The Hanover Insurance Group
Provides commercial, specialty and personal property-and-casualty coverage through independent agents.
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Profile
Sells commercial, specialty and personal property-and-casualty coverage through independent agents and brokers. Local-market field support complements product lines spanning workers’ compensation, liability, auto and homeowners coverage.
Underwrites property-and-casualty coverage through Core Commercial, Specialty and Personal Lines. Core Commercial includes workers’ compensation, general liability and commercial multiple-peril coverages; Specialty spans specialty property and casualty, programs, excess and surplus lines, professional and executive lines, and marine; Personal Lines serves auto, homeowners and other personal coverages.
Operates domestically through independent agents and brokers, using local-market field support and long-term agency relationships. Specialty is distributed mainly through retail agents, supplemented by selected specialists.
Geographic and catastrophe exposure, including concentrations in Michigan and Massachusetts, shapes results. Other is a reportable segment that includes investment-related activity.
Company facts
Key statistics
Year to date +27.2% · Average volume (30d) 296.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Morgan Stanley | Reiterate | Equal Weight | $225 | $240 | |
| Jul 30, 2026 | RBC Capital | Reiterate | Sector Perform | $215 | $235 | |
| Jul 15, 2026 | Piper Sandler | Downgrade | Overweight | Neutral | ||
| Jul 13, 2026 | RBC Capital | Reiterate | Sector Perform | $200 | $215 | |
| Jul 8, 2026 | Morgan Stanley | Reiterate | Equal Weight | $220 | $225 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $3.84 | $5.31 | +38.3% | $1.65B | $1.66B | +0.4% | +3.65% |
| Apr 29, 2026Q1 FY26 | $4.14 | $5.25 | +26.8% | $1.58B | $1.56B | −1.4% | +5.73% |
| Feb 3, 2026Q4 FY25 | $5.03 | $5.79 | +15.1% | $1.52B | $1.49B | −2.0% | +0.59% |
| Oct 29, 2025Q3 FY25 | $3.79 | $5.09 | +34.3% | $1.52B | $1.66B | +9.0% | +1.11% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.60B | $1.65B | $1.66B | $1.67B | $1.70B | $1.73B | |
| Gross profit | $326.5M | $374.7M | $406.2M | $782.2M | $743.8M | $763.7M | |
| Operating income | $160.1M | $198.8M | $227.1M | $257.8M | $237.1M | $244.6M | |
| Net income | $128.2M | $157.1M | $178.7M | $198.5M | $186.8M | $191.6M | |
| Diluted EPS | $3.50 | $4.30 | $4.91 | $5.47 | $5.15 | $5.28 | |
| Gross margin | 20.5% | 22.7% | 24.5% | 46.8% | 43.7% | 44.2% | |
| Operating margin | 10.0% | 12.0% | 13.7% | 15.4% | 13.9% | 14.2% |
Fiscal years (4-quarter sums)FY21 $5.24B · FY22 $5.47B · FY23 $5.99B · FY24 $6.22B · FY25 $6.58B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.02B · Total debt $844.0M · Total assets $16.86B · Shareholders' equity $3.67B
Dividends
Raised for 20 straight years — most recently to $0.95 from $0.90 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 12, 2026 | Jun 12 | Jun 26 | $0.95 | |
| Mar 13, 2026 | Mar 13 | Mar 27 | $0.95 | |
| Dec 12, 2025 | Dec 12 | Dec 26 | $0.95 | raised from $0.90 |
| Sep 12, 2025 | Sep 12 | Sep 26 | $0.90 | |
| Jun 13, 2025 | Jun 13 | Jun 27 | $0.90 | |
| Mar 14, 2025 | Mar 14 | Mar 28 | $0.90 | |
| Dec 13, 2024 | Dec 13 | Dec 27 | $0.90 | raised from $0.85 |
| Sep 13, 2024 | Sep 13 | Sep 27 | $0.85 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 34.82M · Float 34.46M · 99.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 3.53M | 10.15% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 1.92M | 5.51% | 13F | Aug 13, 2026 |
| T. Rowe Price Associates, Inc. | 1.83M | 5.20% | 13G | Aug 14, 2026 |
| Price T Rowe Associates Inc /MD/ | 1.83M | 5.26% | 13F | Aug 14, 2026 |
| State Street Corp | 1.63M | 4.67% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | Dennis Francis Kerrigan | officer: Executive Vice President | −2,104 | $222.41 |
| Aug 19, 2026 | Dennis Francis Kerrigan | officer: Executive Vice President | −6,551 | $220.79 |
| Aug 6, 2026 | Theodore H. JR Bunting | director | −600 | $230.20 |
| Aug 5, 2026 | Theodore H. JR Bunting | director | −600 | $228.03 |
| Aug 3, 2026 | Jane D. Carlin | director | −1,000 | $231.50 |
Peers
- Travelers
Broad P&C rival in business, specialty, auto and homeowners
- Chubb
Commercial P&C, financial lines, workers' comp and personal coverage
- Progressive
Agency and direct P&C insurance in auto, property and small business
- Cincinnati Financial
Commercial, personal and excess-and-surplus P&C insurance
- W. R. Berkley
Specialty commercial insurer in auto, workers' comp and professional liability
- Allstate
Auto, homeowners and commercial P&C across agency and online channels
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| The Hanover Insurance Group | $227.67 | −0.02% | $7.93B | 10.9 | 12.0 | 1.2 | +0.4% |
| Travelers | $372.15 | +0.62% | $77.15B | 9.9 | 12.4 | 1.6 | −4.8% |
| Chubb | $340.37 | +0.13% | $131.14B | 12.0 | 12.2 | 2.1 | −1.3% |
| Progressive | $217.33 | −0.61% | $127.12B | 11.0 | 13.3 | 1.4 | −4.2% |
| Cincinnati Financial | $171.97 | 0.00% | $26.39B | 8.1 | 19.6 | 1.9 | −18.9% |
| W. R. Berkley | $70.65 | +3.20% | $25.48B | 14.1 | 14.5 | 1.4 | +1.2% |
| Allstate | $260.58 | −0.03% | $67.08B | 5.2 | 9.2 | 1.0 | −7.2% |
| Median | 10.4 | 12.8 | 1.5 | −4.5% |