Form 8-K

8-K — HANOVER INSURANCE GROUP, INC.

Accession: 0001193125-26-192352

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0000944695

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — thg-20260429.htm (Primary)

EX-99.1 (thg-ex99_1.htm)

EX-99.2 (thg-ex99_2.htm)

GRAPHIC (img12594962_0.jpg)

GRAPHIC (img13518483_0.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: thg-20260429.htm · Sequence: 1

8-K

0000944695false00009446952026-04-292026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2026

THE HANOVER INSURANCE GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware

1-13754

04-3263626

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

440 Lincoln Street, Worcester, Massachusetts

(Address of principal executive offices)

01653

(Zip Code)

(508) 855-1000

Registrant’s telephone number, including area code:

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Common Stock, $.01 par value

THG

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

The following information is being furnished under Item 2.02 – Results of Operations and Financial Condition. Such information, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section.

On April 29, 2026, The Hanover Insurance Group, Inc. (the Company) issued a press release announcing its financial results for the quarter ended March 31, 2026. The release is furnished as Exhibit 99.1 hereto. Additionally, on April 29, 2026, the Company made available on its website unaudited financial information contained in its Financial Supplement for the period ended March 31, 2026. The supplement is furnished as Exhibit 99.2 hereto.

Item 9.01 Financial Statements and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Not applicable.

(d)

Exhibits.

The following exhibits are furnished herewith.

Exhibit 99.1

Press Release, dated April 29, 2026, announcing the Company’s financial results for the quarter ended March 31, 2026.

Exhibit 99.2

The Hanover Insurance Group, Inc. Unaudited Financial Supplement for the period ended March 31, 2026.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

Exhibit Index

Exhibit 99.1

Press Release, dated April 29, 2026, announcing the Company’s financial results for the quarter ended March 31, 2026.

Exhibit 99.2

The Hanover Insurance Group, Inc. Unaudited Financial Supplement for the period ended March 31, 2026.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

The Hanover Insurance Group, Inc.

(Registrant)

Date: April 29, 2026

By:

/s/ Jeffrey M. Farber

Jeffrey M. Farber

Executive Vice President and

Chief Financial Officer

EX-99.1

Filename: thg-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

The Hanover Reports Record First Quarter Net Income and

Operating Income of $5.20 and $5.25 per Diluted Share, Respectively;

Record Net and Operating Return on Equity of 20.9% and 20.3%, Respectively

First Quarter Highlights

•

Combined ratio of 91.7%; combined ratio, excluding catastrophes(1), of 85.4%

•

Catastrophe losses of $98.9 million, or 6.3 points of the combined ratio

•

Net premiums written increase of 3.2%*

•

Renewal price increases(2) of 8.6% in Core Commercial, 8.4% in Personal Lines, and 4.6% in Specialty

•

Rate increases(2) of 7.5% in Core Commercial, 4.3% in Personal Lines, and 2.4% in Specialty

•

Loss and loss adjustment expense (LAE) ratio of 61.0%, 2.3 points below the prior-year quarter

•

Current accident year loss and LAE ratio, excluding catastrophes(3), of 56.3%, 2.0 points below the prior-year quarter

•

Net investment income of $126.9 million, up 19.6% from the prior-year quarter

•

Book value per share of $101.86, up 1.0% from December 31, 2025; excluding net unrealized depreciation on fixed maturity investments, net of tax(4), book value per share increased 2.8%

WORCESTER, Mass., April 29, 2026 - The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $186.8 million, or $5.20 per diluted share, in the first quarter of 2026, compared to $128.2 million, or $3.50 per diluted share, in the prior-year quarter. Operating income(5) was $188.5 million, or $5.25 per diluted share, in the first quarter of 2026, compared to $141.8 million, or $3.87 per diluted share, in the prior-year quarter. The company reported net and operating return on equity(6) of 20.9% and 20.3%, respectively, in the first quarter of 2026.

“We delivered excellent first quarter results, with an operating return on equity of over 20% while generating balanced top‑line growth and building for the future,” said John C. Roche, president and chief executive officer at The Hanover. “Our performance underscores disciplined execution and the cumulative impact of prior pricing and property underwriting actions that are now bearing fruit. In Personal Lines, we sustained strong margins, delivering solid growth and demonstrating the effectiveness of our state‑specific growth strategies. Core Commercial performance remained strong, with healthy margins, resilient pricing, and balanced and accelerating premium growth, particularly in Small Commercial. Specialty once again delivered exceptional profitability and robust premium increases in targeted segments - Management Liability, Surety, Specialty GL and E&S - as our team navigated pockets of soft property market conditions through pricing rigor and a continued focus on disciplined risk selection. Supported by strong recent results, a diversified portfolio, and an experienced, agile team, we remain focused on executing effectively and delivering strong returns in a dynamic market environment.”

(1) See information about this and other non-GAAP measures and definitions, including Operating Income and Operating Return on Equity in the headline, used throughout this press release on the final pages of this document.

*Unless otherwise stated, net premiums written growth and other growth comparisons are to the same period of the prior year.

The Hanover Insurance Group, Inc. may also be referred to as “The Hanover” or “the company” interchangeably throughout this press release.

“We are extremely pleased with our financial metrics this quarter, including first quarter record operating earnings per share of $5.25 and a combined ratio of 91.7%,” said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. “Our ability to sustain strong underwriting margins is evident in the 2.4-point improvement in our ex-CAT combined ratio compared to the prior-year quarter. Once again, we delivered strong net investment income, with growth of nearly 20%, as higher cash flows and yields continued to propel our growing earnings base. Our reserve position remains robust, demonstrated by favorable prior-year development across all major segments. We continue to deploy capital thoughtfully, including the repurchase of 580,000 shares, totaling $101 million year-to-date through April 28th – further augmenting the long-term value of our organization."

First Quarter 2026 Highlights

Three months ended

March 31

($ in millions, except per share data)

2026

2025

Net premiums written

1,559.7

1,510.8

Growth

3.2

3.9

Net premiums earned

1,570.6

1,508.5

Current accident year loss and LAE ratio,

excluding catastrophes

56.3

58.3

Prior-year development ratio

(1.6)

(1.3)

Catastrophe ratio

6.3

Expense ratio(7)

30.7

30.8

Combined ratio

91.7

94.1

Combined ratio, excluding catastrophes

85.4

87.8

Current accident year combined ratio,

excluding catastrophes

87.0

89.1

Net income

186.8

128.2

per diluted share

5.20

3.50

Operating income

188.5

141.8

per diluted share

5.25

3.87

Book value per share

101.86

84.56

Ending shares outstanding (in millions)

35.1

36.0

First Quarter Operating Highlights

Core Commercial

Core Commercial operating income before income taxes was $74.8 million in the first quarter of 2026, compared to $26.8 million in the first quarter of 2025. The Core Commercial combined ratio was 96.6%, compared to 103.4% in the prior-year quarter. Catastrophe losses in the first quarter of 2026 were $30.4 million, or 5.4 points of the combined ratio, inclusive of $52.1 million, or 9.2 points, of current year losses, and $21.7 million, or 3.8 points, of favorable prior-year catastrophe reserve development primarily driven by lower-than-estimated frequency of large losses, primarily from 2025 events. This compared to catastrophe losses of $46.0 million, or 8.5 points, in the prior-year quarter.

First quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $1.6 million, or 0.3 points, compared to $1.3 million, or 0.2 points, in the first quarter of 2025.

Core Commercial current accident year combined ratio, excluding catastrophes, decreased 3.6 points, to 91.5% in the first quarter of 2026, compared to 95.1% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, was 58.8%, 2.9 points lower than the prior-year quarter, primarily driven by lower property large losses in the first quarter of 2026, compared to elevated levels in the first quarter of 2025.

The expense ratio decreased by 0.7 points, to 32.7%, in the first quarter of 2026, compared to the prior-year quarter, primarily reflecting fixed cost leverage from earned premium growth.

Net premiums written were $630.4 million in the first quarter of 2026, up 4.3% from the prior-year quarter, reflecting growth of 6.4% in small commercial and 1.5% in middle market, both accelerating from the fourth quarter of 2025. Core Commercial renewal price increases averaged 8.6%, including average rate increases of 7.5%.

The following table summarizes premiums and the components of the combined ratio for Core Commercial:

Three months ended

March 31

($ in millions)

2026

2025

Net premiums written

630.4

604.6

Growth

4.3

3.8

Net premiums earned

563.8

541.0

Operating income before taxes

74.8

26.8

Loss and LAE ratio

63.9

70.0

Expense ratio

32.7

33.4

Combined ratio

96.6

103.4

Prior-year development ratio

(0.3)

(0.2)

Catastrophe ratio

5.4

8.5

Combined ratio, excluding catastrophes

91.2

94.9

Current accident year combined ratio,

excluding catastrophes

91.5

95.1

Specialty

Specialty operating income before income taxes was $84.0 million in the first quarter of 2026, compared to $64.6 million in the first quarter of 2025. The Specialty combined ratio was 84.2%, compared to 87.7% in the prior-year quarter. Catastrophe losses in the first quarter of 2026 were $9.6 million, or 2.7 points of the combined ratio, inclusive of $15.4 million, or 4.3 points, of current year losses, and $5.8 million, or 1.6 points, of favorable prior-year catastrophe reserve development. This compared to catastrophe losses of $14.7 million, or 4.3 points, in the prior-year quarter.

First quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $14.2 million, or 3.9 points, with widespread favorability. Net favorable prior-year reserve development, excluding catastrophes, was $15.9 million, or 4.7 points, in the first quarter of 2025.

Specialty current accident year combined ratio, excluding catastrophes, decreased 2.7 points, to 85.4% in the first quarter of 2026, from 88.1% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, of 49.0% in the first quarter of 2026 decreased 2.1 points compared to the prior-year quarter, primarily driven by lower property losses.

The expense ratio decreased by 0.6 points, to 36.4%, in the first quarter of 2026, compared to the prior-year quarter, primarily reflecting fixed cost leverage from earned premium growth.

Net premiums written were $366.7 million in the first quarter of 2026, up 2.3% from the prior-year quarter. Specialty renewal price increases averaged 4.6%, including average rate increases of 2.4%.

The following table summarizes premiums and the components of the combined ratio for Specialty:

Three months ended

March 31

($ in millions)

2026

2025

Net premiums written

366.7

358.3

Growth

2.3

5.4

Net premiums earned

359.9

339.6

Operating income before taxes

84.0

64.6

Loss and LAE ratio

47.8

50.7

Expense ratio

36.4

37.0

Combined ratio

84.2

87.7

Prior-year development ratio

(3.9)

(4.7)

Catastrophe ratio

2.7

4.3

Combined ratio, excluding catastrophes

81.5

83.4

Current accident year combined ratio,

excluding catastrophes

85.4

88.1

Personal Lines

Personal Lines operating income before income taxes was $89.2 million in the first quarter of 2026, compared to $94.2 million in the first quarter of 2025. The Personal Lines combined ratio was 91.5%, compared to 89.7% in the prior-year quarter. Catastrophe losses in the first quarter of 2026 were $58.9 million, or 9.1 points of the combined ratio, inclusive of $80.2 million, or 12.4 points, of current year losses, and $21.3 million, or 3.3 points, of favorable prior-year catastrophe reserve development primarily due to lower-than-estimated loss severity, largely from 2025 events. This compared to catastrophe losses of $34.9 million, or 5.6 points of the combined ratio, in the prior-year quarter.

First quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $9.2 million, or 1.4 points, with favorability in both homeowners and personal auto, compared to $2.8 million, or 0.4 points, in the first quarter of 2025.

Personal Lines current accident year combined ratio, excluding catastrophe losses, decreased 0.7 points, to 83.8%, in the first quarter of 2026, from 84.5% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased 1.1 points from the prior-year quarter, to 58.1%, driven by the continued benefit of earned pricing outpacing loss trends and lower property claims frequency in homeowners during the quarter.

The expense ratio increased by 0.4 points, to 25.7%, in the first quarter of 2026, compared to the prior-year quarter, primarily reflecting the timing of variable agency compensation expenses.

Net premiums written were $562.6 million in the first quarter of 2026, up 2.7% compared to the prior-year quarter. The increase was primarily due to higher new business. Personal Lines renewal price increases averaged 8.4%, including average rate increases of 4.3%. Policies in force (PIF) in the first quarter of 2026 were flat compared to the fourth quarter of 2025.

The following table summarizes premiums and components of the combined ratio for Personal Lines:

Three months ended

March 31

($ in millions)

2026

2025

Net premiums written

562.6

547.9

Growth

2.7

3.0

Net premiums earned

646.9

627.9

Operating income before taxes

89.2

94.2

Loss and LAE ratio

65.8

64.4

Expense ratio

25.7

25.3

Combined ratio

91.5

89.7

Prior-year development ratio

(1.4)

(0.4)

Catastrophe ratio

9.1

5.6

Combined ratio, excluding catastrophes

82.4

84.1

Current accident year combined ratio,

excluding catastrophes

83.8

84.5

Investments

Net investment income was $126.9 million in the first quarter of 2026, an increase of 19.6% from the prior-year quarter, primarily due to the continued investment of cashflows from operations, the impact of higher earned yields on the fixed maturity investment portfolio, and higher partnership income. Total pre-tax earned yield on the investment portfolio for the first quarter of 2026 was 4.50%, up from 4.14% in the prior-year quarter. The average pre-tax earned yield on fixed maturities was 4.42% for the first quarter of 2026, up from 4.08% in the prior-year quarter.

Net realized and unrealized investment losses recognized in earnings were $2.3 million in the first quarter of 2026. This compared to net realized and unrealized investment losses recognized in earnings of $17.8 million in the first quarter of 2025.

The company held $11.0 billion in cash and invested assets at March 31, 2026. Fixed maturities and cash represented approximately 93% of the investment portfolio. Approximately 95% of the company’s fixed maturity portfolio is rated investment grade. As of March 31, 2026, net unrealized losses on the fixed maturity portfolio were $235.6 million before income taxes, compared to $149.2 million at December 31, 2025.

Shareholders’ Equity and Capital Actions

At March 31, 2026, book value per share was $101.86, up 1.0% from December 31, 2025, driven by strong earnings, partially offset by an increase in the unrealized loss position on the fixed maturity portfolio, share repurchases, and the ordinary quarterly cash dividends. Book value per share, excluding net unrealized depreciation on fixed maturity investments, net of tax, was $107.14 at March 31, 2026, up 2.8% from December 31, 2025.

At March 31, 2026, operating insurance company’s statutory capital and surplus was $3.54 billion, compared to $3.34 billion at December 31, 2025.

Year-to-date, through April 28, 2026, the company repurchased approximately 580,000 shares of common stock, totaling approximately $101 million, of which approximately 503,000 were purchased during the first quarter of 2026, totaling approximately $87 million, with the remaining balance purchased through a 10b5-1 plan during April. The company has approximately $72 million of remaining capacity under its existing share repurchase program.

Earnings Conference Call

The company will host a conference call to discuss its first quarter results on Thursday, April 30, at 10:00 a.m. E.T. A presentation will accompany the prepared remarks and has been posted on The Hanover’s website. Interested investors and others can listen to the call and access the presentation through The Hanover's website, located in the “Investors” section at www.hanover.com. Investors may access the conference call by dialing 1-844-413-3975 in the U.S. and 1-412-317-5458 internationally. Webcast participants should go to the website 15 minutes early to register, download and install any necessary audio software. A re-broadcast of the conference call will be available on The Hanover’s website approximately two hours after the call.

About The Hanover

The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, the company offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.

Contact Information

Investors:

Oksana Lukasheva

olukasheva@hanover.com

1-508-525-6081

Media:

Emily P. Trevallion

etrevallion@hanover.com

1-508-855-3263

Definition of Segments

Continuing operations include four reporting segments: Core Commercial, Specialty, Personal Lines and Other. The Core Commercial segment includes commercial multiple peril, commercial automobile, workers’ compensation and other core commercial lines coverages provided to small and mid-sized businesses. The Specialty segment includes four divisions of business: marine and industrial property, professional and executive lines (such as management and professional liability), E&S and alternative markets, and surety and other. E&S and alternative markets includes coverages such as excess and surplus lines, program business (providing commercial insurance to markets with specialized coverage or risk management need related to groups of similar businesses), and specialty general liability coverage. The Personal Lines segment markets automobile, homeowners and ancillary coverages to individuals and families. The Other segment primarily includes the operations of the holding company, and our run-off direct asbestos and environmental business, run-off voluntary assumed property and casualty pools business, and run-off product liability business.

Financial Supplement

The Hanover's first quarter news release and financial supplement are available in the “Investors” section of the company’s website at hanover.com.

The Hanover Insurance Group, Inc.

Consolidated Statements of Income

Three months ended

March 31

($ in millions)

2026

2025

Revenues

Premiums earned

1,570.6

1,508.5

Net investment income

126.9

106.1

Net realized and unrealized investment gains (losses):

Net realized losses from sales and other

(4.9)

(18.8)

Net change in fair value of equity securities and other

4.6

1.0

Impairments on investments:

Credit-related impairments

(1.6)

Losses on intent to sell securities

(0.4)

Total impairments on investments

(2.0)

Total net realized and unrealized investment losses

(2.3)

(17.8)

Fees and other income

6.2

6.4

Total revenues

1,701.4

1,603.2

Losses and expenses

Losses and loss adjustment expenses

957.6

955.3

Amortization of deferred acquisition costs

333.2

313.9

Interest expense

10.8

8.5

Other operating expenses

162.7

165.4

Total losses and expenses

1,464.3

1,443.1

Income before income taxes

237.1

160.1

Income tax expense

50.3

31.9

Net income

186.8

128.2

The Hanover Insurance Group, Inc.

Condensed Consolidated Balance Sheets

March 31

December 31

($ in millions)

2026

2025

Assets

Total investments

10,801.7

10,382.7

Cash and cash equivalents

243.5

1,122.7

Premiums and accounts receivable, net

1,855.9

1,861.3

Reinsurance recoverable on paid and unpaid losses and unearned premiums

2,051.7

2,011.1

Other assets

1,491.6

1,484.5

Assets of discontinued businesses

83.3

83.6

Total assets

16,527.7

16,945.9

Liabilities

Loss and loss adjustment expense reserves

7,911.1

7,755.2

Unearned premiums

3,402.0

3,440.4

Short-term debt

50.1

375.0

Long-term debt

793.7

843.3

Other liabilities

693.9

851.9

Liabilities of discontinued businesses

106.5

108.6

Total liabilities

12,957.3

13,374.4

Total shareholders’ equity

3,570.4

3,571.5

Total liabilities and shareholders’ equity

16,527.7

16,945.9

The following is a reconciliation from operating income to net income(5)(8):

The Hanover Insurance Group, Inc.

Three months ended March 31

2026

2025

($ in millions, except per share data)

Amount

Per Share (Diluted)

Amount

Per Share (Diluted)

Operating income

Core Commercial

74.8

26.8

Specialty

84.0

64.6

Personal Lines

89.2

94.2

Other

2.2

0.8

Total

250.2

186.4

Interest expense

(10.8)

(8.5)

Operating income before income taxes

239.4

6.67

177.9

4.86

Income tax expense on operating income

(50.9)

(1.42)

(36.1)

(0.99)

Operating income after income taxes

188.5

5.25

141.8

3.87

Non-operating items:

Net realized losses from sales and other

(4.9)

(0.14)

(18.8)

(0.51)

Net change in fair value of equity securities and other

4.6

0.13

1.0

0.03

Impairments on investments:

Credit-related impairments

(1.6)

(0.04)

Losses on intent to sell securities

(0.4)

(0.01)

Total impairments on investments

(2.0)

(0.05)

Income tax benefit on non-operating items

0.6

0.01

4.2

0.11

Net income

186.8

5.20

128.2

3.50

Dilutive weighted average shares outstanding

35.9

36.6

Basic weighted average shares outstanding

35.2

36.0

Forward-Looking Statements and Non-GAAP Financial Measures

Forward-Looking Statements

Certain statements in this document may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as: “believes,” “anticipates,” “expects,” “intends,” “may,” “projects,” “plan,” “likely,” “potential,” “targeted,” “forecasts,” “should,” “could,” “continue,” and other similar expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. The company cautions investors that any such forward-looking statements are estimates, beliefs, expectations and/or projections that involve significant judgment, are not guarantees and are not necessarily indicative of future performance. Actual results could differ materially from those anticipated. Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made and should understand the risks and uncertainties inherent in or particular to the company’s business. The company does not undertake the responsibility to update or revise such forward-looking statements, except as required by law. For a list of factors that could cause actual results to differ materially from those contained in the forward-looking statements in this document, see Part I – Item 1A of our 2025 Annual Report on Form 10-K.

Non-GAAP Financial Measures

As discussed on page 39 of the company’s Annual Report on Form 10-K for the year ended December 31, 2025, the company uses non-GAAP financial measures as important measures of its operating performance, including operating income, operating income before interest expense and income taxes, operating income per diluted share, and components of the combined ratio, both excluding and/or including catastrophe losses, prior-year reserve development and the expense ratio. Management believes these non-GAAP financial measures are important indications of the company’s operating performance. The definition of other non-GAAP financial measures and terms can be found in the 2025 Annual Report on pages 61-64.

Operating income and operating income per diluted share are non-GAAP measures. They are defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), gains and/or losses on the repayment of debt, other non-operating items, and results from discontinued operations. Net realized and unrealized investment gains (losses), which include changes in the fair value of equity securities still held, are excluded for purposes of presenting operating income, as they are, to a certain extent, determined by interest rates, financial markets and the timing of sales. Operating income also excludes net gains and losses from disposals of businesses, gains and losses related to the repayment of debt, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes, and certain other items. Operating income is the sum of the segment income from: Core Commercial, Specialty, Personal Lines, and Other, after interest expense and income taxes. In reference to one of the company’s four reporting segments, “operating income” is the segment income before both interest expense and income taxes. The company also uses “operating income per diluted share” (which is after both interest expense and income taxes). Operating income per share is calculated by dividing operating income by the weighted average number of diluted shares of common stock. Operating loss per share is calculated by dividing operating loss by the weighted average number of basic shares of common stock due to antidilution. The company believes that metrics of operating income and operating income in relation to its four reporting segments provide investors with a valuable measure of the performance of the company’s continuing businesses because they highlight the portion of net income attributable to the core operations of the business. Net income is the most directly comparable GAAP measure for operating income (and operating income before income taxes) and measures of operating income that exclude the effects of catastrophe losses and/or prior-year reserve development. These non-GAAP measures should not be misconstrued as substitutes for net income determined in accordance with GAAP. A reconciliation

of operating income to net income for the relevant periods is included on page 9 of this news release and in the Financial Supplement.

Operating return on average equity (ROE) is a non-GAAP measure. See end note (6) for a detailed explanation of how this measure is calculated. Operating ROE is based on non-GAAP operating income. In addition, the portion of shareholder equity attributed to unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is excluded. The company believes this measure is helpful in that it provides insight to the capital used by, and results of, the continuing business exclusive of interest expense, income taxes, and other non-operating items. These measures should not be misconstrued as substitutes for GAAP ROE, which is based on net income and shareholders’ equity of the entire company and without adjustments.

Book value per share is total shareholders’ equity divided by the number of common shares outstanding. Book value per share excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure and is total shareholders’ equity excluding the after-tax effect of unrealized appreciation (depreciation) on fixed maturities and market risk divided by the number of common shares outstanding.

The company may provide measures of operating income and combined ratios that exclude the impact of catastrophe losses (which in all respects include prior accident year catastrophe loss development). A catastrophe is a severe loss, resulting from natural or manmade events including, but is not limited to, hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fires, drought, explosions, severe winter weather and other convective storms, riots, and terrorism. Due to the unique characteristics of each catastrophe loss, there is an inherent inability to reasonably estimate the timing or loss amount in advance. The company believes a separate discussion excluding the effects of catastrophe losses is meaningful to understand the underlying trends and variability of earnings, loss and combined ratio results, among others.

Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in the company’s estimate of costs related to claims from prior years. Calendar year loss and loss adjustment expense (LAE) ratios determined in accordance with GAAP, excluding prior accident year reserve development, are sometimes referred to as “current accident year loss ratios.” The company believes a discussion of loss and combined ratios excluding prior accident year reserve development is helpful since it provides insight into both estimates of current accident year results and the accuracy of prior-year estimates.

The loss and combined ratios in accordance with GAAP are the most directly comparable GAAP measures for the loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development. The presentation of loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development should not be misconstrued as substitutes for the loss and/or combined ratios determined in accordance with GAAP.

Endnotes

(1)

Combined ratio, excluding catastrophes, and current accident year combined ratio, excluding catastrophes, are non-GAAP measures. These and other non-GAAP measures are used throughout this document. See the disclosure on the use of this and other non-GAAP measures under the headings “Forward-Looking Statements" and "Non-GAAP Financial Measures.” The combined ratio (which includes catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. A reconciliation of the GAAP combined ratio to the combined ratio, excluding catastrophes, and to the current accident year combined ratio, excluding catastrophes, is shown below.

Three months ended

March 31, 2026

Core Commercial

Specialty

Personal Lines

Total

Total combined ratio (GAAP)

96.6

84.2

91.5

91.7

Less: Catastrophe ratio

5.4

2.7

9.1

6.3

Combined ratio, excluding catastrophe losses (non-GAAP)

91.2

81.5

82.4

85.4

Less: Prior-year reserve development ratio

(0.3)

(3.9)

(1.4)

(1.6)

Current accident year combined ratio, excluding

catastrophe losses (non-GAAP)

91.5

85.4

83.8

87.0

March 31, 2025

Total combined ratio (GAAP)

103.4

87.7

89.7

94.1

Less: Catastrophe ratio

8.5

4.3

5.6

6.3

Combined ratio, excluding catastrophe losses (non-GAAP)

94.9

83.4

84.1

87.8

Less: Prior-year reserve development ratio

(0.2)

(4.7)

(0.4)

(1.3)

Current accident year combined ratio, excluding

catastrophe losses (non-GAAP)

95.1

88.1

84.5

89.1

(2)

Renewal price changes in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, specific inflationary changes or changes in policy level exposure or insured risks. Rate increases in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the base rate changes, discretionary pricing, and inflation, excluding the impact of changes in policy level exposure or insured risks. Renewal price change in Personal Lines represents the average change in premium on policies charged at renewal caused by the net effects of filed rate, inflation adjustments or other changes in policy level exposure or insured risks, regardless of whether or not the policies are retained for the duration of their contractual terms. Rate change in Personal Lines is the estimated cumulative premium effect of approved rate actions applied to policies at renewal, regardless of whether or not policies are actually renewed. Accordingly, rate changes do not represent actual increases or decreases realized by the company. Personal Lines rate changes do not include inflation or changes in policy level exposure or insured risks.

(3)

Current accident year loss and LAE ratio, excluding catastrophe losses, is a non-GAAP measure, which is equal to the loss and LAE ratio (loss ratio), excluding prior-year reserve development and catastrophe losses. The loss ratio (which includes losses, LAE, catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. The following is a reconciliation of the GAAP loss ratio to the current accident year loss ratio, excluding catastrophe losses.

Three months ended

March 31, 2026

Core Commercial

Specialty

Personal

Lines

Total

Total loss and LAE ratio

63.9

47.8

65.8

61.0

Less:

Prior-year reserve development ratio

(0.3)

(3.9)

(1.4)

(1.6)

Catastrophe ratio

5.4

2.7

9.1

6.3

Current accident year loss and LAE ratio, excluding catastrophes

58.8

49.0

58.1

56.3

March 31, 2025

Total loss and LAE ratio

70.0

50.7

64.4

63.3

Less:

Prior-year reserve development ratio

(0.2)

(4.7)

(0.4)

(1.3)

Catastrophe ratio

8.5

4.3

5.6

6.3

Current accident year loss and LAE ratio, excluding catastrophes

61.7

51.1

59.2

58.3

(4)

Book value per share, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure. Book value per share is the most directly comparable GAAP measure and is reconciled in the table below.

Period ended

December 31

March 31

2025

2026

Book value per share

$100.90

$101.86

Less: Net unrealized appreciation (depreciation) on fixed

maturity investments, net of tax, per share

(3.31)

(5.28)

Book value per share, excluding net unrealized appreciation

(depreciation) on fixed maturity investments, net of tax

$104.21

$107.14

Versus prior year-end

Change in book value per share

1.0 %

Change in book value per share, excluding net unrealized

appreciation (depreciation) on fixed maturity investments, net of tax

2.8 %

(5)

Operating income and operating income per diluted share are non-GAAP measures. Operating income before income taxes, as referenced in the results of the reporting segments, is defined as, with respect to such segment, operating income before interest expense and income taxes. The reconciliation of operating income and operating income per diluted share to the closest GAAP measures, income from continuing operations and income from continuing operations per diluted share, respectively, and to net income and net income per diluted share, respectively, is provided on the preceding pages of this news release.

(6)

Operating return on average equity (operating ROE) is a non-GAAP measure. Operating ROE is calculated by dividing annualized operating income after tax for the applicable period (see under the heading in this news release “Non-GAAP Financial Measures” and end note (5)), by average shareholders’ equity, excluding unrealized appreciation (depreciation) on fixed maturity investments, net of tax, for the period presented. Total shareholders’ equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is also a non-GAAP measure. Total shareholders’ equity is the most directly comparable GAAP measure and is reconciled below. For the calculation of

operating ROE, the average of beginning and ending shareholders’ equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is used for the period as shown and reconciled in the table below.

Period Ended

($ in millions)

December 31

March 31

2025

2026

Total shareholders' equity (GAAP)

3,571.5

3,570.4

Less: net unrealized appreciation (depreciation)

on fixed maturity investments, net of tax

(117.1)

(185.0)

Total shareholders' equity, excluding net

unrealized appreciation (depreciation)

on fixed maturity investments, net of tax

3,688.6

3,755.4

Quarter Averages

Average shareholders' equity (GAAP)

3,571.0

Average shareholders' equity, excluding net

unrealized appreciation (depreciation) on

fixed maturity investments, net of tax

3,722.0

($ in millions)

Three months ended

March 31

Net Income ROE

2026

Net income (GAAP)

186.8

Annualized net income*

747.2

Average shareholders' equity (GAAP)

3,571.0

Return on equity

20.9

Operating Income ROE (non-GAAP)

Operating income after taxes

188.5

Annualized operating income, net of tax*

754.0

Average shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax

3,722.0

Operating return on equity

20.3

*For three months ended March 31, 2026, annualized net income and operating income after taxes is calculated by multiplying three months ended net income and operating income after taxes, respectively, by 4.

(7)

Here, and throughout this document, the expense ratio is reduced by installment and other fee revenues for purposes of the ratio calculation.

(8)

The separate financial information of each reporting segment is presented consistent with the way results are regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management evaluates the results of the aforementioned reporting segments without consideration of interest expense on debt and on a pre-tax basis.

EX-99.2

Filename: thg-ex99_2.htm · Sequence: 3

EX-99.2

Exhibit 99.2

FINANCIAL SUPPLEMENT

FIRST QUARTER 2026

THE HANOVER INSURANCE GROUP

FINANCIAL SUPPLEMENT

TABLE OF CONTENTS

Segment Descriptions....................................................................................................

Financial Highlights.........................................................................................................

Consolidated Financial Statements

Income Statements.............................................................................................................

Balance Sheets...................................................................................................................

Pre-tax Operating Results and Related Metrics

Consolidated.......................................................................................................................

5-6

Core Commercial...............................................................................................................

7-8

Specialty..............................................................................................................................

9-10

Personal Lines....................................................................................................................

11-13

Investments

Net Investment Income and Yields.....................................................................................

Investment Portfolio.............................................................................................................

Credit Quality and Duration of Fixed Maturities...............................................................

Top 10 Corporate and Municipal Fixed Maturity Holdings.............................................

Reconciliation of Operating Income to Net Income................................................

Other Information

Non-GAAP Financial Measures........................................................................................

Premium Related Metric Definitions.................................................................................

Corporate Information.........................................................................................................

Market and Dividend Information......................................................................................

Financial Strength and Debt Ratings................................................................................

THE HANOVER INSURANCE GROUP

BASIS OF PRESENTATION

SEGMENT DESCRIPTIONS

CORE COMMERCIAL

Sub-segment

Customer and business type

Primary lines of business

Small Commercial

Coverage to small businesses, with annual premiums of $50,000 or less;

Products are tailored to specific industry segments as needed.

● Business owners’ policy/commercial multiple peril

● Commercial automobile

● Workers’ compensation

● Other (general liability, commercial umbrella, monoline property)

Middle Market

Coverage to mid-sized businesses with annual premiums starting at $50,000, focusing on those between $50,000 and $250,000. Products are tailored to certain specific industry segments, including technology, manufacturing, human services, retail, real estate, among others.

● Commercial multiple peril

● Commercial automobile

● Workers’ compensation

● Other (general liability, commercial umbrella, monoline property)

SPECIALTY

Sub-segment

Customer and business type

Primary lines of business

Marine and Industrial Property

Inland and ocean marine - insures against physical losses to property, such as contractor's equipment, builders' risk and goods in transit. Also covers jewelers block, fine art and other valuables.

Hanover Specialty Industrial (HSI) - coverage to small and medium chemical, paint, solvent and other manufacturers and distributors.

● Inland/ocean marine

● Ancillary lines of business written through marine agents

● Property, fire and allied lines

Professional and Executive Lines

Coverage to small to mid-sized non-public companies, including lawyer, engineer, accountant, and various other professional and advisory firms including healthcare; provide protection for directors, officers and employees against actual or alleged errors, negligence or bad faith, employment practices.

● Professional liability

● Management liability

● Fidelity and crime

● Other property and liability lines for healthcare firms

E&S and Alternative Markets

Excess & surplus - non-admitted general liability and property coverage to risks outside of the appetite of standard commercial lines;

Program business - coverage to markets with specialty or risk management needs related to groups of similar businesses;

Specialty general liability - admitted coverage for higher-hazard liability risks

● Commercial multiple peril

● Commercial automobile

● Workers’ compensation

● Other (general liability, commercial umbrella, monoline property)

Surety and Other

Provides coverage for construction and other firms, as well as sole proprietors in the event of claims for non-performance or non-payment, and commercial surety coverage related to fiduciary or regulatory obligations.

● Bond

PERSONAL LINES

Sub-segment

Customer and business type

Primary lines of business

Personal Automobile

Includes coverage for individuals against losses incurred from personal bodily injury, bodily injury to third parties, property damage to an insured's vehicle, and property damage to other vehicles and other property.

● Personal automobile

Homeowners and Other

Includes coverage for individuals for losses to their residences and personal property, such as those caused by fire, wind, hail, water damage (excluding flood), theft and vandalism, and against third-party liability claims.

● Homeowners

● Personal umbrella

● Inland Marine (jewelry, art, etc.)

● Other (fire, personal watercraft, other miscellaneous)

OTHER

The Other segment primarily includes earnings on holding company assets; holding company and other expenses, including certain costs associated with retirement benefits due to our former life insurance subsidiaries' employees and agents; and our run-off direct asbestos and environmental business, run-off voluntary assumed property and casualty pools, and run-off product liability business.

THE HANOVER INSURANCE GROUP

FINANCIAL HIGHLIGHTS

(In millions, except earnings per share)

2025

2026

PREMIUMS

Gross premiums written

1,689.9

1,752.6

1,913.5

1,666.6

1,742.3

Net premiums written

1,510.8

1,583.8

1,738.9

1,488.6

1,559.7

Net premiums earned

1,508.5

1,545.3

1,550.7

1,556.6

1,570.6

EARNINGS

Operating income before interest and taxes

186.4

209.9

247.7

289.0

250.2

Operating income after taxes

141.8

158.7

185.6

210.1

188.5

Income from continuing operations

128.2

156.9

178.6

197.0

186.8

Net income

128.2

157.1

178.7

198.5

186.8

PER SHARE DATA (DILUTED)

Operating income after taxes

3.87

4.35

5.09

5.79

5.25

Income from continuing operations

3.50

4.30

4.90

5.43

5.20

Net income

3.50

4.30

4.90

5.47

5.20

Dilutive weighted average shares outstanding

36.6

36.5

36.4

36.3

35.9

Basic weighted average shares outstanding

36.0

35.9

35.8

35.5

35.2

BALANCE SHEET

March 31

June 30

September 30

December 31

March 31

(In millions, except per share data)

2025

2026

Total assets

15,470.3

15,732.1

16,774.2

16,945.9

16,527.7

Total loss and loss adjustment expense reserves

7,608.9

7,636.2

7,706.5

7,755.2

7,911.1

Total shareholders' equity

3,044.4

3,216.3

3,426.3

3,571.5

3,570.4

Total shareholders' equity, excluding net unrealized appreciation

(depreciation) on fixed maturity investments, net of tax

3,335.3

3,451.0

3,573.4

3,688.6

3,755.4

Property and Casualty Companies

Statutory surplus

3,098.3

3,097.0

3,273.1

3,337.9

3,535.1

Premium to surplus ratio

1.98:1

2.00:1

1.92:1

1.90:1

1.80:1

Book value per share

84.56

89.62

96.00

100.90

101.86

Book value per share, excluding net unrealized appreciation

(depreciation) on fixed maturity investments, net of tax

92.64

96.16

100.13

104.21

107.14

Tangible book value per share (total book value excluding goodwill

and intangibles)

79.10

84.12

90.46

95.34

96.26

Shares outstanding

36.0

35.9

35.7

35.4

35.1

Total debt/equity

25.8 %

24.4 %

37.4 %

34.1 %

23.6 %

Total debt/total capital

20.5 %

19.6 %

27.2 %

25.4 %

19.1 %

THE HANOVER INSURANCE GROUP

CONSOLIDATED STATEMENTS OF INCOME

Three Months ended March 31

(In millions)

2026

2025

% Change

Premiums earned

1,570.6

1,508.5

4.1

Net investment income

126.9

106.1

19.6

Net realized and unrealized investment gains (losses):

Net realized losses from sales and other

(4.9)

(18.8)

(73.9)

Net change in fair value of equity securities and other

4.6

1.0

N/M

Impairments on investments:

Credit-related impairments

(1.6)

N/M

Losses on intent to sell securities

(0.4)

N/M

Total impairments on investments

(2.0)

N/M

Total net realized and unrealized investment losses

(2.3)

(17.8)

(87.1)

Fees and other income

6.2

6.4

(3.1)

Total revenues

1,701.4

1,603.2

6.1

LOSSES AND EXPENSES

Losses and loss adjustment expenses

957.6

955.3

0.2

Amortization of deferred acquisition costs

333.2

313.9

6.1

Interest expense

10.8

8.5

27.1

Other operating expenses

162.7

165.4

(1.6)

Total losses and expenses

1,464.3

1,443.1

1.5

Income before income taxes

237.1

160.1

48.1

Income tax expense

50.3

31.9

57.7

Net income

186.8

128.2

45.7

THE HANOVER INSURANCE GROUP

CONSOLIDATED BALANCE SHEETS

March 31

December 31

(In millions, except per share data)

2026

2025

% Change

ASSETS

Investments:

Fixed maturities, at fair value (amortized cost of $10,211.8 and $9,685.7)

9,976.2

9,536.5

4.6

Equity securities, at fair value

188.2

184.8

1.8

Other investments

637.3

661.4

(3.6)

Total investments

10,801.7

10,382.7

4.0

Cash and cash equivalents

243.5

1,122.7

(78.3)

Accrued investment income

76.4

80.1

(4.6)

Premiums and accounts receivable, net

1,855.9

1,861.3

(0.3)

Reinsurance recoverable on paid and unpaid losses and unearned premiums

2,051.7

2,011.1

2.0

Deferred acquisition costs

690.8

703.0

(1.7)

Deferred income tax asset

102.3

83.3

22.8

Goodwill

178.8

Other assets

443.3

439.3

0.9

Assets of discontinued businesses

83.3

83.6

(0.4)

Total assets

16,527.7

16,945.9

(2.5)

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

Loss and loss adjustment expense reserves

7,911.1

7,755.2

2.0

Unearned premiums

3,402.0

3,440.4

(1.1)

Expenses and taxes payable

650.5

806.7

(19.4)

Reinsurance premiums payable

43.4

45.2

(4.0)

Short-term debt

50.1

375.0

(86.6)

Long-term debt

793.7

843.3

(5.9)

Liabilities of discontinued businesses

106.5

108.6

(1.9)

Total liabilities

12,957.3

13,374.4

(3.1)

SHAREHOLDERS' EQUITY

Preferred stock, par value $0.01 per share;

20.0 million shares authorized; none issued

Common stock, par value $0.01 per share; 300.0 million shares

authorized; 60.5 million shares issued

0.6

Additional paid-in capital

2,016.0

2,013.5

0.1

Accumulated other comprehensive loss

(237.9)

(171.4)

38.8

Retained earnings

3,894.5

3,741.6

4.1

Treasury stock at cost (25.4 and 25.1 million shares)

(2,102.8)

(2,012.8)

4.5

Total shareholders' equity

3,570.4

3,571.5

Total liabilities and shareholders' equity

16,527.7

16,945.9

(2.5)

THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS

CONSOLIDATED

Three Months ended March 31

2026

2025

Core

Personal

Core

Personal

(In millions, except percentage data)

Commercial

Specialty

Lines

Other

Total

Commercial

Specialty

Lines

Other

Total

Gross premiums written

721.8

432.4

588.1

1,742.3

693.1

424.4

572.4

1,689.9

Net premiums written

630.4

366.7

562.6

1,559.7

604.6

358.3

547.9

1,510.8

Net premiums earned

563.8

359.9

646.9

1,570.6

541.0

339.6

627.9

1,508.5

Losses and LAE:

Current year, excluding catastrophe losses

331.2

176.8

375.7

883.7

334.2

173.3

372.2

879.7

Prior year favorable development, excluding catastrophe losses

(1.6)

(14.2)

(9.2)

(25.0)

(1.3)

(15.9)

(2.8)

(20.0)

Current year catastrophe losses

52.1

15.4

80.2

147.7

54.5

17.2

35.9

107.6

Prior year favorable catastrophe development

(21.7)

(5.8)

(21.3)

(48.8)

(8.5)

(2.5)

(1.0)

(12.0)

Total losses and LAE

360.0

172.2

425.4

957.6

378.9

172.1

404.3

955.3

Amortization of deferred acquisition costs and other underwriting expenses

186.0

131.6

169.2

486.8

182.1

126.3

161.9

470.3

GAAP underwriting profit (loss)

17.8

56.1

52.3

126.2

(20.0)

41.2

61.7

82.9

Net investment income

58.3

28.7

35.2

4.7

126.9

48.0

24.3

30.5

3.3

106.1

Other income

1.4

1.2

3.6

6.2

1.3

3.7

0.1

6.4

Other operating expenses

(2.7)

(2.0)

(1.9)

(2.5)

(9.1)

(2.5)

(2.2)

(1.7)

(2.6)

(9.0)

Operating income before income taxes

74.8

84.0

89.2

2.2

250.2

26.8

64.6

94.2

0.8

186.4

Loss and LAE ratio:

Current year, excluding catastrophe losses

58.8 %

49.0 %

58.1 %

N/M

56.3 %

61.7 %

51.1 %

59.2 %

N/M

58.3 %

Prior year favorable development, excluding catastrophe losses

(0.3)%

(3.9)%

(1.4)%

N/M

(1.6)%

(0.2)%

(4.7)%

(0.4)%

N/M

(1.3)%

Current year catastrophe losses

9.2 %

4.3 %

12.4 %

N/M

9.4 %

10.1 %

5.0 %

5.8 %

N/M

7.1 %

Prior year favorable catastrophe development

(3.8)%

(1.6)%

(3.3)%

N/M

(3.1)%

(1.6)%

(0.7)%

(0.2)%

N/M

(0.8)%

Total loss and LAE ratio

63.9 %

47.8 %

65.8 %

N/M

61.0 %

70.0 %

50.7 %

64.4 %

N/M

63.3 %

Expense ratio

32.7 %

36.4 %

25.7 %

N/M

30.7 %

33.4 %

37.0 %

25.3 %

N/M

30.8 %

Combined ratio

96.6 %

84.2 %

91.5 %

N/M

91.7 %

103.4 %

87.7 %

89.7 %

N/M

94.1 %

THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS

CONSOLIDATED

(In millions, except percentage data)

2025

2026

Gross premiums written

1,689.9

1,752.6

1,913.5

1,666.6

1,742.3

Net premiums written

1,510.8

1,583.8

1,738.9

1,488.6

1,559.7

Net premiums earned

1,508.5

1,545.3

1,550.7

1,556.6

1,570.6

Losses and LAE:

Current year, excluding catastrophe losses

879.7

867.9

893.0

882.8

883.7

Prior year favorable development, excluding catastrophe losses

(20.0)

(18.2)

(12.1)

(20.1)

(25.0)

Current year catastrophe losses

107.6

113.5

46.2

35.0

147.7

Prior year favorable catastrophe development

(12.0)

(6.0)

(8.0)

(48.8)

Total losses and LAE

955.3

957.2

927.1

889.7

957.6

Amortization of deferred acquisition costs and other underwriting expenses

470.3

477.8

490.3

500.9

486.8

GAAP underwriting profit

82.9

110.3

133.3

166.0

126.2

Net investment income

106.1

105.5

117.0

125.8

126.9

Other income

6.4

6.1

6.3

6.1

6.2

Other operating expenses

(9.0)

(12.0)

(8.9)

(9.1)

Operating income before income taxes

186.4

209.9

247.7

289.0

250.2

Loss and LAE ratio:

Current year, excluding catastrophe losses

58.3 %

56.1 %

57.6 %

56.8 %

56.3 %

Prior year favorable development, excluding catastrophe losses

(1.3)%

(1.2)%

(0.8)%

(1.3)%

(1.6)%

Current year catastrophe losses

7.1 %

7.4 %

3.0 %

2.2 %

9.4 %

Prior year favorable catastrophe development

(0.8)%

(0.4)%

(0.5)%

(3.1)%

Total loss and LAE ratio

63.3 %

61.9 %

59.8 %

57.2 %

61.0 %

Expense ratio

30.8 %

30.6 %

31.3 %

31.8 %

30.7 %

Combined ratio

94.1 %

92.5 %

91.1 %

89.0 %

91.7 %

Combined ratio, excluding catastrophe losses

87.8 %

85.5 %

88.1 %

87.3 %

85.4 %

Current accident year combined ratio, excluding catastrophe losses

89.1 %

86.7 %

88.9 %

88.6 %

87.0 %

THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS

CORE COMMERCIAL

(In millions, except percentage data)

2025

2026

Gross premiums written

693.1

622.4

709.5

599.1

721.8

Net premiums written

604.6

536.0

620.3

512.8

630.4

Net premiums earned

541.0

554.3

554.2

561.5

563.8

Losses and LAE:

Current year, excluding catastrophe losses

334.2

313.6

335.6

322.2

331.2

Prior year favorable development, excluding catastrophe losses

(1.3)

(3.0)

(1.2)

(1.6)

Current year catastrophe losses

54.5

25.2

17.8

26.9

52.1

Prior year favorable catastrophe development

(8.5)

(2.5)

(21.7)

Total losses and LAE

378.9

333.3

352.2

347.5

360.0

Amortization of deferred acquisition costs and other underwriting expenses

182.1

183.8

187.8

193.2

186.0

GAAP underwriting profit (loss)

(20.0)

37.2

14.2

20.8

17.8

Net investment income

48.0

47.7

51.8

55.0

58.3

Other income

1.3

1.4

Other operating expenses

(2.5)

(2.3)

(2.2)

(2.0)

(2.7)

Operating income before income taxes

26.8

83.9

65.1

75.1

74.8

Loss and LAE ratio:

Current year, excluding catastrophe losses

61.7 %

56.5 %

60.6 %

57.4 %

58.8 %

Prior year favorable development, excluding catastrophe losses

(0.2)%

(0.5)%

(0.2)%

(0.3)%

Current year catastrophe losses

10.1 %

4.6 %

3.2 %

4.8 %

9.2 %

Prior year favorable catastrophe development

(1.6)%

(0.5)%

(3.8)%

Total loss and LAE ratio

70.0 %

60.1 %

63.6 %

61.9 %

63.9 %

Expense ratio

33.4 %

32.9 %

33.7 %

34.2 %

32.7 %

Combined ratio

103.4 %

93.0 %

97.3 %

96.1 %

96.6 %

Combined ratio, excluding catastrophe losses

94.9 %

88.9 %

94.1 %

91.3 %

91.2 %

Current accident year combined ratio, excluding catastrophe losses

95.1 %

89.4 %

94.3 %

91.6 %

91.5 %

THE HANOVER INSURANCE GROUP

PREMIUMS WRITTEN AND RELATED METRICS

CORE COMMERCIAL

(In millions, except percentage data)

2025

2026

Written Premium

Gross

693.1

622.4

709.5

599.1

721.8

Ceded

(88.5)

(86.4)

(89.2)

(86.3)

(91.4)

Net

604.6

536.0

620.3

512.8

630.4

Growth

3.8%

4.4%

3.5%

2.5%

4.3%

Net premiums written by sub-segment

Small Commercial

341.8

334.3

333.5

315.7

363.6

Middle Market

262.8

201.7

286.8

197.1

266.8

Total

604.6

536.0

620.3

512.8

630.4

Net premiums written by line of business

Commercial Multiple Peril

298.8

264.9

327.7

267.8

306.0

Commercial Automobile

114.2

104.6

112.1

96.4

123.4

Workers’ Compensation

123.5

102.3

100.1

92.9

120.8

Other Core Commercial

68.1

64.2

80.4

55.7

80.2

Total

604.6

536.0

620.3

512.8

630.4

Related Metrics

Premium Retention

84.4%

85.1%

84.4%

85.3%

85.2%

Renewal Price Change

11.1%

10.7%

9.9%

9.4%

8.6%

THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS

SPECIALTY

(In millions, except percentage data)

2025

2026

Gross premiums written

424.4

437.7

401.7

432.4

Net premiums written

358.3

368.2

379.2

335.8

366.7

Net premiums earned

339.6

355.9

353.9

348.9

359.9

Losses and LAE:

Current year, excluding catastrophe losses

173.3

174.3

172.7

179.3

176.8

Prior year favorable development, excluding catastrophe losses

(15.9)

(12.5)

(10.0)

(18.4)

(14.2)

Current year catastrophe losses

17.2

16.1

6.0

(1.2)

15.4

Prior year favorable catastrophe development

(2.5)

(1.5)

(5.8)

Total losses and LAE

172.1

176.4

168.7

159.7

172.2

Amortization of deferred acquisition costs and other underwriting expenses

126.3

131.7

132.4

133.7

131.6

GAAP underwriting profit

41.2

47.8

52.8

55.5

56.1

Net investment income

24.3

26.1

27.9

28.7

Other income

1.3

1.1

1.3

1.1

1.2

Other operating expenses

(2.2)

(2.0)

(2.4)

(2.0)

Operating income before income taxes

64.6

71.2

78.2

82.1

84.0

Loss and LAE ratio:

Current year, excluding catastrophe losses

51.1%

49.0 %

48.8 %

51.4 %

49.0 %

Prior year favorable development, excluding catastrophe losses

(4.7)%

(3.5)%

(2.8)%

(5.3)%

(3.9)%

Current year catastrophe losses

5.0%

4.5 %

1.7 %

(0.3)%

4.3 %

Prior year favorable catastrophe development

(0.7)%

(0.4)%

(1.6)%

Total loss and LAE ratio

50.7 %

49.6 %

47.7 %

45.8 %

47.8 %

Expense ratio

37.0 %

36.9 %

37.2 %

38.1 %

36.4 %

Combined ratio

87.7 %

86.5 %

84.9 %

83.9 %

84.2 %

Combined ratio, excluding catastrophe losses

83.4 %

82.4 %

83.2 %

84.2 %

81.5 %

Current accident year combined ratio, excluding catastrophe losses

88.1 %

85.9 %

86.0 %

89.5 %

85.4 %

THE HANOVER INSURANCE GROUP

PREMIUMS WRITTEN AND RELATED METRICS

SPECIALTY

(In millions, except percentage data)

2025

2026

Written Premiums

Gross

424.4

437.7

401.7

432.4

Ceded

(66.1)

(56.2)

(58.5)

(65.9)

(65.7)

Net

358.3

368.2

379.2

335.8

366.7

Growth

5.4%

4.6%

8.3%

1.2%

2.3%

Net premiums written by sub-segment

Marine and Industrial Property(1)

137.5

150.3

145.2

121.8

137.4

Professional and Executive Lines

120.4

108.7

120.0

112.8

126.2

E&S and Alternative Markets(1)

77.2

85.8

86.3

74.9

76.3

Surety and Other

23.2

23.4

27.7

26.3

26.8

Total

358.3

368.2

379.2

335.8

366.7

Related Metrics

Premium Retention

80.1%

81.8%

83.2%

81.1%

83.3%

Renewal Price Change

8.4%

7.8%

8.3%

6.4%

4.6%

(1) During the first quarter of 2026, the former Specialty Property and Casualty and Marine sub-segments were reorganized into Marine and Industrial Property and E&S and Alternative Markets (Program business, Excess & surplus and Specialty general liability). Prior periods reflect this new presentation.

THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS

PERSONAL LINES

Three Months ended March 31

2026

2025

(In millions, except percentage data)

Auto

Home & Other

Total

Auto

Home & Other

Total

Net premiums written

327.2

235.4

562.6

323.8

224.1

547.9

Net premiums earned

368.8

278.1

646.9

365.3

262.6

627.9

Losses and LAE:

Current year, excluding catastrophe losses

245.8

129.9

375.7

244.5

127.7

372.2

Prior year favorable development, excluding catastrophe losses

(0.4)

(8.8)

(9.2)

(2.0)

(0.8)

(2.8)

Current year catastrophe losses

4.2

76.0

80.2

2.4

33.5

35.9

Prior year favorable catastrophe development

(1.2)

(20.1)

(21.3)

(0.4)

(0.6)

(1.0)

Total losses and LAE

248.4

177.0

425.4

244.5

159.8

404.3

Amortization of deferred acquisition costs and other underwriting expenses

169.2

161.9

GAAP underwriting profit

52.3

61.7

Net investment income

35.2

30.5

Other income

3.6

3.7

Other operating expenses

(1.9)

(1.7)

Operating income before income taxes

89.2

94.2

Loss and LAE ratio:

Current year, excluding catastrophe losses

66.7 %

46.7 %

58.1 %

66.9 %

48.7 %

59.2 %

Prior year favorable development, excluding catastrophe losses

(0.1)%

(3.2)%

(1.4)%

(0.5)%

(0.3)%

(0.4)%

Current year catastrophe losses

1.1 %

27.3 %

12.4 %

0.6 %

12.7 %

5.8 %

Prior year favorable catastrophe development

(0.3)%

(7.2)%

(3.3)%

(0.1)%

(0.2)%

Total loss and LAE ratio

67.4 %

63.6 %

65.8 %

66.9 %

60.9 %

64.4 %

Expense ratio

25.7 %

25.3 %

Combined ratio

91.5 %

89.7 %

THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS

PERSONAL LINES

(In millions, except percentage data)

2025

2026

Gross premiums written

572.4

705.8

766.3

665.8

588.1

Net premiums written

547.9

679.6

739.4

640.0

562.6

Net premiums earned

627.9

635.1

642.6

646.2

646.9

Losses and LAE:

Current year, excluding catastrophe losses

372.2

380.0

384.7

381.3

375.7

Prior year favorable development, excluding catastrophe losses

(2.8)

(2.6)

(0.9)

(9.2)

Current year catastrophe losses

35.9

72.2

22.4

9.3

80.2

Prior year favorable catastrophe development

(1.0)

(2.0)

(8.0)

(21.3)

Total losses and LAE

404.3

447.6

406.2

381.7

425.4

Amortization of deferred acquisition costs and other underwriting expenses

161.9

162.3

170.1

174.0

169.2

GAAP underwriting profit

61.7

25.2

66.3

90.5

52.3

Net investment income

30.5

30.2

33.0

34.8

35.2

Other income

3.7

3.6

Other operating expenses

(1.7)

(1.9)

(1.8)

(1.9)

Operating income before income taxes

94.2

57.4

101.1

127.1

89.2

Loss and LAE ratio:

Current year, excluding catastrophe losses

59.2 %

59.8 %

59.0 %

58.1 %

Prior year favorable development, excluding catastrophe losses

(0.4)%

(0.1)%

(1.4)%

Current year catastrophe losses

5.8 %

11.4 %

3.5 %

1.4 %

12.4 %

Prior year favorable catastrophe development

(0.2)%

(0.3)%

(1.2)%

(3.3)%

Total loss and LAE ratio

64.4 %

70.5 %

63.2 %

59.1 %

65.8 %

Expense ratio

25.3 %

25.0 %

26.0 %

26.4 %

25.7 %

Combined ratio

89.7 %

95.5 %

89.2 %

85.5 %

91.5 %

Combined ratio, excluding catastrophe losses

84.1 %

84.4 %

85.7 %

85.3 %

82.4 %

Current accident year combined ratio, excluding catastrophe losses

84.5 %

84.8 %

85.8 %

85.4 %

83.8 %

THE HANOVER INSURANCE GROUP

PREMIUMS WRITTEN AND RELATED METRICS

PERSONAL LINES

(In millions, except percentage data)

2025

2026

Written Premiums

Gross

572.4

705.8

766.3

665.8

588.1

Ceded

(24.5)

(26.2)

(26.9)

(25.8)

(25.5)

Net

547.9

679.6

739.4

640.0

562.6

Growth

3.0%

3.7%

3.6%

4.4%

2.7%

Net premiums written by line of business

Personal Automobile

323.8

389.3

416.5

360.3

327.2

Homeowners and Other

224.1

290.3

322.9

279.7

235.4

Total

547.9

679.6

739.4

640.0

562.6

Related Metrics

Renewal Price Change

Personal Automobile

11.8%

9.8%

8.0%

6.9%

6.7%

Homeowners

14.9%

15.7%

13.9%

12.3%

10.8%

Total (1)

13.1%

12.3%

10.5%

9.2%

8.4%

Policy Retention

Personal Automobile

81.4%

83.5%

83.2%

82.4%

81.2%

Homeowners

82.4%

85.1%

84.8%

83.7%

82.4%

Total (1)

82.0%

84.3%

84.0%

83.1%

81.8%

PIF change from prior year period

Personal Automobile

-4.9%

-3.6%

-3.2%

-3.1%

-2.2%

Homeowners

-4.0%

-2.7%

-2.5%

-2.6%

-2.2%

Total (1)

-4.4%

-3.2%

-2.9%

-2.8%

-2.2%

(1) Related metrics exclude Other Personal Lines.

THE HANOVER INSURANCE GROUP

NET INVESTMENT INCOME AND YIELDS

(In millions, except yields)

2025

2026

Net Investment Income

Fixed maturities

93.3

98.4

103.3

106.4

109.2

Limited partnerships

7.5

3.5

6.8

9.3

11.0

Mortgage loans

2.9

3.0

2.6

2.7

2.5

Equity securities

0.9

Other investments

5.3

3.4

7.1

10.6

7.4

Investment expenses

(3.8)

(3.7)

(4.1)

Total

106.1

105.5

117.0

125.8

126.9

Pre-tax Yields

Fixed maturities

4.08%

4.24%

4.33%

4.41%

4.42%

Total

4.14%

4.11%

4.31%

4.44%

4.50%

Pre-tax yields represent annualized net investment income for the period divided by the monthly average invested assets at amortized cost or cost, which excludes accumulated changes in fair value for fixed maturities and equity securities.

THE HANOVER INSURANCE GROUP

INVESTMENT PORTFOLIO

March 31, 2026

(In millions)

Change in

Weighted

Amortized

Net

Average

Cost

Fair Value /

% of

Unrealized

Investment Type

Quality

or Cost (1)

Carry Value

Total

Gain (Loss)

YTD

Fixed maturities:

U.S. Treasury and government agencies

AA+

477.7

438.7

4.0%

(39.0)

(3.2)

Foreign governments

2.8

2.9

0.1

(0.1)

Municipals:

Taxable

934.1

867.9

7.9%

(66.2)

(2.3)

Tax-exempt

24.9

25.3

0.2%

0.4

(0.4)

Corporates:

NAIC 1

2,354.2

2,342.8

21.2%

(11.4)

(28.8)

NAIC 2

BBB

1,578.4

1,551.3

14.1%

(27.1)

(16.8)

NAIC 3 and below

B+

455.6

454.0

4.1%

(1.6)

(8.9)

Total corporates

BBB+

4,388.2

4,348.1

39.4%

(40.1)

(54.5)

Asset-backed:

Residential mortgage-backed

AA+

2,389.8

2,324.3

21.0%

(65.5)

(15.1)

Commercial mortgage-backed

AAA

880.2

854.9

7.7%

(25.3)

(5.0)

Other asset-backed

AA+

1,114.1

10.1%

(5.8)

Total fixed maturities

AA-

10,211.8

9,976.2

90.3%

(235.6)

(86.4)

Limited partnerships and other investments

416.0

3.8%

Mortgage and other loans

221.3

2.0%

Equity securities

188.2

1.7%

Total investments

11,037.3

10,801.7

97.8%

(235.6)

(86.4)

Cash and cash equivalents

243.5

2.2%

Total

11,280.8

11,045.2

100.0%

(235.6)

(86.4)

(1) Net of allowance for credit losses of $8.8 million.

THE HANOVER INSURANCE GROUP

CREDIT QUALITY AND DURATION OF FIXED MATURITIES

March 31, 2026

(In millions)

CREDIT QUALITY OF FIXED MATURITIES

Rating Agency

Amortized

Fair

% of Total

NAIC Designation

Equivalent Designation

Cost (1)

Value

Fair Value

Aaa/Aa/A

8,097.5

7,890.5

79.1

Baa

1,635.9

1,609.3

16.1

269.8

272.7

2.8

172.2

171.0

1.7

Caa

35.5

32.3

0.3

In or near default

0.9

0.4

Total fixed maturities

10,211.8

9,976.2

100.0

DURATION OF FIXED MATURITIES

Amortized

Fair

% of Total

Cost (1)

Value

Fair Value

0-2 Years

1,782.5

1,783.9

17.9

2-4 Years

2,804.9

2,783.7

27.9

4-6 Years

2,694.0

2,602.9

26.1

6-8 Years

2,450.7

2,372.6

23.8

8-10 Years

289.2

274.7

2.7

10+ Years

190.5

158.4

1.6

Total fixed maturities

10,211.8

9,976.2

100.0

Weighted Average Duration

4.4

(1) Net of allowance for credit losses of $0.3 million.

TOP 10 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS

March 31, 2026

(In millions, except percentage data)

Issuer

Amortized Cost

Fair Value

As a Percent of Invested Assets

Ratings (1)

JPMorgan Chase

$46.1

0.42%

Morgan Stanley

39.8

39.7

0.36%

A-

Wells Fargo

39.0

39.2

0.36%

BBB+

Minnesota Housing Finance Agency

36.9

30.2

0.27%

AA+

Bank of America

35.7

0.32%

A-

The Goldman Sachs Group

35.5

35.7

0.32%

BBB+

State of Ohio

33.8

29.2

0.26%

AAA

Texas Natural Gas Securitization Finance Corporation

28.8

28.3

0.26%

AAA

State of Louisiana

27.2

27.0

0.24%

AAA

State of Colorado

26.2

25.1

0.23%

AAA

Top 10 Corporate and Municipal

$349.0

$336.2

3.04%

(1) - Represents nationally recognized rating agency sources.

THE HANOVER INSURANCE GROUP

RECONCILIATION OF OPERATING INCOME TO NET INCOME

Three Months ended March 31

2026

2025

(In millions, except per share data)

Per

Share (Diluted)

Per

Share (Diluted)

OPERATING INCOME

Core Commercial

74.8

26.8

Specialty

84.0

64.6

Personal Lines

89.2

94.2

Other

2.2

0.8

Total

250.2

186.4

Interest expense

(10.8)

(8.5)

Operating income before income taxes

239.4

6.67

177.9

4.86

Income tax expense on operating income

(50.9)

(1.42)

(36.1)

(0.99)

Operating income after income taxes

188.5

5.25

141.8

3.87

Non-operating items:

Net realized losses from sales and other

(4.9)

(0.14)

(18.8)

(0.51)

Net change in fair value of equity securities and other

4.6

0.13

1.0

0.03

Impairments on investments:

Credit-related impairments

(1.6)

(0.04)

Losses on intent to sell securities

(0.4)

(0.01)

Total impairments on investments

(2.0)

(0.05)

Income tax benefit on non-operating items

0.6

0.01

4.2

0.11

NET INCOME

186.8

5.20

128.2

3.50

THE HANOVER INSURANCE GROUP

Non-GAAP Financial Measures

The Hanover uses non-GAAP financial measures as important measures of the Company’s operating performance, which we believe provide investors with additional information regarding management’s evaluation of our results of operations and financial performance. The Company’s non-GAAP measures include operating income before interest expense and income taxes, total operating income after income taxes, total operating income after income taxes per diluted share, total book value per share, total book value per share excluding net unrealized gains and losses related to fixed maturity investments and market risk, net of tax, tangible book value per share and measures of operating income and combined ratios excluding catastrophe losses (catastrophe losses as discussed here and in all other measures include catastrophe loss development) and reserve development.

Operating income before interest expense and income taxes is net income, excluding interest expense on debt, income taxes and net realized and unrealized investment gains and losses, which includes changes in the fair value of equity securities still held because fluctuations in these gains and losses are determined by interest rates, financial markets and the timing of sales. Operating income before interest expense and income taxes also excludes net gains and losses on disposals of businesses, discontinued operations, restructuring costs, the cumulative effect of accounting changes and certain other items. Operating income before interest expense and income taxes is the sum of the operating income from: Core Commercial, Specialty, Personal Lines, and Other. After-tax operating income earnings per diluted share (sometimes referred to as “after-tax operating income per share”) is also a non-GAAP measure. It is defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), as well as results from discontinued operations and other non-operating items for a period divided by the average number of diluted shares of common stock. The Hanover believes that measures of operating income before interest expense and income taxes provide investors with a valuable measure of the performance of the Company’s ongoing businesses because they highlight net income attributable to the core operations of the business.

Book value per share is total shareholders’ equity divided by the number of common shares outstanding. Book value per share excluding net unrealized gains and losses related to fixed maturity investments, net of tax, is total shareholders’ equity excluding the after-tax effect of unrealized investment gains and losses on fixed maturities and market risk divided by the number of common shares outstanding. Tangible book value per share is total shareholders’ equity, excluding goodwill and intangible assets, divided by the number of common shares outstanding.

The Hanover also provides measures of operating results and loss ratios that exclude the effects of catastrophe losses. A catastrophe is a severe loss, resulting from natural or manmade events. Catastrophes can be caused by various natural events including, among others, hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, severe winter weather and other convective storms, fire, and explosions. Catastrophes can be caused by various manmade events including, among others, fire, explosions, riots, and terrorism. Each catastrophe has unique characteristics. Catastrophes are not predictable as to timing or loss amount in advance. The Hanover believes that providing certain financial metrics and trends excluding the effects of catastrophes is meaningful for investors to understand the variability of periodic earnings and loss ratios.

Prior year reserve development, which can be favorable or unfavorable, represents changes in our estimate of the costs to pay claims from prior years. We believe that a discussion of operating income excluding prior year reserve development is helpful to investors since it provides insight into both our estimate of current year accident results and changes to prior-year reserve estimates.

Operating income before and after interest expense and income taxes and measures of operating income that exclude the effects of catastrophe losses or reserve development should not be construed as substitutes for income before income taxes or income from continuing operations and operating income should not be construed as a substitute for net income determined in accordance with GAAP. A reconciliation of income from continuing operations to operating income before interest expense and income taxes and income from continuing operations per diluted share to operating income after taxes per diluted share for the three months ended March 31, 2026 and 2025 is set forth on page 18 of this document. The presentation of loss ratios calculated excluding the effects of reserve development and/or catastrophe losses should not be construed as a substitute for loss ratios determined in accordance with GAAP.

Additional reconciliations are provided in the press release relating to the current period(s) financial results, which is available on the Company’s website, www.hanover.com.

THE HANOVER INSURANCE GROUP

PREMIUM RELATED METRIC DEFINITIONS

Renewal Price Change

●

Core Commercial and Specialty: Represents the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, specific inflationary changes or changes in policy level exposure or insured risks.

●

Personal Lines: Represents the average change in premium on policies charged at renewal caused by the net effects of filed rate, inflation adjustments or other changes in policy level exposure or insured risks, regardless of whether or not the policies are retained for the duration of their contractual terms.

Rate

●

Core Commercial and Specialty: Represents the average change in premium on renewed policies caused by the base rate changes, discretionary pricing, and inflation, excluding the impact of changes in policy level exposure or insured risks.

●

Personal Lines: Represents the estimated cumulative premium effect of approved rate actions applied to policies at renewal, regardless of whether or not policies are actually renewed. Accordingly, rate changes do not represent actual increases or decreases realized by the company. Personal Lines rate changes do not include inflation or changes in policy level exposure or insured risks.

Retention

●

Core Commercial and Specialty: Represents the ratio of net retained premium for the noted period to the premium available to renew over the same period.

●

Personal Lines: Represents the ratio of net retained policies for the noted period to those policies available to renew over the same period and includes policies that were canceled and rewritten.

Policies in Force (PIF) Change

●

Represents the change in the number of policies in force at the end of a given period from the end of the same period in the prior year.

CORPORATE OFFICES AND

INDUSTRY RATINGS AS OF April 29, 2026

TRANSFER AGENT

PRINCIPAL SUBSIDIARIES

THE HANOVER INSURANCE GROUP, INC.

A.M.

Computershare Investor Services

440 Lincoln Street

Financial Strength Ratings

Best

S&P Global

Moody's

PO Box 43006

Worcester, MA 01653

The Hanover Insurance

Providence, RI 02940-3006

Company

1-800-317-4454

The Hanover Insurance Company

Citizens Insurance Company

440 Lincoln Street

of America

Worcester, MA 01653

COMMON STOCK

Citizens Insurance Company of America

A.M.

808 North Highlander Way

Debt Ratings

Best

S&P Global

Moody's

Common stock of The Hanover Insurance Group, Inc. is traded

Howell, MI 48843

The Hanover Insurance Group, Inc.

on the New York Stock Exchange under the symbol “THG”.

Senior Debt

bbb+

BBB

Baa2

Subordinated Debentures

bbb-

BB+

Baa3

MARKET AND DIVIDEND INFORMATION

INQUIRIES

The following tables set forth the high and low closing

The above ratings are accurate as of April 29, 2026, and may be revised,

Oksana Lukasheva

sale prices of our common stock and quarterly cash

superseded or withdrawn by the respective rating agency at any time. For

Senior Vice President

dividends for the periods indicated:

the most current information concerning the financial ratings of The Hanover

Corporate Finance

Insurance Group and its subsidiaries, please visit the websites of the

olukasheva@hanover.com

Quarter Ended

2026

respective rating agencies.

Price Range

Dividends

High

Low

Per Share

March 31

$181.68

$167.57

$0.950

Quarter Ended

2025

Price Range

Dividends

High

Low

Per Share

March 31

$174.61

$147.13

$0.900

June 30

$178.04

$150.66

$0.900

September 30

$182.10

$162.08

$0.900

December 31

$186.22

$168.39

$0.950

GRAPHIC

Filename: img12594962_0.jpg · Sequence: 4

Binary file (31036 bytes)

Download img12594962_0.jpg

GRAPHIC

Filename: img13518483_0.gif · Sequence: 5

Binary file (10208 bytes)

Download img13518483_0.gif

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Document And Entity Information

Apr. 29, 2026

Cover [Abstract]

Entity Registrant Name

HANOVER INSURANCE GROUP, INC.

Amendment Flag

false

Entity Central Index Key

0000944695

Document Type

8-K

Document Period End Date

Apr. 29, 2026

Entity Incorporation State Country Code

Entity File Number

1-13754

Entity Tax Identification Number

04-3263626

Entity Address, Address Line One

440 Lincoln Street

Entity Address, City or Town

Worcester

Entity Address, State or Province

Entity Address, Postal Zip Code

01653

City Area Code

(508)

Local Phone Number

855-1000

Written Communications

false

Soliciting Material

false

Pre Commencement Tender Offer

false

Pre Commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Security 12b Title

Common Stock, $.01 par value

Trading Symbol

THG

Security Exchange Name

NYSE

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration