The Hanover Insurance Group (THG) Investor presentation summary

Financial highlights

• Net premiums written reached $6.3 billion in 2025, with a 3.9% year-over-year increase.

• Book value per share was $100.90, and market capitalization stood at $6.3 billion as of February 2026.

• Annual dividend per share was $3.80, yielding 2.1%.

• Combined ratio improved to 91.6% for 2025, down 3.2 points from the prior year.

• Investment portfolio totaled $11.5 billion, with 95% of fixed maturities rated investment grade.

Business strategy and growth

• Focused on sustainable competitive advantage in the independent agency market through robust product capabilities and analytics.

• Differentiation achieved by combining national carrier scale with regional flexibility and local underwriting.

• Growth driven by specialized products, agency partnerships, and expansion in Specialty business.

• Leveraging industry-wide agency consolidation to broaden market reach and drive organic growth.

• Diversified business mix: Personal Lines (41%), Core Commercial (36%), Specialty (23%).

Segment performance and market opportunities

• Personal Lines: $2.6B NPW, focus on middle market and high-value properties, expanding upmarket.

• Core Commercial: $2.3B NPW, leading in flexible underwriting for agents, targeting small to mid-sized businesses.

• Specialty: $1.4B NPW, targeting small to mid-sized clients, nearly doubled premiums in 10 years.

• Each segment avoids volatile markets and focuses on account-based, integrated approaches.