THG Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	662.5	426	35.3	116	422.8
Depreciation & Amortization	-4.6	1.5	6.3	12.9	16.9
Other Amortization	6.7	6.8	7.9	5.5	3.4
Gain (Loss) on Sale of Investments	46.4	76.2	32.3	106.4	-123.5
Stock-Based Compensation	35.6	31	31.1	29	22.9
Change in Accounts Receivable	-53	-121.7	-110.3	-116.7	-123.4
Reinsurance Recoverable	-16.6	61.6	-91.6	-57.2	-32.9
Change in Insurance Reserves / Liabilities	447.1	331.7	442	784.7	671.8
Change in Other Net Operating Assets	58.9	-8.7	48	3.3	179
Other Operating Activities	35.3	44	-23.3	-108.8	-138.8
Operating Cash Flow	1,178	805.8	361.7	722.3	823.7
Operating Cash Flow Growth	46.22%	122.78%	-49.92%	-12.31%	16.41%
Capital Expenditures	-7.7	-10.2	-11.9	-17.8	-8
Investment in Securities	-658.5	-530.7	-216.6	-489.8	-452.2
Investing Cash Flow	-666.2	-540.9	-228.5	-507.6	-460.2
Long-Term Debt Issued	495	-	-	-	-
Total Debt Repaid	-61.8	-	-	-	-
Net Debt Issued (Repaid)	433.2	-	-	-	-
Issuance of Common Stock	15.4	16.7	6.5	13.3	20.5
Repurchases of Common Stock	-129.2	-26.7	-	-30.8	-162.6
Common Dividends Paid	-130.6	-124.1	-117.2	-108.9	-102.2
Total Dividends Paid	-130.6	-124.1	-117.2	-108.9	-102.2
Other Financing Activities	-13.6	-11.4	-11.4	-14.2	-8.9
Financing Cash Flow	175.2	-145.5	-122.1	-140.6	-253.2
Net Cash Flow	687.2	119.4	11.1	74.1	110.3
Free Cash Flow	1,171	795.6	349.8	704.5	815.7
Free Cash Flow Growth	47.12%	127.44%	-50.35%	-13.63%	17.76%
Free Cash Flow Margin	17.75%	12.75%	5.84%	12.88%	15.60%
Free Cash Flow Per Share	32.07	21.86	9.69	19.52	22.41
Cash Interest Paid	33.3	33.2	33.2	33.3	33.4
Cash Income Tax Paid	169	149	-22.1	107.8	74
Levered Free Cash Flow	979.58	605.73	341.89	560.8	1,106
Unlevered Free Cash Flow	1,007	627.04	363.2	582.11	1,127
Change in Working Capital	396.2	220.9	272.1	561.3	620

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

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