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Hanover Insurance Group, Inc. (THG) stock

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NYSE: THG NYSE Property & Casualty Insurance Next results ~February 3, 2027

B Fundamentals grade

Hanover Insurance Group, Inc. is a US-listed company in the property & casualty insurance industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$180

Valuation models combined (6)

Base case. Range ~$130–$220. Weighted average of 6 models (residual income, justified price-to-book, price-to-book vs return on equity (peers), price-to-book vs peers, forward price-to-earnings vs peers, dividend discount (two-stage)), the residual income counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 27% below it.

Price used: $248.40, November 2, 2026

Hanover Insurance Group, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 10 selling0 purchases and 30 sales by directors and officers, last 12 monthsInsider trades
  • Funds283 adding, 207 cuttingOf 65 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Hanover Insurance Group files

10-Q filed October 29: Hanover Insurance

Rating: Hold to Sell Model value −4.6%

Revenue for the twelve months to September 2026 was $6.83bn, up 5.0% on a year earlier, slower than the 5.6% growth a quarter earlier. Our model value falls from $197 to $188 a share, against a share price of $242. The rating changes from Hold to Sell.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Hanover Insurance

Hanover Insurance Group reported revenue of $6.83bn for the twelve months to June 2026, up 5.0% on the prior year. That pace has eased from the 5.6% growth recorded a quarter earlier. Meanwhile, the fundamentals grade has improved, moving from C to B. Our model value has followed suit, rising from $182 to $197 a share, though this remains below the current share price of $236. Given the stronger fundamentals and narrower, if still negative, gap to fair value, the rating moves from Sell to Hold.

10-Q on SEC EDGAR

Where Hanover Insurance stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.76bn, up 5.6% on a year earlier, slower than 6.4% a quarter earlier. Our valuation models combined value is $180 a share, against a share price of $231.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

Hanover Insurance Group, Inc.'s trailing-twelve-month revenue grew 5.0% year on year, with a free-cash-flow margin of 17.8%. Where it stands out: operating margin of 15.2% ranks 2 of 9 property & casualty insurance companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 41% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.7% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.5% over 90 days.

Things to watch

  • Priced above our value. The share price of $248.40 is 27% above our value per share of $180.
  • Insiders selling. 10 insiders sold $16M of stock over the past 365 days and none bought (28% under pre-set trading plans).
  • Earnings expected to fall. The consensus expects earnings per share to fall 5% next year.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$5.31 against an average estimate of $3.76: beat by 41.3%
Revenue
$1.74bn, up 4.2% on a year earlier
Share reaction
-0.3% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $4.63

Hanover Insurance Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.6%
  • 1 week+3.9%
  • 1 month+13.2%
  • This year+37.9%
  • 1 year+48.3%
  • 5 years+114.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.8B
Operating margin
15.2%
Net margin
11.0%
EPS (TTM, diluted)
$20.89

Growth

Revenue growth
+5.0%
Change in growth rate
−0.5 pts
Share count change
−1.7%

Earnings

Last results
October 28, 2026
Next results (est.)
February 3, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Announcement
  4. Results
  5. Dividend
  6. Insider trade
  7. Announcement
  8. Results
  9. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Hanover Insurance Group, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$180
Price used
$246.37close November 3, 2026
Implied change
▼ 26%
Uncertainty
Medium

How we got here: the combined value of 6 valuation models built for a business like Hanover Insurance Group, Inc. (see the models table below and how they are combined) , with a 7.64% cost of equity. The models span ~$130–~$220; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Hanover Insurance Group, Inc. as an insurer, with every model that fits that kind of business. Cost of equity 7.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$180 ~$120–$270 Primary model, counts double
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$200 ~$170–$260 Included
Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. ~$160 ~$97–$230 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$130 ~$100–$210 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$200 ~$170–$250 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$220 ~$180–$290 Included
Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$180 ~$130–$220 6 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hanover Insurance Group, Inc. with property, casualty and specialty insurers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

60 /100

Moderate moat

How hard Hanover Insurance Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 2.3% of total assets over 10 years.

  • Durability 2 / 20

    Operating margin has been a median 9.1%; its worst year was -1.5%.

  • Discipline 18 / 20

    The diluted share count fell 2.7% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (66 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $20.60 +8% $6.7bn +7%
Next $19.64 −5% $7.1bn +5%

Next year's EPS estimate has moved +5.5% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +11.4% on 90 days ago. In the last 30 days, 2 analysts raised Hanover Insurance Group, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Hanover Insurance Group, Inc., last 90 days
$18.00 $19.00 $20.00 $21.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $18.49 Current fiscal year, 60 days ago: $20.38 Current fiscal year, 30 days ago: $20.39 Current fiscal year, 7 days ago: $20.54 Current fiscal year, Now: $20.60 $20.60 Next fiscal year, 90 days ago: $18.63 Next fiscal year, 60 days ago: $19.53 Next fiscal year, 30 days ago: $19.56 Next fiscal year, 7 days ago: $19.64 Next fiscal year, Now: $19.64 $19.64

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $18.49$18.63
60 days ago $20.38$19.53
30 days ago $20.39$19.56
7 days ago $20.54$19.64
Now $20.60$19.64

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.76 $5.31 +41.3%
Mar 2026 $4.22 $5.25 +24.5%
Dec 2025 $5.03 $5.79 +15.1%
Sept 2025 $4.22 $5.09 +20.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026

No numeric guidance in Hanover Insurance Group, Inc.'s latest earnings release (filed July 28, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

8 analysts, Oct 2026
Buy225%
Hold675%
Sell00%

Monthly trend

  1. Oct 20261168
  2. Sep 20261168
  3. Aug 20261168
  4. Jul 20261168

Counts of recommendations published by analysts covering Hanover Insurance Group, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.3%
of tradable shares
Days to cover
3.32
at average volume
Short interest, 1 month
+36%
to October 15, 2026
Held by institutions
93%
of shares
Held by insiders
1.0%
of shares
Employees
4,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +48.3%

$167.54 on October 31, 2025 to $248.40

ThenNowEffect
Revenue (last 12 months) $6.4bn $6.8bn +5.6%
Net margin 8.7% 11.2% +28.9%
P/E multiple 11.0x 11.9x +7.7%
Share count 37m 36m +1.2%

Biggest factor: net margin.

Last 3 years +127.7%

$109.07 on November 3, 2023 to $248.40

ThenNowEffect
Revenue (last 12 months) $5.8bn $6.8bn +16.8%
P/S multiple 0.7x 1.3x +96.3%
Share count 36m 36m −0.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
THG+15%+5%−8%+31%+21%+38%
Industry peers (median)+15%−3%+9%+30%+7%+10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
THG58%50%50%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
THG−14%−19%−29%−12%−14%−8%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 40% from February 4, 2020 to March 23, 2020. Getting back needed a 67% gain, reached on April 27, 2021, 400 days after the low.

Price behaviour

52-week range
$165.15 – $248.40
From 52-week high
0.0%
vs 50-day average
+9.6%
vs 200-day average
+24.6%
Volatility (1 year)
21%
Beta vs S&P 500
-0.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±2.0%
After a week
8 up, 3 down
typical move ±3.4%
After a month
11 up, 0 down
typical move ±5.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −0.3% 0.0% — —
July 28, 2026 +5.8% −1.3% +3.9% +4.0%
April 29, 2026 +3.9% +1.0% +3.1% +3.0%
February 4, 2026 +2.3% −1.7% −0.8% +2.1%
October 29, 2025 +0.8% −1.1% +4.2% +9.9%
July 31, 2025 +2.2% −2.0% +2.6% +5.0%
April 30, 2025 −0.2% +0.7% +0.6% +6.0%
February 4, 2025 +4.4% +1.1% +4.7% +10.3%
October 30, 2024 0.0% −2.3% +5.9% +11.2%
July 31, 2024 −2.8% +0.2% −5.3% +3.7%
July 18, 2024 +0.5% −1.4% −2.2% +0.7%
May 1, 2024 +0.7% +0.6% +4.4% +1.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Hanover Insurance Group, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Hanover Insurance Group, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Hanover Insurance Group, Inc.
$5.5B $6B $6.5B $7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $6B Revenue (TTM), FY24 Q1: $6.1B Revenue (TTM), FY24 Q2: $6.1B Revenue (TTM), FY24 Q3: $6.2B Revenue (TTM), FY24 Q4: $6.2B Revenue (TTM), FY25 Q1: $6.3B Revenue (TTM), FY25 Q2: $6.4B Revenue (TTM), FY25 Q3: $6.5B Revenue (TTM), FY25 Q4: $6.6B Revenue (TTM), FY26 Q1: $6.7B Revenue (TTM), FY26 Q2: $6.8B Revenue (TTM), FY26 Q3: $6.8B $6.8B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $6B
FY24 Q1 $6.1B
FY24 Q2 $6.1B
FY24 Q3 $6.2B
FY24 Q4 $6.2B
FY25 Q1 $6.3B
FY25 Q2 $6.4B
FY25 Q3 $6.5B
FY25 Q4 $6.6B
FY26 Q1 $6.7B
FY26 Q2 $6.8B
FY26 Q3 $6.8B
Revenue growth, TTM YoY Hanover Insurance Group, Inc.
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 9.6% Revenue growth, TTM YoY, FY24 Q1: 9.3% Revenue growth, TTM YoY, FY24 Q2: 5.9% Revenue growth, TTM YoY, FY24 Q3: 4.0% Revenue growth, TTM YoY, FY24 Q4: 4.1% Revenue growth, TTM YoY, FY25 Q1: 3.1% Revenue growth, TTM YoY, FY25 Q2: 4.5% Revenue growth, TTM YoY, FY25 Q3: 5.3% Revenue growth, TTM YoY, FY25 Q4: 5.7% Revenue growth, TTM YoY, FY26 Q1: 6.4% Revenue growth, TTM YoY, FY26 Q2: 5.6% Revenue growth, TTM YoY, FY26 Q3: 5.0% 5.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 9.6%
FY24 Q1 9.3%
FY24 Q2 5.9%
FY24 Q3 4.0%
FY24 Q4 4.1%
FY25 Q1 3.1%
FY25 Q2 4.5%
FY25 Q3 5.3%
FY25 Q4 5.7%
FY26 Q1 6.4%
FY26 Q2 5.6%
FY26 Q3 5.0%
Operating margin (TTM) Hanover Insurance Group, Inc.
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 1.8% Operating margin (TTM), FY24 Q1: 4.0% Operating margin (TTM), FY24 Q2: 6.8% Operating margin (TTM), FY24 Q3: 9.0% Operating margin (TTM), FY24 Q4: 10.4% Operating margin (TTM), FY25 Q1: 10.9% Operating margin (TTM), FY25 Q2: 12.5% Operating margin (TTM), FY25 Q3: 13.8% Operating margin (TTM), FY25 Q4: 14.1% Operating margin (TTM), FY26 Q1: 14.9% Operating margin (TTM), FY26 Q2: 15.4% Operating margin (TTM), FY26 Q3: 15.2% 15.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 1.8%
FY24 Q1 4.0%
FY24 Q2 6.8%
FY24 Q3 9.0%
FY24 Q4 10.4%
FY25 Q1 10.9%
FY25 Q2 12.5%
FY25 Q3 13.8%
FY25 Q4 14.1%
FY26 Q1 14.9%
FY26 Q2 15.4%
FY26 Q3 15.2%
FCF margin (TTM) Hanover Insurance Group, Inc.
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.8% FCF margin (TTM), FY24 Q1: 6.4% FCF margin (TTM), FY24 Q2: 8.2% FCF margin (TTM), FY24 Q3: 10.9% FCF margin (TTM), FY24 Q4: 12.8% FCF margin (TTM), FY25 Q1: 12.4% FCF margin (TTM), FY25 Q2: 13.2% FCF margin (TTM), FY25 Q3: 15.4% FCF margin (TTM), FY25 Q4: 17.7% FCF margin (TTM), FY26 Q1: 18.7% FCF margin (TTM), FY26 Q2: 18.5% FCF margin (TTM), FY26 Q3: 17.8% 17.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.8%
FY24 Q1 6.4%
FY24 Q2 8.2%
FY24 Q3 10.9%
FY24 Q4 12.8%
FY25 Q1 12.4%
FY25 Q2 13.2%
FY25 Q3 15.4%
FY25 Q4 17.7%
FY26 Q1 18.7%
FY26 Q2 18.5%
FY26 Q3 17.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2,834 3,152 3,932 4,591 4,794 5,068 5,034 4,054 4,268 4,494 4,891 4,825 5,228 5,469 5,994 6,237 6,594 6,835
EBITDA — 239 99 111 428 440 496 224 357 431 475 503 449 298 112 652 928 1,029
Operating income — 222 72 75 393 406 466 193 327 407 454 485 432 285 106 650 933 1,036
Net income 197 151 37 56 251 282 332 155 186 391 425 359 423 116 35 426 663 750
Diluted EPS $3.86 $3.27 $0.80 $1.23 $5.59 $6.28 $7.40 $3.59 $4.33 $9.09 $10.46 $9.42 $11.60 $3.21 $0.98 $11.70 $18.16 $20.89
Growth (year on year)
Revenue +5.7% +11.2% +24.7% +16.8% +4.4% +5.7% −0.7% −19.5% +5.3% +5.3% +8.8% −1.3% +8.4% +4.6% +9.6% +4.1% +5.7% +5.0%
EBITDA — — −58.8% +12.4% +287.0% +2.6% +12.9% −54.9% +59.8% +20.6% +10.2% +5.8% −10.7% −33.7% −62.4% — +42.5% +15.0%
Operating income — — −67.7% — — +3.3% +14.7% −58.6% +69.7% +24.2% +11.6% +6.9% −10.8% −34.1% −63.0% — +43.5% +15.3%
Net income — −23.3% −75.7% — — +12.4% +17.6% −53.2% +20.1% +110.0% +8.7% −15.6% +17.9% −72.6% −69.6% — +55.5% +18.6%
Diluted EPS — −15.3% −75.5% — — +12.3% +17.8% −51.5% +20.6% +109.9% +15.1% −9.9% +23.1% −72.3% −69.5% — +55.2% +20.7%
Margins
EBITDA margin — 7.6% 2.5% 2.4% 8.9% 8.7% 9.9% 5.5% 8.4% 9.6% 9.7% 10.4% 8.6% 5.4% 1.9% 10.4% 14.1% 15.1%
Operating margin — 7.0% 1.8% 1.6% 8.2% 8.0% 9.3% 4.8% 7.7% 9.0% 9.3% 10.0% 8.3% 5.2% 1.8% 10.4% 14.1% 15.2%
Net margin 7.0% 4.8% 0.9% 1.2% 5.2% 5.6% 6.6% 3.8% 4.4% 8.7% 8.7% 7.4% 8.1% 2.1% 0.6% 6.8% 10.0% 11.0%
Free-cash-flow margin 2.9% 2.3% 5.2% 8.4% 7.5% 10.9% 8.4% 18.0% 16.1% 12.0% 12.1% 14.4% 15.6% 12.9% 5.8% 12.8% 17.7% 17.8%
Cash flow
Cash from operations 92 84 222 408 384 565 445 743 705 551 603 708 824 722 362 806 1,178 1,229
Capital spending 10 11 17 21 23 11 20 16 19 13 13 15 8 18 12 10 8 9
Free cash flow 81 73 205 387 361 554 425 728 686 538 590 693 816 705 350 796 1,170 1,220
Stock-based pay 12 11 12 13 12 15 12 12 12 13 17 20 23 29 31 31 36 38
Free cash flow after stock pay 70 61 193 374 349 538 413 716 674 525 572 673 793 676 319 765 1,135 1,182
Balance sheet
Cash 317 290 820 565 486 373 339 147 298 1,021 216 121 231 305 316 436 1,123 506
Total debt 434 607 918 852 906 905 814 797 797 788 663 781 782 782 787 784 1,218 844
Net debt (negative = net cash) 117 317 97 287 420 532 476 650 499 −233 447 660 551 477 471 349 96 338
Diluted shares 51m 46m 46m 45m 45m 45m 45m 43m 43m 43m 41m 38m 36m 36m 36m 36m 37m 36m
Returned to shareholders
Dividends 38 47 51 55 60 67 74 80 87 94 386 100 102 109 117 124 131 133
Buybacks 148 135 22 20 78 20 127 106 37 58 564 213 163 31 0 27 129 283
Total returned 186 182 73 75 138 87 202 186 124 152 950 312 265 140 117 151 260 416

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$283M
Dividends (TTM)
$133M
Returned to shareholders
34%
of free cash flow
Buybacks, last 3 fiscal years
$156M
Diluted share count
−1.7%
year over year
Total shareholder yield
4.7%
dividends 1.5% + buybacks 3.2% of market value
Dividend payout ratio
18%
of net income paid out

Competitors: side by side with peers

Closest by revenue in property & casualty insurance
Last 12 months unless stated THG AXS MCY FAF AFG SIGI Median
Revenue, last 12 months $6.8bn $6.9bn $6.3bn $8.1bn $8.3bn $5.4bn $1.7bn
Revenue growth, last 12 months 5.0% 9.8% 10.0% 14.1% −0.2% 4.0% 8.0%
Revenue growth, 3-year average 4.8% 7.3% 14.3% 8.9% 3.4% 10.1% 9.5%
Revenue growth, latest quarter 4.2% 6.9% 13.8% 5.3% 5.5% −2.5% 4.2%
Operating margin 15.2% — — — 14.5% — 9.4%
Operating margin, 3-year average 12.6% — — — 13.4% — 1.8%
Net margin 11.0% 14.6% 14.8% 9.1% 11.5% 9.4% 10.5%
Cash from operations / revenue 18.0% 38.4% 20.9% 12.0% 18.9% 22.0% 18.2%
Free-cash-flow margin 17.8% — 19.9% 10.0% 17.8% 20.9% 17.6%
Free-cash-flow margin, 3-year average 14.7% — 16.5% 8.4% 18.1% 21.2% 16.5%
Stock pay / revenue 0.6% 0.8% 0.0% 0.7% 0.3% 0.4% 0.6%
Change in share count −1.7% −7.8% 0.0% −0.7% −0.7% −1.7% −0.7%

Median of all 48 companies we cover in property & casualty insurance. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

48 property & casualty insurance companies
Measure Company Peer median Rank
Revenue growth Growth 5.0% 8.3% 31 of 48
Change in growth rate Growth -0.5pp -0.7pp 22 of 48
Operating margin Profitability 15.2% 8.0% 2 of 9
Net margin Profitability 11.0% 10.8% 23 of 48
Stock pay as % of revenue Cash generation 0.6% 0.7% 14 of 34
Change in share count Balance sheet -1.7% -0.7% 16 of 47

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$6.8B
Institutions reporting
544
Shares held vs prior quarter
▲ 2.2%
Positions opened / closed
76 / 39

Top buyers and sellers, Q2 2026: 283 institutions bought and 207 sold ; the biggest buyer was Price T Rowe Associates Inc (+447K shares) and the biggest seller Adage Capital Partners Gp, L.L.C (−215K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $756M 3.5M 11.1% ▼ 4.0%
Vanguard Portfolio Management LLC $411M 1.9M 6.0% ▼ 0.7%
Price T Rowe Associates Inc $392M 1.8M 5.7% ▲ 32.3%
State Street Corp $348M 1.6M 5.1% ▼ 0.3%
Vanguard Capital Management LLC $312M 1.5M 4.6% ▲ 0.4%
AQR Capital Management LLC $287M 1.3M 4.2% ▲ 32.3%
Fuller & Thaler Asset Management, Inc. $233M 1.1M 3.4% ▲ 10.1%
American Century Companies Inc $231M 1.1M 3.4% ▲ 7.5%
Dimensional Fund Advisors LP $221M 1.0M 3.2% ▲ 6.2%
First Trust Advisors LP $176M 824K 2.6% ▼ 0.4%
Alliancebernstein L.P. $158M 909K 2.3% ▲ 9.3%
Geode Capital Management, LLC $156M 729K 2.3% ▲ 0.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Hanover Insurance Group, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $16.2M 30 trades by 10 insiders · 28% under pre-set plans
Net ▼ $16.2M net selling
Insider Date Trade Shares Price Value
Kerrigan Dennis Francis Executive Vice President August 20, 2026 Sell pre-set plan 400 $220.01 $88,004
Kerrigan Dennis Francis Executive Vice President August 20, 2026 Sell pre-set plan 1,704 $222.97 $379,941
Kerrigan Dennis Francis Executive Vice President August 19, 2026 Sell pre-set plan 4,822 $220.41 $1.1M
Kerrigan Dennis Francis Executive Vice President August 19, 2026 Sell pre-set plan 224 $222.77 $49,900
Kerrigan Dennis Francis Executive Vice President August 19, 2026 Sell pre-set plan 1,505 $221.73 $333,704
Bunting Theodore H Jr Director August 6, 2026 Sell 600 $230.20 $138,120
Bunting Theodore H Jr Director August 5, 2026 Sell 600 $228.03 $136,818
Carlin Jane D Director August 3, 2026 Sell 1,000 $231.50 $231,500
Salvatore Bryan J Executive Vice President June 3, 2026 Sell 16,394 $185.76 $3M
Aristeguieta Francisco Director May 21, 2026 Sell 1,000 $195.37 $195,370
Kerrigan Dennis Francis Executive Vice President May 20, 2026 Sell 6,262 $192.99 $1.2M
Roche John C President and CEO May 20, 2026 Sell pre-set plan 3,152 $193.21 $608,998

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

No trades in Hanover Insurance Group, Inc. disclosed in the last 12 months; 6 earlier trades on record.

  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded May 12, 2025, filed June 22, 2025
  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded January 24, 2019, filed March 4, 2019
  • Thomas MacArthur(NJ):Sale (full), $15,001 - $50,000, traded February 1, 2016, filed March 3, 2016

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 28, 2026
  • April 29, 2026
  • February 4, 2026
  • October 29, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Hanover Insurance Group, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Hanover Insurance Group, Inc. in brief

What does Hanover Insurance Group, Inc. do?
Hanover Insurance Group, Inc. is a US-listed company in the property & casualty insurance industry. Its financial year ends in December.
What is Hanover Insurance Group, Inc.'s stock ticker?
Hanover Insurance Group, Inc. trades under the ticker THG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Hanover Insurance Group, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Hanover Insurance Group, Inc. reported revenue of $6.8B, 5.0% higher than a year earlier, according to its SEC filings.
What is Hanover Insurance Group, Inc.'s free cash flow?
Hanover Insurance Group, Inc.'s free-cash-flow margin is 17.8% of revenue over the trailing twelve months.
Who are Hanover Insurance Group, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Price T Rowe Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Hanover Insurance Group, Inc. buying back stock, and does it pay a dividend?
Hanover Insurance Group, Inc. spent $283M on share repurchases over the trailing twelve months, and its diluted share count fell 1.7% over the year.
What is Hanover Insurance Group, Inc.'s market cap?
On November 2, 2026, Hanover Insurance Group, Inc.'s market capitalisation was about $8.9B, with a price-to-earnings ratio of 11.9 and net debt of $338M. Market figures come from third-party market data and may be delayed.
Does Hanover Insurance Group, Inc. pay a dividend?
Yes: Hanover Insurance Group, Inc. paid $133M in dividends over the trailing twelve months, a dividend yield of 1.51% and a payout ratio of 17.8%.
Who are Hanover Insurance Group, Inc.'s competitors?
In our Property & Casualty Insurance peer group, the companies closest to Hanover Insurance Group, Inc. are Axis Capital Holdings LTD, Mercury General Corp, First American Financial Corp, American Financial Group Inc and Selective Insurance Group Inc. The side-by-side comparison below sets their revenue, margins and growth against Hanover Insurance Group, Inc.'s.
Are insiders buying or selling Hanover Insurance Group, Inc. stock?
Over the last 12 months, Hanover Insurance Group, Inc.'s directors and officers reported 0 open-market purchases and 30 sales on Form 4. The insider trading page charts every trade.
When is Hanover Insurance Group, Inc.'s next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Hanover Insurance Group, Inc. announces its own schedule.