EX-99.2


THE HANOVER INSURANCE GROUP

FINANCIAL HIGHLIGHTS


		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except earnings per share)		2024		2024		2024		2024		2025		2025		2025		2024		2025
PREMIUMS
Gross premiums written	$	1,625.8	$	1,679.3	$	1,831.6	$	1,596.2	$	1,689.9	$	1,752.6	$	1,913.5	$	5,136.7	$	5,356.0
Net premiums written		1,454.0		1,521.1		1,663.4		1,445.1		1,510.8		1,583.8		1,738.9		4,638.5		4,833.5
Net premiums earned		1,448.6		1,473.2		1,479.2		1,511.6		1,508.5		1,545.3		1,550.7		4,401.0		4,604.5

EARNINGS
Operating income before interest and taxes	$	149.7	$	95.4	$	150.6	$	254.4	$	186.4	$	209.9	$	247.7	$	395.7	$	644.0
Operating income after taxes		111.9		68.1		111.3		194.6		141.8		158.7		185.6		291.3		486.1
Income from continuing operations		115.5		40.4		102.1		167.3		128.2		156.9		178.6		258.0		463.7
Net income		115.5		40.5		102.1		167.9		128.2		157.1		178.7		258.1		464.0

PER SHARE DATA (DILUTED)
																-		-
Operating income after taxes	$	3.08	$	1.88	$	3.05	$	5.32	$	3.87	$	4.35	$	5.09	$	8.01	$	13.31
Income from continuing operations		3.18		1.11		2.80		4.57		3.50		4.30		4.90		7.09		12.70
Net income		3.18		1.12		2.80		4.59		3.50		4.30		4.90		7.10		12.70
Dilutive weighted average shares outstanding		36.3		36.3		36.5		36.6		36.6		36.5		36.4		36.4		36.5

Basic weighted average shares outstanding		35.8		36.0		36.0		36.0		36.0		35.9		35.8		35.9		35.9



BALANCE SHEET
		March 31		June 30		September 30		December 31		March 31		June 30		September 30
(In millions, except per share data)		2024		2024		2024		2024		2025		2025		2025

Total assets	$	14,594.1	$	14,872.2	$	15,367.0	$	15,274.5	$	15,470.3	$	15,732.1	$	16,774.2
Total loss and loss adjustment expense reserves		7,331.1		7,463.1		7,426.8		7,461.2		7,608.9		7,636.2		7,706.5
Total shareholders' equity		2,522.7		2,552.2		2,877.7		2,841.8		3,044.4		3,216.3		3,426.3
Total shareholders' equity, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax		3,018.2		3,040.9		3,126.5		3,242.9		3,335.3		3,451.0		3,573.4
Property and Casualty Companies
Statutory surplus	$	2,762.3	$	2,810.2	$	2,893.5	$	2,971.7	$	3,098.3	$	3,097.0	$	3,273.1
Premium to surplus ratio		2.12:1		2.11:1		2.07:1		2.05:1		1.98:1		2.00:1		1.92:1
Book value per share	$	70.22	$	70.96	$	79.90	$	79.18	$	84.56	$	89.62	$	96.00
Book value per share, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax	$	84.01	$	84.56	$	86.81	$	90.35	$	92.64	$	96.16	$	100.13
Tangible book value per share (total book value excluding goodwill
and intangibles)	$	64.80	$	65.55	$	74.50	$	73.75	$	79.10	$	84.12	$	90.46
Shares outstanding		35.9		36.0		36.0		35.9		36.0		35.9		35.7
Total debt/equity		31.1 %		30.7 %		27.2 %		27.6 %		25.8 %		24.4 %		37.4 %
Total debt/total capital		23.7 %		23.5 %		21.4 %		21.6 %		20.5 %		19.6 %		27.2 %


THE HANOVER INSURANCE GROUP

CONSOLIDATED STATEMENTS OF INCOME

	Three Months ended September 30					Nine Months ended September 30
(In millions)		2025		2024	% Change		2025		2024	% Change

Premiums earned	$	1,550.7	$	1,479.2	4.8	$	4,604.5	$	4,401.0	4.6
Net investment income		117.0		91.8	27.5		328.6		271.9	20.9
Net realized and unrealized investment gains (losses):
Net realized losses from sales and other		(20.3)		(23.5)	(13.6)		(43.7)		(55.2)	(20.8)
Net change in fair value of equity securities and other		11.4		11.7	(2.6)		17.4		19.3	(9.8)
Impairments on investments:
Credit-related impairments		-		(0.1)	N/M		(2.5)		(3.3)	(24.2)
Losses on intent to sell securities		(0.1)		(0.5)	(80.0)		(0.5)		(2.2)	(77.3)
Total impairments on investments		(0.1)		(0.6)	(83.3)		(3.0)		(5.5)	(45.5)
Total net realized and unrealized investment losses		(9.0)		(12.4)	(27.4)		(29.3)		(41.4)	(29.2)
Fees and other income		6.3		6.7	(6.0)		18.8		21.6	(13.0)
Total revenues		1,665.0		1,565.3	6.4		4,922.6		4,653.1	5.8

LOSSES AND EXPENSES

Losses and loss adjustment expenses		927.1		954.0	(2.8)		2,839.6		2,896.8	(2.0)
Amortization of deferred acquisition costs		324.9		307.8	5.6		957.8		910.3	5.2
Interest expense		11.6		8.5	36.5		28.7		25.6	12.1
Other operating expenses		174.3		165.3	5.4		510.5		494.1	3.3
Total losses and expenses		1,437.9		1,435.6	0.2		4,336.6		4,326.8	0.2

Income before income taxes		227.1		129.7	75.1		586.0		326.3	79.6
Income tax expense		48.5		27.6	75.7		122.3		68.3	79.1
Income from continuing operations		178.6		102.1	74.9		463.7		258.0	79.7
Discontinued operations (net of taxes):
Income from discontinued life businesses		0.1		-	N/M		0.3		0.1	-
Net income	$	178.7	$	102.1	75.0	$	464.0	$	258.1	79.8


THE HANOVER INSURANCE GROUP

CONSOLIDATED BALANCE SHEETS

		September 30		December 31
(In millions, except per share data)		2025		2024	% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $9,686.9 and $9,051.5)	$	9,498.6	$	8,542.2	11.2
Equity securities, at fair value		183.2		157.7	16.2
Other investments		685.6		709.9	(3.4)
Total investments		10,367.4		9,409.8	10.2
Cash and cash equivalents		915.7		435.5	110.3
Accrued investment income		72.8		69.8	4.3
Premiums and accounts receivable, net		1,931.6		1,800.8	7.3
Reinsurance recoverable on paid and unpaid losses and unearned premiums		1,974.8		1,994.5	(1.0)
Deferred acquisition costs		708.3		662.8	6.9
Deferred income tax asset		94.1		174.2	(46.0)
Goodwill		178.8		178.8	-
Other assets		439.2		462.6	(5.1)
Assets of discontinued businesses		91.5		85.7	6.8
Total assets	$	16,774.2	$	15,274.5	9.8

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
Loss and loss adjustment expense reserves	$	7,706.5	$	7,461.2	3.3
Unearned premiums		3,508.5		3,283.3	6.9
Expenses and taxes payable		702.5		757.8	(7.3)
Reinsurance premiums payable		41.7		37.7	10.6
Short-term debt		436.8		61.8	606.8
Long-term debt		843.0		722.3	16.7
Liabilities of discontinued businesses		108.9		108.6	0.3
Total liabilities		13,347.9		12,432.7	7.4

SHAREHOLDERS' EQUITY
Preferred stock, par value $0.01 per share;
20.0 million shares authorized; none issued		-		-	-
Common stock, par value $0.01 per share; 300.0 million shares
authorized; 60.5 million shares issued		0.6		0.6	-
Additional paid-in capital		2,004.6		1,973.6	1.6
Accumulated other comprehensive loss		(198.3)		(456.3)	(56.5)
Retained earnings		3,577.3		3,209.6	11.5
Treasury stock at cost (24.8 and 24.6 million shares)		(1,957.9)		(1,885.7)	3.8
Total shareholders' equity		3,426.3		2,841.8	20.6
Total liabilities and shareholders' equity	$	16,774.2	$	15,274.5	9.8


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED

Three Months ended September 30

		2025										2024

		Core				Personal						Core				Personal
(In millions, except percentage data)		Commercial		Specialty		Lines		Other		Total		Commercial		Specialty		Lines		Other		Total

Gross premiums written	$	709.5	$	437.7	$	766.3	$	-	$	1,913.5	$	682.5	$	408.9	$	740.2	$	-	$	1,831.6
				-				-						-				-
Net premiums written	$	620.3	$	379.2	$	739.4	$	-	$	1,738.9	$	599.2	$	350.2	$	714.0	$	-	$	1,663.4
				-				-						-				-
Net premiums earned	$	554.2	$	353.9	$	642.6	$	-	$	1,550.7	$	533.3	$	331.2	$	614.7	$	-	$	1,479.2
				-				-						-				-
Losses and LAE:
				-				-						-				-
Current year, excluding catastrophe losses		335.6		172.7		384.7		-		893.0		310.2		158.9		393.0		-		862.1
								-										-
Prior year favorable development, excluding catastrophe losses		(1.2)		(10.0)		(0.9)		-		(12.1)		(3.6)		(10.2)		(0.2)		-		(14.0)
								-										-
Current year catastrophe losses		17.8		6.0		22.4		-		46.2		38.2		7.9		69.8		-		115.9
								-										-
Prior year favorable catastrophe development		-		-		-		-		-		(6.5)		(3.5)		-		-		(10.0)
								-										-
Total losses and LAE		352.2		168.7		406.2		-		927.1		338.3		153.1		462.6		-		954.0
								-										-
Amortization of deferred acquisition costs and other underwriting expenses		187.8		132.4		170.1		-		490.3		180.4		125.5		158.8		-		464.7
								-										-
GAAP underwriting profit (loss)		14.2		52.8		66.3		-		133.3		14.6		52.6		(6.7)		-		60.5
								-										-
Net investment income		51.8		26.1		33.0		6.1		117.0		42.1		20.9		26.3		2.5		91.8
								-										-
Other income		1.3		1.3		3.7		-		6.3		1.2		1.6		3.9		-		6.7
								-										-
Other operating expenses		(2.2)		(2.0)		(1.9)		(2.8)		(8.9)		(2.0)		(2.1)		(1.8)		(2.5)		(8.4)
								-										-
Operating income before income taxes	$	65.1	$	78.2	$	101.1	$	3.3	$	247.7	$	55.9	$	73.0	$	21.7	$	-	$	150.6

Loss and LAE ratio:

Current year, excluding catastrophe losses		60.6 %		48.8 %		59.8 %		N/M		57.6 %		58.2 %		48.0 %		63.9 %		N/M		58.2 %

Prior year favorable development, excluding catastrophe losses		(0.2)%		(2.8)%		(0.1)%		N/M		(0.8)%		(0.7)%		(3.1)%		-		N/M		(0.9)%

Current year catastrophe losses		3.2 %		1.7 %		3.5 %		N/M		3.0 %		7.1 %		2.4 %		11.4 %		N/M		7.9 %

Prior year favorable catastrophe development		-		-		-		N/M		-		(1.2)%		(1.1)%		-		N/M		(0.7)%

Total loss and LAE ratio		63.6 %		47.7 %		63.2 %		N/M		59.8 %		63.4 %		46.2 %		75.3 %		N/M		64.5 %

Expense ratio		33.7 %		37.2 %		26.0 %		N/M		31.3 %		33.6 %		37.7 %		25.3 %		N/M		31.0 %

Combined ratio		97.3 %		84.9 %		89.2 %		N/M		91.1 %		97.0 %		83.9 %		100.6 %		N/M		95.5 %


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED

Nine Months ended September 30

		2025										2024

		Core				Personal						Core				Personal
(In millions, except percentage data)		Commercial		Specialty		Lines		Other		Total		Commercial		Specialty		Lines		Other		Total

Gross premiums written	$	2,025.0	$	1,286.5	$	2,044.5	$	-	$	5,356.0	$	1,929.5	$	1,227.1	$	1,980.1	$	-	$	5,136.7

Net premiums written	$	1,760.9	$	1,105.7	$	1,966.9	$	-	$	4,833.5	$	1,695.0	$	1,042.1	$	1,901.4	$	-	$	4,638.5

Net premiums earned	$	1,649.5	$	1,049.4	$	1,905.6	$	-	$	4,604.5	$	1,599.6	$	982.6	$	1,818.8	$	-	$	4,401.0
				-				-						-				-
Losses and LAE:
				-				-						-				-
Current year, excluding catastrophe losses		983.4		520.3		1,136.9		-		2,640.6		919.3		491.2		1,178.2		-		2,588.7
				-				-						-				-
Prior year favorable development, excluding catastrophe losses		(5.5)		(38.4)		(6.3)		(0.1)		(50.3)		(14.9)		(22.6)		(4.3)		-		(41.8)
				-				-						-				-
Current accident year catastrophe losses		97.5		39.3		130.5		-		267.3		93.6		45.7		247.6		-		386.9
				-				-						-				-
Prior year favorable catastrophe development		(11.0)		(4.0)		(3.0)		-		(18.0)		(24.8)		(12.2)		-		-		(37.0)
				-				-						-				-
Total losses and LAE		1,064.4		517.2		1,258.1		(0.1)		2,839.6		973.2		502.1		1,421.5		-		2,896.8
				-				-						-				-
Amortization of deferred acquisition costs and other underwriting expenses		553.7		390.4		494.3		-		1,438.4		538.1		367.0		471.7		-		1,376.8
				-				-						-				-
GAAP underwriting profit (loss)		31.4		141.8		153.2		0.1		326.5		88.3		113.5		(74.4)		-		127.4
				-				-						-				-
Net investment income		147.5		74.7		93.7		12.7		328.6		124.3		61.7		77.9		8.0		271.9
				-				-						-				-
Other income		3.9		3.7		11.1		0.1		18.8		3.7		4.7		11.8		1.4		21.6
								-										-
Other operating expenses		(7.0)		(6.2)		(5.3)		(11.4)		(29.9)		(5.7)		(5.5)		(5.1)		(8.9)		(25.2)
				-				-						-				-
Operating income before income taxes	$	175.8	$	214.0	$	252.7	$	1.5	$	644.0	$	210.6	$	174.4	$	10.2	$	0.5	$	395.7

Loss and LAE ratio:

Current year, excluding catastrophe losses		59.6 %		49.6 %		59.6 %		N/M		57.4 %		57.4 %		50.0 %		64.8 %		N/M		58.7 %

Prior year favorable development, excluding catastrophe losses		(0.3)%		(3.7)%		(0.3)%		N/M		(1.1)%		(0.9)%		(2.3)%		(0.2)%		N/M		(0.9)%

Current year catastrophe losses		5.9 %		3.8 %		6.9 %		N/M		5.8 %		5.9 %		4.6 %		13.6 %		N/M		8.8 %

Prior year favorable catastrophe development		(0.7)%		(0.4)%		(0.2)%		N/M		(0.4)%		(1.6)%		(1.2)%		-		N/M		(0.8)%

Total loss and LAE ratio		64.5 %		49.3 %		66.0 %		N/M		61.7 %		60.8 %		51.1 %		78.2 %		N/M		65.8 %

Expense ratio		33.3 %		37.0 %		25.4 %		N/M		30.9 %		33.4 %		37.1 %		25.3 %		N/M		30.9 %

Combined ratio		97.8 %		86.3 %		91.4 %		N/M		92.6 %		94.2 %		88.2 %		103.5 %		N/M		96.7 %


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS
CONSOLIDATED


		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2024		2024		2024		2024		2025		2025		2025		2024		2025

Gross premiums written	$	1,625.8	$	1,679.3	$	1,831.6	$	1,596.2	$	1,689.9	$	1,752.6	$	1,913.5	$	5,136.7	$	5,356.0

Net premiums written	$	1,454.0	$	1,521.1	$	1,663.4	$	1,445.1	$	1,510.8	$	1,583.8	$	1,738.9	$	4,638.5	$	4,833.5

Net premiums earned	$	1,448.6	$	1,473.2	$	1,479.2	$	1,511.6	$	1,508.5	$	1,545.3	$	1,550.7	$	4,401.0	$	4,604.5

Losses and LAE:

Current year, excluding catastrophe losses		858.7		867.9		862.1		860.2		879.7		867.9		893.0		2,588.7		2,640.6

Prior year favorable development, excluding catastrophe losses		(10.4)		(17.4)		(14.0)		(25.6)		(20.0)		(18.2)		(12.1)		(41.8)		(50.3)

Current year catastrophe losses		93.9		177.1		115.9		31.0		107.6		113.5		46.2		386.9		267.3

Prior year favorable catastrophe development		(7.0)		(20.0)		(10.0)		(5.0)		(12.0)		(6.0)		-		(37.0)		(18.0)

Total losses and LAE		935.2		1,007.6		954.0		860.6		955.3		957.2		927.1		2,896.8		2,839.6

Amortization of deferred acquisition costs and other underwriting expenses		452.7		459.4		464.7		493.9		470.3		477.8		490.3		1,376.8		1,438.4

GAAP underwriting profit		60.7		6.2		60.5		157.1		82.9		110.3		133.3		127.4		326.5

Net investment income		89.7		90.4		91.8		100.7		106.1		105.5		117.0		271.9		328.6

Other income		7.3		7.6		6.7		6.4		6.4		6.1		6.3		21.6		18.8

Other operating expenses		(8.0)		(8.8)		(8.4)		(9.8)		(9.0)		(12.0)		(8.9)		(25.2)		(29.9)

Operating income before income taxes	$	149.7	$	95.4	$	150.6	$	254.4	$	186.4	$	209.9	$	247.7	$	395.7	$	644.0

Loss and LAE ratio:

Current year, excluding catastrophe losses		59.3 %		58.9 %		58.2 %		56.9 %		58.3 %		56.1 %		57.6 %		58.7 %		57.4 %

Prior year favorable development, excluding catastrophe losses		(0.7)%		(1.2)%		(0.9)%		(1.7)%		(1.3)%		(1.2)%		(0.8)%		(0.9)%		(1.1)%

Current year catastrophe losses		6.5 %		12.1 %		7.9 %		2.0 %		7.1 %		7.4 %		3.0 %		8.8 %		5.8 %

Prior year favorable catastrophe development		(0.5)%		(1.4)%		(0.7)%		(0.3)%		(0.8)%		(0.4)%		-		(0.8)%		(0.4)%

Total loss and LAE ratio		64.6 %		68.4 %		64.5 %		56.9 %		63.3 %		61.9 %		59.8 %		65.8 %		61.7 %

Expense ratio		30.9 %		30.8 %		31.0 %		32.3 %		30.8 %		30.6 %		31.3 %		30.9 %		30.9 %

Combined ratio		95.5 %		99.2 %		95.5 %		89.2 %		94.1 %		92.5 %		91.1 %		96.7 %		92.6 %

Combined ratio, excluding catastrophe losses		89.5 %		88.5 %		88.3 %		87.5 %		87.8 %		85.5 %		88.1 %		88.7 %		87.2 %

Current accident year combined ratio, excluding catastrophe losses		90.2 %		89.7 %		89.2 %		89.2 %		89.1 %		86.7 %		88.9 %		89.6 %		88.3 %


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CORE COMMERCIAL


		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2024		2024		2024		2024		2025		2025		2025		2024		2025

Gross premiums written	$	660.0	$	587.0	$	682.5	$	573.6	$	693.1	$	622.4	$	709.5	$	1,929.5	$	2,025.0

Net premiums written	$	582.4	$	513.4	$	599.2	$	500.5	$	604.6	$	536.0	$	620.3	$	1,695.0	$	1,760.9

Net premiums earned	$	528.9	$	537.4	$	533.3	$	549.2	$	541.0	$	554.3	$	554.2	$	1,599.6	$	1,649.5

Losses and LAE:

Current year, excluding catastrophe losses		309.4		299.7		310.2		323.3		334.2		313.6		335.6		919.3		983.4

Prior year favorable development, excluding catastrophe losses		(9.2)		(2.1)		(3.6)		(2.8)		(1.3)		(3.0)		(1.2)		(14.9)		(5.5)

Current year catastrophe losses		24.5		30.9		38.2		15.9		54.5		25.2		17.8		93.6		97.5

Prior year favorable catastrophe development		(3.8)		(14.5)		(6.5)		(7.5)		(8.5)		(2.5)		-		(24.8)		(11.0)

Total losses and LAE		320.9		314.0		338.3		328.9		378.9		333.3		352.2		973.2		1,064.4

Amortization of deferred acquisition costs and other underwriting expenses		177.1		180.6		180.4		193.8		182.1		183.8		187.8		538.1		553.7

GAAP underwriting profit (loss)		30.9		42.8		14.6		26.5		(20.0)		37.2		14.2		88.3		31.4

Net investment income		40.8		41.4		42.1		46.1		48.0		47.7		51.8		124.3		147.5

Other income		1.3		1.2		1.2		1.3		1.3		1.3		1.3		3.7		3.9

Other operating expenses		(1.5)		(2.2)		(2.0)		(2.9)		(2.5)		(2.3)		(2.2)		(5.7)		(7.0)

Operating income before income taxes	$	71.5	$	83.2	$	55.9	$	71.0	$	26.8	$	83.9	$	65.1	$	210.6	$	175.8

Loss and LAE ratio:

Current year, excluding catastrophe losses		58.5 %		55.7 %		58.2 %		58.9 %		61.7 %		56.5 %		60.6 %		57.4 %		59.6 %

Prior year favorable development, excluding catastrophe losses		(1.7)%		(0.4)%		(0.7)%		(0.5)%		(0.2)%		(0.5)%		(0.2)%		(0.9)%		(0.3)%

Current year catastrophe losses		4.6 %		5.8 %		7.1 %		2.9 %		10.1 %		4.6 %		3.2 %		5.9 %		5.9 %

Prior year favorable catastrophe development		(0.7)%		(2.7)%		(1.2)%		(1.4)%		(1.6)%		(0.5)%		-		(1.6)%		(0.7)%

Total loss and LAE ratio		60.7 %		58.4 %		63.4 %		59.9 %		70.0 %		60.1 %		63.6 %		60.8 %		64.5 %

Expense ratio		33.2 %		33.4 %		33.6 %		35.1 %		33.4 %		32.9 %		33.7 %		33.4 %		33.3 %

Combined ratio		93.9 %		91.8 %		97.0 %		95.0 %		103.4 %		93.0 %		97.3 %		94.2 %		97.8 %

Combined ratio, excluding catastrophe losses		90.0 %		88.7 %		91.1 %		93.5 %		94.9 %		88.9 %		94.1 %		89.9 %		92.6 %

Current accident year combined ratio, excluding catastrophe losses		91.7 %		89.1 %		91.8 %		94.0 %		95.1 %		89.4 %		94.3 %		90.8 %		92.9 %


THE HANOVER INSURANCE GROUP

PREMIUMS WRITTEN AND RELATED METRICS
CORE COMMERCIAL

		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2024		2024		2024		2024		2025		2025		2025		2024		2025

Written Premium
Gross	$	660.0	$	587.0	$	682.5	$	573.6	$	693.1	$	622.4	$	709.5	$	1,929.5	$	2,025.0
Ceded		(77.6)		(73.6)		(83.3)		(73.1)		(88.5)		(86.4)		(89.2)		(234.5)		(264.1)
Net	$	582.4	$	513.4	$	599.2	$	500.5	$	604.6	$	536.0	$	620.3	$	1,695.0	$	1,760.9
Growth		3.0%		5.5%		1.7%		7.5%		3.8%		4.4%		3.5%		3.3%		3.9%

Net premiums written by sub-segment
Small Commercial	$	336.0	$	316.5	$	310.0	$	301.3	$	341.8	$	334.3	$	333.5	$	962.5	$	1,009.5
Middle Market		246.4		196.9		289.2		199.2		262.8		201.7		286.8		732.5		751.4
Total	$	582.4	$	513.4	$	599.2	$	500.5	$	604.6	$	536.0	$	620.3	$	1,695.0	$	1,760.9

Net premiums written by line of business
Commercial Multiple Peril	$	287.0	$	252.7	$	317.7	$	260.0	$	298.8	$	264.9	$	327.7	$	857.4	$	891.4
Commercial Automobile		105.7		96.9		103.9		91.7		114.2		104.6		112.1		306.5		330.9
Workers’ Compensation		124.5		104.5		100.1		92.9		123.5		102.3		100.1		329.1		325.8
Other Core Commercial		65.2		59.3		77.5		55.9		68.1		64.2		80.4		202.0		212.8
Total	$	582.4	$	513.4	$	599.2	$	500.5	$	604.6	$	536.0	$	620.3	$	1,695.0	$	1,760.9

Related Metrics
Premium Retention		82.3%		83.2%		83.2%		85.0%		84.4%		85.1%		84.4%		82.9%		84.6%
Renewal Price Change		11.5%		11.7%		12.9%		11.8%		11.1%		10.7%		9.9%		12.1%		10.6%


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
SPECIALTY


		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2024		2024		2024		2024		2025		2025		2025		2024		2025


Gross premiums written	$	408.4	$	409.8	$	408.9	$	383.9	$	424.4	$	424.4	$	437.7	$	1,227.1	$	1,286.5
																-		-
Net premiums written	$	339.8	$	352.1	$	350.2	$	331.8	$	358.3	$	368.2	$	379.2	$	1,042.1	$	1,105.7
																-
Net premiums earned	$	320.9	$	330.5	$	331.2	$	339.4	$	339.6	$	355.9	$	353.9	$	982.6	$	1,049.4
																-
Losses and LAE:
																-
Current year, excluding catastrophe losses		156.6		175.7		158.9		164.2		173.3		174.3		172.7		491.2		520.3
																-
Prior year favorable development, excluding catastrophe losses		(1.1)		(11.3)		(10.2)		(23.6)		(15.9)		(12.5)		(10.0)		(22.6)		(38.4)
																-
Current year catastrophe losses		10.2		27.6		7.9		6.5		17.2		16.1		6.0		45.7		39.3
																-
Prior year favorable catastrophe development		(3.2)		(5.5)		(3.5)		(2.5)		(2.5)		(1.5)		-		(12.2)		(4.0)
																-
Total losses and LAE		162.5		186.5		153.1		144.6		172.1		176.4		168.7		502.1		517.2
																-
Amortization of deferred acquisition costs and other underwriting expenses		119.5		122.0		125.5		133.1		126.3		131.7		132.4		367.0		390.4
																-
GAAP underwriting profit		38.9		22.0		52.6		61.7		41.2		47.8		52.8		113.5		141.8
																-
Net investment income		20.3		20.5		20.9		22.8		24.3		24.3		26.1		61.7		74.7
																-
Other income		1.3		1.8		1.6		1.2		1.3		1.1		1.3		4.7		3.7
																-
Other operating expenses		(1.7)		(1.7)		(2.1)		(2.4)		(2.2)		(2.0)		(2.0)		(5.5)		(6.2)
																-
Operating income before income taxes	$	58.8	$	42.6	$	73.0	$	83.3	$	64.6	$	71.2	$	78.2	$	174.4	$	214.0

Loss and LAE ratio:
																-
Current year, excluding catastrophe losses		48.7 %		53.1 %		48.0%		48.4 %		51.1 %		49.0 %		48.8 %		50.0%		49.6 %
																-
Prior year favorable development, excluding catastrophe losses		(0.3)%		(3.4)%		(3.1)%		(7.0)%		(4.7)%		(3.5)%		(2.8)%		(2.3)%		(3.7)%
																-
Current year catastrophe losses		3.2 %		8.4 %		2.4%		1.9 %		5.0 %		4.5 %		1.7 %		4.6%		3.8 %
																-
Prior year favorable catastrophe development		(1.0)%		(1.7)%		(1.1)%		(0.7)%		(0.7)%		(0.4)%		-		(1.2)%		(0.4)%
																-
Total loss and LAE ratio		50.6 %		56.4 %		46.2 %		42.6 %		50.7 %		49.6 %		47.7 %		51.1 %		49.3 %
																-
Expense ratio		37.0 %		36.7 %		37.7 %		39.0 %		37.0 %		36.9 %		37.2 %		37.1 %		37.0 %
																-
Combined ratio		87.6 %		93.1 %		83.9 %		81.6 %		87.7 %		86.5 %		84.9 %		88.2 %		86.3 %
																-		-
Combined ratio, excluding catastrophe losses		85.4 %		86.4 %		82.6 %		80.4 %		83.4 %		82.4 %		83.2 %		84.8 %		82.9 %

Current accident year combined ratio, excluding catastrophe losses		85.7 %		89.8 %		85.7 %		87.4 %		88.1 %		85.9 %		86.0 %		87.1 %		86.6 %


THE HANOVER INSURANCE GROUP

PREMIUMS WRITTEN AND RELATED METRICS
SPECIALTY

		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2024		2024		2024		2024		2025		2025		2025		2024		2025

Written Premiums
Gross	$	408.4	$	409.8	$	408.9	$	383.9	$	424.4	$	424.4	$	437.7	$	1,227.1	$	1,286.5
Ceded		(68.6)		(57.7)		(58.7)		(52.1)		(66.1)		(56.2)		(58.5)		(185.0)		(180.8)
Net	$	339.8	$	352.1	$	350.2	$	331.8	$	358.3	$	368.2	$	379.2	$	1,042.1	$	1,105.7
Growth		4.8%		8.2%		3.4%		8.8%		5.4%		4.6%		8.3%		5.4%		6.1%
																-		-
Net premiums written by sub-segment																-		-
Professional and Executive Lines	$	112.8	$	106.6	$	114.8	$	106.1	$	120.4	$	108.7	$	120.0	$	334.2	$	349.1
Specialty Property & Casualty		107.9		109.5		97.8		106.1		105.7		113.0		106.8		315.2		325.5
Marine		99.5		115.3		112.2		99.9		109.0		123.1		124.7		327.0		356.8
Surety and Other		19.6		20.7		25.4		19.7		23.2		23.4		27.7		65.7		74.3
Total	$	339.8	$	352.1	$	350.2	$	331.8	$	358.3	$	368.2	$	379.2	$	1,042.1	$	1,105.7
																-		-
Related Metrics
Premium Retention		83.1%		83.0%		81.5%		81.9%		80.1%		81.8%		83.2%		82.5%		81.7%
Renewal Price Change		11.0%		11.7%		10.1%		9.5%		8.4%		7.8%		8.3%		10.9%		8.1%


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES

Three Months ended September 30

	2025						2024
(In millions, except percentage data)		Auto		Home and Other		Total		Auto		Home and Other		Total

Net premiums written	$	416.5	$	322.9	$	739.4	$	411.1	$	302.9	$	714.0

Net premiums earned	$	370.8	$	271.8	$	642.6	$	358.0	$	256.7	$	614.7
						-						-
Losses and LAE:
						-						-
Current year, excluding catastrophe losses		256.3		128.4		384.7		250.0		143.0		393.0
						-						-
Prior year favorable development, excluding catastrophe losses		(0.1)		(0.8)		(0.9)		(0.1)		(0.1)		(0.2)
						-						-
Current year catastrophe losses		4.3		18.1		22.4		5.8		64.0		69.8
						-						-
Total losses and LAE		260.5		145.7		406.2		255.7		206.9		462.6
						-						-
Amortization of deferred acquisition costs and other underwriting expenses						170.1						158.8
						-						-
GAAP underwriting profit (loss)						66.3						(6.7)
						-						-
Net investment income						33.0						26.3
						-						-
Other income						3.7						3.9
						-						-
Other operating expenses						(1.9)						(1.8)
						-						-
Operating income before income taxes					$	101.1					$	21.7

Loss and LAE ratio:

Current year, excluding catastrophe losses		69.1 %		47.2 %		59.8 %		69.8 %		55.7 %		63.9 %

Prior year favorable development, excluding catastrophe losses		-		(0.3)%		(0.1)%		-		-		-

Current year catastrophe losses		1.2 %		6.7 %		3.5 %		1.6 %		24.9 %		11.4 %

Total loss and LAE ratio		70.3 %		53.6 %		63.2 %		71.4 %		80.6 %		75.3 %

Expense ratio						26.0 %						25.3 %

Combined ratio						89.2 %						100.6 %


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES

Nine Months ended September 30

	2025						2024
(In millions, except percentage data)		Auto		Home & Other		Total		Auto		Home & Other		Total

Net premiums written	$	1,129.6	$	837.3	$	1,966.9	$	1,110.9	$	790.5	$	1,901.4

Net premiums earned	$	1,104.4	$	801.2	$	1,905.6	$	1,058.7	$	760.1	$	1,818.8

Losses and LAE:

Current year, excluding catastrophe losses		744.3		392.6		1,136.9		753.2		425.0		1,178.2

Prior year unfavorable (favorable) development, excluding catastrophe losses		(3.1)		(3.2)		(6.3)		(13.4)		9.1		(4.3)

Current year catastrophe losses		12.9		117.6		130.5		17.0		230.6		247.6

Prior year unfavorable (favorable) catastrophe development		(0.3)		(2.7)		(3.0)		0.8		(0.8)		-

Total losses and LAE		753.8		504.3		1,258.1		757.6		663.9		1,421.5

Amortization of deferred acquisition costs and other underwriting expenses						494.3						471.7

GAAP underwriting income (loss)						153.2						(74.4)

Net investment income						93.7						77.9

Other income						11.1						11.8

Other operating expenses						(5.3)						(5.1)

Operating income before income taxes					$	252.7					$	10.2

Loss and LAE ratio:

Current year, excluding catastrophe losses		67.5 %		49.0 %		59.6 %		71.2 %		55.9 %		64.8 %

Prior year unfavorable (favorable) development, excluding catastrophe losses		(0.3)%		(0.4)%		(0.3)%		(1.3)%		1.2 %		(0.2)%

Current year catastrophe losses		1.1 %		14.6 %		6.9 %		1.6 %		30.3 %		13.6 %

Prior year unfavorable (favorable) catastrophe development		-		(0.3)%		(0.2)%		0.1 %		(0.1)%		-
Total loss and LAE ratio		68.3 %		62.9 %		66.0 %		71.6 %		87.3 %		78.2 %

Expense ratio						25.4 %						25.3 %

Combined ratio						91.4 %						103.5 %


THE HANOVER INSURANCE GROUP

GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS
PERSONAL LINES



		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2024		2024		2024		2024		2025		2025		2025		2024		2025

Gross premiums written	$	557.4	$	682.5	$	740.2	$	638.7	$	572.4	$	705.8	$	766.3	$	1,980.1	$	2,044.5
																-		-
Net premiums written	$	531.8	$	655.6	$	714.0	$	612.8	$	547.9	$	679.6	$	739.4	$	1,901.4	$	1,966.9
																-		-
Net premiums earned	$	598.8	$	605.3	$	614.7	$	623.0	$	627.9	$	635.1	$	642.6	$	1,818.8	$	1,905.6
																-		-
Losses and LAE:
																-		-
Current year, excluding catastrophe losses		392.7		392.5		393.0		372.7		372.2		380.0		384.7		1,178.2		1,136.9
																-		-
Prior year favorable development, excluding catastrophe losses		(0.1)		(4.0)		(0.2)		(0.6)		(2.8)		(2.6)		(0.9)		(4.3)		(6.3)
																-		-
Current year catastrophe losses		59.2		118.6		69.8		8.6		35.9		72.2		22.4		247.6		130.5
																-		-
Prior year unfavorable (favorable) catastrophe development		-		-		-		5.0		(1.0)		(2.0)		-		-		(3.0)
																-		-
Total losses and LAE		451.8		507.1		462.6		385.7		404.3		447.6		406.2		1,421.5		1,258.1
																-		-
Amortization of deferred acquisition costs and other underwriting expenses		156.1		156.8		158.8		167.0		161.9		162.3		170.1		471.7		494.3
																-		-
GAAP underwriting profit (loss)		(9.1)		(58.6)		(6.7)		70.3		61.7		25.2		66.3		(74.4)		153.2

Net investment income		25.6		26.0		26.3		28.8		30.5		30.2		33.0		77.9		93.7

Other income		4.0		3.9		3.9		3.9		3.7		3.7		3.7		11.8		11.1

Other operating expenses		(1.6)		(1.7)		(1.8)		(1.9)		(1.7)		(1.7)		(1.9)		(5.1)		(5.3)

Operating income (loss) before income taxes	$	18.9	$	(30.4)	$	21.7	$	101.1	$	94.2	$	57.4	$	101.1	$	10.2	$	252.7

Loss and LAE ratio:
																-		-
Current year, excluding catastrophe losses		65.6 %		64.9 %		63.9 %		59.8 %		59.2 %		59.8 %		59.8 %		64.8 %		59.6 %
																-		-
Prior year favorable development, excluding catastrophe losses		-		(0.7)%		-		(0.1)%		(0.4)%		(0.4)%		(0.1)%		(0.2)%		(0.3)%
																-		-
Current year catastrophe losses		9.9 %		19.6 %		11.4 %		1.4 %		5.8 %		11.4 %		3.5 %		13.6 %		6.9 %
																-		-
Prior year unfavorable (favorable) catastrophe development		-		-		-		0.8 %		(0.2)%		(0.3)%		-		-		(0.2)%
																-		-
Total loss and LAE ratio		75.5 %		83.8 %		75.3 %		61.9 %		64.4 %		70.5 %		63.2 %		78.2 %		66.0 %
																-		-
Expense ratio		25.5 %		25.3 %		25.3 %		26.2 %		25.3 %		25.0 %		26.0 %		25.3 %		25.4 %
																-		-
Combined ratio		101.0 %		109.1 %		100.6 %		88.1 %		89.7 %		95.5 %		89.2 %		103.5 %		91.4 %
																-		-
Combined ratio, excluding catastrophe losses		91.1 %		89.5 %		89.2 %		85.9 %		84.1 %		84.4 %		85.7 %		89.9 %		84.7 %

Current accident year combined ratio, excluding catastrophe losses		91.1 %		90.2 %		89.2 %		86.0 %		84.5 %		84.8 %		85.8 %		90.1 %		85.0 %


THE HANOVER INSURANCE GROUP

PREMIUMS WRITTEN AND RELATED METRICS
PERSONAL LINES

		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2024		2024		2024		2024		2025		2025		2025		2024		2025
Written Premiums
Gross	$	557.4	$	682.5	$	740.2	$	638.7	$	572.4	$	705.8	$	766.3	$	1,980.1	$	2,044.5
Ceded		(25.6)		(26.9)		(26.2)		(25.9)		(24.5)		(26.2)		(26.9)		(78.7)		(77.6)
Net	$	531.8	$	655.6	$	714.0	$	612.8	$	547.9	$	679.6	$	739.4	$	1,901.4	$	1,966.9
Growth		0.0%		3.3%		6.8%		6.6%		3.0%		3.7%		3.6%		3.6%		3.4%

Net premiums written by line of business
Personal Automobile	$	317.0	$	382.8	$	411.1	$	352.7	$	323.8	$	389.3	$	416.5	$	1,110.9	$	1,129.6
Homeowners and Other		214.8		272.8		302.9		260.1		224.1		290.3		322.9		790.5		837.3
Total	$	531.8	$	655.6	$	714.0	$	612.8	$	547.9	$	679.6	$	739.4	$	1,901.4	$	1,966.9

Related Metrics

Renewal Price Change
Personal Automobile		18.2%		18.0%		14.9%		13.9%		11.8%		9.8%		8.0%		16.9%		9.7%
Homeowners		30.2%		19.1%		16.2%		14.6%		14.9%		15.7%		13.9%		21.0%		14.8%
Total (1)		22.8%		18.5%		15.4%		14.2%		13.1%		12.3%		10.5%		18.6%		11.8%

Policy Retention
Personal Automobile		79.6%		81.2%		82.8%		81.3%		81.4%		83.5%		83.2%		81.3%		82.8%
Homeowners		80.3%		82.7%		84.6%		83.2%		82.4%		85.1%		84.8%		82.7%		84.2%
Total (1)		79.9%		82.0%		83.7%		82.2%		82.0%		84.3%		84.0%		82.0%		83.5%

PIF change from prior year period
Personal Automobile		-5.5%		-7.6%		-8.5%		-7.0%		-4.9%		-3.6%		-3.2%		-8.5%		-3.2%
Homeowners		-4.7%		-6.9%		-7.8%		-6.1%		-4.0%		-2.7%		-2.5%		-7.8%		-2.5%
Total (1)		-5.1%		-7.3%		-8.2%		-6.6%		-4.4%		-3.2%		-2.9%		-8.2%		-2.9%

(1) Related metrics exclude Other Personal Lines.


THE HANOVER INSURANCE GROUP

NET INVESTMENT INCOME AND YIELDS



			Q1		Q2		Q3		Q4		Q1		Q2		Q3		YTD		YTD
(In millions, except yields)			2024		2024		2024		2024		2025		2025		2025		2024		2025

Net Investment Income

	Fixed maturities	$	75.7	$	76.5	$	82.3	$	89.9	$	93.3	$	98.4	$	103.3	$	234.5	$	295.0
	Limited partnerships		9.2		1.4		4.0		6.0		7.5		3.5		6.8		14.6		17.8
	Mortgage loans		3.7		3.9		3.6		3.2		2.9		3.0		2.6		11.2		8.5
	Equity securities		0.8		0.8		0.8		0.8		0.9		0.9		0.9		2.4		2.7
	Other investments		3.8		11.5		5.2		4.7		5.3		3.4		7.1		20.5		15.8
	Investment expenses		(3.5)		(3.7)		(4.1)		(3.9)		(3.8)		(3.7)		(3.7)		(11.3)		(11.2)
Total		$	89.7	$	90.4	$	91.8	$	100.7	$	106.1	$	105.5	$	117.0	$	271.9	$	328.6


Pre-tax Yields

	Fixed maturities		3.52%		3.53%		3.73%		3.99%		4.08%		4.24%		4.33%		3.59%		4.21%
	Total		3.70%		3.73%		3.70%		3.97%		4.14%		4.11%		4.31%		3.71%		4.17%


Pre-tax yields represent annualized net investment income for the period divided by the monthly average invested assets at amortized cost or cost, which excludes accumulated changes in fair value for fixed maturities and equity securities.


THE HANOVER INSURANCE GROUP

INVESTMENT PORTFOLIO
September 30, 2025
(In millions)
										Change in		Change in
	Weighted		Amortized					Net		Net		Net
	Average		Cost		Fair Value /	% of		Unrealized		Unrealized		Unrealized
Investment Type	Quality		or Cost (1)		Carry Value	Total		Gain (Loss)		During Q3		YTD

Fixed maturities:
U.S. Treasury and government agencies	AA+	$	500.1	$	461.4	4.1%	$	(38.7)	$	3.8	$	19.7
Foreign governments	BB		2.5		2.7	-		0.2		-		0.1
Municipals:
Taxable	AA		873.7		804.8	7.2%		(68.9)		13.6		39.1
Tax-exempt	AA		25.0		25.5	0.2%		0.5		0.8		0.2
Corporates:
NAIC 1	A		2,221.1		2,235.3	19.8%		14.2		23.6		75.2
NAIC 2	BBB		1,602.4		1,586.9	14.1%		(15.5)		20.7		71.7
NAIC 3 and below	B+		443.3		450.7	4.0%		7.4		0.9		6.2
Total corporates	BBB+		4,266.8		4,272.9	37.9%		6.1		45.2		153.1
Asset-backed:
Residential mortgage-backed	AA+		2,620.1		2,549.1	22.6%		(71.0)		38.7		82.5
Commercial mortgage-backed	AAA		442.9		420.9	3.7%		(22.0)		5.7		20.0
Other asset-backed	AAA		955.8		961.3	8.5%		5.5		2.9		6.3
Total fixed maturities	A+		9,686.9		9,498.6	84.2%		(188.3)		110.7		321.0
Limited partnerships and other investments			428.8		428.8	3.8%		-		-		-
Mortgage and other loans			256.8		256.8	2.3%		-		-		-
Equity securities			183.2		183.2	1.6%		-		-		-
Total investments			10,555.7		10,367.4	91.9%		(188.3)		110.7		321.0
Cash and cash equivalents			915.7		915.7	8.1%		-		-		-
Total		$	11,471.4	$	11,283.1	100.0%	$	(188.3)	$	110.7	$	321.0


(1) Net of allowance for credit losses of $8.4 million.


THE HANOVER INSURANCE GROUP

CREDIT QUALITY AND DURATION OF FIXED MATURITIES
September 30, 2025

(In millions)

CREDIT QUALITY OF FIXED MATURITIES
		Rating Agency		Amortized			Fair		% of Total
NAIC Designation		Equivalent Designation		Cost (1)			Value		Fair Value
1		Aaa/Aa/A	$		7,619.2	$		7,439.5		78.3	%
2		Baa			1,612.4			1,597.1		16.8	%
3		Ba			238.6			243.7		2.6	%
4		B			184.8			187.3		2.0	%
5		Caa			28.0			28.1		0.3	%
6		In or near default			3.9			2.9		-
Total fixed maturities			$		9,686.9	$		9,498.6		100.0	%


DURATION OF FIXED MATURITIES

				Amortized			Fair		% of Total
				Cost (1)			Value		Fair Value
	0-2 Years		$		1,747.5	$		1,754.7		18.5	%
	2-4 Years				2,519.5			2,530.6		26.6	%
	4-6 Years				2,538.0			2,449.6		25.8	%
	6-8 Years				2,402.4			2,324.5		24.5	%
	8-10 Years				348.9			336.9		3.5	%
	10+ Years				130.6			102.3		1.1	%
Total fixed maturities			$		9,686.9	$		9,498.6		100.0	%
Weighted Average Duration								4.4

(1) Net of allowance for credit losses of $0.2 million.



TOP 10 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS
September 30, 2025

(In millions, except percentage data)
Issuer	Amortized Cost	Fair Value	As a Percent of Invested Assets	Ratings (1)
Morgan Stanley	$43.3	$43.5	0.39%	A-
Minnesota Housing Finance Agency	38.3	31.7	0.28%	AA+
State of Ohio	33.8	29.1	0.26%	AAA
Goldman Sachs Group	32.8	33.0	0.29%	BBB+
Colorado Housing & Finance Authority	29.2	28.7	0.25%	AAA
JPMorgan Chase	26.3	26.6	0.24%	A
International Business Machines	26.0	26.1	0.23%	A-
Bank of New York Mellon	25.2	25.2	0.22%	A
BP Capital Markets	25.1	26.0	0.23%	A-
State of Oregon	24.8	22.1	0.20%	AA+
Top 10 Corporate and Municipal	$304.8	$292.0	2.59%

(1) - Represents nationally recognized rating agency sources.


THE HANOVER INSURANCE GROUP

RECONCILIATION OF OPERATING INCOME TO NET INCOME

	Three Months ended September 30								Nine Months ended September 30
	2025				2024				2025				2024
(In millions, except per share data)		$	Per Share (Diluted)			$	Per Share (Diluted)			$	Per Share (Diluted)			$	Per Share (Diluted)
OPERATING INCOME
Core Commercial	$	65.1			$	55.9			$	175.8			$	210.6
Specialty		78.2				73.0				214.0				174.4
Personal Lines		101.1				21.7				252.7				10.2
Other		3.3				-				1.5				0.5
Total		247.7				150.6				644.0				395.7

Interest expense		(11.6)				(8.5)				(28.7)				(25.6)

Operating income before income taxes		236.1	$	6.48		142.1	$	3.89		615.3	$	16.84		370.1	$	10.18

Income tax expense on operating income		(50.5)		(1.39)		(30.8)		(0.84)		(129.2)		(3.53)		(78.8)		(2.17)

Operating income after income taxes		185.6		5.09		111.3		3.05		486.1		13.31		291.3		8.01

Non-operating items:
Net realized losses from sales and other		(20.3)		(0.56)		(23.5)		(0.64)		(43.7)		(1.20)		(55.2)		(1.52)
Net change in fair value of equity securities and other		11.4		0.31		11.7		0.32		17.4		0.48		19.3		0.53
Impairments on investments:
Credit-related impairments		-		-		(0.1)		-		(2.5)		(0.07)		(3.3)		(0.09)
Losses on intent to sell securities		(0.1)		-		(0.5)		(0.01)		(0.5)		(0.01)		(2.2)		(0.06)
Total impairments on investments		(0.1)		-		(0.6)		(0.01)		(3.0)		(0.08)		(5.5)		(0.15)
Other non-operating items		-		-		-		-		-		-		(2.4)		(0.07)
Income tax benefit on non-operating items		2.0		0.06		3.2		0.08		6.9		0.19		10.5		0.29
Income from continuing operations, net of taxes		178.6		4.90		102.1		2.80		463.7		12.70		258.0		7.09
Discontinued operations (net of taxes):

Income from discontinued life businesses		0.1		-		-		-		0.3		-		0.1		0.01

NET INCOME	$	178.7	$	4.90	$	102.1	$	2.80	$	464.0	$	12.70	$	258.1	$	7.10

     THE HANOVER INSURANCE GROUP

    

     Non-GAAP Financial Measures

    

     The Hanover uses non-GAAP financial measures as important measures of the Company’s operating performance, which we believe provide investors with additional information regarding management’s evaluation of our results of operations and financial performance. The Company’s non-GAAP measures include operating income before interest expense and income taxes, total operating income after income taxes, total operating income after income taxes per diluted share, total book value per share, total book value per share excluding net unrealized gains and losses related to fixed maturity investments and market risk, net of tax, tangible book value per share and measures of operating income and combined ratios excluding catastrophe losses (catastrophe losses as discussed here and in all other measures include catastrophe loss development) and reserve development.

    

     Operating income before interest expense and income taxes is net income, excluding interest expense on debt, income taxes and net realized and unrealized investment gains and losses, which includes changes in the fair value of equity securities still held because fluctuations in these gains and losses are determined by interest rates, financial markets and the timing of sales. Operating income before interest expense and income taxes also excludes net gains and losses on disposals of businesses, discontinued operations, restructuring costs, the cumulative effect of accounting changes and certain other items. Operating income before interest expense and income taxes is the sum of the operating income from: Core Commercial, Specialty, Personal Lines, and Other. After-tax operating income earnings per diluted share (sometimes referred to as “after-tax operating income per share”) is also a non-GAAP measure. It is defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), as well as results from discontinued operations and other non-operating items for a period divided by the average number of diluted shares of common stock. The Hanover believes that measures of operating income before interest expense and income taxes provide investors with a valuable measure of the performance of the Company’s ongoing businesses because they highlight net income attributable to the core operations of the business.

    

     Book value per share is total shareholders’ equity divided by the number of common shares outstanding. Book value per share excluding net unrealized gains and losses related to fixed maturity investments, net of tax, is total shareholders’ equity excluding the after-tax effect of unrealized investment gains and losses on fixed maturities and market risk divided by the number of common shares outstanding. Tangible book value per share is total shareholders’ equity, excluding goodwill and intangible assets, divided by the number of common shares outstanding.

    

     The Hanover also provides measures of operating results and loss ratios that exclude the effects of catastrophe losses. A catastrophe is a severe loss, resulting from natural or manmade events. Catastrophes caused by various natural events include, among others, hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fire, explosions, severe winter weather and other convective storms. Catastrophes caused by various manmade events include, among others, fire, explosions, riots, and terrorism. Each catastrophe has unique characteristics. Catastrophes are not predictable as to timing or loss amount in advance. The Hanover believes that providing certain financial metrics and trends excluding the effects of catastrophes is meaningful for investors to understand the variability of periodic earnings and loss ratios.

    

     Prior year reserve development, which can be favorable or unfavorable, represents changes in our estimate of the costs to pay claims from prior years. We believe that a discussion of operating income excluding prior year reserve development is helpful to investors since it provides insight into both our estimate of current year accident results and changes to prior-year reserve estimates.

    

     Operating income before and after interest expense and income taxes and measures of operating income that exclude the effects of catastrophe losses or reserve development should not be construed as substitutes for income before income taxes or income from continuing operations and operating income should not be construed as a substitute for net income determined in accordance with GAAP. A reconciliation of income from continuing operations to operating income before interest expense and income taxes and income from continuing operations per diluted share to operating income after taxes per diluted share for the three and nine months ended September 30, 2025 and 2024 is set forth on page 20 of this document. The presentation of loss ratios calculated excluding the effects of reserve development and/or catastrophe losses should not be construed as a substitute for loss ratios determined in accordance with GAAP.

    

     Additional reconciliations are provided in the press release relating to the current period(s) financial results, which is available on the Company’s website, www.hanover.com.

    

     THE HANOVER INSURANCE GROUP

    

     PREMIUM RELATED METRIC DEFINITIONS

    

      
     Renewal Price Change

     ●

     Core Commercial and Specialty: Represents the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, specific inflationary changes or changes in policy level exposure or insured risks.

     ●

     Personal Lines: Represents the average change in premium on policies charged at renewal caused by the net effects of filed rate, inflation adjustments or other changes in policy level exposure or insured risks, regardless of whether or not the policies are retained for the duration of their contractual terms.

      
     Rate

     ●

     Core Commercial and Specialty: Represents the average change in premium on renewed policies caused by the base rate changes, discretionary pricing, and inflation, excluding the impact of changes in policy level exposure or insured risks.

     ●

     Personal Lines: Represents the estimated cumulative premium effect of approved rate actions applied to policies at renewal, regardless of whether or not policies are actually renewed. Accordingly, rate changes do not represent actual increases or decreases realized by the company. Personal Lines rate changes do not include inflation or changes in policy level exposure or insured risks.

      
     Retention

     ●

     Core Commercial and Specialty: Represents the ratio of net retained premium for the noted period to the premium available to renew over the same period.

     ●

     Personal Lines: Represents the ratio of net retained policies for the noted period to those policies available to renew over the same period and includes policies that were canceled and rewritten.

      
     Policies in Force (PIF) Change

     ●

     Represents the change in the number of policies in force at the end of a given period from the end of the same period in the prior year.

     CORPORATE OFFICES AND

     INDUSTRY RATINGS AS OF October 29, 2025

     TRANSFER AGENT

     PRINCIPAL SUBSIDIARIES

     THE HANOVER INSURANCE GROUP, INC.

     A.M.

     Computershare Investor Services

     440 Lincoln Street

     Financial Strength Ratings

     Best

     S&P Global

     Moody's

     PO Box 43006

     Worcester, MA 01653

     The Hanover Insurance

     Providence, RI 02940-3006

      
     Company

     A

     A

     A2

     1-800-317-4454

     The Hanover Insurance Company

     Citizens Insurance Company

     440 Lincoln Street

     of America

     A

     A

     -

     Worcester, MA 01653

      
     COMMON STOCK

     Citizens Insurance Company of America

     A.M.

     808 North Highlander Way

     Debt Ratings

     Best

     S&P Global

     Moody's

     Common stock of The Hanover Insurance Group, Inc. is traded

     Howell, MI 48843

     The Hanover Insurance Group, Inc.

     on the New York Stock Exchange under the symbol “THG”.

      
     Senior Debt

     bbb+

     BBB

     Baa2

      
     Subordinated Debentures

     bbb-

     BB+

     Baa3

     MARKET AND DIVIDEND INFORMATION

     INQUIRIES

     The following tables set forth the high and low closing

     The above ratings are accurate as of October 29, 2025, and may be revised,

     Oksana Lukasheva

     sale prices of our common stock and quarterly cash

     superseded or withdrawn by the respective rating agency at any time. For

     Senior Vice President

     dividends for the periods indicated:

     the most current information concerning the financial ratings of The Hanover

     Corporate Finance

      
     Insurance Group and its subsidiaries, please visit the websites of the

     olukasheva@hanover.com

     Quarter Ended

     2025

     respective rating agencies.

      
     Price Range

     Dividends

      
     High

     Low

     Per Share

     March 31

     $174.61

     $147.13

     $0.900

     September 30

     $182.10

     $162.08

     $0.900

     Quarter Ended

     2024

      
     Price Range

     Dividends

      
     High

     Low

     Per Share

     March 31

     $136.58

     $122.20

     $0.850

     September 30

     $149.58

     $123.93

     $0.850

     December 31

     $165.01

     $144.81

     $0.900


THE HANOVER INSURANCE GROUP

FINANCIAL SUPPLEMENT


TABLE OF CONTENTS


Segment Descriptions....................................................................................................	1
Financial Highlights.........................................................................................................	2
Consolidated Financial Statements
Income Statements.............................................................................................................	3
Balance Sheets...................................................................................................................	4
Pre-tax Operating Results and Related Metrics
Consolidated.......................................................................................................................	5-7
Core Commercial...............................................................................................................	8-9
Specialty..............................................................................................................................	10-11
Personal Lines....................................................................................................................	12-15
Investments
Net Investment Income and Yields.....................................................................................	16
Investment Portfolio.............................................................................................................	17
Credit Quality and Duration of Fixed Maturities...............................................................	18
Top 10 Corporate and Municipal Fixed Maturity Holdings.............................................	19
Reconciliation of Operating Income to Net Income................................................	20
Other Information
Non-GAAP Financial Measures........................................................................................	21
Premium Related Metric Definitions.................................................................................	22
Corporate Information.........................................................................................................	23
Market and Dividend Information......................................................................................	23
Financial Strength and Debt Ratings................................................................................	23


THE HANOVER INSURANCE GROUP

BASIS OF PRESENTATION

SEGMENT DESCRIPTIONS

CORE COMMERCIAL
Sub-segment	Customer and business type	Primary lines of business
Small Commercial	Coverage to small businesses, with annual premiums of $50,000 or less; Products are tailored to specific industry segments as needed.	● Business owners’ policy/commercial multiple peril ● Commercial automobile ● Workers’ compensation ● Other (general liability, commercial umbrella, monoline property)

Middle Market	Coverage to mid-sized businesses with annual premiums starting at $50,000, focusing on those between $50,000 and $250,000. Products are tailored to certain specific industry segments, including technology, manufacturing, human services, retail, real estate, among others.	● Commercial multiple peril ● Commercial automobile ● Workers’ compensation ● Other (general liability, commercial umbrella, monoline property)
SPECIALTY
Sub-segment	Customer and business type	Primary lines of business
Professional and Executive Lines	Coverage to small to mid-sized non-public companies, including lawyer, engineer, accountant, and various other professional and advisory firms including healthcare; provide protection for directors, officers and employees against actual or alleged errors, negligence or bad faith, employment practices.	● Professional liability ● Management liability ● Fidelity and crime ● Other property and liability lines for healthcare firms

Specialty Property & Casualty	Program business - coverage to markets with specialty or risk management needs related to groups of similar businesses; Hanover Specialty Industrial (HSI) - coverage to small and medium chemical, paint, solvent and other manufacturers and distributors; Excess & Surplus - non-admitted general liability and property coverage to risks outside of the appetite of standard commercial lines; Specialty General Liability - admitted coverage for higher-hazard liability risks	● Commercial multiple peril ● Commercial automobile ● Workers’ compensation ● Other (general liability, commercial umbrella, monoline property)

Marine	Includes coverage for inland and ocean marine, and insures against physical losses to property, such as contractor's equipment, builders' risk and goods in transit. Also covers jewelers block, fine art and other valuables.	● Inland/ocean marine ● Ancillary lines of business written through marine agents

Surety and Other	Provides coverage for construction and other firms, as well as sole proprietors in the event of claims for non-performance or non-payment, and commercial surety coverage related to fiduciary or regulatory obligations.	● Bond
PERSONAL LINES
Sub-segment	Customer and business type	Primary lines of business
Personal Automobile	Includes coverage for individuals against losses incurred from personal bodily injury, bodily injury to third parties, property damage to an insured's vehicle, and property damage to other vehicles and other property.	● Personal automobile

Homeowners and Other	Includes coverage for individuals for losses to their residences and personal property, such as those caused by fire, wind, hail, water damage (excluding flood), theft and vandalism, and against third-party liability claims.	● Homeowners ● Personal umbrella ● Inland Marine (jewelry, art, etc.) ● Other (fire, personal watercraft, other miscellaneous)
OTHER
The Other segment primarily includes earnings on holding company assets; holding company and other expenses, including certain costs associated with retirement benefits due to our former life insurance employees and agents; and our run-off voluntary assumed property and casualty pools, run-off direct asbestos and environmental, and our product liability businesses.