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The Hanover Insurance Group
The Hanover Insurance Group (THG) investor relations material
The Hanover Insurance Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Achieved record net and operating income per share for both Q4 and full-year 2025, with Q4 net income per share at $5.47 and full-year at $18.16, driven by disciplined execution, strategic investments, and strong underwriting.
Operating ROE reached 23.1% in Q4 and 20.1% for the year, both record highs, with strong growth in net premiums written and robust investment income.
Profitability and growth were maintained through quality risk selection, targeted expansion in high-margin segments, and operational enhancements.
Investments in technology, products, and talent, along with agency partnerships, positioned the company for sustainable growth and resilience.
Management expressed confidence in continued strong performance, citing a robust balance sheet and financial flexibility.
Financial highlights
Q4 combined ratio was 89.0%, with a full-year combined ratio of 91.6%, both improving over prior periods; ex-CAT combined ratio was 87.1% for the year.
Net investment income rose 24.9% in Q4 and 22.0% for the year, totaling $454.4 million.
Book value per share increased 27.4% year-over-year to $100.90; excluding unrealized losses, book value rose 15.3% to $104.21.
Quarterly dividend raised by 5.6% to $0.95 per share, marking 21 consecutive years of increases.
Net premiums written grew 3.0% in Q4 and 3.9% for the year, totaling $6.3B.
Outlook and guidance
Expect mid-single-digit net written premium growth and mid to upper single-digit net investment income growth in 2026.
2026 expense ratio expected at 30.3%; combined ratio (ex-CAT) guided to 88%-89%, with a CAT load of 6.5%.
First quarter 2026 CAT load estimated at 6.1%; no change to guidance after January winter storm.
Management highlighted a positive outlook, supported by a strong balance sheet and investment portfolio.
How will capital allocation balance growth and buybacks?
How will competition impact middle market growth?
Rationale for consistent 2026 CAT load guidance?
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Next The Hanover Insurance Group earnings date
Bank of America Financial Services Conference 202610 Feb, 2026
The Hanover Insurance Group
Next The Hanover Insurance Group earnings date
Bank of America Financial Services Conference 202610 Feb, 2026
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Frequently asked questions
The Hanover Insurance Group, Inc., provides various property and casualty insurance products and services. It operates through two segments, Property Insurance and Personal Lines. The Hanover Insurance Group offers residential lines of property insurance covering risks on a per-household basis, including buildings and their related garages and decks, as well as limited coverages on personal property, such as jewelry and fine arts.
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