The Hartford Insurance Group, Inc. (HIG)

The base is insuring small and mid-sized businesses, where risk is priced from industry statistics rather than case by case. The industry's key metric is the combined ratio: the share of premium consumed by claims and expenses. A figure below one hundred means underwriting is profitable on its own, before investment income.

The second pillar is the bond portfolio holding premiums until claims are paid. When rates are high that income rises and noticeably improves the result. A separate line is workers' compensation, where payments stretch over years and depend on medical inflation. Risks: litigation trends and natural catastrophes. Hartford pays a dividend and buys back stock.