Record Q1 lifts Hanover Insurance (NYSE: THG) ROE to 20.9%

Rhea-AI Filing Summary

The Hanover Insurance Group reported record first-quarter 2026 results with strong profitability and growth. Net income rose to $186.8 million, or $5.20 per diluted share, up from $128.2 million, or $3.50, a year earlier. Operating income was $188.5 million, or $5.25 per diluted share, compared to $141.8 million, or $3.87.

The consolidated combined ratio improved to 91.7%, and to 85.4% excluding catastrophes, reflecting better underwriting margins across Core Commercial, Specialty, and Personal Lines. Net premiums written increased 3.2% to $1,559.7 million, while net investment income grew 19.6% to $126.9 million.

Book value per share reached $101.86, with book value per share excluding net unrealized depreciation on fixed maturities at $107.14. Net and operating return on equity were 20.9% and 20.3%. Year-to-date through April 28, the company repurchased about 580,000 shares for approximately $101 million.

Positive

• Record profitability: Q1 2026 net income of $186.8 million and operating income of $188.5 million, with net and operating ROE of 20.9% and 20.3%, respectively.
• Stronger underwriting and investment results: Combined ratio improved to 91.7% (85.4% excluding catastrophes) and net investment income rose 19.6% to $126.9 million.

Negative

• None.

Insights

Property & casualty insurance analyst

Record Q1 earnings, stronger underwriting, and higher investment income drive ROE above 20%.

The Hanover delivered net income of $186.8 million and operating income of $188.5 million in Q1 2026, with operating EPS up versus the prior-year quarter. The consolidated combined ratio improved to 91.7%, and to 85.4% excluding catastrophes, signaling better underwriting profitability.

All three segments contributed: Core Commercial combined ratio fell to 96.6%, Specialty to 84.2%, and Personal Lines to 91.5%, even with higher catastrophe losses in Personal Lines. Net premiums written grew 3.2% to $1,559.7 million, while net investment income increased 19.6% to $126.9 million as yields rose.

Book value per share was $101.86, or $107.14 excluding net unrealized depreciation on fixed maturities, net of tax, with net and operating ROE of 20.9% and 20.3%. The company also returned capital via roughly 580,000 share repurchases totaling about $101 million through April 28, 2026, while statutory capital and surplus increased to $3.54 billion.

8-K Event Classification

6 items: 0.01, 0.11, 0.6, 2.02, 4.2, 9.01

6 items

Item 0.01 Item 0.01

Item 0.11 Item 0.11

Item 0.6 Item 0.6

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 4.2 Item 4.2

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net premiums written: $1,559.7 million Net income: $186.8 million Operating income after tax: $188.5 million +5 more

8 metrics

Net premiums written $1,559.7 million Three months ended March 31, 2026; 3.2% growth vs 2025

Net income $186.8 million Q1 2026 vs $128.2 million in Q1 2025

Operating income after tax $188.5 million Q1 2026 vs $141.8 million in Q1 2025

Combined ratio 91.7% Consolidated, three months ended March 31, 2026

Combined ratio ex catastrophes 85.4% Consolidated, non-GAAP, Q1 2026

Net investment income $126.9 million Q1 2026, up 19.6% from Q1 2025

Book value per share $101.86 As of March 31, 2026

Operating ROE 20.3% Operating return on average equity for Q1 2026

Key Terms

combined ratio, catastrophe losses, operating income, operating return on equity, +2 more

6 terms

combined ratio financial

"Combined ratio of 91.7%; combined ratio, excluding catastrophes(1), of 85.4%"

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

catastrophe losses financial

"Catastrophe losses of $98.9 million, or 6.3 points of the combined ratio"

Catastrophe losses are large, unexpected insurance payouts that follow major disasters such as hurricanes, earthquakes, wildfires or pandemics. They matter to investors because they can sharply reduce an insurer’s profits, drain reserves and force special financing or rate increases — much like a sudden flood overwhelming a city’s budget — and can also ripple through markets by affecting reinsurers, bondholders and stock prices.

operating income financial

"Operating income(5) was $188.5 million, or $5.25 per diluted share"

Operating income is the profit a company earns from its regular business activities after subtracting the costs directly related to running the business, such as wages, rent, and supplies. It shows how well the core operations are performing, ignoring income or expenses from non-regular activities like investments or one-time events. Investors use it to assess the company's efficiency and profitability from its main work.

operating return on equity financial

"The company reported net and operating return on equity(6) of 20.9% and 20.3%, respectively"

statutory capital and surplus financial

"operating insurance company’s statutory capital and surplus was $3.54 billion"

Statutory capital and surplus is the amount of money an insurer is required to report under regulatory rules that represents its financial cushion — the paid‑in funds plus retained profits and allowable reserves available to pay claims and absorb losses. For investors it matters because it shows whether an insurer meets legal solvency standards, can withstand unexpected losses, pay claims, support growth or dividends, and generally signals the firm’s financial safety much like a household emergency fund or a company’s rainy‑day savings.

net unrealized losses financial

"net unrealized losses on the fixed maturity portfolio were $235.6 million before income taxes"

Earnings Snapshot

Total revenues: $1,701.4 million

Q1 2026

Total revenues $1,701.4 million +6.1% vs Q1 2025

Net premiums earned $1,570.6 million +4.1% vs Q1 2025

Net income $186.8 million +45.7% vs Q1 2025

Net income per diluted share $5.20 vs $3.50 in Q1 2025

Operating income after taxes $188.5 million vs $141.8 million in Q1 2025

Operating income per diluted share $5.25 vs $3.87 in Q1 2025

Combined ratio 91.7% vs 94.1% in Q1 2025

Understanding 8-K Material Events →

0000944695false00009446952026-04-292026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2026

THE HANOVER INSURANCE GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-13754	04-3263626
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
	440 Lincoln Street, Worcester, Massachusetts (Address of principal executive offices)	01653 (Zip Code)
	(508) 855-1000 Registrant’s telephone number, including area code:

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbols		Name of each exchange on which registered
Common Stock, $.01 par value		THG		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

The following information is being furnished under Item 2.02 – Results of Operations and Financial Condition. Such information, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section.

On April 29, 2026, The Hanover Insurance Group, Inc. (the Company) issued a press release announcing its financial results for the quarter ended March 31, 2026. The release is furnished as Exhibit 99.1 hereto. Additionally, on April 29, 2026, the Company made available on its website unaudited financial information contained in its Financial Supplement for the period ended March 31, 2026. The supplement is furnished as Exhibit 99.2 hereto.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

The following exhibits are furnished herewith.

Exhibit 99.1	Press Release, dated April 29, 2026, announcing the Company’s financial results for the quarter ended March 31, 2026.
Exhibit 99.2	The Hanover Insurance Group, Inc. Unaudited Financial Supplement for the period ended March 31, 2026.
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

2

Exhibit Index

Exhibit 99.1	Press Release, dated April 29, 2026, announcing the Company’s financial results for the quarter ended March 31, 2026.
Exhibit 99.2	The Hanover Insurance Group, Inc. Unaudited Financial Supplement for the period ended March 31, 2026.
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		The Hanover Insurance Group, Inc. (Registrant)
Date: April 29, 2026		By:	/s/ Jeffrey M. Farber
			Jeffrey M. Farber
			Executive Vice President and Chief Financial Officer

4

Exhibit 99.1

The Hanover Reports Record First Quarter Net Income and

Operating Income of $5.20 and $5.25 per Diluted Share, Respectively;

Record Net and Operating Return on Equity of 20.9% and 20.3%, Respectively

First Quarter Highlights

•Combined ratio of 91.7%; combined ratio, excluding catastrophes(1), of 85.4%

•Catastrophe losses of $98.9 million, or 6.3 points of the combined ratio

•Net premiums written increase of 3.2%*

•Renewal price increases(2) of 8.6% in Core Commercial, 8.4% in Personal Lines, and 4.6% in Specialty

•Rate increases(2) of 7.5% in Core Commercial, 4.3% in Personal Lines, and 2.4% in Specialty

•Loss and loss adjustment expense (LAE) ratio of 61.0%, 2.3 points below the prior-year quarter

•Current accident year loss and LAE ratio, excluding catastrophes(3), of 56.3%, 2.0 points below the prior-year quarter

•Net investment income of $126.9 million, up 19.6% from the prior-year quarter

•Book value per share of $101.86, up 1.0% from December 31, 2025; excluding net unrealized depreciation on fixed maturity investments, net of tax(4), book value per share increased 2.8%

WORCESTER, Mass., April 29, 2026 - The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $186.8 million, or $5.20 per diluted share, in the first quarter of 2026, compared to $128.2 million, or $3.50 per diluted share, in the prior-year quarter. Operating income(5) was $188.5 million, or $5.25 per diluted share, in the first quarter of 2026, compared to $141.8 million, or $3.87 per diluted share, in the prior-year quarter. The company reported net and operating return on equity(6) of 20.9% and 20.3%, respectively, in the first quarter of 2026.

“We delivered excellent first quarter results, with an operating return on equity of over 20% while generating balanced top‑line growth and building for the future,” said John C. Roche, president and chief executive officer at The Hanover. “Our performance underscores disciplined execution and the cumulative impact of prior pricing and property underwriting actions that are now bearing fruit. In Personal Lines, we sustained strong margins, delivering solid growth and demonstrating the effectiveness of our state‑specific growth strategies. Core Commercial performance remained strong, with healthy margins, resilient pricing, and balanced and accelerating premium growth, particularly in Small Commercial. Specialty once again delivered exceptional profitability and robust premium increases in targeted segments - Management Liability, Surety, Specialty GL and E&S - as our team navigated pockets of soft property market conditions through pricing rigor and a continued focus on disciplined risk selection. Supported by strong recent results, a diversified portfolio, and an experienced, agile team, we remain focused on executing effectively and delivering strong returns in a dynamic market environment.”

(1) See information about this and other non-GAAP measures and definitions, including Operating Income and Operating Return on Equity in the headline, used throughout this press release on the final pages of this document.

*Unless otherwise stated, net premiums written growth and other growth comparisons are to the same period of the prior year.

The Hanover Insurance Group, Inc. may also be referred to as “The Hanover” or “the company” interchangeably throughout this press release.

“We are extremely pleased with our financial metrics this quarter, including first quarter record operating earnings per share of $5.25 and a combined ratio of 91.7%,” said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. “Our ability to sustain strong underwriting margins is evident in the 2.4-point improvement in our ex-CAT combined ratio compared to the prior-year quarter. Once again, we delivered strong net investment income, with growth of nearly 20%, as higher cash flows and yields continued to propel our growing earnings base. Our reserve position remains robust, demonstrated by favorable prior-year development across all major segments. We continue to deploy capital thoughtfully, including the repurchase of 580,000 shares, totaling $101 million year-to-date through April 28th – further augmenting the long-term value of our organization."

First Quarter 2026 Highlights

		Three months ended
		March 31
($ in millions, except per share data)		2026				2025
Net premiums written	$	1,559.7			$	1,510.8
Growth		3.2	%			3.9	%
Net premiums earned	$	1,570.6			$	1,508.5
Current accident year loss and LAE ratio,   excluding catastrophes		56.3	%			58.3	%
Prior-year development ratio		(1.6)	%			(1.3)	%
Catastrophe ratio		6.3	%			6.3	%
Expense ratio(7)		30.7	%			30.8	%
Combined ratio		91.7	%			94.1	%
Combined ratio, excluding catastrophes		85.4	%			87.8	%
Current accident year combined ratio,   excluding catastrophes		87.0	%			89.1	%
Net income	$	186.8			$	128.2
per diluted share		5.20				3.50
Operating income		188.5				141.8
per diluted share		5.25				3.87
Book value per share	$	101.86			$	84.56
Ending shares outstanding (in millions)		35.1				36.0

First Quarter Operating Highlights

2

Core Commercial

Core Commercial operating income before income taxes was $74.8 million in the first quarter of 2026, compared to $26.8 million in the first quarter of 2025. The Core Commercial combined ratio was 96.6%, compared to 103.4% in the prior-year quarter. Catastrophe losses in the first quarter of 2026 were $30.4 million, or 5.4 points of the combined ratio, inclusive of $52.1 million, or 9.2 points, of current year losses, and $21.7 million, or 3.8 points, of favorable prior-year catastrophe reserve development primarily driven by lower-than-estimated frequency of large losses, primarily from 2025 events. This compared to catastrophe losses of $46.0 million, or 8.5 points, in the prior-year quarter.

First quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $1.6 million, or 0.3 points, compared to $1.3 million, or 0.2 points, in the first quarter of 2025.

Core Commercial current accident year combined ratio, excluding catastrophes, decreased 3.6 points, to 91.5% in the first quarter of 2026, compared to 95.1% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, was 58.8%, 2.9 points lower than the prior-year quarter, primarily driven by lower property large losses in the first quarter of 2026, compared to elevated levels in the first quarter of 2025.

The expense ratio decreased by 0.7 points, to 32.7%, in the first quarter of 2026, compared to the prior-year quarter, primarily reflecting fixed cost leverage from earned premium growth.

Net premiums written were $630.4 million in the first quarter of 2026, up 4.3% from the prior-year quarter, reflecting growth of 6.4% in small commercial and 1.5% in middle market, both accelerating from the fourth quarter of 2025. Core Commercial renewal price increases averaged 8.6%, including average rate increases of 7.5%.

The following table summarizes premiums and the components of the combined ratio for Core Commercial:

		Three months ended
		March 31
($ in millions)		2026				2025
Net premiums written	$	630.4			$	604.6
Growth		4.3	%			3.8	%
Net premiums earned		563.8				541.0
Operating income before taxes		74.8				26.8
Loss and LAE ratio		63.9	%			70.0	%
Expense ratio		32.7	%			33.4	%
Combined ratio		96.6	%			103.4	%
Prior-year development ratio		(0.3)	%			(0.2)	%
Catastrophe ratio		5.4	%			8.5	%
Combined ratio, excluding catastrophes		91.2	%			94.9	%
Current accident year combined ratio,   excluding catastrophes		91.5	%			95.1	%

3

Specialty

Specialty operating income before income taxes was $84.0 million in the first quarter of 2026, compared to $64.6 million in the first quarter of 2025. The Specialty combined ratio was 84.2%, compared to 87.7% in the prior-year quarter. Catastrophe losses in the first quarter of 2026 were $9.6 million, or 2.7 points of the combined ratio, inclusive of $15.4 million, or 4.3 points, of current year losses, and $5.8 million, or 1.6 points, of favorable prior-year catastrophe reserve development. This compared to catastrophe losses of $14.7 million, or 4.3 points, in the prior-year quarter.

First quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $14.2 million, or 3.9 points, with widespread favorability. Net favorable prior-year reserve development, excluding catastrophes, was $15.9 million, or 4.7 points, in the first quarter of 2025.

Specialty current accident year combined ratio, excluding catastrophes, decreased 2.7 points, to 85.4% in the first quarter of 2026, from 88.1% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, of 49.0% in the first quarter of 2026 decreased 2.1 points compared to the prior-year quarter, primarily driven by lower property losses.

The expense ratio decreased by 0.6 points, to 36.4%, in the first quarter of 2026, compared to the prior-year quarter, primarily reflecting fixed cost leverage from earned premium growth.

Net premiums written were $366.7 million in the first quarter of 2026, up 2.3% from the prior-year quarter. Specialty renewal price increases averaged 4.6%, including average rate increases of 2.4%.

The following table summarizes premiums and the components of the combined ratio for Specialty:

		Three months ended
		March 31
($ in millions)		2026				2025
Net premiums written	$	366.7			$	358.3
Growth		2.3	%			5.4	%
Net premiums earned		359.9				339.6
Operating income before taxes		84.0				64.6
Loss and LAE ratio		47.8	%			50.7	%
Expense ratio		36.4	%			37.0	%
Combined ratio		84.2	%			87.7	%
Prior-year development ratio		(3.9)	%			(4.7)	%
Catastrophe ratio		2.7	%			4.3	%
Combined ratio, excluding catastrophes		81.5	%			83.4	%
Current accident year combined ratio,   excluding catastrophes		85.4	%			88.1	%

4

Personal Lines

Personal Lines operating income before income taxes was $89.2 million in the first quarter of 2026, compared to $94.2 million in the first quarter of 2025. The Personal Lines combined ratio was 91.5%, compared to 89.7% in the prior-year quarter. Catastrophe losses in the first quarter of 2026 were $58.9 million, or 9.1 points of the combined ratio, inclusive of $80.2 million, or 12.4 points, of current year losses, and $21.3 million, or 3.3 points, of favorable prior-year catastrophe reserve development primarily due to lower-than-estimated loss severity, largely from 2025 events. This compared to catastrophe losses of $34.9 million, or 5.6 points of the combined ratio, in the prior-year quarter.

First quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $9.2 million, or 1.4 points, with favorability in both homeowners and personal auto, compared to $2.8 million, or 0.4 points, in the first quarter of 2025.

Personal Lines current accident year combined ratio, excluding catastrophe losses, decreased 0.7 points, to 83.8%, in the first quarter of 2026, from 84.5% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased 1.1 points from the prior-year quarter, to 58.1%, driven by the continued benefit of earned pricing outpacing loss trends and lower property claims frequency in homeowners during the quarter.

The expense ratio increased by 0.4 points, to 25.7%, in the first quarter of 2026, compared to the prior-year quarter, primarily reflecting the timing of variable agency compensation expenses.

Net premiums written were $562.6 million in the first quarter of 2026, up 2.7% compared to the prior-year quarter. The increase was primarily due to higher new business. Personal Lines renewal price increases averaged 8.4%, including average rate increases of 4.3%. Policies in force (PIF) in the first quarter of 2026 were flat compared to the fourth quarter of 2025.

The following table summarizes premiums and components of the combined ratio for Personal Lines:

		Three months ended
		March 31
($ in millions)		2026				2025
Net premiums written	$	562.6			$	547.9
Growth		2.7	%			3.0	%
Net premiums earned		646.9				627.9
Operating income before taxes		89.2				94.2
Loss and LAE ratio		65.8	%			64.4	%
Expense ratio		25.7	%			25.3	%
Combined ratio		91.5	%			89.7	%
Prior-year development ratio		(1.4)	%			(0.4)	%
Catastrophe ratio		9.1	%			5.6	%
Combined ratio, excluding catastrophes		82.4	%			84.1	%
Current accident year combined ratio,   excluding catastrophes		83.8	%			84.5	%

5

Investments

Net investment income was $126.9 million in the first quarter of 2026, an increase of 19.6% from the prior-year quarter, primarily due to the continued investment of cashflows from operations, the impact of higher earned yields on the fixed maturity investment portfolio, and higher partnership income. Total pre-tax earned yield on the investment portfolio for the first quarter of 2026 was 4.50%, up from 4.14% in the prior-year quarter. The average pre-tax earned yield on fixed maturities was 4.42% for the first quarter of 2026, up from 4.08% in the prior-year quarter.

Net realized and unrealized investment losses recognized in earnings were $2.3 million in the first quarter of 2026. This compared to net realized and unrealized investment losses recognized in earnings of $17.8 million in the first quarter of 2025.

The company held $11.0 billion in cash and invested assets at March 31, 2026. Fixed maturities and cash represented approximately 93% of the investment portfolio. Approximately 95% of the company’s fixed maturity portfolio is rated investment grade. As of March 31, 2026, net unrealized losses on the fixed maturity portfolio were $235.6 million before income taxes, compared to $149.2 million at December 31, 2025.

Shareholders’ Equity and Capital Actions

At March 31, 2026, book value per share was $101.86, up 1.0% from December 31, 2025, driven by strong earnings, partially offset by an increase in the unrealized loss position on the fixed maturity portfolio, share repurchases, and the ordinary quarterly cash dividends. Book value per share, excluding net unrealized depreciation on fixed maturity investments, net of tax, was $107.14 at March 31, 2026, up 2.8% from December 31, 2025.

At March 31, 2026, operating insurance company’s statutory capital and surplus was $3.54 billion, compared to $3.34 billion at December 31, 2025.

Year-to-date, through April 28, 2026, the company repurchased approximately 580,000 shares of common stock, totaling approximately $101 million, of which approximately 503,000 were purchased during the first quarter of 2026, totaling approximately $87 million, with the remaining balance purchased through a 10b5-1 plan during April. The company has approximately $72 million of remaining capacity under its existing share repurchase program.

6

Earnings Conference Call

The company will host a conference call to discuss its first quarter results on Thursday, April 30, at 10:00 a.m. E.T. A presentation will accompany the prepared remarks and has been posted on The Hanover’s website. Interested investors and others can listen to the call and access the presentation through The Hanover's website, located in the “Investors” section at www.hanover.com. Investors may access the conference call by dialing 1-844-413-3975 in the U.S. and 1-412-317-5458 internationally. Webcast participants should go to the website 15 minutes early to register, download and install any necessary audio software. A re-broadcast of the conference call will be available on The Hanover’s website approximately two hours after the call.

About The Hanover

The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, the company offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.

Contact Information

Investors: Oksana Lukasheva olukasheva@hanover.com 1-508-525-6081 Media: Emily P. Trevallion etrevallion@hanover.com 1-508-855-3263

Definition of Segments

Continuing operations include four reporting segments: Core Commercial, Specialty, Personal Lines and Other. The Core Commercial segment includes commercial multiple peril, commercial automobile, workers’ compensation and other core commercial lines coverages provided to small and mid-sized businesses. The Specialty segment includes four divisions of business: marine and industrial property, professional and executive lines (such as management and professional liability), E&S and alternative markets, and surety and other. E&S and alternative markets includes coverages such as excess and surplus lines, program business (providing commercial insurance to markets with specialized coverage or risk management need related to groups of similar businesses), and specialty general liability coverage. The Personal Lines segment markets automobile, homeowners and ancillary coverages to individuals and families. The Other segment primarily includes the operations of the holding company, and our run-off direct asbestos and environmental business, run-off voluntary assumed property and casualty pools business, and run-off product liability business.

Financial Supplement

The Hanover's first quarter news release and financial supplement are available in the “Investors” section of the company’s website at hanover.com.

7

The Hanover Insurance Group, Inc.
Consolidated Statements of Income			Three months ended
			March 31
($ in millions)			2026		2025
Revenues
Premiums earned		$	1,570.6	$	1,508.5
Net investment income			126.9		106.1
Net realized and unrealized investment gains (losses):
Net realized losses from sales and other			(4.9)		(18.8)
Net change in fair value of equity securities and other			4.6		1.0
Impairments on investments:
Credit-related impairments			(1.6)		-
Losses on intent to sell securities			(0.4)		-
Total impairments on investments			(2.0)		-
Total net realized and unrealized investment losses			(2.3)		(17.8)
Fees and other income			6.2		6.4
Total revenues			1,701.4		1,603.2
Losses and expenses
Losses and loss adjustment expenses			957.6		955.3
Amortization of deferred acquisition costs			333.2		313.9
Interest expense			10.8		8.5
Other operating expenses			162.7		165.4
Total losses and expenses			1,464.3		1,443.1
Income before income taxes			237.1		160.1
Income tax expense			50.3		31.9
Net income		$	186.8	$	128.2

The Hanover Insurance Group, Inc.
Condensed Consolidated Balance Sheets
			March 31			December 31
($ in millions)			2026			2025
Assets
Total investments		$	10,801.7		$	10,382.7
Cash and cash equivalents			243.5			1,122.7
Premiums and accounts receivable, net			1,855.9			1,861.3
Reinsurance recoverable on paid and unpaid losses and unearned premiums			2,051.7			2,011.1
Other assets			1,491.6			1,484.5
Assets of discontinued businesses			83.3			83.6
Total assets		$	16,527.7		$	16,945.9
Liabilities
Loss and loss adjustment expense reserves		$	7,911.1		$	7,755.2
Unearned premiums			3,402.0			3,440.4
Short-term debt			50.1			375.0
Long-term debt			793.7			843.3
Other liabilities			693.9			851.9
Liabilities of discontinued businesses			106.5			108.6
Total liabilities			12,957.3			13,374.4
Total shareholders’ equity			3,570.4			3,571.5
Total liabilities and shareholders’ equity		$	16,527.7		$	16,945.9

8

The following is a reconciliation from operating income to net income(5)(8):

The Hanover Insurance Group, Inc.
			Three months ended March 31
			2026						2025
($ in millions, except per share data)		$ Amount			Per Share (Diluted)			$ Amount			Per Share (Diluted)
Operating income
Core Commercial		$	74.8					$	26.8
Specialty			84.0						64.6
Personal Lines			89.2						94.2
Other			2.2						0.8
Total			250.2						186.4
Interest expense			(10.8)						(8.5)
Operating income before income taxes			239.4		$	6.67			177.9		$	4.86
Income tax expense on operating income			(50.9)			(1.42)			(36.1)			(0.99)
Operating income after income taxes			188.5			5.25			141.8			3.87
Non-operating items:
Net realized losses from sales and other			(4.9)			(0.14)			(18.8)			(0.51)
Net change in fair value of equity securities and other			4.6			0.13			1.0			0.03
Impairments on investments:
Credit-related impairments			(1.6)			(0.04)			-			-
Losses on intent to sell securities			(0.4)			(0.01)			-			-
Total impairments on investments			(2.0)			(0.05)			-			-
Income tax benefit on non-operating items			0.6			0.01			4.2			0.11
Net income		$	186.8		$	5.20		$	128.2		$	3.50
Dilutive weighted average shares outstanding						35.9						36.6
Basic weighted average shares outstanding						35.2						36.0

9

Forward-Looking Statements and Non-GAAP Financial Measures

Forward-Looking Statements

Certain statements in this document may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as: “believes,” “anticipates,” “expects,” “intends,” “may,” “projects,” “plan,” “likely,” “potential,” “targeted,” “forecasts,” “should,” “could,” “continue,” and other similar expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. The company cautions investors that any such forward-looking statements are estimates, beliefs, expectations and/or projections that involve significant judgment, are not guarantees and are not necessarily indicative of future performance. Actual results could differ materially from those anticipated. Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made and should understand the risks and uncertainties inherent in or particular to the company’s business. The company does not undertake the responsibility to update or revise such forward-looking statements, except as required by law. For a list of factors that could cause actual results to differ materially from those contained in the forward-looking statements in this document, see Part I – Item 1A of our 2025 Annual Report on Form 10-K.

Non-GAAP Financial Measures

As discussed on page 39 of the company’s Annual Report on Form 10-K for the year ended December 31, 2025, the company uses non-GAAP financial measures as important measures of its operating performance, including operating income, operating income before interest expense and income taxes, operating income per diluted share, and components of the combined ratio, both excluding and/or including catastrophe losses, prior-year reserve development and the expense ratio. Management believes these non-GAAP financial measures are important indications of the company’s operating performance. The definition of other non-GAAP financial measures and terms can be found in the 2025 Annual Report on pages 61-64.

Operating income and operating income per diluted share are non-GAAP measures. They are defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), gains and/or losses on the repayment of debt, other non-operating items, and results from discontinued operations. Net realized and unrealized investment gains (losses), which include changes in the fair value of equity securities still held, are excluded for purposes of presenting operating income, as they are, to a certain extent, determined by interest rates, financial markets and the timing of sales. Operating income also excludes net gains and losses from disposals of businesses, gains and losses related to the repayment of debt, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes, and certain other items. Operating income is the sum of the segment income from: Core Commercial, Specialty, Personal Lines, and Other, after interest expense and income taxes. In reference to one of the company’s four reporting segments, “operating income” is the segment income before both interest expense and income taxes. The company also uses “operating income per diluted share” (which is after both interest expense and income taxes). Operating income per share is calculated by dividing operating income by the weighted average number of diluted shares of common stock. Operating loss per share is calculated by dividing operating loss by the weighted average number of basic shares of common stock due to antidilution. The company believes that metrics of operating income and operating income in relation to its four reporting segments provide investors with a valuable measure of the performance of the company’s continuing businesses because they highlight the portion of net income attributable to the core operations of the business. Net income is the most directly comparable GAAP measure for operating income (and operating income before income taxes) and measures of operating income that exclude the effects of catastrophe losses and/or prior-year reserve development. These non-GAAP measures should not be misconstrued as substitutes for net income determined in accordance with GAAP. A reconciliation

10

of operating income to net income for the relevant periods is included on page 9 of this news release and in the Financial Supplement.

Operating return on average equity (ROE) is a non-GAAP measure. See end note (6) for a detailed explanation of how this measure is calculated. Operating ROE is based on non-GAAP operating income. In addition, the portion of shareholder equity attributed to unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is excluded. The company believes this measure is helpful in that it provides insight to the capital used by, and results of, the continuing business exclusive of interest expense, income taxes, and other non-operating items. These measures should not be misconstrued as substitutes for GAAP ROE, which is based on net income and shareholders’ equity of the entire company and without adjustments.

Book value per share is total shareholders’ equity divided by the number of common shares outstanding. Book value per share excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure and is total shareholders’ equity excluding the after-tax effect of unrealized appreciation (depreciation) on fixed maturities and market risk divided by the number of common shares outstanding.

The company may provide measures of operating income and combined ratios that exclude the impact of catastrophe losses (which in all respects include prior accident year catastrophe loss development). A catastrophe is a severe loss, resulting from natural or manmade events including, but is not limited to, hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fires, drought, explosions, severe winter weather and other convective storms, riots, and terrorism. Due to the unique characteristics of each catastrophe loss, there is an inherent inability to reasonably estimate the timing or loss amount in advance. The company believes a separate discussion excluding the effects of catastrophe losses is meaningful to understand the underlying trends and variability of earnings, loss and combined ratio results, among others.

Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in the company’s estimate of costs related to claims from prior years. Calendar year loss and loss adjustment expense (LAE) ratios determined in accordance with GAAP, excluding prior accident year reserve development, are sometimes referred to as “current accident year loss ratios.” The company believes a discussion of loss and combined ratios excluding prior accident year reserve development is helpful since it provides insight into both estimates of current accident year results and the accuracy of prior-year estimates.

The loss and combined ratios in accordance with GAAP are the most directly comparable GAAP measures for the loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development. The presentation of loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development should not be misconstrued as substitutes for the loss and/or combined ratios determined in accordance with GAAP.

11

Endnotes

(1)Combined ratio, excluding catastrophes, and current accident year combined ratio, excluding catastrophes, are non-GAAP measures. These and other non-GAAP measures are used throughout this document. See the disclosure on the use of this and other non-GAAP measures under the headings “Forward-Looking Statements" and "Non-GAAP Financial Measures.” The combined ratio (which includes catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. A reconciliation of the GAAP combined ratio to the combined ratio, excluding catastrophes, and to the current accident year combined ratio, excluding catastrophes, is shown below.

			Three months ended
			March 31, 2026
			Core Commercial			Specialty			Personal Lines			Total
	Total combined ratio (GAAP)		96.6	%		84.2	%		91.5	%		91.7	%
	Less: Catastrophe ratio		5.4	%		2.7	%		9.1	%		6.3	%
	Combined ratio, excluding catastrophe losses (non-GAAP)		91.2	%		81.5	%		82.4	%		85.4	%
	Less: Prior-year reserve development ratio		(0.3)	%		(3.9)	%		(1.4)	%		(1.6)	%
	Current accident year combined ratio, excluding      catastrophe losses (non-GAAP)		91.5	%		85.4	%		83.8	%		87.0	%
			March 31, 2025
	Total combined ratio (GAAP)		103.4	%		87.7	%		89.7	%		94.1	%
	Less: Catastrophe ratio		8.5	%		4.3	%		5.6	%		6.3	%
	Combined ratio, excluding catastrophe losses (non-GAAP)		94.9	%		83.4	%		84.1	%		87.8	%
	Less: Prior-year reserve development ratio		(0.2)	%		(4.7)	%		(0.4)	%		(1.3)	%
	Current accident year combined ratio, excluding      catastrophe losses (non-GAAP)		95.1	%		88.1	%		84.5	%		89.1	%

(2)Renewal price changes in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, specific inflationary changes or changes in policy level exposure or insured risks. Rate increases in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the base rate changes, discretionary pricing, and inflation, excluding the impact of changes in policy level exposure or insured risks. Renewal price change in Personal Lines represents the average change in premium on policies charged at renewal caused by the net effects of filed rate, inflation adjustments or other changes in policy level exposure or insured risks, regardless of whether or not the policies are retained for the duration of their contractual terms. Rate change in Personal Lines is the estimated cumulative premium effect of approved rate actions applied to policies at renewal, regardless of whether or not policies are actually renewed. Accordingly, rate changes do not represent actual increases or decreases realized by the company. Personal Lines rate changes do not include inflation or changes in policy level exposure or insured risks.

(3)Current accident year loss and LAE ratio, excluding catastrophe losses, is a non-GAAP measure, which is equal to the loss and LAE ratio (loss ratio), excluding prior-year reserve development and catastrophe losses. The loss ratio (which includes losses, LAE, catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. The following is a reconciliation of the GAAP loss ratio to the current accident year loss ratio, excluding catastrophe losses.

12

			Three months ended
			March 31, 2026
			Core Commercial			Specialty			Personal Lines			Total
	Total loss and LAE ratio		63.9	%		47.8	%		65.8	%		61.0	%
	Less:
	Prior-year reserve development ratio		(0.3)	%		(3.9)	%		(1.4)	%		(1.6)	%
	Catastrophe ratio		5.4	%		2.7	%		9.1	%		6.3	%
	Current accident year loss and LAE ratio, excluding catastrophes		58.8	%		49.0	%		58.1	%		56.3	%
			March 31, 2025
	Total loss and LAE ratio		70.0	%		50.7	%		64.4	%		63.3	%
	Less:
	Prior-year reserve development ratio		(0.2)	%		(4.7)	%		(0.4)	%		(1.3)	%
	Catastrophe ratio		8.5	%		4.3	%		5.6	%		6.3	%
	Current accident year loss and LAE ratio, excluding catastrophes		61.7	%		51.1	%		59.2	%		58.3	%

(4)Book value per share, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure. Book value per share is the most directly comparable GAAP measure and is reconciled in the table below.

			Period ended
			December 31		March 31
			2025		2026
	Book value per share		$100.90		$101.86
	Less: Net unrealized appreciation (depreciation) on fixed   maturity investments, net of tax, per share		(3.31)		(5.28)
	Book value per share, excluding net unrealized appreciation   (depreciation) on fixed maturity investments, net of tax		$104.21		$107.14
	Versus prior year-end
	Change in book value per share				1.0 %
	Change in book value per share, excluding net unrealized   appreciation (depreciation) on fixed maturity investments, net of tax				2.8 %

(5)Operating income and operating income per diluted share are non-GAAP measures. Operating income before income taxes, as referenced in the results of the reporting segments, is defined as, with respect to such segment, operating income before interest expense and income taxes. The reconciliation of operating income and operating income per diluted share to the closest GAAP measures, income from continuing operations and income from continuing operations per diluted share, respectively, and to net income and net income per diluted share, respectively, is provided on the preceding pages of this news release.

(6)Operating return on average equity (operating ROE) is a non-GAAP measure. Operating ROE is calculated by dividing annualized operating income after tax for the applicable period (see under the heading in this news release “Non-GAAP Financial Measures” and end note (5)), by average shareholders’ equity, excluding unrealized appreciation (depreciation) on fixed maturity investments, net of tax, for the period presented. Total shareholders’ equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is also a non-GAAP measure. Total shareholders’ equity is the most directly comparable GAAP measure and is reconciled below. For the calculation of

13

operating ROE, the average of beginning and ending shareholders’ equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is used for the period as shown and reconciled in the table below.

		Period Ended
	($ in millions)		December 31			March 31
			2025			2026
	Total shareholders' equity (GAAP)	$	3,571.5		$	3,570.4
	Less: net unrealized appreciation (depreciation)      on fixed maturity investments, net of tax		(117.1)			(185.0)
	Total shareholders' equity, excluding net      unrealized appreciation (depreciation)      on fixed maturity investments, net of tax	$	3,688.6		$	3,755.4
	Quarter Averages
	Average shareholders' equity (GAAP)				$	3,571.0
	Average shareholders' equity, excluding net      unrealized appreciation (depreciation) on      fixed maturity investments, net of tax				$	3,722.0

	($ in millions)		Three months ended
			March 31
	Net Income ROE		2026
	Net income (GAAP)		$	186.8
	Annualized net income*			747.2
	Average shareholders' equity (GAAP)		$	3,571.0
	Return on equity			20.9	%
	Operating Income ROE (non-GAAP)
	Operating income after taxes		$	188.5
	Annualized operating income, net of tax*			754.0
	Average shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax		$	3,722.0
	Operating return on equity			20.3	%

*For three months ended March 31, 2026, annualized net income and operating income after taxes is calculated by multiplying three months ended net income and operating income after taxes, respectively, by 4.

(7)Here, and throughout this document, the expense ratio is reduced by installment and other fee revenues for purposes of the ratio calculation.

(8)The separate financial information of each reporting segment is presented consistent with the way results are regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management evaluates the results of the aforementioned reporting segments without consideration of interest expense on debt and on a pre-tax basis.

14

Exhibit 99.2

FINANCIAL SUPPLEMENT
FIRST QUARTER 2026

THE HANOVER INSURANCE GROUP
FINANCIAL SUPPLEMENT
TABLE OF CONTENTS
Segment Descriptions....................................................................................................	1
Financial Highlights.........................................................................................................	2
Consolidated Financial Statements
Income Statements.............................................................................................................	3
Balance Sheets...................................................................................................................	4
Pre-tax Operating Results and Related Metrics
Consolidated.......................................................................................................................	5-6
Core Commercial...............................................................................................................	7-8
Specialty..............................................................................................................................	9-10
Personal Lines....................................................................................................................	11-13
Investments
Net Investment Income and Yields.....................................................................................	14
Investment Portfolio.............................................................................................................	15
Credit Quality and Duration of Fixed Maturities...............................................................	16
Top 10 Corporate and Municipal Fixed Maturity Holdings.............................................	17
Reconciliation of Operating Income to Net Income................................................	18
Other Information
Non-GAAP Financial Measures........................................................................................	19
Premium Related Metric Definitions.................................................................................	20
Corporate Information.........................................................................................................	21
Market and Dividend Information......................................................................................	21
Financial Strength and Debt Ratings................................................................................	21

i

THE HANOVER INSURANCE GROUP
BASIS OF PRESENTATION
SEGMENT DESCRIPTIONS
CORE COMMERCIAL
Sub-segment	Customer and business type							Primary lines of business
Small Commercial	Coverage to small businesses, with annual premiums of $50,000 or less; Products are tailored to specific industry segments as needed.							● Business owners’ policy/commercial multiple peril ● Commercial automobile ● Workers’ compensation ● Other (general liability, commercial umbrella, monoline property)
Middle Market	Coverage to mid-sized businesses with annual premiums starting at $50,000, focusing on those between $50,000 and $250,000. Products are tailored to certain specific industry segments, including technology, manufacturing, human services, retail, real estate, among others.							● Commercial multiple peril ● Commercial automobile ● Workers’ compensation ● Other (general liability, commercial umbrella, monoline property)
SPECIALTY
Sub-segment	Customer and business type							Primary lines of business
Marine and Industrial Property	Inland and ocean marine - insures against physical losses to property, such as contractor's equipment, builders' risk and goods in transit. Also covers jewelers block, fine art and other valuables. Hanover Specialty Industrial (HSI) - coverage to small and medium chemical, paint, solvent and other manufacturers and distributors.							● Inland/ocean marine ● Ancillary lines of business written through marine agents ● Property, fire and allied lines
Professional and Executive Lines	Coverage to small to mid-sized non-public companies, including lawyer, engineer, accountant, and various other professional and advisory firms including healthcare; provide protection for directors, officers and employees against actual or alleged errors, negligence or bad faith, employment practices.							● Professional liability ● Management liability ● Fidelity and crime ● Other property and liability lines for healthcare firms
E&S and Alternative Markets	Excess & surplus - non-admitted general liability and property coverage to risks outside of the appetite of standard commercial lines; Program business - coverage to markets with specialty or risk management needs related to groups of similar businesses; Specialty general liability - admitted coverage for higher-hazard liability risks							● Commercial multiple peril ● Commercial automobile ● Workers’ compensation ● Other (general liability, commercial umbrella, monoline property)
Surety and Other	Provides coverage for construction and other firms, as well as sole proprietors in the event of claims for non-performance or non-payment, and commercial surety coverage related to fiduciary or regulatory obligations.							● Bond
PERSONAL LINES
Sub-segment	Customer and business type							Primary lines of business
Personal Automobile	Includes coverage for individuals against losses incurred from personal bodily injury, bodily injury to third parties, property damage to an insured's vehicle, and property damage to other vehicles and other property.							● Personal automobile
Homeowners and Other	Includes coverage for individuals for losses to their residences and personal property, such as those caused by fire, wind, hail, water damage (excluding flood), theft and vandalism, and against third-party liability claims.							● Homeowners ● Personal umbrella ● Inland Marine (jewelry, art, etc.) ● Other (fire, personal watercraft, other miscellaneous)
OTHER
The Other segment primarily includes earnings on holding company assets; holding company and other expenses, including certain costs associated with retirement benefits due to our former life insurance subsidiaries' employees and agents; and our run-off direct asbestos and environmental business, run-off voluntary assumed property and casualty pools, and run-off product liability business.

1

THE HANOVER INSURANCE GROUP
FINANCIAL HIGHLIGHTS
		Q1			Q2			Q3			Q4			Q1
(In millions, except earnings per share)		2025			2025			2025			2025			2026
PREMIUMS
Gross premiums written	$	1,689.9		$	1,752.6		$	1,913.5		$	1,666.6		$	1,742.3
Net premiums written		1,510.8			1,583.8			1,738.9			1,488.6			1,559.7
Net premiums earned		1,508.5			1,545.3			1,550.7			1,556.6			1,570.6
EARNINGS
Operating income before interest and taxes	$	186.4		$	209.9		$	247.7		$	289.0		$	250.2
Operating income after taxes		141.8			158.7			185.6			210.1			188.5
Income from continuing operations		128.2			156.9			178.6			197.0			186.8
Net income		128.2			157.1			178.7			198.5			186.8
PER SHARE DATA (DILUTED)
Operating income after taxes	$	3.87		$	4.35		$	5.09		$	5.79		$	5.25
Income from continuing operations		3.50			4.30			4.90			5.43			5.20
Net income		3.50			4.30			4.90			5.47			5.20
Dilutive weighted average shares outstanding		36.6			36.5			36.4			36.3			35.9
Basic weighted average shares outstanding		36.0			35.9			35.8			35.5			35.2
BALANCE SHEET
		March 31			June 30			September 30			December 31			March 31
(In millions, except per share data)		2025			2025			2025			2025			2026
Total assets	$	15,470.3		$	15,732.1		$	16,774.2		$	16,945.9		$	16,527.7
Total loss and loss adjustment expense reserves		7,608.9			7,636.2			7,706.5			7,755.2			7,911.1
Total shareholders' equity		3,044.4			3,216.3			3,426.3			3,571.5			3,570.4
Total shareholders' equity, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax		3,335.3			3,451.0			3,573.4			3,688.6			3,755.4
Property and Casualty Companies
Statutory surplus	$	3,098.3		$	3,097.0		$	3,273.1		$	3,337.9		$	3,535.1
Premium to surplus ratio		1.98:1			2.00:1			1.92:1			1.90:1			1.80:1
Book value per share	$	84.56		$	89.62		$	96.00		$	100.90		$	101.86
Book value per share, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax	$	92.64		$	96.16		$	100.13		$	104.21		$	107.14
Tangible book value per share (total book value excluding goodwill
and intangibles)	$	79.10		$	84.12		$	90.46		$	95.34		$	96.26
Shares outstanding		36.0			35.9			35.7			35.4			35.1
Total debt/equity		25.8 %			24.4 %			37.4 %			34.1 %			23.6 %
Total debt/total capital		20.5 %			19.6 %			27.2 %			25.4 %			19.1 %

2

THE HANOVER INSURANCE GROUP
CONSOLIDATED STATEMENTS OF INCOME
	Three Months ended March 31
(In millions)		2026		2025	% Change
Premiums earned	$	1,570.6	$	1,508.5	4.1
Net investment income		126.9		106.1	19.6
Net realized and unrealized investment gains (losses):
Net realized losses from sales and other		(4.9)		(18.8)	(73.9)
Net change in fair value of equity securities and other		4.6		1.0	N/M
Impairments on investments:
Credit-related impairments		(1.6)		-	N/M
Losses on intent to sell securities		(0.4)		-	N/M
Total impairments on investments		(2.0)		-	N/M
Total net realized and unrealized investment losses		(2.3)		(17.8)	(87.1)
Fees and other income		6.2		6.4	(3.1)
Total revenues		1,701.4		1,603.2	6.1
LOSSES AND EXPENSES
Losses and loss adjustment expenses		957.6		955.3	0.2
Amortization of deferred acquisition costs		333.2		313.9	6.1
Interest expense		10.8		8.5	27.1
Other operating expenses		162.7		165.4	(1.6)
Total losses and expenses		1,464.3		1,443.1	1.5
Income before income taxes		237.1		160.1	48.1
Income tax expense		50.3		31.9	57.7
Net income	$	186.8	$	128.2	45.7

3

THE HANOVER INSURANCE GROUP
CONSOLIDATED BALANCE SHEETS
		March 31		December 31
(In millions, except per share data)		2026		2025		% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $10,211.8 and $9,685.7)	$	9,976.2	$	9,536.5		4.6
Equity securities, at fair value		188.2		184.8		1.8
Other investments		637.3		661.4		(3.6)
Total investments		10,801.7		10,382.7		4.0
Cash and cash equivalents		243.5		1,122.7		(78.3)
Accrued investment income		76.4		80.1		(4.6)
Premiums and accounts receivable, net		1,855.9		1,861.3		(0.3)
Reinsurance recoverable on paid and unpaid losses and unearned premiums		2,051.7		2,011.1		2.0
Deferred acquisition costs		690.8		703.0		(1.7)
Deferred income tax asset		102.3		83.3		22.8
Goodwill		178.8		178.8		-
Other assets		443.3		439.3		0.9
Assets of discontinued businesses		83.3		83.6		(0.4)
Total assets	$	16,527.7	$	16,945.9		(2.5)
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Loss and loss adjustment expense reserves	$	7,911.1	$	7,755.2		2.0
Unearned premiums		3,402.0		3,440.4		(1.1)
Expenses and taxes payable		650.5		806.7		(19.4)
Reinsurance premiums payable		43.4		45.2		(4.0)
Short-term debt		50.1		375.0		(86.6)
Long-term debt		793.7		843.3		(5.9)
Liabilities of discontinued businesses		106.5		108.6		(1.9)
Total liabilities		12,957.3		13,374.4		(3.1)
SHAREHOLDERS' EQUITY
Preferred stock, par value $0.01 per share;
20.0 million shares authorized; none issued		-		-		-
Common stock, par value $0.01 per share; 300.0 million shares
authorized; 60.5 million shares issued		0.6		0.6		-
Additional paid-in capital		2,016.0		2,013.5		0.1
Accumulated other comprehensive loss		(237.9)		(171.4)		38.8
Retained earnings		3,894.5		3,741.6		4.1
Treasury stock at cost (25.4 and 25.1 million shares)		(2,102.8)		(2,012.8)		4.5
Total shareholders' equity		3,570.4		3,571.5		-
Total liabilities and shareholders' equity	$	16,527.7	$	16,945.9		(2.5)

4

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED
Three Months ended March 31
			2026											2025
			Core				Personal							Core				Personal
(In millions, except percentage data)			Commercial		Specialty		Lines		Other		Total			Commercial		Specialty		Lines		Other		Total
Gross premiums written		$	721.8	$	432.4	$	588.1	$	-	$	1,742.3		$	693.1	$	424.4	$	572.4	$	-	$	1,689.9
					-				-							-				-
Net premiums written		$	630.4	$	366.7	$	562.6	$	-	$	1,559.7		$	604.6	$	358.3	$	547.9	$	-	$	1,510.8
					-				-							-				-
Net premiums earned		$	563.8	$	359.9	$	646.9	$	-	$	1,570.6		$	541.0	$	339.6	$	627.9	$	-	$	1,508.5
					-				-							-				-
Losses and LAE:
					-				-							-				-
Current year, excluding catastrophe losses			331.2		176.8		375.7		-		883.7			334.2		173.3		372.2		-		879.7
									-											-
Prior year favorable development, excluding catastrophe losses			(1.6)		(14.2)		(9.2)		-		(25.0)			(1.3)		(15.9)		(2.8)		-		(20.0)
									-											-
Current year catastrophe losses			52.1		15.4		80.2		-		147.7			54.5		17.2		35.9		-		107.6
									-											-
Prior year favorable catastrophe development			(21.7)		(5.8)		(21.3)		-		(48.8)			(8.5)		(2.5)		(1.0)		-		(12.0)
									-											-
Total losses and LAE			360.0		172.2		425.4		-		957.6			378.9		172.1		404.3		-		955.3
									-											-
Amortization of deferred acquisition costs and other underwriting expenses			186.0		131.6		169.2		-		486.8			182.1		126.3		161.9		-		470.3
									-											-
GAAP underwriting profit (loss)			17.8		56.1		52.3		-		126.2			(20.0)		41.2		61.7		-		82.9
									-											-
Net investment income			58.3		28.7		35.2		4.7		126.9			48.0		24.3		30.5		3.3		106.1
									-											-
Other income			1.4		1.2		3.6		-		6.2			1.3		1.3		3.7		0.1		6.4
									-											-
Other operating expenses			(2.7)		(2.0)		(1.9)		(2.5)		(9.1)			(2.5)		(2.2)		(1.7)		(2.6)		(9.0)
									-											-
Operating income before income taxes		$	74.8	$	84.0	$	89.2	$	2.2	$	250.2		$	26.8	$	64.6	$	94.2	$	0.8	$	186.4
Loss and LAE ratio:
Current year, excluding catastrophe losses			58.8 %		49.0 %		58.1 %		N/M		56.3 %			61.7 %		51.1 %		59.2 %		N/M		58.3 %
Prior year favorable development, excluding catastrophe losses			(0.3)%		(3.9)%		(1.4)%		N/M		(1.6)%			(0.2)%		(4.7)%		(0.4)%		N/M		(1.3)%
Current year catastrophe losses			9.2 %		4.3 %		12.4 %		N/M		9.4 %			10.1 %		5.0 %		5.8 %		N/M		7.1 %
Prior year favorable catastrophe development			(3.8)%		(1.6)%		(3.3)%		N/M		(3.1)%			(1.6)%		(0.7)%		(0.2)%		N/M		(0.8)%
Total loss and LAE ratio			63.9 %		47.8 %		65.8 %		N/M		61.0 %			70.0 %		50.7 %		64.4 %		N/M		63.3 %
Expense ratio			32.7 %		36.4 %		25.7 %		N/M		30.7 %			33.4 %		37.0 %		25.3 %		N/M		30.8 %
Combined ratio			96.6 %		84.2 %		91.5 %		N/M		91.7 %			103.4 %		87.7 %		89.7 %		N/M		94.1 %

5

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS
CONSOLIDATED
		Q1		Q2		Q3		Q4		Q1
(In millions, except percentage data)		2025		2025		2025		2025		2026
Gross premiums written	$	1,689.9	$	1,752.6	$	1,913.5	$	1,666.6	$	1,742.3
Net premiums written	$	1,510.8	$	1,583.8	$	1,738.9	$	1,488.6	$	1,559.7
Net premiums earned	$	1,508.5	$	1,545.3	$	1,550.7	$	1,556.6	$	1,570.6
Losses and LAE:
Current year, excluding catastrophe losses		879.7		867.9		893.0		882.8		883.7
Prior year favorable development, excluding catastrophe losses		(20.0)		(18.2)		(12.1)		(20.1)		(25.0)
Current year catastrophe losses		107.6		113.5		46.2		35.0		147.7
Prior year favorable catastrophe development		(12.0)		(6.0)		-		(8.0)		(48.8)
Total losses and LAE		955.3		957.2		927.1		889.7		957.6
Amortization of deferred acquisition costs and other underwriting expenses		470.3		477.8		490.3		500.9		486.8
GAAP underwriting profit		82.9		110.3		133.3		166.0		126.2
Net investment income		106.1		105.5		117.0		125.8		126.9
Other income		6.4		6.1		6.3		6.1		6.2
Other operating expenses		(9.0)		(12.0)		(8.9)		(8.9)		(9.1)
Operating income before income taxes	$	186.4	$	209.9	$	247.7	$	289.0	$	250.2
Loss and LAE ratio:
Current year, excluding catastrophe losses		58.3 %		56.1 %		57.6 %		56.8 %		56.3 %
Prior year favorable development, excluding catastrophe losses		(1.3)%		(1.2)%		(0.8)%		(1.3)%		(1.6)%
Current year catastrophe losses		7.1 %		7.4 %		3.0 %		2.2 %		9.4 %
Prior year favorable catastrophe development		(0.8)%		(0.4)%		-		(0.5)%		(3.1)%
Total loss and LAE ratio		63.3 %		61.9 %		59.8 %		57.2 %		61.0 %
Expense ratio		30.8 %		30.6 %		31.3 %		31.8 %		30.7 %
Combined ratio		94.1 %		92.5 %		91.1 %		89.0 %		91.7 %
Combined ratio, excluding catastrophe losses		87.8 %		85.5 %		88.1 %		87.3 %		85.4 %
Current accident year combined ratio, excluding catastrophe losses		89.1 %		86.7 %		88.9 %		88.6 %		87.0 %

6

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CORE COMMERCIAL
		Q1		Q2		Q3		Q4		Q1
(In millions, except percentage data)		2025		2025		2025		2025		2026
Gross premiums written	$	693.1	$	622.4	$	709.5	$	599.1	$	721.8
Net premiums written	$	604.6	$	536.0	$	620.3	$	512.8	$	630.4
Net premiums earned	$	541.0	$	554.3	$	554.2	$	561.5	$	563.8
Losses and LAE:
Current year, excluding catastrophe losses		334.2		313.6		335.6		322.2		331.2
Prior year favorable development, excluding catastrophe losses		(1.3)		(3.0)		(1.2)		(1.6)		(1.6)
Current year catastrophe losses		54.5		25.2		17.8		26.9		52.1
Prior year favorable catastrophe development		(8.5)		(2.5)		-		-		(21.7)
Total losses and LAE		378.9		333.3		352.2		347.5		360.0
Amortization of deferred acquisition costs and other underwriting expenses		182.1		183.8		187.8		193.2		186.0
GAAP underwriting profit (loss)		(20.0)		37.2		14.2		20.8		17.8
Net investment income		48.0		47.7		51.8		55.0		58.3
Other income		1.3		1.3		1.3		1.3		1.4
Other operating expenses		(2.5)		(2.3)		(2.2)		(2.0)		(2.7)
Operating income before income taxes	$	26.8	$	83.9	$	65.1	$	75.1	$	74.8
Loss and LAE ratio:
Current year, excluding catastrophe losses		61.7 %		56.5 %		60.6 %		57.4 %		58.8 %
Prior year favorable development, excluding catastrophe losses		(0.2)%		(0.5)%		(0.2)%		(0.3)%		(0.3)%
Current year catastrophe losses		10.1 %		4.6 %		3.2 %		4.8 %		9.2 %
Prior year favorable catastrophe development		(1.6)%		(0.5)%		-		-		(3.8)%
Total loss and LAE ratio		70.0 %		60.1 %		63.6 %		61.9 %		63.9 %
Expense ratio		33.4 %		32.9 %		33.7 %		34.2 %		32.7 %
Combined ratio		103.4 %		93.0 %		97.3 %		96.1 %		96.6 %
Combined ratio, excluding catastrophe losses		94.9 %		88.9 %		94.1 %		91.3 %		91.2 %
Current accident year combined ratio, excluding catastrophe losses		95.1 %		89.4 %		94.3 %		91.6 %		91.5 %

7

THE HANOVER INSURANCE GROUP
PREMIUMS WRITTEN AND RELATED METRICS
CORE COMMERCIAL
		Q1		Q2		Q3		Q4		Q1
(In millions, except percentage data)		2025		2025		2025		2025		2026
Written Premium
Gross	$	693.1	$	622.4	$	709.5	$	599.1	$	721.8
Ceded		(88.5)		(86.4)		(89.2)		(86.3)		(91.4)
Net	$	604.6	$	536.0	$	620.3	$	512.8	$	630.4
Growth		3.8%		4.4%		3.5%		2.5%		4.3%
Net premiums written by sub-segment
Small Commercial	$	341.8	$	334.3	$	333.5	$	315.7	$	363.6
Middle Market		262.8		201.7		286.8		197.1		266.8
Total	$	604.6	$	536.0	$	620.3	$	512.8	$	630.4
Net premiums written by line of business
Commercial Multiple Peril	$	298.8	$	264.9	$	327.7	$	267.8	$	306.0
Commercial Automobile		114.2		104.6		112.1		96.4		123.4
Workers’ Compensation		123.5		102.3		100.1		92.9		120.8
Other Core Commercial		68.1		64.2		80.4		55.7		80.2
Total	$	604.6	$	536.0	$	620.3	$	512.8	$	630.4
Related Metrics
Premium Retention		84.4%		85.1%		84.4%		85.3%		85.2%
Renewal Price Change		11.1%		10.7%		9.9%		9.4%		8.6%

8

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
SPECIALTY
		Q1		Q2		Q3		Q4		Q1
(In millions, except percentage data)		2025		2025		2025		2025		2026
Gross premiums written	$	424.4	$	424.4	$	437.7	$	401.7	$	432.4
Net premiums written	$	358.3	$	368.2	$	379.2	$	335.8	$	366.7
Net premiums earned	$	339.6	$	355.9	$	353.9	$	348.9	$	359.9
Losses and LAE:
Current year, excluding catastrophe losses		173.3		174.3		172.7		179.3		176.8
Prior year favorable development, excluding catastrophe losses		(15.9)		(12.5)		(10.0)		(18.4)		(14.2)
Current year catastrophe losses		17.2		16.1		6.0		(1.2)		15.4
Prior year favorable catastrophe development		(2.5)		(1.5)		-		-		(5.8)
Total losses and LAE		172.1		176.4		168.7		159.7		172.2
Amortization of deferred acquisition costs and other underwriting expenses		126.3		131.7		132.4		133.7		131.6
GAAP underwriting profit		41.2		47.8		52.8		55.5		56.1
Net investment income		24.3		24.3		26.1		27.9		28.7
Other income		1.3		1.1		1.3		1.1		1.2
Other operating expenses		(2.2)		(2.0)		(2.0)		(2.4)		(2.0)
Operating income before income taxes	$	64.6	$	71.2	$	78.2	$	82.1	$	84.0
Loss and LAE ratio:
Current year, excluding catastrophe losses		51.1%		49.0 %		48.8 %		51.4 %		49.0 %
Prior year favorable development, excluding catastrophe losses		(4.7)%		(3.5)%		(2.8)%		(5.3)%		(3.9)%
Current year catastrophe losses		5.0%		4.5 %		1.7 %		(0.3)%		4.3 %
Prior year favorable catastrophe development		(0.7)%		(0.4)%		-		-		(1.6)%
Total loss and LAE ratio		50.7 %		49.6 %		47.7 %		45.8 %		47.8 %
Expense ratio		37.0 %		36.9 %		37.2 %		38.1 %		36.4 %
Combined ratio		87.7 %		86.5 %		84.9 %		83.9 %		84.2 %
Combined ratio, excluding catastrophe losses		83.4 %		82.4 %		83.2 %		84.2 %		81.5 %
Current accident year combined ratio, excluding catastrophe losses		88.1 %		85.9 %		86.0 %		89.5 %		85.4 %

9

THE HANOVER INSURANCE GROUP
PREMIUMS WRITTEN AND RELATED METRICS
SPECIALTY
		Q1		Q2		Q3		Q4		Q1
(In millions, except percentage data)		2025		2025		2025		2025		2026
Written Premiums
Gross	$	424.4	$	424.4	$	437.7	$	401.7	$	432.4
Ceded		(66.1)		(56.2)		(58.5)		(65.9)		(65.7)
Net	$	358.3	$	368.2	$	379.2	$	335.8	$	366.7
Growth		5.4%		4.6%		8.3%		1.2%		2.3%
Net premiums written by sub-segment
Marine and Industrial Property(1)	$	137.5	$	150.3	$	145.2	$	121.8	$	137.4
Professional and Executive Lines		120.4		108.7		120.0		112.8		126.2
E&S and Alternative Markets(1)		77.2		85.8		86.3		74.9		76.3
Surety and Other		23.2		23.4		27.7		26.3		26.8
Total	$	358.3	$	368.2	$	379.2	$	335.8	$	366.7
Related Metrics
Premium Retention		80.1%		81.8%		83.2%		81.1%		83.3%
Renewal Price Change		8.4%		7.8%		8.3%		6.4%		4.6%
(1) During the first quarter of 2026, the former Specialty Property and Casualty and Marine sub-segments were reorganized into Marine and Industrial Property and E&S and Alternative Markets (Program business, Excess & surplus and Specialty general liability). Prior periods reflect this new presentation.

10

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES
Three Months ended March 31
	2026							2025
(In millions, except percentage data)		Auto		Home & Other		Total			Auto		Home & Other		Total
Net premiums written	$	327.2	$	235.4	$	562.6		$	323.8	$	224.1	$	547.9
Net premiums earned	$	368.8	$	278.1	$	646.9		$	365.3	$	262.6	$	627.9
						-							-
Losses and LAE:
						-							-
Current year, excluding catastrophe losses		245.8		129.9		375.7			244.5		127.7		372.2
						-							-
Prior year favorable development, excluding catastrophe losses		(0.4)		(8.8)		(9.2)			(2.0)		(0.8)		(2.8)
						-							-
Current year catastrophe losses		4.2		76.0		80.2			2.4		33.5		35.9
						-							-
Prior year favorable catastrophe development		(1.2)		(20.1)		(21.3)			(0.4)		(0.6)		(1.0)
						-							-
Total losses and LAE		248.4		177.0		425.4			244.5		159.8		404.3
						-							-
Amortization of deferred acquisition costs and other underwriting expenses						169.2							161.9
						-							-
GAAP underwriting profit						52.3							61.7
						-							-
Net investment income						35.2							30.5
						-							-
Other income						3.6							3.7
						-							-
Other operating expenses						(1.9)							(1.7)
						-							-
Operating income before income taxes					$	89.2						$	94.2
Loss and LAE ratio:
Current year, excluding catastrophe losses		66.7 %		46.7 %		58.1 %			66.9 %		48.7 %		59.2 %
Prior year favorable development, excluding catastrophe losses		(0.1)%		(3.2)%		(1.4)%			(0.5)%		(0.3)%		(0.4)%
Current year catastrophe losses		1.1 %		27.3 %		12.4 %			0.6 %		12.7 %		5.8 %
Prior year favorable catastrophe development		(0.3)%		(7.2)%		(3.3)%			(0.1)%		(0.2)%		(0.2)%
Total loss and LAE ratio		67.4 %		63.6 %		65.8 %			66.9 %		60.9 %		64.4 %
Expense ratio						25.7 %							25.3 %
Combined ratio						91.5 %							89.7 %

11

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS
PERSONAL LINES
		Q1		Q2		Q3		Q4		Q1
(In millions, except percentage data)		2025		2025		2025		2025		2026
Gross premiums written	$	572.4	$	705.8	$	766.3	$	665.8	$	588.1
Net premiums written	$	547.9	$	679.6	$	739.4	$	640.0	$	562.6
Net premiums earned	$	627.9	$	635.1	$	642.6	$	646.2	$	646.9
Losses and LAE:
Current year, excluding catastrophe losses		372.2		380.0		384.7		381.3		375.7
Prior year favorable development, excluding catastrophe losses		(2.8)		(2.6)		(0.9)		(0.9)		(9.2)
Current year catastrophe losses		35.9		72.2		22.4		9.3		80.2
Prior year favorable catastrophe development		(1.0)		(2.0)		-		(8.0)		(21.3)
Total losses and LAE		404.3		447.6		406.2		381.7		425.4
Amortization of deferred acquisition costs and other underwriting expenses		161.9		162.3		170.1		174.0		169.2
GAAP underwriting profit		61.7		25.2		66.3		90.5		52.3
Net investment income		30.5		30.2		33.0		34.8		35.2
Other income		3.7		3.7		3.7		3.6		3.6
Other operating expenses		(1.7)		(1.7)		(1.9)		(1.8)		(1.9)
Operating income before income taxes	$	94.2	$	57.4	$	101.1	$	127.1	$	89.2
Loss and LAE ratio:
Current year, excluding catastrophe losses		59.2 %		59.8 %		59.8 %		59.0 %		58.1 %
Prior year favorable development, excluding catastrophe losses		(0.4)%		(0.4)%		(0.1)%		(0.1)%		(1.4)%
Current year catastrophe losses		5.8 %		11.4 %		3.5 %		1.4 %		12.4 %
Prior year favorable catastrophe development		(0.2)%		(0.3)%		-		(1.2)%		(3.3)%
Total loss and LAE ratio		64.4 %		70.5 %		63.2 %		59.1 %		65.8 %
Expense ratio		25.3 %		25.0 %		26.0 %		26.4 %		25.7 %
Combined ratio		89.7 %		95.5 %		89.2 %		85.5 %		91.5 %
Combined ratio, excluding catastrophe losses		84.1 %		84.4 %		85.7 %		85.3 %		82.4 %
Current accident year combined ratio, excluding catastrophe losses		84.5 %		84.8 %		85.8 %		85.4 %		83.8 %

12

THE HANOVER INSURANCE GROUP
PREMIUMS WRITTEN AND RELATED METRICS
PERSONAL LINES
		Q1		Q2		Q3		Q4		Q1
(In millions, except percentage data)		2025		2025		2025		2025		2026
Written Premiums
Gross	$	572.4	$	705.8	$	766.3	$	665.8	$	588.1
Ceded		(24.5)		(26.2)		(26.9)		(25.8)		(25.5)
Net	$	547.9	$	679.6	$	739.4	$	640.0	$	562.6
Growth		3.0%		3.7%		3.6%		4.4%		2.7%
Net premiums written by line of business
Personal Automobile	$	323.8	$	389.3	$	416.5	$	360.3	$	327.2
Homeowners and Other		224.1		290.3		322.9		279.7		235.4
Total	$	547.9	$	679.6	$	739.4	$	640.0	$	562.6
Related Metrics
Renewal Price Change
Personal Automobile		11.8%		9.8%		8.0%		6.9%		6.7%
Homeowners		14.9%		15.7%		13.9%		12.3%		10.8%
Total (1)		13.1%		12.3%		10.5%		9.2%		8.4%
Policy Retention
Personal Automobile		81.4%		83.5%		83.2%		82.4%		81.2%
Homeowners		82.4%		85.1%		84.8%		83.7%		82.4%
Total (1)		82.0%		84.3%		84.0%		83.1%		81.8%
PIF change from prior year period
Personal Automobile		-4.9%		-3.6%		-3.2%		-3.1%		-2.2%
Homeowners		-4.0%		-2.7%		-2.5%		-2.6%		-2.2%
Total (1)		-4.4%		-3.2%		-2.9%		-2.8%		-2.2%
(1) Related metrics exclude Other Personal Lines.

13

THE HANOVER INSURANCE GROUP
NET INVESTMENT INCOME AND YIELDS
			Q1		Q2		Q3		Q4		Q1
(In millions, except yields)			2025		2025		2025		2025		2026
Net Investment Income
	Fixed maturities	$	93.3	$	98.4	$	103.3	$	106.4	$	109.2
	Limited partnerships		7.5		3.5		6.8		9.3		11.0
	Mortgage loans		2.9		3.0		2.6		2.7		2.5
	Equity securities		0.9		0.9		0.9		0.9		0.9
	Other investments		5.3		3.4		7.1		10.6		7.4
	Investment expenses		(3.8)		(3.7)		(3.7)		(4.1)		(4.1)
Total		$	106.1	$	105.5	$	117.0	$	125.8	$	126.9
Pre-tax Yields
	Fixed maturities		4.08%		4.24%		4.33%		4.41%		4.42%
	Total		4.14%		4.11%		4.31%		4.44%		4.50%
Pre-tax yields represent annualized net investment income for the period divided by the monthly average invested assets at amortized cost or cost, which excludes accumulated changes in fair value for fixed maturities and equity securities.

14

THE HANOVER INSURANCE GROUP
INVESTMENT PORTFOLIO
March 31, 2026
(In millions)
											Change in
		Weighted		Amortized					Net		Net
		Average		Cost		Fair Value /	% of		Unrealized		Unrealized
Investment Type		Quality		or Cost (1)		Carry Value	Total		Gain (Loss)		YTD
Fixed maturities:
U.S. Treasury and government agencies		AA+	$	477.7	$	438.7	4.0%	$	(39.0)	$	(3.2)
Foreign governments		BB		2.8		2.9	-		0.1		(0.1)
Municipals:
Taxable		AA		934.1		867.9	7.9%		(66.2)		(2.3)
Tax-exempt		AA		24.9		25.3	0.2%		0.4		(0.4)
Corporates:
NAIC 1		A		2,354.2		2,342.8	21.2%		(11.4)		(28.8)
NAIC 2		BBB		1,578.4		1,551.3	14.1%		(27.1)		(16.8)
NAIC 3 and below		B+		455.6		454.0	4.1%		(1.6)		(8.9)
Total corporates		BBB+		4,388.2		4,348.1	39.4%		(40.1)		(54.5)
Asset-backed:
Residential mortgage-backed		AA+		2,389.8		2,324.3	21.0%		(65.5)		(15.1)
Commercial mortgage-backed		AAA		880.2		854.9	7.7%		(25.3)		(5.0)
Other asset-backed		AA+		1,114.1		1,114.1	10.1%		-		(5.8)
Total fixed maturities		AA-		10,211.8		9,976.2	90.3%		(235.6)		(86.4)
Limited partnerships and other investments				416.0		416.0	3.8%		-		-
Mortgage and other loans				221.3		221.3	2.0%		-		-
Equity securities				188.2		188.2	1.7%		-		-
Total investments				11,037.3		10,801.7	97.8%		(235.6)		(86.4)
Cash and cash equivalents				243.5		243.5	2.2%		-		-
Total			$	11,280.8	$	11,045.2	100.0%	$	(235.6)	$	(86.4)
(1) Net of allowance for credit losses of $8.8 million.

15

THE HANOVER INSURANCE GROUP
CREDIT QUALITY AND DURATION OF FIXED MATURITIES
March 31, 2026
(In millions)
CREDIT QUALITY OF FIXED MATURITIES
		Rating Agency		Amortized				Fair			% of Total
NAIC Designation		Equivalent Designation		Cost (1)				Value			Fair Value
1		Aaa/Aa/A	$		8,097.5		$		7,890.5			79.1	%
2		Baa			1,635.9				1,609.3			16.1	%
3		Ba			269.8				272.7			2.8	%
4		B			172.2				171.0			1.7	%
5		Caa			35.5				32.3			0.3	%
6		In or near default			0.9				0.4			-
Total fixed maturities			$		10,211.8		$		9,976.2			100.0	%
DURATION OF FIXED MATURITIES
				Amortized				Fair			% of Total
				Cost (1)				Value			Fair Value
	0-2 Years		$		1,782.5		$		1,783.9			17.9	%
	2-4 Years				2,804.9				2,783.7			27.9	%
	4-6 Years				2,694.0				2,602.9			26.1	%
	6-8 Years				2,450.7				2,372.6			23.8	%
	8-10 Years				289.2				274.7			2.7	%
	10+ Years				190.5				158.4			1.6	%
Total fixed maturities			$		10,211.8		$		9,976.2			100.0	%
Weighted Average Duration									4.4
(1) Net of allowance for credit losses of $0.3 million.

16

TOP 10 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS
March 31, 2026
(In millions, except percentage data)
Issuer	Amortized Cost	Fair Value	As a Percent of Invested Assets	Ratings (1)
JPMorgan Chase	$46.1	$46.1	0.42%	A
Morgan Stanley	39.8	39.7	0.36%	A-
Wells Fargo	39.0	39.2	0.36%	BBB+
Minnesota Housing Finance Agency	36.9	30.2	0.27%	AA+
Bank of America	35.7	35.7	0.32%	A-
The Goldman Sachs Group	35.5	35.7	0.32%	BBB+
State of Ohio	33.8	29.2	0.26%	AAA
Texas Natural Gas Securitization Finance Corporation	28.8	28.3	0.26%	AAA
State of Louisiana	27.2	27.0	0.24%	AAA
State of Colorado	26.2	25.1	0.23%	AAA
Top 10 Corporate and Municipal	$349.0	$336.2	3.04%
(1) - Represents nationally recognized rating agency sources.

17

THE HANOVER INSURANCE GROUP
RECONCILIATION OF OPERATING INCOME TO NET INCOME
		Three Months ended March 31
		2026					2025
(In millions, except per share data)			$	Per Share (Diluted)				$	Per Share (Diluted)
OPERATING INCOME
Core Commercial		$	74.8				$	26.8
Specialty			84.0					64.6
Personal Lines			89.2					94.2
Other			2.2					0.8
Total			250.2					186.4
Interest expense			(10.8)					(8.5)
Operating income before income taxes			239.4	$	6.67			177.9	$	4.86
Income tax expense on operating income			(50.9)		(1.42)			(36.1)		(0.99)
Operating income after income taxes			188.5		5.25			141.8		3.87
Non-operating items:
Net realized losses from sales and other			(4.9)		(0.14)			(18.8)		(0.51)
Net change in fair value of equity securities and other			4.6		0.13			1.0		0.03
Impairments on investments:
Credit-related impairments			(1.6)		(0.04)			-		-
Losses on intent to sell securities			(0.4)		(0.01)			-		-
Total impairments on investments			(2.0)		(0.05)			-		-
Income tax benefit on non-operating items			0.6		0.01			4.2		0.11
NET INCOME		$	186.8	$	5.20		$	128.2	$	3.50

18

THE HANOVER INSURANCE GROUP

Non-GAAP Financial Measures

The Hanover uses non-GAAP financial measures as important measures of the Company’s operating performance, which we believe provide investors with additional information regarding management’s evaluation of our results of operations and financial performance. The Company’s non-GAAP measures include operating income before interest expense and income taxes, total operating income after income taxes, total operating income after income taxes per diluted share, total book value per share, total book value per share excluding net unrealized gains and losses related to fixed maturity investments and market risk, net of tax, tangible book value per share and measures of operating income and combined ratios excluding catastrophe losses (catastrophe losses as discussed here and in all other measures include catastrophe loss development) and reserve development.

Operating income before interest expense and income taxes is net income, excluding interest expense on debt, income taxes and net realized and unrealized investment gains and losses, which includes changes in the fair value of equity securities still held because fluctuations in these gains and losses are determined by interest rates, financial markets and the timing of sales. Operating income before interest expense and income taxes also excludes net gains and losses on disposals of businesses, discontinued operations, restructuring costs, the cumulative effect of accounting changes and certain other items. Operating income before interest expense and income taxes is the sum of the operating income from: Core Commercial, Specialty, Personal Lines, and Other. After-tax operating income earnings per diluted share (sometimes referred to as “after-tax operating income per share”) is also a non-GAAP measure. It is defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), as well as results from discontinued operations and other non-operating items for a period divided by the average number of diluted shares of common stock. The Hanover believes that measures of operating income before interest expense and income taxes provide investors with a valuable measure of the performance of the Company’s ongoing businesses because they highlight net income attributable to the core operations of the business.

Book value per share is total shareholders’ equity divided by the number of common shares outstanding. Book value per share excluding net unrealized gains and losses related to fixed maturity investments, net of tax, is total shareholders’ equity excluding the after-tax effect of unrealized investment gains and losses on fixed maturities and market risk divided by the number of common shares outstanding. Tangible book value per share is total shareholders’ equity, excluding goodwill and intangible assets, divided by the number of common shares outstanding.

The Hanover also provides measures of operating results and loss ratios that exclude the effects of catastrophe losses. A catastrophe is a severe loss, resulting from natural or manmade events. Catastrophes can be caused by various natural events including, among others, hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, severe winter weather and other convective storms, fire, and explosions. Catastrophes can be caused by various manmade events including, among others, fire, explosions, riots, and terrorism. Each catastrophe has unique characteristics. Catastrophes are not predictable as to timing or loss amount in advance. The Hanover believes that providing certain financial metrics and trends excluding the effects of catastrophes is meaningful for investors to understand the variability of periodic earnings and loss ratios.

Prior year reserve development, which can be favorable or unfavorable, represents changes in our estimate of the costs to pay claims from prior years. We believe that a discussion of operating income excluding prior year reserve development is helpful to investors since it provides insight into both our estimate of current year accident results and changes to prior-year reserve estimates.

Operating income before and after interest expense and income taxes and measures of operating income that exclude the effects of catastrophe losses or reserve development should not be construed as substitutes for income before income taxes or income from continuing operations and operating income should not be construed as a substitute for net income determined in accordance with GAAP. A reconciliation of income from continuing operations to operating income before interest expense and income taxes and income from continuing operations per diluted share to operating income after taxes per diluted share for the three months ended March 31, 2026 and 2025 is set forth on page 18 of this document. The presentation of loss ratios calculated excluding the effects of reserve development and/or catastrophe losses should not be construed as a substitute for loss ratios determined in accordance with GAAP.

Additional reconciliations are provided in the press release relating to the current period(s) financial results, which is available on the Company’s website, www.hanover.com.

19

THE HANOVER INSURANCE GROUP

PREMIUM RELATED METRIC DEFINITIONS

Renewal Price Change

●

Core Commercial and Specialty: Represents the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, specific inflationary changes or changes in policy level exposure or insured risks.

●

Personal Lines: Represents the average change in premium on policies charged at renewal caused by the net effects of filed rate, inflation adjustments or other changes in policy level exposure or insured risks, regardless of whether or not the policies are retained for the duration of their contractual terms.

Rate

●

Core Commercial and Specialty: Represents the average change in premium on renewed policies caused by the base rate changes, discretionary pricing, and inflation, excluding the impact of changes in policy level exposure or insured risks.

●

Personal Lines: Represents the estimated cumulative premium effect of approved rate actions applied to policies at renewal, regardless of whether or not policies are actually renewed. Accordingly, rate changes do not represent actual increases or decreases realized by the company. Personal Lines rate changes do not include inflation or changes in policy level exposure or insured risks.

Retention

●

Core Commercial and Specialty: Represents the ratio of net retained premium for the noted period to the premium available to renew over the same period.

●

Personal Lines: Represents the ratio of net retained policies for the noted period to those policies available to renew over the same period and includes policies that were canceled and rewritten.

Policies in Force (PIF) Change

●

Represents the change in the number of policies in force at the end of a given period from the end of the same period in the prior year.

20

CORPORATE OFFICES AND

INDUSTRY RATINGS AS OF April 29, 2026

TRANSFER AGENT

PRINCIPAL SUBSIDIARIES

THE HANOVER INSURANCE GROUP, INC.

A.M.

Computershare Investor Services

440 Lincoln Street

Financial Strength Ratings

Best

S&P Global

Moody's

PO Box 43006

Worcester, MA 01653

The Hanover Insurance

Providence, RI 02940-3006

Company

A

A

A2

1-800-317-4454

The Hanover Insurance Company

Citizens Insurance Company

440 Lincoln Street

of America

A

A

-

Worcester, MA 01653

COMMON STOCK

Citizens Insurance Company of America

A.M.

808 North Highlander Way

Debt Ratings

Best

S&P Global

Moody's

Common stock of The Hanover Insurance Group, Inc. is traded

Howell, MI 48843

The Hanover Insurance Group, Inc.

on the New York Stock Exchange under the symbol “THG”.

Senior Debt

bbb+

BBB

Baa2

Subordinated Debentures

bbb-

BB+

Baa3

MARKET AND DIVIDEND INFORMATION

INQUIRIES

The following tables set forth the high and low closing

The above ratings are accurate as of April 29, 2026, and may be revised,

Oksana Lukasheva

sale prices of our common stock and quarterly cash

superseded or withdrawn by the respective rating agency at any time. For

Senior Vice President

dividends for the periods indicated:

the most current information concerning the financial ratings of The Hanover

Corporate Finance

Insurance Group and its subsidiaries, please visit the websites of the

olukasheva@hanover.com

Quarter Ended

2026

respective rating agencies.

Price Range

Dividends

High

Low

Per Share

March 31

$181.68

$167.57

$0.950

Quarter Ended

2025

Price Range

Dividends

High

Low

Per Share

March 31

$174.61

$147.13

$0.900

June 30

$178.04

$150.66

$0.900

September 30

$182.10

$162.08

$0.900

December 31

$186.22

$168.39

$0.950

21

FAQ

How did The Hanover Insurance Group (THG) perform financially in Q1 2026?

The Hanover posted net income of $186.8 million, or $5.20 per diluted share, in Q1 2026. Operating income was $188.5 million, or $5.25 per diluted share, reflecting improved underwriting margins and higher investment income compared to the prior-year quarter.

What was The Hanover Insurance Group’s combined ratio in Q1 2026?

The Hanover reported a consolidated combined ratio of 91.7% in Q1 2026. Excluding catastrophe losses, the combined ratio improved to 85.4%, indicating stronger underlying underwriting profitability across Core Commercial, Specialty, and Personal Lines compared to the prior-year quarter.

How much did The Hanover Insurance Group’s premiums and investment income grow in Q1 2026?

Net premiums written increased 3.2% to $1,559.7 million in Q1 2026. Net investment income rose 19.6% to $126.9 million, driven by continued investment of operating cash flows, higher earned yields on fixed maturities, and higher partnership income versus the prior-year quarter.

What were The Hanover Insurance Group’s book value and return on equity in Q1 2026?

Book value per share was $101.86 at March 31, 2026, up 1.0% from year-end 2025. Excluding net unrealized depreciation on fixed maturities, book value per share was $107.14. Net and operating returns on equity were 20.9% and 20.3%, respectively, for the quarter.

How did The Hanover Insurance Group’s business segments perform in Q1 2026?

Core Commercial generated $74.8 million of operating income before taxes with a 96.6% combined ratio. Specialty produced $84.0 million and an 84.2% combined ratio, while Personal Lines delivered $89.2 million and a 91.5% combined ratio, despite higher catastrophe losses in homeowners.

What capital actions did The Hanover Insurance Group take in early 2026?

Year-to-date through April 28, 2026, The Hanover repurchased approximately 580,000 shares of common stock for about $101 million, including roughly 503,000 shares bought in Q1. The company reported about $72 million of remaining authorization under its existing repurchase program.

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