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NYSE · Financials

HANOVER INSURANCE GROUP, INC. (THG)

As-reported financials and SEC filings for HANOVER INSURANCE GROUP, INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About HANOVER INSURANCE GROUP, INC.

The Hanover Insurance Group, Inc. provides property and casualty insurance products and services in the United States. It operates through four main segments: Core Commercial, Specialty, Personal Lines, and Other. The company serves small to mid-sized businesses and individuals by offering various insurance coverages, including commercial multiple peril, commercial automobile, workers' compensation, professional liability, marine, and specialty property and casualty insurance, primarily distributed through independent agents and brokers.

Snapshot

Revenue
$6.59B
Revenue growth (YoY)
5.7%
Net income
$662.5M
Diluted EPS
$18.16
Gross margin
Operating margin
14.1%
Net margin
10.0%
FCF margin
17.7%
ROE
18.5%
net income / fiscal-year-end equity
P/E
10.9×
trailing when available, otherwise FY EPS
Market cap
$7.93B
Long-term debt / equity
0.24×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Hanover Insurance Group

  • Revenue grew 5.7% to $6.6B in FY2025, in line with the 4.1% the year before.
  • Operating margin is 14.1% in FY2025, +5.9 pp against 8.3% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $1.7B, up 4.3% from Q2 FY2025.
  • Free cash flow was $1.2B in FY2025, 17.7% of revenue.
  • Net income rose 55.5% to $663M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Hanover Insurance Group’s fundamentals sit among the 88 insurance companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin14.1%
50th percentile of 27
Net margin10.0%
42nd percentile of 82
FCF margin17.7%
56th percentile of 55
Revenue growth (YoY)+5.7%
38th percentile of 88
ROE18.5%
67th percentile of 73
P/E10.9×
48th percentile of 72
Long-term debt / equity0.24×
49th percentile of 48
Short interest2.63d
27th percentile of 87

No reported insider purchases (code P) in the last 90 days; 9 insider sales totaling $5.5M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
3
+7 quant / multi-strat
Initiated / added
6
2 new, 4 added
Reduced / exited
3
3 trimmed, 0 exited
Combined position
$452.9M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$287.2M1.3MAdded
Markel GroupQ2 2026$60.2M281.0KHeld
Two Sigma InvestmentsquantQ2 2026$38.7M180.8KAdded
Gotham Asset ManagementQ2 2026$30.2M141.0KReduced
Renaissance TechnologiesquantQ2 2026$15.1M70.3KNew
Point72 Asset ManagementquantQ2 2026$7.4M34.5KNew
Bridgewater AssociatesQ2 2026$6.0M28.1KAdded
D. E. ShawquantQ2 2026$4.9M22.7KAdded
Millennium ManagementquantQ2 2026$2.2M10.2KReduced
Citadel AdvisorsquantQ2 2026$1.1M5.3KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
9
$5.5M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-20
filed 2026-08-21
Kerrigan Dennis FrancisExecutive Vice PresidentSell1.7K$222.97$380K
2026-08-20
filed 2026-08-21
Kerrigan Dennis FrancisExecutive Vice PresidentSell400$220.01$88K
2026-08-19
filed 2026-08-21
Kerrigan Dennis FrancisExecutive Vice PresidentSell4.8K$220.41$1.1M
2026-08-19
filed 2026-08-21
Kerrigan Dennis FrancisExecutive Vice PresidentSell1.5K$221.73$334K
2026-08-19
filed 2026-08-21
Kerrigan Dennis FrancisExecutive Vice PresidentSell224$222.77$50K
2026-08-06
filed 2026-08-07
Bunting Theodore H JRDirectorSell600$230.20$138K
2026-08-05
filed 2026-08-07
Bunting Theodore H JRDirectorSell600$228.03$137K
2026-08-03
filed 2026-08-04
Carlin Jane DDirectorSell1.0K$231.50$232K
2026-06-03
filed 2026-06-04
Salvatore Bryan JExecutive Vice PresidentSell16.4K$185.76$3.0M
2026-05-21
filed 2026-05-26
Aristeguieta FranciscoDirectorSell1.0K$195.37$195K
2026-05-20
filed 2026-05-21
Kerrigan Dennis FrancisExecutive Vice PresidentSell6.3K$192.99$1.2M
2026-05-20
filed 2026-05-21
Roche John CPresident and CEOSell5.1K$194.05$998K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
688.9K
settled 2026-08-14
Change vs prior
-10.1%
vs previous settlement
Days to cover
2.63
at avg daily volume
Avg daily volume
262.1K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-14688.9K-10.1%2.63
2026-07-31766.1K-35.1%2.07
2026-07-151.2M+6.8%3.55
2026-06-301.1M-0.6%2.98
2026-06-151.1M+9.0%3.56
2026-05-291.0M-1.8%3.51
2026-05-151.0M+26.9%3.55
2026-04-30818.9K-8.7%3.11

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$6.59B$6.24B$5.99B$5.47B$5.23B
Gross profit
Operating income$933.0M$650.1M$105.6M$285.1M$432.3M
Net income$662.5M$426.0M$35.3M$116.0M$422.8M
Diluted EPS$18.16$11.70$0.98$3.21$11.60

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$1.12B$435.5M$316.1M$305.0M$230.9M
Current assets
Total assets$16.95B$15.27B$14.61B$14.00B$14.25B
Current liabilities
Long-term debt$843.3M$722.3M$783.2M
Total liabilities$13.37B$12.43B$12.15B$11.66B$11.11B
Total equity$3.57B$2.84B$2.47B$2.33B$3.14B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$1.18B$806.4M$361.7M$722.3M$823.7M
Capital expenditure$7.7M$10.2M$11.9M$17.8M$8.0M
Free cash flow$1.17B$796.2M$349.8M$704.5M$815.7M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$1.73B4.3%$191.6M$5.38
Q1 FY2026$1.70B6.1%$186.8M$5.20
Q4 FY2025$1.67B5.5%$198.5M$5.44
Q3 FY2025$1.67B6.4%$178.7M$4.90
Q2 FY2025$1.65B7.7%$157.1M$4.30
Q1 FY2025$1.60B3.4%$128.2M$3.50
Q4 FY2024$1.58B3.6%$167.9M$4.61
Q3 FY2024$1.57B3.2%$102.1M$2.80

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorFinancials
SIC industryFire, Marine & Casualty Insurance
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2017
SEC CIK944695

Selected SEC filings

10-Q2026-07-29
View on EDGAR →
10-Q2026-04-30
View on EDGAR →
8-K2026-07-28
View on EDGAR →
8-K2026-07-15
View on EDGAR →
8-K2026-05-13
View on EDGAR →
8-K2026-04-29
View on EDGAR →

Largest insurance peers

All insurance stocksAll Financials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.