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Stocks · Financials · Fire, Marine & Casualty Insurance

HANOVER INSURANCE GROUP, INC.

THG Clue Score61
United States Fiscal year ends December CIK 0000944695
$219.33 -1.17% Close, 9 Oct 2026
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Price $219.33 +62.80% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue4.05Operating income0.19Net income0.16EPS, diluted3.59Fiscal year 2017Revenue4.27 +5.3%Operating income0.33Net income0.19 +20.1%EPS, diluted4.33 +20.6%Fiscal year 2018Revenue4.49 +5.3%Operating income0.41Net income0.39 +110.0%EPS, diluted9.09 +109.9%Fiscal year 2019Revenue4.89 +8.8%Operating income0.45Net income0.43 +8.7%EPS, diluted10.46 +15.1%Fiscal year 2020Revenue4.82 −1.3%Operating income0.48Net income0.36 −15.6%EPS, diluted9.42 −9.9%Fiscal year 2021Revenue5.23 +8.4%Operating income0.43Net income0.42 +17.9%EPS, diluted11.60 +23.1%Fiscal year 2022Revenue5.47 +4.6%Operating income0.29Net income0.12 −72.6%EPS, diluted3.21 −72.3%Fiscal year 2023Revenue5.99 +9.6%Operating income0.11Net income0.04 −69.6%EPS, diluted0.98 −69.5%Fiscal year 2024Revenue6.24 +4.1%Operating income0.65Net income0.43 +1,106.8%EPS, diluted11.70 +1,093.9%Fiscal year 2025Revenue6.59 +5.7%Operating income0.93Net income0.66 +55.5%EPS, diluted18.16 +55.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 4.05 4.27 4.49 4.89 4.82 5.23 5.47 5.99 6.24 6.59
Growth +5.3% +5.3% +8.8% −1.3% +8.4% +4.6% +9.6% +4.1% +5.7%
Operating income 0.19 0.33 0.41 0.45 0.48 0.43 0.29 0.11 0.65 0.93
Net income 0.16 0.19 0.39 0.43 0.36 0.42 0.12 0.04 0.43 0.66
Growth +20.1% +110.0% +8.7% −15.6% +17.9% −72.6% −69.6% +1,106.8% +55.5%
EPS, diluted 3.59 4.33 9.09 10.46 9.42 11.60 3.21 0.98 11.70 18.16
Growth +20.6% +109.9% +15.1% −9.9% +23.1% −72.3% −69.5% +1,093.9% +55.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin4.8%Net margin3.8%Free cash flow margin18.0%Fiscal year 2017Operating margin7.7%Net margin4.4%Free cash flow margin16.1%Fiscal year 2018Operating margin9.0%Net margin8.7%Free cash flow margin12.0%Fiscal year 2019Operating margin9.3%Net margin8.7%Free cash flow margin12.1%Fiscal year 2020Operating margin10.0%Net margin7.4%Free cash flow margin14.4%Fiscal year 2021Operating margin8.3%Net margin8.1%Free cash flow margin15.6%Fiscal year 2022Operating margin5.2%Net margin2.1%Free cash flow margin12.9%Fiscal year 2023Operating margin1.8%Net margin0.6%Free cash flow margin5.8%Fiscal year 2024Operating margin10.4%Net margin6.8%Free cash flow margin12.8%Fiscal year 2025Operating margin14.1%Net margin10.0%Free cash flow margin17.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 4.8% 7.7% 9.0% 9.3% 10.0% 8.3% 5.2% 1.8% 10.4% 14.1%
Net margin 3.8% 4.4% 8.7% 8.7% 7.4% 8.1% 2.1% 0.6% 6.8% 10.0%
Free cash flow margin 18.0% 16.1% 12.0% 12.1% 14.4% 15.6% 12.9% 5.8% 12.8% 17.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.74Capital expenditure−0.02Free cash flow0.73Buybacks−0.11Dividends paid−0.08Fiscal year 2017Operating cash flow0.70Capital expenditure−0.02Free cash flow0.69 −5.7%Buybacks−0.04Dividends paid−0.09Fiscal year 2018Operating cash flow0.55Capital expenditure−0.01Free cash flow0.54 −21.5%Buybacks−0.06Dividends paid−0.09Fiscal year 2019Operating cash flow0.60Capital expenditure−0.01Free cash flow0.59 +9.6%Buybacks−0.56Dividends paid−0.39Fiscal year 2020Operating cash flow0.71Capital expenditure−0.01Free cash flow0.69 +17.5%Buybacks−0.21Dividends paid−0.10Fiscal year 2021Operating cash flow0.82Capital expenditure−0.01Free cash flow0.82 +17.8%Buybacks−0.16Dividends paid−0.10Fiscal year 2022Operating cash flow0.72Capital expenditure−0.02Free cash flow0.70 −13.6%Buybacks−0.03Dividends paid−0.11Fiscal year 2023Operating cash flow0.36Capital expenditure−0.01Free cash flow0.35 −50.3%Buybacks0.00Dividends paid−0.12Fiscal year 2024Operating cash flow0.81Capital expenditure−0.01Free cash flow0.80 +127.6%Buybacks−0.03Dividends paid−0.12Fiscal year 2025Operating cash flow1.18Capital expenditure−0.01Free cash flow1.17 +47.0%Buybacks−0.13Dividends paid−0.13
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.74 0.70 0.55 0.60 0.71 0.82 0.72 0.36 0.81 1.18
Capital expenditure −0.02 −0.02 −0.01 −0.01 −0.01 −0.01 −0.02 −0.01 −0.01 −0.01
Free cash flow 0.73 0.69 0.54 0.59 0.69 0.82 0.70 0.35 0.80 1.17
Growth −5.7% −21.5% +9.6% +17.5% +17.8% −13.6% −50.3% +127.6% +47.0%
Buybacks −0.11 −0.04 −0.06 −0.56 −0.21 −0.16 −0.03 0.00 −0.03 −0.13
Dividends paid −0.08 −0.09 −0.09 −0.39 −0.10 −0.10 −0.11 −0.12 −0.12 −0.13

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.28Total debt0.79Net cash (debt)−0.50Shareholders’ equity2.86Debt to equity0.28Fiscal year 2017Cash0.30Total debt0.79Net cash (debt)−0.49Shareholders’ equity3.00Debt to equity0.26Fiscal year 2018Cash1.02Total debt0.78Net cash (debt)0.24Shareholders’ equity2.95Debt to equity0.26Fiscal year 2019Cash0.22Total debt0.65Net cash (debt)−0.44Shareholders’ equity2.92Debt to equity0.22Fiscal year 2020Cash0.12Shareholders’ equity3.20Fiscal year 2021Cash0.23Shareholders’ equity3.14Fiscal year 2022Cash0.31Shareholders’ equity2.33Fiscal year 2023Cash0.32Total debt0.78Net cash (debt)−0.47Shareholders’ equity2.47Debt to equity0.32Fiscal year 2024Cash0.44Total debt0.72Net cash (debt)−0.29Shareholders’ equity2.84Debt to equity0.25Fiscal year 2025Cash1.12Total debt0.84Net cash (debt)0.28Shareholders’ equity3.57Debt to equity0.24
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.28 0.30 1.02 0.22 0.12 0.23 0.31 0.32 0.44 1.12
Total debt 0.79 0.79 0.78 0.65 n/a n/a n/a 0.78 0.72 0.84
Net cash (debt) −0.50 −0.49 0.24 −0.44 n/a n/a n/a −0.47 −0.29 0.28
Shareholders’ equity 2.86 3.00 2.95 2.92 3.20 3.14 2.33 2.47 2.84 3.57
Debt to equity 0.28 0.26 0.26 0.22 n/a n/a n/a 0.32 0.25 0.24

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
4.05 4.27 4.49 4.89 4.82 5.23 5.47 5.99 6.24 6.59
Growth +5.3% +5.3% +8.8% −1.3% +8.4% +4.6% +9.6% +4.1% +5.7%
0.19 0.33 0.41 0.45 0.48 0.43 0.29 0.11 0.65 0.93
Growth +69.7% +24.2% +11.6% +6.9% −10.8% −34.1% −63.0% +515.6% +43.5%
0.07 0.29 0.28 0.52 0.44 0.52 0.14 0.04 0.54 0.84
−0.00 0.08 0.04 0.09 0.08 0.10 0.03 0.01 0.11 0.18
0.16 0.19 0.39 0.43 0.36 0.42 0.12 0.04 0.43 0.66
Growth +20.1% +110.0% +8.7% −15.6% +17.9% −72.6% −69.6% +1,106.8% +55.5%
Per share
3.63 4.38 9.21 10.62 9.52 11.78 3.26 0.99 11.85 18.50
3.59 4.33 9.09 10.46 9.42 11.60 3.21 0.98 11.70 18.16
Growth +20.6% +109.9% +15.1% −9.9% +23.1% −72.3% −69.5% +1,093.9% +55.2%
42.8 42.5 42.4 40.0 37.7 35.9 35.6 35.7 35.9 35.8
43.2 43.0 43.0 40.6 38.1 36.4 36.1 36.1 36.4 36.5
Growth −0.5% +0.0% −5.6% −6.2% −4.5% −0.8% +0.0% +0.8% +0.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 6.4% a year over five years, and earnings per share grew 14.0% a year.
  • The diluted share count fell 4.2% in five years, so buybacks did some of the work per share.
  • Operating margin is up 4.1 points on five years ago, at 14.1%.
  • Profitable in every one of the 10 years on file.