Hanover Insurance Group reports $178.7 million net income for Q3 2025

Cover page 4 changes

3 unchanged paragraphs

For the quarterly period ended June September 30, 2025

14 unchanged paragraphs

7 5/8% Senior Debentures due 2025

New York Stock Exchange

9 unchanged paragraphs

The number of shares outstanding of the registrant's common stock was 35,771,407 35,583,964 as of July 29, October 28, 2025.

1 unchanged paragraph

Financial statements 139 changes

36 unchanged paragraphs

Other comprehensive income, (loss), net of tax:

1 unchanged paragraph

Changes in net unrealized gains (losses) on investment securities:

9 unchanged paragraphs

Total other comprehensive income, (loss), net of tax

5 unchanged paragraphs

Fixed maturities, at fair value (amortized cost of $ 9,377.9 9,686.9 and $ 9,051.5 )

19 unchanged paragraphs

Treasury stock at cost ( 24.8 and 24.6 million shares)

14 unchanged paragraphs

Net appreciation (depreciation) on available-for-sale securities ( 28.1 ( 236.0 ( 490.9 ( 236.0 ( 490.9

Balance at end of period

28 unchanged paragraphs

Deferred income tax expense (benefit)

1 unchanged paragraph

Change in premiums receivable, net of reinsurance premiums payable ( 81.7 126.8 ( 113.2 189.2

6 unchanged paragraphs

Proceeds from disposals of equity securities and other investments ( 1,818.9 2,807.2 ( 1,204.3 2,137.1

5 unchanged paragraphs

Proceeds from issuance of debt, net

3 unchanged paragraphs

Net cash provided by (used in) financing activities

9 unchanged paragraphs

The interim consolidated financial statements of THG include the accounts of The Hanover Insurance Company and Citizens Insurance Company of America, THG's principal property and casualty companies, and other insurance and non-insurance subsidiaries. These legal entities conduct their operations through several reporting segments discussed in Note 8 9 – "Segment Information." All intercompany accounts and transactions have been eliminated.

1 unchanged paragraph

In the opinion of the Company's management, the accompanying interim consolidated financial statements reflect all adjustments, consisting of normal recurring items, necessary for a fair presentation of the financial position and results of operations. The results of operations for the six nine months ended June September 30, 2025 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Company's 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 24, 2025.

4 unchanged paragraphs

In September 2025, the FASB issued ASC Update No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This Update eliminates the traditional three-stage sequential software development model (preliminary, application development, and post-implementation) and instead requires capitalization to begin once management has authorized and commits funding to each software project, and completion of the software for its intended use is probable. The guidance states that the "probable-to-complete" recognition threshold is not met until significant development uncertainty has been resolved. Additionally, disclosure requirements for internal-use software have been updated to align with those for property, plant, and equipment under ASC 360-10, Property, Plant and Equipment - Overall , regardless of whether the software is classified as intangible or tangible. This Update is effective for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. This guidance may be implemented either on a prospective, modified, or retrospective basis. The Company is currently assessing the impact of this guidance to its financial position and results of operations.

In November 2024, the FASB issued ASC Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) . This Update requires entities to disclose, at each interim and annual reporting period, specified information about certain costs and expenses in the notes to financial statements. Entities must disclose the amounts, in a tabular format, of relevant expense captions presented on the face of the income statement within continuing operations that contain expenses associated with employee compensation, depreciation, and intangible asset amortization. Additionally, the Update requires qualitative disclosure of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the disclosure of total of selling expenses, among other items. This Update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods, as clarified in ASC Update No. 2025-01, beginning after December 15, 2027, with early adoption permitted. This guidance may be implemented either on a prospective or retrospective basis. The Company does not expect implementation of this guidance to have a material effect on its financial position or results of operations, as the Update is disclosure related.

10 unchanged paragraphs

The Company enters into various agreements that may require its fixed maturities to be held as collateral by others. At June September 30, 2025 and December 31, 2024, fixed maturities with fair values of $ 337.0 333.4 million and $ 130.9 million, respectively, were held as collateral for the Federal Home Loan Bank ("FHLB") collateralized borrowing program. Additionally, the Company deposits funds with various state governmental authorities and trustees. For a discussion of the Company's deposits with these state governmental authorities and trustees, see Note 2 – "Investments" in the Notes to Consolidated Financial Statements in the Company's 2024 Annual Report on Form 10-K.

7 unchanged paragraphs

The following tables provide information about the Company's available-for-sale fixed maturity securities that were in an unrealized loss position at June September 30, 2025 and December 31, 2024, including the length of time the securities have been in an unrealized loss position:

21 unchanged paragraphs

Six Months Ended June 30,

D. Impairments (Recoveries)

For both the three and six months ended June 30, 2025 , the Company recognized net impairments of $ 2.9 million, consisting primarily of $ 2.6 million and $ 2.7 million on mortgage loans, respectively . For the three and six months ended June 30, 2024, the Company recognized net impairments of $ 5.2 million and $ 4.9 million, respectively, both consisting primarily of $ 3.6 million on mortgage loans and $ 1.7 million on intent to sell fixed maturities.

Three Months Ended June September 30,

Nine Months Ended September 30,

For the three months ended September 30, 2025 and 2024, impairments were not material. For the nine months ended September 30, 2025, the Company recognized net impairment losses of $ 3.0 million, primarily related to mortgage loans. For the nine months ended September 30, 2024, the Company recognized net impairment losses of $ 5.5 million, consisting of $ 4.0 million on mortgage loans and $ 1.5 million on fixed maturities.

At June September 30, 2025 and December 31, 2024, the allowance for credit losses on mortgage loans was $ 8.0 8.2 million and $ 5.7 million, respectively, and the allowance for credit losses on available-for-sale debt securities was $ 0.4 million and $ 0.6 million, respectively. not material.

1 unchanged paragraph

Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

9 unchanged paragraphs

Six Months Ended June 30,

Pre-tax net realized and unrealized gains (losses) on equity securities recognized in income included the following:

Three Months Ended June September 30,

Nine Months Ended September 30,

Net realized and unrealized gains on equity securities recognized in income:

recognized in income:

31 unchanged paragraphs

The Company has processes designed to ensure that the values received from its third-party pricing services are accurately recorded, that the data inputs and valuation approaches and techniques utilized are appropriate and consistently applied, and that the assumptions are reasonable and consistent with the objective of determining fair value. The Company reviews the pricing services' policies describing its methodology, processes, practices and inputs, including various financial models, used to value securities. For assets carried at fair value, the Company performs a review of the fair value hierarchy classifications and of prices received from its pricing services on a quarterly basis. Also, the Company reviews the portfolio pricing, including a process for which securities with changes in prices that exceed a defined threshold are verified to independent sources, if available. If upon review, the Company is not satisfied with the validity of a given price, a pricing challenge would be submitted to the applicable pricing service along with supporting documentation for its review. The Company does not adjust quotes or prices obtained from the pricing services unless the pricing service agrees with the Company's challenge. During the first six nine months of 2025 and 2024, the Company did not adjust any prices received from its pricing services.

14 unchanged paragraphs

Limited partnerships measured at fair value using the NAV based on an ownership interest in partners' capital have not been included in the hierarchy tables. At June September 30, 2025 and December 31, 2024 , the fair values of these investments were $ 75.7 72.7 million and $ 83.0 million, respectively, approximately 1 % of total investment assets.

6 unchanged paragraphs

Balance April 1, 2025

Three Months Ended June September 30, 2025

Balance July 1, 2025

2 unchanged paragraphs

Balance June 30, 2025

Included in other comprehensive income (loss) - changes

in net unrealized gains (losses) on investment securities

Balance September 30, 2025

Changes in net unrealized gains (losses) for the period

included in other comprehensive income (loss) for

1 unchanged paragraph

Balance April 1, 2024

Three Months Ended June September 30, 2024

Balance July 1, 2024

Total gains (losses):

2 unchanged paragraphs

Balance June 30, 2024

Included in other comprehensive income (loss) - changes

in net unrealized gains (losses) on investment securities

Balance September 30, 2024

Changes in net unrealized gains (losses) for the period

included in other comprehensive income (loss) for

1 unchanged paragraph

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

3 unchanged paragraphs

Balance June 30, 2025

Included in other comprehensive income (loss) - changes

in net unrealized gains (losses) on investment securities

Balance September 30, 2025

Changes in net unrealized gains (losses) for the period

included in other comprehensive income (loss) for

1 unchanged paragraph

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

5 unchanged paragraphs

Balance June 30, 2024

Included in other comprehensive income (loss) - changes

in net unrealized gains (losses) on investment securities

Balance September 30, 2024

Changes in net unrealized gains (losses) for the period

included in other comprehensive income (loss) for

1 unchanged paragraph

There were no securities transferred between Level 2 and Level 3 during the three months ended June September 30, 2025 and 2024 . There were no securities transferred between Level 2 and Level 3 during the six nine months ended June September 30, 2025. During the six nine months ended June September 30, 2024 , a fixed maturity security was transferred from Level 3 to Level 2 because it was valued by a pricing service with observable inputs rather than being valued by the Company's internal matrix model. The Company held no Level 3 liabilities for the six nine months ended June September 30, 2025 and 2024.

The following table provides quantitative information about the significant unobservable inputs used by the Company in the fair value measurements of Level 3 assets. Valuations of $ 12.9 13.3 million for an equity security based on a dealer quote for which there was a lack of transparency as to inputs used to develop the valuation have been excluded.

2 unchanged paragraphs

5. Debt and Credit Arrangemen ts

Debt consists of the following:

Senior debentures maturing October 15, 2025

Senior debentures maturing April 15, 2026

Total short-term debt

Senior debentures maturing April 15, 2026

Senior debentures maturing September 1, 2030

3 unchanged paragraphs

3 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

19 unchanged paragraphs

2 unchanged paragraphs

11 unchanged paragraphs

5 unchanged paragraphs

24 unchanged paragraphs

2 unchanged paragraphs

5 unchanged paragraphs

4 unchanged paragraphs

6 unchanged paragraphs

1 unchanged paragraph

8 unchanged paragraphs

12 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

7 unchanged paragraphs

11 unchanged paragraphs

1 unchanged paragraph

8 unchanged paragraphs

12 unchanged paragraphs

1 unchanged paragraph

9 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

7 unchanged paragraphs

7 unchanged paragraphs

10 unchanged paragraphs

12 unchanged paragraphs

and 59 more changes in the filing

Legal proceedings 1 change

2 unchanged paragraphs

13. 14. Subsequent Events

1 unchanged paragraph

MD&A 21 changes

11 unchanged paragraphs

Our strategy, which focuses on the independent agency distribution channel, supports THG's commitment to our select independent agents. It is designed to generate profitable growth by leveraging the strengths of our distribution approach, including expansion of our agency footprint in underpenetrated geographies, as warranted. As part of that strategy, we have increased our capabilities in specialty markets and made investments designed to develop growth solutions for our agency distribution channel that meet the needs of our customers. Our goal is to grow responsibly in all of our businesses, while managing earnings volatility.

During the six nine months ended June September 30, 2025, our net income was $285.3 $464.0 million, compared to $156.0 $258.1 million for the six nine months ended June September 30, 2024, an improvement of $129.3 $205.9 million. This favorable change was primarily due to higher after-tax operating income.

Operating income before interest expense and income taxes (a non-GAAP financial measure; see also "Results of Operations – Consolidated – Non-GAAP Financial Measures") was $396.3 $644.0 million for the six nine months ended June September 30, 2025, compared to $245.1 $395.7 million for the six nine months ended June September 30, 2024, an improvement of $151.2 $248.3 million. This increase was primarily due to lower catastrophe losses, improvements in current accident year underwriting results, primarily in Personal Lines, as well as lower catastrophe losses, higher net investment income, and earned premium growth. These improvements were partially offset by higher current accident year losses in our Core Commercial segment. The improved Personal Lines current accident year underwriting results were primarily due to the benefit of earned pricing outpacing loss trends in both homeowners and personal automobile and homeowners lines, and moderated frequency trends, particularly in automobile collision and homeowners property coverages and automobile collision.

Pre-tax catastrophe losses were $203.1 $249.3 million for the six nine months ended June September 30, 2025, compared to $244.0 $349.9 million during the same period of 2024, a decrease of $40.9 $100.6 million. Catastrophe losses in the first six nine months of 2025 were primarily due to severe convective storms in the Midwest and, to a lesser extent, the California Palisades and Eaton wildfires. Net favorable development on prior years' loss reserves was $38.2 $50.3 million for the six nine months ended June September 30, 2025, compared to $27.8 $41.8 million for the six nine months ended June September 30, 2024, an increase of $10.4 $8.5 million.

1 unchanged paragraph

Net premiums written increased 4.1% 3.9% in the first six nine months of 2025, compared to the same period in 2024, primarily due to renewal price increases and improved retention. an increase in new business. Operating income before interest expense and income taxes decreased in the first six nine months of 2025, compared to the same period in 2024, primarily due to higher catastrophe losses and higher current accident year losses and higher catastrophe losses, partially offset by higher net investment income. The competitive nature of the Core Commercial market requires us to be highly disciplined in our underwriting process to ensure that we write business at acceptable margins, and we continue to seek rate increases across many lines of business.

Specialty offers a comprehensive suite of products focused predominately on small to mid-sized businesses. This includes numerous specialized product areas that are organized into four distinct divisions – Professional and Executive Lines, Specialty Property and Casualty ("Specialty P&C"), Marine, and Surety and Other. We believe that this diverse set of Specialty products, distributed primarily through independent agents, supplemented by select specialists, including wholesalers, helps to enhance our overall agent value and increase growth opportunities by providing agents easier access to placement solutions for Specialty needs, including those that complement Core Commercial accounts.

Net premiums written increased 5.0% 6.1% in the first six nine months of 2025, compared to the same period in 2024, primarily due to renewal price increases and an increase in new business. Operating income before interest expense and income taxes increased in the first six nine months of 2025 compared to the same period in 2024, primarily due to higher net favorable development on prior year loss reserves, higher net investment income and improvements in current accident year underwriting results. earned premium growth. The competitive nature of the Specialty market requires us to be highly disciplined in our underwriting process to ensure that we write business at acceptable margins, and we continue to seek rate increases across many lines of business.

Personal Lines focuses on working with high quality, value-oriented agencies that deliver consultative selling to customers and stress the importance of total account rounding, solutions, which is the conversion of single policy customers to accounts with multiple policies and/or additional coverages, to address customers' broader needs and objectives. Approximately 89% of our policies in force ("PIF") have been issued to customers with multiple policies and/or coverages with us. We are focused on seeking profitable growth opportunities, building a distinctive position in the market in order to meet our customers' needs, and diversifying geographically. We continue to seek appropriate rate increases that meet or exceed underlying loss cost trends, subject to regulatory and competitive considerations.

Net premiums written increased 3.4% in the first six nine months of 2025, compared to the same period in 2024, primarily due to increased new business and renewal price increases and increased new business. Operating income before interest expense and income taxes improved in the first six nine months of 2025, compared to the same period in 2024, primarily due to lower catastrophe losses and improvements in current accident year underwriting results.

4 unchanged paragraphs

Operating income (loss) before interest expense and income taxes:

Consolidated net income for the six three months ended June September 30, 2025 was $285.3 $178.7 million, compared to $156.0 $102.1 million for the six three months ended June September 30, 2024, an improvement of $129.3 $76.6 million. This increase was due to higher after-tax operating income of $120.5 $74.3 million. Operating income before interest expense and income taxes was $396.3 $247.7 million for the six three months ended June September 30, 2025, compared to $245.1 $150.6 million for the six three months ended June September 30, 2024, an increase of $151.2 $97.1 million. This increase was primarily due to lower catastrophe losses, higher net investment income and improvements in current accident year underwriting results primarily in our Personal Lines as well as lower catastrophe losses, higher net investment income, and earned premium growth. segment. These improvements were partially offset by higher current accident year losses in our Core Commercial segment.

Consolidated net income for the three nine months ended June September 30, 2025 was $157.1 $464.0 million, compared to $40.5 $258.1 million for the three nine months ended June September 30, 2024, an improvement of $116.6 $205.9 million. This increase was due to higher after-tax operating income of $90.6 million, and, to a lesser extent, by an $25.1 $194.8 million. favorable change in after-tax net realized and unrealized investment results. Operating income before interest expense and income taxes was $209.9 $644.0 million for the three nine months ended June September 30, 2025, compared to $95.4 $395.7 million for the three nine months ended June September 30, 2024, an increase of $114.5 $248.3 million. This increase was primarily due to lower catastrophe losses, improvements in current accident year underwriting results primarily in our Personal Lines and Specialty segments and segment, as well as higher net investment income and earned premium growth. These improvements were partially offset by higher current accident year losses in our Core Commercial segment.

The following table reflects operating income (loss) before interest expense and income taxes for each reporting segment and a reconciliation to consolidated net income from operating income before interest expense and income taxes (a non-GAAP measure).

1 unchanged paragraph

Operating income before interest expense and income taxes

10 unchanged paragraphs

In addition to consolidated net income, discussed above, we assess our financial performance based upon pre-tax "operating income," and we assess the operating performance of each of our four reporting segments based upon the pre-tax operating income (loss) generated by each segment. As reflected in the table above, operating income before interest expense and income taxes excludes interest expense on debt and certain other items, which we believe are not indicative of our core operations, such as net realized and unrealized investment gains and losses. Such gains and losses are excluded since they are determined by interest rates, financial markets and the timing of sales. Also, operating income before interest expense and income taxes excludes net gains and losses on disposals of businesses, gains and losses related to the repayment of debt, discontinued operations, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes and certain other items. Although the items excluded from operating income before interest expense and income taxes are important components in understanding and assessing our overall financial performance, we believe a discussion of operating income before interest expense and income taxes enhances an investor's understanding of our results of operations by highlighting net income attributable to the core operations of the business. However, operating income before interest expense and income taxes, which is a non-GAAP measure, should not be construed as a substitute for income before income taxes or income from continuing operations, and operating income should not be construed as a substitute for net income.

13 unchanged paragraphs

Three Months Ended June September 30, 2025 Compared to Three Months Ended June September 30, 2024

Operating income before interest expense and income taxes was $209.9 $247.7 million for the three months ended June September 30, 2025, compared to $95.4 $150.6 million for the three months ended June September 30, 2024, an improvement of $114.5 $97.1 million. This increase was primarily due to lower catastrophe losses, higher net investment income and improvements in current accident year underwriting results in Personal Lines, and Specialty, and partially offset by higher net investment income. current accident year losses in our Core Commercial segment. The improved Personal Lines current accident year underwriting results were primarily due to the benefit of earned pricing outpacing loss trends in both personal automobile and our homeowners lines, line, and moderated frequency trends, particularly in automobile collision and homeowners property coverages. The improved Specialty Lines increase in Core Commercial current accident year underwriting results were primarily due to lower losses was primarily in our Specialty P&C, Marine and Professional and Executive lines commercial automobile line of business.

Net premiums written increased $62.7 $75.5 million for the three months ended June September 30, 2025, compared to the three months ended June September 30, 2024. The increase in net premiums written was due to renewal price increases and an increase in new business.

2 unchanged paragraphs

Three Months Ended June September 30, 2025

1 unchanged paragraph

Three Months Ended June September 30, 2024

2 unchanged paragraphs

Three Months Ended June September 30,

Plan of distribution 60 changes

Core Commercial underwriting profit for the six months ended June 30, 2025 was $17.2 million, compared to $73.7 million for the six months ended June 30, 2024, a decrease of $56.5 million. Catastrophe losses for the six months ended June 30, 2025 were $68.7 million, compared to $37.1 million for the six months ended June 30, 2024, an increase of $31.6 million.

Core Commercial net premiums written were $1,140.6 $1,760.9 million for the six nine months ended June September 30, 2025 compared to $1,095.8 $1,695.0 million for the six nine months ended June September 30, 2024. The $44.8 $65.9 million increase in net premiums written was primarily driven by renewal price increases and an increase in new business.

Specialty Core Commercial underwriting profit for the six nine months ended June September 30, 2025 was $89.0 $31.4 million, compared to $60.9 $88.3 million for the six nine months ended June September 30, 2024, an increase a decrease of $28.1 $56.9 million. Catastrophe losses for the six nine months ended June September 30, 2025 were $29.3 $86.5 million, compared to $29.1 $68.8 million for the six nine months ended June September 30, 2024, an increase of $0.2 $17.7 million. Net favorable development on prior years' loss reserves for the six nine months ended June September 30, 2025 was $28.4 $5.5 million, compared to $12.4 $14.9 million for the six nine months ended June September 30, 2024, an increase a decrease of $16.0 $ 9.4 million.

Core Commercial current accident year underwriting profit, excluding catastrophes, was $81.6 $112.4 million for the six nine months ended June September 30, 2025, compared to $99.5 $142.2 million for the six nine months ended June September 30, 2024. The $17.9 $29.8 million decrease in underwriting results was primarily driven by higher current accident year losses in our commercial automobile line of business and, to a lesser extent, in our other core commercial workers' compensation line.

Specialty net premiums written were $726.5 $1,105.7 million for the six nine months ended June September 30, 2025, compared to $691.9 $1,042.1 million for the six nine months ended June September 30, 2024. The $34.6 $63.6 million increase in net premiums written was primarily due to renewal price increases and an increase in new business.

Specialty underwriting profit for the nine months ended September 30, 2025 was $141.8 million, compared to $113.5 million for the nine months ended September 30, 2024, an increase of $28.3 million. Catastrophe losses for the nine months ended September 30, 2025 were $35.3 million, compared to $33.5 million for the nine months ended September 30, 2024, an increase of $1.8 million. Net favorable development on prior years' loss reserves for the nine months ended September 30, 2025 was $38.4 million, compared to $22.6 million for the nine months ended September 30, 2024, an increase of $15.8 million.

Specialty current accident year underwriting profit, excluding catastrophes, was $89.9 $138.7 million for the six nine months ended June September 30, 2025, compared to $77.6 $124.4 million for the six nine months ended June September 30, 2024. The $12.3 $14.3 million increase in underwriting results was primarily driven by lower current accident year losses, relative to earned premiums, and earned premium growth, The primarily in our Marine and Specialty Property & Casualty divisions, and lower current accident year losses were primarily in our Marine and Professional and Executive Lines of business. division.

Personal Lines net premiums written were $1,227.5 $1,966.9 million for the six nine months ended June September 30, 2025, compared to $1,187.4 $1,901.4 million for the six nine months ended June September 30, 2024. The $40.1 $65.5 million increase in net premiums written was primarily due to renewal price increases, increased new business and renewal price increases. higher retention, partially offset by fewer policies available to renew year over year from margin recapture actions taken.

Personal Lines underwriting profit for the six nine months ended June September 30, 2025 was $86.9 $153.2 million, compared to an underwriting loss of $67.7 $74.4 million for the six nine months ended June September 30, 2024, an improvement in underwriting results of $154.6 $227.6 million. Catastrophe losses for the six nine months ended June September 30, 2025 were $105.1 $127.5 million, compared to $177.8 $247.6 million for the six nine months ended June September 30, 2024, a decrease of $72.7 $120.1 million.

Personal Lines current accident year underwriting profit, excluding catastrophes, was $186.6 $274.4 million for the six nine months ended June September 30, 2025, compared to $106.0 $168.9 million for the six nine months ended June September 30, 2024. The $80.6 $105.5 million increase in underwriting results was primarily due to lower current accident year losses in our homeowners and personal automobile and homeowners lines. The improved Personal Lines current accident year underwriting results were primarily due to the benefit of earned pricing outpacing loss trends in both homeowners and personal automobile and homeowners lines, and moderated loss trends, particularly in homeowners property and automobile collision coverages.

Our Other segment had operating loss profit of $1.8 $1.5 million for the six nine months ended June September 30, 2025, compared to operating profit of $0.5 million for the six nine months ended June September 30, 2024, an unfavorable change increase of $2.3 $1.0 million.

26 unchanged paragraphs

Six Months Ended June 30,

Nine Months Ended September 30,

3 unchanged paragraphs

It is not possible to know whether the factors that affected loss reserves in the first six nine months of 2025 will also occur in future periods. We encourage you to read our 2024 Annual Report on Form 10-K for more information about our reserving process and the judgments, uncertainties and risks associated therewith.

1 unchanged paragraph

For the six nine months ended June September 30, 2025, favorable catastrophe loss development was $18.0 million, primarily due to lower than expected losses related to events from accident years 2023 through 2024, including several convective storms across multiple states, and Winter Storm Elliot. For the six nine months ended June September 30, 2024, favorable catastrophe development was $27.0 $37.0 million, primarily due to lower than expected losses related to events from accident years 2021 through 2023, including several convective storms across multiple states, Winter Storm Elliot, hurricane Ian, and hurricane Ida.

1 unchanged paragraph

For the six nine months ended June September 30, 2025, net favorable loss and LAE development, excluding catastrophes, was $38.2 $50.3 million. Specialty favorable loss and LAE development of $28.4 $38.4 million was primarily due to lower than expected losses in our Professional and Executive Lines division, driven by our general liability-claims made coverage, and in our Marine division. and Specialty Property & Casualty divisions. Within Personal Lines, lower than expected losses of $6.3 million were driven primarily by homeowners. Core Commercial favorable loss and LAE development of $4.3 $5.5 million was primarily due to favorable development in the workers' compensation and commercial multiple peril lines, partially offset by unfavorable development in the commercial automobile line. Within Personal Lines, lower than expected losses of $5.4 million were driven primarily by homeowners.

1 unchanged paragraph

For the six nine months ended June September 30, 2024, net favorable loss and LAE development, excluding catastrophes, was $27.8 million. Core Commercial favorable loss and LAE development was $11.3 million, with favorability in each of the main product lines: commercial multiple peril, commercial automobile, workers' compensation and other commercial lines. Lower than expected property losses of $23.3 million were partially offset by higher than expected losses in certain liability lines of $12.0 $41.8 million. Specialty favorable loss and LAE development of $12.4 $22.6 million was primarily due to lower than expected losses in our Professional and Executive Lines division, driven by our general liability-claims made coverage, and, to a lesser extent, lower than expected losses in our surety line. Personal Lines Core Commercial favorable loss and LAE development was primarily due to $14.9 million, with favorability in each of the main product lines: commercial multiple peril, commercial automobile, workers' compensation and other commercial lines. Within Personal Lines, lower than expected losses of $4.1 were $4.3 million, primarily in driven by our personal automobile line, partially offset by higher than expected losses in the other personal lines. coverages.

1 unchanged paragraph

As of June September 30, 2025, we had $11.7 $10.2 million of net asbestos and environmental reserves, comprised of $9.4 $8.0 million of direct reserves and $2.3 $2.2 million of assumed reinsurance pool reserves. This compares to net reserves of $10.9 million at December 31, 2024, comprised of $8.7 million of direct reserves and $2.2 million of assumed reinsurance pool reserves.

As of June September 30, 2025, we had $2.3 $2.2 million of gross loss and LAE reserves for our assumed reinsurance pool business compared to $29.9 million in December 31, 2024. These assumed reinsurance pool reserves relate to pools in which we have terminated our participation, however, we continue to be subject to claims related to years in which we were a participant. Results of operations from these pools are included in our Other segment. A significant part of our gross pool reserves was related to our participation in the Excess and Casualty Reinsurance Association ("ECRA") voluntary pool for our ECRA claim liability participations, which were written during the period 1950 to 1982. In 1982, the pool was dissolved and since that time, the business has been in run-off. In 2021, we entered into a 100% reinsurance agreement with a third-party reinsurer for our ECRA claim liability participations. During the three months ended June 30, second quarter of 2025, we completed an insurance business transfer of our ECRA liabilities to a third-party insurer pursuant to Oklahoma law, which novation has fully relieved us of our obligations to ECRA policyholders. This transaction had no significant impact on our results of operations for the six nine months ended June September 30, 2025.

9 unchanged paragraphs

Reinsurance recoverables were $1,978.8 $1,974.8 million and $1,994.5 million at June September 30, 2025 and December 31, 2024, respectively, of which $59.9 $56.3 million and $74.2 million, respectively, represent billable recoverables. A reinsurance recoverable is billable after an eligible reinsured claim is paid by an insurer. Billable reinsurance recoverables related to the Michigan Catastrophic Claims Association (the "MCCA") were $32.4 $35.3 million and $39.3 million at June September 30, 2025 and December 31, 2024, respectively, and billable non-MCCA reinsurance recoverables totaled $27.5 $21.0 million and $34.9 million at June September 30, 2025 and December 31, 2024, respectively. At June September 30, 2025 there were $0.2 million of billed balances outstanding greater than 90 days. At December 31, 2024, there were $0.8 million of billed balances outstanding greater than 90 days.

1 unchanged paragraph

Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

5 unchanged paragraphs

The increase in net investment income for both the three and six nine months ended June September 30, 2025 was primarily due to the impact of reinvesting at higher interest rates and the continued investment of operational cashflows. partially offset by lower income from other short-term investments.

10 unchanged paragraphs

Total cash and investments increased $340.1 $1,437.8 million, or 3.5%, 14.6%, for the six nine months ended June September 30, 2025 as compared to December 31, 2024. The increase in total cash and investments was primarily due to net market value appreciation and continued investment of cashflows from operations, the net proceeds from our senior debt issuance in August 2025, and net market value appreciation. These increases were partially offset by the funding of financing activities, including our dividend payments and common stock repurchases.

8 unchanged paragraphs

The improvement in net unrealized losses on fixed maturities was primarily due to lower interest rates and to a lesser extent, changes in credit spreads.

6 unchanged paragraphs

Based on ratings by the National Association of Insurance Commissioners ("NAIC"), approximately 95% of our fixed maturity portfolio consisted of investment-grade securities at June September 30, 2025 and December 31, 2024. The quality of our fixed maturity portfolio remains strong based on ratings, capital structure position, support through guarantees, underlying security, issuer diversification and yield curve position. Our U.S. Treasury and government agencies fixed maturities are directly or indirectly backed by the full faith and credit of the U.S. government. Our municipal bonds include revenue bonds and general obligations of state and local issuers. Corporate fixed maturities include publicly traded and privately placed securities in the industrial, financial, and utility sectors. Residential mortgage-backed securities are structured securities that are collateralized by residential real estate loans and are primarily U.S. agency-backed. Our commercial mortgage-backed securities are structured securities that are collateralized by commercial real estate loans and are well-diversified by geography, property type, expected maturity and vintage year. Our other asset-backed securities are structured securities that are primarily collateralized by consumer and corporate borrowings, including collateralized loan obligations.

12 unchanged paragraphs

Impairments (Recoveries)

For both the three and six months ended June 30, 2025, we recognized net impairments of $2.9 million, consisting primarily of $2.6 million and $2.7 million on mortgage loans, respectively. For the three and six months ended June 30, 2024, we recognized net impairments of $5.2 million and $4.9 million, respectively, both consisting primarily of $3.6 million on mortgage loans and $1.7 million on intent to sell fixed maturities.

For the three months ended September 30, 2025 and 2024, impairments were not material. For the nine months ended September 30, 2025, we recognized net impairment losses of $3.0 million, primarily related to mortgage loans. For the nine months ended September 30, 2024, we recognized net impairment losses of $5.5 million, consisting of $4.0 million on mortgage loans and $1.5 million on fixed maturities.

At June September 30, 2025 and December 31, 2024, the allowance for credit losses on mortgage loans was $8.0 $8.2 million and $5.7 million, respectively, and the allowance for credit losses on available-for-sale debt securities was $0.4 million and $0.6 million, respectively. not material.

The carrying value of fixed maturity securities on non-accrual status was not material, and there were no mortgage loans on non-accrual status, at June September 30, 2025. We held no fixed maturity securities or mortgage loans on non-accrual status at December 31, 2024. The carrying value of fixed maturity securities on non-accrual status at June September 30, 2024 was $14.8 $14.4 million. At June September 30, 2024, a mortgage loan with a carrying value of $5.5 $5.3 million was also on non-accrual status. The effects on income of non-accruals for fixed maturity securities and mortgage loans for the six nine months ended June September 30, 2025 and June 30, 2024, compared with amounts that would have been recognized in accordance with the original terms of the fixed maturities and mortgage loans, were not material. Any defaults in the fixed maturities or mortgage loan portfolios in future periods may negatively affect investment income.

Gross unrealized losses on fixed maturities at June September 30, 2025 were $370.8 $300.6 million, an improvement of $160.3 $230.5 million compared to December 31, 2024. This improvement was primarily due to lower interest rates and to a lesser extent, changes in credit spreads. At June September 30, 2025, gross unrealized losses consisted primarily of $122.6 $98.7 million on residential mortgage-backed securities, $88.9 $72.2 million on municipals, $65.1 million on corporate fixed maturities, $85.1 million on municipals and $44.7 $41.0 million on U.S. government securities. See Note 3 – "Investments" in the Notes to Interim Consolidated Financial Statements.

1 unchanged paragraph

The following table sets forth gross unrealized losses for fixed maturities by maturity period at June September 30, 2025 and December 31, 2024. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties, or we may have the right to put or sell the obligations back to the issuers.

6 unchanged paragraphs

The U.S. economy continued to expand at a solid pace during remained resilient in the second third quarter of 2025, reflecting a stable strong consumer spending despite increased concerns regarding labor market markets and moderating inflation. However, In September, the Federal Reserve announced its first rate cut in 2025, reducing the federal funds target to a range of 4.00% to 4.25%. Heightened geopolitical risks including those driven by tariffs, continue to impact economic uncertainty, the extent of which is unknown. These risks, among others, may increase the likelihood of defaults on our fixed income investments, particularly with respect to non-investment grade debt securities. Although a rigorous credit analysis of our fixed income investments is performed, it is difficult to identify with specificity which issuers, industries or markets, if any, will be most affected. As a result, the value of our fixed maturity portfolio could change rapidly in ways we cannot currently anticipate, and we could incur additional realized and unrealized losses in future periods.

1 unchanged paragraph

Three Months Ended June September 30,

4 unchanged paragraphs

Discontinued life businesses

Six Months Ended June 30,

Nine Months Ended September 30,

6 unchanged paragraphs

Net realized and unrealized investment losses were $20.3 $9.0 million for the six three months ended June September 30, 2025, compared to net realized and unrealized investment losses of $29.0 $12.4 million for the six three months ended June September 30, 2024. For the six three months ended June September 30, 2025, net realized and unrealized investment losses were primarily due to $23.4 $20.3 million of net realized losses from sales of investments, primarily lower-yield fixed maturities, in consideration of expiring tax gains from 2022, partially offset by changes in the fair value of equity securities. For the six three months ended June September 30, 2024, net realized and unrealized investment losses were primarily due to $31.7 $23.5 million of net realized losses from sales of investments, primarily fixed maturities. and, to a lesser extent, from impairment These realized losses on investments. were partially offset by changes in the fair value of equity securities of $11.7 million.

Net realized and unrealized investment losses were $2.5 $29.3 million for the three nine months ended June September 30, 2025, compared to net realized and unrealized investment losses of $34.5 $41.4 million for the three nine months ended June September 30, 2024. For the three nine months ended June September 30, 2025, net realized and unrealized investment losses were primarily due to $4.6 $43.7 million of net realized losses from sales of investments, primarily lower-yield fixed maturities, in consideration of expiring tax gains from 2022, and, to a lesser extent, from impairment losses on investments, partially offset by changes in the fair value of equity securities. For the three nine months ended June September 30, 2024, net realized and unrealized investment losses were primarily due to $30.4 $55.2 million of net realized losses from sales of investments, primarily fixed maturities, and, to a lesser extent, from impairment losses on investments, partially offset by changes in the fair value including $3.3 million of equity credit-related impairments and $2.2 million of losses related to intent to sell securities.

1 unchanged paragraph

Three Months Ended June September 30, 2025 Compared to Three Months Ended June September 30, 2024

The provision for income taxes from continuing operations was an expense of $41.9 $48.5 million and $10.9 $27.6 million for the three months ended June September 30, 2025 and 2024, respectively. These amounts resulted in consolidated effective tax rates of 21.1% 21.4% and 21.2% 21.3% on pre-tax income for the three months ended June September 30, 2025 and 2024, respectively. These provisions include excess tax benefits, primarily related to tax planning strategies implemented in prior years and stock-based compensation, of $0.7 $0.3 million and $0.2 $0.5 million for the three months ended June September 30, 2025 and 2024, respectively. Absent excess tax benefits, the provision for income taxes would have been an expense of $42.6 $48.8 million, or 21.4%, 21.5%, and $11.1 $28.1 million, or 21.6%, 21.7%, for the three months ended June September 30, 2025 and 2024, respectively.

The income tax provision on operating results was an expense of $42.6 $50.5 million and $18.7 $30.8 million for the three months ended June September 30, 2025 and 2024, respectively. These provisions resulted in effective tax rates on operating income of 21.2% 21.4% and 21.5% 21.7% for the three months ended June September 30, 2025 and 2024, respectively. These provisions reflect Excess tax benefits primarily related to stock-based compensation. Absent these items, the provision for income taxes would have been an expense of $43.1 million, or 21.4%, and $18.8 million, or 21.7%, for in both the three months ended June September 30, 2025 and 2024 respectively. were not material.

Six Nine Months Ended June September 30, 2025 Compared to Six Nine Months Ended June September 30, 2024

The provision for income taxes from continuing operations was an expense of $73.8 $122.3 million and $40.7 $68.3 million for the six nine months ended June September 30, 2025 and 2024, respectively. These amounts resulted in consolidated effective tax rates of 20.6% and 20.7% 20.9% on pre-tax income for the six months ended June 30, 2025 and 2024, respectively. both periods. These provisions include excess tax benefits, primarily related to stock-based compensation and tax planning strategies implemented in prior years, of $3.1 $3.5 million and $1.8 $2.4 million for the six nine months ended June September 30, 2025 and 2024, respectively. Absent excess tax benefits, the provision for income taxes would have been an expense of $76.9 $125.8 million, or 21.4%, 21.5%, and $42.5 $70.7 million, or 21.6%, 21.7%, for the six nine months ended June September 30, 2025 and 2024, respectively.

The income tax provision on operating results was an expense of $78.7 $129.2 million and $48.0 $78.8 million for the six nine months ended June September 30, 2025 and 2024, respectively. These provisions resulted in effective tax rates on operating income of 20.8% 21.0% and 21.1% 21.3% for the six nine months ended June September 30, 2025 and 2024, respectively. These provisions reflect excess tax benefits primarily related to stock-based compensation. Absent these items, the provision for income taxes would have been an expense of $81.2 $131.9 million, or 21.4%, and $49.2 $80.0 million, or 21.6%, for the six nine months ended June September 30, 2025 and 2024, respectively.

11 unchanged paragraphs

The statutory capital and surplus for our insurance subsidiaries increased $125.3 $301.4 million during the first six nine months of 2025. This increase was primarily due to operating profits, partially offset by the payment of a $150.0 million dividend to its parent company and, to a lesser extent, net realized and unrealized investment losses.

1 unchanged paragraph

Liquidity is a measure of our ability to generate sufficient cash flows to meet the cash requirements of business operations. As a holding company, our primary ongoing source of cash is dividends from our insurance subsidiaries. However, dividend payments to us by our insurance subsidiaries are subject to limitations imposed by regulators, such as prior notice periods and the requirement that dividends in excess of a specified percentage of statutory surplus or prior years' statutory earnings receive prior approval (so called "extraordinary dividends"). During the first six nine months of 2025, Hanover Insurance paid $150.0 million in dividends, which were provided to the holding company.

1 unchanged paragraph

Net cash provided by operating activities was $245.5 $799.9 million during the first six nine months of 2025, as compared to $198.2 $592.9 million during the first six nine months of 2024, an increase of $47.3 $207.0 million. The increase in cash provided was due to an increase in premiums received during the first six nine months of 2025 compared to the same period in 2024, and lower loss and LAE payments. These increases were partially offset by higher federal income tax payments.

Net cash used in investing activities was $334.4 $642.6 million during the first six nine months of 2025, as compared to $108.8 $390.8 million during the first six nine months of 2024. During the first six nine months of both 2025 and 2024, cash used in investing activities primarily related to net purchases of fixed maturities.

Net cash used in provided by financing activities was $102.8 $324.8 million during the first six nine months of 2025, as compared to $64.0 net cash used in financing activities of $90.7 million during the first six nine months of 2024. During the first six nine months of 2025, cash used in provided by financing activities primarily resulted from two the issuance of $500.0 million aggregate principal amount of 5.50% senior unsecured debentures. Net proceeds of the debt issuance were $495.0 million, which is partially offset by three quarterly dividend payments to our shareholders and to a lesser extent, from repurchases of common stock through the open market. During the first six nine months of 2024, cash used in financing activities primarily resulted from two three quarterly dividend payments to our shareholders.

Dividends to common shareholders are subject to quarterly board approval and declaration. During the first six nine months of 2025, as declared by the Board, we paid two three quarterly dividends to shareholders, each for $0.90 per share and totaling $64.7 $96.9 million. We believe that our holding company assets are sufficient to provide for future shareholder dividends should the Board of Directors declare them.

At June September 30, 2025, THG, as a holding company, held approximately $338.8 $803.5 million of fixed maturities and cash. We believe our holding company assets will be sufficient to meet our short-term obligations, which we expect to consist primarily of quarterly dividends to our shareholders (as and to the extent declared), interest on our senior and subordinated debentures, and certain costs associated with benefits due to our former life insurance subsidiaries' employees and agents. As discussed below, we have, and opportunistically may continue to, repurchase our common stock and debt. We do not expect that it will be necessary to dividend additional funds from our insurance subsidiaries in order to fund short-term holding company obligations; however, we may decide to do so.

2 unchanged paragraphs

The Board of Directors authorized a stock repurchase program which provides for aggregate repurchases of our common stock of up to $1.3 billion. Under the repurchase authorization, we may repurchase, from time to time, common stock in amounts, at prices and at such times as we deem appropriate, subject to market conditions and other considerations. Repurchases may be executed using open market purchases, privately negotiated transactions, accelerated repurchase programs, or other transactions. We are not required to purchase any specific number of shares or to make purchases by any certain date under this program. During the first six nine months of 2025, we repurchased approximately 234,000 447,000 shares, at an aggregate cost of $38.6 $74.9 million. Included in the cost of treasury stock acquired pursuant to common share repurchases is the 1% excise tax imposed on common share repurchase activity, net of common share issuances, as part of June the Inflation Reduction Act of 2022. As of September 30, 2025, we had repurchased approximately 8.3 8.5 million shares under this $1.3 billion program and had approximately $265 $229 million available for additional repurchases.

On August 21, 2025, we issued $500.0 million aggregate principal amount of 5.50% senior unsecured debentures due September 1, 2035. Net proceeds (before expenses) of the debt issuance were $496.7 million. A portion of the net proceeds was used to repay the $61.8 million of outstanding 7.625% senior debentures on their maturity date of October 15, 2025. Also, we intend to use a portion of the remaining net proceeds to repay or redeem the full $375.0 million principal amount of our outstanding 4.5% senior debentures, maturing on April 15, 2026.

We maintain our membership in the Federal Home Loan Bank ("FHLB") to provide access to additional liquidity based on our holdings of FHLB stock and pledged collateral. At June September 30, 2025, we had access to borrowing capacity of $317.5 $315.5 million. There were no outstanding borrowings under this short-term facility at June September 30, 2025; however, we have borrowed and may continue to borrow, from time to time, through this facility to provide short-term liquidity.

On July 21, 2023, we entered into a credit agreement that provides for a five-year unsecured revolving credit facility not to exceed $150.0 million at any one time outstanding, with the option to increase the facility up to $300.0 million (assuming no default and satisfaction of other specified conditions, including the receipt of additional lender commitments). The agreement also includes an uncommitted subfacility of $50.0 million for standby letters of credit. Borrowings, if any, under this agreement are unsecured and incur interest at a rate per annum equal to, at our election, either (i) the greatest of, (a) the prime commercial lending rate of the administrative agent, (b) the NYFRB Rate plus half a percent, or (c) the one month Adjusted Term SOFR Rate plus one percent; each subject to a margin that ranges from 0.125% to 0.625% depending on our debt rating, or (ii) Adjusted SOFR Rate for the applicable interest period, plus a margin that ranges from 1.125% to 1.625% depending on our debt rating. The agreement also contains certain financial covenants such as maintenance of specified levels of consolidated equity and leverage ratios. During the first six nine months of 2025, we had no borrowings under this credit agreement.

At June September 30, 2025, we were in compliance with the covenants of our debt and credit agreements.

1 unchanged paragraph

Information regarding litigation, legal contingencies and regulatory matters appears in Part I – Note 12 13 "Commitments and Contingencies" in the Notes to Interim Consolidated Financial Statements.

Market risk 1 change

Our market risks, the ways we manage them, and sensitivity to changes in interest rates, and equity price risk are summarized in Management's Discussion and Analysis of Financial Condition and Results of Operations as of December 31, 2024, included in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes in the first six nine months of 2025 to these risks or our management of them.

Controls and procedures 1 change

7 unchanged paragraphs

Our management is responsible for establishing and maintaining adequate "internal control over financial reporting," as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting, as required by Rule 13a-15(d) of the Exchange Act, to determine whether any changes occurred during the period covered by this quarterly report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on the evaluation, the Chief Executive Officer and Chief Financial Officer concluded that there were no such changes during the quarter ended June September 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Risk factors 3 changes

8 unchanged paragraphs

• changes in regulation, legislation, economic, market and political conditions, particularly with respect to rates, policy terms and conditions, the utilization of artificial intelligence, payment flexibility, and regions where we have geographical concentrations;

19 unchanged paragraphs

• risks and uncertainties associated with pandemics and related economic and socio-economic conditions; and

• risks, uncertainties or unfavorable developments associated with enacted legislation, litigation matters, social inflation and the possibility of adverse judicial decisions, including those related to exposures to potentially harmful products or substances or those which expand policy coverage beyond its intended scope or award "bad faith," or other non-contractual damages, and including those related to the Michigan legislation which was effective July 2, 2020 and reformed the prior requirements that all personal and commercial automobile polices issued in the state include no-fault personal injury protection coverage without a cap on maximum benefits allowed and the resulting increase in litigation challenging or associated with this reform; and

4 unchanged paragraphs

Unregistered sales of stock 3 changes

1 unchanged paragraph

Shares purchased in the second third quarter of 2025 are as follows:

3 unchanged paragraphs

September 1 - 30, 2025

(1) Includes 587 252 shares and 166 133 shares withheld to satisfy tax withholding amounts due from employees related to the receipt of stock which resulted from the exercise or vesting of equity awards for the months ended April 30, and May August 31 and September 30, 2025.

Other information 2 changes

1 unchanged paragraph

On May 12, 2025 , Dennis F. Kerrigan , the Company's Executive Vice President and Chief Legal Officer , adopted a trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). His 10b5-1 trading plan provides for the exercise, and subsequent sale, of options to purchase an aggregate of 14,917 shares of the Company's common stock. The 10b5-1 trading plan expires on May 11, 2026 , or upon an earlier date if and when all the options are exercised and sold. The amount of shares actually sold will depend on the satisfaction of certain conditions as set forth in his 10b5-1 trading plan.

No other officer During the three months ended September 30, 2025, none of the Company's directors or director officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted , modified , or terminated a contract, instruction or written plan for the purchase or sale of the Company's securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement during (as such terms are defined in Item 408 of Regulation S-K of the second quarter ended June 30, 2025. Securities Act of 1933).

Exhibits 4 changes

Description of 2025 – 2026 Non-Employee Director Compensation

Form of Restricted Stock Unit Agreement under The Hanover Insurance Group 2022 Long-Term Incentive Plan for Non-employee Directors.

4 unchanged paragraphs

The following materials from The Hanover Insurance Group, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June September 30, 2025 formatted in Inline eXtensible Business Reporting Language ("iXBRL"): (i) Consolidated Statements of Income for the three and six nine months ended June September 30, 2025 and 2024; (ii) Consolidated Statements of Comprehensive Income for the three and six nine months ended June September 30, 2025 and 2024; (iii) Consolidated Balance Sheets at June September 30, 2025 and December 31, 2024; (iv) Consolidated Statements of Shareholders' Equity for the three and six nine months ended June September 30, 2025 and 2024; (v) Consolidated Statements of Cash Flows for the six nine months ended June September 30, 2025 and 2024, and (vi) related notes to these financial statements.

The cover page from The Hanover Insurance Group Inc.'s Quarterly Report on Form 10-Q for the quarter ended June September 30, 2025, formatted in iXBRL (embedded within EX – 101).

6 unchanged paragraphs