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.

The Hartford выглядит как качественный страховой бизнес с сильной прибыльностью, но рынок уже заметно учитывает это в цене. P/E 9.61, P/S 1.42 и P/FCF 6.73 находятся ниже медианы отрасли, что поддерживает тезис о разумной оценке и ограничивает риск сильной переоценённости. При этом P/B 2.07 существенно выше отраслевой медианы, поэтому по балансовому мультипликатору акция выглядит дороговато, особенно для финансового сектора. Рентабельность у компании действительно высокая: ROE 21.89%, ROA 4.74% и ROI 17.09% значительно превосходят отрасль, а return on tangible equity 22.95% подтверждает хорошее качество капитала. Динамика этих показателей в целом положительная: ROE, ROA, ROI и маржа прибыли растут по годам, что говорит о стабильном улучшении операционной эффективности. Выручка, операционная прибыль и чистая прибыль также увеличиваются, а это поддерживает фундаментальную оценку и снижает риск ухудшения результатов. С другой стороны, ликвидность слабая: quick ratio равен 0.00, current ratio 0.24, что для инвестора в страховой бизнес требует осторожности, даже если это частично объясняется спецификой отрасли. Долговая нагрузка выглядит умеренной и даже комфортной по сравнению с отраслью: debt/equity 0.23 ниже медианы, а долг к капиталу не выглядит агрессивным. Однако cash on hand остаётся низким, и это ограничивает запас прочности на случай стрессов или более волатильных выплат. Дивидендная доходность 0.47% есть, но она невысока и не является главным драйвером инвестиционного кейса. В сумме картина скорее благоприятная: бизнес прибыльный, капиталоэффективный и растущий, но оценка уже не выглядит дешёвой по всем метрикам одновременно. Поэтому для целевой цены уместна лишь небольшая консервативная корректировка вниз, отражающая смешение сильной операционной динамики с дорогим P/B и слабой ликвидностью.

The Hartford Insurance Group, Inc.

HIG выглядит прибыльным и эффективным страховщиком с сильным ростом ROE и прибыли, но дороговат по P/B и имеет слабую ликвидность.

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares MSCI USA ESG Select ETF (Symbol: SUSA) where we have detected an approximate $280.0 million dollar outflow -- that's a 6.6% decrease week over week (from 27,900,000 to 26,050,000). Among the largest underlying components of SUSA, in trading today Hartford Insurance Group Inc (Symbol: HIG) is up about 1.1%, BlackRock New York Municipal Income Trust (Symbol: BNY) is up about 0.7%, and Cummins, Inc. (Symbol: CMI) is lower by about 0.4%. For a complete list of holdings, visit the SUSA Holdings page » The chart below shows the one year price performance of SUSA, versus its 200 day moving average:
Looking at the chart above, SUSA's low point in its 52 week range is $121.63 per share, with $155.82 as the 52 week high point — that compares with a last trade of $151.53. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further SUSA Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SUSA, HIG, BNY, CMI: Large Outflows Detected at ETF

The Hartford Insurance Group, Inc. HIG has agreed to sell Hartford Funds to its long-time partner, Wellington Management, in a deal with an estimated net present value of $1.9 billion. The deal extends a partnership spanning more than four decades and will integrate Hartford Funds into Wellington's U.S. Wealth business under the Wellington brand.
Under the agreement, HIG will receive $300 million in cash at closing, along with additional payments tied to the after-tax cash generated by the combined wealth-management business over the next seven years. The transaction is expected to be closed in the first quarter of 2027, subject to regulatory and fund approvals.
The sale also reflects the close relationship between the two firms. Management believes Hartford Funds will benefit from being part of a larger integrated wealth platform. Wellington already sub-advises approximately 83% of Hartford Funds' assets. With roughly $160 billion in assets under management, Hartford Funds has been a significant part of the partnership, making full integration a logical next step.
The move aligns with The Hartford's strategy of increasing its focus on core insurance operations while unlocking value from its asset-management business. HIG's strong operating performance provides a solid foundation for the transaction. Core earnings rose 34% year over year to $866 million in first-quarter 2026, benefiting from increased investment income. Additionally, its trailing 12-month core return on equity of 22.5% compared favorably with the industry average of 7.4%
The transaction enhances capital flexibility and provides an additional source of future cash flows. By divesting the retail asset-management business, HIG can allocate more resources to its core business segments while continuing to participate in the growth potential of the combined wealth platform through the seven-year cash-participation arrangement. The deal simplifies the company's business mix and strengthens its focus on its core insurance franchises.
HIG’s Stock Price Performance
Shares of HIG have lost 1.6% over the past year compared with the industry’s 5.3% decline.
Image Source: Zacks Investment Research
HIG’s Zacks Rank & Key Picks
HIG currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Finance space are Mercury General Corporation MCY, The Hanover Insurance Group, Inc. THG and First American Financial Corporation FAF, 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 Mercury General’s 2026 earnings is pegged at $11.38 per share, indicating 44.1% year-over-year growth. MCY has witnessed one upward revision in the past 30 days, with no movement in the opposite direction. The consensus estimate for 2026 revenues is pinned at $6.4 billion, implying 8.5% year-over-year growth.
The Zacks Consensus Estimate for Hanover Insurance’s 2026 earnings is pegged at $18.36 per share, which has witnessed two 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 28.5%. The consensus estimate for 2026 revenues is pinned at $6.95 billion, implying 4.7% year-over-year growth.
The Zacks Consensus Estimate for First American’s 2026 earnings is pegged at $6.81 per share, indicating 12.6% year-over-year growth. FAF beat earnings estimates in each of the trailing four quarters, with the average surprise being 22%. The consensus estimate for 2026 revenues is pinned at $8.06 billion, implying 8.1% year-over-year growth.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

HIG to Divest Hartford Funds to Wellington, Unlocking $1.9B Value

(RTTNews) - Investment manager Wellington Management on Wednesday said it has agreed to acquire Hartford Funds from Hartford Financial Services Group Inc. (HIG) in a deal with an estimated net present value of $1.9 billion.
The Hartford will receive $300 million in cash at closing and additional payments tied to the after-tax cash generated by the combined Hartford Funds business and Wellington's business supporting Hartford Funds over the seven years following the completion of the deal.
The deal is expected to close in the first quarter of 2027. Upon completion, Hartford Funds will be integrated into Wellington's U.S. Wealth business and will operate under the Wellington brand.
Wellington said the transaction will combine its investment management expertise with Hartford Funds' advisor distribution platform, creating an integrated wealth management business. The combined platform will offer a broader range of investment solutions, including mutual funds, ETFs, separately managed accounts, model portfolios, and alternative investments.
The company added that the combined organization will include about 200 client-facing professionals, enhancing advisor support, expanding market reach, and supporting long-term growth.
Christina Kopec Rooney, head of U.S. Wealth at Wellington Management, commented, "This combination sharpens our competitive edge and value to advisors and our clients — uniting Wellington's investment capabilities and global wealth and institutional experience with Hartford Funds' U.S. distribution scale and trusted team."
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Wellington Management To Acquire Hartford Funds

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares MSCI USA ESG Select ETF (Symbol: SUSA) where we have detected an approximate $269.2 million dollar inflow -- that's a 6.7% increase week over week in outstanding units (from 26,150,000 to 27,900,000). Among the largest underlying components of SUSA, in trading today Applied Materials, Inc. (Symbol: AMAT) is up about 0.2%, Hartford Insurance Group Inc (Symbol: HIG) is down about 0.2%, and Cummins, Inc. (Symbol: CMI) is lower by about 1.8%. For a complete list of holdings, visit the SUSA Holdings page » The chart below shows the one year price performance of SUSA, versus its 200 day moving average:
Looking at the chart above, SUSA's low point in its 52 week range is $120.86 per share, with $154.3399 as the 52 week high point — that compares with a last trade of $154.26. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further SUSA Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SUSA, AMAT, HIG, CMI: Large Inflows Detected at ETF

Shares of The Hartford Insurance Group, Inc. HIG have gained a modest 3.8% over the past year, outperforming the industry’s 5% decline, though trailing the S&P 500’s 30.3% advancement. The Hartford continues to execute well operationally, supported by strong business insurance growth, disciplined underwriting, rising investment income, and shareholder-friendly capital allocation.
Headquartered in Hartford, CT, the company is a leading multi-line insurer and investment provider in the United States. It offers a wide range of products, including investment solutions, group life and disability insurance, property and casualty (P&C) coverage, and mutual funds, with a market capitalization of approximately $37.3 billion.
Valuation of HIG
Its forward P/E ratio of 9.97 is lower than the industry average of 26.13, 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 A.
Estimates for HIG Stock
The Zacks Consensus Estimate for The Hartford is pegged at $13.14 per share for 2026 and at $14.39 per share for 2027. The top-line estimate for 2026 is pegged at $20.96 billion, representing a 4.9% increase from the prior-year level. Over the past 30 days, earnings estimates have seen two upward revisions against nine downward revisions. HIG beat earnings estimates in three of the past four quarters and missed once, with an average surprise of 16.47%.
The Hartford Insurance Group, Inc. Price, Consensus and EPS Surprise
The Hartford Insurance Group, Inc. price-consensus-eps-surprise-chart | The Hartford Insurance Group, Inc. Quote
HIG’s Business Tailwinds
HIG has streamlined its business by exiting legacy run-off and non-core operations, allowing management to focus heavily on profitable commercial lines. This strategy is paying dividends in underwriting discipline and capital efficiency. The strength of the core business is highly visible in Business Insurance, where written premiums grew 6% year over year in the first quarter of 2026. While the segment's total combined ratio was 94.8%, its underlying combined ratio remained excellent at 89.2%.
The Hartford is investing heavily in AI, cloud infrastructure, and advanced analytics to improve underwriting accuracy, claims processing, and customer experience. AI-powered underwriting tools and real-time data insights are helping improve pricing consistency and risk selection. These operational improvements are translating into stronger profitability, with The Hartford generating a trailing 12-month ROE of 22.5%, significantly above the industry average of 7.4%.
The Hartford’s conservative yet diversified investment portfolio continues to provide stable income and downside protection. As of March 31, 2026, 95% of the fixed maturities portfolio was investment grade, supporting capital preservation and recurring income. At the same time, mortgage loans and alternative investments boosted returns. This balanced allocation helped net investment income rise 12.7% year over year to $739 million in the first quarter of 2026.
HIG maintains a highly shareholder-friendly capital allocation strategy through aggressive buybacks and growing dividends. It repurchased $1.6 billion worth of shares in 2025 and another $450 million during the first quarter of 2026, while retaining $1.1 billion under its current authorization. The Hartford also raised its quarterly dividend by 15% in late 2025. Its dividend yield of 1.8% remains well above the industry average of 0.3%, supported by strong operating cash flow of more than $1 billion during the first quarter of 2026.
Risks to Monitor
HIG remains exposed to elevated catastrophe risk from severe storms, wildfires, and other climate-related events. Catastrophe losses totaled $768 million in 2024, $748 million in 2025, and $230 million in the first quarter of 2026, continuing to pressure earnings visibility. Leverage remains above industry norms.
Long-term debt was $4.4 billion as of March 31, 2026, versus cash of $166 million, while its long-term debt-to-equity ratio of 23.6% exceeded the industry average of 1.2%, limiting financial flexibility during periods of market stress.
Key Picks
Some better-ranked stocks in the broader Finance space are Mercury General Corporation MCY, The Hanover Insurance Group, Inc. THG, and United Fire Group, Inc. UFCS, 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 Mercury General’s 2026 earnings is pegged at $11.75 per share, indicating 48.7% year-over-year growth. MCY has witnessed one upward revision in the past 30 days, with no movement in the opposite direction. The consensus estimate for 2026 revenues is pinned at $6.4 billion, implying 8.5% year-over-year growth.
The Zacks Consensus Estimate for Hanover Insurance’s 2026 earnings is pegged at $18.46 per share, which has witnessed four 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 28.5%. The consensus estimate for 2026 revenues is pinned at $6.95 billion, implying 4.7% year-over-year growth.
The Zacks Consensus Estimate for United Fire’s 2026 earnings is pegged at $4.88 per share, indicating 6.1% year-over-year growth. UFCS beat earnings estimates in each of the trailing four quarters, with the average surprise being 68.8%. The consensus estimate for 2026 revenues is pinned at $1.53 billion, implying 10.5% year-over-year growth.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Should You Buy, Sell, or Hold HIG Stock at 9.97X Forward Earnings?

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 #263 spot from Iron Mountain Inc (Symbol: IRM), 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 $37.47 billion, versus Iron Mountain Inc (Symbol: IRM) at $37.43 billion.
Below is a chart of Hartford Insurance Group Inc versus Iron Mountain Inc plotting their respective size rank within the S&P 500 over time (HIG plotted in blue; IRM plotted in green):
Below is a three month price history chart comparing the stock performance of HIG vs. IRM:
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 IRM market cap history.
At the closing bell, HIG is off about 0.6%, while IRM is up about 1.2% on the day Thursday.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Hartford Insurance Group Now #263 Largest Company, Surpassing Iron Mountain

ProAssurance Corporation PRA reported a first-quarter 2026 adjusted operating income of 25 cents per share, which was in line with the Zacks Consensus Estimate. The bottom line rose from 13 cents a year ago.
Operating revenues of $263.1 million dipped 2.5% year over year. However, the top line beat the consensus mark by 2.2%.
The quarterly results benefited from rising investment income and a decline in expenses. However, the upside was partially offset due to lower premiums, especially in the Specialty P&C segment, the Workers' Compensation Insurance segment and the Segregated Portfolio Cell Reinsurance unit.
ProAssurance Corporation Price, Consensus and EPS Surprise
PRA’s Q1 Operational Update
Gross premiums written fell 5.5% year over year to $287 million. Net premiums earned of $223.5 million tumbled 5.4% year over year. Yet the reported figure topped the Zacks Consensus Estimate of $218.1 million.
Net investment income advanced 8.2% year over year to $40 million in the quarter under review on the back of improved average book yields. The metric beat the consensus mark of $39.7 million.
Total expenses came in at $253.4 million, which decreased 9% year over year. The year-over-year decrease was backed by lower net losses and loss adjustment expenses, and underwriting, policy acquisition and operating expenses.
ProAssurance’s net income surged 245.3% year over year to $8.5 million. The combined ratio improved to 110.4% from 115.6% in the year-ago period.
ProAssurance’s Segmental Update
Specialty P&C Segment
The segment recorded revenues of $173 million in the first quarter, which slipped 7.5% year over year. The metric beat the Zacks Consensus Estimate of $171.2 million. Net premiums earned decreased 6.1% year over year to $172.1 million but beat the consensus mark of $170.2 million.
Total expenses came in at $182.1 million, which fell 9.3% year over year. The unit incurred a loss of $9.1 million, narrower than the prior-year quarter’s loss of $13.9 million. The combined ratio improved to 105.9% from 109% in the year-ago period.
Workers' Compensation Insurance Segment
Revenues in the segment fell 2.1% year over year to $41 million in the quarter under review. The metric missed the Zacks Consensus Estimate of $41.5 million. Net premiums earned of $40.7 million declined 2.1% year over year, and lagged the consensus mark of $41.1 million.
Total expenses rose 1.4% year over year to $46.4 million. The unit incurred a loss of $5.4 million, wider than the prior-year quarter’s loss of $3.8 million. The combined ratio deteriorated 390 bps year over year to 114.1%.
Segregated Portfolio Cell Reinsurance Segment
The segment’s gross premiums written of $11.6 million declined 8.7% year over year. Net premiums earned fell 6.4% year over year to $10.8 million, but beat the Zacks Consensus Estimate by 0.8%.
Underwriting, policy acquisition and operating expenses amounted to $3.7 million in the first quarter, which fell 9.5% year over year. The unit reported a quarterly profit of $0.5 million, which surged 165.9% year over year. The combined ratio improved to 84.1% from 101.8% in the year-ago period.
Corporate Segment
Net investment income of the unit grew 8% year over year to $39 million.
Operating expenses of $8.3 million rose 2.9% year over year. The unit’s profit rose 32.6% year over year to $23.9 million. Interest expenses fell 1.4% year over year to $5.1 million.
PRA’s Financial Position (As of March 31, 2026)
ProAssurance exited the first quarter with cash and cash equivalents of $14.1 million, which dipped 61.5% from the 2025-end level. Total investments were $4.4 billion, down 0.6% from the figure at 2025-end.
Total assets of $5.4 billion dipped 0.6% from the 2025-end level.
Debt less unamortized debt issuance costs amounted to $419.3 million, down 0.3% from the figure as of Dec. 31, 2025.
Total shareholders’ equity of $1.3 billion declined 0.8% from the level at 2025-end.
Net cash used in operating activities amounted to $21.3 million for the first quarter of 2026, while the company used $11.6 million of net cash in operations in the prior-year comparable period.
Book value per share was $25.94 as of March 31, 2026, which fell 1.1% from the 2025-end figure. Adjusted operating return on equity improved 160 bps year over year to 3.8% in the quarter under review.
ProAssurance’s Share Repurchase Update
ProAssurance did not repurchase any common shares in the first quarter of 2026. A leftover capacity of $55.9 million remained in place to be utilized for common share repurchases or retirement of outstanding debt as of March 31, 2026.
PRA’s Zacks Rank
PRA currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Peers Perform?
Several companies in the insurance space, including Lincoln National Corporation LNC, AMERISAFE, Inc. AMSF and The Hartford Insurance Group, Inc. HIG, have already reported their financial results for the March quarter of 2026. Here’s how they had performed:
Lincoln National reported first-quarter 2026 adjusted earnings per share of $1.66, which surpassed the Zacks Consensus Estimate by 1.8%. The bottom line rose 3.7% year over year. Adjusted operating revenues grew 3.9% year over year to $4.9 billion. LNC’s quarterly earnings were supported by strong annuity deposits and solid Life Insurance performance. Higher net investment income, favorable equity markets and reduced expenses also contributed to the upside. Nevertheless, the positives were partly offset by a decline in the sales of Group Protection and lower insurance premiums.
AMERISAFE reported first-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. The bottom line declined 16.7% year over year. Operating revenues increased 7.9% year over year to $81.75 million. AMSF’s quarterly result was affected by higher expenses and weaker underwriting margins, with additional pressure from lower fee income and weaker investment income. Stronger premium growth partially offsets the downside.
Hartford posted first-quarter fiscal 2026 core earnings per share of $3.09, up 40.5% from $2.20 in the prior-year quarter. The figure missed the Zacks Consensus Estimate of $3.29 by 6.1%. Operating revenues totaled $5.09 billion, up 7% year over year. HIG’s weaker-than-expected results were caused by less favorable prior-year reserve development, higher expenses and pressure in Employee Benefits. The negatives were partially offset by high demand for expensive risk events, stronger investment income and a massive turnaround in Personal Insurance.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ProAssurance Q1 Earnings Meet Estimates on Declining Expenses

MarketAxess Holdings Inc. MKTX reported first-quarter 2026 adjusted earnings per share of $2.25, which beat the Zacks Consensus Estimate by 4.7%. The bottom line increased 20.3% year over year.
Total revenues were $233 million, which grew 12% year over year. The top line beat the consensus mark by 0.9%
The quarterly results benefited from solid growth in total revenues, driven by higher high-grade, high-yield, emerging markets and Eurobonds trading volumes. Increased commission revenues, along with growth in information services, technology services and post-trade services revenues, also contributed to the upside. The gains were partly offset by higher expenses stemming from increased employee compensation and benefits, technology and communication, and marketing and advertising costs.
MarketAxess Holdings Inc. Price, Consensus and EPS Surprise
MarketAxess’ Quarterly Operational Update
Commission revenues improved 12.2% year over year to $203.5 million. The metric beat the Zacks Consensus Estimate of $202.1 million and our estimate of $198.7 million. Information services revenues of $14.4 million grew 11.9% year over year. The metric beat the consensus mark of $13.9 million and our estimate of $13.6 million. Post-trade services revenues increased 4.7% year over year to $11.6 million, while technology services revenues rose 19% to $3.9 million.
Total expenses were $132.5 million, which escalated 10.2% year over year in the quarter due to higher employee compensation and benefits, technology and communication, and marketing and advertising. The metric was lower than our estimate of $135.9 million.
MarketAxess’ net income skyrocketed 418.5% year over year to $78.1 million, higher than our estimate of $72.5 million. The net income margin of 33.5% improved 2,630 basis points year over year.
MarketAxess’ Trading Volumes
The high-grade trading volume of MarketAxess was $511.5 billion in the first quarter, which advanced 10.9% year over year and beat the Zacks Consensus Estimate of $505.1 billion. The ADV of the same product category totaled $8.39 million, which rose 10% year over year and beat the Zacks Consensus Estimate of $8.31 million.
High-yield trading volume of $100.4 billion climbed 11.6% year over year, while ADV rose 12% year over year to $1.6 billion. Other credit trading volume rose 16% year over year to $49.8 billion, whereas ADV for the same product category increased 10% year over year to $659 million.
Trading volume and ADV of emerging markets rose 30% each on a year-over-year basis to $311.9 billion and $5 billion, respectively. The Eurobonds’ trading volume and ADV improved 20% each on a year-over-year basis.
The total credit trading volume of $1,142.2 billion advanced 17% year over year. Total credit ADV rose 17% to $18.6 billion. Total rates’ trading volume and ADV of this product category each improved 16% on a year-over-year basis.
MarketAxess’ Balance Sheet (As of March 31, 2026)
MarketAxess exited the first quarter with cash and cash equivalents of $377.3 million, which fell 27.4% from the 2025-end level. Total assets of $2.3 billion inched up 18.9% from the figure at 2025-end.
The company had $228.3 million in outstanding borrowings under its credit facility at the end of the first quarter. Total stockholders’ equity of $1.2 billion rose 3.9% from the 2025-end level.
MarketAxess’ Cash Flows
Net cash used in operating activities was $75.3 million compared to net cash provided by operating activities of $29.6 million in the prior-year period. The free cash flow declined 66.3% year over year to $15.9 million.
MarketAxess’ Capital Deployment Update
MarketAxess completed the final settlement of its previously announced $300 million accelerated share repurchase program on Feb. 4, 2026, with the delivery of an additional 359,782 shares. As of April 30, 2026, $205 million remained available under the board-authorized share repurchase program.
The board declared a quarterly cash dividend of 78 cents per share, which will be paid out on June 3, 2026, to shareholders of record as of May 26.
MarketAxess Reaffirms Its 2026 Outlook
Service revenues, which comprise Information Services, Post-Trade Services and Technology Services, are estimated to witness mid-single-digit percentage growth. Total expenses are anticipated to be between $530 million and $545 million for 2026. Capital expenditure is projected in the range of $65 million to $75 million, while the adjusted effective tax rate is expected to be between 24% and 26%.
MKTX Reaffirms Its 2026-2028 Financial Targets
In the medium term, MarketAxess is targeting average annual total revenue growth within 8-9%, along with an average annual improvement in operating margin of 75-125 basis points.
The projections are made on anticipated minimum average annual growth of approximately 6% in composite credit market ADV and around 5% in U.S. government bond TRACE market ADV.
MKTX’s Zacks Rank
MarketAxess currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Finance Sector Releases
Several companies in the Finance space, including RenaissanceRe Holdings Ltd. RNR, AMERISAFE, Inc. AMSF and The Hartford Insurance Group, Inc. HIG, have already reported their financial results for the March quarter of 2026. Here’s how they have performed:
RenaissanceRe reported first-quarter 2026 operating income of $13.75 per share, which surpassed the Zacks Consensus Estimate by 24.2%. The bottom line improved from the year-ago quarter’s operating loss of $1.49. Total operating revenues declined 16.6% year over year to $2.6 billion. The top line missed the consensus mark by 10.6%. RNR’s quarterly earnings were aided by a decline in expenses and strong underwriting performance in both segments. Improved combined ratio and fee income contributed to the upside. However, the upside was partly offset by lower net premiums earned across both segments.
AMERISAFE reported first-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. The bottom line declined 16.7% year over year. Operating revenues increased 7.9% year over year to $81.75 million but missed the consensus estimate by 0.9%. AMSF’s quarterly result was affected by higher expenses and weaker underwriting margins, with additional pressure from lower fee income and weaker investment income. Stronger premium growth partially offsets the downside.
Hartford posted first-quarter fiscal 2026 core earnings per share of $3.09, which increased 40.5% from $2.20 in the prior-year quarter. The figure missed the Zacks Consensus Estimate of $3.29 by 6.1%. Operating revenues totaled $5.09 billion, up 7% year over year, but missed the consensus mark by 2.1%. HIG’s weaker-than-expected results were led by less favorable prior-year reserve development, higher expenses and pressure in Employee Benefits. The negatives were partially offset by high demand for expensive risk events, stronger investment income and a massive turnaround in Personal Insurance.
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The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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AMERISAFE, Inc. (AMSF) : Free Stock Analysis Report
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MKTX Q1 Earnings Beat Estimates on Robust Commission Revenue Growth

Lincoln National Corporation LNC reported first-quarter 2026 adjusted earnings per share of $1.66, which surpassed the Zacks Consensus Estimate by 1.8%. The bottom line rose 3.7% year over year.
Adjusted operating revenues grew 3.9% year over year to $4.9 billion. However, the top line missed the consensus mark by 0.2%.
The quarterly earnings were supported by strong annuity deposits and solid Life Insurance performance. Higher net investment income, favorable equity markets and reduced expenses also contributed to the upside. Nevertheless, the positives were partly offset by a decline in the sales of Group Protection and lower insurance premiums.
Lincoln National Corporation Price, Consensus and EPS Surprise
Key Takeaways From LNC’s Q1 Results
LNC’s estimated RBC ratio rose to more than 420% at the first-quarter end.
Insurance premiums inched down 0.1% year over year to $1.7 billion, missing the Zacks Consensus Estimate by 2.4%.
Fee income was $1.4 billion, which improved 0.3% year over year but missed the consensus mark by 1.7%. Net investment income advanced 9.8% year over year to $1.6 billion and beat the consensus mark by 7.5%.
Meanwhile, other revenues of $184 million rose 8.9% year over year in the quarter under review.
Total expenses declined 1.6% year over year to $5.6 billion. Interest credited rose 12.2% year over year to $999 million.
Lincoln National reported a net loss of $172 million compared to the prior-year quarter’s loss of $722 million.
Lincoln National’s Segmental Performances
The Annuities and Life Insurance segments form part of LNC’s Retail Solutions business, while Group Protection and Retirement Plan Services units make up the Workplace Solutions business.
The Annuities segment’s operating income totaled $275 million in the first quarter, which fell 5.2% year over year and missed the Zacks Consensus Estimate of $295.6 million due to the impact of a previously disclosed net investment income allocation refinement and unfavorable tax-related items. The unit's operating revenues rose 7.1% year over year to $1.3 billion, driven by 12.7% growth in net investment income, partly offset by a 14.3% decline in insurance premiums. Total annuity deposits were $3.9 billion, which climbed 3.7% year over year.
The Life Insurance unit recorded an operating income of $41 million, improved from the prior-year quarter’s loss of $16 million and beat the consensus mark of $7.2 million. The metric benefited from higher alternative investment income. Operating revenues grew 2.6% year over year to $1.6 billion. Total Life Insurance sales of $129 million advanced 33% year over year. Total deposits grew 2.9% year over year to $1.3 billion.
The Group Protection segment’s operating income increased 10.9% year over year to $112 million and beat the Zacks Consensus Estimate of $110.4 million. The unit was supported by a favorable life experience. Operating revenues totaled $1.6 billion in the quarter under review, which improved 2.2% year over year. The metric was driven by a 2% rise in insurance premiums. Sales of $150 million fell 4.5% year over year.
The Retirement Plan Services segment recorded an operating income of $43 million, which rose 26.5% year over year and beat the consensus mark of $42.3 million. The metric benefited from the expansion of spreads and favorable equity markets. Operating revenues increased 5.8% year over year to $346 million. Total deposits were $4.1 billion, which advanced 0.7% year over year.
Other Operations incurred an operating loss of $111 million, wider than the year-ago quarter’s loss of $95 million and the Zacks Consensus Estimate of $94.5 million.
Lincoln National’s Financial Update (As of March 31, 2026)
Lincoln National exited the first quarter with cash and invested cash of $7.3 billion, which declined from the 2025-end level of $9.5 billion. Total assets of $406.2 billion fell from the figure at the 2025-end of $417.2 billion.
Long-term debt amounted to $6 billion, up from the figure of $5.9 billion as of Dec. 31, 2025.
Total stockholders’ equity of $10.2 billion declined from the 2025-end level of $10.9 billion.
Book value per share, excluding accumulated other comprehensive income, was $71.06, which fell from the 2025-end level of $73.10. Adjusted income from operations ROE deteriorated 20 basis points year over year to 8.8%.
LNC’s Dividend Update
Lincoln National paid out quarterly dividends of $86 million.
LNC’s 2026 Outlook
In 2026, the Annuities, Life Insurance, Group Protection and Retirement Plan Services units were projected to account for 58-60%, 8-9%, 24-25% and 8-9%, respectively, of the company’s total operating income earnings.
Management had earlier projected an RBC ratio of more than 420% for 2026 and over the long term.
LNC’s Zacks Rank
LNC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Peers Perform?
Several companies in the insurance space, including RenaissanceRe Holdings Ltd. RNR, AMERISAFE, Inc. AMSF and The Hartford Insurance Group, Inc. HIG, have already reported their financial results for the March quarter of 2026. Here’s how they had performed:
RenaissanceRe reported first-quarter 2026 operating income of $13.75 per share, which surpassed the Zacks Consensus Estimate by 24.2%. The bottom line improved from the year-ago quarter’s operating loss of $1.49. Total operating revenues declined 16.6% year over year to $2.6 billion. The top line missed the consensus mark by 10.6%. RNR’s quarterly earnings were aided by a decline in expenses and strong underwriting performance in both segments. Improved combined ratio and fee income contributed to the upside. However, the upside was partly offset by lower net premiums earned across both segments.
AMERISAFE reported first-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. The bottom line declined 16.7% year over year. Operating revenues increased 7.9% year over year to $81.75 million but missed the consensus estimate by 0.9%. AMSF’s quarterly result was affected by higher expenses and weaker underwriting margins, with additional pressure from lower fee income and weaker investment income. Stronger premium growth partially offsets the downside.
Hartford posted first-quarter fiscal 2026 core earnings per share of $3.09, up 40.5% from $2.20 in the prior-year quarter. The figure missed the Zacks Consensus Estimate of $3.29 by 6.1%. Operating revenues totaled $5.09 billion, up 7% year over year, but missed the consensus mark by 2.1%. HIG’s weaker-than-expected results were caused by less favorable prior-year reserve development, higher expenses and pressure in Employee Benefits. The negatives were partially offset by high demand for expensive risk events, stronger investment income and a massive turnaround in Personal Insurance.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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AMERISAFE, Inc. (AMSF) : 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.

LNC Q1 Earnings Beat Estimates on Rising Investment Income

Skyward Specialty Insurance Group, Inc. SKWD delivered a solid first quarter of 2026, with operating earnings per share of $1.25, increased 38.9% from a year ago and beat the Zacks Consensus Estimate of $1.05. Total revenues were $475.87 million, up 44.8% year over year, and came in 19.4% above the consensus mark.
First quarter performance reflected stronger premiums, underlying underwriting results alongside the accretive impact of Apollo, while profitability held firm with a lower combined ratio.
Skyward Specialty Insurance Group, Inc. Price, Consensus and EPS Surprise
Skyward Specialty Insurance Group, Inc. price-consensus-eps-surprise-chart | Skyward Specialty Insurance Group, Inc. Quote
SKWD’s Premium Base Expanded Across Both Platforms
Gross written premiums totaled $667.7 million, up 9.9% versus the prior-year period. Growth was broad-based, led by an 8.7% increase in the Skyward Specialty segment and an 18.7% rise in the Apollo segment, supported by higher volume in syndicate 1969.
Net earned premiums climbed to $434 million from $300.4 million a year ago, reflecting higher business volumes and the expanded footprint following the Apollo consolidation. Underwriting fee income of $10.1 million also contributed to the quarter’s top-line mix, tied to Apollo’s managing agency activities.
Net investment income increased to $27.1 million from $19.4 million a year ago, driven by the addition of the Apollo portfolio, a higher yield environment, and a larger invested asset base.
Skyward Group’s Underwriting Mix Drove Growth
Within Skyward Group’s U.S. specialty operations, several underwriting divisions posted notable momentum. Accident & Health gross written premiums increased 45.7% year over year, Credit & Surety rose 42.5%, Global Agriculture advanced 27.0%, and Specialty Programs jumped 51.2%, helping offset declines in Energy Solutions and Global Property.
The portfolio’s evolving composition also reflected a sharper emphasis on businesses positioned for steadier growth. Management highlighted continued diversification, including expansion in areas with lower exposure to property-and-casualty underwriting cycles, as it aims to sustain disciplined top-line and bottom-line progress.
SKWD’s Expenses
Losses and loss adjustment expenses were $265.22 million, up from $187.31 million in the prior-year quarter, in line with the larger premium base. Still, the total loss ratio improved to 61.1% from 62.4% a year ago, supporting underwriting profitability despite business-mix shifts within the Skyward Specialty segment. Total Cat loss and LAE of 1.8% declined from 2.2% a year ago.
Underwriting, acquisition and insurance expenses rose to $124.6 million from $86.6 million a year ago, reflecting higher activity levels and a larger operating platform. On the ratio side, net policy acquisition costs improved to 13.9% from 14.8% in the year-ago quarter, pointing to operating leverage as premium volume expanded.
The combined ratio of 89.5% decreased from 90.5% a year ago.
SKWD’s Financials (As of March 31, 2026)
On the balance sheet, cash and cash equivalentsrose to $255.9 million at first-quarter end, from $168.5 million at 2025-end. Total assets reached $6.55 billion as of March 31, 2026, up from $4.79 billion at 2025-end.
Notes payable jumped to $466.4 million from $100.4 million at 2025-end.
Book value per share of $27.50 in the first quarter increased from $24.92 a year ago.
Skyward Specialty currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Other Insurers Perform?
Companies like The Hartford Insurance Group, Inc. HIG, RenaissanceRe Holdings Ltd. RNR and The Allstate Corporation ALL have also reported earnings for the March quarter. Here’s how they have performed:
Hartford posted first-quarter 2026 core earnings per share of $3.09, up 40.5% from $2.20 in the prior-year quarter, but missed the Zacks Consensus Estimate of $3.29. Less favorable prior-year reserve development, higher expenses and pressure in Employee Benefits affected results. The negatives were partially offset by high demand for expensive risk events, stronger investment income and a massive turnaround in Hartford’s Personal Insurance.
RenaissanceRe reported first-quarter 2026 operating income of $13.75 per share, which surpassed the Zacks Consensus Estimate by 24.2% and improved from the year-ago quarter’s operating loss of $1.49. The quarterly earnings were aided by a decline in expenses and strong underwriting performance in both segments. RenaissanceRe’s improved combined ratio and fee income also contributed to the upside.
Allstate reported a first-quarter 2026 adjusted net income of $10.65 per share, which outpaced the consensus estimate by 43.3% and surged 201.7% year over year.Results were driven by higher property and casualty insurance premiums, improved net investment income and lower catastrophe losses. Lower expenses and strong underwriting performance further aided Allstate’s results.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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