HIG
The Hartford Financial Services Group, Inc.
Is HIG Halal?
Property-casualty and group-benefits insurer — conventional insurance and interest-based investing are an activity-level disqualifier.
What You Should Know
The Hartford Financial Services Group, Inc. is a conventional property-casualty and group-benefits insurer. Its March 31, 2026 Form 10-Q reports assets of $86,322 million, interest-bearing debt of $4,372 million, cash of $166 million, interest-bearing securities of $45,762 million, receivables of $14,224 million and quarterly revenue of $7,226 million. Debt/assets is 5.06%, liquidity/assets is 53.21% and receivables-plus-cash/assets is 16.67%; the liquidity screen fails, but the activity-level conventional-insurance concern is decisive regardless of ratios. The filing does not provide a reproducible gross non-compliant-income numerator.
⚠️ Concerns
- •Conventional insurance is built on gharar and riba, which are activity-level disqualifiers that cannot be cured by purification
- •Liquidity/assets is 53.21%, above examined 33.333% limits
- •Premium float is invested in interest-bearing securities; the filing does not provide a reproducible gross purification numerator
- •This is a structural business-model concern rather than an incidental financial-ratio issue
- •Muslim investors should avoid the stock and consider takaful for protection needs and permissible businesses for investment
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
4,372 / 86,322
45,928 / 86,322
14,390 / 86,322
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 53.21%, above the examined 33.333% limit; the conventional insurance activity also fails.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 53.21%, above the examined MSCI 33.33% limit; the activity screen fails.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 53.21%, above the examined Malaysia limit; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the activity and asset-based screens already fail.
Business-activity disclosure
The Hartford is a conventional property-casualty and group-benefits insurer whose underwriting and investment of premium float are central to its economics.
Limitation: Conventional insurance is an activity-level concern; no revenue carve-out can make the core model permissible.
Purification
The filing does not provide a reproducible gross non-compliant-income numerator; the core conventional insurance activity also fails the business screen.
Inputs, assumptions and primary sources
- Amounts are USD millions from The Hartford's March 31, 2026 Form 10-Q.
- Debt is the reported long-term debt balance; insurance liabilities are not treated as interest-bearing debt.
- Cash excludes $54 million of restricted cash. Interest-bearing securities combine available-for-sale debt securities and fair-value-option fixed-maturity securities.
- Receivables proxy combines premiums receivable, accrued investment income receivable and notes receivable; the filing does not present one universal Sharia receivables line.
- Total revenue is used as the activity-level non-compliant-revenue proxy because conventional insurance is the core business; this is not a purification ruling.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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