NYSE : THG
The Hanover Insurance Group, Inc. — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 235.12 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 8.11B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 6.34B | 6.16B | 5.91B | 5.66B | 5.25B | 4.77B |
| Total Interest & Dividend Income | 470.50M | 427.30M | 352.00M | 302.10M | 260.60M | 242.50M |
| Gain (Loss) on Sale of Investments | -30.30M | -46.00M | -75.80M | -32.50M | -106.50M | 123.00M |
| Other Revenue | 58.40M | 52.00M | 48.60M | 60.80M | 62.20M | 92.10M |
| Total Revenue | 6.83B | 6.59B | 6.24B | 5.99B | 5.47B | 5.23B |
| Policy Benefits | 3.80B | 3.73B | 3.76B | 4.13B | 3.62B | 3.13B |
| Policy Acquisition & Underwriting Costs | 1.34B | 1.29B | 1.22B | 1.18B | 1.09B | 982.70M |
| Other Operating Expenses | 687.50M | 692.90M | 686.40M | 607.70M | 573.90M | 555.60M |
| Total Operating Expenses | 5.83B | 5.71B | 5.67B | 5.92B | 5.29B | 4.67B |
| Operating Income | 1.01B | 887.00M | 571.90M | 75.20M | 178.10M | 555.30M |
| Interest Expense | -45.40M | -43.20M | -34.10M | -34.10M | -34.10M | -34.00M |
| EBT Excluding Unusual Items | 959.80M | 843.80M | 537.80M | 41.10M | 144.00M | 521.30M |
| Pretax Income | 959.80M | 843.80M | 537.80M | 41.10M | 144.00M | 521.30M |
| Income Tax Expense | 212.30M | 183.10M | 112.50M | 7.60M | 27.20M | 101.30M |
| Earnings From Continuing Ops. | 747.50M | 660.70M | 425.30M | 33.50M | 116.80M | 420.00M |
| Earnings From Discontinued Ops. | 2.00M | 1.80M | 700.00K | 1.80M | -800.00K | 2.80M |
| Net Income | 749.50M | 662.50M | 426.00M | 35.30M | 116.00M | 422.80M |
| Net Income to Common | 749.50M | 662.50M | 426.00M | 35.30M | 116.00M | 422.80M |
| Shares Outstanding (Basic) | 35.12M | 35.80M | 35.90M | 35.70M | 35.60M | 35.90M |
| Shares Outstanding (Diluted) | 35.90M | 36.50M | 36.40M | 36.10M | 36.10M | 36.40M |
| EPS (Basic) | 21.34 | 18.51 | 11.87 | 0.99 | 3.26 | 11.78 |
| EPS (Diluted) | 20.89 | 18.17 | 11.70 | 0.98 | 3.21 | 11.60 |
| Free Cash Flow | 1.22B | 1.17B | 795.60M | 349.80M | 704.50M | 815.70M |
| Free Cash Flow Per Share | 34.03 | 32.07 | 21.86 | 9.69 | 19.52 | 22.41 |
| Dividend Per Share | 3.77 | 3.65 | 3.45 | 3.28 | 3.06 | 2.85 |
| Operating Margin | 14.71% | 13.45% | 9.17% | 1.26% | 3.26% | 10.62% |
| Profit Margin | 10.97% | 10.05% | 6.83% | 0.59% | 2.12% | 8.09% |
| Free Cash Flow Margin | 17.88% | 17.75% | 12.75% | 5.84% | 12.88% | 15.60% |
| EBITDA | 888.50M | 573.40M | 81.50M | 191.00M | 572.20M | |
| EBITDA Margin | 13.47% | 9.19% | 1.36% | 3.49% | 10.95% | |
| D&A For EBITDA | 1.50M | 1.50M | 6.30M | 12.90M | 16.90M | |
| EBIT | 1.01B | 887.00M | 571.90M | 75.20M | 178.10M | 555.30M |
| EBIT Margin | 14.71% | 13.45% | 9.17% | 1.26% | 3.26% | 10.62% |
| Effective Tax Rate | 22.12% | 21.70% | 20.92% | 18.49% | 18.89% | 19.43% |
| Revenue as Reported | 6.83B | 6.59B | 6.24B | 5.99B | 5.47B | 5.23B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 9.84B | 9.54B | 8.54B | 7.99B | 7.48B | 7.72B |
| Investments in Equity & Preferred Securities | 646.90M | 599.20M | 562.70M | 130.90M | 241.90M | 661.30M |
| Other Investments | 425.50M | 397.50M | 333.40M | |||
| Total Investments | 10.67B | 10.38B | 9.41B | 8.91B | 8.51B | 9.15B |
| Cash & Equivalents | 506.30M | 1.12B | 435.50M | 316.10M | 305.00M | 230.90M |
| Reinsurance Recoverable | 2.17B | 2.01B | 1.99B | 2.06B | 1.96B | 1.91B |
| Other Receivables | 2.08B | 1.94B | 1.87B | 1.76B | 1.66B | 1.52B |
| Deferred Policy Acquisition Cost | 741.80M | 703.00M | 662.80M | 620.80M | 604.80M | 552.00M |
| Goodwill | 178.80M | 178.80M | 178.80M | 178.80M | 178.80M | 178.80M |
| Other Current Assets | 79.50M | 83.60M | 85.70M | 86.60M | 84.10M | 107.10M |
| Long-Term Deferred Tax Assets | 192.70M | 83.30M | 174.20M | 173.30M | 199.20M | |
| Other Long-Term Assets | 419.40M | 439.30M | 462.60M | 504.00M | 493.00M | 606.30M |
| Total Assets | 17.04B | 16.95B | 15.27B | 14.61B | 14.00B | 14.25B |
| Accrued Expenses | 743.60M | 806.70M | 757.80M | 775.90M | 731.70M | 907.70M |
| Unpaid Claims | 8.22B | 7.76B | 7.46B | 7.31B | 7.01B | 6.45B |
| Unearned Premiums | 3.65B | 3.44B | 3.28B | 3.10B | 2.95B | 2.73B |
| Reinsurance Payable | 49.00M | 45.20M | 37.70M | 64.30M | 70.30M | 55.10M |
| Current Portion of Long-Term Debt | 50.10M | 375.00M | 61.80M | |||
| Long-Term Debt | 794.10M | 843.30M | 722.30M | 783.20M | 782.40M | 781.60M |
| Long-Term Deferred Tax Liabilities | 60.80M | |||||
| Other Current Liabilities | 100.40M | 108.60M | 108.60M | 113.00M | 110.20M | 121.70M |
| Total Liabilities | 13.60B | 13.37B | 12.43B | 12.15B | 11.66B | 11.11B |
| Common Stock | 600.00K | 600.00K | 600.00K | 600.00K | 600.00K | 600.00K |
| Additional Paid-In Capital | 2.05B | 2.01B | 1.97B | 1.94B | 1.91B | 1.89B |
| Retained Earnings | 4.19B | 3.74B | 3.21B | 2.91B | 2.99B | 2.98B |
| Treasury Stock | -2.24B | -2.01B | -1.89B | -1.87B | -1.87B | -1.85B |
| Comprehensive Income & Other | -553.10M | -171.40M | -456.30M | -517.20M | -701.50M | 122.20M |
| Shareholders' Equity | 3.44B | 3.57B | 2.84B | 2.47B | 2.33B | 3.14B |
| Total Liabilities & Equity | 17.04B | 16.95B | 15.27B | 14.61B | 14.00B | 14.25B |
| Filing Date Shares Outstanding | 34.37M | 35.15M | 35.93M | 35.82M | 35.60M | 35.48M |
| Total Common Shares Outstanding | 34.50M | 35.40M | 35.90M | 35.80M | 35.60M | 35.50M |
| Total Debt | 844.20M | 1.22B | 784.10M | 783.20M | 782.40M | 781.60M |
| Net Cash (Debt) | -337.90M | -95.60M | -348.60M | -467.10M | -477.40M | -550.70M |
| Net Cash Per Share | -9.41 | -2.62 | -9.58 | -12.94 | -13.22 | -15.13 |
| Book Value Per Share | 99.75 | 100.89 | 79.16 | 68.87 | 65.55 | 88.59 |
| Tangible Book Value | 3.26B | 3.39B | 2.66B | 2.29B | 2.15B | 2.97B |
| Tangible Book Value Per Share | 94.57 | 95.84 | 74.18 | 63.88 | 60.53 | 83.55 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 749.50M | 662.50M | 426.00M | 35.30M | 116.00M | 422.80M |
| Depreciation & Amortization | -6.40M | -4.60M | 1.50M | 6.30M | 12.90M | 16.90M |
| Other Amortization | 6.80M | 6.70M | 6.80M | 7.90M | 5.50M | 3.40M |
| Gain (Loss) on Sale of Investments | 30.40M | 46.40M | 76.20M | 32.30M | 106.40M | -123.50M |
| Stock-Based Compensation | 38.20M | 35.60M | 31.00M | 31.10M | 29.00M | 22.90M |
| Change in Accounts Receivable | -60.00M | -53.00M | -121.70M | -110.30M | -116.70M | -123.40M |
| Reinsurance Recoverable | -196.20M | -16.60M | 61.60M | -91.60M | -57.20M | -32.90M |
| Change in Insurance Reserves / Liabilities | 644.10M | 447.10M | 331.70M | 442.00M | 784.70M | 671.80M |
| Change in Other Net Operating Assets | 43.40M | 58.90M | -8.70M | 48.00M | 3.30M | 179.00M |
| Other Operating Activities | 12.80M | 35.30M | 44.00M | -23.30M | -108.80M | -138.80M |
| Operating Cash Flow | 1.23B | 1.18B | 805.80M | 361.70M | 722.30M | 823.70M |
| Capital Expenditures | -9.40M | -7.70M | -10.20M | -11.90M | -17.80M | -8.00M |
| Investment in Securities | -776.10M | -658.50M | -530.70M | -216.60M | -489.80M | -452.20M |
| Investing Cash Flow | -785.50M | -666.20M | -540.90M | -228.50M | -507.60M | -460.20M |
| Long-Term Debt Issued | 495.00M | |||||
| Total Debt Repaid | -436.80M | -61.80M | ||||
| Net Debt Issued (Repaid) | -436.80M | 433.20M | ||||
| Issuance of Common Stock | 19.70M | 15.40M | 16.70M | 6.50M | 13.30M | 20.50M |
| Repurchases of Common Stock | -282.90M | -129.20M | -26.70M | -30.80M | -162.60M | |
| Common Dividends Paid | -133.20M | -130.60M | -124.10M | -117.20M | -108.90M | -102.20M |
| Total Dividends Paid | -133.20M | -130.60M | -124.10M | -117.20M | -108.90M | -102.20M |
| Other Financing Activities | -21.90M | -13.60M | -11.40M | -11.40M | -14.20M | -8.90M |
| Financing Cash Flow | -855.10M | 175.20M | -145.50M | -122.10M | -140.60M | -253.20M |
| Net Cash Flow | -409.40M | 687.20M | 119.40M | 11.10M | 74.10M | 110.30M |
| Free Cash Flow | 1.22B | 1.17B | 795.60M | 349.80M | 704.50M | 815.70M |
| Free Cash Flow Margin | 17.88% | 17.75% | 12.75% | 5.84% | 12.88% | 15.60% |
| Free Cash Flow Per Share | 34.03 | 32.07 | 21.86 | 9.69 | 19.52 | 22.41 |
| Levered Free Cash Flow | 1.06B | 979.58M | 605.73M | 341.89M | 560.80M | 1.11B |
| Unlevered Free Cash Flow | 1.08B | 1.01B | 627.04M | 363.20M | 582.11M | 1.13B |
| Cash Interest Paid | 33.30M | 33.30M | 33.20M | 33.20M | 33.30M | 33.40M |
| Cash Income Tax Paid | 169.00M | 169.00M | 149.00M | -22.10M | 107.80M | 74.00M |
| Change in Working Capital | 397.80M | 396.20M | 220.90M | 272.10M | 561.30M | 620.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.53B | 6.50B | 5.57B | 4.34B | 4.81B | 4.66B |
| Enterprise Value | 8.86B | 6.87B | 5.93B | 4.83B | 5.42B | 5.27B |
| PE Ratio | 11.87 | 9.82 | 13.08 | 123.01 | 41.43 | 11.03 |
| PS Ratio | 1.22 | 0.99 | 0.89 | 0.72 | 0.88 | 0.89 |
| PB Ratio | 2.43 | 1.82 | 1.96 | 1.76 | 2.06 | 1.48 |
| P/FCF Ratio | 6.81 | 5.56 | 7.00 | 12.41 | 6.82 | 5.72 |
| P/OCF Ratio | 6.76 | 5.52 | 6.92 | 12.01 | 6.65 | 5.66 |
| EV/Sales Ratio | 1.27 | 1.04 | 0.95 | 0.81 | 0.99 | 1.01 |
| EV/EBITDA Ratio | 7.73 | 10.34 | 59.27 | 28.39 | 9.22 | |
| EV/EBIT Ratio | 8.61 | 7.74 | 10.37 | 64.24 | 30.45 | 9.50 |
| EV/FCF Ratio | 7.09 | 5.87 | 7.45 | 13.81 | 7.70 | 6.46 |
| Debt / Equity Ratio | 0.24 | 0.34 | 0.28 | 0.32 | 0.34 | 0.25 |
| Debt / EBITDA Ratio | 1.37 | 1.37 | 9.61 | 4.10 | 1.37 | |
| Debt / FCF Ratio | 0.69 | 1.04 | 0.99 | 2.24 | 1.11 | 0.96 |
| Net Debt / Equity Ratio | 0.10 | 0.03 | 0.12 | 0.19 | 0.20 | 0.17 |
| Net Debt / EBITDA Ratio | 0.11 | 0.61 | 5.73 | 2.50 | 0.96 | |
| Net Debt / FCF Ratio | 0.28 | 0.08 | 0.44 | 1.33 | 0.68 | 0.68 |
| Quick Ratio | 0.20 | 0.24 | 0.19 | 0.18 | 0.17 | 0.17 |
| Current Ratio | 0.38 | 0.41 | 0.38 | 0.37 | 0.37 | 0.37 |
| Asset Turnover | 0.40 | 0.41 | 0.42 | 0.42 | 0.39 | 0.38 |
| Return on Equity (ROE) | 21.77% | 20.60% | 16.03% | 1.40% | 4.26% | 13.23% |
| Return on Assets (ROA) | 3.72% | 3.44% | 2.39% | 0.33% | 0.79% | 2.51% |
| Return on Invested Capital (ROIC) | 17.79% | 16.51% | 13.16% | 1.93% | 4.10% | 11.31% |
| Earnings Yield | 8.42% | 10.19% | 7.64% | 0.81% | 2.41% | 9.07% |
| FCF Yield | 14.68% | 18.00% | 14.28% | 8.06% | 14.66% | 17.49% |
| Dividend Yield | 1.53% | 1.99% | 2.22% | 2.70% | 2.27% | 2.17% |
| Payout Ratio | 18.19% | 19.71% | 29.13% | 332.01% | 93.88% | 24.17% |
| Buyback Yield / Dilution | 1.58% | -0.27% | -0.83% | -0.28% | 0.82% | 4.46% |
| Total Shareholder Return | 3.15% | 1.71% | 1.39% | 2.42% | 3.09% | 6.63% |