First Take 2Q26 Earnings: Largely Strong Results

Research evidence excerpt

First Take 2Q26 Earnings: Largely Strong Results

Update

July 23, 2026 09:54 PM GMT

Morgan Stanley & Co. LLCMHartford Financial Services Group Inc | North Bob Jian Huang

America Equity Analyst

Bob.Huang@morganstanley.com +1 212 761-6136

Daniel Lee, ACAS

Research AssociateFirst Take 2Q26 Earnings: Daniel.Lee4@morganstanley.com +1 212 761-0219

Siddhant Shah

Research AssociateLargely Strong Results Sid.Shah@morganstanley.com +1 212 761-2603

Hartford Financial Services Group Inc (HIG.N, HIG US)

AlphaSignals Earnings Reaction

Insurance - Property & Casualty | United States of

Unchanged In-line Largely unchanged America

Impact to our thesis Financial results versus consensus Direction of next 12-month

Stock Rating Equal-weight

consensus EPS

Industry View Attractive

Source: Company data, Morgan Stanley Research Price target $142.00

Shr price, close (Jul 23, 2026) $142.18

Fundamentals holding steady despite softening market. While many are focused Mkt cap, curr (mm) $39,623

52-Week Range $144.41-120.57

on the softening market conditions, Hartford demonstrated resilience. Although

growth is slowing down in the P&C segments, underwriting profit was solid.

Personal Insurance segment had a ~90% combined ratio, demonstrating favorable

underwriting conditions and strong discipline. Business Insurance is also seeing

strong underwriting results due to strong underwriting discipline and careful risk

selections. Favorable PYD, particularly from Workers Comp and Property related

lines also supported overall results. While Business Insurance premium growth

continues to decelerate, the pace of deceleration is relatively mild. Personal

Insurance also seeing slower growth due to competition and pricing, but this is

largely expected as well.