HANOVER INSURANCE GROUP, INC. (THG) financial statements: income statement, balance sheet and cash flow
HANOVER INSURANCE GROUP, INC.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), HANOVER INSURANCE GROUP, INC. reported revenue of $6.6B (+5.7% year on year) and net income of $662.5M (+55.5% year on year).
Income statement
HANOVER INSURANCE GROUP, INC. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Premiums
$6.2B
$5.9B
$5.7B
$5.3B
Net investment income
$454.4M
$372.6M
$332.1M
$296.3M
Net realized losses from sales and other
($61.7M)
($84.2M)
($8.9M)
($26.5M)
Net change in fair value of equity securities and other
$18.8M
—
—
—
Credit-related impairments
($2.6M)
($3.6M)
($7.7M)
($1.9M)
Losses on intent to sell securities
($500.0K)
($2.2M)
($10.3M)
($14.8M)
Total impairments on investments
($3.1M)
($5.8M)
—
—
Total net realized and unrealized investment losses
($46.0M)
($75.8M)
($32.5M)
($106.5M)
Fees and other income
$24.9M
$28.0M
$30.8M
$26.5M
Total revenues
$6.6B
$6.2B
$6.0B
$5.5B
Losses and loss adjustment expenses
$3.7B
$3.8B
$4.1B
$3.6B
Amortization of deferred acquisition costs
$1.3B
$1.2B
$1.2B
$1.1B
Interest expense
$43.2M
$34.1M
$34.1M
$34.1M
Other operating expenses
$692.9M
$686.4M
$607.7M
$573.9M
Total losses and expenses
$5.8B
$5.7B
$6.0B
$5.3B
Income from continuing operations before income taxes
$843.8M
$537.8M
$41.1M
$144.0M
Current
$169.3M
$131.1M
$32.6M
$73.7M
Deferred
$13.8M
($18.6M)
($25.0M)
($46.5M)
Total income tax expense
$183.1M
$112.5M
$7.6M
$27.2M
Income from continuing operations
$660.7M
$425.3M
$33.5M
$116.8M
Income from discontinued life businesses, net of taxes
$1.8M
$700.0K
$1.8M
($800.0K)
Net income
$662.5M
$426.0M
$35.3M
$116.0M
Income from continuing operations
$18.46
$11.83
$0.94
$3.28
Net income per share
$18.50
$11.85
$0.99
$3.26
Weighted average shares outstanding
35.8M
35.9M
35.7M
35.6M
Income from continuing operations
$18.12
$11.68
$0.93
$3.23
Income from discontinued businesses, net of taxes
$0.04
$0.02
$0.05
($0.02)
Net income per share
$18.16
$11.70
$0.98
$3.21
Weighted average shares outstanding
36.5M
36.4M
36.1M
36.1M
HANOVER INSURANCE GROUP, INC. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Premiums
$1.6B
$1.6B
$1.6B
$1.5B
Net investment income
$119.6M
$126.9M
$117.0M
$105.5M
Net realized losses from sales and other
($5.4M)
($4.9M)
($20.3M)
($4.6M)
Net change in fair value of equity securities and other
$10.5M
$4.6M
$11.4M
$5.0M
Credit-related impairments
($1.4M)
($1.6M)
$0
($2.5M)
Losses on intent to sell securities
($900.0K)
($400.0K)
($100.0K)
($400.0K)
Total Impairments on investments
($2.3M)
($2.0M)
($100.0K)
($2.9M)
Total net realized and unrealized investment gains (losses)
$2.8M
($2.3M)
($9.0M)
($2.5M)
Fees and other income
$6.2M
$6.2M
$6.3M
$6.1M
Total revenues
$1.7B
$1.7B
$1.7B
$1.7B
Losses and loss adjustment expenses
$962.5M
$957.6M
$927.1M
$957.2M
Amortization of deferred acquisition costs
$338.0M
$333.2M
$324.9M
$319.0M
Interest expense
$10.1M
$10.8M
$11.6M
$8.6M
Other operating expenses
$171.0M
$162.7M
$174.3M
$170.8M
Total losses and expenses
$1.5B
$1.5B
$1.4B
$1.5B
Income from continuing operations before income taxes
$244.6M
$237.1M
$227.1M
$198.8M
Current
$55.0M
$51.6M
$35.5M
$46.4M
Deferred
($1.8M)
($1.3M)
$13.0M
($4.5M)
Total income tax expense
$53.2M
$50.3M
$48.5M
$41.9M
Income from continuing operations
$191.4M
—
$178.6M
$156.9M
Income from discontinued life businesses
$200.0K
—
$100.0K
$200.0K
Net income
$191.6M
$186.8M
$178.7M
$157.1M
Income from continuing operations
$5.48
—
$4.99
$4.37
Income from discontinued life businesses
$0
—
$0
$0
Net income per share
$5.48
$5.30
$4.99
$4.37
Weighted average shares outstanding
35.0M
35.2M
35.8M
35.9M
Income from continuing operations
$5.37
—
$4.9
$4.3
Income from discontinued life businesses
$0.01
—
$0
$0
Net income per share
$5.38
$5.20
$4.90
$4.30
Weighted average shares outstanding
35.6M
35.9M
36.4M
36.5M
Balance sheet
HANOVER INSURANCE GROUP, INC. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Fixed maturities, at fair value (amortized cost of $9,685.7 and $9,051.5)
$9.5B
$8.5B
$8.0B
$7.5B
Equity securities, at fair value
$184.8M
$157.7M
$130.9M
$241.9M
Other investments
$661.4M
$709.9M
$796.9M
$786.1M
Total investments
$10.4B
$9.4B
$8.9B
$8.5B
Cash and cash equivalents
$1.1B
$435.5M
$316.1M
$305.0M
Accrued investment income
$80.1M
$69.8M
$58.2M
$54.5M
Premiums and accounts receivable, net
$1.9B
$1.8B
$1.7B
$1.6B
Reinsurance recoverable on paid and unpaid losses and unearned premiums
$2.0B
$2.0B
$2.1B
$2.0B
Deferred acquisition costs
$703.0M
$662.8M
$620.8M
$604.8M
Deferred income tax asset
$83.3M
$174.2M
$173.3M
$199.2M
Goodwill
$178.8M
$178.8M
$178.8M
$178.8M
Other assets
$439.3M
$462.6M
$504.0M
$493.0M
Assets of discontinued businesses
$83.6M
$85.7M
$86.6M
$86.2M
Total assets
$16.9B
$15.3B
$14.6B
$14.0B
Loss and loss adjustment expense reserves
$7.8B
$7.5B
$7.3B
$7.0B
Unearned premiums
$3.4B
$3.3B
$3.1B
$3.0B
Expenses and taxes payable
$806.7M
$757.8M
$775.9M
$731.7M
Reinsurance premiums payable
$45.2M
$37.7M
$64.3M
$70.3M
Short-term debt
$375.0M
$61.8M
—
—
Long-term debt
$843.3M
$722.3M
—
—
Liabilities of discontinued businesses
$108.6M
$108.6M
$113.0M
$120.4M
Total liabilities
$13.4B
$12.4B
$12.1B
$11.7B
Common stock, par value $0.01 per share; 300.0 million shares authorized; 60.5 million shares issued
$600000.00
$600000.00
$600000.00
$600000.00
Additional paid-in capital
$2.0B
$2.0B
$1.9B
$1.9B
Accumulated other comprehensive loss
($171.4M)
($456.3M)
($517.2M)
($705.5M)
Retained earnings
$3.7B
$3.2B
$2.9B
$3.0B
Treasury stock at cost (25.1 and 24.6 million shares)
-2.0B
-1.9B
-1.9B
-1.9B
Total shareholders’ equity
$3.6B
$2.8B
$2.5B
$2.3B
Total liabilities and shareholders’ equity
$16.9B
$15.3B
$14.6B
$14.0B
HANOVER INSURANCE GROUP, INC. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Fixed maturities, at fair value (amortized cost of $10,320.6 and $9,685.7)
$10.1B
$10.0B
$9.5B
$9.1B
Equity securities, at fair value
$203.3M
$188.2M
$183.2M
$172.0M
Other investments
$637.6M
$637.3M
$685.6M
$690.4M
Total investments
$10.9B
$10.8B
$10.4B
$9.9B
Cash and cash equivalents
$266.1M
$243.5M
$915.7M
$244.1M
Accrued investment income
$88.0M
$76.4M
$72.8M
$75.5M
Premiums and accounts receivable, net
$2.0B
$1.9B
$1.9B
$1.9B
Reinsurance recoverable on paid and unpaid losses and unearned premiums
$2.1B
$2.1B
$2.0B
$2.0B
Deferred acquisition costs
$716.2M
$690.8M
$708.3M
$674.5M
Deferred income tax asset
$108.7M
$102.3M
$94.1M
$130.9M
Goodwill
$178.8M
$178.8M
$178.8M
$178.8M
Other assets
$490.5M
$443.3M
$439.2M
$526.8M
Assets of discontinued businesses
$84.6M
$83.3M
$91.5M
$86.8M
Total assets
$16.9B
$16.5B
$16.8B
$15.7B
Loss and loss adjustment expense reserves
$8.0B
$7.9B
$7.7B
$7.6B
Unearned premiums
$3.5B
$3.4B
$3.5B
$3.3B
Expenses and taxes payable
$716.2M
$650.5M
$702.5M
$601.5M
Reinsurance premiums payable
$45.1M
$43.4M
$41.7M
$49.8M
Short-term debt
$50.1M
$50.1M
$436.8M
$436.8M
Long-term debt
$793.9M
$793.7M
$843.0M
$347.8M
Liabilities of discontinued businesses
$104.8M
$106.5M
$108.9M
$108.5M
Total liabilities
$13.2B
$13.0B
$13.3B
$12.5B
Common stock, par value $0.01 per share; 300.0 million shares authorized; 60.5 million shares issued
$600000.00
$600000.00
$600000.00
$600000.00
Additional paid-in capital
$2.0B
$2.0B
$2.0B
$2.0B
Accumulated other comprehensive loss
($255.7M)
($237.9M)
($198.3M)
($287.2M)
Retained earnings
$4.1B
$3.9B
$3.6B
$3.4B
Treasury stock at cost (25.6 and 25.1 million shares)
-2.2B
-2.1B
-2.0B
-1.9B
Total shareholders’ equity
$3.7B
$3.6B
$3.4B
$3.2B
Total liabilities and shareholders’ equity
$16.9B
$16.5B
$16.8B
$15.7B
Cash flow statement
HANOVER INSURANCE GROUP, INC. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$662.5M
$426.0M
$35.3M
$116.0M
Net realized investment losses
$46.4M
$75.8M
$32.5M
$106.5M
Net amortization and depreciation
($4.6M)
$1.5M
$6.3M
$12.9M
Stock-based compensation expense
$35.6M
$31.0M
$31.1M
$29.0M
Amortization of defined benefit plan costs
$6.7M
$6.8M
$7.9M
$5.5M
Deferred income tax expense (benefit)
$14.1M
($18.8M)
($24.6M)
($46.5M)
Change in deferred acquisition costs
($40.2M)
($42.0M)
($16.0M)
($52.8M)
Change in premiums receivable, net of reinsurance premiums payable
($53.0M)
($121.7M)
($110.3M)
($116.7M)
Change in loss, loss adjustment expense and unearned premium reserves
$447.1M
$331.7M
$442.0M
$784.7M
Change in reinsurance recoverable
($16.6M)
$61.6M
($91.6M)
($57.2M)
Change in expenses and taxes payable
$58.9M
($8.7M)
$48.0M
$3.3M
Other, net
$21.2M
$62.8M
$1.3M
($62.3M)
Net cash provided by operating activities
$1.2B
$806.4M
$361.7M
$722.3M
Proceeds from disposals and maturities of fixed maturities
$2.6B
$2.7B
$772.9M
$1.1B
Proceeds from disposals of equity securities and other investments
$101.4M
$115.5M
$141.1M
$488.4M
Purchase of fixed maturities
($3.3B)
($3.2B)
($1.1B)
($2.0B)
Purchase of equity securities and other investments
($78.4M)
($72.0M)
($70.8M)
($124.3M)
Capital expenditures
($7.7M)
($10.2M)
($11.9M)
($17.8M)
Net cash used in investing activities
($666.2M)
($540.9M)
($228.5M)
($507.6M)
Proceeds from exercise of employee stock options
$15.4M
$16.7M
$6.5M
$13.3M
Proceeds from issuance of debt, net
$495.0M
—
—
—
Dividends paid to shareholders
($130.6M)
($124.1M)
($117.2M)
($108.9M)
Repayment of debt
($61.8M)
—
—
—
Repurchases of common stock
($129.2M)
($26.7M)
—
($30.8M)
Other financing activities
($13.6M)
($11.4M)
($11.4M)
($14.2M)
Net cash provided by (used in) financing activities
$175.2M
($145.5M)
($122.1M)
($140.6M)
Net change in cash and cash equivalents
$687.1M
$120.0M
—
—
Net change in cash related to discontinued operations
$100.0K
($600.0K)
—
—
Net change in cash and cash equivalents
$391.6M
—
$11.1M
$74.1M
Cash and cash equivalents, beginning of year
$435.5M
$316.1M
$305.0M
$230.9M
Cash and cash equivalents, end of year
$1.1B
$435.5M
$316.1M
$305.0M
Interest payments
$33.3M
$33.2M
$33.2M
$33.3M
Income tax payments (refunds), net
$169.0M
$149.0M
($22.1M)
$107.8M
HANOVER INSURANCE GROUP, INC. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$378.4M
$186.8M
$464.0M
$285.3M
Net realized and unrealized investment (gains) losses
($300.0K)
$2.5M
$29.8M
$20.6M
Net amortization and depreciation
($2.8M)
($1.8M)
($3.3M)
($2.1M)
Stock-based compensation expense
$18.1M
$6.6M
$27.8M
$17.8M
Amortization of defined benefit plan costs
$3.4M
$1.7M
$5.0M
$3.3M
Deferred income tax benefit
($3.0M)
($1.3M)
$10.4M
($2.5M)
Change in deferred acquisition costs
($13.2M)
$12.2M
($45.5M)
($11.7M)
Change in premiums receivable, net of reinsurance premiums payable
($88.9M)
$3.6M
($126.8M)
($81.7M)
Change in loss, loss adjustment expense and unearned premium reserves
$282.7M
$116.8M
$468.6M
$225.6M
Change in reinsurance recoverable
($67.8M)
($40.6M)
$19.6M
$15.6M
Change in expenses and taxes payable
($123.6M)
($167.7M)
($70.7M)
($150.2M)
Other, net
($51.9M)
$0
$21.0M
($74.5M)
Net cash provided by operating activities
$331.1M
$118.8M
$799.9M
$245.5M
Proceeds from disposals and maturities of fixed maturities
$1.2B
$631.2M
$2.2B
$1.5B
Proceeds from disposals of equity securities and other investments
$66.0M
$38.3M
$72.8M
$57.8M
Purchase of fixed maturities
($1.8B)
($1.1B)
($2.8B)
($1.8B)
Purchase of equity securities and other investments
($53.3M)
($12.9M)
($64.5M)
($46.2M)
Capital expenditures
($6.4M)
($3.5M)
($6.5M)
($3.5M)
Net cash used in investing activities
($600.0M)
($493.8M)
($642.6M)
($334.4M)
Proceeds from exercise of employee stock options
$12.1M
$3.9M
$13.7M
$12.2M
Dividends paid to shareholders
($66.6M)
($33.5M)
($96.9M)
($64.7M)
Repayment of debt
($375.0M)
($375.0M)
—
—
Repurchases of common stock
($141.9M)
($86.9M)
($74.6M)
($38.6M)
Other financing activities
($16.3M)
($13.1M)
($12.4M)
($11.7M)
Net cash used in financing activities
($587.7M)
($504.6M)
$324.8M
($102.8M)
Net change in cash and cash equivalents
($856.6M)
($879.6M)
$482.1M
($191.7M)
Net change in cash related to discontinued operations