Hanover Insurance Group IncHanover Insurance Group Inc
Hanover Insurance Group Inc

Hanover Insurance Group Inc

THG
Financials·Insurance

The Hanover Insurance Group, Inc. is a holding company, which engages in the provision of property and casualty products and services. It operates through the following segments: Core Commercial, Specialty, Personal Lines, and Other. The Core Commercial segment includes commercial multiple peril, commercial automobile, workers compensation and other core commercial coverage, such as general liability, commercial umbrella and monoline property. The Specialty focuses on Professional and Executive Lines, Specialty Property and Casualty, Marine, Surety, and other. The Personal Lines segment involves personal automobile, homeowners, and other personal coverage. The Other segment consists of earnings and expenses related to the company. The company was founded in 1852 and is headquartered in Worcester, MA.

Massachusetts; U.S.A
Market cap
No dataNo data
Revenue
$6.6B+5.7% YoY
Net income
$662.5M+55.5% YoY
Free cash flow
$1.2B+47.0% YoY

Market

Listed stock
THGPriceNYSE
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Financial performance

Revenue
$6.6B+5.7% YoY
Operating income
$933M+43.5% YoY
Net income
$662.5M+55.5% YoY
Free cash flow
$1.2B+47.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $5.2B, 2022 $5.5B, 2023 $6B, 2024 $6.2B, 2025 $6.6B. Operating income: 2021 $432.3M, 2022 $285.1M, 2023 $105.6M, 2024 $650.1M, 2025 $933M. Net income: 2021 $418.7M, 2022 $116M, 2023 $35.3M, 2024 $426M, 2025 $662.5M. Free cash flow: 2021 $815.7M, 2022 $704.5M, 2023 $349.8M, 2024 $796.2M, 2025 $1.2B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
5.7%+165 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $432.3M, 2022-12-31 $285.1M, 2023-12-31 $105.6M, 2024-12-31 $650.1M, 2025-12-31 $933M. Net income: 2021-12-31 $418.7M, 2022-12-31 $116M, 2023-12-31 $35.3M, 2024-12-31 $426M, 2025-12-31 $662.5M. Free cash flow: 2021-12-31 $815.7M, 2022-12-31 $704.5M, 2023-12-31 $349.8M, 2024-12-31 $796.2M, 2025-12-31 $1.2B

Growth heatmap

2022202320242025CAGR
Revenue
+4.6%
+9.6%
+4.1%
+5.7%
+6.0%
Gross profit
-32.3%
-9.2%
+84.3%
+25.6%
+9.2%
Operating income
-34.1%
-63.0%
+515.6%
+43.5%
+21.2%
Free cash flow
-13.6%
-50.3%
+127.6%
+47.0%
+9.4%

Earnings quality

Operating cash flow
$1.2B+46.1% YoY
Net income
$662.5M+55.5% YoY
Free cash flow
$1.2B+47.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 178%, 2024-12-31 189%, 2023-12-31 1025%, 2022-12-31 623%, 2021-12-31 197%. Free cash flow: 2025-12-31 177%, 2024-12-31 187%, 2023-12-31 991%, 2022-12-31 607%, 2021-12-31 195%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
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Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
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EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
No data
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Free cash flow yield
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