HIGHARTFORD INSURANCE GROUP, INC.

Fire, Marine & Casualty Insurance

Takeover score 2 of 13

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$16M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
154% of net income
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
37% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Low revenue per employeeYes
$78K · 10th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 37th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$43.3B market cap
Market cap $500M–$5B

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY
Revenue	$1.6B	$1.4B	$1.4B	$1.5B	$1.5B	3.3%
Net income	$2.4B	$1.8B	$2.5B	$3.1B	$3.8B	23%
Operating cash flow	$4.1B	$4.0B	$4.2B	$5.9B	$5.9B	0.2%
Capex	$133M	$175M	$215M	$145M	$169M	17%
Stock-based comp	$128M	$131M	$125M	$133M	$141M	6.0%
Buybacks	$1.7B	$1.6B	$1.4B	$1.5B	$1.6B	6.7%
Dividends	$485M	$506M	$528M	$556M	$592M	6.5%

None.

None on file.

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$22M	$48M	312	210
FY2024	$19M	$49M	244	202
FY2023	$16M	$12M	176	159
FY2022	$16M	$27M	162	146
FY2021	$16M	$39M	144	132