Jun 2026 (Q2 FY26) — Jul 29, 2026
The Hanover Insurance Group Q2 FY26 — Record Performance Driven by Underwriting Discipline and Strategic Growth
Read the full callHanover Insurance Group (THG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Hanover Insurance Group earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,726 | +4.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 14.6 | +1.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 192 | +22.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 17 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CAT load guide | 7.9% | Mar 2026 | Catastrophe losses were 5.7 points of the combined ratio, inclusive of 0.8 points of favorable prior year cat development. This was below our modeled expectations for the second quarter | Achieved |
| Full-year expense ratio | 30.3% | Dec 2025 | The expense ratio for the quarter of 31% was modestly elevated compared to our expectations, primarily from higher variable compensation for agents and personal lines, reflecting our meaningfully better-than-expected results to date as well as some employee incentive costs given the much better-than-expected combined ratios. | At Risk |
| CAT load guide | 6.1% | Dec 2025 | Catastrophe losses were 6.3 points of the combined ratio. | Missed |
6 of HANOVER INSURANCE GROUP, INC.'s 35 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 32 more targets are in the full ledger.
Claimed
- Delivered record second quarter performance with operating return on equity of approximately 20% and operating earnings of $5.31 per diluted share.
- Net written premium growth accelerated to 4.6% in Q2, up from 4.3% in Q1, led by core commercial and specialty.
- Achieved a combined ratio of 91.2%, a 1.3 point improvement year-over-year, with an ex-catastrophe combined ratio of 85.5%.
- Net investment income increased 13.4% in the quarter, driven by asset base growth and higher reinvestment yields.
- Book value per share increased 3.5% sequentially to $105.40, with ex-unrealized book value per share up 3.8% sequentially.
Qualified
- The expense ratio for the quarter of 31% was modestly elevated compared to expectations, primarily from higher variable compensation for agents and employee incentive costs.
- Core Commercial's current accident year ex-catastrophe loss ratio of 58.7% was 2.2 points higher than the prior year quarter, driven by reduced large property losses in 2025 and prudently increased liability picks in 2026.
- Partnership income was lower than expectations for the quarter, though it performed in line with expectations through the first half of the year.
Price
$230.75 −0.95% · −$2.22
Performance +34.8% 1Y
1Y: $171.13 on 17 Oct 2025 → $230.75. High $232.97 (16 Oct 2026), low $167.57 (13 Jan 2026).
- Previous close
- $232.97
- 52-week range
- $167.57 – $232.97
- One year
- +34.30%
Overview
- Symbol
- THG
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 17 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CAT load guide | 7.9% | Mar 2026 | Catastrophe losses were 5.7 points of the combined ratio, inclusive of 0.8 points of favorable prior year cat development. This was below our modeled expectations for the second quarter | Achieved |
| Full-year expense ratio | 30.3% | Dec 2025 | The expense ratio for the quarter of 31% was modestly elevated compared to our expectations, primarily from higher variable compensation for agents and personal lines, reflecting our meaningfully better-than-expected results to date as well as some employee incentive costs given the much better-than-expected combined ratios. | At Risk |
| CAT load guide | 6.1% | Dec 2025 | Catastrophe losses were 6.3 points of the combined ratio. | Missed |
Claimed
- Delivered record second quarter performance with operating return on equity of approximately 20% and operating earnings of $5.31 per diluted share.
- Net written premium growth accelerated to 4.6% in Q2, up from 4.3% in Q1, led by core commercial and specialty.
- Achieved a combined ratio of 91.2%, a 1.3 point improvement year-over-year, with an ex-catastrophe combined ratio of 85.5%.
- Net investment income increased 13.4% in the quarter, driven by asset base growth and higher reinvestment yields.
- Book value per share increased 3.5% sequentially to $105.40, with ex-unrealized book value per share up 3.8% sequentially.
Qualified
- The expense ratio for the quarter of 31% was modestly elevated compared to expectations, primarily from higher variable compensation for agents and employee incentive costs.
- Core Commercial's current accident year ex-catastrophe loss ratio of 58.7% was 2.2 points higher than the prior year quarter, driven by reduced large property losses in 2025 and prudently increased liability picks in 2026.
- Partnership income was lower than expectations for the quarter, though it performed in line with expectations through the first half of the year.
The full ledger
Open HANOVER INSURANCE GROUP, INC.’s full ledger
A free account opens 5 company ledgers a month. All 35 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
The Hanover Insurance Group Q1 FY26 — Record Profitability and Strong Underlying Margins
Read the full callEvery analysed call
Hanover Insurance Group earnings calls (THG)
Financials
What the filings say
Net profit, year on year: +22% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,565 | 1,584 | 1,603 | 1,654 | 1,665 | 1,672 | 1,701 | 1,726 |
| Operating profit | 151 | 254 | 186 | 210 | 248 | 289 | 250 | 252 |
| Operating margin | 9.6% | 16.1% | 11.6% | 12.7% | 14.9% | 17.3% | 14.7% | 14.6% |
| Profit before tax | 130 | 212 | 160 | 199 | 227 | 258 | 237 | 245 |
| Tax rate | 21.3% | 20.9% | 19.9% | 21.1% | 21.4% | 23.6% | 21.2% | 21.8% |
| Net profit | 102 | 168 | 128 | 157 | 179 | 199 | 187 | 192 |
| EPS ($ per share) | 2.84 | — | 3.56 | 4.37 | 4.99 | — | 5.30 | 5.48 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 2,182 | 2,411 | 2,668 | 2,983 | 2,993 | 2,909 | 3,210 | 3,742 |
| Total liabilities | 9,445 | 9,574 | 10,242 | 11,109 | 11,661 | 12,147 | 12,433 | 13,374 |
| Total assets | 12,400 | 12,491 | 13,444 | 14,254 | 13,995 | 14,613 | 15,275 | 16,946 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 551 | 603 | 708 | 824 | 722 | 362 | 806 | 1,178 |
| Cash from investing | 271 | -312 | -609 | -460 | -508 | -228 | -541 | -666 |
| Cash from financing | -171 | -1,099 | -194 | -253 | -141 | -122 | -145 | 175 |
| Net cash flow | 648 | -808 | -95 | 110 | 74 | 11 | — | — |
| Capital expenditure | -13 | -13 | -15 | -8 | -18 | -12 | -10 | -8 |
| Free cash flow | 538 | 590 | 693 | 816 | 705 | 350 | 796 | 1,170 |
THG operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Combined ratio | 91.7%Our all-in combined ratio improved nearly 2.5 points to 91.7%, while our ex cat combined ratio improved by a similar margin to 85.4%, both first quarter records.Source: earnings call transcript | 91.2%We posted a combined ratio of 91.2%, a record second quarter performance improving by 1.3 points year-over-year.Source: earnings call transcript | -0.5 pt |
| Combined ratio Personal Lines Ex-Cat | 83.8%This business generated an excellent current accident year ex-cat combined ratio of 83.8% for the first quarter, a 0.7 point improvement from the prior year period.Source: earnings call transcript | 81.9%This business generated an excellent current accident year ex-cat combined ratio of 81.9% for the second quarter, a 2.9 point improvement from the prior year period driven by the benefit of earned pricing and benign frequency.Source: earnings call transcript | -1.9 pt |
| Combined ratio Core Commercial Ex-Cat | 91.5%We delivered a current accident year ex cat combined ratio of 91.5%, a 3.6 point improvement from the prior year quarter.Source: earnings call transcript | 91.2%We delivered a current accident year ex-cat combined ratio of 91.2%.Source: earnings call transcript | -0.3 pt |
| Combined ratio Specialty Ex-Cat | 85.4%This business continued to perform very well with a current accident year ex-cat combined ratio of 85.4%.Source: earnings call transcript | 88.6%This business continued to perform extremely well with a current accident year ex-cat combined ratio of 88.6% in the second quarter.Source: earnings call transcript | +3.2 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
148 filings between Nov 4, 2025 and Sep 25, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$16.23M
30 sales by 10 insiders
40% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 86
- Award — granted as compensation
- 12
- Option exercise — converted options into shares
- 15
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts, 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| LAVEY RICHARD W | — | $4.37M | Feb 5, 2026 |
| Kerrigan Dennis Francis | — | $3.12M | Aug 20, 2026 |
| Salvatore Bryan J | — | $3.05M | Jun 3, 2026 |
| Roche John C | — | $2.66M | May 20, 2026 |
| Lowsley Denise | — | $1.29M | May 14, 2026 |
| Egan Cynthia | — | $640.9K | May 1, 2026 |
| Carlin Jane D | — | $448.6K | Aug 3, 2026 |
| Bunting Theodore H JR | — | $274.9K | Aug 6, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 25, 2026 | FARBER JEFFREY M Executive Vice President | Award | 42 | $0 |
| Sep 25, 2026 | Aristeguieta Francisco Director | Award | 4 | $0 |
| Sep 25, 2026 | Norton-Gatto Patricia A. SVP & Princpl. Accntg. Officer | Award | 6 | $0 |
| Sep 25, 2026 | RAMRATH JOSEPH R Director | Award | 4 | $0 |
| Sep 25, 2026 | Ward Elizabeth A Director | Award | 4 | $0 |
| Sep 25, 2026 | LOVELY DAVID JOHN Executive Vice President | Award | 10 | $0 |
| Sep 25, 2026 | Carlin Jane D Director | Award | 4 | $0 |
| Sep 25, 2026 | Kerrigan Dennis Francis Executive Vice President | Award | 15 | $0 |
| Sep 25, 2026 | LANE KATHY S Director | Award | 4 | $0 |
| Sep 25, 2026 | Condrin J Paul Director | Award | 4 | $0 |
| Sep 25, 2026 | Donnell William E. Director | Award | 4 | $0 |
| Sep 25, 2026 | Egan Cynthia Director | Award | 4 | $0 |
| Sep 25, 2026 | Bradicich Kevin Director | Award | 4 | $0 |
| Sep 25, 2026 | Roche John C President and CEO | Award | 120 | $0 |
| Sep 25, 2026 | LAVEY RICHARD W Executive Vice President | Award | 28 | $0 |
| Sep 25, 2026 | Bunting Theodore H JR Director | Award | 4 | $0 |
| Sep 25, 2026 | Salvatore Bryan J Executive Vice President | Award | 24 | $0 |
| Sep 25, 2026 | Lee Willard T Executive Vice President | Award | 11 | $0 |
| Aug 20, 2026 | Kerrigan Dennis Francis Executive Vice President | Sale 10b5-1 plan | 1,704 | $379.9K |
| Aug 20, 2026 | Kerrigan Dennis Francis Executive Vice President | Sale 10b5-1 plan | 400 | $88.0K |
| Aug 20, 2026 | Kerrigan Dennis Francis Executive Vice President | Option exercise 10b5-1 plan | 2,104 | $249.4K |
| Aug 19, 2026 | Kerrigan Dennis Francis Executive Vice President | Sale 10b5-1 plan | 1,505 | $333.7K |
| Aug 19, 2026 | Kerrigan Dennis Francis Executive Vice President | Sale 10b5-1 plan | 4,822 | $1.06M |
| Aug 19, 2026 | Kerrigan Dennis Francis Executive Vice President | Option exercise 10b5-1 plan | 6,551 | $776.6K |
| Aug 19, 2026 | Kerrigan Dennis Francis Executive Vice President | Sale 10b5-1 plan | 224 | $49.9K |
| Aug 6, 2026 | Bunting Theodore H JR Director | Sale | 600 | $138.1K |
| Aug 5, 2026 | Bunting Theodore H JR Director | Sale | 600 | $136.8K |
| Aug 3, 2026 | Carlin Jane D Director | Sale | 1,000 | $231.5K |
| Jul 29, 2026 | FARBER JEFFREY M Executive Vice President | Tax withheld | 49,330 | $11.46M |
| Jul 29, 2026 | FARBER JEFFREY M Executive Vice President | Option exercise | 26,832 | $3.18M |
| Jul 29, 2026 | FARBER JEFFREY M Executive Vice President | Option exercise | 19,084 | $2.20M |
| Jul 29, 2026 | FARBER JEFFREY M Executive Vice President | Option exercise | 20,379 | $2.39M |
| Jun 26, 2026 | Egan Cynthia Director | Award | 4 | $0 |
| Jun 26, 2026 | Carlin Jane D Director | Award | 4 | $0 |
| Jun 26, 2026 | Bunting Theodore H JR Director | Award | 4 | $0 |
| Jun 26, 2026 | Donnell William E. Director | Award | 4 | $0 |
| Jun 26, 2026 | Bradicich Kevin Director | Award | 4 | $0 |
| Jun 26, 2026 | Aristeguieta Francisco Director | Award | 4 | $0 |
| Jun 26, 2026 | RAMRATH JOSEPH R Director | Award | 4 | $0 |
| Jun 26, 2026 | Condrin J Paul Director | Award | 4 | $0 |
| Jun 26, 2026 | Ward Elizabeth A Director | Award | 4 | $0 |
| Jun 26, 2026 | Salvatore Bryan J Executive Vice President | Award | 25 | $0 |
| Jun 26, 2026 | Roche John C President and CEO | Award | 122 | $0 |
| Jun 26, 2026 | Norton-Gatto Patricia A. SVP & Princpl. Accntg. Officer | Award | 6 | $0 |
| Jun 26, 2026 | LOVELY DAVID JOHN Executive Vice President | Award | 11 | $0 |
| Jun 26, 2026 | Lee Willard T Executive Vice President | Award | 11 | $0 |
| Jun 26, 2026 | LAVEY RICHARD W Executive Vice President | Award | 28 | $0 |
| Jun 26, 2026 | Kerrigan Dennis Francis Executive Vice President | Award | 15 | $0 |
| Jun 26, 2026 | LANE KATHY S Director | Award | 4 | $0 |
| Jun 26, 2026 | FARBER JEFFREY M Executive Vice President | Award | 43 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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