The Hartford Financial Services Group, Inc. Financial Ratios — HIG

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	5.8	-0.74	1.55	7.29	14.16	6.98	-27.51	17.4	17.38	12.9	15.83	10.95	13.77	15.24	16.49
Return on Assets (%)	0.23	-0.01	0.06	0.31	0.71	0.4	-1.39	1.26	3.13	2.4	3.15	2.43	3.34	3.95	4.6
Return on Capital (%)	- -	- -	2.83	6.35	11.13	- -	-19.87	13.41	13.53	10.58	12.92	9.3	11.73	13.1	14.35
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	0.92	-0.4	7.12	9.13	9.24	2.74	4.21	9.35	12.48	10.43	13.42	10.35	12.69	14.59	16.96
Profit Margin (%)	3.28	-0.17	0.85	4.29	10.51	5.5	-18.24	9.64	10.17	8.55	10.95	8.32	10.29	11.79	13.67
Net Income to Common Margin (%)	3.08	-0.36	0.8	4.29	10.51	5.5	-18.24	9.61	10.06	8.44	10.86	8.23	10.21	11.71	13.59
Effective Tax Rate (%)	- -	- -	16.72	20.6	19.55	- -	136.24	15.29	18.55	18.07	18.38	19.58	18.91	19.17	19.41
Dvd Payout Ratio (%)	28.81	98.31	17.53	20.9	26.58	54.49	-130.15	25.22	20.98	26.63	20.64	28.14	21.26	17.99	15.52
Sustainable Growth Rate (%)	4.13	-0.01	1.28	5.77	10.4	3.18	-63.31	13.01	13.74	9.46	12.56	7.87	10.84	12.5	13.93

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	6,530	7,287	6,544	6,109	5,359	4,910	4,998	4,678	4,848	4,352	4,944	4,357	4,362	4,366	4,371
ST Debt	- -	320	438	456	275	416	320	413	500	- -	- -	- -	- -	- -	- -
LT Debt	6,530	6,967	6,106	5,653	5,084	4,494	4,678	4,265	4,348	4,352	4,944	4,357	4,362	4,366	4,371
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	-0.41	-0.41	-0.48	-0.57	-0.82	-1.08	-0.73	-0.85
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	508	457	397	376	346	327	316	298	259	236	234	213	199	199	199
Common Equity/Total Assets	3.64	3.6	3.85	4.57	5.5	5.84	4.28	17.75	17.92	18.79	20.59	23.37	24.76	26.61	28.77
Long-Term Debt/Equity (%)	30.39	31.04	32.3	30.2	28.82	26.59	34.67	32.55	26.72	23.45	27.71	31.86	28.46	26.55	23.03
Long-Term Debt/Capital (%)	36.09	37.47	35.43	32.67	28.38	24.93	31.94	26.54	24.33	23.39	23.49	20.03	18.4	16.64	14.84
Long-Term Debt/Total Assets (%)	2.16	2.33	2.2	2.31	2.23	2	2.08	6.85	6.14	5.87	6.46	5.97	5.68	5.4	5.08
Total Debt/Equity (%)	30.39	32.46	34.62	32.63	30.38	29.05	37.04	35.71	29.8	23.45	27.71	31.86	28.46	26.55	23.03
Total Debt/Capital (%)	36.09	39.19	37.98	35.3	29.92	27.24	34.13	29.11	27.13	23.39	23.49	20.03	18.4	16.64	14.84
Total Debt/Total Assets (%)	2.16	2.44	2.35	2.49	2.35	2.19	2.22	7.51	6.85	5.87	6.46	5.97	5.68	5.4	5.08
Net Debt to Equity	18.38	21.68	27.06	30.5	27.84	27.11	35.7	34.85	28.66	22.64	26.56	30.18	27.64	25.43	22.33
Net Debt/Capital (%)	25.46	30.09	32.37	33.77	28.12	25.89	33.31	28.61	26.37	22.76	22.74	19.18	17.96	16.06	14.46
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	-122	-105	-114	-133	-175	-215	-145	-169
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.64	3.6	3.85	4.57	5.5	5.84	4.28	17.75	17.92	18.79	20.59	23.37	24.76	26.61	28.77
Long-Term Debt/Equity (%)	30.39	31.04	32.3	30.2	28.82	26.59	34.67	32.55	26.72	23.45	27.71	31.86	28.46	26.55	23.03
Long-Term Debt/Capital (%)	36.09	37.47	35.43	32.67	28.38	24.93	31.94	26.54	24.33	23.39	23.49	20.03	18.4	16.64	14.84
Long-Term Debt/Total Assets (%)	2.16	2.33	2.2	2.31	2.23	2	2.08	6.85	6.14	5.87	6.46	5.97	5.68	5.4	5.08
Total Debt/Equity (%)	30.39	32.46	34.62	32.63	30.38	29.05	37.04	35.71	29.8	23.45	27.71	31.86	28.46	26.55	23.03
Total Debt/Capital (%)	36.09	39.19	37.98	35.3	29.92	27.24	34.13	29.11	27.13	23.39	23.49	20.03	18.4	16.64	14.84
Total Debt/Total Assets (%)	2.16	2.44	2.35	2.49	2.35	2.19	2.22	7.51	6.85	5.87	6.46	5.97	5.68	5.4	5.08
CFO/Total Liabilities	0.81	0.97	0.48	0.83	1.31	0.99	1.03	5.78	6.4	6.97	6.97	6.76	6.87	9.17	8.84
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	23.3	33.23	33.96	30.77	22.9	19.63	40.75	35.04
Altman's Z-Score	0.14	0.15	0.17	0.19	0.2	0.21	0.2	0.76	0.81	0.75	0.83	0.89	0.93	1.02	1.1

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	3.78	2.69	1.18	0.7	0.6	0.96	2.23	2.3	2.25	2.01	2.04	1.91	1.98	2.04	2.11
Days Sales Outstanding	96.46	135.7	309	521.05	605.5	382.17	163.34	158.88	162.52	181.33	179.11	191.08	184.71	178.8	173.23
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	7,012	9,822	16,220	18,419	18,058	18,474	20,469	15,931	21,932	17,550	23,123	23,895	24,685	32,153	38,915
- Cash & Cash Equivalents	2,581	2,421	1,428	399	448	328	180	112	185	151	205	229	126	183	133
+ Preferred Equity and Hybrid Capital	556	556	- -	- -	- -	- -	- -	334	334	334	334	334	334	334	334
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	6,530	7,287	6,544	6,109	5,359	4,910	4,998	4,678	4,848	4,352	4,944	4,357	4,362	4,366	4,371
Enterprise Value	-78,949	-76,149	-45,897	-41,185	-39,191	-11,966	-14,959	-19,104	-18,140	-26,233	-18,348	-11,733	10,082	16,151	21,470
Total Capital	18,092	18,593	17,232	17,305	17,914	18,028	14,644	16,071	17,871	18,608	21,046	21,752	23,706	26,234	29,447
Total Debt/Capital (%)	36.09	39.19	37.98	35.3	29.92	27.24	34.13	29.11	27.13	23.39	23.49	20.03	18.4	16.64	14.84
Total Debt / EV	-0.08	-0.1	-0.14	-0.15	-0.14	-0.41	-0.33	-0.24	-0.27	-0.17	-0.27	-0.37	0.43	0.27	0.2
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.41	0.61	0.76
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.3	2.66	3.53
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.19	2.6	3.43
Diluted Market Cap	7,768	10,924	17,774	19,186	18,479	18,812	20,852	16,184	22,175	17,662	23,123	25,007	25,038	32,667	39,480
Diluted Enterprise Value	12,272	16,346	22,890	24,896	23,390	23,394	25,670	21,084	27,172	22,197	28,196	29,469	29,608	37,184	44,052
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.83	54.95	76.03
TTM Sales	21,733	22,086	20,673	18,614	15,997	16,291	17,162	18,750	20,508	20,320	21,649	21,854	24,330	26,384	28,071
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	3,729	1,551	1,568	2,185	3,034	2,514	2,071	3,095	3,700	4,064	4,284	4,179	4,381	6,070	6,082
TTM Free Cash Flow to Firm	3,729	1,551	1,568	2,185	3,034	2,514	2,071	3,217	3,805	4,178	4,417	4,354	4,596	6,215	6,251

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	3.42	4.07	14.37	10.17	6.71	9.11	9.54	5.46	6.17	4.43	5.47	5.98	5.65	5.4	6.48
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-78,949	-76,149	-45,897	-41,185	-39,191	-11,966	-14,959	-19,104	-18,140	-26,233	-18,348	-11,733	10,082	16,151	21,470
Low Price	14.56	15.65	22.64	31.96	38.65	36.54	46.35	40.54	42.77	19.04	47.47	60.17	64.25	80.63	104.93
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.41	0.61	0.76
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	10.47	- -	97.71	23.08	10.74	20.62	- -	8.85	10.63	10.23	9.84	13.29	9.94	10.41	10.2
Price/Earnings Average	14.84	-105.84	80.55	20.18	10.8	18.87	-6.05	10.12	9.58	9.03	9.15	12.16	9.04	9.95	9.25
Price/Earnings High	20.02	-127.43	99.14	23.51	12.59	21.12	-6.81	11.78	10.97	12.8	11.14	13.49	10.03	11.88	10.4
Price/Earnings Low	9.38	-85.63	61.06	17.69	9.55	15.81	-5.38	8.07	7.48	3.98	6.77	10.55	7.95	7.67	7.77
Price/Book Value	0.64	0.91	1.52	1.65	1.44	1.41	2.12	1.44	1.73	1.26	1.47	1.4	1.3	1.49	1.57
Price/Book Value Average	0.9	0.79	1.25	1.44	1.45	1.29	1.96	1.65	1.56	1.11	1.36	1.28	1.18	1.43	1.43
Price/Book Value High	1.22	0.95	1.54	1.68	1.69	1.44	2.21	1.92	1.78	1.58	1.66	1.42	1.31	1.7	1.6
Price/Book Value Low	0.57	0.64	0.95	1.26	1.28	1.08	1.75	1.31	1.22	0.49	1.01	1.11	1.04	1.1	1.2
Price/Tangible Book Value	0.35	0.46	0.88	1.01	1.05	1.13	1.77	1.47	1.69	1.14	1.57	2.24	1.99	2.37	2.41
Price/Tangible Book Value Average	0.5	0.4	0.73	0.88	1.06	1.04	1.64	1.68	1.53	1.01	1.46	2.05	1.81	2.27	2.18
Price/Tangible Book Value High	0.67	0.48	0.89	1.03	1.23	1.16	1.85	1.96	1.75	1.43	1.78	2.28	2.01	2.71	2.45
Price/Tangible Book Value Low	0.32	0.32	0.55	0.77	0.94	0.87	1.46	1.34	1.19	0.44	1.08	1.78	1.59	1.75	1.83
Price/Sales	0.32	0.44	0.78	0.99	1.13	1.13	1.19	0.85	1.07	0.86	1.07	1.09	1.01	1.22	1.39
Price/Sales Average	0.46	0.38	0.65	0.87	1.14	1.04	1.1	0.97	0.96	0.76	0.99	1	0.92	1.16	1.26
Price/Sales High	0.62	0.46	0.8	1.01	1.32	1.16	1.24	1.13	1.1	1.08	1.21	1.11	1.02	1.39	1.41
Price/Sales Low	0.29	0.31	0.49	0.76	1	0.87	0.98	0.77	0.75	0.34	0.73	0.87	0.81	0.9	1.06
Price/Cash Flow	3.08	3.66	13.11	9.77	6.55	8.94	9.36	5.6	6.29	4.53	5.65	5.96	5.85	5.44	6.57
Price/Cash Flow Average	4.37	3.16	10.81	8.54	6.59	8.18	8.66	6.41	5.67	4	5.25	5.46	5.32	5.2	5.96
Price/Cash Flow High	5.9	3.8	13.3	9.95	7.68	9.16	9.75	7.46	6.49	5.68	6.4	6.05	5.9	6.21	6.7
Price/Cash Flow Low	2.76	2.56	8.19	7.49	5.83	6.86	7.71	5.11	4.42	1.76	3.88	4.73	4.68	4.01	5
Price/Free Cash Flow Average	4.84	3.51	11.85	8.9	6.75	8.33	8.82	6.24	5.56	3.91	5.09	5.47	5.13	5.16	5.88
Price/Free Cash Flow High	6.53	4.23	14.58	10.36	7.86	9.33	9.93	7.27	6.37	5.55	6.2	6.07	5.69	6.16	6.61
Price/Free Cash Flow Low	3.06	2.84	8.98	7.8	5.96	6.98	7.86	4.98	4.34	1.72	3.76	4.74	4.51	3.98	4.94
EV/Sales Average	0.66	0.63	0.89	1.17	1.44	1.32	1.38	1.23	1.21	0.99	1.23	1.2	1.11	1.34	1.42
EV/Sales High	0.82	0.71	1.04	1.31	1.63	1.44	1.52	1.39	1.35	1.3	1.44	1.31	1.21	1.56	1.58
EV/Sales Low	0.5	0.56	0.74	1.07	1.31	1.15	1.26	1.04	1	0.56	0.97	1.07	1	1.07	1.22
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	16.25	22.44	36.23	41.69	43.46	47.65	56.28	44.45	60.77	48.98	69.04	75.83	80.38	109.4	137.8
High Price	31.08	23.29	36.76	42.47	50.95	48.82	58.61	59.2	62.75	61.32	78.17	76.97	81.07	124.9	140.5
Enterprise Value Average	14,448	13,889	18,488	21,817	23,082	21,488	23,747	23,121	24,773	20,033	26,564	26,331	27,019	35,250	39,858
Enterprise Value High	17,916	15,616	21,573	24,473	26,081	23,510	26,134	26,117	27,643	26,506	31,254	28,716	29,467	41,225	44,249
Enterprise Value Low	10,788	12,272	15,252	19,830	20,970	18,749	21,675	19,430	20,433	11,357	20,972	23,422	24,301	28,214	34,204

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	443	436	453	424	402	374	357	359	360	358	335	315	298	288	277
Diluted Weighted Avg Shares	478	487	491	460	425	395	370	364	365	361	335	330	312	299	286
Basic Weighted Avg Shares	432	438	448	442	416	388	364	358	361	358	335	315	307	294	282
Revenue per Share	50.37	50.46	46.18	42.13	38.5	42.02	47.19	52.32	56.82	56.71	64.64	69.35	79.23	89.77	99.4
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.55	-0.18	0.37	1.81	4.05	2.31	-8.61	5.03	5.72	4.79	7.02	5.71	8.09	10.51	13.51
Basic EPS from Cont Ops	1.33	0.5	2.74	3.05	2.86	1.58	-0.72	4.14	5.78	4.85	7.08	5.77	8.15	10.59	13.58
Diluted EPS, GAAP	1.4	-0.16	0.34	1.73	3.96	2.27	-8.45	4.95	5.66	4.76	7.02	5.45	7.97	10.35	13.32
Diluted EPS from Cont Ops	1.2	0.45	2.5	2.93	2.8	1.55	-0.71	4.08	5.71	4.82	7.08	5.52	8.04	10.42	13.39
Dividend per Share	0.45	0.5	0.5	0.64	0.76	0.86	0.94	1.06	1.26	1.33	1.51	1.67	1.79	1.96	2.17
Cash Flow per Share	5.27	6.13	2.76	4.27	6.63	5.33	6.01	7.93	9.67	10.8	12.22	12.72	13.74	20.11	20.97
Free Cash Flow per Basic Share	5.27	6.13	2.76	4.27	6.63	5.33	6.01	7.59	9.38	10.49	11.82	12.16	13.04	19.61	20.37
Cash & Equivalents per Share	215.64	214.33	153.36	148.74	150.68	91.18	111.15	111.74	125.39	135.27	139.58	127.95	62.84	70.44	78.43
Book Value per Share	25.51	24.56	23.87	25.34	30.22	33.84	26.52	30.86	35.16	38.86	47.08	54.14	61.9	73.27	87.61
Tangible Book Value per Share	46.05	48.52	41.11	41.24	41.26	42.02	31.74	30.19	35.89	42.87	44.01	33.81	40.3	46.16	57.25

The Hartford Financial Services Group, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)