The Hartford Financial Services Group, Inc., together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers. The company's Personal Lines segment provides automobile, homeowners, and personal umbrella coverages through direct-to-consumer channels and independent agents. Its Property & Casualty Other Operations segment offers coverage for asbestos and environmental exposures. The company's Group Benefits segment provides group life, disability, and other group coverages to members of employer groups, associations, and affinity groups through direct insurance policies; reinsurance to other insurance companies; employer paid and voluntary product coverages; disability underwriting, administration, and claims processing to self-funded employer plans; and leave management solution. This segment also distributes its group insurance products and services through brokers, consultants, third-party administrators, trade associations, and private exchanges. Its Hartford Funds segment offers managed mutual funds across various asset classes; and exchange-traded funds through broker-dealer organizations, independent financial advisers, defined contribution plans, financial consultants, bank trust groups, and registered investment advisers, as well as investment management, distribution, and administrative services, such as product design, implementation, and oversight. The company was founded in 1810 and is headquartered in Hartford, Connecticut.

Hartford Insurance Group’s fundamental picture looks strong in terms of business quality, but not without caveats regarding valuation and liquidity. The company trades at low P/E, P/S, and P/FCF multiples relative to the industry median, which usually supports the case for undervaluation and limits the risk of a sharp downward revision. At the same time, P/B is noticeably above the industry level, so the market is already pricing in high capital quality and sustainable return on equity. This is confirmed by ROE, ROA, ROI, and return on tangible equity, which significantly exceed industry benchmarks and are improving over time. Profit margin is also rising, while net income, operating income, and EBITDA generally remain at a high level, indicating stable operating generation. Revenue and assets have increased in recent periods, and equity has grown as well, supporting balance sheet resilience and the company’s ability to withstand the insurance cycle. Leverage looks moderate: debt/equity is low and has even improved, and long-term debt has not shown aggressive growth. The weak point is liquidity: the quick ratio is zero, and the current ratio is very low, which is not always critical for an insurer but still warrants caution. Dividend yield is modest and has declined slightly in recent periods, so the dividend factor is not the main driver of revaluation. Taken together, this is the profile of a high-quality and profitable insurer with strong capital returns, but no longer a cheap balance-sheet valuation. Therefore, the target price deserves only a moderate positive adjustment, not an aggressive revision. For an investor, this is more a story of durable quality and capital discipline than of deep undervaluation.

The Hartford Insurance Group, Inc.

Сильный индекс, без изменений. Быки в растерянности.

Strong index, flat. The bulls are confused.

Сильный индекс, незначительно упал. Рынок на стороне быков.

Strong index, slightly down. The market is on the bulls' side.

Слабый индекс, значительно упал

HIG looks high-quality and profitable: strong ROE/ROA, low P/E and P/FCF, but a high P/B and weak liquidity limit the scope for a re-rating.

Voya Financial, Inc.’s VOYA Employee Benefits segment is emerging as an increasingly important contributor to earnings growth, with profitability showing a substantial improvement. In the second quarter of 2026, the segment’s trailing-12-month net revenues increased 13% year over year, while the aggregate loss ratio improved to 74%. This drove the trailing-12-month adjusted operating margin to 11% from 3.7%, highlighting the benefits of stronger underwriting discipline, pricing actions and expense management.
The profitability improvement has a strong underlying foundation, as Voya continues to emphasize disciplined risk selection and pricing adequacy rather than chasing premium growth. Annualized in-force premiums and fees were approximately $3.6 billion, unchanged year over year, allowing management to focus on improving the profitability of its business. Ongoing pricing actions should help counter higher claims costs, while expense discipline provides an additional lever for margin expansion. The improvement in the aggregate loss ratio suggests that better underwriting performance is becoming an important driver of earnings.
Although quarterly earnings can fluctuate because of claims experience, the broader TTM trend remains favorable. Employee Benefits generated $22 million of pre-tax adjusted operating earnings in the second quarter of 2026 compared with $69 million in the prior-year quarter, with the year-ago period benefiting from unusually favorable Stop Loss claims development.
As claims experience normalizes, continued improvements in Group Life, Voluntary Benefits and Stop Loss, coupled with pricing discipline and expense management, could support further earnings growth. With the TTM adjusted operating margin reaching 11%, the segment’s improving underwriting profile provides Voya with a stronger foundation for sustainable profitability.
What About Its Peers?
MetLife, Inc.’s MET Group Benefits business is showing strong momentum. In the second quarter of 2026, the improvement in adjusted earnings was driven by favorable underwriting and volume growth, highlighting the benefits of disciplined risk selection and expanding business volumes. MetLife’s performance suggests that favorable underwriting trends and demand for workplace benefits can support earnings growth even as insurers remain focused on maintaining pricing adequacy and controlling claims. MetLife’s strong Group Benefits performance provides a constructive industry backdrop, although continued improvement in loss ratios, claims experience and underwriting margins will remain important for sustaining profitability gains.
The Hartford Insurance Group, Inc.’s HIG Employee Benefits business is supported by higher new business sales, increased exposure on existing accounts and persistency above 90%. Fully insured ongoing sales are driven by stronger group disability and group life sales, highlighting continued demand for workplace benefits. HIG’s results underscore the opportunity for premium and sales growth in Employee Benefits while also highlighting the importance of pricing discipline, claims management and expense control in sustaining underwriting profitability.
VOYA’s Price Performance
Shares of VOYA have gained 26.8% in the past year, outperforming the industry.
VOYA’s Undervaluation
The stock is undervalued compared with its industry. Its forward price-to-book value of 1.36X is lower than the industry average of 2.27X.
Estimate Movement for VOYA
The Zacks Consensus Estimate for VOYA’s third-quarter and fourth-quarter 2026 EPS has moved up 6.4% and 5%, respectively, in the past 60 days. The same for full-year 2026 EPS has moved down 1.2%, while 2027 EPS has moved up 1.15% in the past 60 days.
The consensus estimate for VOYA’s 2026 EPS indicates a year-over-year increase, while that of 2027 EPS and revenues indicates a year-over-year rise.
VOYA stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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MetLife, Inc. (MET) : Free Stock Analysis Report

VOYA's Improving Employee Benefits Business Drives Earnings Growth

MetLife, Inc.’s MET Group Benefits business is emerging as a key source of earnings momentum, supported by stronger underwriting and steady demand for employee benefits. In the second quarter of 2026, the segment’s adjusted earnings rose 25% year over year to $503 million. The gain reflected solid volume growth and improved life underwriting. Group Life’s mortality ratio was 79% in the second quarter, below MET’s 2026 target range of 83% to 88%.
The business is benefiting from its broad portfolio of employee benefits, including group life, dental, disability and voluntary products. MET’s scale in the U.S. group benefits market also provides a wide distribution network and opportunities to deepen relationships with employers and employees. These factors could support top-line growth as companies continue to prioritize benefits as part of their employee offerings. Adjusted premiums, fees and other revenues (PFOs), excluding participating contracts, rose 4% year over year in the second quarter of 2026.
Year to date, the unit’s sales increased 9%, with regional business up 11%, led by the under-1,000 employee market. Higher employee participation, solid persistency and rising demand for voluntary coverage are supporting the franchise. The non-medical health interest-adjusted benefit ratio also improved to 73.9% in the second quarter of 2026 from 74.8% a year ago.
However, some of the second-quarter mortality benefit may not persist. About two percentage points of favorability reflected prior-period development and lower-than-expected claim severity, factors expected to normalize in the second half. Steady sales, persistency and diversified product demand could help Group Benefits maintain momentum, though earnings growth may moderate if underwriting benefits ease.
How Are Competitors Faring?
Some of MET’s competitors in the insurance space include The Hartford Insurance Group, Inc. HIG and Aflac Incorporated AFL.
The Hartford’s Employee Benefits business continues to expand, with fully insured ongoing premiums up 5% year over year in the second quarter of 2026. Fully insured ongoing sales jumped 31% year over year, supported by rising group disability and group life sales. However, a higher disability loss ratio weighed on HIG’s earnings.
Aflac’s U.S. business continues to benefit from demand for group voluntary benefits, network dental and vision products. Aflac U.S. sales increased 2.6% year over year in the second quarter of 2026, while net earned premiums rose 2.3%. However, higher benefits pressured pretax adjusted earnings, which declined 4.6% year over year.
MET’s Price Performance, Valuation & Estimates
In the year-to-date period, MET’s shares have risen 22.6% compared with the industry’s growth of 2.5%.
From a valuation standpoint, MET trades at a forward price-to-earnings ratio of 9.26, above the industry average of 8.95. MetLife carries a Value Score of A.
The Zacks Consensus Estimate for MET’s 2026 earnings implies 10.8% growth from the year-ago period.
MetLife currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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MetLife, Inc. (MET) : Free Stock Analysis Report
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Can MetLife's Group Benefits Segment Maintain Its Momentum?

In trading on Wednesday, shares of Hartford Insurance Group Inc's 6.000% Non-Cumulative Preferred Stock, Series G (Symbol: HIG.PRG) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.50), with shares changing hands as low as $23.05 on the day. This compares to an average yield of 6.96% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, HIG.PRG was trading at a 7.64% discount to its liquidation preference amount, versus the average discount of 15.13% in the "Financial" category. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend.
The chart below shows the one year performance of HIG.PRG shares, versus HIG:
Below is a dividend history chart for HIG.PRG, showing historical dividend payments on Hartford Insurance Group Inc's 6.000% Non-Cumulative Preferred Stock, Series G :
Further HIG.PRG Research:

Hartford Insurance Group's Preferred Stock, Series G Shares Cross 6.5% Yield Mark

In trading on Tuesday, shares of Hartford Insurance Group Inc (Symbol: HIG) crossed below their 200 day moving average of $136.29, changing hands as low as $135.50 per share. Hartford Insurance Group Inc shares are currently trading off about 1.4% on the day. The chart below shows the one year performance of HIG shares, versus its 200 day moving average:
Looking at the chart above, HIG's low point in its 52 week range is $120.33 per share, with $146.065 as the 52 week high point — that compares with a last trade of $135.70. The HIG DMA information above was sourced from TechnicalAnalysisChannel.com
Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average »
Further HIG Research:

Hartford Insurance Group (HIG) Shares Cross Below 200 DMA

Shares of The Hartford Insurance Group, Inc. HIG have gained a modest 4.2% over the past year, outperforming the industry’s 2.4% growth, though trailing the S&P 500’s 20% advancement. The Hartford continues to execute well, supported by strong Business Insurance growth, disciplined underwriting, higher investment income and shareholder-friendly capital allocation.
Headquartered in Hartford, CT, the company is a leading provider of property and casualty (P&C) insurance and employee benefits in the United States. Its offerings include commercial and personal P&C insurance, group life and disability insurance and related employee-benefit solutions, with a market capitalization of approximately $37.88 billion.
Valuation of HIG
Its forward P/E ratio of 10.28 is lower than the industry average of 26.85, indicating a relatively attractive valuation. Supported by solid earnings prospects and consistent operating performance, HIG currently carries a Zacks Rank #3 (Hold), along with a Value Score of B.
Estimates for HIG Stock
The Zacks Consensus Estimate for The Hartford’s 2026 and 2027 earnings is pegged at $12.80 and $13.73 per share, respectively. The top-line estimate for 2026 is pegged at $20.94 billion, representing a 4.8% increase from the prior-year level. Over the past 30 days, earnings estimates have seen four upward revisions against one downward revision. HIG beat earnings estimates in three of the past four quarters and missed once, with an average surprise of 13.1%.
The Hartford Insurance Group, Inc. Price, Consensus and EPS Surprise
HIG’s Business Tailwinds
HIG is sharpening its business focus by monetizing non-core operations and concentrating resources on its core Property & Casualty and Employee Benefits businesses. This strategy is reflected in the solid performance of Business Insurance. Written premiums grew 5% year over year in the second quarter of 2026. The segment also posted an underlying combined ratio of 89.3%, underscoring HIG's disciplined underwriting, pricing and risk-selection approach.
The Hartford is increasing investments in technology, data and artificial intelligence. These initiatives could strengthen underwriting and risk selection while improving customer experience and operational efficiency. The company's focus on technology should help enhance its competitive position and support long-term profitability. The company generated a trailing 12-month core earnings ROE of 18.7% as of June 30, 2026.
HIG's diversified investment portfolio provides an important earnings tailwind alongside its underwriting operations. Approximately 95% of the fixed-maturities portfolio was investment grade as of June 30, 2026, supporting portfolio quality and recurring income. Meanwhile, increased income from limited partnerships and other alternative investments, along with a higher level of invested assets, helped drive net investment income up 22% year over year to $800 million in the second quarter. The company expects net investment income to increase in 2026, supported by growth in invested assets.
HIG continues to return excess capital to shareholders. It repurchased $450 million of shares in the second quarter of 2026. About $650 million remained under the existing authorization as of June 30. The company also approved a new $4.2 billion share-repurchase authorization through 2028. Management expects quarterly buybacksto rise to $475 million through the rest of 2026. HIG also paid $165 million in common dividends during the quarter. This combination of strong capital generation and shareholder returns provides an additional catalyst for per-share value creation.
Risks to Monitor
Despite its strengths, HIG faces several challenges.
HIG remains exposed to elevated catastrophe risk from severe storms, wildfires and other weather-related events. Catastrophe losses totaled $768 million in 2024 and $748 million in 2025. They reached $222 million in the second quarter of 2026. These losses can create earnings volatility and pressure underwriting results.
Leverage also remains a factor to monitor. As of June 30, 2026, long-term debt stood at $4.4 billion compared to cash of $125 million. The company's long-term debt-to-equity ratio was 22.7%. The ratio was above the stated industry average of 1.3%, potentially limiting financial flexibility during periods of market stress.
Key Picks
Some better-ranked stocks in the broader Finance space are The Travelers Companies, Inc. TRV, The Hanover Insurance Group, Inc. THG and The Allstate Corporation ALL, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for The Travelers Companies’s 2026 earnings is pegged at $33.82 per share, indicating 22.6% year-over-year growth. TRV has witnessed one upward revision in the past 30 days, with no movement in the opposite direction. It beat earnings estimates in each of the trailing four quarters, with the average surprise being 41.7%. The consensus estimate for 2026 revenues is pinned at $48.82 billion.
The Zacks Consensus Estimate for Hanover Insurance’s 2026 earnings is pegged at $20.17 per share, which has witnessed five upward revisions in the past 30 days, with no movement in the opposite direction. THG beat earnings estimates in each of the trailing four quarters, with the average surprise being 27.3%. The consensus estimate for 2026 revenues is pinned at $6.95 billion, implying 4.6% year-over-year growth.
The Zacks Consensus Estimate for Allstate’s 2026 earnings is pegged at $34.45 per share,which has witnessed 12 upward revisions in the past 30 days, with no movement in the opposite direction. ALL beat earnings estimates in each of the trailing four quarters, with the average surprise being 45.3%. The consensus estimate for 2026 revenues is pinned at $70.81 billion, implying 4.4% year-over-year growth.
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Here's Why Investors Should Retain the Hartford Stock for Now

In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Hartford Insurance Group Inc (Symbol: HIG) has taken over the #277 spot from Public Service Enterprise Group Inc (Symbol: PEG), according to The Online Investor.
Market capitalization is an important data point for investors to keep an eye on, for various reasons. The most basic reason is that it gives a true comparison of the value attributed by the stock market to a given company's stock. Many beginning investors look at one stock trading at $10 and another trading at $20 and mistakenly think the latter company is worth twice as much — that of course is a completely meaningless comparison without knowing how many shares of each company exist. But comparing market capitalization (factoring in those share counts) creates a true "apples-to-apples" comparison of the value of two stocks. In the case of Hartford Insurance Group Inc (Symbol: HIG), the market cap is now $37.88 billion, versus Public Service Enterprise Group Inc (Symbol: PEG) at $36.90 billion.
Below is a chart of Hartford Insurance Group Inc versus Public Service Enterprise Group Inc plotting their respective size rank within the S&P 500 over time (HIG plotted in blue; PEG plotted in green):
Below is a three month price history chart comparing the stock performance of HIG vs. PEG:
Another reason market capitalization is important is where it places a company in terms of its size tier in relation to peers — much like the way a mid-size sedan is typically compared to other mid-size sedans (and not SUV's). This can have a direct impact on which mutual funds and ETFs are willing to own the stock. For instance, a mutual fund that is focused solely on Large Cap stocks may for example only be interested in those companies sized $10 billion or larger. Another illustrative example is the S&P MidCap index which essentially takes the S&P 500 index and "tosses out" the biggest 100 companies so as to focus solely on the 400 smaller "up-and-comers" (which in the right environment can outperform their larger rivals). So a company's market cap, especially in relation to other companies, carries great importance, and for this reason we at The Online Investor find value to putting together these rankings daily.
Examine the full HIG market cap history vs. the full PEG market cap history.
At the closing bell, HIG is down about 1.5%, while PEG is down about 1% on the day Thursday.
Further HIG Research:

Hartford Insurance Group Now #277 Largest Company, Surpassing Public Service Enterprise Group

American International Group, Inc. AIG reported second-quarter 2026 adjusted earnings per share (EPS) of $2, which topped the Zacks Consensus Estimate of $1.89. The bottom line increased 10.5% year over year.
Adjusted operating revenues advanced 3.9% year over year to $7.1 billion. However, the top line missed the consensus mark by 2.2%.
The quarterly earnings were driven by improved underwriting results in the North America Commercial and Global Personal segments, supported by lower catastrophe losses. However, the upside was partly offset by lower investment income and elevated benefits, losses and expenses.
American International Group, Inc. Price, Consensus and EPS Surprise
AIG’s Q2 Operational Update
Net premiums written totaled $7.5 billion, reflecting 9% year-over-year growth, driven by organic expansion in selected businesses and contributions from recent strategic transactions.
Total net investment income declined 23.1% year over year to $1.1 billion, but beat the consensus mark by 14.9%. The decrease was primarily due to changes in the fair value of its investments in Corebridge and equity securities. AIG also sold its remaining Corebridge stake for aggregate proceeds of about $710 million.
Total benefits, losses and expenses amounted to $5.8 billion, up 4.9% year over year, mainly due to higher losses and loss adjustment expenses incurred.
Adjusted return on equity improved 50 basis points year over year to 10.2%, reflecting enhanced profitability and capital efficiency.
Underwriting income for the General Insurance segment rose 10% year over year to $686 million. This result significantly outperformed the Zacks Consensus Estimate by 9.1%. The segment’s combined ratio improved 30 basis points to 89%, reflecting significantly stronger underwriting performance compared with the prior-year quarter.
Segmental Performances of AIG
General Insurance – North America Commercial
The segment’s net premiums written increased 9% year over year to $3.1 billion in the second quarter. The uptick was driven by Retail Casualty and Financial Lines.
Underwriting income grew 24% year over year to $372 million. This increase was mainly driven by lower catastrophe-related losses, lower operating expense and higher favorable prior-year development. The combined ratio improved 190 basis points to 84%, reflecting significantly stronger underwriting performance year over year.
General Insurance – International Commercial
The segment reported net premiums written of $2.6 billion, up 11% year over year. The growth was mainly driven by Property and Marine.
Underwriting income decreased 33% year over year to $200 million in the quarter and missed the Zacks Consensus Estimate by 35.8%. The combined ratio deteriorated 540 basis points to 91.3%. This was mainly due to higher catastrophe charges, rate pressure and a higher acquisition ratio.
General Insurance – Global Personal
Net premiums written totaled $1.8 billion, which improved 7% year over year. The increase was mainly driven by growth in the High Net Worth and Accident and Health businesses.
Underwriting income rose to $114 million compared to $25 million a year ago. The combined ratio improved 560 basis points to 92.9%. This was driven by a lower accident-year loss ratio, improved High Net Worth commission terms, reduced operating expenses and reduced catastrophe losses.
Other Operations
Net investment income and other fell 58% year over year to $39 million. This was mainly due to lower parent liquidity and reduced dividends from Corebridge. Interest expense declined 2% to $99 million.
Adjusted pre-tax loss widened 41% year over year to $142 million.
Financial Position of AIG (As of June 30, 2026)
AIG ended the second quarter with a cash balance of $1.5 billion compared with $1.3 billion at the end of 2025. Total assets were $163.5 billion, higher than $161.3 billion at the end of 2025.
Long-term debt totaled $9 billion at the second-quarter end, which fell 0.7% from year-end 2025. Total shareholders’ equity fell to $40.6 billion from $41.1 billion at year-end 2025.
Adjusted book value per share improved to $79.98 from $76.62 in the prior-year quarter.
AIG’s Capital Deployment Update
AIG returned capital to its shareholders through approximately $641 million in share repurchases and $263 million in dividends during the second quarter of 2026.
The company announced a cash dividend of 50 cents per common share, to be paid on Sept. 30, 2026, to its shareholders of record as of Sept. 16.
AIG’s Zacks Rank
AIG currently has a Zacks Rank #3 (Hold).
How Did Peers Perform?
Here are some stocks from the broader insurance space that have also reported their quarterly results: MetLife, Inc. MET, Aon plc AON and The Hartford Insurance Group, Inc. HIG. Here's how they have performed:
MetLife reported second-quarter 2026 adjusted operating earnings per share (EPS) of $2.43, which beat the Zacks Consensus Estimate by 5.6%. The bottom line advanced 20% year over year. Adjusted operating revenues improved 6.4% year over year to $19.1 billion. MET’s second-quarter earnings benefited from improved net investment income, favorable underwriting results and solid business volume growth across segments. Growth in adjusted PFOs and strong performances in Group Benefits, Asia and EMEA also supported results. However, higher expenses and a wider-than-expected loss in the Corporate & Other unit partially offset the upside.
Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Total revenues of $4.2 billion grew 2% year over year. AON’s quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions.
Hartford delivered second-quarter fiscal 2026 earnings per share of $3.42, up 6% year over year and above the Zacks Consensus Estimate of $3.12 by 9.6%. Revenues came in at $5.23 billion, which improved 6.8% year over year. HIG’s quarterly results benefited from higher investment income, premium growth in Business Insurance and improving Personal Insurance profitability. Strong new business expansion in Small Business and favorable pricing trends supported results. However, the upside was partly offset by an increased expense level, higher catastrophe losses and weaker Employee Benefits profitability.
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MetLife, Inc. (MET) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

AIG Beats Q2 Earnings Estimates on Robust Underwriting Income

MetLife, Inc. MET reported second-quarter 2026 adjusted operating earnings per share (EPS) of $2.43, which beat the Zacks Consensus Estimate by 5.6%. The bottom line advanced 20% year over year.
Adjusted operating revenues improved 6.4% year over year to $19.1 billion. The top line missed the consensus mark by 1.4%.
MetLife’s second-quarter earnings benefited from improved net investment income, favorable underwriting results and solid business volume growth across segments. Growth in adjusted PFOs and strong performances in Group Benefits, Asia and EMEA also supported results. However, higher expenses and a wider-than-expected loss in the Corporate & Other unit partially offset the upside.
MetLife, Inc. Price, Consensus and EPS Surprise
Behind the Q2 Headlines
Adjusted PFOs, excluding pension risk transfer (PRT), were $13 billion. The metric rose 5% year over year.
Adjusted net investment income grew 7% year over year to $5.6 billion on the back of growth in assets and investments in a higher-rate environment.
Total expenses of $18.1 billion escalated 10.8% year over year due to increased policyholder benefits and claims, and other expenses, net of capitalization of DAC. Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT, deteriorated 100 basis points year over year to 20.8%.
Net income of $705 million rose 1% year over year in the second quarter. Adjusted return on equity, excluding total notable items, improved 240 bps year over year to 17%.
Inside MetLife’s Segments
Group Benefits: The segment reported adjusted earnings of $503 million in the second quarter, reflecting a 25% year-over-year increase and beating the Zacks Consensus Estimate by 16.6%. The strong performance was driven by improved underwriting results and continued business volume growth. Adjusted PFOs rose 1% year over year to $6.5 billion.
RIS: Adjusted earnings totaled $377 million, which rose 2% year over year but missed the consensus mark by 7.1%. Improved volumes growth and favorable recurring interest margins benefited the metric. Adjusted PFOs, excluding PRT, advanced 19% year over year to $1.3 billion.
Asia: The unit recorded adjusted earnings of $420 million, which rose 21% year over year and beat the Zacks Consensus Estimate by 5.2%. The metric was supported by improved variable investment income, favorable equity markets and higher volume. Adjusted PFOs remained flat year over year to $1.7 billion in the quarter.
Latin America: Adjusted earnings of $268 million increased 15% year over year on a reported basis and 4% year over year on a constant-currency basis. The metric topped the consensus estimate by 11.2%, driven by higher volume and favorable market factors. Adjusted PFOs were $1.9 billion, up 16% year over year on a reported basis and 6% on a constant-currency basis, driven by solid business growth and strong persistency across the region.
EMEA: The segment recorded adjusted earnings of $108 million in the second quarter, which advanced 8% year over year and beat the Zacks Consensus Estimate by 15.3%. Strong volumes aided the metric. Adjusted PFOs rose 12% year over year to $806 million on the back of strong policy renewal across the region and solid sales momentum.
MetLife Investment Management: The segment recorded adjusted earnings of $57 million, which advanced 6% year over year on the back of strong business growth and expense management. However, the metric missed the Zacks Consensus Estimate by 6.1%.
Corporate & Other: The unit incurred an adjusted loss of $160 million, wider than the prior-year quarter’s loss of $142 million. It also came higher than the Zacks Consensus Estimate of adjusted loss of $150.5 million.
Financial Update (as of June 30, 2026)
MetLife exited the second quarter with cash and cash equivalents of $19.3 billion, down from $22 billion at the end of 2025. Total assets were $759.4 billion as of June 30, 2026, compared with $745.2 billion as of 2025-end.
Long-term debt totaled $14.2 billion, lower than $14.5 billion at the end of 2025, while short-term debt amounted to $460 million.
Total equity was $27.7 billion compared with $28.7 billion as of 2025-end. Book value per share increased 7.8% year over year to $38.59 as of June 30, 2026.
Capital Deployment Update
MetLife bought back shares worth $700 million in the second quarter. It pursued additional repurchases of roughly $225 million in July 2026. Management paid common stock dividends of $400 million in the quarter under review.
MET’s 2026 Outlook
Management earlier expected a pre-tax variable investment income of around $1.6 billion for 2026. The expense ratio was earlier projected to be 12.1%.
Corporate & Other adjusted losses were earlier projected to be between $500 million and $700 million. The effective tax rate was projected to be 24-26%.
Near-Term Targets
MetLife earlier expected adjusted PFOs in the Group Benefits business to rise in the range of 4-7% annually. Adjusted PFOs in the Latin America unit were earlier expected to witness high-single-digit growth on a constant-currency basis, while those in the EMEA unit were earlier guided to grow at a high-single-digit rate on a reported basis.
MetLife still aims to achieve an adjusted return on equity in the range of 15-17%. The company also continues to expect to deliver double-digit adjusted EPS growth in the near term.
MET’s Zacks Rank
MET currently has a Zacks Rank #3 (Hold).
How Did Peers Perform?
Here are some stocks from the broader insurance space that have also reported their quarterly results: RenaissanceRe Holdings Ltd. RNR, Aon plc AON and The Hartford Insurance Group, Inc. HIG. Here's how they have performed:
RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%. The bottom line also improved 5.1% year over year. Total operating revenues declined 6.7% year over year to $2.64 billion. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, RNR’s upside was partly offset by lower net premiums earned, weaker underwriting results in the Casualty & Specialty segment and lower fee income.
Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Total revenues of $4.2 billion grew 2% year over year. AON’s quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions.
Hartford delivered second-quarter fiscal 2026 earnings per share of $3.42, up 6% year over year and above the Zacks Consensus Estimate of $3.12 by 9.6%. Revenues came in at $5.23 billion, which improved 6.8% year over year. HIG’s quarterly results benefited from higher investment income, premium growth in Business Insurance and improving Personal Insurance profitability. Strong new business expansion in Small Business and favorable pricing trends supported results. However, the upside was partly offset by an increased expense level, higher catastrophe losses and weaker Employee Benefits profitability.
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MetLife, Inc. (MET) : Free Stock Analysis Report
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MetLife Tops Q2 Earnings Estimates on Strong Investment Income

The Allstate Corporation ALL reported a second-quarter 2026 adjusted net income of $8.99 per share, which outpaced the Zacks Consensus Estimate by 56.1%. The bottom line surged 51.3% year over year.
Operating revenues of $17.5 billion grew 4.5% year over year. However, the top line missed the consensus mark by 1.1%.
Allstate's quarterly earnings benefited from improved underwriting performance, premium growth supported by higher pricing and policy growth, robust investment income, and lower catastrophe losses, partly offset by lower adjusted net income in the Protection Services segment.
The Allstate Corporation Price, Consensus and EPS Surprise
Key Takeaways From Allstate’s Q2 Results
Property and casualty insurance premiums improved 4.2% year over year to $15.7 billion. Net investment income of $1 billion advanced 33.8% year over year on the back of a growing market- and performance-based portfolio. The metric beat the Zacks Consensus Estimate of $870 million. Market-based investment income rose 14.2% year over year to $837 million and performance-based investment income jumped 202.5% year over year to $239 million.
Total costs and expenses were $14.5 billion, which decreased 2.5% year over year and was lower than our estimate of $16.4 billion. The year-over-year decline was due to decreased property and casualty insurance claims and claims expenses, accident, health and other policy benefits and Pension and other postretirement remeasurement (gains) losses. Catastrophe losses of $1.4 billion dropped 12.8% year over year.
Allstate’s pretax income increased 53.2% year over year to $4.1 billion. As of June 30, 2026, total policies in force were 216 million, up 3.8% year over year.
ALL’s Segmental Performances
The Property-Liability segment reported premiums earned of $14.9 billion in the second quarter, up 4.4% year over year, driven by higher average premiums in homeowners insurance and growth in policies in force. However, the metric missed both the Zacks Consensus Estimate and our estimate of $15.2 billion. Underwriting income in the segment surged 56.7% year over year to $2 billion. The underlying combined ratio improved 10 basis points to 79.4%.
The Protection Services segment’s revenues advanced 7.8% year over year to $935 million, aided by Allstate Protection Plans and Roadside businesses. The metric lagged our estimate of $957 million. Adjusted net income of $53 million declined 7% year over year.
ALL’s Q2 Financial Update
Allstate exited the second quarter with a cash balance of $840 million, up from $678 million as of 2025-end. Total assets increased to $124.8 billion from $119.8 billion at the end of 2025.
Debt remained unchanged at $7.5 billion from the 2025-end level.
Total equity increased to $33.7 billion from $30.6 billion at the end of 2025.
Book value per common share was $123.38 as of June 30, 2026, up 49.7% year over year.
ALL’s Capital Deployment
Backed by its $4.0 billion share repurchase authorization announced on Feb. 4, 2026, the company returned $1.3 billion to shareholders in the second quarter, comprising $1.0 billion in share repurchases and $280 million in dividends. The repurchase program remains in effect through Feb. 29, 2028.
ALL’s Zacks Rank
ALL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
Here are some stocks from the broader Finance space that have also reported their quarterly results: RenaissanceRe Holdings Ltd. RNR, Cincinnati Financial Corporation CINF and The Hartford Insurance Group, Inc. HIG. Here's how they have performed:
RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%. The bottom line improved 5.1% year over year. Total operating revenues declined 6.7% year over year to $2.64 billion. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, RNR’s upside was partly offset by lower net premiums earned, weaker underwriting results in the Casualty & Specialty segment and lower fee income.
Cincinnati Financial reported second-quarter 2026 operating income of $1.43 per share, which missed the Zacks Consensus Estimate by 21.4%. The bottom line declined 27.4% from the year-ago quarter. Total operating revenues for the second quarter were $3 billion, reflecting a 6.8% year-over-year increase. The figure, however, missed the Zacks Consensus Estimate by 1.4%. CINF's quarterly results benefited from strong premium growth, improved pricing, and higher net investment income. However, weaker underwriting performance, driven by higher catastrophe losses, weighed on results.
The Hartford Insurance Group delivered second-quarter 2026 earnings per share of $3.42, up 6% year over year and above the Zacks Consensus Estimate of $3.12 by 9.6%. Revenues amounted to $5.23 billion, which improved 6.8% year over year. HIG’s quarterly results benefited from higher investment income, premium growth in Business Insurance and improving Personal Insurance profitability. Strong new business expansion in Small Business and favorable pricing trends supported results. However, the upside was partly offset by an increased expense level, higher catastrophe losses and weaker Employee Benefits profitability.
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Allstate Q2 Earnings Beat Estimates on Higher Investment Income

CNO Financial Group, Inc. CNO reported second-quarter 2026 adjusted earnings per share (EPS) of $1.26, which beat the Zacks Consensus Estimate by 27.3%. The bottom line rose from 87 cents a year ago.
Operating revenues of $1.3 billion advanced 13% year over year. The top line surpassed the consensus mark by 32%.
The strong quarterly results were supported by strong collected premiums from annuity, life and health products along with a notable rise in net investment income. Nevertheless, the upside was partly offset by a rise in total benefits and expenses as a result of higher insurance policy benefits.
CNO Financial Group, Inc. Price, Consensus and EPS Surprise
CNO's Q2 Performance
Total insurance policy income rose 4.5% year over year to $680.7 million, higher than the Zacks Consensus Estimate of $660 million. The metric was aided by improved collected premiums from annuity, life and health products.
Net investment income was $597 million, which improved from the year-ago period of $483.7 million. General account assets grew 8.9% year over year to $411.9 million. Policyholder and other special-purpose portfolios totaled $185.1 million compared with the prior-year quarter’s $105.4 million.
Fee revenues and other income declined 36.4% year over year to $22.2 million.
Annuity collected premiums of $536 million rose 3% year over year, while health collected premiums increased 5.5% to $432 million. Collected premiums from life products totaled $249.3 million, which rose 1.5% year over year. The total collected premiums advanced 3.6% year over year to $1.2 billion.
New annualized premiums for health products rose 18.2% year over year, while the same for life products declined 3.8%. Annuity, Health and Life products accounted for 21.7%, 52.8% and 25.5%, respectively, of CNO's insurance margin.
Total benefits and expenses rose 8.9% year over year to $1.1 billion due to higher insurance policy benefits.
CNO’s Financial Update (As of June 30, 2026)
CNO Financial exited the second quarter with unrestricted cash and cash equivalents of $1.3 billion, which rose 68.4% from the 2025-end level.
Total assets of $39.9 billion rose 6.8% from the figure at 2025-end.
The debt-to-capital was 34% at the second-quarter end, which deteriorated 40 basis points (bps) from the 2025-end figure.
Total shareholders’ equity declined 1.8% from the 2025-end level to $2.6 billion.
Book value per common share was $27.96, which increased 0.1% from the figure at 2025-end.
Operating return on equity, excluding significant items, improved 190 bps year over year to 13.1% at the second-quarter end.
CNO Financial’s Share Repurchase & Dividend Update
CNO Financial rewarded its shareholders with $60 million in the form of share buybacks and $16.8 million in dividends during the second quarter.
As of June 30, 2026, the company had a leftover repurchase capacity of $300.4 million.
CNO Revises 2026 Guidance
CNO Financial raised its full-year 2026 guidance, indicating confidence in the current operating trajectory. The company now expects operating EPS to be in the range of $4.60-$4.80, up from the previously guided range of $4.25-$4.45. The mid-point of which now indicates a 6.8% increase from the 2025 reported figure of $4.40.
For 2026, management still anticipates excess cash flow of $200-$250 million to the holding company.
The company now projects the expense ratio to be in the band of 18.8-19% for 2026. It estimates the effective tax rate to be around 21.5%. Management still aims to achieve leverage within the band of 25-28%.
CNO’s Zacks Rank
CNO currently has a Zacks Rank #4 (Sell).
How Did Peers Perform?
Here are some stocks from the broader finance space that have also reported their quarterly results: RenaissanceRe Holdings Ltd. RNR, Aon plc AON and The Hartford Insurance Group, Inc. HIG. Here's how they have performed:
RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%. The bottom line also improved 5.1% year over year. Total operating revenues declined 6.7% year over year to $2.64 billion. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, RNR’s upside was partly offset by lower net premiums earned, weaker underwriting results in the Casualty & Specialty segment and lower fee income.
Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Total revenues of $4.2 billion grew 2% year over year. AON’s quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions.
Hartford delivered second-quarter fiscal 2026 earnings per share of $3.42, up 6% year over year and above the Zacks Consensus Estimate of $3.12 by 9.6%. Revenues came in at $5.23 billion, which improved 6.8% year over year. HIG’s quarterly results benefited from higher investment income, premium growth in Business Insurance and improving Personal Insurance profitability. Strong new business expansion in Small Business and favorable pricing trends supported results. However, the upside was partly offset by an increased expense level, higher catastrophe losses and weaker Employee Benefits profitability.
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Indicator	Apr 26	Jun 26	Jul 26	Aug 26	Oct 26	TTM	Median
P/E	9.61	8.54	9.99	—	8.85	8.85	12.91
Price/Sales	—	1.27	1.40	—	1.31	1.31	2.16
P/B	2.07	1.83	—	1.90	—	1.90	1.22
P/FCF	6.73	6.33	—	6.60	6.57	6.57	10.38

Indicator	Apr 26	Jun 26	Jul 26	Aug 26	Oct 26	TTM	Median
Net Profit Margin	—	14.81	—	—	—	14.81	17.62
Operating Margin	—	18.04	—	—	—	18.04	25.00
Gross Margin	—	46.80	—	—	—	46.80	71.98
Return on tangible equity	—	26.07	—	—	—	26.07	12.85

The Hartford Insurance Group, Inc.

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue

Indicator	Apr 26	Jun 26	Jul 26	Aug 26	Oct 26	TTM	Median
ROE	—	22.88	—	—	—	22.88	11.06
ROA	—	5.03	—	—	—	5.03	1.27
ROI	—	18.60	—	—	—	18.60	7.63
Net Worth	—	36.46	—	—	37.79	37.79	1.01
Quick Ratio	—	0.00	—	—	—	0.00	1.42
Current Ratio	—	0.24	—	—	—	0.24	0.98

Indicator	Apr 26	Jun 26	Jul 26	Aug 26	Oct 26	TTM	Median
EPS	3.09	3.42	3.42	—	—	3.42	0.71
EPS Forecast	3.29	3.12	3.12	—	3.15	3.15	0.73
Revenue	—	7.26B	—	—	—	7.26B	90.00M
Gross Profit	—	3.18B	—	—	—	3.18B	—
EBITDA	—	1.32B	—	—	—	1.32B	—