Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is The Hartford Financial Services Group (HIG) Halal?

FAIL

The Hartford Financial Services Group · NYSE: HIG · Financials

The short answer

No -- The Hartford Financial Services Group (HIG) fails this Shariah stock screen at the business-activity gate and the non-compliant income gate. Per its own FY2025 10-K, its principal business is underwriting conventional property and casualty insurance plus employee group benefits through five reportable segments -- conventional insurance is a non-compliant business activity under the AAOIFI-style business screen (the same basis as the Aflac, Progressive and Chubb fails in October 2026). Its disclosed net investment income of $2,911M for FY2025 is about 10.26% of its $28,368M in total revenue, above the 5% non-compliant income ceiling. Its debt screen passes: $4,371M of long-term debt (including $500M of junior subordinated debentures) is about 12.91% of its ~$33.85B market cap (danelfin, updated ~1 day before this screen), below the ~33% ceiling. Of the third-party screeners, only Zoya publishes an HIG page, flagging it not Shariah-compliant; no verifiable Musaffa or ShariaPortfolio rating was found in public sources.

Gate 1 — Business activity: FAIL

Gate 1 — business activity: FAIL. The Hartford Financial Services Group, based in Hartford, Connecticut, conducts business principally in five reportable segments per its FY2025 Form 10-K (Item 1, Business): Business Insurance, Personal Insurance, Property Casualty Other Operations, Employee Benefits, and Hartford Funds, plus a Corporate category. Its principal business is underwriting conventional insurance — commercial and personal property and casualty coverage plus employee group benefits (disability and life). Under the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity — the same basis on which Aflac, Progressive (NYSE: PGR) and Chubb (NYSE: CB) failed Gate 1 in earlier October 2026 screens.

The Hartford Funds segment provides investment management, administration and product distribution through mutual funds, ETFs and third-party separate accounts. In June 2026 the company agreed to sell Hartford Funds to Wellington Management — $300 million at closing plus payments over seven years, an estimated $1.9 billion in value, expected to close in Q1 2027 — and Hartford Funds is reported as discontinued operations beginning in Q2 2026. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (12.9%, ceiling 33%). Per The Hartford's FY2025 Form 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $4,371M — long-term debt carried net of $111M of discount and debt issuance costs ($4,482M at par). The Long-term Debt note (Note 16) shows the balance includes $500M of junior subordinated debentures; current maturities within 12 months were nil and no short-term borrowings are reported. Insurance operating liabilities — unpaid losses and loss adjustment expenses ($46,268M), unearned premiums ($10,053M), reserve for future policy benefits ($444M) and other policyholder funds and benefits payable ($612M) — are insurance operating liabilities and are not counted as debt.

$4,371M of interest-bearing debt against a market capitalization of about $33.85B (danelfin, updated ~1 day before this screen; 275,863,220 shares outstanding per the 10-K cover) is 12.91%, below the 33% ceiling. Cash of $133M plus short-term investments of $4,353M total $4,486M, about 13.25% of market cap (about 13.38% including $44M of restricted cash). Debt was essentially unchanged at $4,374M in the Q2 2026 10-Q (June 30, 2026). Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

Gate 3 — non-compliant income: FAIL (10.26%, ceiling 5%). The Hartford's FY2025 Form 10-K income statement reports net investment income of $2,911M against total revenues of $28,368M — about 10.26% of revenue, more than twice the 5% non-compliant income ceiling. For an insurer, net investment income (interest and dividends earned on the investment portfolio that backs its policies) is the separately disclosed interest-type income line; it is stated on its own line in the Consolidated Statements of Operations. Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does The Hartford do?

The Hartford Financial Services Group (NYSE: HIG), based in Hartford, Connecticut, is a property and casualty and group benefits insurer. Per its FY2025 Form 10-K (Item 1, Business), it conducts business in five reportable segments: Business Insurance, Personal Insurance, Property Casualty Other Operations, Employee Benefits, and Hartford Funds, plus a Corporate category. Hartford Funds provides investment management, administration, product distribution and related services through mutual funds, ETFs and third-party separate accounts. In June 2026 the company agreed to sell Hartford Funds to Wellington Management for an estimated $1.9 billion in value ($300 million at closing plus payments over seven years), with closing expected in Q1 2027; Hartford Funds is reported as discontinued operations from Q2 2026.

Why does The Hartford fail this Shariah stock screen?

The Hartford fails this screen at the first gate -- the business-activity gate -- and again at the non-compliant income gate. Per its own FY2025 10-K, its principal business is underwriting conventional insurance -- commercial and personal property and casualty insurance plus employee group benefits -- and under the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity. This is the same basis on which Aflac, Progressive (NYSE: PGR) and Chubb (NYSE: CB) failed Gate 1 in earlier October 2026 screens. Its financial picture also trips Gate 3: net investment income of $2,911M against total revenues of $28,368M for FY2025 is about 10.26% of revenue, above the 5% non-compliant income ceiling. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

What is The Hartford's interest-bearing debt ratio?

Per The Hartford's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $4,371M -- long-term debt, carried net of $111M of discount and debt issuance costs ($4,482M at par). The Long-term Debt note shows this includes $500M of junior subordinated debentures; current maturities within 12 months were nil and no short-term borrowings are reported. Insurance operating liabilities -- unpaid losses and loss adjustment expenses ($46,268M), unearned premiums ($10,053M), reserve for future policy benefits ($444M) and other policyholder funds and benefits payable ($612M) -- are not counted as debt. Against a market cap of about $33.85B (danelfin, updated ~1 day before this screen; 275,863,220 shares outstanding per the 10-K cover), debt divided by market cap is about 12.91% -- below the ~33% ceiling. Cash of $133M plus short-term investments of $4,353M total $4,486M, about 13.25% of market cap (about 13.38% including $44M of restricted cash).

What is The Hartford's non-compliant income ratio?

The Hartford's FY2025 10-K income statement reports net investment income of $2,911M against total revenues of $28,368M -- about 10.26% of revenue, more than twice the 5% non-compliant income ceiling. For an insurer, net investment income (interest and dividends earned on the investment portfolio that backs its policies) is the separately disclosed interest-type income line, and it is separately stated in the filing. Gate 3 fails.

Do Zoya, Musaffa, or ShariaPortfolio cover The Hartford?

Zoya publishes a Hartford (HIG) page and flags the stock as not Shariah-compliant, though the FAQ text on its page is internally contradictory about interest income and its displayed assessment date was blank when accessed in October 2026, so treat its published reasoning with caution. I could not verify a Musaffa rating page for HIG or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).