HANOVER INSURANCE GROUP, INC.

Listed Company

THGCIK 0000944695NYSELarge AcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$6.59B

Net Income

$662.50M

Total Assets

$16.95B

Equity

$3.57B

Shares Out

34.99M

Op. Cash Flow

$1.18B

Business

HANOVER INSURANCE GROUP, INC. is a holding company that underwrites and provides property and casualty insurance products and services through its insurance subsidiaries. It offers core commercial coverages (commercial multiple peril, workers’ compensation, commercial automobile and related lines), specialty products (professional and executive liability, marine, specialty property & casualty, surety) and personal lines (personal automobile, homeowners and related personal coverages). Its operations are organized into four reporting segments: Core Commercial, Specialty, Personal Lines and Other. The company distributes primarily through a network of independent agents and brokers across the United States, with targeted regional field offices and select wholesale or program channels for specialty businesses.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums	6,161	5,913	5,663	5,252	4,770
Net investment income	454	373	332	296	311
Net realized losses from sales and other	−62	−84	−9	−27	5
Net change in fair value of equity securities and other	19	14	−6	—	—
Credit-related impairments	−3	−4	−8	−2	300,000
Losses on intent to sell securities	−500,000	−2	−10	−15	−1
Total impairments on investments	−3	−6	−18	−17	—
Total net realized and unrealized investment losses	−46	−76	−33	−107	123
Fees and other income	25	28	31	27	24
Total revenues	6,594	6,237	5,994	5,469	5,228
Losses and loss adjustment expenses	3,729	3,757	4,135	3,623	3,134
Amortization of deferred acquisition costs	1,285	1,222	1,176	1,093	983
Interest expense	43	34	34	34	34
Other operating expenses	693	686	608	574	556
Total losses and expenses	5,751	5,700	5,952	5,325	4,707
Income from continuing operations before income taxes	844	538	41	144	521
Current	169	131	33	74	78
Deferred	14	−19	−25	−47	24
Total income tax expense	183	113	8	27	101
Income from continuing operations	661	425	34	117	420
Net income	663	426	35	116	423
Income from continuing operations	18.46	11.83	0.94	3.28	11.7
Net income per share	18.5	11.85	0.99	3.26	11.78
Weighted average shares outstanding	36	36	36	36	36
Income from continuing operations	18.12	11.68	0.93	3.23	11.52
Net income per share	18.16	11.7	0.98	3.21	11.6
Weighted average shares outstanding	37	36	36	36	36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities, at fair value (amortized cost of $9,685.7 and $9,051.5)	9,537	8,542	7,985	7,482	7,724
Equity securities, at fair value	185	158	131	242	661
Other investments	661	710	797	786	767
Total investments	10,383	9,410	8,913	8,510	9,153
Cash and cash equivalents	1,123	436	316	305	231
Accrued investment income	80	70	58	55	50
Premiums and accounts receivable, net	1,861	1,801	1,706	1,601	1,470
Reinsurance recoverable on paid and unpaid losses and unearned premiums	2,011	1,995	2,056	1,965	1,907
Deferred acquisition costs	703	663	621	605	552
Deferred income tax asset	83	174	173	199	—
Goodwill	179	179	179	179	179
Other assets	439	463	504	493	606
Assets of discontinued businesses	84	86	87	84	107
Total assets	16,946	15,275	14,613	13,995	14,254
Loss and loss adjustment expense reserves	7,755	7,461	7,308	7,013	6,448
Unearned premiums	3,440	3,283	3,103	2,954	2,735
Expenses and taxes payable	807	758	776	732	908
Reinsurance premiums payable	45	38	64	70	55
Short-term debt	375	62	—	—	—
Long-term debt	843	722	783	—	—
Liabilities of discontinued businesses	109	109	113	110	122
Total liabilities	13,374	12,433	12,147	11,661	11,109
Commitments and contingencies	—	—	—	—	—
Preferred stock, par value $0.01 per share; 20.0 million shares authorized; none issued	—	—	—	—	—
Common stock, par value $0.01 per share; 300.0 million shares authorized; 60.5 million shares issued	600,000	600,000	600,000	600,000	600,000
Additional paid-in capital	2,014	1,974	1,939	1,913	1,887
Accumulated other comprehensive loss	−171	−456	−517	−702	122
Retained earnings	3,742	3,210	2,909	2,993	2,983
Treasury stock at cost (25.1 and 24.6 million shares)	−2,013	−1,886	−1,866	−1,871	−1,848
Total shareholders equity	3,572	2,842	2,466	2,334	3,136
Total liabilities and shareholders equity	16,946	15,275	14,613	13,995	14,254

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	663	426	35	116	423
Net realized investment losses	46	76	32	107	−123
Net amortization and depreciation	−5	2	6	—	—
Stock-based compensation expense	36	31	31	29	23
Amortization of defined benefit plan costs	7	7	8	6	3
Deferred income tax expense (benefit)	14	−19	−25	−47	25
Change in deferred acquisition costs	−40	−42	−16	−53	−75
Change in premiums receivable, net of reinsurance premiums payable	−53	−122	−110	−117	−123
Change in loss, loss adjustment expense and unearned premium reserves	447	332	442	785	672
Change in reinsurance recoverable	−17	62	−92	−57	−33
Change in expenses and taxes payable	59	−9	48	3	179
Other, net	21	63	1	−62	−164
Net cash provided by operating activities	1,178	806	362	722	824
Proceeds from disposals and maturities of fixed maturities	2,626	2,667	773	1,106	1,564
Proceeds from disposals of equity securities and other investments	101	116	141	488	286
Purchase of fixed maturities	−3,308	−3,241	−1,060	−1,960	−2,113
Purchase of equity securities and other investments	−78	−72	−71	−124	−190
Capital expenditures	−8	−10	−12	−18	−8
Net cash used in investing activities	−666	−541	−229	−508	−460
Proceeds from exercise of employee stock options	15	17	7	13	21
Proceeds from issuance of debt, net	495	0	0	—	—
Dividends paid to shareholders	−131	−124	−117	−109	−102
Repayment of debt	−62	0	0	—	—
Repurchases of common stock	−129	−27	0	−31	−163
Other financing activities	−14	−11	−11	−14	−9
Net cash provided by (used in) financing activities	175	−146	−122	−141	−253
Net change in cash and cash equivalents	687	120	11	74	—
Net change in cash related to discontinued operations	100,000	−600,000	0	—	—
Interest payments	33	33	33	33	33
Income tax payments (refunds), net	169	149	−22	108	74

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