Hanover Insurance Group Inc (THG)

Homeowners Want Strong Insurance Protection -- Many Haven't Confirmed They Have ItJune 4, 2026 10:00 AM
PR Newswire (US) The Hanover's new survey highlights uncertainty around homeowners insurance coverageWORCESTER, Mass., June 4, 2026 /PRNewswire/ -- 90% of homeowners¹ expressed concern about protecting their homes and personal property, but many don't know what their homeowners insurance protection covers, according to a new survey conducted by The Harris Poll on behalf of The Hanover Insurance Group, Inc. (NYSE: THG). The Hanover's 2026 Home Report: The Coverage Confidence Gap shows that many homeowners buy insurance protection without checking to see what their policy covers. For example, many homeowners haven't verified that the following valued protections are part of their standard policy or require an additional purchase:Identity fraud protection (helps cover costs to restore identity after fraud or identity theft) — 46% have not verifiedService line coverage (repair or replacement of underground utility lines on a property, such as water or sewer lines) — 41% have not verifiedWater backup coverage (for damage to property caused by backed-up drains or sump pump overflow, not to be confused with flood insurance) — 38% have not verifiedPersonal property replacement cost (replaces items with new equivalents at current prices) — 24% have not verifiedThese coverages are not always automatically included in insurance quotes and can vary by carrier or policy tier. The findings come at a time when homeowners report broad concern about protecting their homes and personal property. Homeowners cite regular repair costs (45%), damage from severe weather or natural disasters (42%), and non-weather-related events such as water leaks and fires (32%) as top concerns.At the same time, the survey shows that homeowners prioritize comprehensive protection when choosing an insurance carrier and evaluating trade-offs between protection and price:81% say comprehensive protection, with no coverage gaps or surprises, is absolutely essential or very important74% say they would prefer a policy with broader protection, even if it costs more, over a homeowners insurance policy that provides fewer protections but costs lessTogether, the findings point to a gap between homeowners' preference for comprehensive protection and their confidence in what their policies provide."For many people, a home is their most important asset. Homeowners want confidence their insurance will protect them when it matters most, yet many aren't fully certain what their policies include," said Daniel C. Halsey, president of personal lines at The Hanover. "While price will always be a factor, choosing coverage based on cost alone can leave people under-protected and facing higher out-of-pocket expenses after a loss. Talking with an independent insurance agent can help homeowners understand their coverage, identify potential gaps and make more confident decisions about protecting their homes and financial well-being."To read the full 2026 Home Report: The Coverage Confidence Gap and learn more about home protection, please visit hanover.com.About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.?CONTACTS:Lauren E. ChandlerAbby C. Ursoleolchandler@hanover.com aursoleo@hanover.com 508-855-2472508-855-3549¹ For the purposes of this report, homeowners refer to those individuals who own a house.Survey method
This survey was conducted online within the United States by The Harris Poll on behalf of The Hanover from March 5-9, 2026 among 1,173 adults ages 18 and older who own a house. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 3.6 percentage points using a 95% confidence level.For complete survey methodology, including weighting variables and subgroup sample sizes, please contact lchandler@hanover.com.This material is provided for informational purposes only and does not provide any coverage or guarantee prevention of loss. All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates ("The Hanover"). Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage. (For more information visit www.hanover.com.) View original content to download multimedia:https://www.prnewswire.com/news-releases/homeowners-want-strong-insurance-protection--many-havent-confirmed-they-have-it-302791655.htmlSOURCE The Hanover Insurance Group, Inc. Original: Homeowners Want Strong Insurance Protection -- Many Haven't Confirmed They Have It

The Hanover Insurance Group, Inc. Declares Quarterly Dividend of $0.95 Per Common ShareJune 1, 2026 8:39 AM
PR Newswire (US) WORCESTER, Mass., June 1, 2026 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) announced today its board of directors has declared a quarterly dividend of $0.95 per share on the issued and outstanding common stock of the company, payable June 26, 2026, to shareholders of record at the close of business on June 12, 2026. Forward-Looking Statements
Statements regarding quarterly or future dividends, whether regular or special, payable to the company's shareholders, which may be subject to future increases, decreases, or elimination, as determined by The Hanover's board of directors, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The company cautions investors that any such forward-looking statements are not guarantees of future performance, including but not limited to, growth, earnings improvement, returns, future dividend payments, or the amount of such payments. Investors are directed to consider the risks and uncertainties in the company's business that may cause actual results to differ and/or affect the board's decision to declare dividends in the future, including those risks which are discussed in readily available documents, such as the company's annual report on Form 10-K and quarterly reports on Form 10-Q, as well as other documents filed by The Hanover with the Securities and Exchange Commission and which are also available on hanover.com under "Investors."About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.CONTACTS Investors:Media:Oksana LukashevaEmily P. Trevallion(508) 525-6081(508) 855-3263Email: olukasheva@hanover.comEmail: etrevallion@hanover.com View original content to download multimedia:https://www.prnewswire.com/news-releases/the-hanover-insurance-group-inc-declares-quarterly-dividend-of-0-95-per-common-share-302787074.htmlSOURCE The Hanover Insurance Group, Inc. Original: The Hanover Insurance Group, Inc. Declares Quarterly Dividend of $0.95 Per Common Share

The Hanover Expands Motorcycle, Off-Road Vehicle OfferingsMay 14, 2026 2:31 PM
PR Newswire (US) WORCESTER, Mass., May 14, 2026 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today announced the expansion of its motorcycle and off-road vehicle (ORV) insurance products, further broadening availability across additional states and reinforcing the company's commitment to delivering broad, total account solutions for agents and customers. The Hanover has expanded its motorcycle insurance offering into Maryland and Virginia. Its ORV offering is now also available in Maine, New Hampshire, Ohio and Pennsylvania. Key coverage features include:An agreed value option for motorcycles, helping ensure owners are protected for the full insured value of their bikesEnhanced physical damage coverage for both motorcycles and ORVs that protects what riders invest in, including $1,500 in custom equipment coverage and $1,000 for rider safety apparelDistinctive Hanover Platinum waiver of deductible feature, reinforcing the benefits of consolidating coverage under one carrier when it matters most"These offerings further advance our total account strategy that helps protect our customers' homes, vehicles and lifestyles," said Daniel C. Halsey, president, personal lines at The Hanover. "Recreational lines help our agents deliver a more holistic insurance experience by placing all coverages with a single carrier, improving the customer experience, increasing retention and streamlining the process for both customers and agents."The Hanover's motorcycle and ORV products are the latest in a series of investments the company has made to deliver a total account experience for its customers through a range of coverage options including umbrella, cyber and collector car, an offering introduced in 2025 through a partnership with Hagerty. Motorcycle and ORV are available to be added to any Hanover auto policy. Motorcycle coverage is available in Connecticut, Georgia, Illinois, Indiana, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New York, Ohio, Pennsylvania, Tennessee, Virginia and Wisconsin. ORV coverage is available in Illinois, Maine, Maryland, Massachusetts, Michigan, New Hampshire, Ohio, Pennsylvania, Virginia and Wisconsin, with plans to expand to additional states later this year.For more information about The Hanover's motorcycle and ORV offerings, please visit hanover.com.ABOUT THE HANOVER
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, the company offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.CONTACTS:
Abby C. UrsoleoEmily P. Trevallionaursoleo@hanover.cometrevallion@hanover.com508-855-3549508-855-3263 View original content to download multimedia:https://www.prnewswire.com/news-releases/the-hanover-expands-motorcycle-off-road-vehicle-offerings-302772760.htmlSOURCE The Hanover Insurance Group, Inc. Original: The Hanover Expands Motorcycle, Off-Road Vehicle Offerings

The Hanover Insurance Group, Inc. Announces New Share Repurchase AuthorizationMay 13, 2026 4:06 PM
PR Newswire (US) WORCESTER, Mass., May 13, 2026 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today announced its board of directors approved a new share repurchase authorization, pursuant to which the company may repurchase up to $700 million of its common stock. At the same time, the company terminated its previous share repurchase program, which had a remaining repurchase authorization of approximately $63 million. "Our new repurchase authorization demonstrates our confidence in the durability of our earnings and conviction in the path ahead," said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "We maintain a disciplined but flexible approach to capital management, balancing investment in the business with meaningful capital returns to shareholders. We remain focused on deploying capital in ways that enhance long–term shareholder value."Under the new $700 million share repurchase authorization, the company may repurchase its common stock from time to time, in amounts, at prices, and at times the company deems appropriate, subject to market conditions and other considerations. The company's stock purchases may be executed using open market repurchases, privately negotiated transactions, accelerated repurchase programs, or other transactions. The company may establish trading plans under the Securities and Exchange Commission's rule 10b5-1 that will provide additional flexibility as it buys back its stock.Forward-Looking Statements
Statements regarding capital management flexibility, including future share repurchases, future profitability, and durability of earnings constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The company cautions investors that any such forward-looking statements are not guarantees of future performance. Investors are directed to consider the risks and uncertainties in the company's business that may cause actual results to differ, including those risks which are discussed in readily available documents, such as the company's annual report on Form 10-K and quarterly reports on Form 10-Q, as well as other documents filed by The Hanover with the Securities and Exchange Commission and which are also available on hanover.com under "Investors."About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.Contacts:Investors:Media:Oksana LukashevaEmily P. Trevallion(508) 525-6081(508) 855-3263Email: olukasheva@hanover.comEmail: etrevallion@hanover.com View original content to download multimedia:https://www.prnewswire.com/news-releases/the-hanover-insurance-group-inc-announces-new-share-repurchase-authorization-302771479.htmlSOURCE The Hanover Insurance Group, Inc. Original: The Hanover Insurance Group, Inc. Announces New Share Repurchase Authorization

The Hanover Reports Record First Quarter Net Income and Operating Income of $5.20 and $5.25 per Diluted Share, Respectively; Record Net and Operating Return on Equity of 20.9% and 20.3%, RespectivelyApril 29, 2026 4:10 PM
PR Newswire (US)

First Quarter HighlightsCombined ratio of 91.7%; combined ratio, excluding catastrophes(1), of 85.4%Catastrophe losses of $98.9 million, or 6.3 points of the combined ratioNet premiums written increase of 3.2%*Renewal price increases(2) of 8.6% in Core Commercial, 8.4% in Personal Lines, and 4.6% in SpecialtyRate increases(2) of 7.5% in Core Commercial, 4.3% in Personal Lines, and 2.4% in SpecialtyLoss and loss adjustment expense (LAE) ratio of 61.0%, 2.3 points below the prior-year quarterCurrent accident year loss and LAE ratio, excluding catastrophes(3), of 56.3%, 2.0 points below the prior-year quarterNet investment income of $126.9 million, up 19.6% from the prior-year quarterBook value per share of $101.86, up 1.0% from December 31, 2025; excluding net unrealized depreciation on fixed maturity investments, net of tax(4), book value per share increased 2.8%WORCESTER, Mass., April 29, 2026 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $186.8 million, or $5.20 per diluted share, in the first quarter of 2026, compared to $128.2 million, or $3.50 per diluted share, in the prior-year quarter. Operating income(5) was $188.5 million, or $5.25 per diluted share, in the first quarter of 2026, compared to $141.8 million, or $3.87 per diluted share, in the prior-year quarter. The company reported net and operating return on equity(6) of 20.9% and 20.3%, respectively, in the first quarter of 2026.







"We delivered excellent first quarter results, with an operating return on equity of over 20% while generating balanced top-line growth and building for the future," said John C. Roche, president and chief executive officer at The Hanover. "Our performance underscores disciplined execution and the cumulative impact of prior pricing and property underwriting actions that are now bearing fruit. In Personal Lines, we sustained strong margins, delivering solid growth and demonstrating the effectiveness of our state-specific growth strategies. Core Commercial performance remained strong, with healthy margins, resilient pricing, and balanced and accelerating premium growth, particularly in Small Commercial. Specialty once again delivered exceptional profitability and robust premium increases in targeted segments - Management Liability, Surety, Specialty GL and E&S - as our team navigated pockets of soft property market conditions through pricing rigor and a continued focus on disciplined risk selection. Supported by strong recent results, a diversified portfolio, and an experienced, agile team, we remain focused on executing effectively and delivering strong returns in a dynamic market environment.""We are extremely pleased with our financial metrics this quarter, including first quarter record operating earnings per share of $5.25 and a combined ratio of 91.7%," said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "Our ability to sustain strong underwriting margins is evident in the 2.4-point improvement in our ex-CAT combined ratio compared to the prior-year quarter. Once again, we delivered strong net investment income, with growth of nearly 20%, as higher cash flows and yields continued to propel our growing earnings base. Our reserve position remains robust, demonstrated by favorable prior-year development across all major segments. We continue to deploy capital thoughtfully, including the repurchase of 580,000 shares, totaling $101 million year-to-date through April 28th – further augmenting the long-term value of our organization."First Quarter 2026 Highlights

Three months ended



March 31

  ($ in millions, except per share data)
2026


2025

Net premiums written$1,559.7

$1,510.8

Growth
3.2%

3.9%
Net premiums earned$1,570.6

$1,508.5










Current accident year loss and LAE ratio,
  excluding catastrophes
56.3%

58.3%
Prior-year development ratio
(1.6)%

(1.3)%
Catastrophe ratio
6.3%

6.3%
Expense ratio(7)
30.7%

30.8%
Combined ratio
91.7%

94.1%
Combined ratio, excluding catastrophes
85.4%

87.8%
Current accident year combined ratio,
  excluding catastrophes
87.0%

89.1%









Net income$186.8

$128.2

per diluted share
5.20


3.50

Operating income
188.5


141.8

per diluted share
5.25


3.87










Book value per share$101.86

$84.56

Ending shares outstanding (in millions)
35.1


36.0


(1) See information about this and other non-GAAP measures and definitions, including Operating Income and Operating Return on Equity in the headline, used throughout this press release on the final pages of this document.*Unless otherwise stated, net premiums written growth and other growth comparisons are to the same period of the prior year.The Hanover Insurance Group, Inc. may also be referred to as "The Hanover" or "the company" interchangeably throughout this press release. First Quarter Operating HighlightsCore CommercialCore Commercial operating income before income taxes was $74.8 million in the first quarter of 2026, compared to $26.8 million in the first quarter of 2025. The Core Commercial combined ratio was 96.6%, compared to 103.4% in the prior-year quarter. Catastrophe losses in the first quarter of 2026 were $30.4 million, or 5.4 points of the combined ratio, inclusive of $52.1 million, or 9.2 points, of current year losses, and $21.7 million, or 3.8 points, of favorable prior-year catastrophe reserve development primarily driven by lower-than-estimated frequency of large losses, primarily from 2025 events. This compared to catastrophe losses of $46.0 million, or 8.5 points, in the prior-year quarter.First quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $1.6 million, or 0.3 points, compared to $1.3 million, or 0.2 points, in the first quarter of 2025.Core Commercial current accident year combined ratio, excluding catastrophes, decreased 3.6 points, to 91.5% in the first quarter of 2026, compared to 95.1% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, was 58.8%, 2.9 points lower than the prior-year quarter, primarily driven by lower property large losses in the first quarter of 2026, compared to elevated levels in the first quarter of 2025.The expense ratio decreased by 0.7 points, to 32.7%, in the first quarter of 2026, compared to the prior-year quarter, primarily reflecting fixed cost leverage from earned premium growth.Net premiums written were $630.4 million in the first quarter of 2026, up 4.3% from the prior-year quarter, reflecting growth of 6.4% in small commercial and 1.5% in middle market, both accelerating from the fourth quarter of 2025. Core Commercial renewal price increases averaged 8.6%, including average rate increases of 7.5%.The following table summarizes premiums and the components of the combined ratio for Core Commercial:

Three months ended



March 31

  ($ in millions)
2026


2025

Net premiums written$630.4

$604.6

Growth
4.3%

3.8%
Net premiums earned
563.8


541.0

Operating income before taxes
74.8


26.8

Loss and LAE ratio
63.9%

70.0%
Expense ratio
32.7%

33.4%
Combined ratio
96.6%

103.4%
Prior-year development ratio
(0.3)%

(0.2)%
Catastrophe ratio
5.4%

8.5%
Combined ratio, excluding catastrophes
91.2%

94.9%
Current accident year combined ratio,
  excluding catastrophes
91.5%

95.1%
SpecialtySpecialty operating income before income taxes was $84.0 million in the first quarter of 2026, compared to $64.6 million in the first quarter of 2025. The Specialty combined ratio was 84.2%, compared to 87.7% in the prior-year quarter. Catastrophe losses in the first quarter of 2026 were $9.6 million, or 2.7 points of the combined ratio, inclusive of $15.4 million, or 4.3 points, of current year losses, and $5.8 million, or 1.6 points, of favorable prior-year catastrophe reserve development. This compared to catastrophe losses of $14.7 million, or 4.3 points, in the prior-year quarter.First quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $14.2 million, or 3.9 points, with widespread favorability. Net favorable prior-year reserve development, excluding catastrophes, was $15.9 million, or 4.7 points, in the first quarter of 2025.Specialty current accident year combined ratio, excluding catastrophes, decreased 2.7 points, to 85.4% in the first quarter of 2026, from 88.1% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, of 49.0% in the first quarter of 2026 decreased 2.1 points compared to the prior-year quarter, primarily driven by lower property losses.The expense ratio decreased by 0.6 points, to 36.4%, in the first quarter of 2026, compared to the prior-year quarter, primarily reflecting fixed cost leverage from earned premium growth.Net premiums written were $366.7 million in the first quarter of 2026, up 2.3% from the prior-year quarter. Specialty renewal price increases averaged 4.6%, including average rate increases of 2.4%.The following table summarizes premiums and the components of the combined ratio for Specialty:

Three months ended



March 31

  ($ in millions)
2026


2025

Net premiums written$366.7

$358.3

Growth
2.3%

5.4%
Net premiums earned
359.9


339.6

Operating income before taxes
84.0


64.6

Loss and LAE ratio
47.8%

50.7%
Expense ratio
36.4%

37.0%
Combined ratio
84.2%

87.7%
Prior-year development ratio
(3.9)%

(4.7)%
Catastrophe ratio
2.7%

4.3%
Combined ratio, excluding catastrophes
81.5%

83.4%
Current accident year combined ratio,
  excluding catastrophes
85.4%

88.1%
Personal LinesPersonal Lines operating income before income taxes was $89.2 million in the first quarter of 2026, compared to $94.2 million in the first quarter of 2025. The Personal Lines combined ratio was 91.5%, compared to 89.7% in the prior-year quarter. Catastrophe losses in the first quarter of 2026 were $58.9 million, or 9.1 points of the combined ratio, inclusive of $80.2 million, or 12.4 points, of current year losses, and $21.3 million, or 3.3 points, of favorable prior-year catastrophe reserve development primarily due to lower-than-estimated loss severity, largely from 2025 events. This compared to catastrophe losses of $34.9 million, or 5.6 points of the combined ratio, in the prior-year quarter.First quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $9.2 million, or 1.4 points, with favorability in both homeowners and personal auto, compared to $2.8 million, or 0.4 points, in the first quarter of 2025.Personal Lines current accident year combined ratio, excluding catastrophe losses, decreased 0.7 points, to 83.8%, in the first quarter of 2026, from 84.5% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased 1.1 points from the prior-year quarter, to 58.1%, driven by the continued benefit of earned pricing outpacing loss trends and lower property claims frequency in homeowners during the quarter.The expense ratio increased by 0.4 points, to 25.7%, in the first quarter of 2026, compared to the prior-year quarter, primarily reflecting the timing of variable agency compensation expenses.Net premiums written were $562.6 million in the first quarter of 2026, up 2.7% compared to the prior-year quarter. The increase was primarily due to higher new business. Personal Lines renewal price increases averaged 8.4%, including average rate increases of 4.3%. Policies in force (PIF) in the first quarter of 2026 were flat compared to the fourth quarter of 2025.The following table summarizes premiums and components of the combined ratio for Personal Lines:

Three months ended



March 31

  ($ in millions)
2026


2025

Net premiums written$562.6

$547.9

Growth
2.7%

3.0%
Net premiums earned
646.9


627.9

Operating income before taxes
89.2


94.2

Loss and LAE ratio
65.8%

64.4%
Expense ratio
25.7%

25.3%
Combined ratio
91.5%

89.7%
Prior-year development ratio
(1.4)%

(0.4)%
Catastrophe ratio
9.1%

5.6%
Combined ratio, excluding catastrophes
82.4%

84.1%
Current accident year combined ratio,
  excluding catastrophes
83.8%

84.5%
Investments Net investment income was $126.9 million in the first quarter of 2026, an increase of 19.6% from the prior-year quarter, primarily due to the continued investment of cashflows from operations, the impact of higher earned yields on the fixed maturity investment portfolio, and higher partnership income. Total pre-tax earned yield on the investment portfolio for the first quarter of 2026 was 4.50%, up from 4.14% in the prior-year quarter. The average pre-tax earned yield on fixed maturities was 4.42% for the first quarter of 2026, up from 4.08% in the prior-year quarter. Net realized and unrealized investment losses recognized in earnings were $2.3 million in the first quarter of 2026. This compared to net realized and unrealized investment losses recognized in earnings of $17.8 million in the first quarter of 2025.The company held $11.0 billion in cash and invested assets at March 31, 2026. Fixed maturities and cash represented approximately 93% of the investment portfolio. Approximately 95% of the company's fixed maturity portfolio is rated investment grade. As of March 31, 2026, net unrealized losses on the fixed maturity portfolio were $235.6 million before income taxes, compared to $149.2 million at December 31, 2025.Shareholders' Equity and Capital Actions  At March 31, 2026, book value per share was $101.86, up 1.0% from December 31, 2025, driven by strong earnings, partially offset by an increase in the unrealized loss position on the fixed maturity portfolio, share repurchases, and the ordinary quarterly cash dividends. Book value per share, excluding net unrealized depreciation on fixed maturity investments, net of tax, was $107.14 at March 31, 2026, up 2.8% from December 31, 2025.At March 31, 2026, operating insurance company's statutory capital and surplus was $3.54 billion, compared to $3.34 billion at December 31, 2025.Year-to-date, through April 28, 2026, the company repurchased approximately 580,000 shares of common stock, totaling approximately $101 million, of which approximately 503,000 were purchased during the first quarter of 2026, totaling approximately $87 million, with the remaining balance purchased through a 10b5-1 plan during April. The company has approximately $72 million of remaining capacity under its existing share repurchase program.Earnings Conference CallThe company will host a conference call to discuss its first quarter results on Thursday, April 30, at 10:00 a.m. E.T.  A presentation will accompany the prepared remarks and has been posted on The Hanover's website.  Interested investors and others can listen to the call and access the presentation through The Hanover's website, located in the "Investors" section at www.hanover.com. Investors may access the conference call by dialing 1-844-413-3975 in the U.S. and 1-412-317-5458 internationally. Webcast participants should go to the website 15 minutes early to register, download and install any necessary audio software. A re-broadcast of the conference call will be available on The Hanover's website approximately two hours after the call.About The HanoverThe Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, the company offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.Contact Information Investors:Oksana Lukashevaolukasheva @bagus-525-6081Media:Emily P. Trevallionetrevallion @bagus-855-3263
Definition of SegmentsContinuing operations include four reporting segments: Core Commercial, Specialty, Personal Lines and Other. The Core Commercial segment includes commercial multiple peril, commercial automobile, workers' compensation and other core commercial lines coverages provided to small and mid-sized businesses. The Specialty segment includes four divisions of business: marine and industrial property, professional and executive lines (such as management and professional liability), E&S and alternative markets, and surety and other. E&S and alternative markets includes coverages such as excess and surplus lines, program business (providing commercial insurance to markets with specialized coverage or risk management need related to groups of similar businesses), and specialty general liability coverage. The Personal Lines segment markets automobile, homeowners and ancillary coverages to individuals and families. The Other segment primarily includes the operations of the holding company, and our run-off direct asbestos and environmental business, run-off voluntary assumed property and casualty pools business, and run-off product liability business.Financial SupplementThe Hanover's first quarter news release and financial supplement are available in the "Investors" section of the company's website at hanover.com.The Hanover Insurance Group, Inc.





Consolidated Statements of Income

Three months ended



March 31
($ in millions)

2026
2025
Revenues





Premiums earned
$1,570.6$1,508.5
Net investment income

126.9
106.1
Net realized and unrealized investment gains (losses):





Net realized losses from sales and other

(4.9)
(18.8)
Net change in fair value of equity securities and other

4.6
1.0
Impairments on investments:





Credit-related impairments

(1.6)
-
Losses on intent to sell securities

(0.4)
-
Total impairments on investments

(2.0)
-
Total net realized and unrealized investment losses

(2.3)
(17.8)
Fees and other income

6.2
6.4
Total revenues

1,701.4
1,603.2







Losses and expenses





Losses and loss adjustment expenses

957.6
955.3
Amortization of deferred acquisition costs

333.2
313.9
Interest expense

10.8
8.5
Other operating expenses

162.7
165.4
Total losses and expenses

1,464.3
1,443.1
Income before income taxes

237.1
160.1
Income tax expense

50.3
31.9
Net income
$186.8$128.2
 The Hanover Insurance Group, Inc.






Condensed Consolidated Balance Sheets









March 31

December 31
($ in millions)

2026

2025
Assets






Total investments
$10,801.7
$10,382.7
Cash and cash equivalents

243.5

1,122.7
Premiums and accounts receivable, net

1,855.9

1,861.3
Reinsurance recoverable on paid and unpaid losses and unearned premiums

2,051.7

2,011.1
Other assets

1,491.6

1,484.5
Assets of discontinued businesses

83.3

83.6
Total assets
$16,527.7
$16,945.9
Liabilities






Loss and loss adjustment expense reserves
$7,911.1
$7,755.2
Unearned premiums

3,402.0

3,440.4
Short-term debt

50.1

375.0
Long-term debt

793.7

843.3
Other liabilities

693.9

851.9
Liabilities of discontinued businesses

106.5

108.6
Total liabilities

12,957.3

13,374.4
Total shareholders' equity

3,570.4

3,571.5
Total liabilities and shareholders' equity
$16,527.7
$16,945.9
The following is a reconciliation from operating income to net income(5)(8):














The Hanover Insurance Group, Inc.
















Three months ended March 31




2026

2025

($ in millions, except per share data)
$
Amount
Per Share
(Diluted)
$
Amount
Per Share
(Diluted)

Operating income













Core Commercial
$74.8



$26.8




Specialty

84.0




64.6




Personal Lines

89.2




94.2




Other

2.2




0.8




Total

250.2




186.4




Interest expense

(10.8)




(8.5)




Operating income before income taxes

239.4
$6.67

177.9
$4.86

Income tax expense on operating income

(50.9)

(1.42)

(36.1)

(0.99)

Operating income after income taxes

188.5

5.25

141.8

3.87

Non-operating items:













Net realized losses from sales and other

(4.9)

(0.14)

(18.8)

(0.51)

Net change in fair value of equity securities and other

4.6

0.13

1.0

0.03

Impairments on investments:













Credit-related impairments

(1.6)

(0.04)

-

-

Losses on intent to sell securities

(0.4)

(0.01)

-

-

Total impairments on investments

(2.0)

(0.05)

-

-

Income tax benefit on non-operating items

0.6

0.01

4.2

0.11

Net income
$186.8
$5.20
$128.2
$3.50

Dilutive weighted average shares outstanding




35.9




36.6

Basic weighted average shares outstanding




35.2




36.0
















Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements
Certain statements in this document may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as: "believes," "anticipates," "expects," "intends," "may," "projects," "plan," "likely," "potential," "targeted," "forecasts," "should," "could," "continue," and other similar expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. The company cautions investors that any such forward-looking statements are estimates, beliefs, expectations and/or projections that involve significant judgment, are not guarantees and are not necessarily indicative of future performance. Actual results could differ materially from those anticipated. Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made and should understand the risks and uncertainties inherent in or particular to the company's business. The company does not undertake the responsibility to update or revise such forward-looking statements, except as required by law. For a list of factors that could cause actual results to differ materially from those contained in the forward-looking statements in this document, see Part I – Item 1A of our 2025 Annual Report on Form 10-K.Non-GAAP Financial Measures
As discussed on page 39 of the company's Annual Report on Form 10-K for the year ended December 31, 2025, the company uses non-GAAP financial measures as important measures of its operating performance, including operating income, operating income before interest expense and income taxes, operating income per diluted share, and components of the combined ratio, both excluding and/or including catastrophe losses, prior-year reserve development and the expense ratio. Management believes these non-GAAP financial measures are important indications of the company's operating performance. The definition of other non-GAAP financial measures and terms can be found in the 2025 Annual Report on pages 61-64.Operating income and operating income per diluted share are non-GAAP measures. They are defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), gains and/or losses on the repayment of debt, other non-operating items, and results from discontinued operations. Net realized and unrealized investment gains (losses), which include changes in the fair value of equity securities still held, are excluded for purposes of presenting operating income, as they are, to a certain extent, determined by interest rates, financial markets and the timing of sales. Operating income also excludes net gains and losses from disposals of businesses, gains and losses related to the repayment of debt, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes, and certain other items. Operating income is the sum of the segment income from: Core Commercial, Specialty, Personal Lines, and Other, after interest expense and income taxes. In reference to one of the company's four reporting segments, "operating income" is the segment income before both interest expense and income taxes. The company also uses "operating income per diluted share" (which is after both interest expense and income taxes). Operating income per share is calculated by dividing operating income by the weighted average number of diluted shares of common stock. Operating loss per share is calculated by dividing operating loss by the weighted average number of basic shares of common stock due to antidilution. The company believes that metrics of operating income and operating income in relation to its four reporting segments provide investors with a valuable measure of the performance of the company's continuing businesses because they highlight the portion of net income attributable to the core operations of the business. Net income is the most directly comparable GAAP measure for operating income (and operating income before income taxes) and measures of operating income that exclude the effects of catastrophe losses and/or prior-year reserve development. These non-GAAP measures should not be misconstrued as substitutes for net income determined in accordance with GAAP. A reconciliation of operating income to net income for the relevant periods is included on page 9 of this news release and in the Financial Supplement.Operating return on average equity (ROE) is a non-GAAP measure. See end note (6) for a detailed explanation of how this measure is calculated. Operating ROE is based on non-GAAP operating income. In addition, the portion of shareholder equity attributed to unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is excluded. The company believes this measure is helpful in that it provides insight to the capital used by, and results of, the continuing business exclusive of interest expense, income taxes, and other non-operating items. These measures should not be misconstrued as substitutes for GAAP ROE, which is based on net income and shareholders' equity of the entire company and without adjustments.Book value per share is total shareholders' equity divided by the number of common shares outstanding. Book value per share excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure and is total shareholders' equity excluding the after-tax effect of unrealized appreciation (depreciation) on fixed maturities and market risk divided by the number of common shares outstanding.The company may provide measures of operating income and combined ratios that exclude the impact of catastrophe losses (which in all respects include prior accident year catastrophe loss development). A catastrophe is a severe loss, resulting from natural or manmade events including, but is not limited to, hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fires, drought, explosions, severe winter weather and other convective storms, riots, and terrorism. Due to the unique characteristics of each catastrophe loss, there is an inherent inability to reasonably estimate the timing or loss amount in advance. The company believes a separate discussion excluding the effects of catastrophe losses is meaningful to understand the underlying trends and variability of earnings, loss and combined ratio results, among others.Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in the company's estimate of costs related to claims from prior years. Calendar year loss and loss adjustment expense (LAE) ratios determined in accordance with GAAP, excluding prior accident year reserve development, are sometimes referred to as "current accident year loss ratios." The company believes a discussion of loss and combined ratios excluding prior accident year reserve development is helpful since it provides insight into both estimates of current accident year results and the accuracy of prior-year estimates.The loss and combined ratios in accordance with GAAP are the most directly comparable GAAP measures for the loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development. The presentation of loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development should not be misconstrued as substitutes for the loss and/or combined ratios determined in accordance with GAAP.Endnotes (1)Combined ratio, excluding catastrophes, and current accident year combined ratio, excluding catastrophes, are non-GAAP measures. These and other non-GAAP measures are used throughout this document. See the disclosure on the use of this and other non-GAAP measures under the headings "Forward-Looking Statements" and "Non-GAAP Financial Measures." The combined ratio (which includes catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. A reconciliation of the GAAP combined ratio to the combined ratio, excluding catastrophes, and to the current accident year combined ratio, excluding catastrophes, is shown below.




Three months ended




March 31, 2026




Core
Commercial
Specialty
Personal
Lines
Total

Total combined ratio (GAAP)
96.6%
84.2%
91.5%
91.7%

Less: Catastrophe ratio
5.4%
2.7%
9.1%
6.3%

Combined ratio, excluding catastrophe losses (non-GAAP)
91.2%
81.5%
82.4%
85.4%

Less: Prior-year reserve development ratio
(0.3)%
(3.9)%
(1.4)%
(1.6)%

Current accident year combined ratio, excluding
     catastrophe losses (non-GAAP)
91.5%
85.4%
83.8%
87.0%



March 31, 2025


Total combined ratio (GAAP)
103.4%
87.7%
89.7%
94.1%

Less: Catastrophe ratio
8.5%
4.3%
5.6%
6.3%

Combined ratio, excluding catastrophe losses (non-GAAP)
94.9%
83.4%
84.1%
87.8%

Less: Prior-year reserve development ratio
(0.2)%
(4.7)%
(0.4)%
(1.3)%

Current accident year combined ratio, excluding
     catastrophe losses (non-GAAP)
95.1%
88.1%
84.5%
89.1%

















(2)Renewal price changes in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, specific inflationary changes or changes in policy level exposure or insured risks. Rate increases in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the base rate changes, discretionary pricing, and inflation, excluding the impact of changes in policy level exposure or insured risks. Renewal price change in Personal Lines represents the average change in premium on policies charged at renewal caused by the net effects of filed rate, inflation adjustments or other changes in policy level exposure or insured risks, regardless of whether or not the policies are retained for the duration of their contractual terms. Rate change in Personal Lines is the estimated cumulative premium effect of approved rate actions applied to policies at renewal, regardless of whether or not policies are actually renewed. Accordingly, rate changes do not represent actual increases or decreases realized by the company. Personal Lines rate changes do not include inflation or changes in policy level exposure or insured risks.

(3)Current accident year loss and LAE ratio, excluding catastrophe losses, is a non-GAAP measure, which is equal to the loss and LAE ratio (loss ratio), excluding prior-year reserve development and catastrophe losses. The loss ratio (which includes losses, LAE, catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. The following is a reconciliation of the GAAP loss ratio to the current accident year loss ratio, excluding catastrophe losses.




Three months ended




March 31, 2026




Core
Commercial
Specialty
Personal
Lines
Total

Total loss and LAE ratio
63.9%
47.8%
65.8%
61.0%

Less:













Prior-year reserve development ratio
(0.3)%
(3.9)%
(1.4)%
(1.6)%

Catastrophe ratio
5.4%
2.7%
9.1%
6.3%

Current accident year loss and LAE ratio, excluding
catastrophes
58.8%
49.0%
58.1%
56.3%


















March 31, 2025


Total loss and LAE ratio
70.0%
50.7%
64.4%
63.3%

Less:













Prior-year reserve development ratio
(0.2)%
(4.7)%
(0.4)%
(1.3)%

Catastrophe ratio
8.5%
4.3%
5.6%
6.3%

Current accident year loss and LAE ratio, excluding
catastrophes
61.7%
51.1%
59.2%
58.3%

















(4)Book value per share, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure. Book value per share is the most directly comparable GAAP measure and is reconciled in the table below.











Period ended



December 31
March 31



2025
2026

Book value per share$100.90
$101.86

Less: Net unrealized appreciation (depreciation) on fixed
  maturity investments, net of tax, per share(3.31)
(5.28)

Book value per share, excluding net unrealized appreciation
  (depreciation) on fixed maturity investments, net of tax$104.21
$107.14








Versus prior year-end





Change in book value per share


1.0 %

Change in book value per share, excluding net unrealized
  appreciation (depreciation) on fixed maturity investments, net of tax

2.8 %















(5)Operating income and operating income per diluted share are non-GAAP measures. Operating income before income taxes, as referenced in the results of the reporting segments, is defined as, with respect to such segment, operating income before interest expense and income taxes. The reconciliation of operating income and operating income per diluted share to the closest GAAP measures, income from continuing operations and income from continuing operations per diluted share, respectively, and to net income and net income per diluted share, respectively, is provided on the preceding pages of this news release.

(6)Operating return on average equity (operating ROE) is a non-GAAP measure. Operating ROE is calculated by dividing annualized operating income after tax for the applicable period (see under the heading in this news release "Non-GAAP Financial Measures" and end note (5)), by average shareholders' equity, excluding unrealized appreciation (depreciation) on fixed maturity investments, net of tax, for the period presented. Total shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is also a non-GAAP measure. Total shareholders' equity is the most directly comparable GAAP measure and is reconciled below. For the calculation of operating ROE, the average of beginning and ending shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is used for the period as shown and reconciled in the table below.











Period Ended

($ in millions)
December 31

March 31



2025

2026

Total shareholders' equity (GAAP)$3,571.5
$3,570.4

Less: net unrealized appreciation (depreciation)
     on fixed maturity investments, net of tax
(117.1)

(185.0)

Total shareholders' equity, excluding net
     unrealized appreciation (depreciation)
     on fixed maturity investments, net of tax$3,688.6
$3,755.4









Quarter Averages






Average shareholders' equity (GAAP)


$3,571.0

Average shareholders' equity, excluding net
     unrealized appreciation (depreciation) on
     fixed maturity investments, net of tax


$3,722.0








 







($ in millions)
Three months ended



March 31

Net Income ROE
2026

Net income (GAAP)
$186.8


Annualized net income*

747.2


Average shareholders' equity (GAAP)
$3,571.0


Return on equity

20.9%

Operating Income ROE (non-GAAP)





Operating income after taxes
$188.5


Annualized operating income, net of tax*

754.0


Average shareholders' equity, excluding net unrealized appreciation (depreciation) on
fixed maturity investments, net of tax
$3,722.0


Operating return on equity

20.3%







*For three months ended March 31, 2026, annualized net income and operating income after taxes is calculated by multiplying three months ended net income and operating income after taxes, respectively, by 4.

(7)Here, and throughout this document, the expense ratio is reduced by installment and other fee revenues for purposes of the ratio calculation.

(8)The separate financial information of each reporting segment is presented consistent with the way results are regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management evaluates the results of the aforementioned reporting segments without consideration of interest expense on debt and on a pre-tax basis. 



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Original: The Hanover Reports Record First Quarter Net Income and Operating Income of $5.20 and $5.25 per Diluted Share, Respectively; Record Net and Operating Return on Equity of 20.9% and 20.3%, Respectively

The Hanover Insurance Group, Inc. to Hold Annual Meeting of Shareholders on May 12April 13, 2026 4:05 PM
PR Newswire (US)

WORCESTER, Mass., April 13, 2026 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) will hold its annual meeting of shareholders on Tuesday, May 12, 2026, at 9:00 a.m. ET at its headquarters, located at 440 Lincoln Street in Worcester, Massachusetts. A live, audio-only webcast will also be available through the company's website under the "Investors" section.







Shareholders are encouraged to vote by submitting valid proxies in advance of the meeting or by attending the annual meeting and voting in person. As described in the proxy materials previously distributed to the company's shareholders and filed with the U.S. Securities and Exchange Commission on March 26, 2026, shareholders of record at the close of business on March 19, 2026, are entitled to participate. For additional information about the voting process and the proposals under consideration, please see the company's 2026 proxy statement. The company's proxy materials, including the 2025 Annual Report and the THG 2026 Proxy Statement, are available at www.proxydocs.com/THG or at the company's website under the "Investors" section.  About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.Contacts:


Investors:Media:Oksana LukashevaEmily P. Trevallion(508) 525-6081(508) 855-3263Email: olukasheva@hanover.com Email: etrevallion@hanover.com 



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Original: The Hanover Insurance Group, Inc. to Hold Annual Meeting of Shareholders on May 12

The Hanover Insurance Group, Inc. to Issue First Quarter Financial Results on April 29March 30, 2026 4:05 PM
PR Newswire (US)

WORCESTER, Mass., March 30, 2026 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) expects to issue its first quarter financial results after the market closes on Wednesday, April 29, 2026. The company expects to webcast a discussion of its results on Thursday, April 30, at 10:00 a.m. ET, through its website at hanover.com.







About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.Contacts:Investors:                                              Media:
Oksana Lukasheva                               Emily P. Trevallion
(508) 525-6081                                     (508) 855-3263
Email: olukasheva@hanover.com         Email: etrevallion@hanover.com



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Original: The Hanover Insurance Group, Inc. to Issue First Quarter Financial Results on April 29

The Hanover Insurance Group, Inc. Declares Quarterly Dividend of $0.95 Per Common ShareFebruary 24, 2026 4:05 PM
PR Newswire (US)

WORCESTER, Mass., Feb. 24, 2026 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) announced today its board of directors has declared a quarterly dividend of $0.95 per share on the issued and outstanding common stock of the company, payable March 27, 2026, to shareholders of record at the close of business on March 13, 2026.







Forward-Looking Statements
Statements regarding quarterly or future dividends, whether regular or special, payable to the company's shareholders, which may be subject to future increases, decreases, or elimination, as determined by The Hanover's board of directors, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The company cautions investors that any such forward-looking statements are not guarantees of future performance, including but not limited to, growth, earnings improvement, returns, future dividend payments, or the amount of such payments. Investors are directed to consider the risks and uncertainties in the company's business that may cause actual results to differ and/or affect the board's decision to declare dividends in the future, including those risks which are discussed in readily available documents, such as the company's annual report on Form 10-K and quarterly reports on Form 10-Q, as well as other documents filed by The Hanover with the Securities and Exchange Commission and which are also available on hanover.com under "Investors."About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.CONTACTS
Investors:                                             Media:Oksana Lukasheva                              Emily P. Trevallion(508) 525-6081                                    (508) 855-3263Email: olukasheva@hanover.com          Email: etrevallion@hanover.com



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Original: The Hanover Insurance Group, Inc. Declares Quarterly Dividend of $0.95 Per Common Share

The Hanover and its Employees Contribute More Than $1.5 Million to Nonprofits CountrywideFebruary 5, 2026 3:00 PM
PR Newswire (US)

WORCESTER, Mass., Feb. 5, 2026 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) and its employees raised more than $1.5 million through their annual employee giving campaign to support nonprofit organizations across the country, including United Way, Feeding America and Boys and Girls Club of America, as well as thousands of other national and local nonprofits.







For more than 70 years, The Hanover has sponsored an annual employee giving campaign that creates opportunities for its employees to support nonprofit organizations and the countless individuals and families they serve. In 2025, 82% of the company's employees participated, helping to make a difference in communities across the country. The donations, which included a matching contribution from the company's charitable foundation, will be made to more than 2,000 nonprofits in 2026."Each year, our employees show what it truly means to lead with purpose," said John C. Roche, president and chief executive officer at The Hanover. "Their generosity and commitment reflect our culture and our belief that strong companies help create stronger communities. I'm grateful for the passion our team brings to supporting organizations that make a meaningful difference for people and families across the country.""We are honored to be a recipient of The Hanover's employee giving campaign, and grateful for this generous support," said Betsy Myatt, Insurance Industry Charitable Foundation vice president and chief program officer and Northeast Division Executive Director. "Through IICF Community Grant awards to our nonprofit partners, we support charitable focus areas ranging from children at risk to those facing housing and food insecurity, and more. Funds from The Hanover employee giving campaign will directly help us serve the communities where we live and work, and our neighbors in need."To learn more about The Hanover's community impact, please visit hanover.com.ABOUT THE HANOVER
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, the company offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.CONTACTS:
Abby C. Ursoleo    Emily P. Trevallion aursoleo@hanover.com etrevallion@hanover.com508-855-3549508-855-3263



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Original: The Hanover and its Employees Contribute More Than $1.5 Million to Nonprofits Countrywide

The Hanover Reports Record Fourth Quarter Net Income and Operating Income of $5.47 and $5.79 per Diluted Share, Respectively; Record Full-Year Net Income and Operating Income of $18.16 and $19.09 per Diluted Share, RespectivelyFebruary 3, 2026 4:10 PM
PR Newswire (US)

Fourth Quarter HighlightsNet and operating return on equity(1) of 22.7% and 23.1%, respectivelyCombined ratio of 89.0%; combined ratio, excluding catastrophes(2), of 87.3%Catastrophe losses of $27.0 million, or 1.7 points of the combined ratioNet premiums written increase of 3.0%*, or 4.1% excluding reinstatement premiums(3)Renewal price increases(4) of 9.4% in Core Commercial, 9.2% in Personal Lines, and 6.4% in SpecialtyRate increases(4) of 7.7% in Core Commercial, 6.3% in Personal Lines, and 4.2% in SpecialtyNet investment income of $125.8 million, up 24.9% from the prior-year quarterBook value per share of $100.90, up 5.1% from September 30, 2025On December 1, 2025, the Board of Directors approved an increase of 5.6% to the ordinary quarterly cash dividendFull-Year Highlights Net and operating return on equity of 20.6% and 20.1%, respectivelyCombined ratio of 91.6%; combined ratio, excluding catastrophes, of 87.1%Catastrophe losses of $276.3 million, or 4.5 points of the combined ratioNet premiums written of $6.3 billion, an increase of 3.9%Loss and LAE ratio of 60.5%, 3.0 points below the prior yearCurrent accident year loss and LAE ratio, excluding catastrophes(5), of 57.1%, 1.1 points below the prior yearNet investment income of $454.4 million, up 22.0% from the prior yearBook value per share increased 27.4% from December 31, 2024; excluding net unrealized depreciation on fixed maturity investments, net of tax(6), book value per share increased 15.3%WORCESTER, Mass., Feb. 3, 2026 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $198.5 million, or $5.47 per diluted share, in the fourth quarter of 2025, compared to $167.9 million, or $4.59 per diluted share, in the prior-year quarter. Operating income(7) was $210.1 million, or $5.79 per diluted share, in the fourth quarter of 2025, compared to $194.6 million, or $5.32 per diluted share, in the prior-year quarter. Fourth quarter 2025 income tax rate was elevated at approximately 24%, reflecting unusually high state income taxes.







Net income was $662.5 million, or $18.16 per diluted share, in the full year 2025. This compared to $426.0 million, or $11.70 per diluted share, in the prior year. Operating income was $696.2 million, or $19.09 per diluted share, in 2025, compared to $485.9 million, or $13.34 per diluted share, in the prior year."We delivered outstanding results in 2025, with a strong fourth quarter that capped a record year driven by disciplined execution across the company," said John C. Roche, president and chief executive officer at The Hanover. "We achieved record annual operating return on equity of 20.1%, the highest in our history, and 23.1% in the fourth quarter, while generating $6.3?billion in net written premiums for the year, reflecting solid year-over-year growth of approximately 4%. We are exceptionally well-positioned across our businesses. In Personal Lines, our market position is driven by our strength as an account writer, with approximately 89% of customers having multiple policies, driving strong retention. In Core Commercial, we continue to see attractive, high-quality opportunities in the small-to-middle-market account segment. In Specialty, while competition is more pronounced in the larger-sized property market, our broad offering and our focus on smaller-sized accounts across most of our portfolio position us for accelerated growth. Taken together, our diversified and specialized product set and disciplined approach to managing profitability at the individual account level enable us to identify and capitalize on the most compelling opportunities in a dynamic market environment as conditions continue to evolve.""We are very pleased with our results, both in the quarter and the year," said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "In the quarter, we delivered a sub-90s combined ratio and record operating earnings of $5.79 per share, building on the progress we made throughout the year. For the full year, we generated record operating earnings of $19.09 per share and improved our underwriting results by more than three points, bringing our combined ratio to 91.6%. We also delivered favorable prior-year development across all three business segments and remained disciplined in our reserving approach. We increased net investment income by nearly 25% in the fourth quarter and 22% for the year, supported by growth in our asset base, higher reinvestment yields, improving partnership income, and the success of our portfolio repositioning efforts. During the fourth quarter, we raised our quarterly dividend by 5.6% to $0.95 per share, marking our 21st consecutive annual increase. We also repurchased $130 million of shares over the course of the year, reflecting our balanced, shareholder-focused capital management strategy. With another strong year to our credit, we enter 2026 with a robust balance sheet, significant financial flexibility, and an investment portfolio positioned to enhance earnings going forward."Fourth Quarter and Full-Year 2025 Highlights

Three months ended


Year ended



December 31


December 31

  ($ in millions, except per share data)
2025


2024


2025


2024

Net premiums written$1,488.6

$1,445.1

$6,322.1

$6,083.6

Growth
3.0%

7.4%

3.9%

4.7%
Net premiums earned$1,556.6

$1,511.6

$6,161.1

$5,912.6


















Current accident year loss and LAE ratio,
  excluding catastrophes
56.8%

56.9%

57.1%

58.2%
Prior-year development ratio
(1.3)%

(1.7)%

(1.1)%

(1.1)%
Catastrophe ratio
1.7%

1.7%

4.5%

6.4%
Expense ratio(8)
31.8%

32.3%

31.1%

31.3%
Combined ratio
89.0%

89.2%

91.6%

94.8%
Combined ratio, excluding catastrophes
87.3%

87.5%

87.1%

88.4%
Current accident year combined ratio,
  excluding catastrophes
88.6%

89.2%

88.2%

89.5%

















Net income$198.5

$167.9

$662.5

$426.0

per diluted share
5.47


4.59


18.16


11.70

Operating income
210.1


194.6


696.2


485.9

per diluted share
5.79


5.32


19.09


13.34


















Book value per share$100.90

$79.18

$100.90

$79.18

Ending shares outstanding (in millions)
35.4


35.9


35.4


35.9


(1) See information about this and other non-GAAP measures and definitions, including Operating Income in the headline, used throughout this press release on the final pages of this document. *Unless otherwise stated, net premiums written growth and other growth comparisons are to the same period of the prior year.The Hanover Insurance Group, Inc. may also be referred to as "The Hanover" or "the company" interchangeably throughout this press release. Fourth Quarter Operating HighlightsCore CommercialCore Commercial operating income before income taxes was $75.1 million in the fourth quarter of 2025, compared to $71.0 million in the fourth quarter of 2024. The Core Commercial combined ratio was 96.1%, compared to 95.0% in the prior-year quarter. Catastrophe losses in the fourth quarter of 2025 were $26.9 million, or 4.8 points of the combined ratio. This compared to catastrophe losses of $8.4 million, or 1.5 points, in the prior-year quarter.Fourth quarter 2025 results included net favorable prior-year reserve development, excluding catastrophes, of $1.6 million, or 0.3 points, compared to $2.8 million, or 0.5 points, in the fourth quarter of 2024.Core Commercial current accident year combined ratio, excluding catastrophes, decreased 2.4 points, to 91.6% in the fourth quarter of 2025, compared to 94.0% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, was 57.4%, 1.5 points lower than the prior-year quarter, primarily driven by lower property losses.The expense ratio decreased by 0.9 points, to 34.2%, in the fourth quarter of 2025, compared to the prior-year quarter, primarily reflecting fixed cost leverage from earned premium growth.Net premiums written were $512.8 million in the fourth quarter of 2025, up 2.5% from the prior-year quarter, reflecting growth of 4.8% in small commercial and a decline of 1.1% in middle market. Adjusting for reinstatement premiums, Core Commercial and middle market growth were 4.1% and 2.6%, respectively. Core Commercial renewal price increases averaged 9.4%, including average rate increases of 7.7%.The following table summarizes premiums and the components of the combined ratio for Core Commercial:

Three months ended


Year ended



December 31


December 31

  ($ in millions)
2025


2024


2025


2024

Net premiums written$512.8

$500.5

$2,273.7

$2,195.5

Growth
2.5%

7.5%

3.6%

4.2%
Net premiums earned
561.5


549.2


2,211.0


2,148.8

Operating income before taxes
75.1


71.0


250.9


281.6

Loss and LAE ratio
61.9%

59.9%

63.9%

60.6%
Expense ratio
34.2%

35.1%

33.5%

33.8%
Combined ratio
96.1%

95.0%

97.4%

94.4%
Prior-year development ratio
(0.3)%

(0.5)%

(0.3)%

(0.8)%
Catastrophe ratio
4.8%

1.5%

5.1%

3.6%
Combined ratio, excluding catastrophes
91.3%

93.5%

92.3%

90.8%
Current accident year combined ratio,
  excluding catastrophes
91.6%

94.0%

92.6%

91.6%
SpecialtySpecialty operating income before income taxes was $82.1 million in the fourth quarter of 2025, compared to $83.3 million in the fourth quarter of 2024. The Specialty combined ratio was 83.9%, compared to 81.6% in the prior-year quarter. Favorable re-estimates of 2025 prior-quarter catastrophe losses resulted in a fourth quarter 2025 reported catastrophe benefit of $1.2 million, or 0.3 points of the combined ratio, compared to catastrophe losses of $4.0 million, or 1.2 points, in the prior-year quarter.Fourth quarter 2025 results included net favorable prior-year reserve development, excluding catastrophes, of $18.4 million, or 5.3 points, with widespread favorability. Net favorable prior-year reserve development, excluding catastrophes, was $23.6 million, or 7.0 points, in the fourth quarter of 2024.Specialty current accident year combined ratio, excluding catastrophes, increased 2.1 points, to 89.5% in the fourth quarter of 2025, from 87.4% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, of 51.4% in the fourth quarter of 2025, was consistent with the company's long-term expectation for the segment and increased 3.0 points compared to the prior-year quarter, which saw lower-than-expected property losses.The expense ratio decreased by 0.9 points, to 38.1%, in the fourth quarter of 2025, compared to the prior-year quarter, primarily reflecting fixed cost leverage from earned premium growth.Net premiums written were $335.8 million in the fourth quarter of 2025, up 1.2% from the prior-year quarter. Adjusting for reinstatement premiums, growth was 3.6%. Specialty renewal price increases averaged 6.4%, including average rate increases of 4.2%.The following table summarizes premiums and the components of the combined ratio for Specialty:

Three months ended


Year ended



December 31


December 31

  ($ in millions)
2025


2024


2025


2024

Net premiums written$335.8

$331.8

$1,441.5

$1,373.9

Growth
1.2%

8.8%

4.9%

6.2%
Net premiums earned
348.9


339.4


1,398.3


1,322.0

Operating income before taxes
82.1


83.3


296.1


257.7

Loss and LAE ratio
45.8%

42.6%

48.4%

48.9%
Expense ratio
38.1%

39.0%

37.3%

37.6%
Combined ratio
83.9%

81.6%

85.7%

86.5%
Prior-year development ratio
(5.3)%

(7.0)%

(4.1)%

(3.5)%
Catastrophe ratio
(0.3)%

1.2%

2.4%

2.8%
Combined ratio, excluding catastrophes
84.2%

80.4%

83.3%

83.7%
Current accident year combined ratio,
  excluding catastrophes
89.5%

87.4%

87.4%

87.2%
Personal LinesPersonal Lines operating income before income taxes was $127.1 million in the fourth quarter of 2025, compared to $101.1 million in the fourth quarter of 2024. The Personal Lines combined ratio was 85.5%, compared to 88.1% in the prior-year quarter. Catastrophe losses in the fourth quarter of 2025 were $1.3 million, or 0.2 points of the combined ratio, inclusive of $9.3 million, or 1.4 points, of current year losses, and $8.0 million, or 1.2 points, of favorable prior-year catastrophe reserve development. This compared to catastrophe losses of $13.6 million, or 2.2 points of the combined ratio, in the prior-year quarter.Prior-year reserve development, excluding catastrophes, was slightly favorable in both the fourth quarter of 2025 and 2024.Personal Lines current accident year combined ratio, excluding catastrophe losses, decreased 0.6 points, to 85.4%, in the fourth quarter of 2025, from 86.0% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased 0.8 points from the prior-year quarter, to 59.0%, driven by the continued benefit of earned pricing outpacing loss trends, lower property claims frequency in the quarter in both homeowners and personal auto, and favorable non-catastrophe weather, partially offset by prudently increased loss picks in auto bodily injury.Net premiums written were $640.0 million in the fourth quarter of 2025, up 4.4% compared to the prior-year quarter. The increase was primarily due to continued strong pricing increases and higher retention. Personal Lines renewal price increases averaged 9.2%, including average rate increases of 6.3%. Policies in force (PIF) in the fourth quarter of 2025 decreased 0.6% compared to the third quarter of 2025.The following table summarizes premiums and components of the combined ratio for Personal Lines:

Three months ended


Year ended



December 31


December 31

  ($ in millions)
2025


2024


2025


2024

Net premiums written$640.0

$612.8

$2,606.9

$2,514.2

Growth
4.4%

6.6%

3.7%

4.3%
Net premiums earned
646.2


623.0


2,551.8


2,441.8

Operating income before taxes
127.1


101.1


379.8


111.3

Loss and LAE ratio
59.1%

61.9%

64.3%

74.0%
Expense ratio
26.4%

26.2%

25.7%

25.6%
Combined ratio
85.5%

88.1%

90.0%

99.6%
Prior-year development ratio
(0.1)%

(0.1)%

(0.3)%

(0.2)%
Catastrophe ratio
0.2%

2.2%

5.0%

10.7%
Combined ratio, excluding catastrophes
85.3%

85.9%

85.0%

88.9%
Current accident year combined ratio,
  excluding catastrophes
85.4%

86.0%

85.3%

89.1%
Full-Year Operating HighlightsThe company's combined ratio in 2025 was 91.6%, compared to 94.8% in the prior year. Catastrophe losses were $276.3 million, or 4.5 points of the combined ratio, in 2025. This compared to $375.9 million, or 6.4 points, in the prior year. Net favorable prior-year reserve development, excluding catastrophes, was $70.4 million, or 1.1 points, in 2025, compared to $67.4 million, or 1.1 points in the prior year.The current accident year combined ratio, excluding catastrophe losses, was 88.2% in 2025, compared to 89.5% in the prior year, driven by an improvement in the current accident year loss and LAE ratio, excluding catastrophes, reflecting improvement in Personal Lines. The expense ratio decreased 0.2 points in 2025, compared to the prior year, driven primarily by fixed cost leverage from earned premium growth.Total net premiums written were $6.3 billion in 2025, up 3.9% from 2024, reflecting growth of 4.9% in Specialty, 3.7% in Personal Lines, and 3.6% in Core Commercial.Core Commercial operating income before income taxes was $250.9 million in 2025, which included $113.4 million, or 5.1 points, of catastrophe losses, and $7.1 million, or 0.3 points, of net favorable prior-year reserve development, excluding catastrophes. In 2024, Core Commercial operating income before income taxes was $281.6 million, which included $77.2 million, or 3.6 points, of catastrophe losses, and $17.7 million, or 0.8 points, of net favorable prior-year reserve development, excluding catastrophes. The Core Commercial current accident year combined ratio, excluding catastrophe losses, was 92.6%, compared to 91.6% in the prior year, primarily driven by an increase in the loss ratio. The current accident year loss and LAE ratio, excluding catastrophes, increased 1.3 points from the prior year, primarily driven by prudently increased loss selections in commercial auto liability and in workers' compensation, partially offset by lower losses in commercial multiple peril. The expense ratio decreased 0.3 points in 2025, compared to the prior year.Specialty operating income before income taxes was $296.1 million in 2025, which included $34.1 million, or 2.4 points, of catastrophe losses, and $56.8 million, or 4.1 points, of net favorable prior-year reserve development, excluding catastrophes, with widespread favorability. In 2024, Specialty operating income before income taxes was $257.7 million, which included $37.5 million, or 2.8 points, of catastrophe losses, and $46.2 million, or 3.5 points, of net favorable prior-year reserve development, excluding catastrophes. The Specialty current accident year combined ratio, excluding catastrophe losses, was 87.4%, compared to 87.2% in the prior year. The current accident year loss and LAE ratio, excluding catastrophes, increased 0.5 points in 2025, compared to the prior year, reflecting lower-than-expected property losses in both periods. The expense ratio decreased 0.3 points in 2025, compared to the prior year.Personal Lines operating income before income taxes was $379.8 million in 2025, which included $128.8 million, or 5.0 points, of catastrophe losses, and $7.2 million, or 0.3 points, of net favorable prior-year reserve development, excluding catastrophes. In 2024, Personal Lines operating income before income taxes was $111.3 million, which included $261.2 million, or 10.7 points, of catastrophe losses, and $4.9 million, or 0.2 points, of net favorable prior-year reserve development, excluding catastrophes. The Personal Lines current accident year combined ratio, excluding catastrophes, was 85.3%, compared to 89.1% in the prior year, reflecting a decrease of 3.9 points in the current accident year loss ratio, excluding catastrophes, driven by the benefit of earned pricing and favorable property frequency in both auto and homeowners. The 2025 expense ratio was essentially flat compared to 2024.Investments Net investment income was $125.8 million in the fourth quarter of 2025 and $454.4 million in the full year 2025, increases of 24.9% and 22.0%, respectively, from the prior-year periods, primarily due to the impact of higher earned yields on the fixed maturity investment portfolio, and the continued investment of cashflows from operations. Total pre-tax earned yield on the investment portfolio for the fourth quarter of 2025 was 4.44%, up from 3.97% in the prior-year quarter. The average pre-tax earned yield on fixed maturities was 4.41% for the fourth quarter of 2025, up from 3.99% in the prior-year quarter. Total pre-tax earned yield on the investment portfolio for the full year 2025 was 4.25%, up from 3.78% in the prior year. The average pre-tax earned yield on fixed maturities was 4.27% for the full year 2025, up from 3.70% in the prior year.Net realized investment losses from sales of securities recognized in earnings in the fourth quarter of 2025 were $18.0 million, before taxes, driven by the sale of certain lower-yield fixed income securities, in consideration of expiring tax gains from 2022. Net realized investment losses from sales of securities recognized in earnings for the full year 2025 were $61.7 million, before taxes, driven by the sale of certain lower-yield fixed income securities, in consideration of the aforementioned expiring tax gains from 2022. This was partially offset by an increase in the fair value of equity securities of $18.8 million.The company held $11.5 billion in cash and invested assets at December 31, 2025. Fixed maturities and cash represented approximately 93% of the investment portfolio. Approximately 95% of the company's fixed maturity portfolio is rated investment grade. As of December 31, 2025, net unrealized losses on the fixed maturity portfolio were $149.2 million before income taxes, compared to $188.3 million at September 30, 2025 and $509.3 million on December 31, 2024.Shareholders' Equity and Capital ActionsAt December 31, 2025, book value per share was $100.90, up 5.1% from September 30, 2025, and up 27.4% from December 31, 2024, driven by strong earnings and an improvement in the unrealized loss position on the fixed maturity portfolio, partially offset by the ordinary quarterly cash dividends and share repurchases. Book value per share, excluding net unrealized depreciation on fixed maturity investments, net of tax, was $104.21 at December 31, 2025, up 4.1% and 15.3% from September 30, 2025 and December 31, 2024, respectively.At December 31, 2025, operating insurance company's statutory capital and surplus was $3.34 billion, compared to $3.27 billion at September 30, 2025, and $2.97 billion at December 31, 2024.The company repurchased approximately 307,000 shares of common stock in the fourth quarter of 2025, totaling approximately $55 million, and approximately 754,000 shares in the full year 2025, totaling approximately $130 million. In January 2026, the company additionally repurchased approximately 254,000 shares totaling approximately $44 million through a 10b5-1 plan. The company has approximately $130 million of remaining capacity under its existing share repurchase program.Additionally, in the fourth quarter, the Board of Directors approved an increase to the quarterly dividend of 5.6% to $0.95 per common share. The company paid ordinary cash dividends of $33.7 million in the fourth quarter and $130.6 million in the full year.Earnings Conference CallThe company will host a conference call to discuss its fourth quarter and full-year results on Wednesday, February 4, at 10:00 a.m. E.T.  A presentation will accompany the prepared remarks and has been posted on The Hanover's website.  Interested investors and others can listen to the call and access the presentation through The Hanover's website, located in the "Investors" section at www.hanover.com. Investors may access the conference call by dialing 1-844-413-3975 in the U.S. and 1-412-317-5458 internationally. Webcast participants should go to the website 15 minutes early to register, download and install any necessary audio software. A re-broadcast of the conference call will be available on The Hanover's website approximately two hours after the call.About The HanoverThe Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, the company offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.Contact Information Investors:Oksana Lukashevaolukasheva @bagus-525-6081Media:Emily P. Trevallionetrevallion @bagus-855-3263
Definition of Segments Continuing operations include four reporting segments: Core Commercial, Specialty, Personal Lines and Other. The Core Commercial segment includes commercial multiple peril, commercial automobile, workers' compensation and other core commercial lines coverages provided to small and mid-sized businesses. The Specialty segment includes four divisions of business: professional and executive lines, specialty property and casualty (Specialty P&C), marine, and surety and other. Specialty P&C includes coverages such as program business (provides commercial insurance to markets with specialized coverage or risk management needs related to groups of similar businesses), specialty industrial and commercial property, excess and surplus lines, and specialty general liability coverage. The Personal Lines segment markets automobile, homeowners and ancillary coverages to individuals and families. The Other segment primarily includes the operations of the holding company, and our run-off direct asbestos and environmental business, run-off voluntary assumed property and casualty pools business, and run-off product liability business.Financial SupplementThe Hanover's fourth quarter and full-year news release and financial supplement are available in the "Investors" section of the company's website at hanover.com. The Hanover Insurance Group, Inc.









Consolidated Statements of Income

Three months ended
Year ended



December 31
December 31
($ in millions)

2025
2024
2025
2024
Revenues









Premiums earned
$1,556.6$1,511.6$6,161.1$5,912.6
Net investment income

125.8
100.7
454.4
372.6
Net realized and unrealized investment gains (losses):









Net realized losses from sales and other

(18.0)
(29.0)
(61.7)
(84.2)
Net change in fair value of equity securities and other

1.4
(5.1)
18.8
14.2
Impairments on investments:









Credit-related impairments

(0.1)
(0.3)
(2.6)
(3.6)
Losses on intent to sell securities

-
-
(0.5)
(2.2)
Total impairments on investments

(0.1)
(0.3)
(3.1)
(5.8)
Total net realized and unrealized investment losses

(16.7)
(34.4)
(46.0)
(75.8)
Fees and other income

6.1
6.4
24.9
28.0
Total revenues

1,671.8
1,584.3
6,594.4
6,237.4











Losses and expenses









Losses and loss adjustment expenses

889.7
860.6
3,729.3
3,757.4
Amortization of deferred acquisition costs

327.4
311.4
1,285.2
1,221.7
Interest expense

14.5
8.5
43.2
34.1
Other operating expenses

182.4
192.3
692.9
686.4
Total losses and expenses

1,414.0
1,372.8
5,750.6
5,699.6
Income before income taxes

257.8
211.5
843.8
537.8
Income tax expense

60.8
44.2
183.1
112.5
Income from continuing operations

197.0
167.3
660.7
425.3
Discontinued operations (net of taxes):









Income (loss) from discontinued life businesses

1.2
(0.1)
1.5
-
Income from discontinued Chaucer business

0.3
0.7
0.3
0.7
Net income
$198.5$167.9$662.5$426.0
 The Hanover Insurance Group, Inc.






Condensed Consolidated Balance Sheets









December 31

December 31
($ in millions)

2025

2024
Assets






Total investments
$10,382.7
$9,409.8
Cash and cash equivalents

1,122.7

435.5
Premiums and accounts receivable, net

1,861.3

1,800.8
Reinsurance recoverable on paid and unpaid losses and unearned premiums

2,011.1

1,994.5
Other assets

1,484.5

1,548.2
Assets of discontinued businesses

83.6

85.7
Total assets
$16,945.9
$15,274.5
Liabilities






Loss and loss adjustment expense reserves
$7,755.2
$7,461.2
Unearned premiums

3,440.4

3,283.3
Short-term debt

375.0

61.8
Long-term debt

843.3

722.3
Other liabilities

851.9

795.5
Liabilities of discontinued businesses

108.6

108.6
Total liabilities

13,374.4

12,432.7
Total shareholders' equity

3,571.5

2,841.8
Total liabilities and shareholders' equity
$16,945.9
$15,274.5
The following is a reconciliation from operating income to net income(7)(9):

























The Hanover Insurance Group, Inc.



























Three months ended December 31

Year ended December 31



2025

2024

2025

2024
($ in millions, except per share data)
$
Amount
Per Share
(Diluted)
$
Amount
Per Share
(Diluted)
$
Amount
Per Share
(Diluted)
$
Amount
Per Share
(Diluted)
Operating income
























Core Commercial
$75.1



$71.0



$250.9



$281.6



Specialty

82.1




83.3




296.1




257.7



Personal Lines

127.1




101.1




379.8




111.3



Other

4.7




(1.0)




6.2




(0.5)



Total

289.0




254.4




933.0




650.1



Interest expense

(14.5)




(8.5)




(43.2)




(34.1)



Operating income before income taxes

274.5
$7.57

245.9
$6.72

889.8
$24.40

616.0
$16.91
Income tax expense on operating income

(64.4)

(1.78)

(51.3)

(1.40)

(193.6)

(5.31)

(130.1)

(3.57)
Operating income after income taxes

210.1

5.79

194.6

5.32

696.2

19.09

485.9

13.34
Non-operating items:
























Net realized losses from sales and other

(18.0)

(0.50)

(29.0)

(0.79)

(61.7)

(1.69)

(84.2)

(2.31)
Net change in fair value of equity securities and other

1.4

0.04

(5.1)

(0.14)

18.8

0.52

14.2

0.39
Impairments on investments:
























  Credit-related impairments

(0.1)

-

(0.3)

(0.01)

(2.6)

(0.07)

(3.6)

(0.10)
  Losses on intent to sell securities

-

-

-

-

(0.5)

(0.02)

(2.2)

(0.06)
 Total impairments on investments

(0.1)

-

(0.3)

(0.01)

(3.1)

(0.09)

(5.8)

(0.16)
Other non-operating items

-

-

-

-

-

-

(2.4)

(0.07)
Income tax benefit on non-operating items

3.6

0.10

7.1

0.19

10.5

0.29

17.6

0.49
Income from continuing operations, net of taxes

197.0

5.43

167.3

4.57

660.7

18.12

425.3

11.68
Discontinued operations (net of taxes):
























Income (loss) from discontinued life businesses

1.2

0.03

(0.1)

-

1.5

0.03

-

-
Income from discontinued Chaucer business

0.3

0.01

0.7

0.02

0.3

0.01

0.7

0.02
Net income
$198.5
$5.47
$167.9
$4.59
$662.5
$18.16
$426.0
$11.70
Dilutive weighted average shares outstanding




36.3




36.6




36.5




36.4
Basic weighted average shares outstanding




35.5




36.0




35.8




35.9


























Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements
Certain statements in this document and comments made by management may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as, but not limited to, "believes," "anticipates," "expects," "intends," "may," "projects," "projections," "plan," "likely," "potential," "targeted," "forecasts," "should," "could," "continue," "outlook," "guidance," "modeling," "target profitability," "target margins," "confident," "optimistic," "committed," "will," "line of sight," "clear visibility to," "designed," "position us," and other similar expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. The company cautions investors that any such forward-looking statements are estimates, beliefs, expectations and/or projections that involve significant judgment, and that historical results, trends and forward-looking statements are not guarantees and are not necessarily indicative of future performance. Actual results could differ materially from those anticipated.These statements include, but are not limited to, the company's statements regarding:The company's outlook and its ability and confidence in achieving components or the sum of the respective period guidance and/or long-term targets for future results of operations including: the combined ratio, excluding catastrophe losses; catastrophe losses; net investment income; growth of net premiums written, net premiums earned and/or pricing increases in total or by line of business; expense ratio; operating return on equity; interest rate assumptions and investment portfolio management, renewal price change, rate, and/or the effective tax rate;The company's ability and timing to deliver on expectations set forth related to target margins, target returns and/or return to target profitability in total or by line of business;The impacts of general economic and socioeconomic conditions on the company's operating and financial results, including, but not limited to, the impact on the company's investment portfolio and capital planning, changes in claims frequency as a result of fluctuations in economic activity, the potential impacts of inflation and other economic factors, and/or claims severity from higher cost of repairs due to, among other things, supply chain disruptions, tariffs and inflation;Ability to manage the impact of inflationary pressures, global market disruptions, economic conditions, geopolitical events or otherwise, including, but not limited to, supply chain disruptions, tariffs, trade policy, labor shortages, and increases in cost of goods, services, labor, and materials;Uses, including the timing of uses, of capital for share repurchases, special or ordinary cash dividends, business investments or growth, debt maturities, or otherwise, and outstanding shares in future periods as a result of various share repurchase mechanisms, capital management framework, and overall comfort with liquidity and capital levels;Catastrophe modeling and variability of catastrophe losses due to risk concentrations, changes in weather patterns, severe weather including hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fires, drought, explosions, severe winter weather and other convective storms, or pandemics, terrorism, civil unrest, riots or other events, as well as the complexity in estimating losses from large catastrophe events due to delayed reporting of the existence, nature or extent of losses or where "demand surge," regulatory assessments, litigation, coverage and technical complexities or other factors may significantly impact the ultimate amount of such losses;Current accident year losses and loss selections (picks), excluding catastrophes, and prior accident year loss reserve development patterns, particularly in complex "longer-tail" liability lines, as well as the inherent variability in short-tail property and non-catastrophe weather losses;Changes in frequency and loss severity trends in Core Commercial, Specialty and/or Personal Lines;The confidence or concern that the current level of reserves is adequate and/or sufficient for future claim payments, whether due to losses that have been incurred but not reported, circumstances that delay the reporting of losses, business complexity, adverse judgments or developments with respect to case reserves, the difficulties and uncertainties inherent in projecting future losses from historical data, changes in replacement and medical costs, as well as complexities including legislative, regulatory or judicial actions that expand the intended scope of coverages, or other factors;Characterization of some business as being "more profitable" in light of inherent uncertainty of ultimate losses incurred, especially for "longer-tail" liability businesses;Efforts to manage expenses, including the company's long-term expense savings targets, while allocating capital to business investment, which is at management's discretion;Our ability to retain profitable policies in force and attract profitable policies, and to increase rates commensurate with, or in excess of, loss trends;The positive impact of mix improvement, underwriting initiatives, coverage restrictions, non-renewals, changes in terms and conditions, and pricing segmentation, among others, on the company's results;The ability to generate growth in targeted businesses, segments, and/or geographies through new agency appointments, rate increases, retention improvements, new business, expansion into geographies, new product introductions, or otherwise, the ability to balance rate actions and retention, as well as the ability to reduce premiums attributable to products, lines of business, or geographies believed to be less profitable;The ability to offset long-term and/or short-term loss trends due to increased frequency and/or severity; increased "social inflation" from a more litigious environment, lawsuit abuse and higher average cost of resolution; increased property replacement or repair costs; and/or social unrest; andInvestment returns and the effect of macro-economic interest rate trends and overall security yields, including the macro-economic impact of governmental and/or central banking initiatives taken in response to inflationary pressures, and geopolitical circumstances, on new money yields, as well as individual investment and overall investment returns.Additional Risks and Uncertainties
Investors are further cautioned and should consider the risks and uncertainties in the company's business that may affect such estimates and future performance that are discussed in the company's most recently filed reports on Form 10-K and Form 10-Q and other documents filed by The Hanover Insurance Group, Inc. with the Securities and Exchange Commission (SEC) and that are also available at www.hanover.com under "Investors." These risks and uncertainties include, but are not limited to:Changes in regulatory, legislative, economic, market and political conditions, particularly with respect to rates, competition, the use of data, technology, artificial intelligence (AI), cybersecurity, policy terms and conditions, restrictions on cancellations and/or non-renewals, payment flexibility, and regions where the company has geographical concentrations;Heightened financial market volatility, fluctuations in interest rates (which have a significant impact on the market value of our investment portfolio and thus our book value), inflationary pressures, default rates, tariffs, difficult economic, market and geopolitical conditions, and other factors that affect investment returns from the investment portfolio;Recessionary economic periods that may inhibit the company's ability to increase pricing or renew business, or otherwise impact the company's results, and which may be accompanied by higher claims activity in certain lines;Data security and privacy incidents, including, but not limited to, those resulting from malicious cybersecurity attacks on the company or its business partners and service providers, or intrusions into the company's information network systems, including cloud-based data information storage, or data sources;Adverse claims experience, including those driven by large or increased frequency and/or severity of catastrophe events, including those related to hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fires, drought, explosions, severe winter weather and other convective storms, or due to terrorism, civil unrest, riots, or cybersecurity events (including from products not intended to provide cyber coverage);The limitations and assumptions used to model non-catastrophe property and casualty losses (particularly with respect to products with longer-tail liability lines, such as casualty and bodily injury claims, or involving emerging issues related to losses incurred as the result of new lines of business or reinsurance contracts and reinsurance recoverables), leading to potential adverse development of loss and loss adjustment expense reserves;Impacts of changing climate conditions and weather patterns causing higher levels of losses from weather events to persist and leading to new or enhanced regulations;Litigation and the possibility of adverse judicial decisions, including those which expand policy coverage beyond its intended scope and/or award "bad faith" or other non-contractual damages, and the impact of "social inflation" and third-party litigation funding affecting judicial awards and settlements;The ability to increase or maintain insurance rates in line with anticipated loss costs and/or governmental action, including mandates by state departments of insurance to either raise or lower rates, or provide credits or return premium to insureds;Investment impairments, which may be affected by, among other things, the company's ability and willingness to hold investment assets until they recover in value, as well as credit and interest rate risk, and general financial and economic conditions;Disruption of the independent agency channel or its operating model, including the impact of competition and consolidation in the industry and among agents and brokers, and the impact of AI tools;Competition, particularly from competitors who have resource and capability advantages, including the advancing use of AI technology;The global macroeconomic environment, including inflation, recessionary effects, global trade disputes, war, energy market disruptions, equity price risk, tariffs, and interest rate fluctuations, which, among other things, could result in reductions in market values of fixed maturities and other investments, and/or increases in loss costs;Adverse state and federal regulation, legislative and/or regulatory actions (including significant revisions to Michigan's automobile personal injury protection system and related litigation, and various regulations, orders and proposed legislation regarding bad faith, premium grace periods and returns, changes to policy terms and conditions, and rate actions);Financial ratings actions, in particular, downgrades to the company's ratings;Operational and technology risks and evolving technological and product innovation, including risks created by remote work environments, the evolving use of AI, and cybersecurity threats;Uncertainties in estimating indemnification liabilities recorded in conjunction with obligations undertaken in connection with the sale of various businesses and discontinued operations; andThe ability to collect from reinsurers, reinsurance availability and pricing, and reinsurance terms and conditions.Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made and should understand the risks and uncertainties inherent in or particular to the company's business. The company does not undertake the responsibility to update or revise such forward-looking statements, except as required by law.Non-GAAP Financial Measures
As discussed on page 39 of the company's Annual Report on Form 10-K for the year ended December 31, 2024, the company uses non-GAAP financial measures as important measures of its operating performance, including operating income, operating income before interest expense and income taxes, operating income per diluted share, and components of the combined ratio, both excluding and/or including catastrophe losses, prior-year reserve development and the expense ratio. Management believes these non-GAAP financial measures are important indications of the company's operating performance. The definition of other non-GAAP financial measures and terms can be found in the 2024 Annual Report on pages 62-65.Operating income and operating income per diluted share are non-GAAP measures. They are defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), gains and/or losses on the repayment of debt, other non-operating items, and results from discontinued operations. Net realized and unrealized investment gains (losses), which include changes in the fair value of equity securities still held, are excluded for purposes of presenting operating income, as they are, to a certain extent, determined by interest rates, financial markets and the timing of sales. Operating income also excludes net gains and losses from disposals of businesses, gains and losses related to the repayment of debt, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes, and certain other items. Operating income is the sum of the segment income from: Core Commercial, Specialty, Personal Lines, and Other, after interest expense and income taxes. In reference to one of the company's four reporting segments, "operating income" is the segment income before both interest expense and income taxes. The company also uses "operating income per diluted share" (which is after both interest expense and income taxes). Operating income per share is calculated by dividing operating income by the weighted average number of diluted shares of common stock. Operating loss per share is calculated by dividing operating loss by the weighted average number of basic shares of common stock due to antidilution. The company believes that metrics of operating income and operating income in relation to its four reporting segments provide investors with a valuable measure of the performance of the company's continuing businesses because they highlight the portion of net income attributable to the core operations of the business. Income from continuing operations is the most directly comparable GAAP measure for operating income (and operating income before income taxes) and measures of operating income that exclude the effects of catastrophe losses and/or prior-year reserve development. These non-GAAP measures should not be misconstrued as substitutes for income from continuing operations or net income determined in accordance with GAAP. A reconciliation of operating income to income from continuing operations and net income for the relevant periods is included on page 11 of this news release and in the Financial Supplement.Operating return on average equity (ROE) is a non-GAAP measure. See end note (1) for a detailed explanation of how this measure is calculated. Operating ROE is based on non-GAAP operating income. In addition, the portion of shareholder equity attributed to unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is excluded. The company believes this measure is helpful in that it provides insight to the capital used by, and results of, the continuing business exclusive of interest expense, income taxes, and other non-operating items. These measures should not be misconstrued as substitutes for GAAP ROE, which is based on net income and shareholders' equity of the entire company and without adjustments.Book value per share is total shareholders' equity divided by the number of common shares outstanding. Book value per share excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure and is total shareholders' equity excluding the after-tax effect of unrealized appreciation (depreciation) on fixed maturities and market risk divided by the number of common shares outstanding.The company may provide measures of operating income and combined ratios that exclude the impact of catastrophe losses (which in all respects include prior accident year catastrophe loss development). A catastrophe is a severe loss, resulting from natural or manmade events including, but is not limited to, hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fires, drought, explosions, severe winter weather and other convective storms, riots, and terrorism. Due to the unique characteristics of each catastrophe loss, there is an inherent inability to reasonably estimate the timing or loss amount in advance. The company believes a separate discussion excluding the effects of catastrophe losses is meaningful to understand the underlying trends and variability of earnings, loss and combined ratio results, among others.Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in the company's estimate of costs related to claims from prior years. Calendar year loss and loss adjustment expense (LAE) ratios determined in accordance with GAAP, excluding prior accident year reserve development, are sometimes referred to as "current accident year loss ratios." The company believes a discussion of loss and combined ratios excluding prior accident year reserve development is helpful since it provides insight into both estimates of current accident year results and the accuracy of prior-year estimates.The loss and combined ratios in accordance with GAAP are the most directly comparable GAAP measures for the loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development. The presentation of loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development should not be misconstrued as substitutes for the loss and/or combined ratios determined in accordance with GAAP. Endnotes

(1)Operating return on average equity (operating ROE) is a non-GAAP measure. This and other non-GAAP measures are used throughout this document. See the disclosure on the use of this and other non-GAAP measures under the headings "Forward-Looking Statements" and "Non-GAAP Financial Measures." Operating ROE is calculated by dividing annualized operating income after tax for the applicable period (see under the heading in this news release "Non-GAAP Financial Measures" and end note (7)), by average shareholders' equity, excluding unrealized appreciation (depreciation) on fixed maturity investments, net of tax, for the period presented. Total shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is also a non-GAAP measure. Total shareholders' equity is the most directly comparable GAAP measure and is reconciled below. For the calculation of operating ROE, the average of beginning and ending shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is used for the period as shown and reconciled in the table below.





















Period Ended

($ in millions)

December 31

March 31

June 30

September 30

December 31




2024

2025

2025

2025

2025

Total shareholders' equity (GAAP)
$2,841.8
$3,044.4
$3,216.3
$3,426.3
$3,571.5

Less: net unrealized appreciation (depreciation)
     on fixed maturity investments, net of tax

(401.1)

(290.9)

(234.7)

(147.1)

(117.1)

Total shareholders' equity, excluding net
     unrealized appreciation (depreciation)
     on fixed maturity investments, net of tax
$3,242.9
$3,335.3
$3,451.0
$3,573.4
$3,688.6



















Quarter Averages
















Average shareholders' equity (GAAP)












$3,498.9

Average shareholders' equity, excluding net
     unrealized appreciation (depreciation) on
     fixed maturity investments, net of tax












$3,631.0



















Year-to-date Averages
















Average shareholders' equity (GAAP)












$3,220.1

Average shareholders' equity, excluding net
     unrealized appreciation (depreciation) on
     fixed maturity investments, net of tax












$3,458.2




































 











($ in millions)
Three months ended
Year ended



December 31
December 31

Net Income ROE
2025
2025

Net income (GAAP)
$198.5

$662.5


Annualized net income*

794.0






Average shareholders' equity (GAAP)
$3,498.9

$3,220.1


Return on equity

22.7%

20.6%

Operating Income ROE (non-GAAP)









Operating income after taxes
$210.1

$696.2


Annualized operating income, net of tax*

840.4






Average shareholders' equity, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax
$3,631.0

$3,458.2


Operating return on equity

23.1%

20.1%













*For three months ended December 31, 2025, annualized net income and operating income after taxes is calculated by multiplying three months ended net income and operating income after taxes, respectively, by 4.

(2)Combined ratio, excluding catastrophes, and current accident year combined ratio, excluding catastrophes, are non-GAAP measures. The combined ratio (which includes catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. A reconciliation of the GAAP combined ratio to the combined ratio, excluding catastrophes, and to the current accident year combined ratio, excluding catastrophes, is shown below.




Three months ended




December 31, 2025




Core
Commercial
Specialty
Personal
Lines
Total

Total combined ratio (GAAP)
96.1%
83.9%
85.5%
89.0%

Less: Catastrophe ratio
4.8%
(0.3)%
0.2%
1.7%

Combined ratio, excluding catastrophe losses (non-GAAP)
91.3%
84.2%
85.3%
87.3%

Less: Prior-year reserve development ratio
(0.3)%
(5.3)%
(0.1)%
(1.3)%

Current accident year combined ratio, excluding
     catastrophe losses (non-GAAP)
91.6%
89.5%
85.4%
88.6%



December 31, 2024


Total combined ratio (GAAP)
95.0%
81.6%
88.1%
89.2%

Less: Catastrophe ratio
1.5%
1.2%
2.2%
1.7%

Combined ratio, excluding catastrophe losses (non-GAAP)
93.5%
80.4%
85.9%
87.5%

Less: Prior-year reserve development ratio
(0.5)%
(7.0)%
(0.1)%
(1.7)%

Current accident year combined ratio, excluding
     catastrophe losses (non-GAAP)
94.0%
87.4%
86.0%
89.2%


















Year ended




December 31, 2025




Core
Commercial
Specialty
Personal
Lines
Total

Total combined ratio (GAAP)
97.4%
85.7%
90.0%
91.6%

Less: Catastrophe ratio
5.1%
2.4%
5.0%
4.5%

Combined ratio, excluding catastrophe losses (non-GAAP)
92.3%
83.3%
85.0%
87.1%

Less: Prior-year reserve development ratio
(0.3)%
(4.1)%
(0.3)%
(1.1)%

Current accident year combined ratio, excluding
     catastrophe losses (non-GAAP)
92.6%
87.4%
85.3%
88.2%



December 31, 2024


Total combined ratio (GAAP)
94.4%
86.5%
99.6%
94.8%

Less: Catastrophe ratio
3.6%
2.8%
10.7%
6.4%

Combined ratio, excluding catastrophe losses (non-GAAP)
90.8%
83.7%
88.9%
88.4%

Less: Prior-year reserve development ratio
(0.8)%
(3.5)%
(0.2)%
(1.1)%

Current accident year combined ratio, excluding
     catastrophe losses (non-GAAP)
91.6%
87.2%
89.1%
89.5%

















(3)Net premiums written, excluding reinstatement premiums, is a non-GAAP measure. Net premiums written (which includes reinstatement premiums) is the most directly comparable GAAP measure. A reconciliation of GAAP net premiums written to net premiums written, excluding reinstatement premiums, is shown below.




Three months ended

($ in millions)
December 31, 2025



Core
Commercial
Middle Market
Specialty
Consolidated

Net premiums written$512.8
$197.1
$335.8
$1,488.6

Less: Reinstatement premiums$(1.9)
$(1.3)
$(7.4)
$(9.3)

Net premiums written, excluding reinstatement premiums$514.7
$198.4
$343.2
$1,497.9

Growth vs prior-year quarter
4.1 %
2.6 %
3.6 %
4.1 %














December 31, 2024



Core
Commercial
Middle Market
Specialty
Consolidated

Net premiums written$500.5
$199.2
$331.8
$1,445.1

Less: Reinstatement premiums$5.9
$5.9
$0.4
$6.3

Net premiums written, excluding reinstatement premiums$494.6
$193.3
$331.4
$1,438.8












(4)Renewal price changes in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, specific inflationary changes or changes in policy level exposure or insured risks. Rate increases in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the base rate changes, discretionary pricing, and inflation, excluding the impact of changes in policy level exposure or insured risks. Renewal price change in Personal Lines represents the average change in premium on policies charged at renewal caused by the net effects of filed rate, inflation adjustments or other changes in policy level exposure or insured risks, regardless of whether or not the policies are retained for the duration of their contractual terms. Rate change in Personal Lines is the estimated cumulative premium effect of approved rate actions applied to policies at renewal, regardless of whether or not policies are actually renewed. Accordingly, rate changes do not represent actual increases or decreases realized by the company. Personal Lines rate changes do not include inflation or changes in policy level exposure or insured risks.

(5)Current accident year loss and LAE ratio, excluding catastrophe losses, is a non-GAAP measure, which is equal to the loss and LAE ratio (loss ratio), excluding prior-year reserve development and catastrophe losses. The loss ratio (which includes losses, LAE, catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. The following is a reconciliation of the GAAP loss ratio to the current accident year loss ratio, excluding catastrophe losses.




Three months ended




December 31, 2025




Core
Commercial
Specialty
Personal
Lines
Total

Total loss and LAE ratio
61.9%
45.8%
59.1%
57.2%

Less:













Prior-year reserve development ratio
(0.3)%
(5.3)%
(0.1)%
(1.3)%

Catastrophe ratio
4.8%
(0.3)%
0.2%
1.7%

Current accident year loss and LAE ratio, excluding
catastrophes
57.4%
51.4%
59.0%
56.8%


















December 31, 2024


Total loss and LAE ratio
59.9%
42.6%
61.9%
56.9%

Less:













Prior-year reserve development ratio
(0.5)%
(7.0)%
(0.1)%
(1.7)%

Catastrophe ratio
1.5%
1.2%
2.2%
1.7%

Current accident year loss and LAE ratio, excluding
catastrophes
58.9%
48.4%
59.8%
56.9%


















Year ended




December 31, 2025




Core
Commercial
Specialty
Personal
Lines
Total

Total loss and LAE ratio
63.9%
48.4%
64.3%
60.5%

Less:













Prior-year reserve development ratio
(0.3)%
(4.1)%
(0.3)%
(1.1)%

Catastrophe ratio
5.1%
2.4%
5.0%
4.5%

Current accident year loss and LAE ratio, excluding
catastrophes
59.1%
50.1%
59.6%
57.1%


















December 31, 2024


Total loss and LAE ratio
60.6%
48.9%
74.0%
63.5%

Less:













Prior-year reserve development ratio
(0.8)%
(3.5)%
(0.2)%
(1.1)%

Catastrophe ratio
3.6%
2.8%
10.7%
6.4%

Current accident year loss and LAE ratio, excluding
catastrophes
57.8%
49.6%
63.5%
58.2%

















(6)Book value per share, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure. Book value per share is the most directly comparable GAAP measure and is reconciled in the table below.













Period ended



December 31
September 30
December 31



2024
2025
2025

Book value per share$79.18
$96.00
$100.90

Less: Net unrealized appreciation (depreciation) on fixed
  maturity investments, net of tax, per share(11.17)
(4.13)
(3.31)

Book value per share, excluding net unrealized appreciation
  (depreciation) on fixed maturity investments, net of tax$90.35
$100.13
$104.21










Versus prior quarter







Change in book value per share




5.1 %

Change in book value per share, excluding net unrealized
  appreciation (depreciation) on fixed maturity investments, net of tax



4.1 %










Versus prior-year end







Change in book value per share




27.4 %

Change in book value per share, excluding net unrealized
  appreciation (depreciation) on fixed maturity investments, net of tax



15.3 %



















(7)Operating income and operating income per diluted share are non-GAAP measures. Operating income before income taxes, as referenced in the results of the reporting segments, is defined as, with respect to such segment, operating income before interest expense and income taxes. The reconciliation of operating income and operating income per diluted share to the closest GAAP measures, income from continuing operations and income from continuing operations per diluted share, respectively, and to net income and net income per diluted share, respectively, is provided on the preceding pages of this news release.

(8)Here, and throughout this document, the expense ratio is reduced by installment and other fee revenues for purposes of the ratio calculation.

(9)The separate financial information of each reporting segment is presented consistent with the way results are regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management evaluates the results of the aforementioned reporting segments without consideration of interest expense on debt and on a pre-tax basis. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/the-hanover-reports-record-fourth-quarter-net-income-and-operating-income-of-5-47-and-5-79-per-diluted-share-respectively-record-full-year-net-income-and-operating-income-of-18-16-and-19-09-per-diluted-share-respectively-302678172.htmlSOURCE The Hanover Insurance Group, Inc.

Original: The Hanover Reports Record Fourth Quarter Net Income and Operating Income of $5.47 and $5.79 per Diluted Share, Respectively; Record Full-Year Net Income and Operating Income of $18.16 and $19.09 per Diluted Share, Respectively

The Hanover Insurance Group, Inc. to Present at the Bank of America Securities 2026 Financial Services ConferenceJanuary 27, 2026 9:10 PM
PR Newswire (US)

WORCESTER, Mass., Jan. 27, 2026 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today announced John C. Roche, president and chief executive officer, and Jeffrey M. Farber, executive vice president and chief financial officer, are scheduled to participate in a fireside chat at the Bank of America Securities Financial Services Conference on Tuesday, February 10, 2026, from 2:40 p.m. to 3:20 p.m. Eastern Time. Roche and Farber will also host several one-on-one and group meetings with investors on February 10.







The fireside chat will be broadcast live through the company's website at www.hanover.com. A replay of the event will be available on The Hanover's website after the conclusion of the event.Forward-Looking Statements
Certain statements made during this discussion may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's annual report on Form 10-K and other documents on file with the Securities and Exchange Commission and which are also available at www.hanover.com under "Investors."About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.Contacts:


Investors:                                           Media:Oksana Lukasheva                           Emily P. Trevallion(508) 525-6081                                 (508) 855-3263Email: olukasheva@hanover.com                    Email: etrevallion@hanover.com 



View original content to download multimedia:https://www.prnewswire.com/news-releases/the-hanover-insurance-group-inc-to-present-at-the-bank-of-america-securities-2026-financial-services-conference-302671521.htmlSOURCE The Hanover Insurance Group, Inc.

Original: The Hanover Insurance Group, Inc. to Present at the Bank of America Securities 2026 Financial Services Conference

~ $THG ~Multi chart fix and On the house shots of DD!! Version 3.2.3







~ Barchart: http://barchart.com/quotes/stocks/THG?
~ OTC Markets: http://www.otcmarkets.com/stock/THG/company-info
~ Google Finance: http://www.google.com/finance?q=THG
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=THG#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=THG+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=THG
Finviz: http://finviz.com/quote.ashx?t=THG
~ BusyStock: http://busystock.com/i.php?s=THG&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=THG&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=THG
~ Investorshub Board Search: http://investorshub.advfn.com/boards/getboards.aspx?searchstr=THG
~ Investorshub PostStream Search: http://investorshub.advfn.com/boards/poststream.aspx?ticker=THG
~ Investorshub Goodies Search: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=23534&srchyr=2011&SearchStr=THG
~ Investorshub Message Search: http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=THG
~ MarketWatch: http://www.marketwatch.com/investing/stock/THG/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=THG
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=THG
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=THG&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=THG&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=THG&size=l&frequency=60&color=g

DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=THG
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=THG
Check those searches for recent THG mentions. If THG is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a cTHGnt list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS


Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=25&y=5
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=36&y=14
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=28&y=15



Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=39&y=17
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=35&y=12
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=23&y=19



Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=38&y=6
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=30&y=11
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=&symb=THG&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=35&y=14



Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=39&y=14
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=20&y=16
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=46&y=6



Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=42&y=20
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=36&y=11
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=46&y=11



Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=31&y=14
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=23&y=15
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=THG&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=22&y=15



























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* If a symbol changes or adds a D, etc. Message me for an updated version.
Twitter: @MACDgyver ---> THG <---

~ $THG ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $THG ~ Earnings expected on Monday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=THG&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=THG&p=W&b=3&g=0&id=p54550695994



~ Barchart: http://barchart.com/quotes/stocks/THG?
~ OTC Markets: http://www.otcmarkets.com/stock/THG/company-info
~ Google Finance: http://www.google.com/finance?q=THG
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=THG#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=THG+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=THG
Finviz: http://finviz.com/quote.ashx?t=THG
~ BusyStock: http://busystock.com/i.php?s=THG&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=THG&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=THG
~ Investorshub Board Search: http://investorshub.advfn.com/boards/getboards.aspx?searchstr=THG
~ Investorshub PostStream Search: http://investorshub.advfn.com/boards/poststream.aspx?ticker=THG
~ Investorshub Goodies Search: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18582&srchyr=2011&SearchStr=THG
~ Investorshub Message Search: http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=THG
~ MarketWatch: http://www.marketwatch.com/investing/stock/THG/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=THG
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=THG
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=THG&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=THG&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=THG&size=l&frequency=60&color=g


http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

The Hanover Insurance Group, Inc. (THG) is a holding company. Its business operations include insurance products and services in three property and casualty operating segments. These segments are Commercial Lines, Personal Lines, and Other Property and Casualty. Its Property and Casualty group manages its operations through three segments: Commercial Lines, Personal Lines and Other Property and Casualty. Its Other Property and Casualty segment consists of Opus Investment Management, Inc. (Opus), which markets investment management services to institutions, pension funds and other organizations. In Commercial Lines, it is segmenting its business into industry groups and coverage, which require underwriting and claims expertise and specialized coverage forms. In Personal Lines, it is focusing on account business. In January 2010, it acquired Benchmark Professional Insurance Services, Inc. (Benchmark). In March 2010, it acquired Campania Holding Company, Inc.

http://www.google.com/finance?q=THG