Hartford Insurance Group: 2Q26 Wrap: Increasing EPS and Price Target, Neutral

研报英文原文证据摘录

Hartford Insurance Group: 2Q26 Wrap: Increasing EPS and Price Target, Neutral

Pablo S. Singzon AC North America Equity Research

(1-212) 622-2295 27 July 2026 J P M O R G A N

pablo.s.singzon@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

We are Neutral. HIG operates in US commercial and personal

P&C, with small commercial and personal lines/AARP being its

most distinctive franchises. Over time, HIG has augmented its

presence in small commercial with middle market and specialty

business (including the purchase of Navigators in 2017) and

group insurance (purchase of Aetna group insurance in 2019).

Meanwhile, with the pending sale of its mutual fund business to

Wellington, HIG will monetize part of the business’ value

upfront (producing additional financial flexibility for capital

return and other uses) while participating in potential upside

YTD 1m 3m 12m over time via the receipt of quarterly cash payments. HIG is less

Abs 2.0% 6.2% 4.5% 14.2% expensive than its direct peer, TRV, but it is more exposed to

Rel -6.3% 5.5% 1.1% -2.3% business lines that are at greater risk of margin compression as

Company Data market conditions normalize (commercial multi-peril, personal

Shares O/S (mn) 275 lines, group benefits). On a positive note, we do not expect

52-week range ($) 144.50-120.33 headwinds in the property business to be a headwind for HIG as

Market cap ($ mn) 38,589.54 much as other companies. While property is a shrinking

Exchange rate 1.00

Free float (%) 99.6% exposure for other companies because of pricing, HIG intends to

3M ADV (mn) 1.77 grow its property book in 2026.

3M ADV ($ mn) 237.3

Volatility (90 Day) 22

Index S&P 500 Performance Drivers

BBG ANR (Buy | Hold | Sell) 11|14|0

Key Metrics (FYE Dec)

$ in millions FY25A FY26E FY27E FY28E