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.
Quarterly Income Statements for The Hanover Insurance Group
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 |
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 |
Annual Cash Flow Statements for The Hanover Insurance Group
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 |
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 |
Quarterly Cash Flow Statements for The Hanover Insurance Group
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 |
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 |
Annual Balance Sheets for The Hanover Insurance Group
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 |
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 |
Quarterly Balance Sheets for The Hanover Insurance Group
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 |
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 |
Annual Metrics And Ratios for The Hanover Insurance Group
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 |
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% |
Quarterly Metrics And Ratios for The Hanover Insurance Group
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 |
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% |
Key Financial Trends
The Hanover Insurance Group (NYSE: THG) has demonstrated several financial trends when analyzing quarterly data from Q3 2022 through Q1 2025. Below is an analysis focusing on key performance drivers, liquidity, and balance sheet strength.
- Consistent Total Revenue Growth: Revenue steadily increased from approximately $1.37 billion in Q3 2022 to $1.59 billion by Q1 2025, highlighting steady business growth.
- Strong Premiums Earned: Premiums earned rose from $1.33 billion in Q3 2022 to $1.51 billion in Q1 2025, supporting core insurance business expansion.
- Increasing Net Realized & Unrealized Capital Gains: Capital gains notably grew from about $72.9 million in Q3 2022 to $87.3 million in Q1 2025, contributing positively to non-interest income.
- Improved Net Income in Recent Quarters: Net income turned positive after losses in early 2023, reaching $128.2 million in Q1 2025, showing profitability improvement.
- Solid Operating Cash Flow: Net cash from operating activities remained largely positive, with $38.9 million generated in Q1 2025 after fluctuations in prior quarters.
- Controlled Interest Expense: Long-term debt interest expense remained stable around $8.5 million quarterly, aiding predictable interest costs.
- Amortization Expense Remains High: Amortization hovered around $300 million quarterly, representing a significant non-cash expense affecting reported profits.
- Stable Debt Levels: Long-term debt stayed near $720-$780 million across periods, showing manageable leverage though slightly trending downward recently.
- Stable Equity Base: Total common equity ranged around $2.1 - $3.0 billion, reflecting steady shareholder capital with minor fluctuations due to treasury stock changes.
- Increased Property & Liability Insurance Claims: Claims rose notably from $939 million in Q3 2022 to $955 million in Q1 2025, indicating greater claim expenses which pressure profits.
- Amortization and Impairment Charges: Although amortization is non-cash, elevated levels ($300+ million) and occasional impairment charges ($600k in Q3 2024) may signal large intangible assets and risks.
- Volatile Nonoperating Income: Nonoperating income fluctuated significantly, including some negative quarters (e.g., -$5.1 million in Q4 2024), affecting pre-tax earnings volatility.
- Negative Earnings in Early 2023: The company experienced losses in the first two quarters of 2023, including a net loss of $69.2 million in Q2 2023, reflecting challenges during that period.
- Cash & Equivalents Decline: Cash levels decreased from $427 million in Q3 2024 to $315 million in Q1 2025, partly due to investing activities and share repurchases.
- Negative Net Interest Income: The company reported net interest expenses consistently around -$8.5 million, which is a cost rather than income source.
Summary: The Hanover Insurance Group has shown a recovery in net income and solid revenue growth through Q1 2025 after earlier losses in 2023. Premiums earned and capital gains steadily increased, supporting income growth. While the company maintains a stable debt and equity position, elevated claim costs and high amortization expenses remain concerns. Positive cash flows from operations and controlled interest expenses indicate good operational health despite some declines in cash reserves. Investors should watch claims trends and nonoperating income volatility as key factors impacting profitability going forward.
09/18/25 05:30 AM ETAI Generated. May Contain Errors.