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THGThe Hanover Insurance Group, Inc.
$197.93$7.0B
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THG logoThe Hanover Insurance Group, Inc.(THG)Earnings, Financials & Key Ratios

THG•NYSE•Insurance & Managed Care
10.7× P/E·Price updated Jun 19, 2026
SectorFinancial ServicesIndustryProperty & Casualty InsuranceSub-IndustryCommercial lines and surety insurers
AboutThe Hanover Insurance Group, Inc., through its subsidiaries, provides various property and casualty insurance products and services in the United States. The company operates through three segments: Commercial Lines, Personal Lines, and Other. The Commercial Lines segment offers commercial multiple peril, commercial automobile, and workers' compensation insurance products, as well as management and professional liability, marine, specialty industrial and commercial property, monoline general liability, surety, umbrella, fidelity, crime, and other commercial coverages. The Personal Lines segment provides personal automobile and homeowner's coverages, as well as other personal coverages, such as personal umbrella, inland marine, fire, personal watercraft, personal cyber, and other miscellaneous coverages. The Other segment markets investment management services to institutions, pension funds, and other organizations. The Hanover Insurance Group, Inc. markets its products and services through independent agents and brokers. The company was formerly known as Allmerica Financial Corp. and changed its name to The Hanover Insurance Group, Inc. in December 2005. The Hanover Insurance Group, Inc. was founded in 1852 and is headquartered in Worcester, Massachusetts.Show more
  • Revenue$6.6B+6.1%
  • Combined Ratio87.21%-4.5%
  • Net Income$663M+55.5%
  • Return on Equity20.66%+28.7%
  • Medical Cost Ratio56.53%-29.4%
  • Operating Margin12.79%+47.8%
  • Net Margin10.04%+46.5%
  • ROA4.11%+44.3%
  • Equity / Assets21.08%+13.3%

THG Key Insights

The Hanover Insurance Group, Inc. (THG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Profitable underwriting: 87.2% combined ratio
  • ✓Low loss ratio of 56.5%
  • ✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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THG Price & Volume

The Hanover Insurance Group, Inc. (THG) stock price & volume — 10-year historical chart

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THG Growth Metrics

The Hanover Insurance Group, Inc. (THG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.71%
5 Years6.49%
3 Years6.69%
TTM6.57%

Profit CAGR

10 Years7.17%
5 Years13.06%
3 Years78.75%
TTM64.37%

EPS CAGR

10 Years9.6%
5 Years14.46%
3 Years79.32%
TTM65.11%

Return on Capital

10 Years3.05%
5 Years3.65%
3 Years4.48%
Last Year8.37%

THG Recent Earnings

The Hanover Insurance Group, Inc. (THG) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 29, 2026
Metric
Actual
Est
EPS
$5.25+26.8%
$4.14
Rev
$1.6B-1.4%
$1.6B
Q1 2026
Feb 3, 2026
Metric
Actual
Est
EPS
$5.79+15.1%
$5.03
Rev
$1.5B-2.0%
$1.5B
Q4 2025
Oct 29, 2025
Metric
Actual
Est
EPS
$5.09+34.3%
$3.79
Rev
$1.7B+9.0%
$1.5B
Q3 2025
Jul 30, 2025
Metric
Actual
Est
EPS
$4.35+41.7%
$3.07
Rev
$1.7B-6.4%
$1.8B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$5.25vs $4.14+26.8%
$1.6Bvs $1.6B-1.4%
Q1 2026Feb 3, 2026
$5.79vs $5.03+15.1%
$1.5Bvs $1.5B-2.0%
Q4 2025Oct 29, 2025
$5.09vs $3.79+34.3%
$1.7Bvs $1.5B+9.0%
Q3 2025Jul 30, 2025
$4.35vs $3.07+41.7%
$1.7Bvs $1.8B-6.4%
Based on last 12 quarters of dataView full earnings history →

THG Peer Comparison

The Hanover Insurance Group, Inc. (THG) competitors in Commercial lines and surety insurers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
CNA logoCNACNA Financial CorporationDirect Competitor12.04B44.529.495.1%8.95%11.94%0.26
HIG logoHIGThe Hartford Financial Services Group, Inc.Direct Competitor35.27B128.259.637.1%14.13%22.01%0.23
WRB logoWRBW. R. Berkley CorporationDirect Competitor25.16B67.1815.107.82%12.1%18.86%0.29
CINF logoCINFCincinnati Financial CorporationDirect Competitor26.5B170.2011.2211.41%21.34%17.98%0.06
ERIE logoERIEErie Indemnity CompanyDirect Competitor10.21B221.1420.827.17%13.2%25.03%
KMPR logoKMPRKemper CorporationDirect Competitor1.47B25.0310.933.62%0.89%1.53%0.38
TRV logoTRVThe Travelers Companies, Inc.Product Competitor66.56B307.8111.225.17%12.88%19.12%0.28
CB logoCBChubb LimitedProduct Competitor126.2B323.4012.576.47%17.25%13.62%0.28

Compare THG vs Peers

The Hanover Insurance Group, Inc. (THG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CNA

Most directly comparable listed peer for THG.

Scale Benchmark

vs CB

Larger-name benchmark to compare THG against a more recognizable public peer.

Peer Set

Compare Top 5

vs CNA, HIG, WRB, CINF

THG Income Statement

The Hanover Insurance Group, Inc. (THG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
4.27B4.47B4.89B4.82B5.16B5.43B5.96B6.22B6.6B6.68B
Revenue Growth %
7.62%4.64%9.51%-1.47%7.08%5.3%9.77%4.25%6.12%6.57%
Medical Costs & Claims
3.42B3.62B3.79B3.8B4.12B4.72B5.31B4.98B3.73B4.38B
Medical Cost Ratio %
80.14%80.97%77.54%78.78%79.79%86.82%89.05%80.09%56.53%65.48%
Gross Profit
847.6M▲ 0%
849.7M▲ 0.2%
1.1B▲ 29.3%
1.02B▼ 6.9%
1.04B▲ 2.0%
716.3M▼ 31.3%
652.9M▼ 8.9%
1.24B▲ 89.6%
2.87B▲ 131.7%
2.31B▲ 0%
Gross Margin %
19.86%19.03%22.46%21.22%20.21%13.18%10.95%19.91%43.47%34.52%
Gross Profit Growth %
37.6%0.25%29.28%-6.93%1.99%-31.3%-8.85%89.57%131.74%-
Operating Expenses
554.7M567.2M576.4M577.6M521.4M572.3M611.8M699.9M2.02B1.39B
OpEx / Revenue %
13%12.7%11.79%11.99%10.11%10.53%10.26%11.26%30.68%20.74%
Depreciation & Amortization
30.1M24.6M21.6M18.2M16.9M12.9M6.3M1.5M0-2.2M
Combined Ratio %
93.14%93.67%89.32%90.77%89.9%97.35%99.31%91.35%87.21%86.22%
Operating Income
292.9M▲ 0%
282.5M▼ 3.6%
522.1M▲ 84.8%
444.8M▼ 14.8%
521.3M▲ 17.2%
144M▼ 72.4%
41.1M▼ 71.5%
537.8M▲ 1208.5%
843.8M▲ 56.9%
920.8M▲ 0%
Operating Margin %
6.86%6.33%10.68%9.23%10.1%2.65%0.69%8.65%12.79%13.78%
Operating Income Growth %
343.79%-3.55%84.81%-14.81%17.2%-72.38%-71.46%1208.52%56.9%-
EBITDA
323M307.1M543.7M463M538.2M156.9M47.4M539.3M887M933.1M
EBITDA Margin %
7.57%6.88%11.12%9.61%10.43%2.89%0.79%8.67%13.44%13.96%
Interest Expense
45.2M45.1M37.5M37.1M34M34.1M34.1M34.1M43.2M45.5M
Non-Operating Income
-45.2M-45.1M-37.5M-37.1M-34M-34.1M-34.1M-34.1M-43.2M-34.7M
Pretax Income
292.9M▲ 0%
282.5M▼ 3.6%
522.1M▲ 84.8%
444.8M▼ 14.8%
521.3M▲ 17.2%
144M▼ 72.4%
41.1M▼ 71.5%
537.8M▲ 1208.5%
843.8M▲ 56.9%
920.8M▲ 0%
Pretax Margin %
6.86%6.33%10.68%9.23%10.1%2.65%0.69%8.65%12.79%13.78%
Income Tax
76.8M43.5M93.1M82.8M101.3M27.2M7.6M112.5M183.1M201.5M
Effective Tax Rate %
26.22%15.4%17.83%18.62%19.43%18.89%18.49%20.92%21.7%21.88%
Net Income
186.2M▲ 0%
391M▲ 110.0%
425.1M▲ 8.7%
358.7M▼ 15.6%
422.8M▲ 17.9%
116M▼ 72.6%
35.3M▼ 69.6%
426M▲ 1106.8%
662.5M▲ 55.5%
721.1M▲ 0%
Net Margin %
4.36%8.75%8.69%7.44%8.19%2.14%0.59%6.85%10.04%10.79%
Net Income Growth %
20.05%109.99%8.72%-15.62%17.87%-72.56%-69.57%1106.8%55.52%64.37%
EPS (Diluted)
4.33▲ 0%
9.09▲ 109.9%
10.46▲ 15.1%
9.42▼ 9.9%
11.49▲ 22.0%
3.21▼ 72.1%
0.98▼ 69.5%
11.70▲ 1093.9%
18.51▲ 58.2%
19.87▲ 0%
EPS Growth %
20.61%109.93%15.07%-9.94%21.97%-72.06%-69.47%1093.88%58.21%65.11%
EPS (Basic)
4.389.2411.079.5111.793.210.9811.8518.51-
Diluted Shares Outstanding
43M43M40.6M38.1M36.4M36.1M36.1M36.4M35.7M36.3M

THG Balance Sheet

The Hanover Insurance Group, Inc. (THG) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
15.47B12.4B12.49B13.44B14.25B14B14.61B15.27B16.95B16.53B
Asset Growth %
8.78%-19.84%0.73%7.63%6.03%-1.82%4.41%4.53%10.94%32.72%
Total Investment Assets
6.89B7.29B8B8.85B9.15B8.51B8.91B9.41B10.38B4M
Long-Term Investments
6.33B6.63B7.26B8.05B1.43B1.03B927.8M7.82B8.51B31.53B
Short-Term Investments
5.75B6.16B6.69B7.45B7.72B7.48B7.99B1.59B1.87B0
Total Current Assets
000011.38B11.41B12.12B5.89B6.95B2.1B
Cash & Equivalents
376.4M1.02B215.7M120.6M230.9M305M316.1M435.5M1.12B243.5M
Receivables
2.72B2.83B3.07B3.21B3.43B3.62B3.82B3.87B3.95B13.74B
Other Current Assets
-8.77B-10.01B-9.98B-10.79B000000
Goodwill & Intangibles
178.8M178.8M178.8M178.8M730.8M783.6M799.6M841.6M881.8M2.8B
Goodwill
192.6M178.8M178.8M178.8M178.8M178.8M178.8M178.8M178.8M178.8M
Intangible Assets
0000552M604.8M620.8M662.8M703M0
PP&E (Net)
0000000000
Other Assets
-6.5B-6.8B-7.44B-8.23B713.4M577.1M590.6M548.3M522.9M-10.7B
Total Liabilities
12.47B9.45B9.57B10.24B11.11B11.66B12.15B12.43B13.37B12.96B
Total Debt
786.9M777.9M653.4M780.8M781.6M782.4M783.2M784.1M1.22B843.8M
Net Debt
410.5M-242.8M437.7M660.2M550.7M477.4M467.1M348.6M95.6M600.3M
Long-Term Debt
786.9M777.9M653.4M780.8M781.6M782.4M783.2M722.3M1.22B793.7M
Short-Term Debt
000000061.8M050.1M
Total Current Liabilities
344.8M37.3M0055.1M731.7M6.09B819.6M11.24B50.1M
Accounts Payable
51.5M37.3M53.4M48.4M55.1M70.3M64.3M37.7M45.2M0
Deferred Revenue
000000003.44B0
Other Current Liabilities
00-681.1M-735.9M-907.7M-70.3M5.25B-37.7M7.76B0
Deferred Taxes
001000K1000K000000
Other Liabilities
11.69B8.67B-705.2M-878.1M10.33B10.16B11.36B10.89B915.3M12.11B
Total Equity
3B▲ 0%
2.95B▼ 1.4%
2.92B▼ 1.3%
3.2B▲ 9.8%
3.14B▼ 1.8%
2.33B▼ 25.8%
2.47B▲ 5.7%
2.84B▲ 15.3%
3.57B▲ 25.7%
3.57B▲ 0%
Equity Growth %
4.91%-1.43%-1.3%9.81%-1.79%-25.79%5.65%15.26%25.68%88.04%
Shareholders Equity
3B2.95B2.92B3.2B3.14B2.33B2.47B2.84B3.57B3.57B
Minority Interest
0000000000
Retained Earnings
1.98B2.18B2.41B2.67B2.98B2.99B2.91B3.21B3.74B3.89B
Common Stock
600K600K600K600K600K600K600K600K600K600K
Accumulated OCI
107.6M-116.5M152.6M372.5M122.2M-701.5M-517.2M-456.3M-171.4M-237.9M
Return on Equity (ROE)
6.36%13.14%14.48%11.73%13.32%4.23%1.47%16.05%20.66%20.93%
Return on Assets (ROA)
1.25%2.81%3.42%2.77%3.05%0.82%0.25%2.85%4.11%4.37%
Equity / Assets
19.38%23.83%23.35%23.82%22.06%16.68%16.87%18.6%21.08%21.6%
Debt / Equity
0.26x0.26x0.22x0.24x0.25x0.34x0.32x0.28x0.34x0.24x
Book Value per Share
69.7168.7171.8384.0586.4064.6568.3078.07100.0498.36
Tangible BV per Share
65.2364.5667.4279.3566.3242.9446.1554.9575.3493.43

THG Cash Flow Statement

The Hanover Insurance Group, Inc. (THG) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
704.6M551.3M602.9M707.6M823.7M722.3M361.7M806.4M1.18B1.26B
Operating CF Growth %
-5.22%-21.76%9.36%17.37%16.41%-12.31%-49.92%122.95%46.09%371.1%
Operating CF / Revenue %
16.51%12.34%12.33%14.68%15.96%13.29%6.07%12.97%17.86%18.83%
Net Income
186.2M391M425.1M358.7M420M116M35.3M426M662.5M721.1M
Depreciation & Amortization
30.1M24.6M21.6M18.2M16.9M12.9M6.3M1.5M-4.6M-5.3M
Stock-Based Compensation
12.3M13.4M17.4M20.1M22.9M29M31.1M31M027.8M
Deferred Taxes
39.8M-23.4M12.5M-23M25M-46.5M-24.6M-18.8M07.2M
Other Non-Cash Items
-37.4M-102.6M-111.1M-17.6M-281.1M49.6M41.5M145.8M102.8M277.7M
Working Capital Changes
473.6M248.3M237.4M351.2M620M561.3M272.1M220.9M417.4M229.5M
Cash from Investing
-506.3M271.3M-311.9M-608.8M-460.2M-507.6M-228.5M-541.5M-666.2M-1.05B
Capital Expenditures
-18.6M-13.1M-13.3M-14.9M-8M-17.8M-11.9M-10.2M-7.7M-9.4M
Acquisitions
0635.7M34.7M0000000
Purchase of Investments
-1.87B-1.6B-1.92B-2.08B-2.3B-2.08B-1.13B-3.31B-78.4M235.6M
Sale/Maturity of Investments
1.39B1.25B1.59B1.49B1.85B1.59B914M2.78B101.4M-113.8M
Other Investing
-9.5M000000-600K-681.5M-1.16B
Cash from Financing
-111.7M-171M-1.1B-193.9M-253.2M-140.6M-122.1M-145.5M175.2M-281.9M
Dividends Paid
-86.8M-94.3M-386.2M-99.5M-102.2M-108.9M-117.2M-124.1M-130.6M-131.7M
Share Repurchases
-37.2M-57.7M-563.6M-212.8M-162.6M-30.8M0-26.7M-129.2M-205.1M
Stock Issued
0000000015.4M1.7M
Debt Issuance (Net)
0-1000K-1000K1000K00001000K-1000K
Other Financing
12.3M-7.4M1.6M-2.2M11.6M-900K-4.9M5.3M-13.6M28.1M
Net Change in Cash
150.6M▲ 0%
722.8M▲ 379.9%
-805M▼ 211.4%
-95.1M▲ 88.2%
110.3M▲ 216.0%
74.1M▼ 32.8%
11.1M▼ 85.0%
119.4M▲ 975.7%
687.2M▲ 475.5%
-71.6M▲ 0%
Exchange Rate Effect
7.2M-4M3.3M0000000
Cash at Beginning
147.3M297.9M1.02B215.7M120.6M230.9M305M316.1M435.5M1.12B
Cash at End
297.9M1.02B215.7M120.6M230.9M305M316.1M435.5M1.12B243.5M
Free Cash Flow
686M▲ 0%
538.2M▼ 21.5%
589.6M▲ 9.6%
692.7M▲ 17.5%
815.7M▲ 17.8%
704.5M▼ 13.6%
349.8M▼ 50.3%
796.2M▲ 127.6%
1.17B▲ 47.0%
1.25B▲ 0%
FCF Growth %
-4.97%-21.55%9.55%17.49%17.76%-13.63%-50.35%127.62%47%60.65%
FCF Margin %
16.07%12.05%12.06%14.38%15.81%12.97%5.87%12.81%17.74%18.68%
FCF per Share
15.9512.5214.5218.1822.4119.529.6921.8732.7834.4

THG Key Ratios

The Hanover Insurance Group, Inc. (THG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Combined Ratio
93.14%93.67%89.32%90.77%89.9%97.35%99.31%91.35%87.21%86.22%
Medical Cost Ratio
80.14%80.97%77.54%78.78%79.79%86.82%89.05%80.09%56.53%65.48%
Return on Equity (ROE)
6.36%13.14%14.48%11.73%13.32%4.23%1.47%16.05%20.66%20.93%
Return on Assets (ROA)
1.25%2.81%3.42%2.77%3.05%0.82%0.25%2.85%4.11%4.37%
Equity / Assets
19.38%23.83%23.35%23.82%22.06%16.68%16.87%18.6%21.08%21.6%
Book Value / Share
69.7168.7171.8384.0586.464.6568.378.07100.0498.36
Debt / Equity
0.26x0.26x0.22x0.24x0.25x0.34x0.32x0.28x0.34x0.24x
Revenue Growth
7.62%4.64%9.51%-1.47%7.08%5.3%9.77%4.25%6.12%6.57%
Related:THG Dividend History·THG Revenue History·THG Price History·THG P/E History·THG Financial Ratios·THG Institutional Holders

THG SEC Filings & Documents

The Hanover Insurance Group, Inc. (THG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Feb 4, 2026·SEC

Material company update

Dec 16, 2025·SEC

10-K Annual Reports

2
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 24, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

THG Frequently Asked Questions

The Hanover Insurance Group, Inc. (THG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

The Hanover Insurance Group, Inc. (THG) grew revenue by 6.1% over the past year. This is steady growth.

Yes, The Hanover Insurance Group, Inc. (THG) is profitable, generating $721.1M in net income for fiscal year 2025 (10.0% net margin).

Dividend & Returns

Yes, The Hanover Insurance Group, Inc. (THG) pays a dividend with a yield of 1.85%. This makes it attractive for income-focused investors.

The Hanover Insurance Group, Inc. (THG) has a return on equity (ROE) of 20.7%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

The Hanover Insurance Group, Inc. (THG) has a combined ratio of 87.2%. A ratio below 100% indicates underwriting profitability.

What if you invested $1,000 in THG back in 1996?

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How much would $100/month in THG be worth today?

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