Why did THG's book value per share fall in Q3 2026?

Book value per share fell 5.4% from June 30, 2026, to $99.69 as strong earnings were more than offset by an increase in unrealized losses on the fixed maturity portfolio, share repurchases and ordinary quarterly cash dividends.

Hanover Insurance Q3 2026 net income falls to $173M

Q: How much did THG earn in the third quarter of 2026?

THG reported net income of $172.6 million, or $4.86 per diluted share, and non-GAAP operating income of $183.1 million, or $5.15 per diluted share, for the third quarter of 2026.

Nine-month net income increased 18.8%, and approximately $546 million remained under the share-repurchase authorization.

Filing Impact

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Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

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Form Type

8-K

Rhea-AI Filing Summary

The Hanover Insurance Group, Inc. (THG) reported third-quarter 2026 net income of $172.6 million, or $4.86 per diluted share, compared with $178.7 million, or $4.90 per diluted share, a year earlier. Non-GAAP operating income was $183.1 million, or $5.15 per diluted share, versus $185.6 million, or $5.09. For the first nine months of 2026, net income was $551.0 million, up 18.8% from $464.0 million; operating income was $560.8 million, compared with $486.1 million.

Third-quarter net premiums written rose 3.1% to $1,792.5 million. The combined ratio was 92.3%, compared with 91.1%; excluding catastrophe losses, it was 85.5%, versus 88.1%. Catastrophe losses were $109.7 million. Net investment income increased 12.7% to $131.9 million. Book value per share was $99.69 as of September 30, 2026, down 5.4% from June 30, 2026; book value per share excluding net unrealized depreciation on fixed maturities, net of tax, was $114.26, up 2.7%. The company repurchased approximately 386,000 shares for approximately $86 million during the quarter and had approximately $546 million of remaining capacity under its authorization.

1 point · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 0 points

How the balance works

Positive

Moderate pointNine-month net income increased 18.8% to $551.0 million from $464.0 million.

Negative

None.

Filing Explained

Through October 26, 2026, the company reports year-to-date repurchases of about 1.334 million shares for $263 million.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

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

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Net income: $172.6 million Operating income per diluted share: $5.15 Net premiums written: $1,792.5 million +5 more

8 metrics

Net income $172.6 million Third quarter 2026; $178.7 million in third quarter 2025

Operating income per diluted share $5.15 Third quarter 2026; $5.09 in third quarter 2025

Net premiums written $1,792.5 million Third quarter 2026; growth of 3.1%

Combined ratio 92.3% Third quarter 2026; 91.1% in third quarter 2025

Catastrophe losses $109.7 million Third quarter 2026

Net investment income $131.9 million Third quarter 2026; up 12.7% from third quarter 2025

Nine-month net income $551.0 million Nine months ended September 30, 2026; $464.0 million in 2025

Book value per share $99.69 As of September 30, 2026; down 5.4% from June 30, 2026

Key Terms

combined ratio, catastrophe ratio, prior-year reserve development, operating return on equity, +1 more

5 terms

combined ratio financial

"The combined ratio was 92.3%"

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 ratio financial

"Catastrophe ratio"

prior-year reserve development financial

"net favorable prior-year reserve development"

An adjustment to an insurance company’s past estimates for money set aside to pay claims, showing whether earlier reserve amounts were too high or too low. It matters to investors because favorable or unfavorable changes reveal how well the insurer judged its past liabilities — like discovering your grocery budget was off after shopping — and can materially change reported profits and the company’s financial strength.

operating return on equity financial

"operating return on equity of 18.7%"

Operating return on equity measures how much profit a company's regular, ongoing business activities generate for each dollar of shareholders' equity, calculated by dividing operating profit by average shareholder equity and excluding one‑time gains, interest and taxes. Investors use it like checking how efficiently a shop turns owners' invested cash into steady operating profit: a higher number suggests management is using equity more effectively and that earnings are likely more sustainable.

statutory capital and surplus financial

"statutory capital and surplus was $3.70 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.

Earnings Snapshot

Net income: $172.6 million

Third quarter 2026

Net income $172.6 million Down 3.4% from third quarter 2025

Net premiums written $1,792.5 million Up 3.1% from third quarter 2025

Net investment income $131.9 million Up 12.7% from third quarter 2025

Combined ratio 92.3% 91.1% in third quarter 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did THG earn in the third quarter of 2026?

THG reported net income of $172.6 million, or $4.86 per diluted share, and non-GAAP operating income of $183.1 million, or $5.15 per diluted share, for the third quarter of 2026.

How much THG stock did the company repurchase in Q3 2026?

The company repurchased approximately 386,000 shares of common stock for approximately $86 million during the third quarter. Year-to-date through October 26, 2026, it had repurchased approximately 1,334,000 shares, totaling approximately $263 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/28/2026 - 05:17 PM EDT Accepted by SEC EDGAR 10/28/2026 - 05:17 PM EDT

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): October 28, 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 Symbol(s)	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 October 28, 2026, The Hanover Insurance Group, Inc. (the Company) issued a press release announcing its financial results for the quarter ended September 30, 2026. The release is furnished as Exhibit 99.1 hereto. Additionally, on October 28, 2026, the Company made available on its website unaudited financial information contained in its Financial Supplement for the period ended September 30, 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 October 28, 2026, announcing the Company’s financial results for the quarter ended September 30, 2026.

Exhibit 99.2	The Hanover Insurance Group, Inc. Unaudited Financial Supplement for the period ended September 30, 2026.

Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

Exhibit Index


Exhibit 99.1	Press Release, dated October 28, 2026, announcing the Company’s financial results for the quarter ended September 30, 2026.

Exhibit 99.2	The Hanover Insurance Group, Inc. Unaudited Financial Supplement for the period ended September 30, 2026.

Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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: October 28, 2026	By:	/s/ Jeffrey M. Farber
		Jeffrey M. Farber
		Executive Vice President and Chief Financial Officer

Exhibit 99.1

The Hanover Reports Excellent Third Quarter Net Income and

Operating Income of $4.86 and $5.15 per Diluted Share, Respectively;

Third Quarter Net and Operating Return on Equity of 19.4% and 18.7%, Respectively

Third Quarter Highlights

•

Combined ratio of 92.3%; combined ratio, excluding catastrophes(1), of 85.5%

•

Catastrophe losses of $109.7 million, or 6.8 points of the combined ratio

•

Net premiums written increase of 3.1%*

•

Renewal price increases(2) of 8.7% in Personal Lines, 7.4% in Core Commercial and 4.3% in Specialty

•

Rate increases(2) of 6.1% in Core Commercial, 4.9% in Personal Lines and 1.9% in Specialty

•

Loss and loss adjustment expense (LAE) ratio of 61.4%, 1.6 points higher than the prior-year quarter, driven by higher catastrophe losses

•

Current accident year loss and LAE ratio, excluding catastrophes(3), of 55.7%, 1.9 points below the prior-year quarter

•

Net investment income of $131.9 million, up 12.7% from the prior-year quarter

•

Book value per share of $99.69, down 5.4% from June 30, 2026; excluding net unrealized depreciation on fixed maturity investments, net of tax(4), book value per share increased 2.7%

WORCESTER, Mass., October 28, 2026 - The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $172.6 million, or $4.86 per diluted share, in the third quarter of 2026, compared to $178.7 million, or $4.90 per diluted share, in the prior-year quarter. Operating income(5) was $183.1 million, or $5.15 per diluted share, in the third quarter of 2026, compared to $185.6 million, or $5.09 per diluted share, in the prior-year quarter. The company reported net and operating return on equity(6) of 19.4% and 18.7%, respectively, in the third quarter of 2026, and 20.6% and 19.6% in the first nine months of 2026, respectively.

“In the third quarter, we continued to translate strategic clarity, disciplined execution and the breadth of our diversified franchise into exceptional performance,” said John C. Roche, president and chief executive officer at The Hanover. “With operating return on equity of 18.7% and record third quarter operating earnings per share of $5.15, our results reflect excellent underwriting execution and the benefits of our past portfolio actions. Our business mix continues to support strong performance and stable renewal pricing. A differentiated Specialty business, a preferred Personal Lines franchise, and a leading position with the top-performing agents in Core Commercial continue to provide avenues for profitable growth across market conditions, while we remain patient where conditions warrant greater selectivity,” added Roche. “At the same time, we continue to invest in technology, AI and other capabilities that are delivering meaningful business impact and strengthening our future position. We are confident in our outlook, and our goal of long-term profitability and value creation will continue to guide every underwriting and growth decision we make.”

(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 very pleased with our third quarter performance highlighted by nearly two points of improvement in our current accident year ex-catastrophe loss ratio, favorable reserve development, continued growth in net investment income, and the strength of our capital position,” said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. “Net investment income increased 12.7%, driven by higher earned yields, strong cash flows and increased partnership income. The consistent capital generation of our business enabled us to repurchase approximately $86 million of stock during the quarter, totaling $263 million year-to-date through October 26th. As we discussed at our September Investor Day, profitability, earnings growth and capital allocation priorities continue to guide our decisions. With substantial financial flexibility, we remain well-positioned to invest in the business, return capital to shareholders and capture attractive opportunities as they emerge.”

Third Quarter 2026 Highlights


		Three months ended						Nine months ended
		September 30						September 30
($ in millions, except per share data)		2026			2025			2026			2025
Net premiums written	$	1,792.5		$	1,738.9		$	5,009.0		$	4,833.5
Growth		3.1	%		4.5	%		3.6	%		4.2	%
Net premiums earned	$	1,611.5		$	1,550.7		$	4,779.7		$	4,604.5

Current accident year loss and LAE ratio, excluding catastrophes		55.7	%		57.6	%		56.0	%		57.4	%
Prior-year development ratio		(1.1)	%		(0.8)	%		(1.4)	%		(1.1)	%
Catastrophe ratio		6.8	%		3.0	%		6.3	%		5.4	%
Expense ratio(7)		30.9	%		31.3	%		30.9	%		30.9	%
Combined ratio		92.3	%		91.1	%		91.8	%		92.6	%
Combined ratio, excluding catastrophes		85.5	%		88.1	%		85.5	%		87.2	%
Current accident year combined ratio, excluding catastrophes		86.6	%		88.9	%		86.9	%		88.3	%

Net income	$	172.6		$	178.7		$	551.0		$	464.0
per diluted share		4.86			4.90			15.43			12.70
Operating income		183.1			185.6			560.8			486.1
per diluted share		5.15			5.09			15.70			13.31

Book value per share	$	99.69		$	96.00		$	99.69		$	96.00
Ending shares outstanding (in millions)		34.5			35.7			34.5			35.7

Third Quarter Operating Highlights

Core Commercial

Core Commercial operating income before income taxes was $55.5 million in the third quarter of 2026, compared to $65.1 million in the third quarter of 2025. The Core Commercial combined ratio was 100.5%, compared to 97.3% in the prior-year quarter. Catastrophe losses in the third quarter of 2026 were $45.3 million, or 7.8 points of the combined ratio. This compared to catastrophe losses of $17.8 million, or 3.2 points, in the prior-year quarter.

Third quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $3.0 million, or 0.5 points, compared to $1.2 million, or 0.2 points, in the third quarter of 2025.

Core Commercial current accident year combined ratio, excluding catastrophes, decreased 1.1 points, to 93.2% in the third quarter of 2026, compared to 94.3% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, was 60.5%, approximating the prior-year quarter, as the company continues to prudently set loss ratio selections in liability coverages.

The expense ratio decreased by 1.0 point, to 32.7%, in the third quarter of 2026, compared to the prior-year quarter, reflecting fixed cost leverage and efficiency gains.

Net premiums written were $648.9 million in the third quarter of 2026, up 4.6% from the prior-year quarter, reflecting growth of 2.8% in small commercial and 6.7% in middle market. Core Commercial renewal price increases averaged 7.4%, including average rate increases of 6.1%.

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


		Three months ended						Nine months ended
		September 30						September 30
($ in millions)		2026			2025			2026			2025
Net premiums written	$	648.9		$	620.3		$	1,854.1		$	1,760.9
Growth		4.6	%		3.5	%		5.3	%		3.9	%
Net premiums earned		582.2			554.2			1,725.3			1,649.5
Operating income before taxes		55.5			65.1			207.8			175.8
Loss and LAE ratio		67.8	%		63.6	%		65.0	%		64.5	%
Expense ratio		32.7	%		33.7	%		32.7	%		33.3	%
Combined ratio		100.5	%		97.3	%		97.7	%		97.8	%
Prior-year development ratio		(0.5)	%		(0.2)	%		(0.3)	%		(0.3)	%
Catastrophe ratio		7.8	%		3.2	%		5.9	%		5.2	%
Combined ratio, excluding catastrophes		92.7	%		94.1	%		91.8	%		92.6	%
Current accident year combined ratio, excluding catastrophes		93.2	%		94.3	%		92.1	%		92.9	%

Specialty

Specialty operating income before income taxes was $88.1 million in the third quarter of 2026, compared to $78.2 million in the third quarter of 2025. The Specialty combined ratio was 84.0%, compared to 84.9% in the prior-year quarter. Catastrophe losses in the third quarter of 2026 were $12.4 million, or 3.4 points of the combined ratio. This compared to catastrophe losses of $6.0 million, or 1.7 points, in the prior-year quarter.

Third quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $14.8 million, or 4.0 points, with widespread favorability. Net favorable prior-year reserve development, excluding catastrophes, was $10.0 million, or 2.8 points, in the third quarter of 2025.

Specialty current accident year combined ratio, excluding catastrophes, decreased 1.4 points, to 84.6% in the third quarter of 2026, from 86.0% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, of 47.7% in the third quarter of 2026 decreased 1.1 points compared to the prior-year quarter and was favorable to the company's long-term expectations for the segment, driven by lower-than-expected property losses.

Net premiums written were $391.6 million in the third quarter of 2026, up 3.3% from the prior-year quarter. Specialty renewal price increases averaged 4.3%, including average rate increases of 1.9%.

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


		Three months ended						Nine months ended
		September 30						September 30
($ in millions)		2026			2025			2026			2025
Net premiums written	$	391.6		$	379.2		$	1,142.7		$	1,105.7
Growth		3.3	%		8.3	%		3.3	%		6.1	%
Net premiums earned		369.5			353.9			1,095.2			1,049.4
Operating income before taxes		88.1			78.2			240.5			214.0
Loss and LAE ratio		47.1	%		47.7	%		48.8	%		49.3	%
Expense ratio		36.9	%		37.2	%		36.8	%		37.0	%
Combined ratio		84.0	%		84.9	%		85.6	%		86.3	%
Prior-year development ratio		(4.0)	%		(2.8)	%		(3.6)	%		(3.7)	%
Catastrophe ratio		3.4	%		1.7	%		2.9	%		3.4	%
Combined ratio, excluding catastrophes		80.6	%		83.2	%		82.7	%		82.9	%
Current accident year combined ratio, excluding catastrophes		84.6	%		86.0	%		86.3	%		86.6	%

Personal Lines

Personal Lines operating income before income taxes was $103.6 million in the third quarter of 2026, compared to $101.1 million in the third quarter of 2025. The Personal Lines combined ratio was 89.7%, compared to 89.2% in the prior-year quarter. Catastrophe losses in the third quarter of 2026 were $52.0 million, or 7.9 points of the combined ratio. This compared to catastrophe losses of $22.4 million, or 3.5 points of the combined ratio, in the prior-year quarter.

Third quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $0.7 million, or 0.1 points, compared to $0.9 million, or 0.1 points, in the third quarter of 2025.

Personal Lines current accident year combined ratio, excluding catastrophe losses, decreased 3.9 points, to 81.9%, in the third quarter of 2026, from 85.8% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased 3.8 points from the prior-year quarter, to 56.0%, driven by the continued benefit of earned pricing outpacing loss trends, as well as benign property claims frequency.

Net premiums written were $752.0 million in the third quarter of 2026, up 1.7% compared to the prior-year quarter. The increase was primarily due to the impact of renewal price increases and higher new business. Personal Lines renewal price increases averaged 8.7%, including average rate increases of 4.9%. Policies in force (PIF) in the third quarter of 2026 were essentially flat compared to the second quarter of 2026.

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


		Three months ended						Nine months ended
		September 30						September 30
($ in millions)		2026			2025			2026			2025
Net premiums written	$	752.0		$	739.4		$	2,012.2		$	1,966.9
Growth		1.7	%		3.6	%		2.3	%		3.4	%
Net premiums earned		659.8			642.6			1,959.2			1,905.6
Operating income before taxes		103.6			101.1			297.7			252.7
Loss and LAE ratio		63.8	%		63.2	%		64.0	%		66.0	%
Expense ratio		25.9	%		26.0	%		26.0	%		25.4	%
Combined ratio		89.7	%		89.2	%		90.0	%		91.4	%
Prior-year development ratio		(0.1)	%		(0.1)	%		(1.0)	%		(0.3)	%
Catastrophe ratio		7.9	%		3.5	%		8.5	%		6.7	%
Combined ratio, excluding catastrophes		81.8	%		85.7	%		81.5	%		84.7	%
Current accident year combined ratio, excluding catastrophes		81.9	%		85.8	%		82.5	%		85.0	%

Investments

Net investment income was $131.9 million in the third quarter of 2026, an increase of 12.7% 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 investment income from limited partnerships. Total pre-tax earned yield on the investment portfolio for the third quarter of 2026 was 4.60%, up from 4.31% in the prior-year quarter. The average pre-tax earned yield on fixed maturities was 4.58% for the third quarter of 2026, up from 4.33% in the prior-year quarter.

Net realized and unrealized investment losses recognized in earnings were $14.1 million in the third quarter of 2026, compared to $9.0 million in the third quarter of 2025.

The company held $11.2 billion in cash and invested assets at September 30, 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 September 30, 2026, net unrealized losses on the fixed maturity portfolio were $636.1 million before income taxes, compared to $259.5 million at June 30, 2026.

Shareholders’ Equity and Capital Actions

At September 30, 2026, book value per share was $99.69, down 5.4% from June 30, 2026, as strong earnings were more than 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 $114.26 at September 30, 2026, up 2.7% from June 30, 2026, after the impact of share repurchases and the ordinary quarterly cash dividends.

At September 30, 2026, operating insurance company’s statutory capital and surplus was $3.70 billion, compared to $3.54 billion at June 30, 2026.

The company repurchased approximately 386,000 shares of common stock in the third quarter of 2026, totaling approximately $86 million. Year-to-date through October 26th, the company has repurchased approximately 1,334,000 shares, totaling approximately $263 million. The company has approximately $546 million of remaining capacity under its existing share repurchase authorization.

Earnings Conference Call

The company will host a conference call to discuss its third quarter results on Thursday, October 29, 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 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 third quarter news release and financial supplement are available in the “Investors” section of the company’s website at hanover.com.


The Hanover Insurance Group, Inc.
Consolidated Statements of Income		Three months ended				Nine months ended
		September 30				September 30
($ in millions)		2026		2025		2026		2025
Revenues
Premiums earned	$	1,611.5	$	1,550.7	$	4,779.7	$	4,604.5
Net investment income		131.9		117.0		378.4		328.6
Net realized and unrealized investment gains (losses):
Net realized losses from sales and other		(8.3)		(20.3)		(18.6)		(43.7)
Net change in fair value of equity securities and other		(6.0)		11.4		9.1		17.4
Recoveries (impairments) on investments:
Credit-related		1.7		-		(1.3)		(2.5)
Intent to sell securities		(1.5)		(0.1)		(2.8)		(0.5)
Total recoveries (impairments) on investments		0.2		(0.1)		(4.1)		(3.0)
Total net realized and unrealized investment losses		(14.1)		(9.0)		(13.6)		(29.3)
Fees and other income		6.2		6.3		18.6		18.8
Total revenues		1,735.5		1,665.0		5,163.1		4,922.6

Losses and expenses
Losses and loss adjustment expenses		989.7		927.1		2,909.8		2,839.6
Amortization of deferred acquisition costs		344.1		324.9		1,015.3		957.8
Interest expense		10.0		11.6		30.9		28.7
Other operating expenses		171.4		174.3		505.1		510.5
Total losses and expenses		1,515.2		1,437.9		4,461.1		4,336.6
Income before income taxes		220.3		227.1		702.0		586.0
Income tax expense		48.0		48.5		151.5		122.3
Income from continuing operations		172.3		178.6		550.5		463.7
Discontinued operations (net of taxes):
Income from discontinued life businesses		0.3		0.1		0.5		0.3
Net income	$	172.6	$	178.7	$	551.0	$	464.0


The Hanover Insurance Group, Inc.
Condensed Consolidated Balance Sheets
		September 30		December 31
($ in millions)		2026		2025
Assets
Total investments	$	10,671.4	$	10,382.7
Cash and cash equivalents		506.3		1,122.7
Premiums and accounts receivable, net		1,998.9		1,861.3
Reinsurance recoverable on paid and unpaid losses and unearned premiums		2,170.9		2,011.1
Other assets		1,616.7		1,484.5
Assets of discontinued businesses		79.5		83.6
Total assets	$	17,043.7	$	16,945.9
Liabilities
Loss and loss adjustment expense reserves	$	8,219.9	$	7,755.2
Unearned premiums		3,645.1		3,440.4
Short-term debt		50.1		375.0
Long-term debt		794.1		843.3
Other liabilities		792.6		851.9
Liabilities of discontinued businesses		100.4		108.6
Total liabilities		13,602.2		13,374.4
Total shareholders’ equity		3,441.5		3,571.5
Total liabilities and shareholders’ equity	$	17,043.7	$	16,945.9

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



The Hanover Insurance Group, Inc.
		Three months ended September 30								Nine months ended September 30
		2026				2025				2026				2025
($ in millions, except per share data)	$ Amount		Per Share (Diluted)		$ Amount		Per Share (Diluted)		$ Amount		Per Share (Diluted)		$ Amount		Per Share (Diluted)
Operating income
Core Commercial	$	55.5			$	65.1			$	207.8			$	175.8
Specialty		88.1				78.2				240.5				214.0
Personal Lines		103.6				101.1				297.7				252.7
Other		(2.8)				3.3				0.5				1.5
Total		244.4				247.7				746.5				644.0
Interest expense		(10.0)				(11.6)				(30.9)				(28.7)
Operating income before income taxes		234.4	$	6.60		236.1	$	6.48		715.6	$	20.04		615.3	$	16.84
Income tax expense on operating income		(51.3)		(1.45)		(50.5)		(1.39)		(154.8)		(4.34)		(129.2)		(3.53)
Operating income after income taxes		183.1		5.15		185.6		5.09		560.8		15.70		486.1		13.31
Non-operating items:
Net realized losses from sales and other		(8.3)		(0.23)		(20.3)		(0.56)		(18.6)		(0.52)		(43.7)		(1.20)
Net change in fair value of equity securities and other		(6.0)		(0.17)		11.4		0.31		9.1		0.25		17.4		0.48
Recoveries (impairments) on investments:
Credit-related		1.7		0.05		-		-		(1.3)		(0.04)		(2.5)		(0.07)
Intent to sell securities		(1.5)		(0.04)		(0.1)		-		(2.8)		(0.08)		(0.5)		(0.01)
Total recoveries (impairments) on investments		0.2		0.01		(0.1)		-		(4.1)		(0.12)		(3.0)		(0.08)
Income tax benefit on non-operating items		3.3		0.09		2.0		0.06		3.3		0.10		6.9		0.19
Income from continuing operations, net of taxes		172.3		4.85		178.6		4.90		550.5		15.41		463.7		12.70
Discontinued operations (net of taxes):
Income from discontinued life businesses		0.3		0.01		0.1		-		0.5		0.02		0.3		-
Net income	$	172.6	$	4.86	$	178.7	$	4.90	$	551.0	$	15.43	$	464.0	$	12.70
Dilutive weighted average shares outstanding				35.5				36.4				35.7				36.5
Basic weighted average shares outstanding				34.8				35.8				35.0				35.9

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. Forward-looking statements may address, among other things, expectations regarding our growth, technology investments, profitability, capital allocation and certain statements regarding our performance for the remainder of 2026 and beyond, as well as our expectations, intentions and other statements that are not historical facts. 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. Some of the factors that could cause actual results to differ include, but are not limited to: changes in the demand for our products; risks and uncertainties related to our growth and operating strategies, including our ability to attract, grow and retain profitable policies in force, to increase rates commensurate with, or in excess of, loss trends, and to manage expenses and execute strategic initiatives effectively; adverse claims experience or changes in our estimates of loss and loss adjustment expense reserves, including those arising from catastrophes, inflationary pressures or global unrest, which may result in lower current year underwriting results or adverse loss development, and which could negatively impact our carried reserves; uncertainties with respect to the long-term profitability of our products, including with respect to newer products, or longer-tail products covering casualty losses; disruption in our distribution channels, including the loss or disruption of our independent agency channel, and the impact of competition and consolidation in the industry and among agents and brokers; changes in frequency and loss severity trends, exacerbated by fluctuations in economic conditions; changes in regulatory, legislative, economic, market and political conditions, particularly with respect to rates, policy terms and conditions, the use of artificial intelligence and other technologies, privacy and data security, payment flexibility, and regions where we have geographical concentration; volatile and unpredictable developments, including severe weather (whether arising from changing climate conditions or weather patterns, or otherwise) and other natural physical events, catastrophes, pandemics, civil unrest, war, global conflicts, and terrorist actions, and the uncertainty in estimating the resulting losses; and, other risks, uncertainties and factors discussed in the company's most recently filed quarterly report on Form 10-Q and its 2025 Annual Report filed on Form 10-K and in the company's other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference. The company does not undertake the responsibility to update or revise such forward-looking statements, except as required by law.

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. Income from continuing operations 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 income from continuing operations or net income determined in accordance with GAAP. A reconciliation of operating income to income from continuing operations and net income for the relevant periods is included on page 9 of this news release and in the Financial Supplement.

Operating return on 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.

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
	September 30, 2026
	Core Commercial		Specialty		Personal Lines		Total
Total combined ratio (GAAP)	100.5	%	84.0	%	89.7	%	92.3	%
Less: Catastrophe ratio	7.8	%	3.4	%	7.9	%	6.8	%
Combined ratio, excluding catastrophe losses (non-GAAP)	92.7	%	80.6	%	81.8	%	85.5	%
Less: Prior-year reserve development ratio	(0.5)	%	(4.0)	%	(0.1)	%	(1.1)	%
Current accident year combined ratio, excluding catastrophe losses (non-GAAP)	93.2	%	84.6	%	81.9	%	86.6	%
	September 30, 2025
Total combined ratio (GAAP)	97.3	%	84.9	%	89.2	%	91.1	%
Less: Catastrophe ratio	3.2	%	1.7	%	3.5	%	3.0	%
Combined ratio, excluding catastrophe losses (non-GAAP)	94.1	%	83.2	%	85.7	%	88.1	%
Less: Prior-year reserve development ratio	(0.2)	%	(2.8)	%	(0.1)	%	(0.8)	%
Current accident year combined ratio, excluding catastrophe losses (non-GAAP)	94.3	%	86.0	%	85.8	%	88.9	%

	Nine months ended
	September 30, 2026
	Core Commercial		Specialty		Personal Lines		Total
Total combined ratio (GAAP)	97.7	%	85.6	%	90.0	%	91.8	%
Less: Catastrophe ratio	5.9	%	2.9	%	8.5	%	6.3	%
Combined ratio, excluding catastrophe losses (non-GAAP)	91.8	%	82.7	%	81.5	%	85.5	%
Less: Prior-year reserve development ratio	(0.3)	%	(3.6)	%	(1.0)	%	(1.4)	%
Current accident year combined ratio, excluding catastrophe losses (non-GAAP)	92.1	%	86.3	%	82.5	%	86.9	%
	September 30, 2025
Total combined ratio (GAAP)	97.8	%	86.3	%	91.4	%	92.6	%
Less: Catastrophe ratio	5.2	%	3.4	%	6.7	%	5.4	%
Combined ratio, excluding catastrophe losses (non-GAAP)	92.6	%	82.9	%	84.7	%	87.2	%
Less: Prior-year reserve development ratio	(0.3)	%	(3.7)	%	(0.3)	%	(1.1)	%
Current accident year combined ratio, excluding catastrophe losses (non-GAAP)	92.9	%	86.6	%	85.0	%	88.3	%

(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.


	Three months ended
	September 30, 2026
	Core Commercial		Specialty		Personal Lines		Total
Total loss and LAE ratio	67.8	%	47.1	%	63.8	%	61.4	%
Less:
Prior-year reserve development ratio	(0.5)	%	(4.0)	%	(0.1)	%	(1.1)	%
Catastrophe ratio	7.8	%	3.4	%	7.9	%	6.8	%
Current accident year loss and LAE ratio, excluding catastrophes	60.5	%	47.7	%	56.0	%	55.7	%

	September 30, 2025
Total loss and LAE ratio	63.6	%	47.7	%	63.2	%	59.8	%
Less:
Prior-year reserve development ratio	(0.2)	%	(2.8)	%	(0.1)	%	(0.8)	%
Catastrophe ratio	3.2	%	1.7	%	3.5	%	3.0	%
Current accident year loss and LAE ratio, excluding catastrophes	60.6	%	48.8	%	59.8	%	57.6	%

	Nine months ended
	September 30, 2026
	Core Commercial		Specialty		Personal Lines		Total
Total loss and LAE ratio	65.0	%	48.8	%	64.0	%	60.9	%
Less:
Prior-year reserve development ratio	(0.3)	%	(3.6)	%	(1.0)	%	(1.4)	%
Catastrophe ratio	5.9	%	2.9	%	8.5	%	6.3	%
Current accident year loss and LAE ratio, excluding catastrophes	59.4	%	49.5	%	56.5	%	56.0	%

	September 30, 2025
Total loss and LAE ratio	64.5	%	49.3	%	66.0	%	61.7	%
Less:
Prior-year reserve development ratio	(0.3)	%	(3.7)	%	(0.3)	%	(1.1)	%
Catastrophe ratio	5.2	%	3.4	%	6.7	%	5.4	%
Current accident year loss and LAE ratio, excluding catastrophes	59.6	%	49.6	%	59.6	%	57.4	%

(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
		June 30	September 30
		2026	2026
Book value per share		$105.40	$99.69
Less: Net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, per share		(5.86)	(14.57)
Book value per share, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax		$111.26	$114.26

Versus prior quarter
Change in book value per share			(5.4)%
Change in book value per share, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax			2.7 %

(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 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 in the following table. For the calculation of 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 following table.



	Period Ended
($ in millions)		December 31		March 31		June 30		September 30
		2025		2026		2026		2026
Total shareholders' equity (GAAP)	$	3,571.5	$	3,570.4	$	3,672.5	$	3,441.5
Less: net unrealized appreciation (depreciation) on fixed maturity investments, net of tax		(117.1)		(185.0)		(204.1)		(502.9)
Total shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax	$	3,688.6	$	3,755.4	$	3,876.6	$	3,944.4

Quarter Averages
Average shareholders' equity (GAAP)							$	3,557.0
Average shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax							$	3,910.5

Year-to-date Averages
Average shareholders' equity (GAAP)							$	3,564.0
Average shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax							$	3,816.3



($ in millions)	Three months ended			Nine months ended
	September 30			September 30
Net Income ROE	2026			2026
Net income (GAAP)	$	172.6		$	551.0
Annualized net income*		690.4			734.7
Average shareholders' equity (GAAP)	$	3,557.0		$	3,564.0
Return on equity		19.4	%		20.6	%
Operating Income ROE (non-GAAP)
Operating income after taxes	$	183.1		$	560.8
Annualized operating income, net of tax*		732.4			747.7
Average shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax	$	3,910.5		$	3,816.3
Operating return on equity		18.7	%		19.6	%

*For three months ended September 30, 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. For nine months ended September 30, 2026, annualized net income and operating income after taxes is calculated by dividing nine months ended net income and operating income after taxes, respectively, by 3 and multiplying 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.

Exhibit 99.2

FINANCIAL SUPPLEMENT
THIRD 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.......................................................................................................................	5-7
Core Commercial...............................................................................................................	8-9
Specialty..............................................................................................................................	10-11
Personal Lines....................................................................................................................	12-15
Investments
Net Investment Income and Yields.....................................................................................	16
Investment Portfolio.............................................................................................................	17
Credit Quality and Duration of Fixed Maturities...............................................................	18
Top 10 Corporate and Municipal Fixed Maturity Holdings.............................................	19
Reconciliation of Operating Income to Net Income................................................	20
Other Information
Non-GAAP Financial Measures........................................................................................	21
Premium Related Metric Definitions.................................................................................	22
Corporate Information.........................................................................................................	23
Market and Dividend Information......................................................................................	23
Financial Strength and Debt Ratings................................................................................	23


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, public company governance 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.


THE HANOVER INSURANCE GROUP

FINANCIAL HIGHLIGHTS
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except earnings per share)		2025		2025		2025		2025		2026		2026		2026		2025		2026
PREMIUMS
Gross premiums written	$	1,689.9	$	1,752.6	$	1,913.5	$	1,666.6	$	1,742.3	$	1,828.3	$	1,978.2	$	5,356.0	$	5,548.8
Net premiums written		1,510.8		1,583.8		1,738.9		1,488.6		1,559.7		1,656.8		1,792.5		4,833.5		5,009.0
Net premiums earned		1,508.5		1,545.3		1,550.7		1,556.6		1,570.6		1,597.6		1,611.5		4,604.5		4,779.7
EARNINGS
Operating income before interest and taxes	$	186.4	$	209.9	$	247.7	$	289.0	$	250.2	$	251.9	$	244.4	$	644.0	$	746.5
Operating income after taxes		141.8		158.7		185.6		210.1		188.5		189.2		183.1		486.1		560.8
Income from continuing operations		128.2		156.9		178.6		197.0		186.8		191.4		172.3		463.7		550.5
Net income		128.2		157.1		178.7		198.5		186.8		191.6		172.6		464.0		551.0
PER SHARE DATA (DILUTED)
Operating income after taxes	$	3.87	$	4.35	$	5.09	$	5.79	$	5.25	$	5.31	$	5.15	$	13.31	$	15.70
Income from continuing operations		3.50		4.30		4.90		5.43		5.20		5.37		4.85		12.70		15.41
Net income		3.50		4.30		4.90		5.47		5.20		5.38		4.86		12.70		15.43
Dilutive weighted average shares outstanding		36.6		36.5		36.4		36.3		35.9		35.6		35.5		36.5		35.7
Basic weighted average shares outstanding		36.0		35.9		35.8		35.5		35.2		35.0		34.8		35.9		35.0

BALANCE SHEET
		March 31		June 30		September 30		December 31		March 31		June 30		September 30
(In millions, except per share data)		2025		2025		2025		2025		2026		2026		2026
Total assets	$	15,470.3	$	15,732.1	$	16,774.2	$	16,945.9	$	16,527.7	$	16,863.9	$	17,043.7
Total loss and loss adjustment expense reserves		7,608.9		7,636.2		7,706.5		7,755.2		7,911.1		8,001.7		8,219.9
Total shareholders' equity		3,044.4		3,216.3		3,426.3		3,571.5		3,570.4		3,672.5		3,441.5
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		3,876.6		3,944.4
Property and Casualty Companies
Statutory surplus	$	3,098.3	$	3,097.0	$	3,273.1	$	3,337.9	$	3,535.1	$	3,540.9	$	3,700.8
Premium to surplus ratio		1.98:1		2.00:1		1.92:1		1.90:1		1.80:1		1.81:1		1.76:1
Book value per share	$	84.56	$	89.62	$	96.00	$	100.90	$	101.86	$	105.40	$	99.69
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	$	111.26	$	114.26
Tangible book value per share (total book value excluding goodwill
and intangibles)	$	79.10	$	84.12	$	90.46	$	95.34	$	96.26	$	99.79	$	94.00
Shares outstanding		36.0		35.9		35.7		35.4		35.1		34.9		34.5
Total debt/equity		25.8 %		24.4 %		37.4 %		34.1 %		23.6 %		23.0 %		24.5 %
Total debt/total capital		20.5 %		19.6 %		27.2 %		25.4 %		19.1 %		18.7 %		19.7 %


THE HANOVER INSURANCE GROUP

CONSOLIDATED STATEMENTS OF INCOME

	Three Months ended September 30					Nine Months ended September 30
(In millions)		2026		2025	% Change		2026		2025	% Change

Premiums earned	$	1,611.5	$	1,550.7	3.9	$	4,779.7	$	4,604.5	3.8
Net investment income		131.9		117.0	12.7		378.4		328.6	15.2
Net realized and unrealized investment gains (losses):
Net realized losses from sales and other		(8.3)		(20.3)	(59.1)		(18.6)		(43.7)	(57.4)
Net change in fair value of equity securities and other		(6.0)		11.4	N/M		9.1		17.4	(47.7)
Recoveries (impairments) on investments:
Credit-related		1.7		-	N/M		(1.3)		(2.5)	(48.0)
Intent to sell securities		(1.5)		(0.1)	N/M		(2.8)		(0.5)	N/M
Total recoveries (impairments) on investments		0.2		(0.1)	N/M		(4.1)		(3.0)	36.7
Total net realized and unrealized investment losses		(14.1)		(9.0)	56.7		(13.6)		(29.3)	(53.6)
Fees and other income		6.2		6.3	(1.6)		18.6		18.8	(1.1)
Total revenues		1,735.5		1,665.0	4.2		5,163.1		4,922.6	4.9

LOSSES AND EXPENSES

Losses and loss adjustment expenses		989.7		927.1	6.8		2,909.8		2,839.6	2.5
Amortization of deferred acquisition costs		344.1		324.9	5.9		1,015.3		957.8	6.0
Interest expense		10.0		11.6	(13.8)		30.9		28.7	7.7
Other operating expenses		171.4		174.3	(1.7)		505.1		510.5	(1.1)
Total losses and expenses		1,515.2		1,437.9	5.4		4,461.1		4,336.6	2.9

Income before income taxes		220.3		227.1	(3.0)		702.0		586.0	19.8
Income tax expense		48.0		48.5	(1.0)		151.5		122.3	23.9
Income from continuing operations		172.3		178.6	(3.5)		550.5		463.7	18.7
Discontinued operations (net of taxes):
Income from discontinued life businesses		0.3		0.1	N/M		0.5		0.3	66.7
Net income	$	172.6	$	178.7	(3.4)	$	551.0	$	464.0	18.8


THE HANOVER INSURANCE GROUP

CONSOLIDATED BALANCE SHEETS
		September 30		December 31
(In millions, except per share data)		2026		2025	% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $10,471.8 and $9,685.7)	$	9,835.7	$	9,536.5	3.1
Equity securities, at fair value		197.1		184.8	6.7
Other investments		638.6		661.4	(3.4)
Total investments		10,671.4		10,382.7	2.8
Cash and cash equivalents		506.3		1,122.7	(54.9)
Accrued investment income		84.0		80.1	4.9
Premiums and accounts receivable, net		1,998.9		1,861.3	7.4
Reinsurance recoverable on paid and unpaid losses and unearned premiums		2,170.9		2,011.1	7.9
Deferred acquisition costs		741.8		703.0	5.5
Deferred income tax asset		192.7		83.3	131.3
Goodwill		178.8		178.8	-
Other assets		419.4		439.3	(4.5)
Assets of discontinued businesses		79.5		83.6	(4.9)
Total assets	$	17,043.7	$	16,945.9	0.6
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Loss and loss adjustment expense reserves	$	8,219.9	$	7,755.2	6.0
Unearned premiums		3,645.1		3,440.4	5.9
Expenses and taxes payable		743.6		806.7	(7.8)
Reinsurance premiums payable		49.0		45.2	8.4
Short-term debt		50.1		375.0	(86.6)
Long-term debt		794.1		843.3	(5.8)
Liabilities of discontinued businesses		100.4		108.6	(7.6)
Total liabilities		13,602.2		13,374.4	1.7
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		2,046.7		2,013.5	1.6
Accumulated other comprehensive loss		(553.1)		(171.4)	222.7
Retained earnings		4,191.7		3,741.6	12.0
Treasury stock at cost (26.0 and 25.1 million shares)		(2,244.4)		(2,012.8)	11.5
Total shareholders' equity		3,441.5		3,571.5	(3.6)
Total liabilities and shareholders' equity	$	17,043.7	$	16,945.9	0.6


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS
CONSOLIDATED

Three Months ended September 30

		2026										2025

		Core				Personal						Core				Personal
(In millions, except percentage data)		Commercial		Specialty		Lines		Other		Total		Commercial		Specialty		Lines		Other		Total

Gross premiums written	$	748.8	$	450.4	$	779.0	$	-	$	1,978.2	$	709.5	$	437.7	$	766.3	$	-	$	1,913.5
				-				-						-				-
Net premiums written	$	648.9	$	391.6	$	752.0	$	-	$	1,792.5	$	620.3	$	379.2	$	739.4	$	-	$	1,738.9
				-				-						-				-
Net premiums earned	$	582.2	$	369.5	$	659.8	$	-	$	1,611.5	$	554.2	$	353.9	$	642.6	$	-	$	1,550.7
				-				-						-				-
Losses and LAE:
				-				-						-				-
Current year, excluding catastrophe losses		352.4		176.5		369.4		-		898.3		335.6		172.7		384.7		-		893.0
								-										-
Prior year unfavorable (favorable) development, excluding catastrophe losses		(3.0)		(14.8)		(0.7)		0.2		(18.3)		(1.2)		(10.0)		(0.9)		-		(12.1)
								-										-
Current year catastrophe losses		49.9		14.8		57.0		-		121.7		17.8		6.0		22.4		-		46.2
								-										-
Prior year favorable catastrophe development		(4.6)		(2.4)		(5.0)		-		(12.0)		-		-		-		-		-
								-										-
Total losses and LAE		394.7		174.1		420.7		0.2		989.7		352.2		168.7		406.2		-		927.1
								-										-
Amortization of deferred acquisition costs and other underwriting expenses		191.8		136.8		174.1		-		502.7		187.8		132.4		170.1		-		490.3
								-										-
GAAP underwriting profit (loss)		(4.3)		58.6		65.0		(0.2)		119.1		14.2		52.8		66.3		-		133.3
								-										-
Net investment income		60.5		30.5		36.8		4.1		131.9		51.8		26.1		33.0		6.1		117.0
								-										-
Other income		1.3		1.3		3.5		0.1		6.2		1.3		1.3		3.7		-		6.3
								-										-
Other operating expenses		(2.0)		(2.3)		(1.7)		(6.8)		(12.8)		(2.2)		(2.0)		(1.9)		(2.8)		(8.9)
								-										-
Operating income (loss) before income taxes	$	55.5	$	88.1	$	103.6	$	(2.8)	$	244.4	$	65.1	$	78.2	$	101.1	$	3.3	$	247.7

Loss and LAE ratio:

Current year, excluding catastrophe losses		60.5 %		47.7 %		56.0 %		N/M		55.7 %		60.6 %		48.8 %		59.8 %		N/M		57.6 %

Prior year favorable development, excluding catastrophe losses		(0.5)%		(4.0)%		(0.1)%		N/M		(1.1)%		(0.2)%		(2.8)%		(0.1)%		N/M		(0.8)%

Current year catastrophe losses		8.6 %		4.0 %		8.7 %		N/M		7.5 %		3.2 %		1.7 %		3.5 %		N/M		3.0 %

Prior year favorable catastrophe development		(0.8)%		(0.6)%		(0.8)%		N/M		(0.7)%		-		-		-		N/M		-

Total loss and LAE ratio		67.8 %		47.1 %		63.8 %		N/M		61.4 %		63.6 %		47.7 %		63.2 %		N/M		59.8 %

Expense ratio		32.7 %		36.9 %		25.9 %		N/M		30.9 %		33.7 %		37.2 %		26.0 %		N/M		31.3 %

Combined ratio		100.5 %		84.0 %		89.7 %		N/M		92.3 %		97.3 %		84.9 %		89.2 %		N/M		91.1 %


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED

Nine Months ended September 30

		2026										2025

		Core				Personal						Core				Personal
(In millions, except percentage data)		Commercial		Specialty		Lines		Other		Total		Commercial		Specialty		Lines		Other		Total
Gross premiums written	$	2,132.3	$	1,324.1	$	2,092.4	$	-	$	5,548.8	$	2,025.0	$	1,286.5	$	2,044.5	$	-	$	5,356.0
Net premiums written	$	1,854.1	$	1,142.7	$	2,012.2	$	-	$	5,009.0	$	1,760.9	$	1,105.7	$	1,966.9	$	-	$	4,833.5
Net premiums earned	$	1,725.3	$	1,095.2	$	1,959.2	$	-	$	4,779.7	$	1,649.5	$	1,049.4	$	1,905.6	$	-	$	4,604.5
Losses and LAE:
Current year, excluding catastrophe losses		1,024.2		541.8		1,108.2		-		2,674.2		983.4		520.3		1,136.9		-		2,640.6
Prior year unfavorable (favorable) development, excluding catastrophe losses		(5.2)		(39.8)		(20.0)		0.2		(64.8)		(5.5)		(38.4)		(6.3)		(0.1)		(50.3)
Current accident year catastrophe losses		136.2		43.4		194.5		-		374.1		97.5		39.3		130.5		-		267.3
Prior year favorable catastrophe development		(34.1)		(11.4)		(28.2)		-		(73.7)		(11.0)		(4.0)		(3.0)		-		(18.0)
Total losses and LAE		1,121.1		534.0		1,254.5		0.2		2,909.8		1,064.4		517.2		1,258.1		(0.1)		2,839.6
Amortization of deferred acquisition costs and other underwriting expenses		567.5		404.3		518.0		-		1,489.8		553.7		390.4		494.3		-		1,438.4
GAAP underwriting profit (loss)		36.7		156.9		186.7		(0.2)		380.1		31.4		141.8		153.2		0.1		326.5
Net investment income		174.1		86.4		105.3		12.6		378.4		147.5		74.7		93.7		12.7		328.6
Other income		4.0		3.7		10.8		0.1		18.6		3.9		3.7		11.1		0.1		18.8
Other operating expenses		(7.0)		(6.5)		(5.1)		(12.0)		(30.6)		(7.0)		(6.2)		(5.3)		(11.4)		(29.9)
Operating income before income taxes	$	207.8	$	240.5	$	297.7	$	0.5	$	746.5	$	175.8	$	214.0	$	252.7	$	1.5	$	644.0
Loss and LAE ratio:
Current year, excluding catastrophe losses		59.4 %		49.5 %		56.5 %		N/M		56.0 %		59.6 %		49.6 %		59.6 %		N/M		57.4 %
Prior year favorable development, excluding catastrophe losses		(0.3)%		(3.6)%		(1.0)%		N/M		(1.4)%		(0.3)%		(3.7)%		(0.3)%		N/M		(1.1)%
Current year catastrophe losses		7.9 %		3.9 %		9.9 %		N/M		7.8 %		5.9 %		3.8 %		6.9 %		N/M		5.8 %
Prior year favorable catastrophe development		(2.0)%		(1.0)%		(1.4)%		N/M		(1.5)%		(0.7)%		(0.4)%		(0.2)%		N/M		(0.4)%
Total loss and LAE ratio		65.0 %		48.8 %		64.0 %		N/M		60.9 %		64.5 %		49.3 %		66.0 %		N/M		61.7 %
Expense ratio		32.7 %		36.8 %		26.0 %		N/M		30.9 %		33.3 %		37.0 %		25.4 %		N/M		30.9 %
Combined ratio		97.7 %		85.6 %		90.0 %		N/M		91.8 %		97.8 %		86.3 %		91.4 %		N/M		92.6 %


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS
CONSOLIDATED


		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2025		2025		2025		2025		2026		2026		2026		2025		2026
Gross premiums written	$	1,689.9	$	1,752.6	$	1,913.5	$	1,666.6	$	1,742.3	$	1,828.3	$	1,978.2	$	5,356.0	$	5,548.8
Net premiums written	$	1,510.8	$	1,583.8	$	1,738.9	$	1,488.6	$	1,559.7	$	1,656.8	$	1,792.5	$	4,833.5	$	5,009.0
Net premiums earned	$	1,508.5	$	1,545.3	$	1,550.7	$	1,556.6	$	1,570.6	$	1,597.6	$	1,611.5	$	4,604.5	$	4,779.7
Losses and LAE:
Current year, excluding catastrophe losses		879.7		867.9		893.0		882.8		883.7		892.2		898.3		2,640.6		2,674.2
Prior year favorable development, excluding catastrophe losses		(20.0)		(18.2)		(12.1)		(20.1)		(25.0)		(21.5)		(18.3)		(50.3)		(64.8)
Current year catastrophe losses		107.6		113.5		46.2		35.0		147.7		104.7		121.7		267.3		374.1
Prior year favorable catastrophe development		(12.0)		(6.0)		-		(8.0)		(48.8)		(12.9)		(12.0)		(18.0)		(73.7)
Total losses and LAE		955.3		957.2		927.1		889.7		957.6		962.5		989.7		2,839.6		2,909.8
Amortization of deferred acquisition costs and other underwriting expenses		470.3		477.8		490.3		500.9		486.8		500.3		502.7		1,438.4		1,489.8
GAAP underwriting profit		82.9		110.3		133.3		166.0		126.2		134.8		119.1		326.5		380.1
Net investment income		106.1		105.5		117.0		125.8		126.9		119.6		131.9		328.6		378.4
Other income		6.4		6.1		6.3		6.1		6.2		6.2		6.2		18.8		18.6
Other operating expenses		(9.0)		(12.0)		(8.9)		(8.9)		(9.1)		(8.7)		(12.8)		(29.9)		(30.6)
Operating income before income taxes	$	186.4	$	209.9	$	247.7	$	289.0	$	250.2	$	251.9	$	244.4	$	644.0	$	746.5
Loss and LAE ratio:
Current year, excluding catastrophe losses		58.3 %		56.1 %		57.6 %		56.8 %		56.3 %		55.8 %		55.7 %		57.4 %		56.0 %
Prior year favorable development, excluding catastrophe losses		(1.3)%		(1.2)%		(0.8)%		(1.3)%		(1.6)%		(1.3)%		(1.1)%		(1.1)%		(1.4)%
Current year catastrophe losses		7.1 %		7.4 %		3.0 %		2.2 %		9.4 %		6.5 %		7.5 %		5.8 %		7.8 %
Prior year favorable catastrophe development		(0.8)%		(0.4)%		-		(0.5)%		(3.1)%		(0.8)%		(0.7)%		(0.4)%		(1.5)%
Total loss and LAE ratio		63.3 %		61.9 %		59.8 %		57.2 %		61.0 %		60.2 %		61.4 %		61.7 %		60.9 %
Expense ratio		30.8 %		30.6 %		31.3 %		31.8 %		30.7 %		31.0 %		30.9 %		30.9 %		30.9 %
Combined ratio		94.1 %		92.5 %		91.1 %		89.0 %		91.7 %		91.2 %		92.3 %		92.6 %		91.8 %
Combined ratio, excluding catastrophe losses		87.8 %		85.5 %		88.1 %		87.3 %		85.4 %		85.5 %		85.5 %		87.2 %		85.5 %
Current accident year combined ratio, excluding catastrophe losses		89.1 %		86.7 %		88.9 %		88.6 %		87.0 %		86.8 %		86.6 %		88.3 %		86.9 %


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CORE COMMERCIAL


		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2025		2025		2025		2025		2026		2026		2026		2025		2026

Gross premiums written	$	693.1	$	622.4	$	709.5	$	599.1	$	721.8	$	661.7	$	748.8	$	2,025.0	$	2,132.3
Net premiums written	$	604.6	$	536.0	$	620.3	$	512.8	$	630.4	$	574.8	$	648.9	$	1,760.9	$	1,854.1
Net premiums earned	$	541.0	$	554.3	$	554.2	$	561.5	$	563.8	$	579.3	$	582.2	$	1,649.5	$	1,725.3
Losses and LAE:
Current year, excluding catastrophe losses		334.2		313.6		335.6		322.2		331.2		340.6		352.4		983.4		1,024.2
Prior year favorable development, excluding catastrophe losses		(1.3)		(3.0)		(1.2)		(1.6)		(1.6)		(0.6)		(3.0)		(5.5)		(5.2)
Current year catastrophe losses		54.5		25.2		17.8		26.9		52.1		34.2		49.9		97.5		136.2
Prior year favorable catastrophe development		(8.5)		(2.5)		-		-		(21.7)		(7.8)		(4.6)		(11.0)		(34.1)
Total losses and LAE		378.9		333.3		352.2		347.5		360.0		366.4		394.7		1,064.4		1,121.1
Amortization of deferred acquisition costs and other underwriting expenses		182.1		183.8		187.8		193.2		186.0		189.7		191.8		553.7		567.5
GAAP underwriting profit (loss)		(20.0)		37.2		14.2		20.8		17.8		23.2		(4.3)		31.4		36.7
Net investment income		48.0		47.7		51.8		55.0		58.3		55.3		60.5		147.5		174.1
Other income		1.3		1.3		1.3		1.3		1.4		1.3		1.3		3.9		4.0
Other operating expenses		(2.5)		(2.3)		(2.2)		(2.0)		(2.7)		(2.3)		(2.0)		(7.0)		(7.0)
Operating income before income taxes	$	26.8	$	83.9	$	65.1	$	75.1	$	74.8	$	77.5	$	55.5	$	175.8	$	207.8

Loss and LAE ratio:
Current year, excluding catastrophe losses		61.7 %		56.5 %		60.6 %		57.4 %		58.8 %		58.7 %		60.5 %		59.6 %		59.4 %
Prior year favorable development, excluding catastrophe losses		(0.2)%		(0.5)%		(0.2)%		(0.3)%		(0.3)%		(0.1)%		(0.5)%		(0.3)%		(0.3)%
Current year catastrophe losses		10.1 %		4.6 %		3.2 %		4.8 %		9.2 %		5.9 %		8.6 %		5.9 %		7.9 %
Prior year favorable catastrophe development		(1.6)%		(0.5)%		-		-		(3.8)%		(1.3)%		(0.8)%		(0.7)%		(2.0)%
Total loss and LAE ratio		70.0 %		60.1 %		63.6 %		61.9 %		63.9 %		63.2 %		67.8 %		64.5 %		65.0 %
Expense ratio		33.4 %		32.9 %		33.7 %		34.2 %		32.7 %		32.5 %		32.7 %		33.3 %		32.7 %
Combined ratio		103.4 %		93.0 %		97.3 %		96.1 %		96.6 %		95.7 %		100.5 %		97.8 %		97.7 %

Combined ratio, excluding catastrophe losses		94.9 %		88.9 %		94.1 %		91.3 %		91.2 %		91.1 %		92.7 %		92.6 %		91.8 %
Current accident year combined ratio, excluding catastrophe losses		95.1 %		89.4 %		94.3 %		91.6 %		91.5 %		91.2 %		93.2 %		92.9 %		92.1 %


THE HANOVER INSURANCE GROUP

PREMIUMS WRITTEN AND RELATED METRICS
CORE COMMERCIAL

		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2025		2025		2025		2025		2026		2026		2026		2025		2026

Written Premium
Gross	$	693.1	$	622.4	$	709.5	$	599.1	$	721.8	$	661.7	$	748.8	$	2,025.0	$	2,132.3
Ceded		(88.5)		(86.4)		(89.2)		(86.3)		(91.4)		(86.9)		(99.9)		(264.1)		(278.2)
Net	$	604.6	$	536.0	$	620.3	$	512.8	$	630.4	$	574.8	$	648.9	$	1,760.9	$	1,854.1
Growth		3.8%		4.4%		3.5%		2.5%		4.3%		7.2%		4.6%		3.9%		5.3%

Net premiums written by sub-segment
Small Commercial	$	341.8	$	334.3	$	333.5	$	315.7	$	363.6	$	354.2	$	342.8	$	1,009.5	$	1,060.7
Middle Market		262.8		201.7		286.8		197.1		266.8		220.6		306.1		751.4		793.4
Total	$	604.6	$	536.0	$	620.3	$	512.8	$	630.4	$	574.8	$	648.9	$	1,760.9	$	1,854.1

Net premiums written by line of business
Commercial Multiple Peril	$	298.8	$	264.9	$	327.7	$	267.8	$	306.0	$	281.5	$	329.6	$	891.4	$	917.0
Commercial Automobile		114.2		104.6		112.1		96.4		123.4		113.6		120.6		330.9		357.6
Workers’ Compensation		123.5		102.3		100.1		92.9		120.8		104.1		104.2		325.8		329.1
Other Core Commercial		68.1		64.2		80.4		55.7		80.2		75.6		94.5		212.8		250.4
Total	$	604.6	$	536.0	$	620.3	$	512.8	$	630.4	$	574.8	$	648.9	$	1,760.9	$	1,854.1

Related Metrics
Premium Retention		84.4%		85.1%		84.4%		85.3%		85.2%		85.7%		86.3%		84.6%		85.7%
Renewal Price Change		11.1%		10.7%		9.9%		9.4%		8.6%		7.8%		7.4%		10.6%		7.9%


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
SPECIALTY


		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2025		2025		2025		2025		2026		2026		2026		2025		2026


Gross premiums written	$	424.4	$	424.4	$	437.7	$	401.7	$	432.4	$	441.3	$	450.4	$	1,286.5	$	1,324.1
																-		-
Net premiums written	$	358.3	$	368.2	$	379.2	$	335.8	$	366.7	$	384.4	$	391.6	$	1,105.7	$	1,142.7

Net premiums earned	$	339.6	$	355.9	$	353.9	$	348.9	$	359.9	$	365.8	$	369.5	$	1,049.4	$	1,095.2

Losses and LAE:

Current year, excluding catastrophe losses		173.3		174.3		172.7		179.3		176.8		188.5		176.5		520.3		541.8

Prior year favorable development, excluding catastrophe losses		(15.9)		(12.5)		(10.0)		(18.4)		(14.2)		(10.8)		(14.8)		(38.4)		(39.8)

Current year catastrophe losses		17.2		16.1		6.0		(1.2)		15.4		13.2		14.8		39.3		43.4

Prior year favorable catastrophe development		(2.5)		(1.5)		-		-		(5.8)		(3.2)		(2.4)		(4.0)		(11.4)

Total losses and LAE		172.1		176.4		168.7		159.7		172.2		187.7		174.1		517.2		534.0

Amortization of deferred acquisition costs and other underwriting expenses		126.3		131.7		132.4		133.7		131.6		135.9		136.8		390.4		404.3

GAAP underwriting profit		41.2		47.8		52.8		55.5		56.1		42.2		58.6		141.8		156.9

Net investment income		24.3		24.3		26.1		27.9		28.7		27.2		30.5		74.7		86.4

Other income		1.3		1.1		1.3		1.1		1.2		1.2		1.3		3.7		3.7

Other operating expenses		(2.2)		(2.0)		(2.0)		(2.4)		(2.0)		(2.2)		(2.3)		(6.2)		(6.5)

Operating income before income taxes	$	64.6	$	71.2	$	78.2	$	82.1	$	84.0	$	68.4	$	88.1	$	214.0	$	240.5

Loss and LAE ratio:

Current year, excluding catastrophe losses		51.1 %		49.0 %		48.8%		51.4 %		49.0 %		51.6 %		47.7 %		49.6%		49.5 %

Prior year favorable development, excluding catastrophe losses		(4.7)%		(3.5)%		(2.8)%		(5.3)%		(3.9)%		(3.0)%		(4.0)%		(3.7)%		(3.6)%

Current year catastrophe losses		5.0 %		4.5 %		1.7%		(0.3)%		4.3 %		3.6 %		4.0 %		3.8%		3.9 %

Prior year favorable catastrophe development		(0.7)%		(0.4)%		-		-		(1.6)%		(0.9)%		(0.6)%		(0.4)%		(1.0)%

Total loss and LAE ratio		50.7 %		49.6 %		47.7 %		45.8 %		47.8 %		51.3 %		47.1 %		49.3 %		48.8 %

Expense ratio		37.0 %		36.9 %		37.2 %		38.1 %		36.4 %		37.0 %		36.9 %		37.0 %		36.8 %

Combined ratio		87.7 %		86.5 %		84.9 %		83.9 %		84.2 %		88.3 %		84.0 %		86.3 %		85.6 %
																-		-
Combined ratio, excluding catastrophe losses		83.4 %		82.4 %		83.2 %		84.2 %		81.5 %		85.6 %		80.6 %		82.9 %		82.7 %

Current accident year combined ratio, excluding catastrophe losses		88.1 %		85.9 %		86.0 %		89.5 %		85.4 %		88.6 %		84.6 %		86.6 %		86.3 %


THE HANOVER INSURANCE GROUP

PREMIUMS WRITTEN AND RELATED METRICS
SPECIALTY

		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2025		2025		2025		2025		2026		2026		2026		2025		2026

Written Premiums
Gross	$	424.4	$	424.4	$	437.7	$	401.7	$	432.4	$	441.3	$	450.4	$	1,286.5	$	1,324.1
Ceded		(66.1)		(56.2)		(58.5)		(65.9)		(65.7)		(56.9)		(58.8)		(180.8)		(181.4)
Net	$	358.3	$	368.2	$	379.2	$	335.8	$	366.7	$	384.4	$	391.6	$	1,105.7	$	1,142.7
Growth		5.4%		4.6%		8.3%		1.2%		2.3%		4.4%		3.3%		6.1%		3.3%
																-		-
Net premiums written by sub-segment
Marine and Industrial Property(1)		137.5	$	150.3	$	145.2	$	121.8	$	137.4	$	145.2	$	147.0	$	433.0	$	429.7
Professional and Executive Lines	$	120.4		108.7		120.0		112.8		126.2		118.8		130.9		349.1		375.8
E&S and Alternative Markets(1)		77.2		85.8		86.3		74.9		76.3		85.8		83.6		249.3		245.7
Surety and Other		23.2		23.4		27.7		26.3		26.8		34.6		30.1		74.3		91.5
Total	$	358.3	$	368.2	$	379.2	$	335.8	$	366.7	$	384.4	$	391.6	$	1,105.7	$	1,142.7
																-		-
Related Metrics
Premium Retention		80.1%		81.8%		83.2%		81.1%		83.3%		82.1%		83.2%		81.7%		82.8%
Renewal Price Change		8.4%		7.8%		8.3%		6.4%		4.6%		3.6%		4.3%		8.1%		4.2%


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES

Three Months ended September 30

	2026						2025
(In millions, except percentage data)		Auto		Home & Other		Total		Auto		Home & Other		Total

Net premiums written	$	413.0	$	339.0	$	752.0	$	416.5	$	322.9	$	739.4

Net premiums earned	$	371.9	$	287.9	$	659.8	$	370.8	$	271.8	$	642.6
						-						-
Losses and LAE:
						-						-
Current year, excluding catastrophe losses		252.3		117.1		369.4		256.3		128.4		384.7
						-						-
Prior year favorable development, excluding catastrophe losses		(0.3)		(0.4)		(0.7)		(0.1)		(0.8)		(0.9)
						-						-
Current year catastrophe losses		9.0		48.0		57.0		4.3		18.1		22.4
						-						-
Prior year favorable catastrophe development		(0.8)		(4.2)		(5.0)		-		-		-
						-						-
Total losses and LAE		260.2		160.5		420.7		260.5		145.7		406.2
						-						-
Amortization of deferred acquisition costs and other underwriting expenses						174.1						170.1
						-						-
GAAP underwriting profit						65.0						66.3
						-						-
Net investment income						36.8						33.0
						-						-
Other income						3.5						3.7
						-						-
Other operating expenses						(1.7)						(1.9)
						-						-
Operating income before income taxes					$	103.6					$	101.1

Loss and LAE ratio:

Current year, excluding catastrophe losses		67.9 %		40.6 %		56.0 %		69.1 %		47.2 %		59.8 %

Prior year favorable development, excluding catastrophe losses		(0.1)%		(0.1)%		(0.1)%		-		(0.3)%		(0.1)%

Current year catastrophe losses		2.4 %		16.7 %		8.7 %		1.2 %		6.7 %		3.5 %

Prior year favorable catastrophe development		(0.2)%		(1.5)%		(0.8)%		-		-		-
Total loss and LAE ratio		70.0 %		55.7 %		63.8 %		70.3 %		53.6 %		63.2 %

Expense ratio						25.9 %						26.0 %

Combined ratio						89.7 %						89.2 %


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES

Nine Months ended September 30

	2026						2025
(In millions, except percentage data)		Auto		Home & Other		Total		Auto		Home & Other		Total

Net premiums written	$	1,130.9	$	881.3	$	2,012.2	$	1,129.6	$	837.3	$	1,966.9

Net premiums earned	$	1,111.9	$	847.3	$	1,959.2	$	1,104.4	$	801.2	$	1,905.6

Losses and LAE:

Current year, excluding catastrophe losses		738.1		370.1		1,108.2		744.3		392.6		1,136.9

Prior year favorable development, excluding catastrophe losses		(4.3)		(15.7)		(20.0)		(3.1)		(3.2)		(6.3)

Current year catastrophe losses		20.2		174.3		194.5		12.9		117.6		130.5

Prior year favorable catastrophe development		(2.2)		(26.0)		(28.2)		(0.3)		(2.7)		(3.0)

Total losses and LAE		751.8		502.7		1,254.5		753.8		504.3		1,258.1

Amortization of deferred acquisition costs and other underwriting expenses						518.0						494.3

GAAP underwriting profit						186.7						153.2

Net investment income						105.3						93.7

Other income						10.8						11.1

Other operating expenses						(5.1)						(5.3)

Operating income before income taxes					$	297.7					$	252.7

Loss and LAE ratio:

Current year, excluding catastrophe losses		66.4 %		43.7 %		56.5 %		67.5 %		49.0 %		59.6 %

Prior year favorable development, excluding catastrophe losses		(0.4)%		(1.9)%		(1.0)%		(0.3)%		(0.4)%		(0.3)%

Current year catastrophe losses		1.8 %		20.6 %		9.9 %		1.1 %		14.6 %		6.9 %

Prior year favorable catastrophe development		(0.2)%		(3.1)%		(1.4)%		-		(0.3)%		(0.2)%
Total loss and LAE ratio		67.6 %		59.3 %		64.0 %		68.3 %		62.9 %		66.0 %

Expense ratio						26.0 %						25.4 %

Combined ratio						90.0 %						91.4 %


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS
PERSONAL LINES



		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2025		2025		2025		2025		2026		2026		2026		2025		2026

Gross premiums written	$	572.4	$	705.8	$	766.3	$	665.8	$	588.1	$	725.3	$	779.0	$	2,044.5	$	2,092.4
																-		-
Net premiums written	$	547.9	$	679.6	$	739.4	$	640.0	$	562.6	$	697.6	$	752.0	$	1,966.9	$	2,012.2
																-		-
Net premiums earned	$	627.9	$	635.1	$	642.6	$	646.2	$	646.9	$	652.5	$	659.8	$	1,905.6	$	1,959.2
																-		-
Losses and LAE:
																-		-
Current year, excluding catastrophe losses		372.2		380.0		384.7		381.3		375.7		363.1		369.4		1,136.9		1,108.2
																-		-
Prior year favorable development, excluding catastrophe losses		(2.8)		(2.6)		(0.9)		(0.9)		(9.2)		(10.1)		(0.7)		(6.3)		(20.0)
																-		-
Current year catastrophe losses		35.9		72.2		22.4		9.3		80.2		57.3		57.0		130.5		194.5
																-		-
Prior year favorable catastrophe development		(1.0)		(2.0)		-		(8.0)		(21.3)		(1.9)		(5.0)		(3.0)		(28.2)
																-		-
Total losses and LAE		404.3		447.6		406.2		381.7		425.4		408.4		420.7		1,258.1		1,254.5
																-		-
Amortization of deferred acquisition costs and other underwriting expenses		161.9		162.3		170.1		174.0		169.2		174.7		174.1		494.3		518.0
																-		-
GAAP underwriting profit		61.7		25.2		66.3		90.5		52.3		69.4		65.0		153.2		186.7

Net investment income		30.5		30.2		33.0		34.8		35.2		33.3		36.8		93.7		105.3
Other income		3.7		3.7		3.7		3.6		3.6		3.7		3.5		11.1		10.8

Other operating expenses		(1.7)		(1.7)		(1.9)		(1.8)		(1.9)		(1.5)		(1.7)		(5.3)		(5.1)

Operating income before income taxes	$	94.2	$	57.4	$	101.1	$	127.1	$	89.2	$	104.9	$	103.6	$	252.7	$	297.7

Loss and LAE ratio:
																-		-
Current year, excluding catastrophe losses		59.2 %		59.8 %		59.8 %		59.0 %		58.1 %		55.6 %		56.0 %		59.6 %		56.5 %
																-		-
Prior year favorable development, excluding catastrophe losses		(0.4)%		(0.4)%		(0.1)%		(0.1)%		(1.4)%		(1.5)%		(0.1)%		(0.3)%		(1.0)%
																-		-
Current year catastrophe losses		5.8 %		11.4 %		3.5 %		1.4 %		12.4 %		8.8 %		8.7 %		6.9 %		9.9 %
																-		-
Prior year favorable catastrophe development		(0.2)%		(0.3)%		-		(1.2)%		(3.3)%		(0.3)%		(0.8)%		(0.2)%		(1.4)%
																-		-
Total loss and LAE ratio		64.4 %		70.5 %		63.2 %		59.1 %		65.8 %		62.6 %		63.8 %		66.0 %		64.0 %
																-		-
Expense ratio		25.3 %		25.0 %		26.0 %		26.4 %		25.7 %		26.3 %		25.9 %		25.4 %		26.0 %
																-		-
Combined ratio		89.7 %		95.5 %		89.2 %		85.5 %		91.5 %		88.9 %		89.7 %		91.4 %		90.0 %
																-		-
Combined ratio, excluding catastrophe losses		84.1 %		84.4 %		85.7 %		85.3 %		82.4 %		80.4 %		81.8 %		84.7 %		81.5 %

Current accident year combined ratio, excluding catastrophe losses		84.5 %		84.8 %		85.8 %		85.4 %		83.8 %		81.9 %		81.9 %		85.0 %		82.5 %


THE HANOVER INSURANCE GROUP

PREMIUMS WRITTEN AND RELATED METRICS
PERSONAL LINES



		Q1		Q2		Q3		Q4		Q1		Q2		Q3	Sep-YTD		Sep-YTD
(In millions, except percentage data)		2025		2025		2025		2025		2026		2026		2026	2025		2026
Written Premiums
Gross	$	572.4	$	705.8	$	766.3	$	665.8	$	588.1	$	725.3	$	779.0	2,044.5	$	2,092.4
Ceded		(24.5)		(26.2)		(26.9)		(25.8)		(25.5)		(27.7)		(27.0)	(77.6)		(80.2)
Net	$	547.9	$	679.6	$	739.4	$	640.0	$	562.6	$	697.6	$	752.0	1,966.9	$	2,012.2
Growth		3.0%		3.7%		3.6%		4.4%		2.7%		2.6%		1.7%	3.4%		2.3%

Net premiums written by line of business
Personal Automobile	$	323.8	$	389.3	$	416.5	$	360.3	$	327.2	$	390.7	$	413.0	1,129.6	$	1,130.9
Homeowners and Other		224.1		290.3		322.9		279.7		235.4		306.9		339.0	837.3		881.3
Total	$	547.9	$	679.6	$	739.4	$	640.0	$	562.6	$	697.6	$	752.0	1,966.9	$	2,012.2

Related Metrics

Renewal Price Change
Personal Automobile		11.8%		9.8%		8.0%		6.9%		6.7%		7.1%		7.1%	9.7%		7.0%
Homeowners		14.9%		15.7%		13.9%		12.3%		10.8%		10.9%		10.9%	14.8%		10.9%
Total (1)		13.1%		12.3%		10.5%		9.2%		8.4%		8.7%		8.7%	11.8%		8.7%

Policy Retention
Personal Automobile		81.4%		83.5%		83.2%		82.4%		81.2%		82.5%		83.1%	82.8%		82.3%
Homeowners		82.4%		85.1%		84.8%		83.7%		82.4%		84.6%		85.3%	84.2%		84.3%
Total (1)		82.0%		84.3%		84.0%		83.1%		81.8%		83.6%		84.2%	83.5%		83.3%

PIF change from prior year period
Personal Automobile		-4.9%		-3.6%		-3.2%		-3.1%		-2.2%		-1.5%		-1.2%	-3.2%		-1.2%
Homeowners		-4.0%		-2.7%		-2.5%		-2.6%		-2.2%		-1.6%		-1.2%	-2.5%		-1.2%
Total (1)		-4.4%		-3.2%		-2.9%		-2.8%		-2.2%		-1.5%		-1.2%	-2.9%		-1.2%

(1) Related metrics exclude Other Personal Lines.


THE HANOVER INSURANCE GROUP

NET INVESTMENT INCOME AND YIELDS



			Q1		Q2		Q3		Q4		Q1		Q2		Q3		YTD		YTD
(In millions, except yields)			2025		2025		2025		2025		2026		2026		2026		2025		2026

Net Investment Income

	Fixed maturities	$	93.3	$	98.4	$	103.3	$	106.4	$	109.2	$	114.4	$	119.2	$	295.0	$	342.8
	Limited partnerships		7.5		3.5		6.8		9.3		11.0		3.6		9.8		17.8		24.4
	Mortgage loans		2.9		3.0		2.6		2.7		2.5		2.2		1.8		8.5		6.5
	Equity securities		0.9		0.9		0.9		0.9		0.9		0.9		1.0		2.7		2.8
	Other investments		5.3		3.4		7.1		10.6		7.4		2.4		4.4		15.8		14.2
	Investment expenses		(3.8)		(3.7)		(3.7)		(4.1)		(4.1)		(3.9)		(4.3)		(11.2)		(12.3)
Total		$	106.1	$	105.5	$	117.0	$	125.8	$	126.9	$	119.6	$	131.9	$	328.6	$	378.4


Pre-tax Yields

	Fixed maturities		4.08%		4.24%		4.33%		4.41%		4.42%		4.45%		4.58%		4.21%		4.49%
	Total		4.14%		4.11%		4.31%		4.44%		4.50%		4.28%		4.60%		4.17%		4.45%


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.


THE HANOVER INSURANCE GROUP

INVESTMENT PORTFOLIO
September 30, 2026
(In millions)
										Change in		Change in
	Weighted		Amortized					Net		Net		Net
	Average		Cost		Fair Value /	% of		Unrealized		Unrealized		Unrealized
Investment Type	Quality		or Cost (1)		Carry Value	Total		Gain (Loss)		During Q3		YTD

Fixed maturities:
U.S. Treasury and government agencies	AA+	$	552.2	$	492.9	4.4%	$	(59.3)	$	(17.5)	$	(23.5)
Foreign governments	A+		16.6		15.6	0.1%		(1.0)		(0.8)		(1.2)
Municipals:
Taxable	AA		1,077.7		967.5	8.7%		(110.2)		(39.7)		(46.3)
Tax-exempt	AA		23.1		21.4	0.2%		(1.7)		(2.5)		(2.5)
Corporates:
NAIC 1	A		2,584.8		2,462.6	22.0%		(122.2)		(103.7)		(139.6)
NAIC 2	BBB		1,572.2		1,494.1	13.4%		(78.1)		(50.2)		(67.8)
NAIC 3 and below	B+		471.5		460.0	4.1%		(11.5)		(12.8)		(18.8)
Total corporates	BBB+		4,628.5		4,416.7	39.5%		(211.8)		(166.7)		(226.2)
Asset-backed:
Residential mortgage-backed	AA+		2,340.8		2,155.3	19.3%		(185.5)		(113.4)		(135.1)
Commercial mortgage-backed	AAA		663.8		617.0	5.5%		(46.8)		(18.9)		(26.5)
Other asset-backed	AA+		1,169.1		1,149.3	10.3%		(19.8)		(17.1)		(25.6)
Total fixed maturities	A+		10,471.8		9,835.7	88.0%		(636.1)		(376.6)		(486.9)
Limited partnerships and other investments			449.8		449.8	4.0%		-		-		-
Equity securities			197.1		197.1	1.8%		-		-		-
Mortgage and other loans			188.8		188.8	1.7%		-		-		-
Total investments			11,307.5		10,671.4	95.5%		(636.1)		(376.6)		(486.9)
Cash and cash equivalents			506.3		506.3	4.5%		-		-		-
Total		$	11,813.8	$	11,177.7	100.0%	$	(636.1)	$	(376.6)	$	(486.9)


(1) Net of allowance for credit losses of $7.7 million.


THE HANOVER INSURANCE GROUP

CREDIT QUALITY AND DURATION OF FIXED MATURITIES
September 30, 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	$		8,337.4	$		7,792.7		79.2	%
2		Baa			1,638.2			1,559.5		15.8	%
3		Ba			288.5			282.6		2.9	%
4		B			177.9			174.7		1.8	%
5		Caa			28.9			25.4		0.3	%
6		In or near default			0.9			0.8		-
Total fixed maturities			$		10,471.8	$		9,835.7		100.0	%


DURATION OF FIXED MATURITIES

				Amortized			Fair		% of Total
				Cost (1)			Value		Fair Value
	0-2 Years		$		1,690.0	$		1,676.4		17.1	%
	2-4 Years				2,390.5			2,282.8		23.2	%
	4-6 Years				2,937.5			2,751.4		28.0	%
	6-8 Years				2,888.1			2,638.7		26.8	%
	8-10 Years				395.2			357.2		3.6	%
	10+ Years				170.5			129.2		1.3	%
Total fixed maturities			$		10,471.8	$		9,835.7		100.0	%
Weighted Average Duration								4.6

(1) Net of allowance for credit losses of $0.7 million.


THE HANOVER INSURANCE GROUP

TOP 10 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS
September 30, 2026

(In millions, except percentage data)
Issuer	Amortized Cost	Fair Value	As a Percent of Invested Assets	Ratings (1)
JPMorgan Chase	$50.6	$48.3	0.43%	A
Texas Natural Gas Securitization Finance Corporation	48.7	45.2	0.40%	AAA
Morgan Stanley	48.2	46.1	0.41%	A-
The Goldman Sachs Group	46.2	44.5	0.40%	BBB+
Bank of America	45.1	43.1	0.39%	A-
Wells Fargo	39.1	37.7	0.34%	A-
State of Louisiana	36.2	33.4	0.30%	AAA
Minnesota Housing Finance Agency	35.2	26.8	0.24%	AA+
State of Ohio	33.8	27.6	0.25%	AAA
Amazon.com	33.3	31.3	0.28%	A+
Top 10 Corporate and Municipal	$416.4	$384.0	3.44%

(1) - Represents nationally recognized rating agency sources.


THE HANOVER INSURANCE GROUP

RECONCILIATION OF OPERATING INCOME TO NET INCOME

	Three Months ended September 30								Nine Months ended September 30
	2026				2025				2026				2025
(In millions, except per share data)		$	Per Share (Diluted)			$	Per Share (Diluted)			$	Per Share (Diluted)			$	Per Share (Diluted)
OPERATING INCOME
Core Commercial	$	55.5			$	65.1			$	207.8			$	175.8
Specialty		88.1				78.2				240.5				214.0
Personal Lines		103.6				101.1				297.7				252.7
Other		(2.8)				3.3				0.5				1.5
Total		244.4				247.7				746.5				644.0

Interest expense		(10.0)				(11.6)				(30.9)				(28.7)

Operating income before income taxes		234.4	$	6.60		236.1	$	6.48		715.6	$	20.04		615.3	$	16.84

Income tax expense on operating income		(51.3)		(1.45)		(50.5)		(1.39)		(154.8)		(4.34)		(129.2)		(3.53)

Operating income after income taxes		183.1		5.15		185.6		5.09		560.8		15.70		486.1		13.31

Non-operating items:
Net realized losses from sales and other		(8.3)		(0.23)		(20.3)		(0.56)		(18.6)		(0.52)		(43.7)		(1.20)
Net change in fair value of equity securities and other		(6.0)		(0.17)		11.4		0.31		9.1		0.25		17.4		0.48
Recoveries (impairments) on investments:
Credit-related		1.7		0.05		-		-		(1.3)		(0.04)		(2.5)		(0.07)
Intent to sell securities		(1.5)		(0.04)		(0.1)		-		(2.8)		(0.08)		(0.5)		(0.01)
Total recoveries (impairments) on investments		0.2		0.01		(0.1)		-		(4.1)		(0.12)		(3.0)		(0.08)
Income tax benefit on non-operating items		3.3		0.09		2.0		0.06		3.3		0.10		6.9		0.19
Income from continuing operations, net of taxes		172.3		4.85		178.6		4.90		550.5		15.41		463.7		12.70
Discontinued operations (net of taxes):
Income from discontinued life businesses		0.3		0.01		0.1		-		0.5		0.02		0.3		-

NET INCOME	$	172.6	$	4.86	$	178.7	$	4.90	$	551.0	$	15.43	$	464.0	$	12.70

     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 (loss) 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 and nine months ended September 30, 2026 and 2025 is set forth on page 20 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.

    

     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.

     CORPORATE OFFICES AND

     INDUSTRY RATINGS AS OF October 28, 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 October 28, 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

     September 30

     $232.83

     $206.90

     $0.950

     Quarter Ended

     2025

      
     Price Range

     Dividends

      
     High

     Low

     Per Share

     March 31

     $174.61

     $147.13

     $0.900

     September 30

     $182.10

     $162.08

     $0.900

     December 31

     $186.22

     $168.39

     $0.950

Source: View Original Filing on SEC EDGAR

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