0.79% |
| Net Income Growth % | 35.94% | 23.3% | 24.24% | 37.66% | -23.28% | 36.5% | -16.69% | 15.38% | 157.71% | -449.44% | -46.73% | 110.78% | 353.41% | 563.16% | -105.34% | -56.48% | 284.44% | 67.73% | -193.22% | 7.43% | 20.71% | 7.52% | 2424.18% | -109.1% | 97.24% | -47.95% | 12.99% | -15.07% | -23.8% | 1445.45% | -117.62% |
| EPS (Diluted) | 14.37 | 13.32 | 10.35 | 7.97 | 5.44 | 6.62 | 4.76 | 5.66 | 4.96 | -8.45 | 2.27 | 3.96 | 1.73 | 0.57 | -0.08 | 1.38 | 2.40 | -2.93 | -8.90 | 9.24 | 8.69 | 7.44 | 7.12 | -0.33 | 3.97 | 2.10 | 4.34 | 3.79 | 4.30 | 5.58 | -0.42 |
| EPS Growth % | 41.77% | 28.7% | 29.86% | 46.51% | -17.82% | 39.08% | -15.9% | 14.11% | 158.7% | -472.25% | -42.68% | 128.9% | 203.51% | 829.83% | -105.66% | -42.5% | 181.91% | 67.08% | -196.32% | 6.33% | 16.8% | 4.49% | 2257.58% | -108.31% | 89.05% | -51.61% | 14.51% | -11.86% | -22.94% | 1428.57% | -117.65% |
| EPS (Basic) | - | 13.51 | 10.51 | 8.09 | 5.52 | 6.71 | 4.79 | 5.72 | 5.04 | -8.61 | 2.31 | 4.05 | 1.81 | 0.60 | -0.09 | 1.53 | 2.70 | -2.93 | -8.90 | 9.32 | 8.89 | 7.63 | 7.24 | -0.33 | 4.01 | 2.13 | 4.42 | 3.83 | 4.36 | 5.65 | -0.42 |
| Diluted Shares Outstanding | 282.6M | 286.5M | 298.6M | 311.5M | 329.5M | 354.1M | 360.6M | 364.9M | 364.1M | 370.5M | 394.8M | 425.2M | 460.2M | 490.6M | 486.8M | 478M | 481.5M | 361.8M | 308.8M | 319.1M | 315.9M | 305.6M | 297M | 272.4M | 251.8M | 241.4M | 224.4M | 227.5M | 236.2M | 238.8M | 234.6M |
Social inflation litigation costs
As reported in recent financial statements, The Hartford has maintained a steady revenue growth trajectory, posting a 6.1% increase in 2026Q1, which suggests that the company's small commercial platform continues to successfully capture market share despite broader economic fluctuations and competitive pricing pressures in the P&C sector.
The consistent revenue expansion appears to be driven by the company's proprietary API integrations with payroll processors, which create a sticky renewal environment for small business clients. Investors should monitor whether this growth remains sustainable if employment levels soften, as the company's premium base is inherently sensitive to payroll-linked workers' compensation volumes.
Based on the provided quarterly data, the combined ratio improved significantly to 80.7% in 2025Q4 from 85.0% in 2023Q4, indicating that management has successfully optimized underwriting discipline and operational efficiency to drive stronger profitability across its core commercial and personal lines segments during the recent period.
The sharp reduction in the combined ratio suggests that the company is effectively managing its loss costs despite inflationary pressures. This trend warrants further investigation into whether the improvement is structural, stemming from better automated underwriting, or if it reflects a temporary favorable cycle in loss frequency.
According to the historical data, the transition from a combined ratio of 85.8% in 2024Q3 to 80.7% by 2025Q4 marks a critical inflection point, suggesting that the company's strategic focus on specialty markets and telematics-driven underwriting is beginning to yield tangible improvements in core underwriting profitability.
This shift appears to demonstrate the successful integration of the Navigators platform and a more disciplined approach to risk selection. Analysts should consider whether this performance level represents a new baseline for the company or if it remains vulnerable to future volatility in catastrophe-prone regions.
While recent combined ratios appear strong, the persistent rise in claims costs, as evidenced by the 2025Q1 loss ratio spike to 58.7%, suggests that social inflation and legal settlement trends may pose a latent risk to the company's long-term underwriting profitability and reserve adequacy.
The volatility observed in early 2025 highlights the potential for unexpected loss development to erode underwriting gains. Investors should remain cautious, as the current profitability may be masking underlying litigation trends that could necessitate future reserve strengthening in the company's general liability and workers' compensation portfolios.
Quick answers to the most common questions about buying HIG stock.
For fiscal year 2025, The Hartford Financial Services Group, Inc. (HIG) reported total revenue of $28.26B. This represents a 124.7% increase compared to $12.58B in 1996.
The Hartford Financial Services Group, Inc. (HIG) is profitable, generating $3.84B in net income for the fiscal year ending 2025 with a net profit margin of 13.6%.
The Hartford Financial Services Group, Inc. (HIG) reported an operating income of $4.76B, resulting in an operating profit margin of 16.8%. This margin reflects the operational efficiency of the business before interest and taxes.
The Hartford Financial Services Group, Inc. (HIG) generated $13.02B in gross profit for the year, representing a gross profit margin of 46.1%. This demonstrates the company's core pricing power and production efficiency.