HANOVER INSURANCE GROUP, INC. THG

Financials SIC 6331 - Fire, Marine & Casualty Insurance NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers › Direct Insurance (except Life, Health, and Medical) Carriers › Direct Property and Casualty Insurance Carriers derived NYSE

The Hanover Insurance Group, Inc. ("THG" or the "Company") is a holding company organized as a Delaware corporation in 1995. We trace our roots to as early as 1852, when The Hanover Fire Insurance Company was founded. Our primary business operations are property and casualty insurance products and services. We market our products and services through independent agents and brokers in the United States ("U.S."). Our consolidated financial statements include the accounts of THG; The Hanover Insurance Company ("Hanover Insurance") and Citizens Insurance Company of America ("Citizens"), which are our principal property and casualty subsidiaries; and other insurance and non-insurance subsidiaries.

Last close 237.73 2026-10-23
Market cap $8.28B 2026-06-30 share count
52-week range 166.54 - 239.91

Valuation FY2025 figures against the last close

P/S1.3x
P/E13.1x
P/FCF7.1x
EV/EBITDA9.0x
Dividend yield1.6%
Diluted EPS18.16

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Personal Lines
  • Core Commercial
  • Specialty
  • Other
Revenue by segment, 4 categories over 3 years. The same figures are in the table below. FY2025 Personal Lines, FY2025: 2.7B (40.6%) 41% Personal Lines Core Commercial, FY2025: 2.4B (36.4%) 36% Core Commercial Specialty, FY2025: 1.5B (22.7%) 23% Specialty Other, FY2025: 21M (0.3%) FY2024 Personal Lines, FY2024: 2.6B (40.6%) 41% Core Commercial, FY2024: 2.3B (36.8%) 37% Specialty, FY2024: 1.4B (22.4%) 22% Other, FY2024: 12.4M (0.2%) FY2023 Personal Lines, FY2023: 2.4B (40.5%) 41% Core Commercial, FY2023: 2.2B (36.8%) 37% Specialty, FY2023: 1.4B (22.4%) 22% Other, FY2023: 15.4M (0.3%)
Segment FY2025FY2024FY2023
Personal Lines $2.69B $2.56B $2.44B
Core Commercial $2.42B $2.32B $2.22B
Specialty $1.51B $1.41B $1.35B
Other $21.0M $12.4M $15.4M

As the company reported it, from the “Segment Information (Financial Information with Respect to Business Segments) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $6.59B$6.24B$5.99B$5.47B$5.23B$4.82B$4.89B$4.49B$4.27B$4.05B
Operating income $933.0M$650.1M$105.6M$285.1M$432.3M$484.7M$453.6M$406.5M$327.3M$192.9M
Pre-tax income $843.8M$537.8M$41.1M$144.0M$521.3M$444.8M$522.1M$282.5M$292.9M$66.0M
Income tax $183.1M$112.5M$7.6M$27.2M$101.3M$82.8M$93.1M$43.5M$76.8M$1.0M
Net income $662.5M$426.0M$35.3M$116.0M$422.8M$358.7M$425.1M$391.0M$186.2M$155.1M
EPS, basic 18.5011.850.993.2611.789.5210.629.214.383.63
EPS, diluted 18.1611.700.983.2111.609.4210.469.094.333.59
Shares, diluted (wtd. avg.) 36.5M36.4M36.1M36.1M36.4M38.1M40.6M43.0M43.0M43.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.12B$435.5M$316.1M$305.0M$230.9M$120.6M$215.7M$1.02B$297.9M$282.6M
Goodwill $178.8M$178.8M$178.8M$178.8M$178.8M$178.8M$178.8M$178.8M$178.8M$184.8M
Other intangibles $18.0M$15.8M$15.5M$15.5M$16.0M—————
Total assets $16.95B$15.27B$14.61B$14.00B$14.25B$13.44B$12.49B$12.40B$15.47B$14.22B
Short-term debt $375.0M$61.8M————————
Long-term debt $843.3M$722.3M$783.2M———$653.4M$777.9M$786.9M$786.4M
Total liabilities $13.37B$12.43B$12.15B$11.66B$11.11B$10.24B$9.57B$9.45B$12.47B$11.36B
Retained earnings $3.74B$3.21B$2.91B$2.99B$2.98B$2.67B$2.41B$2.18B$1.98B$1.88B
Total equity $3.57B$2.84B$2.47B$2.33B$3.14B$3.20B$2.92B$2.95B$3.00B$2.86B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.18B$806.4M$361.7M$722.3M$823.7M$707.6M$602.9M$551.3M$704.6M$743.4M
Depreciation and amortisation -$4.6M$1.5M$6.3M———————
Stock-based compensation $35.6M$31.0M$31.1M$29.0M$22.9M$20.1M$17.4M$13.4M$12.3M$12.0M
Capital expenditure $7.7M$10.2M$11.9M$17.8M$8.0M$14.9M$13.3M$13.1M$18.6M$15.7M
Investing cash flow -$666.2M-$540.9M-$228.5M-$507.6M-$460.2M-$608.8M-$311.9M$271.3M-$506.3M-$495.4M
Financing cash flow $175.2M-$145.5M-$122.1M-$140.6M-$253.2M-$193.9M-$1.10B-$171.0M-$111.7M-$300.8M
Dividends paid $130.6M$124.1M$117.2M$108.9M$102.2M$99.5M$386.2M$94.3M$86.8M$80.4M
Buybacks $129.2M$26.7M$0$30.8M$162.6M$212.8M$563.6M$57.7M$37.2M$105.6M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-060983.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B 8B Revenue, FY2016: 4.1B Net income, FY2016: 155.1M Revenue, FY2017: 4.3B Net income, FY2017: 186.2M Revenue, FY2018: 4.5B Net income, FY2018: 391M Revenue, FY2019: 4.9B Net income, FY2019: 425.1M Revenue, FY2020: 4.8B Net income, FY2020: 358.7M Revenue, FY2021: 5.2B Net income, FY2021: 422.8M Revenue, FY2022: 5.5B Net income, FY2022: 116M Revenue, FY2023: 6B Net income, FY2023: 35.3M Revenue, FY2024: 6.2B Net income, FY2024: 426M Revenue, FY2025: 6.6B Net income, FY2025: 662.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $4.05B $4.27B $4.49B $4.89B $4.82B $5.23B $5.47B $5.99B $6.24B $6.59B
Gross profit — — — — — — — — — —
Net income $155.1M $186.2M $391.0M $425.1M $358.7M $422.8M $116.0M $35.3M $426.0M $662.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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