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Stock research / United States / THG · Fire, Marine & Casualty Insurance · NYSE

Hanover Insurance Group, Inc. (THG)

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Hanover Insurance Group, Inc. (THG) reported revenue of $1.7 billion for Q2 FY2026, the quarter ended 30 June 2026, up 4.3% on the same quarter a year earlier. Net income was $192 million, up 22.0% on the year, and diluted earnings per share $5.38. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2026.

Revenue$1.7 billionup 4.3%
Net income$192 millionup 22.0%
Diluted EPS$5.38
QuarterQ2 FY2026ended 30 June 2026

Hanover Insurance Group (THG) in brief

Hanover Insurance Group (THG) reported revenue of $6.6 billion for fiscal 2025, the year ended 31 December 2025, up 5.7% on the year before.
Read moreNet income was $662 million and diluted earnings per share $18.16. Revenue was $6.2 billion in fiscal 2024, $6.0 billion in fiscal 2023, $5.5 billion in fiscal 2022 and $5.2 billion in fiscal 2021. Net income in the same years was $426 million, $35 million, $116 million and $423 million. Over the twelve months to 30 June 2026, Hanover Insurance Group reported revenue of $6.8 billion and net income of $756 million. Revenue grew 6.4% a year, compounded, over the five years to fiscal 2025. Hanover Insurance Group had 35 million shares outstanding at the latest filed count. At the close of 8 October 2026 the market cap of Hanover Insurance Group was $7.7 billion, 10.6 times its earnings over the last twelve months.

Ratios

From the filings

ROE20.6%
ROCE23.0%
Operating margin15.4%
Net margin11.2%
FCF margin18.5%
Interest cover22.10
Debt to equity0.23
Cash conversion1.67
Share count, 1 year-2.7%
Sales CAGR, 3 years6.4%
Profit CAGR, 3 years78.7%
EPS, TTM$20.95

At the close of 8 October 2026

Price$221.93
Market cap$7.7 billion
Stock P/E10.59
Price to book2.10
EV / EBITDA8.04
Dividend yieldn/a
Market cap / sales1.14
52-week high$232.83
52-week low$167.57
Price, 1 year20.7%
Price CAGR, 3 years25.9%
Price CAGR, 5 years10.3%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on the total debt Hanover Insurance Group, Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
THGgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on THG

Filings15 in twelve months: 7 current reports (8-K), about 4 results of operations; 2 officer or director change; 1 shareholder vote; 1 other events; 1 regulation fd disclosure
Planned insider sales16 Form 144 notices in twelve months, $18.3 million; latest 16 September 2026
Options tapeput/call 0.43 by open interest at the 8 October 2026 close; the straddle prices a 4.4% move to 16 October 2026
13F holders9 of the followed funds hold it; largest Geode Capital Management; 3 Schedule 13D or 13G filings in twelve months
Insider trading30 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest742,877 shares short, 2.91 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,5171,5291,5511,5371,5651,5841,6031,6541,6651,6721,7011,726
Operating income13.715815095.4151254186210248289250252
Operating margin1%10%10%6%10%16%12%13%15%17%15%15%
Interest expense8.58.58.58.68.58.58.58.611.614.510.810.1
Pre-tax income-0.915014551.3130212160199227258237245
Tax raten/a29%21%21%21%21%20%21%21%24%21%22%
Net income8.610811640.5102168128157179198187192
Net margin1%7%7%3%7%11%8%9%11%12%11%11%
Diluted EPS$0.24$2.98$3.18$1.12$2.80$4.59$3.50$4.30$4.90$5.47$5.20$5.38
Operating cash flow22592.758.714039521438.9207554378119212
Capital expenditure2.92.22.62.22.43.01.81.73.01.23.52.9
Free cash flow22290.556.113739221037.1205551377115209
Buybacks0.00.0n/an/a0.0n/a11.027.636.054.686.955.0
Dividends paid29.030.330.530.630.632.432.432.332.233.733.533.1
Shares outstanding36m36m36m36m36m36m36m36m36m35m35m35m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021 †FY2022 †FY2023FY2024 †FY2025TTM
Revenue5,0685,0344,0544,2684,4944,8914,8275,2285,4695,9946,2376,5946,764
Operating income4064661933274064544854322851066509331,039
Operating margin8.0%9.3%4.8%7.7%9.0%9.3%10.0%8.3%5.2%1.8%10.4%14.1%15.4%
Interest expense65.860.651.445.245.137.537.134.034.134.134.143.247.0
Pre-tax income34143966.029328252244552114441.1538844967
Income tax95.7109-1.076.843.593.182.810127.27.6112183213
Effective tax rate28.1%24.7%-1.5%26.2%15.4%17.8%18.6%19.4%18.9%18.5%20.9%21.7%22.0%
Net income28233215518639142535942311635.3426662756
Net margin5.6%6.6%3.8%4.4%8.7%8.7%7.4%8.1%2.1%0.6%6.8%10.0%11.2%
Diluted EPS$6.28$7.40$3.59$4.33$9.09$10.46$9.42$11.60$3.21$0.98$11.70$18.16$20.95
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Follow the cashA discounted cash flow: five years of free cash flow, added up in today's moneyNot for Hanover Insurance Group: an insurer's operating cash flow includes premiums it holds to pay claims later, so it is not cash the owners can take out. Book value and return on equity, in the ratios above, are the usual measures for it.

FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021 †FY2022 †FY2023FY2024 †FY2025TTM
Operating cash flow5654457437055516037088247223628061,1781,264
Capital expenditure11.219.515.718.613.113.314.98.017.811.910.27.710.6
Free cash flow5544257286865385906938167043507961,1701,253
Free cash flow margin10.9%8.4%18.0%16.1%12.0%12.1%14.3%15.6%12.9%5.8%12.8%17.7%18.5%
Cash from investing-601-172-495-506271-312-609-460-508-228-541-666-932
Cash from financing-71.7-301-301-112-171-1,099-194-253-141-122-146175-310
Depreciation and amortisation33.530.230.730.124.621.618.216.912.96.31.5-4.6-5.3
Share-based compensation15.112.312.012.313.417.420.122.929.031.131.035.635.9
Buybacks20.412710637.257.756421316330.80.026.7129232
Dividends paid67.074.280.486.894.338699.5102109117124131132
Diluted shares, weighted45m45m43m43m43m41m38m36m36m36m36m36m36m
Shares outstanding at period endn/an/an/an/an/an/an/an/an/an/an/an/a35m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021 †FY2022 †FY2023FY2024 †FY2025TTM
Funded by
Shareholders' equity2,8442,8442,8582,9982,9552,9163,2023,1362,3342,4662,8423,5723,672
Debt9048037867877786537817827827837841,218844
Other liabilities10,01210,14310,57611,6858,6678,9219,46110,33710,88111,36411,64912,15612,347
Total liabilities and equity13,76013,79114,22015,47012,40012,49013,44414,25413,99714,61315,27416,94616,864
Owned
Goodwill185186185179179179179179179179179179179
Intangible assetsn/an/an/an/an/an/an/a16.015.515.515.818.0n/a
Securities held for sale or to maturity7,3786,9837,3315,7496,1626,6877,4547,7247,4827,9858,5429,53610,061
Cash and equivalents3733392832981,0212161212313053164361,123266
Other assets5,8246,2836,4229,2445,0395,4095,6906,1056,0166,1176,1026,0906,358
Total assets13,76013,79114,22015,47012,40012,49013,44414,25413,99714,61315,27416,94616,864
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded2.7%6.4%6.4%5.6%
Profit growth, compounded7.2%13.1%78.7%36.1%
Return on equity, average10.4%10.7%11.7%18.5%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Insurance

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Berkshire Hathaway Inc. BRK.B$1.09 trillion12.7311.5%15.0%3.9%n/an/a
Chubb Ltd. CB$132.6 billion12.1614.8%23.1%8.0%0.231.1%
Progressive Corp. PGR$127.2 billion10.9734.1%16.2%10.5%0.246.4%
Travelers Companies, Inc. TRV$77.2 billion9.8725.1%21.1%2.4%0.270.8%
Allstate Corp. ALL$58.6 billion4.6139.4%23.2%5.9%0.221.7%
American International Group, Inc. AIG$40.4 billion14.097.3%13.6%-4.2%0.222.3%
Hartford Insurance Group, Inc. HIG$35.1 billion8.3722.2%17.3%7.0%0.221.7%
Arch Capital Group Ltd. ACGL$32.8 billion7.5119.5%26.9%0.4%0.185.2%
Everest Group, Ltd. EG$27.8 billion7.8912.4%13.4%-5.1%0.032.1%
W. R. Berkley Corp. WRB$26.7 billion14.7919.6%n/a4.3%n/a2.6%
Cincinnati Financial Corp. CINF$25.4 billion7.7920.0%29.8%19.6%0.052.1%
Loews Corp. L$22.0 billion13.208.8%12.3%3.5%0.470.2%
All 52 in Insurance
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Berkshire Hathaway Inc. BRK.B$1.09 trillion12.7311.5%15.0%3.9%n/an/a
UnitedHealth Group Inc. UNH$335.7 billion23.8713.5%4.8%6.5%0.672.4%
Chubb Ltd. CB$132.6 billion12.1614.8%23.1%8.0%0.231.1%
Progressive Corp. PGR$127.2 billion10.9734.1%16.2%10.5%0.246.4%
Elevance Health, Inc. ELV$86.9 billion17.8211.1%2.7%6.3%0.691.7%
Marsh & Mclennan Companies, Inc. MRSH$83.0 billion21.2325.8%21.6%8.3%1.272.0%
Travelers Companies, Inc. TRV$77.2 billion9.8725.1%21.1%2.4%0.270.8%
Cigna Group CI$74.3 billion11.6315.1%3.5%7.8%0.682.1%
Manulife Financial Corporation MFC *$69.9 billion19.3511.1%n/an/a0.153.4%
Metlife Inc. MET$62.8 billion18.8313.2%8.3%8.7%0.522.3%
Arthur J. Gallagher & Co. AJG$60.0 billion38.816.6%12.6%26.3%0.571.1%
Aon plc AON$58.8 billion15.2840.8%26.5%4.9%1.351.1%
Allstate Corp. ALL$58.6 billion4.6139.4%23.2%5.9%0.221.7%
Aflac Inc. AFL$57.7 billion12.4016.0%32.0%13.6%0.282.0%
Humana Inc. HUM$46.5 billion36.626.7%1.9%18.3%0.620.9%
Sun Life Financial Inc. SLF *$42.0 billion17.5714.5%n/a8.0%0.333.5%
American International Group, Inc. AIG$40.4 billion14.097.3%13.6%-4.2%0.222.3%
Prudential Financial Inc. PRU$39.2 billion10.2912.4%7.6%9.4%0.624.8%
Hartford Insurance Group, Inc. HIG$35.1 billion8.3722.2%17.3%7.0%0.221.7%
Arch Capital Group Ltd. ACGL$32.8 billion7.5119.5%26.9%0.4%0.185.2%
Centene Corp. CNC$31.9 billionn/a-22.6%-2.8%13.9%0.71n/a
Everest Group, Ltd. EG$27.8 billion7.8912.4%13.4%-5.1%0.032.1%
Willis Towers Watson plc WTW$27.7 billion18.3220.4%22.2%3.0%0.751.2%
W. R. Berkley Corp. WRB$26.7 billion14.7919.6%n/a4.3%n/a2.6%
Cincinnati Financial Corp. CINF$25.4 billion7.7920.0%29.8%19.6%0.052.1%
Principal Financial Group Inc. PFG$23.6 billion15.6412.8%11.9%3.7%0.362.8%
Loews Corp. L$22.0 billion13.208.8%12.3%3.5%0.470.2%
Brown & Brown, Inc. BRO$21.0 billion20.119.6%n/a34.2%0.621.0%
Reinsurance Group of America Inc. RGA$16.7 billion11.2411.0%7.2%19.4%0.421.4%
Corebridge Financial, Inc. CRBG$15.3 billion20.128.5%5.4%29.1%0.832.8%
Globe Life Inc. GL$15.3 billion11.0319.7%24.2%5.2%0.480.7%
Unum Group UNM$14.7 billion21.596.5%6.8%3.4%0.351.9%
Equitable Holdings, Inc. EQH$14.6 billionn/an/a-5.7%-22.1%n/a2.0%
Renaissancere Holdings Ltd. RNR$13.9 billion5.6522.3%39.6%-14.0%0.200.5%
Assurant, Inc. AIZ$13.5 billion13.0317.4%9.9%9.4%0.351.2%
Erie Indemnity Co. ERIE$11.8 billion20.5223.4%17.9%3.7%0.00n/a
American Financial Group Inc. AFG$11.8 billion12.4119.8%14.5%-0.2%0.385.1%
Fidelity National Financial, Inc. FNF$10.7 billion13.8610.4%11.3%13.0%0.595.1%
Molina Healthcare, Inc. MOH$10.2 billionn/a-0.2%0.5%2.6%0.90n/a
OLD Republic International Corp. ORI$9.3 billion8.4518.7%14.8%12.1%n/a9.5%
Voya Financial, Inc. VOYA$8.8 billion16.3013.0%9.1%3.2%0.451.9%
Primerica, Inc. PRI$8.5 billion11.0731.5%29.9%8.6%0.241.5%
Kinsale Capital Group, Inc. KNSL$7.7 billion13.7627.9%35.7%15.8%0.110.2%
Hanover Insurance Group, Inc. THG$7.7 billion10.5920.6%15.4%5.6%0.23n/a
First American Financial Corp. FAF$6.4 billion8.7013.3%12.3%22.6%n/a3.5%
Mgic Investment Corp. MTG$5.8 billion8.7114.1%74.0%-1.9%0.132.2%
Essent Group Ltd. ESNT$5.7 billion8.8712.0%62.0%4.3%0.082.1%
RLI Corp. RLI$5.2 billion11.8325.0%28.0%8.7%0.174.7%
Selective Insurance Group Inc. SIGI$5.1 billion10.5613.6%11.5%7.0%0.251.8%
CNO Financial Group, Inc. CNO$5.0 billion18.4010.8%13.3%6.0%0.521.3%
Brighthouse Financial, Inc. BHF$2.8 billion3.9412.7%14.7%2.6%0.48n/a
Ryan Specialty Holdings, Inc. RYANn/an/a19.4%14.8%14.4%7.13n/a
17 companies share its SEC industry code (Fire, Marine & Casualty Insurance); the rest are the names nearest in size in its wider industry, Insurance, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202629 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-K31 December 202520 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-K31 December 202424 February 2025EDGAR
10-Q30 September 202431 October 2024EDGAR
10-Q30 June 20241 August 2024EDGAR
10-Q31 March 20242 May 2024EDGAR

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