HANOVER INSURANCE GROUP, INC. THG
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 18.50 | 11.85 | 0.99 | 3.26 | 11.78 | 9.52 | 10.62 | 9.21 | 4.38 | 3.63 |
| EPS, diluted | 18.16 | 11.70 | 0.98 | 3.21 | 11.60 | 9.42 | 10.46 | 9.09 | 4.33 | 3.59 |
| Shares, diluted (wtd. avg.) | $36.5M | $36.4M | $36.1M | $36.1M | $36.4M | $38.1M | $40.6M | $43.0M | $43.0M | $43.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6331
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CB | Chubb Ltd | $132.49B | 13.3x | 6.5% |
| PGR | PROGRESSIVE CORP/OH/ | $127.29B | 11.4x | 16.3% |
| TRV | TRAVELERS COMPANIES, INC. | $77.04B | 13.5x | 5.2% |
| ALL | ALLSTATE CORP | $65.63B | 6.8x | 5.6% |
| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $39.85B | 14.0x | -1.7% |
| HIG | HARTFORD INSURANCE GROUP, INC. | $37.48B | 10.4x | 3.3% |
| ACGL | ARCH CAPITAL GROUP LTD. | $33.47B | 8.5x | 14.3% |
| CINF | CINCINNATI FINANCIAL CORP | $26.26B | 11.3x | 11.4% |