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The Hanover Insurance Group (THG) investor relations material
The Hanover Insurance Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved record third quarter net income per diluted share of $4.90 and operating income per diluted share of $5.09, with net and operating ROE of 21.5% and 21.1%, respectively, reflecting strong performance across all business segments and effective execution of long-term strategy.
Net income for the nine months ended September 30, 2025, was $464.0 million, up from $258.1 million year-over-year, driven by higher after-tax operating income and improved underwriting results, especially in Personal Lines.
Continued to invest in innovation, technology, and agent relationships to build a resilient and scalable business.
Catastrophe losses decreased by $100.6 million year-over-year, mainly due to fewer severe weather events.
Strong performance attributed to disciplined underwriting, effective pricing, and lower catastrophe losses.
Financial highlights
Operating earnings per share reached $5.09, a third quarter record, and net income for Q3 was $178.7 million, up from $102.1 million in the prior-year quarter.
Net investment income increased 27.5% year-over-year to $117 million in Q3 and $328.6 million for the nine months.
Combined ratio improved to 91.1% for Q3 and 92.6% year-to-date, with ex-catastrophe combined ratio at 88.1%.
Book value per share rose to $96.00, up 7.1% from June 30, 2025, and 21.2% from December 31, 2024.
Earnings per diluted share for the nine months were $12.70, up from $7.10 year-over-year.
Outlook and guidance
Premium growth is expected to accelerate, especially in smaller commercial accounts and personal lines, supported by renewal price increases and rate actions.
Management remains confident in sustaining strong performance and creating shareholder value into 2026, with guidance on loss and combined ratios to be updated in January.
The company anticipates maintaining strong liquidity and capital positions, with sufficient resources to meet obligations and support shareholder returns.
Fourth quarter catastrophe load projected at 5.2%.
Focus on disciplined underwriting, risk selection, and investments in talent and technology.
Core Commercial underlying loss trend drivers
Personal Lines PIF trend vs. strategy
Investment strategy behind realized losses
AI tool's enterprise-wide impact and timeline
Middle market property pricing floor and margins
Personal Lines frequency benefit durability for 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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