The Hanover Insurance Group (THG) Financials

$179.10 -4.81 (-2.61%)

Closing price 03:59 PM Eastern

Extended Trading

$179.43 +0.33 (+0.18%)

As of 04:10 PM Eastern

Annual Income Statements for The Hanover Insurance Group

This table shows The Hanover Insurance Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	332	155	186	391	425	359	423	116	35	426
Consolidated Net Income / (Loss)	332	155	186	391	425	359	423	116	35	426
Net Income / (Loss) Continuing Operations	331	67	216	239	429	362	420	117	34	425
Total Pre-Tax Income	439	66	293	283	522	445	521	144	41	538
Total Revenue	4,988	4,173	4,228	4,464	4,747	4,801	5,075	5,500	5,973	6,195
Net Interest Income / (Expense)	-61	-51	-45	-45	-38	-37	-34	-34	-34	-34
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	61	51	45	45	38	37	34	34	34	34
Long-Term Debt Interest Expense	61	51	45	45	38	37	34	34	34	34
Total Non-Interest Income	5,048	4,225	4,274	4,510	4,784	4,838	5,109	5,534	6,007	6,229
Other Service Charges	31	23	23	23	26	27	24	27	31	28
Net Realized & Unrealized Capital Gains on Investments	313	413	271	237	286	283	315	255	313	288
Premiums Earned	4,705	3,790	3,980	4,254	4,475	4,527	4,770	5,252	5,663	5,913
Total Non-Interest Expense	4,548	4,107	3,935	4,139	4,331	4,353	4,672	5,292	5,926	5,675
Property & Liability Insurance Claims	2,884	2,546	2,580	2,725	2,866	2,845	3,134	3,623	4,135	3,757
Other Operating Expenses	631	730	510	522	539	557	555	574	608	690
Amortization Expense	1,033	804	841	892	927	951	983	1,093	1,176	1,222
Impairment Charge	-	27	5.60	-	-	-	-	1.90	7.70	5.80
Nonoperating Income / (Expense), net	-	-	-	-43	107	-	119	-63	-5.60	14
Income Tax Expense	109	-1.00	77	44	93	83	101	27	7.60	113
Net Income / (Loss) Discontinued Operations	0.70	-1.00	-30	152	-3.90	-3.30	2.80	-0.80	1.80	0.70
Basic Earnings per Share	$7.55	$3.63	$4.38	$9.21	$10.62	$9.52	$11.78	$3.26	$0.99	$11.85
Weighted Average Basic Shares Outstanding	43.90M	42.80M	42.50M	42.40M	40M	37.70M	35.90M	35.60M	35.70M	35.90M
Diluted Earnings per Share	$7.40	$3.59	$4.33	$9.09	$10.46	$9.42	$11.60	$3.21	$0.98	$11.70
Weighted Average Diluted Shares Outstanding	44.80M	43.20M	43M	43M	40.60M	38.10M	36.40M	36.10M	36.10M	36.40M
Weighted Average Basic & Diluted Shares Outstanding	43.90M	42.70M	42.50M	40.57M	38.45M	36.39M	35.48M	35.60M	35.82M	35.93M

This table shows The Hanover Insurance Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.50	-12	-12	-69	8.60	108	116	41	102	168	128
Consolidated Net Income / (Loss)	0.50	-12	-12	-69	8.60	108	116	41	102	168	128
Net Income / (Loss) Continuing Operations	0.60	-12	-12	-70	8.20	107	116	40	102	167	128
Total Pre-Tax Income	0.50	-15	-18	-91	-0.90	150	145	51	130	212	160
Total Revenue	1,366	1,518	1,442	1,499	1,513	1,519	1,536	1,531	1,546	1,583	1,594
Net Interest Income / (Expense)	-8.50	-8.60	-8.50	-8.60	-8.50	-8.50	-8.50	-8.60	-8.50	-8.50	-8.50
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	8.50	8.60	8.50	8.60	8.50	8.50	8.50	8.60	8.50	8.50	8.50
Long-Term Debt Interest Expense	8.50	8.60	8.50	8.60	8.50	8.50	8.50	8.60	8.50	8.50	8.50
Total Non-Interest Income	1,395	1,456	1,451	1,507	1,522	1,527	1,545	1,539	1,554	1,591	1,602
Other Service Charges	7.00	7.10	8.00	7.80	7.40	7.60	7.30	7.60	6.70	6.40	6.40
Net Realized & Unrealized Capital Gains on Investments	73	70	78	88	83	64	88	58	68	73	87
Premiums Earned	1,331	1,364	1,380	1,412	1,431	1,440	1,449	1,473	1,479	1,512	1,509
Other Non-Interest Income	-16	-	-15	-	-	-	0.30	-	-	-	0.00
Total Non-Interest Expense	1,357	1,486	1,453	1,588	1,509	1,376	1,397	1,480	1,428	1,370	1,435
Property & Liability Insurance Claims	940	1,051	1,017	1,140	1,062	916	935	1,008	954	861	955
Other Operating Expenses	141	150	147	154	151	156	163	166	165	196	165
Amortization Expense	277	284	289	293	297	298	299	304	308	311	314
Nonoperating Income / (Expense), net	-29	-	-7.10	-1.10	-5.20	7.80	6.50	1.10	12	-5.10	1.00
Income Tax Expense	-0.10	-2.80	-5.50	-21	-9.10	43	30	11	28	44	32
Basic Earnings per Share	$0.01	($0.34)	($0.34)	($1.94)	$0.24	$3.03	$3.22	$1.13	$2.84	$4.66	$3.56
Weighted Average Basic Shares Outstanding	35.60M	35.60M	35.60M	35.70M	35.80M	35.70M	35.80M	36M	36M	35.90M	36M
Diluted Earnings per Share	$0.01	($0.33)	($0.34)	($1.94)	$0.24	$3.02	$3.18	$1.12	$2.80	$4.60	$3.50
Weighted Average Diluted Shares Outstanding	36.10M	36.10M	35.60M	35.70M	36.10M	36.10M	36.30M	36.30M	36.50M	36.40M	36.60M
Weighted Average Basic & Diluted Shares Outstanding	35.56M	35.60M	35.73M	35.75M	35.76M	35.82M	35.94M	35.98M	36.03M	35.93M	35.92M

This table details how cash moves in and out of The Hanover Insurance Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-35	-56	94	648	-808	-95	110	74	11	120
Net Cash From Operating Activities	445	743	705	551	603	708	824	722	362	806
Net Cash From Continuing Operating Activities	445	743	705	188	603	708	824	722	362	806
Net Income / (Loss) Continuing Operations	332	155	186	0.00	425	359	423	116	35	426
Consolidated Net Income / (Loss)	332	155	186	-	425	359	423	116	35	426
Depreciation Expense	30	31	30	-25	22	18	17	13	6.30	1.50
Amortization Expense	13	9.90	14	9.70	11	6.00	3.40	5.50	7.90	6.80
Non-Cash Adjustments to Reconcile Net Income	-21	92	-11	-224	-91	21	-100	135	63	107
Changes in Operating Assets and Liabilities, net	91	456	486	790	235	304	481	453	249	265
Net Cash From Investing Activities	-172	-495	-506	271	-312	-609	-460	-508	-229	-541
Net Cash From Continuing Investing Activities	-172	-495	-506	271	-312	-609	-460	-508	-229	-541
Purchase of Property, Leasehold Improvements and Equipment	-20	-16	-19	-13	-13	-15	-8.00	-18	-12	-10
Purchase of Investment Securities	-2,222	-2,372	-1,878	-1,604	-1,921	-2,084	-2,303	-2,085	-1,131	-3,313
Divestitures	44	-	-	636	35	0.00	0.00	0.00	0.00	0.00
Sale and/or Maturity of Investments	2,026	1,892	1,390	1,253	1,587	1,490	1,851	1,595	914	2,782
Net Cash From Financing Activities	-301	-301	-112	-171	-1,099	-194	-253	-141	-122	-146
Net Cash From Continuing Financing Activities	-301	-301	-112	-171	-1,099	-194	-253	-141	-122	-146
Repurchase of Common Equity	-127	-106	-37	-58	-564	-213	-163	-31	0.00	-27
Payment of Dividends	-74	-80	-87	-94	-386	-100	-102	-109	-117	-124
Other Financing Activities, Net	15	-10	12	-7.40	1.60	-2.20	12	-0.90	-4.90	5.30
Other Net Changes in Cash	-	-	-	-	3.30	0.00	0.00	0.00	0.00	-0.60
Cash Interest Paid	61	53	48	48	37	34	33	33	33	33
Cash Income Taxes Paid	57	30	51	57	114	97	74	108	-22	149

This table details how cash moves in and out of The Hanover Insurance Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	19	140	-124	-14	127	22	-52	77	86	8.60	-121
Net Cash From Operating Activities	315	199	18	26	225	93	59	140	395	214	39
Net Cash From Continuing Operating Activities	315	199	18	26	225	93	59	140	395	214	39
Net Income / (Loss) Continuing Operations	0.50	-12	-12	-69	8.60	108	116	41	102	168	128
Consolidated Net Income / (Loss)	0.50	-12	-12	-69	8.60	108	116	41	102	168	128
Depreciation Expense	3.80	2.90	2.20	1.80	1.50	0.80	0.80	0.80	0.50	-0.60	-1.10
Amortization Expense	1.40	1.40	2.00	2.00	1.90	2.00	1.70	1.70	1.70	1.70	1.60
Non-Cash Adjustments to Reconcile Net Income	53	-25	30	11	15	7.90	1.20	43	21	42	25
Changes in Operating Assets and Liabilities, net	257	232	-4.00	81	198	-26	-61	54	269	2.50	-115
Net Cash From Investing Activities	-259	-31	-107	-12	-68	-42	-75	-34	-282	-150	-112
Net Cash From Continuing Investing Activities	-259	-31	-107	-12	-68	-42	-75	-34	-282	-150	-112
Purchase of Property, Leasehold Improvements and Equipment	-4.00	-3.90	-3.50	-3.30	-2.90	-2.20	-2.60	-2.20	-2.40	-3.00	-1.80
Purchase of Investment Securities	-474	-563	-283	-206	-313	-329	-304	-935	-957	-1,118	-828
Sale and/or Maturity of Investments	219	536	180	198	248	289	232	903	677	970	717
Net Cash From Financing Activities	-38	-27	-35	-29	-29	-29	-35	-29	-27	-55	-48
Net Cash From Continuing Financing Activities	-38	-27	-35	-29	-29	-29	-35	-29	-27	-55	-48
Repurchase of Common Equity	-10	-	0.00	-	-	-	0.00	-	-	-27	-11
Payment of Dividends	-27	-29	-29	-29	-29	-30	-31	-31	-31	-32	-32
Other Financing Activities, Net	-0.50	1.90	-6.20	0.40	-0.40	1.30	-4.90	2.00	3.90	4.30	-4.10
Other Net Changes in Cash	-	-	-	-	-	-	-	-	-	-0.20	0.50

This table presents The Hanover Insurance Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	13,781	14,220	15,470	12,400	12,491	13,444	14,254	13,995	14,613	15,275
Cash and Due from Banks	339	283	298	1,021	216	121	231	305	316	436
Trading Account Securities	7,560	7,916	6,326	6,626	7,263	8,053	8,385	7,724	8,116	8,700
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	63	62	48	53	53	51	50	55	58	70
Unearned Premiums Asset	1,392	1,438	1,096	1,177	1,260	1,339	1,470	1,601	1,706	1,801
Deferred Acquisition Cost	509	518	430	451	467	478	552	605	621	663
Goodwill	186	185	179	179	179	179	179	179	179	179
Other Assets	3,733	3,820	7,094	2,894	3,052	3,223	3,388	3,527	3,617	3,427
Total Liabilities & Shareholders' Equity	13,781	14,220	15,470	12,400	12,491	13,444	14,254	13,995	14,613	15,275
Total Liabilities	10,937	11,363	12,472	9,445	9,574	10,242	11,109	11,661	12,147	12,433
Short-Term Debt	-	-	-	-	-	-	-	-	0.00	62
Other Short-Term Payables	725	728	-	910	628	688	908	732	776	758
Long-Term Debt	803	786	787	778	653	781	782	782	783	722
Claims and Claim Expense	6,574	6,949	5,059	5,304	5,654	6,024	6,448	7,013	7,308	7,461
Unearned Premiums Liability	2,541	2,561	2,132	2,278	2,417	2,483	2,735	2,954	3,103	3,283
Other Long-Term Liabilities	294	338	4,495	175	222	267	238	181	177	146
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,844	2,858	2,998	2,955	2,916	3,202	3,145	2,334	2,466	2,842
Total Preferred & Common Equity	2,844	2,858	2,998	2,955	2,916	3,202	3,145	2,334	2,466	2,842
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,844	2,858	2,998	2,955	2,916	3,202	3,145	2,334	2,466	2,842
Common Stock	1,834	1,847	1,858	1,872	1,838	1,858	1,888	1,914	1,940	1,974
Retained Earnings	1,804	1,876	1,975	2,182	2,411	2,668	2,983	2,993	2,909	3,210
Treasury Stock	-847	-928	-943	-984	-1,485	-1,696	-1,848	-1,871	-1,866	-1,886
Accumulated Other Comprehensive Income / (Loss)	54	63	108	-117	153	373	122	-702	-517	-456

This table presents The Hanover Insurance Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	13,746	14,092	14,187	14,315	14,594	14,872	15,367	15,470
Cash and Due from Banks	165	182	168	295	265	338	427	315
Trading Account Securities	7,600	7,913	7,831	7,742	8,153	8,198	8,770	8,969
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	50	54	56	56	58	62	64	66
Unearned Premiums Asset	1,624	1,600	1,674	1,771	1,740	1,814	1,882	1,809
Deferred Acquisition Cost	600	598	606	631	619	635	663	657
Goodwill	179	179	179	179	179	179	179	179
Other Assets	3,528	3,566	3,674	3,641	3,581	3,648	3,382	3,475
Total Liabilities & Shareholders' Equity	13,746	14,092	14,187	14,315	14,594	14,872	15,367	15,470
Total Liabilities	11,450	11,703	11,949	12,199	12,071	12,320	12,489	12,426
Short-Term Debt	-	-	-	-	-	-	-	62
Other Short-Term Payables	723	619	652	728	679	735	775	619
Long-Term Debt	782	783	783	783	783	784	784	723
Claims and Claim Expense	6,774	7,143	7,313	7,330	7,331	7,463	7,427	7,609
Unearned Premiums Liability	2,972	2,969	3,021	3,188	3,105	3,168	3,339	3,259
Other Long-Term Liabilities	199	189	180	170	173	170	164	155
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,296	2,389	2,238	2,116	2,523	2,552	2,878	3,044
Total Preferred & Common Equity	2,296	2,389	2,238	2,116	2,523	2,552	2,878	3,044
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,296	2,389	2,238	2,116	2,523	2,552	2,878	3,044
Common Stock	1,905	1,914	1,924	1,932	1,942	1,953	1,964	1,979
Retained Earnings	3,030	2,952	2,853	2,832	2,994	3,003	3,075	3,307
Treasury Stock	-1,873	-1,869	-1,868	-1,868	-1,864	-1,863	-1,861	-1,897
Accumulated Other Comprehensive Income / (Loss)	-766	-608	-671	-780	-549	-541	-300	-345

This table displays calculated financial ratios and metrics derived from The Hanover Insurance Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.28%	-16.33%	1.32%	5.58%	6.32%	1.14%	5.71%	8.37%	8.60%	3.72%
EBITDA Growth	11.23%	-77.90%	216.14%	-7.72%	44.24%	5.24%	-10.44%	-46.62%	-73.02%	767.49%
EBIT Growth	16.24%	-84.98%	343.79%	11.27%	27.52%	7.77%	-10.14%	-48.50%	-77.47%	1,013.49%
NOPAT Growth	17.18%	-79.75%	222.54%	27.59%	23.86%	6.01%	-10.49%	-48.11%	-77.36%	987.81%
Net Income Growth	17.55%	-53.21%	20.05%	109.99%	8.72%	-15.62%	17.87%	-72.56%	-69.57%	1,106.80%
EPS Growth	17.83%	-51.49%	20.61%	109.93%	15.07%	-9.94%	23.14%	-72.33%	-69.47%	1,093.88%
Operating Cash Flow Growth	-21.25%	67.17%	-5.22%	-21.76%	9.36%	17.37%	16.41%	-12.31%	-49.92%	122.95%
Free Cash Flow Firm Growth	1,197.59%	-83.61%	6.80%	334.64%	53.94%	-110.19%	840.36%	157.14%	-109.67%	139.07%
Invested Capital Growth	-2.67%	-0.10%	3.86%	-1.37%	-4.37%	11.58%	-1.42%	-20.64%	4.26%	11.61%
Revenue Q/Q Growth	-1.85%	-11.89%	0.92%	11.52%	2.30%	0.91%	0.59%	4.33%	0.04%	1.17%
EBITDA Q/Q Growth	-6.95%	-70.93%	148.53%	-12.10%	29.39%	15.01%	-8.80%	-29.45%	227.41%	14.95%
EBIT Q/Q Growth	-5.08%	-79.66%	212.93%	3.49%	13.99%	16.52%	-9.10%	-31.02%	173.54%	15.66%
NOPAT Q/Q Growth	-3.59%	-72.78%	164.18%	2.16%	13.77%	14.13%	-23.41%	-42.32%	143.92%	20.19%
Net Income Q/Q Growth	-3.58%	-37.00%	53.63%	22.61%	-3.14%	18.03%	0.71%	-60.77%	141.68%	16.39%
EPS Q/Q Growth	-3.14%	-36.68%	53.55%	22.84%	-1.32%	20.15%	2.75%	-60.71%	141.35%	15.61%
Operating Cash Flow Q/Q Growth	-12.97%	14.32%	-1.54%	-13.70%	18.49%	-2.48%	8.90%	-3.96%	-22.63%	17.62%
Free Cash Flow Firm Q/Q Growth	31.30%	-23.92%	-54.74%	21.96%	65.11%	-137.69%	-19.85%	-10.81%	-202.71%	108.85%
Invested Capital Q/Q Growth	-1.16%	-5.20%	0.69%	-0.73%	-4.93%	1.21%	1.10%	1.23%	12.05%	-0.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	9.67%	2.55%	7.97%	6.97%	9.45%	9.83%	8.33%	4.10%	1.02%	8.53%
EBIT Margin	8.81%	1.58%	6.93%	7.30%	8.76%	9.33%	7.93%	3.77%	0.78%	8.39%
Profit (Net Income) Margin	6.65%	3.72%	4.40%	8.76%	8.96%	7.47%	8.33%	2.11%	0.59%	6.88%
Tax Burden Percent	75.44%	235.00%	63.57%	138.41%	81.42%	80.64%	81.10%	80.56%	85.89%	79.21%
Interest Burden Percent	100.00%	100.00%	100.00%	86.68%	125.63%	99.31%	129.52%	69.46%	88.01%	103.42%
Effective Tax Rate	24.72%	-1.52%	26.22%	15.40%	17.83%	18.62%	19.43%	18.89%	18.49%	20.92%
Return on Invested Capital (ROIC)	8.95%	1.84%	5.82%	7.34%	9.35%	9.59%	8.19%	4.78%	1.20%	12.05%
ROIC Less NNEP Spread (ROIC-NNEP)	9.03%	12.92%	2.02%	22.07%	21.04%	9.13%	20.84%	-1.89%	0.84%	13.57%
Return on Net Nonoperating Assets (RNNOA)	2.71%	3.60%	0.54%	5.80%	5.13%	2.14%	5.13%	-0.54%	0.28%	4.01%
Return on Equity (ROE)	11.66%	5.44%	6.36%	13.14%	14.48%	11.73%	13.32%	4.23%	1.47%	16.05%
Cash Return on Invested Capital (CROIC)	11.65%	1.94%	2.03%	8.72%	13.82%	-1.36%	9.62%	27.79%	-2.97%	1.08%
Operating Return on Assets (OROA)	3.19%	0.47%	1.97%	2.34%	3.34%	3.45%	2.91%	1.47%	0.33%	3.48%
Return on Assets (ROA)	2.41%	1.11%	1.25%	2.81%	3.42%	2.77%	3.05%	0.82%	0.25%	2.85%
Return on Common Equity (ROCE)	11.66%	5.44%	6.36%	13.14%	14.48%	11.73%	13.32%	4.23%	1.47%	16.05%
Return on Equity Simple (ROE_SIMPLE)	11.65%	5.43%	6.21%	13.23%	14.58%	11.20%	13.44%	4.97%	1.43%	14.99%
Net Operating Profit after Tax (NOPAT)	331	67	216	276	341	362	324	168	38	414
NOPAT Margin	6.63%	1.61%	5.11%	6.18%	7.19%	7.54%	6.39%	3.06%	0.64%	6.68%
Net Nonoperating Expense Percent (NNEP)	-0.08%	-11.09%	3.80%	-14.73%	-11.68%	0.46%	-12.64%	6.67%	0.35%	-1.52%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	91.19%	98.42%	93.07%	92.70%	91.24%	90.67%	92.07%	96.23%	99.22%	91.61%
Earnings before Interest and Taxes (EBIT)	439	66	293	326	416	448	403	207	47	520
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	482	107	337	311	449	472	423	226	61	528
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.96	1.08	1.24	1.39	1.66	1.25	1.39	1.95	1.72	1.96
Price to Tangible Book Value (P/TBV)	1.03	1.15	1.32	1.47	1.76	1.32	1.48	2.12	1.85	2.09
Price to Revenue (P/Rev)	0.55	0.74	0.88	0.92	1.02	0.83	0.86	0.83	0.71	0.90
Price to Earnings (P/E)	8.24	19.83	20.02	10.47	11.35	11.16	10.35	39.29	119.96	13.08
Dividend Yield	2.67%	2.60%	2.32%	2.30%	5.88%	2.47%	2.32%	2.39%	2.77%	2.23%
Earnings Yield	12.13%	5.04%	4.99%	9.55%	8.81%	8.96%	9.66%	2.55%	0.83%	7.64%
Enterprise Value to Invested Capital (EV/IC)	0.88	0.98	1.11	1.03	1.47	1.17	1.26	1.62	1.45	1.63
Enterprise Value to Revenue (EV/Rev)	0.64	0.86	1.00	0.86	1.11	0.97	0.97	0.92	0.79	0.96
Enterprise Value to EBITDA (EV/EBITDA)	6.63	33.58	12.51	12.38	11.73	9.88	11.66	22.31	77.20	11.21
Enterprise Value to EBIT (EV/EBIT)	7.28	54.24	14.40	11.81	12.67	10.41	12.24	24.29	100.68	11.39
Enterprise Value to NOPAT (EV/NOPAT)	9.66	53.43	19.52	13.96	15.42	12.88	15.21	29.95	123.52	14.30
Enterprise Value to Operating Cash Flow (EV/OCF)	7.19	4.82	5.99	6.98	8.73	6.59	5.98	6.97	13.00	7.34
Enterprise Value to Free Cash Flow (EV/FCFF)	7.42	50.70	55.93	11.75	10.43	0.00	12.95	5.15	0.00	160.17
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.28	0.26	0.26	0.22	0.24	0.25	0.34	0.32	0.28
Long-Term Debt to Equity	0.28	0.28	0.26	0.26	0.22	0.24	0.25	0.34	0.32	0.25
Financial Leverage	0.30	0.28	0.27	0.26	0.24	0.23	0.25	0.29	0.33	0.30
Leverage Ratio	4.84	4.91	5.07	4.68	4.24	4.24	4.36	5.16	5.96	5.63
Compound Leverage Factor	4.84	4.91	5.07	4.06	5.33	4.21	5.65	3.58	5.25	5.82
Debt to Total Capital	22.02%	21.58%	20.79%	20.84%	18.30%	19.60%	19.91%	25.11%	24.11%	21.63%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.70%
Long-Term Debt to Total Capital	22.02%	21.58%	20.79%	20.84%	18.30%	19.60%	19.91%	25.11%	24.11%	19.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	77.98%	78.42%	79.21%	79.16%	81.70%	80.40%	80.09%	74.89%	75.89%	78.38%
Debt to EBITDA	1.67	7.38	2.34	2.50	1.46	1.65	1.85	3.47	12.86	1.48
Net Debt to EBITDA	0.96	4.73	1.45	-0.78	0.98	1.40	1.30	2.12	7.67	0.66
Long-Term Debt to EBITDA	1.67	7.38	2.34	2.50	1.46	1.65	1.85	3.47	12.86	1.37
Debt to NOPAT	2.43	11.74	3.64	2.82	1.91	2.16	2.41	4.65	20.58	1.89
Net Debt to NOPAT	1.40	7.52	2.26	-0.88	1.28	1.82	1.70	2.84	12.27	0.84
Long-Term Debt to NOPAT	2.43	11.74	3.64	2.82	1.91	2.16	2.41	4.65	20.58	1.74
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	431	71	75	328	504	-51	381	979	-95	37
Operating Cash Flow to CapEx	2,280.51%	4,735.03%	3,788.17%	4,208.40%	4,533.08%	4,748.99%	10,296.25%	4,057.87%	3,039.50%	7,905.88%
Free Cash Flow to Firm to Interest Expense	7.11	1.37	1.67	7.27	13.45	-1.39	11.19	28.70	-2.78	1.08
Operating Cash Flow to Interest Expense	7.34	14.46	15.59	12.22	16.08	19.07	24.23	21.18	10.61	23.65
Operating Cash Flow Less CapEx to Interest Expense	7.02	14.16	15.18	11.93	15.72	18.67	23.99	20.66	10.26	23.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.30	0.28	0.32	0.38	0.37	0.37	0.39	0.42	0.41
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,648	3,644	3,785	3,733	3,570	3,983	3,927	3,116	3,249	3,626
Invested Capital Turnover	1.35	1.14	1.14	1.19	1.30	1.27	1.28	1.56	1.88	1.80
Increase / (Decrease) in Invested Capital	-100	-3.60	141	-52	-163	413	-57	-810	133	377
Enterprise Value (EV)	3,197	3,580	4,217	3,850	5,264	4,663	4,928	5,035	4,702	5,922
Market Capitalization	2,732	3,076	3,728	4,093	4,827	4,002	4,377	4,558	4,235	5,573
Book Value per Share	$65.77	$67.17	$70.58	$69.80	$74.03	$85.96	$88.39	$65.62	$68.94	$78.87
Tangible Book Value per Share	$61.47	$62.82	$66.37	$65.57	$69.49	$81.16	$83.36	$60.60	$63.94	$73.90
Total Capital	3,648	3,644	3,785	3,733	3,570	3,983	3,927	3,116	3,249	3,626
Total Debt	803	786	787	778	653	781	782	782	783	784
Total Long-Term Debt	803	786	787	778	653	781	782	782	783	722
Net Debt	464	504	489	-243	438	660	551	477	467	349
Capital Expenditures (CapEx)	20	16	19	13	13	15	8.00	18	12	10
Net Nonoperating Expense (NNE)	-0.70	-88	30	-115	-84	3.30	-99	52	2.76	-12
Net Nonoperating Obligations (NNO)	803	786	787	778	653	781	782	782	783	784
Total Depreciation and Amortization (D&A)	43	41	44	-15	33	24	20	18	14	8.30
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.55	$3.63	$4.38	$9.21	$10.62	$9.52	$11.67	$3.26	$0.99	$11.85
Adjusted Weighted Average Basic Shares Outstanding	43.90M	42.80M	42.50M	42.40M	40M	37.70M	35.90M	35.60M	35.70M	35.90M
Adjusted Diluted Earnings per Share	$7.40	$3.59	$4.33	$9.09	$10.46	$9.42	$11.49	$3.21	$0.98	$11.70
Adjusted Weighted Average Diluted Shares Outstanding	44.80M	43.20M	43M	43M	40.60M	38.10M	36.40M	36.10M	36.10M	36.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$10.62	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	42.82M	42.50M	42.50M	40.57M	38.45M	36.39M	35.48M	35.60M	35.82M	35.93M
Normalized Net Operating Profit after Tax (NOPAT)	331	65	220	276	341	362	324	170	44	419
Normalized NOPAT Margin	6.63%	1.57%	5.21%	6.18%	7.19%	7.54%	6.39%	3.09%	0.74%	6.76%
Pre Tax Income Margin	8.81%	1.58%	6.93%	6.33%	11.00%	9.27%	10.27%	2.62%	0.69%	8.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.25	1.28	6.48	7.23	11.08	12.07	11.84	6.08	1.37	15.25
NOPAT to Interest Expense	5.46	1.30	4.78	6.11	9.11	9.76	9.53	4.93	1.12	12.14
EBIT Less CapEx to Interest Expense	6.93	0.98	6.07	6.94	10.73	11.67	11.60	5.56	1.02	14.95
NOPAT Less CapEx to Interest Expense	5.14	1.00	4.37	5.82	8.75	9.36	9.30	4.41	0.77	11.84
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	22.38%	51.84%	46.62%	24.12%	90.85%	27.74%	24.17%	93.88%	332.01%	29.13%
Augmented Payout Ratio	60.78%	119.92%	66.60%	38.87%	223.43%	87.06%	62.63%	120.43%	332.01%	35.40%

This table displays calculated financial ratios and metrics derived from The Hanover Insurance Group's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.91%	17.67%	9.08%	15.91%	10.76%	0.01%	6.50%	2.13%	2.14%	4.22%	3.75%
EBITDA Growth	-69.98%	-72.07%	-104.62%	-309.78%	-45.77%	297.81%	2,383.87%	161.42%	1,459.74%	47.31%	12.95%
EBIT Growth	-78.67%	-74.32%	-108.04%	-344.14%	-52.22%	342.24%	1,437.50%	156.03%	2,641.86%	49.44%	14.63%
NOPAT Growth	2.79%	-106.32%	-106.91%	-188.96%	-91.53%	1,088.61%	1,615.56%	163.03%	2,986.04%	68.42%	15.47%
Net Income Growth	-98.53%	-107.22%	-111.44%	-404.85%	1,620.00%	991.74%	1,062.50%	158.53%	1,087.21%	55.61%	11.00%
EPS Growth	-98.94%	-107.13%	-111.72%	-407.94%	2,300.00%	1,015.15%	1,035.29%	157.73%	1,066.67%	52.32%	10.06%
Operating Cash Flow Growth	10.02%	-13.05%	-90.95%	204.65%	-28.69%	-53.30%	224.31%	432.44%	75.66%	130.31%	-33.73%
Free Cash Flow Firm Growth	875.16%	264.85%	36.80%	-58.52%	-78.38%	-103.87%	-105.55%	-201.96%	-468.19%	-564.36%	-1,535.30%
Invested Capital Growth	-20.74%	-20.64%	-12.26%	-9.93%	-5.81%	4.26%	4.24%	10.43%	26.29%	11.61%	15.81%
Revenue Q/Q Growth	5.68%	11.12%	-4.89%	3.90%	0.98%	0.34%	1.67%	-0.36%	0.99%	2.39%	0.70%
EBITDA Q/Q Growth	-65.28%	157.04%	-116.99%	-1,283.87%	108.97%	1,785.71%	-2.48%	-62.78%	127.89%	78.10%	-25.39%
EBIT Q/Q Growth	-75.48%	257.78%	-132.30%	-761.54%	104.80%	3,211.63%	-2.32%	-63.91%	134.86%	80.49%	-25.24%
NOPAT Q/Q Growth	-49.62%	-128.97%	29.25%	-761.54%	104.80%	3,279.66%	8.46%	-64.17%	134.96%	84.45%	-25.64%
Net Income Q/Q Growth	-97.80%	-2,520.00%	0.83%	-476.67%	112.43%	1,154.65%	7.04%	-64.94%	152.10%	64.45%	-23.65%
EPS Q/Q Growth	-98.41%	-3,400.00%	-3.03%	-470.59%	112.37%	1,158.33%	5.30%	-64.78%	150.00%	64.29%	-23.91%
Operating Cash Flow Q/Q Growth	3,563.95%	-37.00%	-90.88%	44.75%	757.63%	-58.75%	-36.68%	137.65%	182.94%	-45.91%	-81.78%
Free Cash Flow Firm Q/Q Growth	29.03%	-4.88%	-45.54%	-37.95%	-32.76%	-117.04%	21.97%	-1,040.68%	-142.83%	69.26%	-92.06%
Invested Capital Q/Q Growth	-8.22%	1.23%	1.78%	-4.76%	-4.02%	12.05%	1.76%	0.90%	9.76%	-0.98%	5.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	1.04%	2.40%	-0.43%	-5.73%	0.51%	9.56%	9.22%	3.44%	7.77%	13.52%	10.01%
EBIT Margin	0.66%	2.12%	-0.72%	-5.98%	0.28%	9.38%	9.06%	3.28%	7.63%	13.45%	9.98%
Profit (Net Income) Margin	0.04%	-0.80%	-0.83%	-4.62%	0.57%	7.11%	7.52%	2.65%	6.61%	10.61%	8.04%
Tax Burden Percent	100.00%	82.31%	68.57%	76.30%	-955.56%	71.84%	79.49%	78.95%	78.72%	79.39%	80.08%
Interest Burden Percent	5.56%	-45.65%	168.27%	101.23%	-20.93%	105.48%	104.46%	102.19%	110.01%	99.39%	100.63%
Effective Tax Rate	-20.00%	0.00%	0.00%	0.00%	0.00%	28.56%	20.51%	21.25%	21.28%	20.90%	19.93%
Return on Invested Capital (ROIC)	3.94%	-1.06%	-0.84%	-7.65%	0.40%	12.57%	13.44%	4.95%	11.22%	19.51%	14.01%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.54%	-1.29%	-1.44%	-8.48%	1.11%	13.36%	14.10%	5.07%	12.39%	19.07%	14.11%
Return on Net Nonoperating Assets (RNNOA)	-0.16%	-0.37%	-0.43%	-2.76%	0.39%	4.36%	4.49%	1.66%	3.89%	5.63%	3.97%
Return on Equity (ROE)	3.78%	-1.43%	-1.27%	-10.40%	0.79%	16.93%	17.93%	6.61%	15.11%	25.14%	17.99%
Cash Return on Invested Capital (CROIC)	31.52%	27.79%	12.98%	7.76%	3.08%	-2.97%	0.62%	-1.63%	-12.74%	1.08%	-2.56%
Operating Return on Assets (OROA)	0.25%	0.83%	-0.29%	-2.51%	0.12%	3.92%	3.83%	1.38%	3.15%	5.57%	4.15%
Return on Assets (ROA)	0.01%	-0.31%	-0.33%	-1.94%	0.24%	2.97%	3.18%	1.11%	2.73%	4.40%	3.35%
Return on Common Equity (ROCE)	3.78%	-1.43%	-1.27%	-10.40%	0.79%	16.93%	17.93%	6.61%	15.11%	25.14%	17.99%
Return on Equity Simple (ROE_SIMPLE)	12.88%	0.00%	-0.04%	-4.15%	-4.00%	0.00%	6.45%	10.68%	12.72%	0.00%	14.41%
Net Operating Profit after Tax (NOPAT)	36	-10	-7.28	-63	3.01	102	110	40	93	171	127
NOPAT Margin	2.60%	-0.68%	-0.50%	-4.19%	0.20%	6.70%	7.18%	2.58%	6.01%	10.83%	7.99%
Net Nonoperating Expense Percent (NNEP)	4.48%	0.23%	0.60%	0.83%	-0.71%	-0.79%	-0.66%	-0.12%	-1.18%	0.44%	-0.10%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	99.34%	97.88%	100.72%	105.98%	99.72%	90.62%	90.94%	96.72%	92.37%	86.55%	90.02%
Earnings before Interest and Taxes (EBIT)	9.00	32	-10	-90	4.30	142	139	50	118	213	159
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	37	-6.20	-86	7.70	145	142	53	120	214	160
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.90	1.95	1.85	1.76	1.83	1.72	1.92	1.77	1.85	1.96	2.05
Price to Tangible Book Value (P/TBV)	2.06	2.12	2.00	1.91	2.00	1.85	2.06	1.90	1.97	2.09	2.18
Price to Revenue (P/Rev)	0.83	0.83	0.79	0.67	0.65	0.71	0.80	0.74	0.87	0.90	1.00
Price to Earnings (P/E)	14.73	39.29	0.00	0.00	0.00	119.96	29.71	16.55	14.56	13.08	14.25
Dividend Yield	2.45%	2.39%	2.51%	2.89%	3.00%	2.77%	2.46%	2.68%	2.30%	2.23%	2.01%
Earnings Yield	6.79%	2.55%	0.00%	0.00%	0.00%	0.83%	3.37%	6.04%	6.87%	7.64%	7.02%
Enterprise Value to Invested Capital (EV/IC)	1.62	1.62	1.58	1.50	1.50	1.45	1.62	1.49	1.55	1.63	1.75
Enterprise Value to Revenue (EV/Rev)	0.94	0.92	0.89	0.78	0.73	0.79	0.88	0.81	0.93	0.96	1.07
Enterprise Value to EBITDA (EV/EBITDA)	15.55	22.31	58.78	0.00	0.00	77.20	25.66	14.27	12.37	11.21	12.29
Enterprise Value to EBIT (EV/EBIT)	16.55	24.29	74.37	0.00	0.00	100.68	27.29	14.75	12.65	11.39	12.44
Enterprise Value to NOPAT (EV/NOPAT)	17.06	29.95	0.00	0.00	0.00	123.52	34.62	18.81	16.50	14.30	15.58
Enterprise Value to Operating Cash Flow (EV/OCF)	6.61	6.97	9.29	8.14	9.31	13.00	13.31	9.61	8.29	7.34	8.54
Enterprise Value to Free Cash Flow (EV/FCFF)	4.53	5.15	11.39	18.36	47.26	0.00	265.32	0.00	0.00	160.17	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.34	0.33	0.35	0.37	0.32	0.31	0.31	0.27	0.28	0.26
Long-Term Debt to Equity	0.34	0.34	0.33	0.35	0.37	0.32	0.31	0.31	0.27	0.25	0.24
Financial Leverage	0.29	0.29	0.30	0.33	0.35	0.33	0.32	0.33	0.31	0.30	0.28
Leverage Ratio	5.16	5.16	5.35	5.78	6.36	5.96	5.84	6.07	5.94	5.63	5.40
Compound Leverage Factor	0.29	-2.35	9.00	5.85	-1.33	6.29	6.10	6.20	6.54	5.60	5.43
Debt to Total Capital	25.41%	25.11%	24.68%	25.91%	27.01%	24.11%	23.70%	23.49%	21.41%	21.63%	20.48%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.70%	1.61%
Long-Term Debt to Total Capital	25.41%	25.11%	24.68%	25.91%	27.01%	24.11%	23.70%	23.49%	21.41%	19.92%	18.87%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	74.59%	74.89%	75.32%	74.09%	72.99%	75.89%	76.30%	76.51%	78.59%	78.38%	79.52%
Debt to EBITDA	2.45	3.47	9.16	-18.95	-16.38	12.86	3.75	2.26	1.71	1.48	1.43
Net Debt to EBITDA	1.93	2.12	7.04	-14.90	-10.22	7.67	2.49	1.28	0.78	0.66	0.86
Long-Term Debt to EBITDA	2.45	3.47	9.16	-18.95	-16.38	12.86	3.75	2.26	1.71	1.37	1.32
Debt to NOPAT	2.68	4.65	-319.43	-9.14	-9.04	20.58	5.06	2.98	2.28	1.89	1.82
Net Debt to NOPAT	2.12	2.84	-245.35	-7.18	-5.64	12.27	3.35	1.69	1.04	0.84	1.09
Long-Term Debt to NOPAT	2.68	4.65	-319.43	-9.14	-9.04	20.58	5.06	2.98	2.28	1.74	1.68
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	841	800	436	270	182	-31	-24	-276	-669	-206	-395
Operating Cash Flow to CapEx	7,877.50%	5,089.74%	517.14%	793.94%	7,748.28%	4,213.64%	2,257.69%	6,340.91%	16,445.83%	7,116.67%	2,161.11%
Free Cash Flow to Firm to Interest Expense	98.96	93.04	51.26	31.44	21.39	-3.64	-2.84	-32.05	-78.75	-24.21	-46.49
Operating Cash Flow to Interest Expense	37.07	23.08	2.13	3.05	26.44	10.91	6.91	16.22	46.44	25.12	4.58
Operating Cash Flow Less CapEx to Interest Expense	36.60	22.63	1.72	2.66	26.09	10.65	6.60	15.97	46.15	24.76	4.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.38	0.39	0.40	0.42	0.43	0.42	0.42	0.42	0.41	0.41	0.42
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,078	3,116	3,172	3,021	2,899	3,249	3,306	3,336	3,662	3,626	3,829
Invested Capital Turnover	1.51	1.56	1.66	1.83	2.00	1.88	1.87	1.92	1.87	1.80	1.75
Increase / (Decrease) in Invested Capital	-806	-810	-443	-333	-179	133	135	315	762	377	523
Enterprise Value (EV)	4,974	5,035	5,020	4,543	4,354	4,702	5,355	4,955	5,686	5,922	6,719
Market Capitalization	4,356	4,558	4,419	3,928	3,866	4,235	4,836	4,509	5,330	5,573	6,249
Book Value per Share	$64.43	$65.62	$67.10	$62.64	$59.19	$68.94	$70.47	$71.01	$79.97	$78.87	$84.74
Tangible Book Value per Share	$59.41	$60.60	$62.08	$57.64	$54.19	$63.94	$65.47	$66.03	$75.00	$73.90	$79.76
Total Capital	3,078	3,116	3,172	3,021	2,899	3,249	3,306	3,336	3,662	3,626	3,829
Total Debt	782	782	783	783	783	783	783	784	784	784	784
Total Long-Term Debt	782	782	783	783	783	783	783	784	784	722	723
Net Debt	617	477	601	615	489	467	519	446	357	349	469
Capital Expenditures (CapEx)	4.00	3.90	3.50	3.30	2.90	2.20	2.60	2.20	2.40	3.00	1.80
Net Nonoperating Expense (NNE)	35	1.81	4.72	6.48	-5.59	-6.17	-5.17	-0.97	-9.21	3.43	-0.80
Net Nonoperating Obligations (NNO)	782	782	783	783	783	783	783	784	784	784	784
Total Depreciation and Amortization (D&A)	5.20	4.30	4.20	3.80	3.40	2.80	2.50	2.50	2.20	1.10	0.50
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.01	($0.34)	($0.34)	($1.94)	$0.24	$3.03	$3.22	$1.13	$2.84	$4.66	$3.56
Adjusted Weighted Average Basic Shares Outstanding	35.60M	35.60M	35.60M	35.70M	35.80M	35.70M	35.80M	36M	36M	35.90M	36M
Adjusted Diluted Earnings per Share	$0.01	($0.33)	($0.34)	($1.94)	$0.24	$3.02	$3.18	$1.12	$2.80	$4.60	$3.50
Adjusted Weighted Average Diluted Shares Outstanding	36.10M	36.10M	35.60M	35.70M	36.10M	36.10M	36.30M	36.30M	36.50M	36.40M	36.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	35.56M	35.60M	35.73M	35.75M	35.76M	35.82M	35.94M	35.98M	36.03M	35.93M	35.92M
Normalized Net Operating Profit after Tax (NOPAT)	21	-10	-7.28	-62	3.01	102	110	42	93	171	127
Normalized NOPAT Margin	1.52%	-0.68%	-0.50%	-4.11%	0.20%	6.70%	7.18%	2.76%	6.04%	10.83%	7.99%
Pre Tax Income Margin	0.04%	-0.97%	-1.21%	-6.05%	-0.06%	9.89%	9.46%	3.35%	8.39%	13.36%	10.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.06	3.74	-1.22	-10.42	0.51	16.75	16.36	5.84	13.87	25.04	18.72
NOPAT to Interest Expense	4.18	-1.20	-0.86	-7.29	0.35	11.97	12.98	4.60	10.93	20.16	14.99
EBIT Less CapEx to Interest Expense	0.59	3.29	-1.64	-10.80	0.16	16.49	16.06	5.58	13.59	24.68	18.51
NOPAT Less CapEx to Interest Expense	3.71	-1.65	-1.27	-7.68	0.01	11.71	12.67	4.34	10.65	19.80	14.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	36.08%	93.88%	-12,344.44%	-122.20%	-136.60%	332.01%	72.97%	44.18%	33.33%	29.13%	28.72%
Augmented Payout Ratio	53.26%	120.43%	-13,955.56%	-133.41%	-136.60%	332.01%	72.97%	44.18%	33.33%	35.40%	37.31%

Financials Breakdown Chart

Key Financial Trends

The Hanover Insurance Group (NYSE: THG) has shown a mixed financial performance over the past four years, with positive trends in recent quarters, but with some volatility in earnings and cash flow metrics.

Positive Highlights:

Q1 2025 net income was strong at $128.2 million, demonstrating continuing profitability.
Premiums earned have increased steadily, reaching $1.51 billion in Q1 2025, indicating good growth in core insurance business.
Net realized and unrealized capital gains have notably increased, reaching $87.3 million in Q1 2025, which supports investment income growth.
Cash and cash equivalents increased significantly from around $181.5 million in Q1 2023 to $315.1 million in Q1 2025, improving liquidity.
Operating cash flows remain solid, though fluctuating, with $38.9 million in Q1 2025, supporting ongoing operations and investments.
Total equity has grown from $2.39 billion in Q1 2023 to $3.04 billion in Q1 2025, indicating shareholder value accumulation.
Amortization expense is consistently booked, reflecting structured asset management and potentially lowered intangible asset risks.
The company returned value to shareholders via dividends ($32.4 million in Q1 2025) and common stock repurchases, signaling confidence in financial position.

Neutral Observations:

Long-term debt has remained relatively steady around $700 million to $780 million over the periods, indicating stable leverage.
Weighted average shares outstanding (basic and diluted) show stability, remaining around 36 million shares, which aids EPS comparability.
Unearned premiums liabilities and assets remain in line with business scale, totaling roughly $3.26 billion and $1.8 billion respectively in Q1 2025.

Negative Aspects:

The company has faced a significant loss in Q2 2023 with net income dropping to negative $69.2 million, indicating a period of operational or claim-related challenges.
Net interest expense remains a drag at around $8.5 million per quarter, reducing net income.
Amortization expenses are high, near $300 million per quarter, which could impact profitability though it reflects non-cash charges.
Property & liability insurance claims have been increasing, reaching $955 million in Q1 2025, which pressures underwriting profits.
Variability in nonoperating income, with losses in some quarters and small gains in others, indicating some earnings volatility outside core operations.
Q1 2023 and Q2 2023 showed negative net income, with Q1 2023 at negative $12 million and Q2 2023 at negative $69 million, reflecting challenges during those periods.
Negative cash flow from investing activities persists, with large purchases of investment securities exceeding sales, suggesting heavy capital deployment possibly limiting short-term liquidity.

Overall, The Hanover Insurance Group exhibits strong premium growth and improving net income in recent quarters following a dip in 2023. The elevated claims and amortization expenses remain a concern, as do the interest expenses and occasional net losses in prior periods. The company maintains a solid equity base and liquidity position, which supports ongoing operational stability and growth initiatives.

10/09/25 04:17 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About The Hanover Insurance Group's Financials

When does The Hanover Insurance Group's financial year end?

According to the most recent income statement we have on file, The Hanover Insurance Group's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has The Hanover Insurance Group's net income changed over the last 9 years?

The last 5 years of The Hanover Insurance Group's net income performance:

2020: $358.70 million
2021: $422.80 million
2022: $116 million
2023: $35.30 million
2024: $426 million

Find out what analysts predict for The Hanover Insurance Group in the coming months.

How has The Hanover Insurance Group's revenue changed over the last 9 years?

Over the last 9 years, The Hanover Insurance Group's total revenue changed from $4.99 billion in 2015 to $6.19 billion in 2024, a change of 24.2%.

How much debt does The Hanover Insurance Group have?

The Hanover Insurance Group's total liabilities were at $12.43 billion at the end of 2024, a 2.4% increase from 2023, and a 13.7% increase since 2015.

How much cash does The Hanover Insurance Group have?

In the past 9 years, The Hanover Insurance Group's cash and equivalents has ranged from $120.60 million in 2020 to $1.02 billion in 2018, and is currently $435.50 million as of their latest financial filing in 2024.

How has The Hanover Insurance Group's book value per share changed over the last 9 years?

Over the last 9 years, The Hanover Insurance Group's book value per share changed from 65.77 in 2015 to 78.87 in 2024, a change of 19.9%.

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This page (NYSE:THG) was last updated on 10/9/2025 by MarketBeat.com Staff

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The Hanover Insurance Group (THG) Financials

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The Hanover Insurance Group (THG) Financials

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