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The Hanover Insurance Group, Inc.

THG Financial Insurance Property & Casualty

The Hanover Insurance Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.6 billion, up 5.72% from fiscal 2024.

Revenue
+4.23%
EPS
+1.22%
Free cash flow
−6.06%
Total debt
−34.0%

Quarter to September 2026, against a year earlier

249.73 2.42 +0.98%
Market cap
$8.5B
P/E
11.7×
Fwd P/E
11.6×
Dividend yield
1.53%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Sold, $m 15.94
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 — — 8 1 — 3 — — —
Insider Ownership 2.33%

Capital & Financial Ratios $m

Size
Market Cap 8,500.00
Revenue ttm 6,834.90
Net income ttm 749.50
Free cash flow ttm 1,219.70
Net debt Q 337.90
Valuation
P/E 11.67
Forward P/E 11.60
Price / sales 1.26
Forward P/S Powerpack
Price / FCF 7.06
Price / book 2.50
Financial health
Current ratio Q 0.39
Debt / equity Q 0.25
Interest coverage Q 23.03
Growth
Revenue growth Q +4.23% (above 0%: growing)
Operating income growth Q −2.99% (below 0%: shrinking)
EPS, this year +8.41%
EPS, next year A −4.53% (below 0%: weak)
Revenue, next year A +3.68%
EPS, past 5 yrs +14.03%
EPS, next 5 yrs A +2.68%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 27.72%
10-year low 10-year high
P/S against its own 10 years 97.69%
10-year low 10-year high
P/B against its own 10 years 99.96%
10-year low 10-year high

Dividends raised 6 years running

Yield
1.53%
Annual rate
3.80
Payout ratio
18.2%
Growth, 2017–25
+7.54%/yr
  1. 2.04 ’17
  2. 2.22 ’18 +9
  3. 1.80 ’19 −19
  4. 2.65 ’20 +47
  5. 2.85 ’21 +8
  6. 3.06 ’22 +7
  7. 3.28 ’23 +7
  8. 3.45 ’24 +5
  9. 3.65 ’25 +6
  10. 3.85 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 316 436 1,123 506
Receivables 3,762 3,795 3,872 4,170
Inventory — — — —
Other — — — —
4,078 4,231 4,995 4,676
2023 2024 2025 Q'26
Payables 10,475 10,782 11,241 11,914
ST’ Debt — 62 375 50
Other — — — —
10,475 10,844 11,616 11,964

Compound Annual Growth %

10y 5y 3y
Sales 2.74% 6.45% 6.44%
Cash Flow 10.23% 10.73% 17.71%
Earnings 7.17% 13.06% 78.75%
Book Value 2.30% 2.21% 15.24%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.59 Actual 5.15

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 5.20 5.79 Beat by 0.59
Q1 FY26 4.14 5.25 Beat by 1.11
Q2 FY26 3.88 5.31 Beat by 1.43
Q3 FY26 4.59 5.15 Beat by 0.56
Q4 FY26 5.56 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 5.20 5.38 4.86 — —
’25 3.50 4.30 4.90 5.47 18.16
’24 3.18 1.12 2.80 4.59 11.70
’23 (0.34) (1.94) 0.24 2.98 0.98
’22 2.90 0.63 0.01 (0.33) 3.21
’21 2.51 3.52 0.94 4.53 11.49
’20 (1.04) 3.01 3.13 4.43 9.42
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,701 1,726 1,736 — —
’25 1,603 1,654 1,665 1,672 6,594
’24 1,551 1,537 1,565 1,584 6,237
’23 1,444 1,504 1,517 1,529 5,994
’22 1,331 1,293 1,366 1,479 5,469
’21 1,282 1,292 1,275 1,379 5,228
’20 1,056 1,224 1,250 1,295 4,825
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 119 212 520 — —
’25 39 207 554 378 1,178
’24 59 140 395 214 806
’23 18 26 225 93 362
’22 200 9 315 199 722
’21 142 167 286 228 824
’20 37 189 321 161 708
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 115 209 518 — —
’25 37 205 551 377 1,170
’24 56 137 392 211 796
’23 15 23 222 91 350
’22 195 4 311 195 705
’21 140 166 284 226 816
’20 33 185 317 158 693
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 21.7% a year for ten years. It grew 8.0% a year over the last ten.

Implied
21.7%
10 years, reported
8.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,054 4,268 4,494 4,891 4,825 5,228 5,469 5,994 6,237 6,594 6,835 +5.6% 6,837 7,052 7,399 +3.9%
Gross margin, % 37.20 39.56 39.38 41.41 41.03 40.05 33.74 31.02 39.76 43.45 44.41 +6.3 pt
EBT 66 293 283 522 445 521 144 41 538 844 960 +32.7%
EBT margin, % 1.63 6.86 6.29 10.68 9.22 9.97 2.63 0.69 8.62 12.80 14.04 +11.2 pt
Net income 155 186 391 425 359 423 116 35 426 663 750 +17.5%
Per share, $
Per share, $ Revenue 94.72 100.42 106.00 122.27 127.98 145.62 153.61 167.89 173.74 184.20 196.41 +7.7%
Earnings 3.59 4.33 9.09 10.46 9.42 11.49 3.21 0.99 11.87 18.16 21.21 +19.7%
Cash flow 17.37 16.58 13.00 15.07 18.77 22.94 20.29 10.13 22.46 32.91 35.32 +7.4%
Capex (0.37) (0.44) (0.31) (0.33) (0.40) (0.22) (0.50) (0.33) (0.28) (0.22) (0.27) (5.8%)
Free cash flow 17.00 16.14 12.69 14.74 18.37 22.72 19.79 9.80 22.18 32.69 35.05 +7.5%
Book value 66.76 70.53 69.69 72.91 84.94 87.60 65.55 69.06 79.16 99.76 98.89 +4.6%
Shares, m 43 43 42 40 38 36 36 36 36 36 35 (2.0%)
Valuation, ×
Valuation, × P/E 25.41 24.59 12.85 13.04 12.27 11.40 42.34 126.74 13.14 10.06 11.67 29.2
P/S 0.96 1.06 1.10 1.12 0.91 0.90 0.88 0.73 0.89 0.99 1.26 1.0
P/B 1.37 1.51 1.68 1.87 1.38 1.50 2.07 1.78 1.95 1.83 2.50 1.7
EV/Sales 1.09 1.18 1.05 1.21 1.05 1.01 0.97 0.81 0.95 1.01 — 1.0
EV/FCF 6.06 7.32 8.75 10.01 7.32 6.44 7.55 13.88 7.41 5.67 — 8.0
Cash, $m
Cash, $m Operating cash flow 743 705 551 603 708 824 722 362 806 1,178 1,229 +5.2%
Capex (16) (19) (13) (13) (15) (8) (18) (12) (10) (8) (9) (7.6%)
Free cash flow 728 686 538 590 693 816 705 350 796 1,170 1,220 +5.4%
Balance, $m
Balance, $m Working capital (5,430) (4,223) (3,773) (4,834) (5,221) (5,630) (6,166) (6,397) (6,613) (6,621) (7,288) +2.2%
Net debt 504 489 (243) 438 660 551 477 467 349 96 338 (16.9%)
Shareholders’ equity 2,858 2,998 2,955 2,916 3,202 3,145 2,334 2,466 2,842 3,572 3,442 +2.5%
Returns, %
Returns, % ROA 1.11 1.25 2.81 3.42 2.77 3.05 0.82 0.25 2.85 4.11 4.43 +3.0 pt
ROIC 2.87 5.25 7.16 9.73 7.30 8.82 3.20 0.88 10.54 14.38 15.87 +11.5 pt
ROE 5.44 6.36 13.14 14.48 11.73 13.32 4.23 1.47 16.05 20.66 21.83 +15.2 pt
People
People Employees 4,900 4,600 4,200 4,300 4,300 4,400 4,600 4,800 4,900 4,900 — 0.0%
Revenue/emp, $m 0.83 0.93 1.07 1.14 1.12 1.19 1.19 1.25 1.27 1.35 — +5.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

The Hanover Insurance Group is a holding company whose principal business is property and casualty insurance. Its insurance subsidiaries cover businesses and individuals against losses such as property damage, automobile accidents and liability claims. Hanover Insurance and Citizens Insurance Company of America are its principal property and casualty subsidiaries. Jack Roche was its president and chief executive officer as of the third quarter of 2026; Dick Lavey was CEO-elect.

For businesses, Hanover sells policies covering property, general liability, commercial vehicles and employee injuries. Its commercial customers include small and mid-sized businesses, with some products tailored to industries such as technology, human services and education. It also sells specialty insurance for risks including professional liability, goods in transit, construction and higher-hazard liability.

The Hanover Insurance Group, Inc. vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CNA CNA Financial Corporation $12.8B 12.4× 11.8× +0.10% (above 0%: growing) −51.35% (below 0%: shrinking) −9.94% (below 0%: shrinking) 38.58% 7.04% Compare
AFG American Financial Group, Inc. $12.7B 13.4× 12.4× +5.51% (above 0%: growing) +44.44% (above 0%: growing) −68.13% (below 0%: shrinking) 23.15% 16.75% Compare
ORI Old Republic International Corporation $9.3B 8.5× 8.9× +5.21% (above 0%: growing) −11.55% (below 0%: shrinking) −23.85% (below 0%: shrinking) 11.68% 11.68% Compare
KNSL Kinsale Capital Group, Inc. $8.6B 16.6× 16.2× −8.58% (below 0%: shrinking) −28.76% (below 0%: shrinking) −9.58% (below 0%: shrinking) 27.99% 27.89% Compare
THG The Hanover Insurance Group, Inc. $8.5B 11.7× 11.6× +4.23% (above 0%: growing) +1.22% (above 0%: growing) −6.06% (below 0%: shrinking) 42.97% 13.27%
RLI RLI Corp. $6.1B 15.6× 16.0× −6.34% (below 0%: shrinking) −34.81% (below 0%: shrinking) +8.17% (above 0%: growing) 29.66% 22.52% Compare
SIGI Selective Insurance Group, Inc. $5.9B 12.1× 11.7× −2.49% (below 0%: shrinking) +14.05% (above 0%: growing) −12.67% (below 0%: shrinking) 42.49% 13.22% Compare
MCY Mercury General Corporation $5.7B 8.9× 7.0× −12.84% (below 0%: shrinking) n/m −22.67% (below 0%: shrinking) 7.63% (0.92%) Compare
WTM White Mountains Insurance Group, Ltd. $5.5B 5.2× 5.1× +22.55% (above 0%: growing) +68.75% (above 0%: growing) −131.27% (below 0%: shrinking) 54.44% 32.51% Compare
Median of peers $7.4B 12.3× 11.8× −1.19% −11.55% −17.67% 28.83% 14.99%

All 46 Insurance Property & Casualty stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.46%
Held by the ten largest 48.86%
Holder Shares Stake Change
Vanguard 3.67m 10.53% −1.54k
BlackRock 3.53m 10.15% −148.23k
T. Rowe Price 1.92m 5.51% +469.91k
State Street 1.63m 4.67% −4.40k
AQR Capital Management 1.34m 3.84% +327.77k
FULLER & THALER ASSET MANAGEMENT, INC. 1.09m 3.13% +99.87k
American Century 1.08m 3.10% +75.58k
Dimensional Fund Advisors 1.03m 2.96% +60.37k
AllianceBernstein 909.13k 2.61% +77.59k
First Trust 822.38k 2.36% −3.28k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.49m 15.44m 175.72
2024 9.55m 13.06m 145.64
2023 7.72m 5.79m 111.50
2022 6.83m 7.25m 120.69
2021 6.77m 8.44m 114.51

Ownership

Directors and executive officers, together 2.80%
The Vanguard Group 10.30%
BlackRock, Inc. 9.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

The Hanover Insurance Group, Inc. (THG) Latest News

30 Oct

Impact 3 · · MarketBeat transcript

29 Oct

Impact 4 · · The Motley Fool transcript

28 Oct

Impact 4 · · Zacks
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Impact 3 · · Associated Press
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Impact 3 · · Simply Wall St.
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27 Oct

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26 Oct

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Impact 3 · · Insider Monkey

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29 Sep

Impact 4 ·

28 Sep

Impact 3 · · PR Newswire

23 Sep

Impact 3 · · Zacks

21 Sep

Impact 3 · · Zacks

22 Aug

Impact 3 ·

21 Aug

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31 Jul

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30 Jul

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Impact 3 · · MarketBeat

29 Jul

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Impact 3 ·

28 Jul

Impact 3 ·
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27 Jul

Impact 3 ·

THG metrics, ten years each

stockrow.com/THG · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com