# EDGAR Filing Document

**Accession Number:** 0000944695
**File Stem:** 0000950170-25-100428
**Filing Date:** 2025-7
**Character Count:** 165216
**Document Hash:** adbf31e064f0131f3d4801e7ff2acc55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-100428.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0000950170-25-100428

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HANOVER INSURANCE GROUP, INC.
- **CENTRAL INDEX KEY:** 0000944695
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 043263626
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13754
- **FILM NUMBER:** 251168348

**BUSINESS ADDRESS:**
- **STREET 1:** 440 LINCOLN ST
- **CITY:** WORCESTER
- **STATE:** MA
- **ZIP:** 01653
- **BUSINESS PHONE:** 5088551000

**MAIL ADDRESS:**
- **STREET 1:** 440 LINCOLN ST
- **CITY:** WORCESTER
- **STATE:** MA
- **ZIP:** 01653

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLMERICA FINANCIAL CORP
- **DATE OF NAME CHANGE:** 19950501

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** July 30, 2025

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**THE** HANOVER INSURANCE GROUP, INC.

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| Delaware | 1-13754 | 04-3263626 |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |
|  | &nbsp;&nbsp;440 Lincoln Street**,** Worcester**,** Massachusetts<br>**(Address of principal executive offices)** | 01653<br>**(Zip Code)** |
|  | &nbsp;&nbsp;**(**508**)** 855-1000<br>**Registrant's telephone number, including area code:** |  |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbols** | **Name of each exchange on which registered** |
| Common Stock, $.01 par value | THG | New York Stock Exchange |
| 7 5/8% Senior Debentures due 2025 | THG | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

The following information is being furnished under Item 2.02 – Results of Operations and Financial Condition. Such information, including the exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section.

On July 30, 2025, The Hanover Insurance Group, Inc. (the Company) issued a press release announcing its financial results for the quarter ended June 30, 2025. The release is furnished as Exhibit 99.1 hereto. Additionally, on July 30, 2025, the Company made available on its website unaudited financial information contained in its Financial Supplement for the period ended June 30, 2025. The supplement is furnished as Exhibit 99.2 hereto.

**Item 9.01 Financial Statements and Exhibits.**

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

The following exhibits are furnished herewith.

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| | |
|:---|:---|
| Exhibit 99.1 | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Press Release, dated July 30, 2025, announcing the Company's financial results for the quarter ended June 30, 2025.</u>](thg-ex99_1.htm) |
| Exhibit 99.2 | &nbsp;&nbsp;&nbsp;&nbsp;[<u>The Hanover Insurance Group, Inc. Unaudited Financial Supplement for the period ended June 30, 2025.</u>](thg-ex99_2.htm) |
| Exhibit 104 | &nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document).  |

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**Exhibit Index**

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| | |
|:---|:---|
| Exhibit 99.1 | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Press Release, dated July 30, 2025, announcing the Company's financial results for the quarter ended June 30, 2025.</u>](thg-ex99_1.htm) |
| Exhibit 99.2 | &nbsp;&nbsp;&nbsp;&nbsp;[<u>The Hanover Insurance Group, Inc. Unaudited Financial Supplement for the period ended June 30, 2025.</u>](thg-ex99_2.htm) |
| Exhibit 104 | &nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document).  |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | <u>The Hanover Insurance Group, Inc.</u><br>(Registrant) | <u>The Hanover Insurance Group, Inc.</u><br>(Registrant) |
| Date: July 30, 2025 | By: | /s/ Jeffrey M. Farber |
|  |  | Jeffrey M. Farber |
|  |  | Executive Vice President and<br>Chief Financial Officer |

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## Exhibit 99.1

**Exhibit 99.1**

![img12594962_0.jpg](img12594962_0.jpg)

**The Hanover Reports Excellent Second Quarter Net Income and** 

**Operating Income of $4.30 and $4.35 per Diluted Share, Respectively;** 

**Net and Operating Return on Equity of 20.1% and 18.7%, Respectively**

**Second Quarter Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;•Combined ratio of 92.5%; combined ratio, excluding catastrophes<sup>(1)</sup>, of 85.5%

&nbsp;&nbsp;&nbsp;&nbsp;•Catastrophe losses of $107.5 million, or 7.0 points of the combined ratio

&nbsp;&nbsp;&nbsp;&nbsp;•Net premiums written increase of 4.1%\*

&nbsp;&nbsp;&nbsp;&nbsp;•Renewal price increases<sup>(2)</sup> of 12.3% in Personal Lines, 10.7% in Core Commercial, and 7.8% in Specialty

&nbsp;&nbsp;&nbsp;&nbsp;•Rate increases<sup>(2)</sup> of 9.0% in Core Commercial, 8.4% in Personal Lines, and 5.5% in Specialty

&nbsp;&nbsp;&nbsp;&nbsp;•Loss and loss adjustment expense (LAE) ratio of 61.9%, 6.5 points below the prior-year quarter

&nbsp;&nbsp;&nbsp;&nbsp;•Current accident year loss and LAE ratio, excluding catastrophes<sup>(3)</sup>, of 56.1%, 2.8 points below the prior-year quarter, led by outstanding improvement in Personal Lines

&nbsp;&nbsp;&nbsp;&nbsp;•Net investment income of $105.5 million, up 16.7% from the prior-year quarter, driven primarily by higher earned yields and higher cashflows

&nbsp;&nbsp;&nbsp;&nbsp;•Book value per share of $89.62, up 6.0% from March 31, 2025, driven by strong earnings and an improvement in the unrealized loss position on the fixed maturity portfolio

WORCESTER, Mass., July 30, 2025 - The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $157.1 million, or $4.30 per diluted share, in the second quarter of 2025, compared to $40.5 million, or $1.12 per diluted share, in the prior-year quarter. Operating income<sup>(4)</sup> was $158.7 million, or $4.35 per diluted share, in the second quarter of 2025, compared to $68.1 million, or $1.88 per diluted share, in the prior-year quarter. The company reported net and operating return on equity<sup>(5)</sup> of 20.1% and 18.7% in the second quarter of 2025, and 18.8% and 18.0% in the first six months of 2025, respectively.

"Our outstanding second quarter results are a testament to disciplined underwriting and strong execution across the organization," said John C. Roche, president and chief executive officer at The Hanover. "With an operating ROE of 18.7% and operating earnings of $4.35 per diluted share, both second quarter records, we're delivering excellent performance across all businesses. Our pricing remained firm and quite resilient across all three major business segments – underscoring our strategic focus on retail distribution and smaller accounts in Core Commercial and Specialty Lines, as well as the effectiveness of our account strategy in Personal Lines. We head into the second half of 2025 with strong, positive momentum and we're excited about our prospects. We are intently focused on continuing to drive strong, profitable growth, leveraging our broad and innovative product portfolio and the investments we've made in our business."

&nbsp;&nbsp;&nbsp;&nbsp;(1) See information about this and other non-GAAP measures and definitions, including Operating Income and Operating Return on Equity in the headline, used throughout this press release on the final pages of this document.

\*Unless otherwise stated, net premiums written growth and other growth comparisons are to the same period of the prior year.

The Hanover Insurance Group, Inc. may also be referred to as "The Hanover" or "the company" interchangeably throughout this press release.

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"We're thrilled with our Q2 performance, which reflects solid top-line growth and sustained earnings momentum across all segments," added Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "We achieved one of our best underwriting performances ever, with a combined ratio of 92.5%, and 85.5%, excluding catastrophes. Our reserves remain strong, supported by a disciplined methodology with favorable development in each segment. We increased net investment income by 16.7% year-over-year. We have also returned approximately $124 million to shareholders through dividends and share repurchases so far this year. We're confident in our strategy and remain committed to delivering long-term value through consistent performance and thoughtful capital deployment."

**Second Quarter 2025 Highlights**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Six months ended | Six months ended |
|  | June 30 | June 30 | June 30 | June 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per share data) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums written | $1583.8 | $1521.1 | $3094.6 | $2975.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Growth* | *4.1*% | *5.1*% | *4.0*% | *3.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums earned | $1545.3 | $1473.2 | $3053.8 | $2921.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current accident year loss and LAE ratio, <br> excluding catastrophes | 56.1% | 58.9% | 57.2% | 59.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior-year development ratio | (1.2)% | (1.2)% | (1.3)% | (1.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe ratio | 7.0% | 10.7% | 6.7% | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense ratio<sup>(6)</sup> | 30.6% | 30.8% | 30.7% | 30.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined ratio | 92.5% | 99.2% | 93.3% | 97.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined ratio, excluding catastrophes | 85.5% | 88.5% | 86.6% | 88.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Current accident year combined ratio, <br> excluding catastrophes | 86.7% | 89.7% | 87.9% | 89.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $157.1 | $40.5 | $285.3 | $156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*per diluted share* | *4.30* | *1.12* | *7.80* | *4.30* |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 158.7 | 68.1 | 300.5 | 180.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*per diluted share* | *4.35* | *1.88* | *8.22* | *4.96* |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value per share | $89.62 | $70.96 | $89.62 | $70.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending shares outstanding (in millions) | 35.9 | 36.0 | 35.9 | 36.0 |

---

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**Second Quarter Operating Highlights**

**Core Commercial**

Core Commercial operating income before income taxes was $83.9 million in the second quarter of 2025, compared to $83.2 million in the second quarter of 2024. The Core Commercial combined ratio was 93.0%, compared to 91.8% in the prior-year quarter. Catastrophe losses in the second quarter of 2025 were $22.7 million, or 4.1 points of the combined ratio. This compared to catastrophe losses of $16.4 million, or 3.1 points, in the prior-year quarter.

Second quarter 2025 results included net favorable prior-year reserve development, excluding catastrophes, of $3.0 million, or 0.5 points, compared to $2.1 million, or 0.4 points, in the second quarter of 2024.

Core Commercial current accident year combined ratio, excluding catastrophes, increased 0.3 points, to 89.4% in the second quarter of 2025, compared to 89.1% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, was 56.5%, 0.8 points higher than the prior-year quarter and 1.3 points lower than the full year of 2024. Property loss experience normalized from elevated large losses in the first quarter of 2025, while the company prudently increased loss selections in certain liability coverages, including commercial auto, in the second quarter of 2025.

Net premiums written were $536.0 million in the second quarter of 2025, up 4.4% from the prior-year quarter, consisting of 5.6% growth in small commercial and 2.4% growth in middle market. Core Commercial renewal price increases averaged 10.7%, including average rate increases of 9.0%.

The following table summarizes premiums and the components of the combined ratio for Core Commercial:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Six months ended | Six months ended |
|  | June 30 | June 30 | June 30 | June 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;($ in millions) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums written | $536.0 | $513.4 | $1140.6 | $1095.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Growth* | *4.4%* | *5.5%* | *4.1%* | *4.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums earned | 554.3 | 537.4 | 1095.3 | 1066.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income before taxes | 83.9 | 83.2 | 110.7 | 154.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and LAE ratio | 60.1% | 58.4% | 65.0% | 59.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense ratio | 32.9% | 33.4% | 33.2% | 33.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined ratio | 93.0% | 91.8% | 98.2% | 92.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior-year development ratio | (0.5)% | (0.4)% | (0.4)% | (1.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe ratio | 4.1% | 3.1% | 6.3% | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined ratio, excluding catastrophes | 88.9% | 88.7% | 91.9% | 89.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Current accident year combined ratio, <br> excluding catastrophes | 89.4% | 89.1% | 92.3% | 90.4% |

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**Specialty**

Specialty operating income before income taxes was $71.2 million in the second quarter of 2025, compared to $42.6 million in the second quarter of 2024. The Specialty combined ratio was 86.5%, compared to 93.1% in the prior-year quarter. Catastrophe losses in the second quarter of 2025 were $14.6 million, or 4.1 points of the combined ratio, compared to $22.1 million, or 6.7 points, in the prior-year quarter.

Second quarter 2025 results included net favorable prior-year reserve development, excluding catastrophes, of $12.5 million, or 3.5 points, with widespread favorability, led by professional and executive lines claims-made business. Net favorable prior-year reserve development, excluding catastrophes, was $11.3 million, or 3.4 points, in the second quarter of 2024.

Specialty current accident year combined ratio, excluding catastrophes, decreased 3.9 points, to 85.9% in the second quarter of 2025, from 89.8% in the prior-year quarter, primarily due to a decrease in the loss ratio. The current accident year loss and LAE ratio, excluding catastrophes, of 49.0% in the second quarter of 2025, decreased 4.1 points compared to the prior-year quarter and was favorable to the company's expectations primarily driven by lower-than-expected large losses in property businesses.

Net premiums written were $368.2 million in the second quarter of 2025, up 4.6% from the prior-year quarter. Specialty renewal price increases averaged 7.8%, including average rate increases of 5.5%.

The following table summarizes premiums and the components of the combined ratio for Specialty:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Six months ended | Six months ended |
|  | June 30 | June 30 | June 30 | June 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;($ in millions) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums written | $368.2 | $352.1 | $726.5 | $691.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Growth* | *4.6%* | *8.2%* | *5.0%* | *6.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums earned | 355.9 | 330.5 | 695.5 | 651.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income before taxes | 71.2 | 42.6 | 135.8 | 101.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and LAE ratio | 49.6% | 56.4% | 50.1% | 53.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense ratio | 36.9% | 36.7% | 36.9% | 36.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined ratio | 86.5% | 93.1% | 87.0% | 90.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior-year development ratio | (3.5)% | (3.4)% | (4.1)% | (1.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe ratio | 4.1% | 6.7% | 4.2% | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined ratio, excluding catastrophes | 82.4% | 86.4% | 82.8% | 85.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Current accident year combined ratio, <br> excluding catastrophes | 85.9% | 89.8% | 86.9% | 87.8% |

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**Personal Lines**

Personal Lines operating income before income taxes was $57.4 million in the second quarter of 2025, compared to an operating loss before income taxes of $30.4 million in the second quarter of 2024. The Personal Lines combined ratio was 95.5%, compared to 109.1% in the prior-year quarter. Catastrophe losses in the second quarter of 2025 were $70.2 million, or 11.1 points of the combined ratio. This compared to catastrophe losses of $118.6 million, or 19.6 points of the combined ratio, in the prior-year quarter.

Second quarter 2025 results included net favorable prior-year reserve development, excluding catastrophes, of $2.6 million, or 0.4 points, compared to $4.0 million, or 0.7 points, in the second quarter of 2024.

Personal Lines current accident year combined ratio, excluding catastrophe losses, decreased 5.4 points, to 84.8% in the second quarter of 2025, from 90.2% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased 5.1 points from the prior-year quarter to 59.8%, driven by the continued benefit of earned pricing outpacing loss trends, lower property claims frequency in the quarter in both personal auto and homeowners, and, to a lesser extent, favorable non-catastrophe weather in homeowners.

Net premiums written were $679.6 million in the second quarter of 2025, up 3.7% compared to the prior-year quarter. The increase was primarily due to continued strong pricing increases, improving retention, and higher new business. Personal Lines renewal price increases averaged 12.3%, including average rate increases of 8.4%. Policies in force (PIF) in the second quarter of 2025 decreased 0.8% compared to the first quarter of 2025, with slight sequential PIF increase across a set of targeted diversification geographies.

The following table summarizes premiums and components of the combined ratio for Personal Lines:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Six months ended | Six months ended |
|  | June 30 | June 30 | June 30 | June 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;($ in millions) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums written | $679.6 | $655.6 | $1227.5 | $1187.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Growth* | *3.7%* | *3.3%* | *3.4%* | *1.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums earned | 635.1 | 605.3 | 1263.0 | 1204.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) before taxes | 57.4 | (30.4) | 151.6 | (11.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and LAE ratio | 70.5% | 83.8% | 67.5% | 79.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense ratio | 25.0% | 25.3% | 25.1% | 25.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined ratio | 95.5% | 109.1% | 92.6% | 105.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior-year development ratio | (0.4)% | (0.7)% | (0.4)% | (0.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe ratio | 11.1% | 19.6% | 8.3% | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined ratio, excluding catastrophes | 84.4% | 89.5% | 84.3% | 90.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Current accident year combined ratio, <br> excluding catastrophes | 84.8% | 90.2% | 84.7% | 90.5% |

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**Investments** 

Net investment income was $105.5 million in the second quarter of 2025, a 16.7% increase from the prior-year quarter, primarily due to the impact of higher earned yields on the fixed maturity investment portfolio, and the continued investment of cashflows from operations. Total pre-tax earned yield on the investment portfolio for the second quarter of 2025 was 4.11%, up from 3.73% in the prior-year quarter. The average pre-tax earned yield on fixed maturities was 4.24% for the second quarter of 2025, up from 3.53% in the prior-year quarter.

Net realized and unrealized investment losses recognized in earnings were $2.5 million in the second quarter of 2025, compared to $34.5 million in the second quarter of 2024.

The company held $10.2 billion in cash and invested assets at June 30, 2025. Fixed maturities and cash represented approximately 92% of the investment portfolio. Approximately 95% of the company's fixed maturity portfolio is rated investment grade. As of June 30, 2025, net unrealized losses on the fixed maturity portfolio were $299.0 million before income taxes, compared to $370.4 million at March 31, 2025.

**Shareholders' Equity and Capital Actions** 

At June 30, 2025, book value per share was $89.62, up 6.0% from March 31, 2025, driven by strong earnings and an improvement in the unrealized loss position on the fixed maturity portfolio in the quarter, partially offset by the ordinary quarterly cash dividend and share repurchases in the quarter. Book value per share increased 26.3% from June 30, 2024. Book value per share, excluding net unrealized depreciation on fixed maturity investments, net of tax<sup>(7)</sup>, was $96.16 at June 30, 2025, up 3.8% and 13.7% from March 31, 2025 and June 30, 2024, respectively.

At June 30, 2025, operating insurance company's statutory capital and surplus was $3.10 billion, unchanged from March 31, 2025, reflecting strong earnings largely offset by a statutory dividend to the parent company.

From the beginning of April through July 28, 2025, the company repurchased approximately 295,000 shares of common stock, totaling $48.2 million, of which approximately 170,000 were purchased during the second quarter of 2025 for $27.6 million, with the remaining balance purchased through a 10b5-1 plan during July. The company has approximately $244 million of remaining capacity under its existing share repurchase program.

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**Earnings Conference Call**

The company will host a conference call to discuss its second quarter results on Thursday, July 31, at 10:00 a.m. E.T. **<u>A presentation will accompany the prepared remarks and has been posted on The Hanover's website.</u>** Interested investors and others can listen to the call and access the presentation through The Hanover's website, located in the "Investors" section at www.hanover.com. Investors may access the conference call by dialing 1-844-413-3975 in the U.S. and 1-412-317-5458 internationally. Webcast participants should go to the website 15 minutes early to register, download and install any necessary audio software. A re-broadcast of the conference call will be available on The Hanover's website approximately two hours after the call.

**About The Hanover**

The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, the company offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com<u>.</u>

**Contact Information** 

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| | |
|:---|:---|
| **Investors:**<br>Oksana Lukasheva<br>olukasheva@hanover.com<br>1-508-525-6081 | **Media:**<br>Abby C. Ursoleo<br>aursoleo@hanover.com<br>1-508-855-3549 |

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**Definition of Segments** 

Continuing operations include four reporting segments: Core Commercial, Specialty, Personal Lines and Other. The Core Commercial segment includes commercial multiple peril, commercial automobile, workers' compensation and other core commercial lines coverages provided to small and mid-sized businesses. The Specialty segment includes four divisions of business: professional and executive lines, specialty property and casualty (Specialty P&C), marine, and surety and other. Specialty P&C includes coverages such as program business (provides commercial insurance to markets with specialized coverage or risk management needs related to groups of similar businesses), specialty industrial and commercial property, excess and surplus lines, and specialty general liability coverage. The Personal Lines segment markets automobile, homeowners and ancillary coverages to individuals and families. The Other segment primarily includes the operations of the holding company and a block of run-off voluntary assumed property and casualty pools business in which the company has not actively participated since 1995, and run-off direct asbestos and environmental, and product liability businesses.

**Financial Supplement**

The Hanover's second quarter news release and financial supplement are available in the "Investors" section of the company's website at hanover.com.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**The Hanover Insurance Group, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Consolidated Statements of Income** | Three months ended | Three months ended | Six months ended | Six months ended |
|  | June 30 | June 30 | June 30 | June 30 |
| &nbsp;&nbsp;&nbsp;*($ in millions)* | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;**Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums earned | $&nbsp;&nbsp;&nbsp;1545.3 | $&nbsp;&nbsp;&nbsp;1473.2 | $&nbsp;&nbsp;&nbsp;3053.8 | $&nbsp;&nbsp;&nbsp;2921.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized investment gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized losses from sales and other | &nbsp;&nbsp;&nbsp;(4.6) | &nbsp;&nbsp;&nbsp;(30.4) | &nbsp;&nbsp;&nbsp;(23.4) | &nbsp;&nbsp;&nbsp;(31.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in fair value of equity securities and other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit-related impairments | &nbsp;&nbsp;&nbsp;(2.5) | &nbsp;&nbsp;&nbsp;(3.5) | &nbsp;&nbsp;&nbsp;(2.5) | &nbsp;&nbsp;&nbsp;(3.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses on intent to sell securities | &nbsp;&nbsp;&nbsp;(0.4) | &nbsp;&nbsp;&nbsp;(1.7) | &nbsp;&nbsp;&nbsp;(0.4) | &nbsp;&nbsp;&nbsp;(1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total impairments on investments | &nbsp;&nbsp;&nbsp;(2.9) | &nbsp;&nbsp;&nbsp;(5.2) | &nbsp;&nbsp;&nbsp;(2.9) | &nbsp;&nbsp;&nbsp;(4.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized and unrealized investment losses | &nbsp;&nbsp;&nbsp;(2.5) | &nbsp;&nbsp;&nbsp;(34.5) | &nbsp;&nbsp;&nbsp;(20.3) | &nbsp;&nbsp;&nbsp;(29.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | &nbsp;&nbsp;&nbsp;1654.4 | &nbsp;&nbsp;&nbsp;1536.7 | &nbsp;&nbsp;&nbsp;3257.6 | &nbsp;&nbsp;&nbsp;3087.8 |
| &nbsp;&nbsp;&nbsp;**Losses and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and loss adjustment expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957.2 | &nbsp;&nbsp;&nbsp;1007.6 | &nbsp;&nbsp;&nbsp;1912.5 | &nbsp;&nbsp;&nbsp;1942.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total losses and expenses | &nbsp;&nbsp;&nbsp;1455.6 | &nbsp;&nbsp;&nbsp;1485.4 | &nbsp;&nbsp;&nbsp;2898.7 | &nbsp;&nbsp;&nbsp;2891.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations (net of taxes): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from discontinued life businesses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;Net income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285.3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156.0 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**The Hanover Insurance Group, Inc.** |  |  |
| &nbsp;&nbsp;&nbsp;**Condensed Consolidated Balance Sheets** |  |  |
|  | June 30 | December 31 |
| &nbsp;&nbsp;&nbsp;*($ in millions)* | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Total investments | $9941.3 | $9409.8 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 244.1 | 435.5 |
| &nbsp;&nbsp;&nbsp;Premiums and accounts receivable, net | 1894.6 | 1800.8 |
| &nbsp;&nbsp;&nbsp;Reinsurance recoverable on paid and unpaid losses and unearned premiums | 1978.8 | 1994.5 |
| &nbsp;&nbsp;&nbsp;Other assets | 1586.5 | 1548.2 |
| &nbsp;&nbsp;&nbsp;Assets of discontinued businesses | 86.8 | 85.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $15732.1 | $15274.5 |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Loss and loss adjustment expense reserves | $7636.2 | $7461.2 |
| &nbsp;&nbsp;&nbsp;Unearned premiums | 3335.2 | 3283.3 |
| &nbsp;&nbsp;&nbsp;Short-term debt | 436.8 | 61.8 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 347.8 | 722.3 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 651.3 | 795.5 |
| &nbsp;&nbsp;&nbsp;Liabilities of discontinued businesses | 108.5 | 108.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 12515.8 | 12432.7 |
| &nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 3216.3 | 2841.8 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $15732.1 | $15274.5 |

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The following is a reconciliation from operating income to net income<sup>(4)(8)</sup>:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Hanover Insurance Group, Inc.** |  |  |  |  |  |  |  |  |
|  | Three months ended June 30 | Three months ended June 30 | Three months ended June 30 | Three months ended June 30 | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| *<u>($ in millions, except per share data)</u>* | $Amount | Per Share (Diluted) | $Amount | Per Share (Diluted) | $Amount | Per Share (Diluted) | $Amount | Per Share (Diluted) |
| &nbsp;&nbsp;Operating income (loss) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Commercial | $83.9 |  | $83.2 |  | $110.7 |  | $154.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty | 71.2 |  | 42.6 |  | 135.8 |  | 101.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Lines | 57.4 |  | (30.4) |  | 151.6 |  | (11.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (2.6) |  | - |  | (1.8) |  | 0.5 |  |
| &nbsp;&nbsp;Total | 209.9 |  | 95.4 |  | 396.3 |  | 245.1 |  |
| &nbsp;&nbsp;Interest expense | (8.6) |  | (8.6) |  | (17.1) |  | (17.1) |  |
| &nbsp;&nbsp;Operating income before income taxes | 201.3 | $5.51 | 86.8 | $2.39 | 379.2 | $10.37 | 228.0 | $6.28 |
| &nbsp;&nbsp;Income tax expense on operating income | (42.6) | (1.16) | (18.7) | (0.51) | (78.7) | (2.15) | (48.0) | (1.32) |
| &nbsp;&nbsp;Operating income after income taxes | 158.7 | 4.35 | 68.1 | 1.88 | 300.5 | 8.22 | 180.0 | 4.96 |
| &nbsp;&nbsp;Non-operating items: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized losses from sales and other | (4.6) | (0.12) | (30.4) | (0.84) | (23.4) | (0.63) | (31.7) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in fair value of equity securities and other | 5.0 | 0.13 | 1.1 | 0.03 | 6.0 | 0.16 | 7.6 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairments on investments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit-related impairments | (2.5) | (0.07) | (3.5) | (0.10) | (2.5) | (0.07) | (3.2) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses on intent to sell securities | (0.4) | (0.01) | (1.7) | (0.04) | (0.4) | (0.01) | (1.7) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total impairments on investments | (2.9) | (0.08) | (5.2) | (0.14) | (2.9) | (0.08) | (4.9) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-operating items | - | - | (1.0) | (0.03) | - | - | (2.4) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit on non-operating items | 0.7 | 0.02 | 7.8 | 0.21 | 4.9 | 0.13 | 7.3 | 0.20 |
| &nbsp;&nbsp;Income from continuing operations, net of taxes | 156.9 | 4.30 | 40.4 | 1.11 | 285.1 | 7.80 | 155.9 | 4.30 |
| &nbsp;&nbsp;Discontinued operations (net of taxes): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from discontinued life businesses | 0.2 | - | 0.1 | 0.01 | 0.2 | - | 0.1 | - |
| &nbsp;&nbsp;Net income | $157.1 | $4.30 | $40.5 | $1.12 | $285.3 | $7.80 | $156.0 | $4.30 |
| &nbsp;&nbsp;Dilutive weighted average shares outstanding |  | 36.5 |  | 36.3 |  | 36.6 |  | 36.3 |
| &nbsp;&nbsp;Basic weighted average shares outstanding |  | 35.9 |  | 36.0 |  | 35.9 |  | 35.9 |

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**Forward-Looking Statements and Non-GAAP Financial Measures** 

<u>Forward-Looking Statements</u>

Certain statements in this document and comments made by management may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as, but not limited to, "believes," "anticipates," "expects," "intends," "may," "projects," "projections," "plan," "likely," "potential," "targeted," "forecasts," "should," "could," "continue," "outlook," "guidance," "modeling," "target profitability," "target margins," "confident," "optimistic," "committed," "will," "line of sight," "clear visibility to," "designed," "position us," and other similar expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. The company cautions investors that any such forward-looking statements are estimates, beliefs, expectations and/or projections that involve significant judgment, and that historical results, trends and forward-looking statements are not guarantees and are not necessarily indicative of future performance. Actual results could differ materially from those anticipated.

These statements include, but are not limited to, the company's statements regarding:

&nbsp;&nbsp;&nbsp;&nbsp;•The company's outlook and its ability and confidence in achieving components or the sum of the respective period guidance and/or long-term targets for future results of operations including: the combined ratio, excluding catastrophe losses; catastrophe losses; net investment income; growth of net premiums written, net premiums earned and/or pricing increases in total or by line of business; expense ratio; operating return on equity; interest rate assumptions and investment portfolio management, renewal price change, rate, and/or the effective tax rate;

&nbsp;&nbsp;&nbsp;&nbsp;•The company's ability and timing to deliver on expectations set forth related to target margins, target returns and/or return to target profitability in total or by line of business;

&nbsp;&nbsp;&nbsp;&nbsp;•The impacts of general economic and socioeconomic conditions on the company's operating and financial results, including, but not limited to, the impact on the company's investment portfolio and capital planning, changes in claims frequency as a result of fluctuations in economic activity, the potential impacts of inflation and other economic factors, and/or claims severity from higher cost of repairs due to, among other things, supply chain disruptions, tariffs and inflation;

&nbsp;&nbsp;&nbsp;&nbsp;•Ability to manage the impact of inflationary pressures, global market disruptions, economic conditions, geopolitical events or otherwise, including, but not limited to, supply chain disruptions, tariffs, trade policy, labor shortages, and increases in cost of goods, services, labor, and materials;

&nbsp;&nbsp;&nbsp;&nbsp;•Uses, including the timing of uses, of capital for share repurchases, special or ordinary cash dividends, business investments or growth, debt maturities, or otherwise, and outstanding shares in future periods as a result of various share repurchase mechanisms, capital management framework, and overall comfort with liquidity and capital levels;

&nbsp;&nbsp;&nbsp;&nbsp;•Catastrophe modeling and variability of catastrophe losses due to risk concentrations, changes in weather patterns, severe weather including hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fire, explosions, severe winter weather and other convective storms, or pandemics, terrorism, civil unrest, riots or other events, as well as the complexity in estimating losses from large catastrophe events due to delayed reporting of the existence, nature or extent of losses or where "demand surge," regulatory assessments, litigation, coverage and technical complexities or other factors may significantly impact the ultimate amount of such losses;

&nbsp;&nbsp;&nbsp;&nbsp;•Current accident year losses and loss selections (picks), excluding catastrophes, and prior accident year loss reserve development patterns, particularly in complex "longer-tail" liability lines, as well as the inherent variability in short-tail property and non-catastrophe weather losses;

&nbsp;&nbsp;&nbsp;&nbsp;•Changes in frequency and loss severity trends in Core Commercial, Specialty and/or Personal Lines;

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&nbsp;&nbsp;&nbsp;&nbsp;•The confidence or concern that the current level of reserves is adequate and/or sufficient for future claim payments, whether due to losses that have been incurred but not reported, circumstances that delay the reporting of losses, business complexity, adverse judgments or developments with respect to case reserves, the difficulties and uncertainties inherent in projecting future losses from historical data, changes in replacement and medical costs, as well as complexities including legislative, regulatory or judicial actions that expand the intended scope of coverages, or other factors;

&nbsp;&nbsp;&nbsp;&nbsp;•Characterization of some business as being "more profitable" in light of inherent uncertainty of ultimate losses incurred, especially for "longer-tail" liability businesses;

&nbsp;&nbsp;&nbsp;&nbsp;•Efforts to manage expenses, including the company's long-term expense savings targets, while allocating capital to business investment, which is at management's discretion;

&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to retain profitable policies in force and attract profitable policies, and to increase rates commensurate with, or in excess of, loss trends;

&nbsp;&nbsp;&nbsp;&nbsp;•The positive impact of mix improvement, underwriting initiatives, coverage restrictions, non-renewals, changes in terms and conditions, and pricing segmentation, among others, on the company's results;

&nbsp;&nbsp;&nbsp;&nbsp;•The ability to generate growth in targeted businesses, segments, and/or geographies through new agency appointments, rate increases, retention improvements, new business, expansion into geographies, new product introductions, or otherwise, the ability to balance rate actions and retention, as well as the ability to reduce premiums attributable to products, lines of business, or geographies believed to be less profitable;

&nbsp;&nbsp;&nbsp;&nbsp;•The ability to offset long-term and/or short-term loss trends due to increased frequency and/or severity; increased "social inflation" from a more litigious environment, lawsuit abuse and higher average cost of resolution; increased property replacement or repair costs; and/or social movements; and

&nbsp;&nbsp;&nbsp;&nbsp;•Investment returns and the effect of macro-economic interest rate trends and overall security yields, including the macro-economic impact of governmental and/or central banking initiatives taken in response to inflationary pressures, and geopolitical circumstances, on new money yields, as well as individual investment and overall investment returns.

*Additional Risks and Uncertainties*

Investors are further cautioned and should consider the risks and uncertainties in the company's business that may affect such estimates and future performance that are discussed in the company's most recently filed reports on Form 10-K and Form 10-Q and other documents filed by The Hanover Insurance Group, Inc. with the Securities and Exchange Commission (SEC) and that are also available at www.hanover.com under "Investors." These risks and uncertainties include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;•Changes in regulatory, legislative, economic, market and political conditions, particularly with respect to rates, competition, the use of data, technology, artificial intelligence (AI), cybersecurity, policy terms and conditions, restrictions on cancellations and/or non-renewals, payment flexibility, and regions where the company has geographical concentrations;

&nbsp;&nbsp;&nbsp;&nbsp;•Heightened financial market volatility, fluctuations in interest rates (which have a significant impact on the market value of our investment portfolio and thus our book value), inflationary pressures, default rates, tariffs, difficult economic, market and political conditions, and other factors that affect investment returns from the investment portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;•Recessionary economic periods that may inhibit the company's ability to increase pricing or renew business, or otherwise impact the company's results, and which may be accompanied by higher claims activity in certain lines;

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&nbsp;&nbsp;&nbsp;&nbsp;•Data security and privacy incidents, including, but not limited to, those resulting from malicious cybersecurity attacks on the company or its business partners and service providers, or intrusions into the company's information network systems, including cloud-based data information storage, or data sources;

&nbsp;&nbsp;&nbsp;&nbsp;•Adverse claims experience, including those driven by large or increased frequency and/or severity of catastrophe events, including those related to hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fire, explosions, severe winter weather and other convective storms, or due to terrorism, civil unrest, riots, or cybersecurity events (including from products not intended to provide cyber coverage);

&nbsp;&nbsp;&nbsp;&nbsp;•The limitations and assumptions used to model non-catastrophe property and casualty losses (particularly with respect to products with longer-tail liability lines, such as casualty and bodily injury claims, or involving emerging issues related to losses incurred as the result of new lines of business or reinsurance contracts and reinsurance recoverables), leading to potential adverse development of loss and loss adjustment expense reserves;

&nbsp;&nbsp;&nbsp;&nbsp;•Impacts of changing climate conditions and weather patterns causing higher levels of losses from weather events to persist and leading to new or enhanced regulations;

&nbsp;&nbsp;&nbsp;&nbsp;•Litigation and the possibility of adverse judicial decisions, including those which expand policy coverage beyond its intended scope and/or award "bad faith" or other non-contractual damages, and the impact of "social inflation" and third-party litigation funding affecting judicial awards and settlements;

&nbsp;&nbsp;&nbsp;&nbsp;•The ability to increase or maintain insurance rates in line with anticipated loss costs and/or governmental action, including mandates by state departments of insurance to either raise or lower rates, or provide credits or return premium to insureds;

&nbsp;&nbsp;&nbsp;&nbsp;•Investment impairments, which may be affected by, among other things, the company's ability and willingness to hold investment assets until they recover in value, as well as credit and interest rate risk, and general financial and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;•Disruption of the independent agency channel or its operating model, including the impact of competition and consolidation in the industry and among agents and brokers, and the impact of AI tools;

&nbsp;&nbsp;&nbsp;&nbsp;•Competition, particularly from competitors who have resource and capability advantages, including the advancing use of AI technology;

&nbsp;&nbsp;&nbsp;&nbsp;•The global macroeconomic environment, including inflation, recessionary effects, global trade disputes, war, energy market disruptions, equity price risk, tariffs, and interest rate fluctuations, which, among other things, could result in reductions in market values of fixed maturities and other investments, and/or increases in loss costs;

&nbsp;&nbsp;&nbsp;&nbsp;•Adverse state and federal regulation, legislative and/or regulatory actions (including significant revisions to Michigan's automobile personal injury protection system and related litigation, and various regulations, orders and proposed legislation regarding bad faith, premium grace periods and returns, changes to policy terms and conditions, and rate actions);

&nbsp;&nbsp;&nbsp;&nbsp;•Financial ratings actions, in particular, downgrades to the company's ratings;

&nbsp;&nbsp;&nbsp;&nbsp;•Uncertainties in estimating indemnification liabilities recorded in conjunction with obligations undertaken in connection with the sale of various businesses and discontinued operations; and

&nbsp;&nbsp;&nbsp;&nbsp;•The ability to collect from reinsurers, reinsurance availability and pricing, reinsurance terms and conditions, and the performance of the run-off voluntary property and casualty pools business (including those in the Other segment or in discontinued operations).

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Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made and should understand the risks and uncertainties inherent in or particular to the company's business. The company does not undertake the responsibility to update or revise such forward-looking statements, except as required by law.

<u>Non-GAAP Financial Measures</u>

As discussed on page 39 of the company's Annual Report on Form 10-K for the year ended December 31, 2024, the company uses non-GAAP financial measures as important measures of its operating performance, including operating income, operating income before interest expense and income taxes, operating income per diluted share, and components of the combined ratio, both excluding and/or including catastrophe losses, prior-year reserve development and the expense ratio. Management believes these non-GAAP financial measures are important indications of the company's operating performance. The definition of other non-GAAP financial measures and terms can be found in the 2024 Annual Report on pages 62-65.

Operating income and operating income per diluted share are non-GAAP measures. They are defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), gains and/or losses on the repayment of debt, other non-operating items, and results from discontinued operations. Net realized and unrealized investment gains (losses), which include changes in the fair value of equity securities still held, are excluded for purposes of presenting operating income, as they are, to a certain extent, determined by interest rates, financial markets and the timing of sales. Operating income also excludes net gains and losses from disposals of businesses, gains and losses related to the repayment of debt, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes, and certain other items. Operating income is the sum of the segment income (loss) from: Core Commercial, Specialty, Personal Lines, and Other, after interest expense and income taxes. In reference to one of the company's four reporting segments, "operating income (loss)" is the segment income (loss) before both interest expense and income taxes. The company also uses "operating income per diluted share" (which is after both interest expense and income taxes). Operating income per share is calculated by dividing operating income by the weighted average number of diluted shares of common stock. Operating loss per share is calculated by dividing operating loss by the weighted average number of basic shares of common stock due to antidilution. The company believes that metrics of operating income and operating income (loss) in relation to its four reporting segments provide investors with a valuable measure of the performance of the company's continuing businesses because they highlight the portion of net income attributable to the core operations of the business. Income from continuing operations is the most directly comparable GAAP measure for operating income (and operating income before income taxes) and measures of operating income that exclude the effects of catastrophe losses and/or prior-year reserve development. These non-GAAP measures should not be misconstrued as substitutes for income from continuing operations or net income determined in accordance with GAAP. A reconciliation of operating income to income from continuing operations and net income for the relevant periods is included on page 9 of this news release and in the Financial Supplement.

Operating return on average equity (ROE) is a non-GAAP measure. See end note (5) for a detailed explanation of how this measure is calculated. Operating ROE is based on non-GAAP operating income. In addition, the portion of shareholder equity attributed to unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is excluded. The company believes this measure is helpful in that it provides insight to the capital used by, and results of, the continuing business exclusive of interest expense, income taxes, and other non-operating items. These measures should not be misconstrued as substitutes for GAAP ROE, which is based on net income and shareholders' equity of the entire company and without adjustments.

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Book value per share is total shareholders' equity divided by the number of common shares outstanding. Book value per share excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure and is total shareholders' equity excluding the after-tax effect of unrealized appreciation (depreciation) on fixed maturities and market risk divided by the number of common shares outstanding.

The company may provide measures of operating income and combined ratios that exclude the impact of catastrophe losses (which in all respects include prior accident year catastrophe loss development). A catastrophe is a severe loss, resulting from natural or manmade events including, but is not limited to, hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fire, explosions, severe winter weather and other convective storms, riots, and terrorism. Due to the unique characteristics of each catastrophe loss, there is an inherent inability to reasonably estimate the timing or loss amount in advance. The company believes a separate discussion excluding the effects of catastrophe losses is meaningful to understand the underlying trends and variability of earnings, loss and combined ratio results, among others.

Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in the company's estimate of costs related to claims from prior years. Calendar year loss and loss adjustment expense (LAE) ratios determined in accordance with GAAP, excluding prior accident year reserve development, are sometimes referred to as "current accident year loss ratios." The company believes a discussion of loss and combined ratios excluding prior accident year reserve development is helpful since it provides insight into both estimates of current accident year results and the accuracy of prior-year estimates.

The loss and combined ratios in accordance with GAAP are the most directly comparable GAAP measures for the loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development. The presentation of loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development should not be misconstrued as substitutes for the loss and/or combined ratios determined in accordance with GAAP.

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**Endnotes**

&nbsp;&nbsp;&nbsp;&nbsp;(1)Combined ratio, excluding catastrophes, and current accident year combined ratio, excluding catastrophes, are non-GAAP measures. These and other non-GAAP measures are used throughout this document. See the disclosure on the use of this and other non-GAAP measures under the headings "Forward-Looking Statements" and "Non-GAAP Financial Measures." The combined ratio (which includes catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. A reconciliation of the GAAP combined ratio to the combined ratio, excluding catastrophes, and to the current accident year combined ratio, excluding catastrophes, is shown below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Three months ended |
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 |
|  | Core Commercial | Specialty | Personal Lines | Total |
| Total combined ratio (GAAP) | 93.0% | 86.5% | 95.5% | 92.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Catastrophe ratio | 4.1% | 4.1% | 11.1% | 7.0% |
| Combined ratio, excluding catastrophe losses (non-GAAP) | 88.9% | 82.4% | 84.4% | 85.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Prior-year reserve development ratio | (0.5)% | (3.5)% | (0.4)% | (1.2)% |
| Current accident year combined ratio, excluding<br>&nbsp;&nbsp;&nbsp;&nbsp; catastrophe losses (non-GAAP) | 89.4% | 85.9% | 84.8% | 86.7% |
|  | June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
| Total combined ratio (GAAP) | 91.8% | 93.1% | 109.1% | 99.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Catastrophe ratio | 3.1% | 6.7% | 19.6% | 10.7% |
| Combined ratio, excluding catastrophe losses (non-GAAP) | 88.7% | 86.4% | 89.5% | 88.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Prior-year reserve development ratio | (0.4)% | (3.4)% | (0.7)% | (1.2)% |
| Current accident year combined ratio, excluding<br>&nbsp;&nbsp;&nbsp;&nbsp; catastrophe losses (non-GAAP) | 89.1% | 89.8% | 90.2% | 89.7% |
|  | Six months ended | Six months ended | Six months ended | Six months ended |
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 |
|  | Core Commercial | Specialty | Personal Lines | Total |
| Total combined ratio (GAAP) | 98.2% | 87.0% | 92.6% | 93.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Catastrophe ratio | 6.3% | 4.2% | 8.3% | 6.7% |
| Combined ratio, excluding catastrophe losses (non-GAAP) | 91.9% | 82.8% | 84.3% | 86.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Prior-year reserve development ratio | (0.4)% | (4.1)% | (0.4)% | (1.3)% |
| Current accident year combined ratio, excluding<br>&nbsp;&nbsp;&nbsp;&nbsp; catastrophe losses (non-GAAP) | 92.3% | 86.9% | 84.7% | 87.9% |
|  | June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
| Total combined ratio (GAAP) | 92.8% | 90.4% | 105.0% | 97.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Catastrophe ratio | 3.5% | 4.5% | 14.8% | 8.4% |
| Combined ratio, excluding catastrophe losses (non-GAAP) | 89.3% | 85.9% | 90.2% | 88.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Prior-year reserve development ratio | (1.1)% | (1.9)% | (0.3)% | (1.0)% |
| Current accident year combined ratio, excluding<br>&nbsp;&nbsp;&nbsp;&nbsp; catastrophe losses (non-GAAP) | 90.4% | 87.8% | 90.5% | 89.9% |

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&nbsp;&nbsp;&nbsp;&nbsp;(2)Renewal price changes in Core Commercial and Specialty represent 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. Rate increases in Core Commercial and Specialty represent 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. Renewal price change in 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 change in Personal Lines is 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.

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&nbsp;&nbsp;&nbsp;&nbsp;(3)Current accident year loss and LAE ratio, excluding catastrophe losses, is a non-GAAP measure, which is equal to the loss and LAE ratio (loss ratio), excluding prior-year reserve development and catastrophe losses. The loss ratio (which includes losses, LAE, catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. The following is a reconciliation of the GAAP loss ratio to the current accident year loss ratio, excluding catastrophe losses.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Three months ended |
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 |
|  | Core Commercial | Specialty | Personal <br>Lines | Total |
| Total loss and LAE ratio | 60.1% | 49.6% | 70.5% | 61.9% |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior-year reserve development ratio | (0.5)% | (3.5)% | (0.4)% | (1.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe ratio | 4.1% | 4.1% | 11.1% | 7.0% |
| Current accident year loss and LAE ratio, excluding catastrophes | 56.5% | 49.0% | 59.8% | 56.1% |
|  | June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
| Total loss and LAE ratio | 58.4% | 56.4% | 83.8% | 68.4% |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior-year reserve development ratio | (0.4)% | (3.4)% | (0.7)% | (1.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe ratio | 3.1% | 6.7% | 19.6% | 10.7% |
| Current accident year loss and LAE ratio, excluding catastrophes | 55.7% | 53.1% | 64.9% | 58.9% |
|  | Six months ended | Six months ended | Six months ended | Six months ended |
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 |
|  | Core Commercial | Specialty | Personal<br>Lines | Total |
| Total loss and LAE ratio | 65.0% | 50.1% | 67.5% | 62.6% |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior-year reserve development ratio | (0.4)% | (4.1)% | (0.4)% | (1.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe ratio | 6.3% | 4.2% | 8.3% | 6.7% |
| Current accident year loss and LAE ratio, excluding catastrophes | 59.1% | 50.0% | 59.6% | 57.2% |
|  | June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
| Total loss and LAE ratio | 59.5% | 53.6% | 79.6% | 66.5% |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior-year reserve development ratio | (1.1)% | (1.9)% | (0.3)% | (1.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe ratio | 3.5% | 4.5% | 14.8% | 8.4% |
| Current accident year loss and LAE ratio, excluding catastrophes | 57.1% | 51.0% | 65.1% | 59.1% |

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&nbsp;&nbsp;&nbsp;&nbsp;(4)Operating income and operating income per diluted share are non-GAAP measures. Operating income before income taxes, as referenced in the results of the reporting segments, is defined as, with respect to such segment, operating income before interest expense and income taxes. The reconciliation of operating income and operating income per diluted share to the closest GAAP measures, net income and net income per diluted share, respectively, is provided on the preceding pages of this news release.

&nbsp;&nbsp;&nbsp;&nbsp;(5)Operating return on average equity (operating ROE) is a non-GAAP measure. Operating ROE is calculated by dividing annualized operating income after tax for the applicable period (see under the heading in this news release "Non-GAAP Financial Measures" and end note (4)), by average shareholders' equity, excluding unrealized appreciation (depreciation) on fixed maturity investments, net of tax, for the period presented. Total shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is also a non-GAAP measure. Total

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shareholders' equity is the most directly comparable GAAP measure and is reconciled below. For the calculation of operating ROE, the average of beginning and ending shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is used for the period as shown and reconciled in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | Period Ended | Period Ended | Period Ended |
| ($ in millions) | December 31 | March 31 | June 30 |
|  | 2024 | 2025 | 2025 |
| Total shareholders' equity (GAAP) | $2841.8 | $3044.4 | $3216.3 |
| Less: net unrealized appreciation (depreciation) <br>&nbsp;&nbsp;&nbsp;&nbsp; on fixed maturity investments, net of tax | (401.1) | (290.9) | (234.7) |
| Total shareholders' equity, excluding net <br>&nbsp;&nbsp;&nbsp;&nbsp; unrealized appreciation (depreciation) <br>&nbsp;&nbsp;&nbsp;&nbsp; on fixed maturity investments, net of tax | $3242.9 | $3335.3 | $3451.0 |
| **<u>Quarter Averages</u>** |  |  |  |
| Average shareholders' equity (GAAP) |  |  | $3130.4 |
| Average shareholders' equity, excluding net <br>&nbsp;&nbsp;&nbsp;&nbsp; unrealized appreciation (depreciation) on <br>&nbsp;&nbsp;&nbsp;&nbsp; fixed maturity investments, net of tax |  |  | $3393.2 |
| **<u>Year-to-date Averages</u>** |  |  |  |
| Average shareholders' equity (GAAP) |  |  | $3034.2 |
| Average shareholders' equity, excluding net <br>&nbsp;&nbsp;&nbsp;&nbsp; unrealized appreciation (depreciation) on <br>&nbsp;&nbsp;&nbsp;&nbsp; fixed maturity investments, net of tax |  |  | $3343.1 |

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| | | |
|:---|:---|:---|
| ($ in millions) | Three months ended | Six months ended |
|  | June 30 | June 30 |
| *Net Income ROE* | 2025 | 2025 |
| Net income (GAAP) | $157.1 | $285.3 |
| Annualized net income\* | 628.4 | 570.6 |
| Average shareholders' equity (GAAP) | $3130.4 | $3034.2 |
| Return on equity | 20.1% | 18.8% |
| *Operating Income ROE (non-GAAP)* |  |  |
| Operating income after taxes | $158.7 | $300.5 |
| Annualized operating income, net of tax\* | 634.8 | 601.0 |
| Average shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax | $3393.2 | $3343.1 |
| Operating return on equity | 18.7% | 18.0% |

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\*For three months ended June 30, 2025, annualized net income and operating income after taxes is calculated by multiplying three months ended net income and operating income after taxes, respectively, by 4. For six months ended June 30, 2025, annualized net income and operating income after taxes is calculated by multiplying six months ended net income and operating income after taxes, respectively, by 2.

&nbsp;&nbsp;&nbsp;&nbsp;(6)Here, and throughout this document, the expense ratio is reduced by installment and other fee revenues for purposes of the ratio calculation.

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&nbsp;&nbsp;&nbsp;&nbsp;(7)Book value per share, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure. Book value per share is the most directly comparable GAAP measure and is reconciled in the table below.

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| | | | |
|:---|:---|:---|:---|
|  |  | Period ended |  |
|  | June 30 | March 31 | June 30 |
|  | 2024 | 2025 | 2025 |
| Book value per share | $70.96 | $84.56 | $89.62 |
| Less: Net unrealized appreciation (depreciation) on fixed <br> maturity investments, net of tax, per share | (13.60) | (8.08) | (6.54) |
| Book value per share, excluding net unrealized appreciation <br> (depreciation) on fixed maturity investments, net of tax | $84.56 | $92.64 | $96.16 |
| <u>Versus prior quarter</u> |  |  |  |
| Change in book value per share |  |  | 6.0% |
| Change in book value per share, excluding net unrealized <br> appreciation (depreciation) on fixed maturity investments, net of tax |  |  | 3.8% |
| <u>Versus prior year</u> |  |  |  |
| Change in book value per share |  |  | 26.3% |
| Change in book value per share, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax |  |  | 13.7% |

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&nbsp;&nbsp;&nbsp;&nbsp;(8)The separate financial information of each reporting segment is presented consistent with the way results are regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management evaluates the results of the aforementioned reporting segments without consideration of interest expense on debt and on a pre-tax basis.

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## Exhibit 99.2

**Exhibit 99.2**

![img13518483_0.jpg](img13518483_0.jpg)

FINANCIAL SUPPLEMENT<br>SECOND QUARTER 2025

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

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| | | |
|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **BASIS OF PRESENTATION** | **BASIS OF PRESENTATION** | **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; <br>Products are tailored to specific industry segments as needed. | ● Business owners' policy/commercial multiple peril<br>● Commercial automobile<br>● Workers' compensation<br>● 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<br>● Commercial automobile<br>● Workers' compensation<br>● 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<br>● Management liability<br>● Fidelity and crime<br>● 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; <br>Hanover Specialty Industrial (HSI) - coverage to small and medium chemical, paint, solvent and other manufacturers and distributors; <br>Excess & Surplus - non-admitted general liability and property coverage to risks outside of the appetite of standard commercial lines;<br>Specialty General Liability - admitted coverage for higher-hazard liability risks | ● Commercial multiple peril<br>● Commercial automobile<br>● Workers' compensation<br>● 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<br>● 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<br>● Personal umbrella<br>● Inland Marine (jewelry, art, etc.)<br>● 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. | 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. | 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. |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** |
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Jun-YTD** | **Jun-YTD** |
| (In millions, except earnings per share) | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2024** | **2025** |
| **PREMIUMS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums written | $1625.8 | $1679.3 | $1831.6 | $1596.2 | $1689.9 | $**1752.6** | $3305.1 | $**3442.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums written | 1454.0 | 1521.1 | 1663.4 | 1445.1 | 1510.8 | **1583.8** | 2975.1 | **3094.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums earned | 1448.6 | 1473.2 | 1479.2 | 1511.6 | 1508.5 | **1545.3** | 2921.8 | **3053.8** |
| **EARNINGS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income before interest and taxes | $149.7 | $95.4 | $150.6 | $254.4 | $186.4 | $**209.9** | $245.1 | $**396.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income after taxes | 111.9 | 68.1 | 111.3 | 194.6 | 141.8 | **158.7** | 180.0 | **300.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations | 115.5 | 40.4 | 102.1 | 167.3 | 128.2 | **156.9** | 155.9 | **285.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 115.5 | 40.5 | 102.1 | 167.9 | 128.2 | **157.1** | 156.0 | **285.3** |
| **PER SHARE DATA (DILUTED)** |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | - | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income after taxes | $3.08 | $1.88 | $3.05 | $5.32 | $3.87 | $**4.35** | $4.96 | $**8.22** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations | 3.18 | 1.11 | 2.80 | 4.57 | 3.50 | **4.30** | 4.30 | **7.80** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 3.18 | 1.12 | 2.80 | 4.59 | 3.50 | **4.30** | 4.30 | **7.80** |
| Dilutive weighted average shares outstanding | 36.3 | 36.3 | 36.5 | 36.6 | 36.6 | **36.5** | 36.3 | **36.6** |
| Basic weighted average shares outstanding | 35.8 | 36.0 | 36.0 | 36.0 | 36.0 | **35.9** | 35.9 | **35.9** |
| **BALANCE SHEET** |  |  |  |  |  |  |  |  |
|  | March 31 | June 30 | September 30 | December 31 | March 31 | **June 30** |  |  |
| (In millions, except per share data) | 2024 | 2024 | 2024 | 2024 | 2025 | **2025** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $14594.1 | $14872.2 | $15367.0 | $15274.5 | $15470.3 | $**15732.1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss adjustment expense reserves | 7331.1 | 7463.1 | 7426.8 | 7461.2 | 7608.9 | **7636.2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 2522.7 | 2552.2 | 2877.7 | 2841.8 | 3044.4 | **3216.3** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity, excluding net unrealized appreciation |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on fixed maturity investments, net of tax | 3018.2 | 3040.9 | 3126.5 | 3242.9 | 3335.3 | **3451.0** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and Casualty Companies |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory surplus | $2762.3 | $2810.2 | $2893.5 | $2971.7 | $3098.3 | $**3097.0** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium to surplus ratio | 2.12:1 | 2.11:1 | 2.07:1 | 2.05:1 | 1.98:1 | **2.00:1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value per share | $70.22 | $70.96 | $79.90 | $79.18 | $84.56 | $**89.62** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value per share, excluding net unrealized appreciation |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on fixed maturity investments, net of tax | $84.01 | $84.56 | $86.81 | $90.35 | $92.64 | $**96.16** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible book value per share (total book value excluding goodwill |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and intangibles) | $64.80 | $65.55 | $74.50 | $73.75 | $79.10 | $**84.12** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 35.9 | 36.0 | 36.0 | 35.9 | 36.0 | **35.9** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt/equity | 31.1% | 30.7% | 27.2% | 27.6% | 25.8% | **24.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt/total capital | 23.7% | 23.5% | 21.4% | 21.6% | 20.5% | **19.6%** |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **CONSOLIDATED STATEMENTS OF INCOME** | **CONSOLIDATED STATEMENTS OF INCOME** | **CONSOLIDATED STATEMENTS OF INCOME** | **CONSOLIDATED STATEMENTS OF INCOME** | **CONSOLIDATED STATEMENTS OF INCOME** | **CONSOLIDATED STATEMENTS OF INCOME** | **CONSOLIDATED STATEMENTS OF INCOME** |
|  | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** |
| (In millions) | **2025** | 2024 | % Change | **2025** | 2024 | % Change |
| &nbsp;&nbsp; Premiums earned | $**1545.3** | $1473.2 | 4.9 | $**3053.8** | $2921.8 | 4.5 |
| &nbsp;&nbsp; Net investment income | **105.5** | 90.4 | 16.7 | **211.6** | 180.1 | 17.5 |
| &nbsp;&nbsp; Net realized and unrealized investment gains (losses): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized losses from sales and other | **(4.6)** | (30.4) | (84.9) | **(23.4)** | (31.7) | (26.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of equity securities and other | **5.0** | 1.1 | N/M | **6.0** | 7.6 | (21.1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Impairments on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit-related impairments | **(2.5)** | (3.5) | (28.6) | **(2.5)** | (3.2) | (21.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on intent to sell securities | **(0.4)** | (1.7) | (76.5) | **(0.4)** | (1.7) | (76.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total impairments on investments | **(2.9)** | (5.2) | (44.2) | **(2.9)** | (4.9) | (40.8) |
| &nbsp;&nbsp; Total net realized and unrealized investment losses | **(2.5)** | (34.5) | (92.8) | **(20.3)** | (29.0) | (30.0) |
| &nbsp;&nbsp; Fees and other income | **6.1** | 7.6 | (19.7) | **12.5** | 14.9 | (16.1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenues | **1654.4** | 1536.7 | 7.7 | **3257.6** | 3087.8 | 5.5 |
| **LOSSES AND EXPENSES** |  |  |  |  |  |  |
| &nbsp;&nbsp; Losses and loss adjustment expenses | **957.2** | 1007.6 | (5.0) | **1912.5** | 1942.8 | (1.6) |
| &nbsp;&nbsp; Amortization of deferred acquisition costs | **319.0** | 303.5 | 5.1 | **632.9** | 602.5 | 5.0 |
| &nbsp;&nbsp; Interest expense | **8.6** | 8.6 | - | **17.1** | 17.1 | - |
| &nbsp;&nbsp; Other operating expenses | **170.8** | 165.7 | 3.1 | **336.2** | 328.8 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total losses and expenses | **1455.6** | 1485.4 | (2.0) | **2898.7** | 2891.2 | 0.3 |
| &nbsp;&nbsp; Income before income taxes | **198.8** | 51.3 | N/M | **358.9** | 196.6 | 82.6 |
| &nbsp;&nbsp; Income tax expense | **41.9** | 10.9 | N/M | **73.8** | 40.7 | 81.3 |
| &nbsp;&nbsp; Income from continuing operations | **156.9** | 40.4 | N/M | **285.1** | 155.9 | 82.9 |
| &nbsp;&nbsp; Discontinued operations (net of taxes): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued life businesses | **0.2** | 0.1 | 100.0 | **0.2** | 0.1 | - |
| &nbsp;&nbsp; Net income | $**157.1** | $40.5 | N/M | $**285.3** | $156.0 | 82.9 |

---

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---

| | | | |
|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** |
|  | **June 30** | December 31 |  |
| (In millions, except per share data) | **2025** | 2024 | % Change |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, at fair value (amortized cost of $9,377.9 and $9,051.5) | $**9078.9** | $8542.2 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value | **172.0** | 157.7 | 9.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | **690.4** | 709.9 | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | **9941.3** | 9409.8 | 5.6 |
| &nbsp;&nbsp;Cash and cash equivalents | **244.1** | 435.5 | (43.9) |
| &nbsp;&nbsp;Accrued investment income | **75.5** | 69.8 | 8.2 |
| &nbsp;&nbsp;Premiums and accounts receivable, net | **1894.6** | 1800.8 | 5.2 |
| &nbsp;&nbsp;Reinsurance recoverable on paid and unpaid losses and unearned premiums | **1978.8** | 1994.5 | (0.8) |
| &nbsp;&nbsp;Deferred acquisition costs | **674.5** | 662.8 | 1.8 |
| &nbsp;&nbsp;Deferred income tax asset | **130.9** | 174.2 | (24.9) |
| &nbsp;&nbsp;Goodwill | **178.8** | 178.8 | - |
| &nbsp;&nbsp;Other assets | **526.8** | 462.6 | 13.9 |
| &nbsp;&nbsp;Assets of discontinued businesses | **86.8** | 85.7 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**15732.1** | $15274.5 | 3.0 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;Loss and loss adjustment expense reserves | $**7636.2** | $7461.2 | 2.3 |
| &nbsp;&nbsp;Unearned premiums | **3335.2** | 3283.3 | 1.6 |
| &nbsp;&nbsp;Expenses and taxes payable | **601.5** | 757.8 | (20.6) |
| &nbsp;&nbsp;Reinsurance premiums payable | **49.8** | 37.7 | 32.1 |
| &nbsp;&nbsp;Short-term debt | **436.8** | 61.8 | 606.8 |
| &nbsp;&nbsp;Long-term debt | **347.8** | 722.3 | (51.8) |
| &nbsp;&nbsp;Liabilities of discontinued businesses | **108.5** | 108.6 | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **12515.8** | 12432.7 | 0.7 |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;Preferred stock, par value $0.01 per share; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.0 million shares authorized; none issued | **-** | - | - |
| &nbsp;&nbsp;Common stock, par value $0.01 per share; 300.0 million shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authorized; 60.5 million shares issued | **0.6** | 0.6 | - |
| &nbsp;&nbsp;Additional paid-in capital | **1993.9** | 1973.6 | 1.0 |
| &nbsp;&nbsp;Accumulated other comprehensive loss | **(287.2)** | (456.3) | (37.1) |
| &nbsp;&nbsp;Retained earnings | **3431.2** | 3209.6 | 6.9 |
| &nbsp;&nbsp;Treasury stock at cost (24.6 million shares) | **(1922.2)** | (1885.7) | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | **3216.3** | 2841.8 | 13.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $**15732.1** | $15274.5 | 3.0 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** |
| **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** |
| **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Core** |  | **Personal** |  |  | **Core** |  | **Personal** |  |  |
| (In millions, except percentage data) | **Commercial** | **Specialty** | **Lines** | **Other** | **Total** | **Commercial** | **Specialty** | **Lines** | **Other** | **Total** |
| Gross premiums written | $**622.4** | **424.4** | **705.8** | $**-** | **1752.6** | $587.0 | 409.8 | 682.5 | $- | 1679.3 |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| Net premiums written | $**536.0** | **368.2** | **679.6** | $**-** | **1583.8** | $513.4 | 352.1 | 655.6 | $- | 1521.1 |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| Net premiums earned | $**554.3** | **355.9** | **635.1** | $**-** | **1545.3** | $537.4 | 330.5 | 605.3 | $- | 1473.2 |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| Losses and LAE: |  |  |  |  |  |  |  |  |  |  |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | **313.6** | **174.3** | **380.0** | **-** | **867.9** | 299.7 | 175.7 | 392.5 | - | 867.9 |
|  |  |  |  | **-** |  |  |  |  | - |  |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | **(3.0)** | **(12.5)** | **(2.6)** | **(0.1)** | **(18.2)** | (2.1) | (11.3) | (4.0) | - | (17.4) |
|  |  |  |  | **-** |  |  |  |  | - |  |
| &nbsp;&nbsp;Current year catastrophe losses | **25.2** | **16.1** | **72.2** | **-** | **113.5** | 30.9 | 27.6 | 118.6 | - | 177.1 |
|  |  |  |  | **-** |  |  |  |  | - |  |
| &nbsp;&nbsp;Prior year favorable catastrophe development | **(2.5)** | **(1.5)** | **(2.0)** | **-** | **(6.0)** | (14.5) | (5.5) | - | - | (20.0) |
|  |  |  |  | **-** |  |  |  |  | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses and LAE | **333.3** | **176.4** | **447.6** | **(0.1)** | **957.2** | 314.0 | 186.5 | 507.1 | - | 1007.6 |
|  |  |  |  | **-** |  |  |  |  | - |  |
| Amortization of deferred acquisition costs and other underwriting expenses | **183.8** | **131.7** | **162.3** | **-** | **477.8** | 180.6 | 122.0 | 156.8 | - | 459.4 |
|  |  |  |  | **-** |  |  |  |  | - |  |
| **GAAP underwriting profit (loss)** | **37.2** | **47.8** | **25.2** | **0.1** | **110.3** | **42.8** | **22.0** | **(58.6)** | **-** | **6.2** |
|  |  |  |  | **-** |  |  |  |  | - |  |
| Net investment income | **47.7** | **24.3** | **30.2** | **3.3** | **105.5** | 41.4 | 20.5 | 26.0 | 2.5 | 90.4 |
|  |  |  |  | **-** |  |  |  |  | - |  |
| Other income | **1.3** | **1.1** | **3.7** | **-** | **6.1** | 1.2 | 1.8 | 3.9 | 0.7 | 7.6 |
|  |  |  |  | **-** |  |  |  |  | - |  |
| Other operating expenses | **(2.3)** | **(2.0)** | **(1.7)** | **(6.0)** | **(12.0)** | (2.2) | (1.7) | (1.7) | (3.2) | (8.8) |
|  |  |  |  | **-** |  |  |  |  | - |  |
| **Operating income (loss) before income taxes** | $**83.9** | **71.2** | **57.4** | $**(2.6)** | **209.9** | $**83.2** | **42.6** | **(30.4)** | $**-** | **95.4** |
| Loss and LAE ratio: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | **56.5%** | **49.0%** | **59.8%** | **N/M** | **56.1%** | 55.7% | 53.1% | 64.9% | N/M | 58.9% |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | **(0.5)%** | **(3.5)%** | **(0.4)%** | **N/M** | **(1.2)%** | (0.4)% | (3.4)% | (0.7)% | N/M | (1.2)% |
| &nbsp;&nbsp;Current year catastrophe losses | **4.6%** | **4.5%** | **11.4%** | **N/M** | **7.4%** | 5.8% | 8.4% | 19.6% | N/M | 12.1% |
| &nbsp;&nbsp;Prior year favorable catastrophe development | **(0.5)%** | **(0.4)%** | **(0.3)%** | **N/M** | **(0.4)%** | (2.7)% | (1.7)% | - | N/M | (1.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and LAE ratio | **60.1%** | **49.6%** | **70.5%** | **N/M** | **61.9%** | 58.4% | 56.4% | 83.8% | N/M | 68.4% |
| Expense ratio | **32.9%** | **36.9%** | **25.0%** | **N/M** | **30.6%** | 33.4% | 36.7% | 25.3% | N/M | 30.8% |
| **Combined ratio** | **93.0%** | **86.5%** | **95.5%** | **N/M** | **92.5%** | **91.8%** | **93.1%** | **109.1%** | **N/M** | **99.2%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** |
| **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** |
| **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Core** |  | **Personal** |  |  | **Core** |  | **Personal** |  |  |
| (In millions, except percentage data) | **Commercial** | **Specialty** | **Lines** | **Other** | **Total** | **Commercial** | **Specialty** | **Lines** | **Other** | **Total** |
| Gross premiums written | $**1315.5** | **848.8** | **1278.2** | $**-** | **3442.5** | $1247.0 | 818.2 | 1239.9 | $- | 3305.1 |
| Net premiums written | $**1140.6** | **726.5** | **1227.5** | $**-** | **3094.6** | $1095.8 | 691.9 | 1187.4 | $- | 2975.1 |
| Net premiums earned | $**1095.3** | **695.5** | **1263.0** | $**-** | **3053.8** | $1066.3 | 651.4 | 1204.1 | $- | 2921.8 |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| Losses and LAE: |  |  |  |  |  |  |  |  |  |  |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | **647.8** | **347.6** | **752.2** | **-** | **1747.6** | 609.1 | 332.3 | 785.2 | - | 1726.6 |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | **(4.3)** | **(28.4)** | **(5.4)** | **(0.1)** | **(38.2)** | (11.3) | (12.4) | (4.1) | - | (27.8) |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| &nbsp;&nbsp;Current accident year catastrophe losses | **79.7** | **33.3** | **108.1** | **-** | **221.1** | 55.4 | 37.8 | 177.8 | - | 271.0 |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| &nbsp;&nbsp;Prior year favorable catastrophe development | **(11.0)** | **(4.0)** | **(3.0)** | **-** | **(18.0)** | (18.3) | (8.7) | - | - | (27.0) |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses and LAE | **712.2** | **348.5** | **851.9** | **(0.1)** | **1912.5** | 634.9 | 349.0 | 958.9 | - | 1942.8 |
|  |  | - |  | **-** |  |  | - |  | - |  |
| Amortization of deferred acquisition costs and other underwriting expenses | **365.9** | **258.0** | **324.2** | **-** | **948.1** | 357.7 | 241.5 | 312.9 | - | 912.1 |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| **GAAP underwriting profit (loss)** | **17.2** | **89.0** | **86.9** | **0.1** | **193.2** | **73.7** | **60.9** | **(67.7)** | **-** | **66.9** |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| Net investment income | **95.7** | **48.6** | **60.7** | **6.6** | **211.6** | 82.2 | 40.8 | 51.6 | 5.5 | 180.1 |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| Other income | **2.6** | **2.4** | **7.4** | **0.1** | **12.5** | 2.5 | 3.1 | 7.9 | 1.4 | 14.9 |
|  |  |  |  | **-** |  |  |  |  | - |  |
| Other operating expenses | **(4.8)** | **(4.2)** | **(3.4)** | **(8.6)** | **(21.0)** | (3.7) | (3.4) | (3.3) | (6.4) | (16.8) |
|  |  | **-** |  | **-** |  |  | - |  | - |  |
| **Operating income (loss) before income taxes** | $**110.7** | **135.8** | **151.6** | $**(1.8)** | **396.3** | $**154.7** | **101.4** | **(11.5)** | $**0.5** | **245.1** |
| Loss and LAE ratio: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | **59.1%** | **50.0%** | **59.6%** | **N/M** | **57.2%** | 57.1% | 51.0% | 65.1% | N/M | 59.1% |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | **(0.4)%** | **(4.1)%** | **(0.4)%** | **N/M** | **(1.3)%** | (1.1)% | (1.9)% | (0.3)% | N/M | (1.0)% |
| &nbsp;&nbsp;Current year catastrophe losses | **7.3%** | **4.8%** | **8.5%** | **N/M** | **7.3%** | 5.2% | 5.8% | 14.8% | N/M | 9.3% |
| &nbsp;&nbsp;Prior year favorable catastrophe development | **(1.0)%** | **(0.6)%** | **(0.2)%** | **N/M** | **(0.6)%** | (1.7)% | (1.3)% | - | N/M | (0.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and LAE ratio | **65.0%** | **50.1%** | **67.5%** | **N/M** | **62.6%** | 59.5% | 53.6% | 79.6% | N/M | 66.5% |
| Expense ratio | **33.2%** | **36.9%** | **25.1%** | **N/M** | **30.7%** | 33.3% | 36.8% | 25.4% | N/M | 30.8% |
| **Combined ratio** | **98.2%** | **87.0%** | **92.6%** | **N/M** | **93.3%** | **92.8%** | **90.4%** | **105.0%** | **N/M** | **97.3%** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RELATED RATIOS** |
| **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** | **CONSOLIDATED** |
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Jun-YTD** | **Jun-YTD** |
| (In millions, except percentage data) | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2024** | **2025** |
| Gross premiums written | $1625.8 | $1679.3 | $1831.6 | $1596.2 | $1689.9 | $**1752.6** | $3305.1 | $**3442.5** |
| Net premiums written | $1454.0 | $1521.1 | $1663.4 | $1445.1 | $1510.8 | $**1583.8** | $2975.1 | $**3094.6** |
| Net premiums earned | $1448.6 | $1473.2 | $1479.2 | $1511.6 | $1508.5 | $**1545.3** | $2921.8 | $**3053.8** |
| Losses and LAE: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | 858.7 | 867.9 | 862.1 | 860.2 | 879.7 | **867.9** | 1726.6 | **1747.6** |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | (10.4) | (17.4) | (14.0) | (25.6) | (20.0) | **(18.2)** | (27.8) | **(38.2)** |
| &nbsp;&nbsp;Current year catastrophe losses | 93.9 | 177.1 | 115.9 | 31.0 | 107.6 | **113.5** | 271.0 | **221.1** |
| &nbsp;&nbsp;Prior year favorable catastrophe development | (7.0) | (20.0) | (10.0) | (5.0) | (12.0) | **(6.0)** | (27.0) | **(18.0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses and LAE | 935.2 | 1007.6 | 954.0 | 860.6 | 955.3 | **957.2** | 1942.8 | **1912.5** |
| Amortization of deferred acquisition costs and other underwriting expenses | 452.7 | 459.4 | 464.7 | 493.9 | 470.3 | **477.8** | 912.1 | **948.1** |
| **GAAP underwriting profit** | **60.7** | **6.2** | **60.5** | **157.1** | **82.9** | **110.3** | **66.9** | **193.2** |
| Net investment income | 89.7 | 90.4 | 91.8 | 100.7 | 106.1 | **105.5** | 180.1 | **211.6** |
| Other income | 7.3 | 7.6 | 6.7 | 6.4 | 6.4 | **6.1** | 14.9 | **12.5** |
| Other operating expenses | (8.0) | (8.8) | (8.4) | (9.8) | (9.0) | **(12.0)** | (16.8) | **(21.0)** |
| **Operating income before income taxes** | $**149.7** | $**95.4** | $**150.6** | $**254.4** | $**186.4** | $**209.9** | $**245.1** | $**396.3** |
| Loss and LAE ratio: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | 59.3% | 58.9% | 58.2% | 56.9% | 58.3% | **56.1%** | 59.1% | **57.2%** |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | (0.7)% | (1.2)% | (0.9)% | (1.7)% | (1.3)% | **(1.2)%** | (1.0)% | **(1.3)%** |
| &nbsp;&nbsp;Current year catastrophe losses | 6.5% | 12.1% | 7.9% | 2.0% | 7.1% | **7.4%** | 9.3% | **7.3%** |
| &nbsp;&nbsp;Prior year favorable catastrophe development | (0.5)% | (1.4)% | (0.7)% | (0.3)% | (0.8)% | **(0.4)%** | (0.9)% | **(0.6)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and LAE ratio | 64.6% | 68.4% | 64.5% | 56.9% | 63.3% | **61.9%** | 66.5% | **62.6%** |
| Expense ratio | 30.9% | 30.8% | 31.0% | 32.3% | 30.8% | **30.6%** | 30.8% | **30.7%** |
| **Combined ratio** | **95.5%** | **99.2%** | **95.5%** | **89.2%** | **94.1%** | **92.5%** | **97.3%** | **93.3%** |
| **Combined ratio, excluding catastrophe losses** | **89.5%** | **88.5%** | **88.3%** | **87.5%** | **87.8%** | **85.5%** | **88.9%** | **86.6%** |
| **Current accident year combined ratio, excluding catastrophe losses** | **90.2%** | **89.7%** | **89.2%** | **89.2%** | **89.1%** | **86.7%** | **89.9%** | **87.9%** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** |
| **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** |
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Jun-YTD** | **Jun-YTD** |
| (In millions, except percentage data) | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2024** | **2025** |
| Gross premiums written | $660.0 | $587.0 | $682.5 | $573.6 | $693.1 | $**622.4** | $1247.0 | $**1315.5** |
| Net premiums written | $582.4 | $513.4 | $599.2 | $500.5 | $604.6 | $**536.0** | $1095.8 | $**1140.6** |
| Net premiums earned | $528.9 | $537.4 | $533.3 | $549.2 | $541.0 | $**554.3** | $1066.3 | $**1095.3** |
| Losses and LAE: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | 309.4 | 299.7 | 310.2 | 323.3 | 334.2 | **313.6** | 609.1 | **647.8** |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | (9.2) | (2.1) | (3.6) | (2.8) | (1.3) | **(3.0)** | (11.3) | **(4.3)** |
| &nbsp;&nbsp;Current year catastrophe losses | 24.5 | 30.9 | 38.2 | 15.9 | 54.5 | **25.2** | 55.4 | **79.7** |
| &nbsp;&nbsp;Prior year favorable catastrophe development | (3.8) | (14.5) | (6.5) | (7.5) | (8.5) | **(2.5)** | (18.3) | **(11.0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses and LAE | 320.9 | 314.0 | 338.3 | 328.9 | 378.9 | **333.3** | 634.9 | **712.2** |
| Amortization of deferred acquisition costs and other underwriting expenses | 177.1 | 180.6 | 180.4 | 193.8 | 182.1 | **183.8** | 357.7 | **365.9** |
| **GAAP underwriting profit (loss)** | **30.9** | **42.8** | **14.6** | **26.5** | **(20.0)** | **37.2** | **73.7** | **17.2** |
| Net investment income | 40.8 | 41.4 | 42.1 | 46.1 | 48.0 | **47.7** | 82.2 | **95.7** |
| Other income | 1.3 | 1.2 | 1.2 | 1.3 | 1.3 | **1.3** | 2.5 | **2.6** |
| Other operating expenses | (1.5) | (2.2) | (2.0) | (2.9) | (2.5) | **(2.3)** | (3.7) | **(4.8)** |
| **Operating income before income taxes** | $**71.5** | $**83.2** | $**55.9** | $**71.0** | $**26.8** | $**83.9** | $**154.7** | $**110.7** |
| Loss and LAE ratio: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | 58.5% | 55.7% | 58.2% | 58.9% | 61.7% | **56.5%** | 57.1% | **59.1%** |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | (1.7)% | (0.4)% | (0.7)% | (0.5)% | (0.2)% | **(0.5)%** | (1.1)% | **(0.4)%** |
| &nbsp;&nbsp;Current year catastrophe losses | 4.6% | 5.8% | 7.1% | 2.9% | 10.1% | **4.6%** | 5.2% | **7.3%** |
| &nbsp;&nbsp;Prior year favorable catastrophe development | (0.7)% | (2.7)% | (1.2)% | (1.4)% | (1.6)% | **(0.5)%** | (1.7)% | **(1.0)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and LAE ratio | 60.7% | 58.4% | 63.4% | 59.9% | 70.0% | **60.1%** | 59.5% | **65.0%** |
| Expense ratio | 33.2% | 33.4% | 33.6% | 35.1% | 33.4% | **32.9%** | 33.3% | **33.2%** |
| **Combined ratio** | **93.9%** | **91.8%** | **97.0%** | **95.0%** | **103.4%** | **93.0%** | **92.8%** | **98.2%** |
| **Combined ratio, excluding catastrophe losses** | **90.0%** | **88.7%** | **91.1%** | **93.5%** | **94.9%** | **88.9%** | **89.3%** | **91.9%** |
| **Current accident year combined ratio, excluding catastrophe losses** | **91.7%** | **89.1%** | **91.8%** | **94.0%** | **95.1%** | **89.4%** | **90.4%** | **92.3%** |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** |
| **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** | **CORE COMMERCIAL** |
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Jun-YTD** | **Jun-YTD** |
| (In millions, except percentage data) | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2024** | **2025** |
| **Written Premium** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gross | $660.0 | $587.0 | $682.5 | $573.6 | $693.1 | $622.4 | $1247.0 | $1315.5 |
| &nbsp;&nbsp;Ceded | (77.6) | (73.6) | (83.3) | (73.1) | (88.5) | (86.4) | (151.2) | (174.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net** | $**582.4** | $**513.4** | $**599.2** | $**500.5** | $**604.6** | $**536.0** | $**1095.8** | $**1140.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Growth* | *3.0%* | *5.5%* | *1.7%* | *7.5%* | *3.8%* | *4.4%* | *4.2%* | *4.1%* |
| **Net premiums written by sub-segment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Small Commercial | $336.0 | $316.5 | $310.0 | $301.3 | $341.8 | $334.3 | $652.5 | $676.0 |
| &nbsp;&nbsp;Middle Market | 246.4 | 196.9 | 289.2 | 199.2 | 262.8 | 201.7 | 443.3 | 464.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**582.4** | $**513.4** | $**599.2** | $**500.5** | $**604.6** | $**536.0** | $**1095.8** | $**1140.6** |
| **Net premiums written by line of business** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Commercial Multiple Peril | $287.0 | $252.7 | $317.7 | $260.0 | $298.8 | $264.9 | $539.7 | $563.7 |
| &nbsp;&nbsp;Commercial Automobile | 105.7 | 96.9 | 103.9 | 91.7 | 114.2 | 104.6 | 202.6 | 218.8 |
| &nbsp;&nbsp;Workers' Compensation | 124.5 | 104.5 | 100.1 | 92.9 | 123.5 | 102.3 | 229.0 | 225.8 |
| &nbsp;&nbsp;Other Core Commercial | 65.2 | 59.3 | 77.5 | 55.9 | 68.1 | 64.2 | 124.5 | 132.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**582.4** | $**513.4** | $**599.2** | $**500.5** | $**604.6** | $**536.0** | $**1095.8** | $**1140.6** |
| **Related Metrics** |  |  |  |  |  |  |  |  |
| Premium Retention | 82.3% | 83.2% | 83.2% | 85.0% | 84.4% | 85.1% | 82.7% | 84.8% |
| Renewal Price Change | 11.5% | 11.7% | 12.9% | 11.8% | 11.1% | 10.7% | 11.7% | 10.9% |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS** |
| **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** |
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Jun-YTD** | **Jun-YTD** |
| (In millions, except percentage data) | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2024** | **2025** |
| Gross premiums written | $408.4 | $409.8 | $408.9 | $383.9 | $424.4 | $**424.4** | $818.2 | $**848.8** |
|  |  |  |  |  |  |  | - | **-** |
| Net premiums written | $339.8 | $352.1 | $350.2 | $331.8 | $358.3 | $**368.2** | $691.9 | $**726.5** |
|  |  |  |  |  |  |  | - |  |
| Net premiums earned | $320.9 | $330.5 | $331.2 | $339.4 | $339.6 | $**355.9** | $651.4 | $**695.5** |
|  |  |  |  |  |  |  | - |  |
| Losses and LAE: |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | - |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | 156.6 | 175.7 | 158.9 | 164.2 | 173.3 | **174.3** | 332.3 | **347.6** |
|  |  |  |  |  |  |  | - |  |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | (1.1) | (11.3) | (10.2) | (23.6) | (15.9) | **(12.5)** | (12.4) | **(28.4)** |
|  |  |  |  |  |  |  | - |  |
| &nbsp;&nbsp;Current year catastrophe losses | 10.2 | 27.6 | 7.9 | 6.5 | 17.2 | **16.1** | 37.8 | **33.3** |
|  |  |  |  |  |  |  | - |  |
| &nbsp;&nbsp;Prior year favorable catastrophe development | (3.2) | (5.5) | (3.5) | (2.5) | (2.5) | **(1.5)** | (8.7) | **(4.0)** |
|  |  |  |  |  |  |  | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses and LAE | 162.5 | 186.5 | 153.1 | 144.6 | 172.1 | **176.4** | 349.0 | **348.5** |
|  |  |  |  |  |  |  | - |  |
| Amortization of deferred acquisition costs and other underwriting expenses | 119.5 | 122.0 | 125.5 | 133.1 | 126.3 | **131.7** | 241.5 | **258.0** |
|  |  |  |  |  |  |  | - |  |
| **GAAP underwriting profit** | **38.9** | **22.0** | **52.6** | **61.7** | **41.2** | **47.8** | **60.9** | **89.0** |
|  |  |  |  |  |  |  | - |  |
| Net investment income | 20.3 | 20.5 | 20.9 | 22.8 | 24.3 | **24.3** | 40.8 | **48.6** |
|  |  |  |  |  |  |  | - |  |
| Other income | 1.3 | 1.8 | 1.6 | 1.2 | 1.3 | **1.1** | 3.1 | **2.4** |
|  |  |  |  |  |  |  | - |  |
| Other operating expenses | (1.7) | (1.7) | (2.1) | (2.4) | (2.2) | **(2.0)** | (3.4) | **(4.2)** |
|  |  |  |  |  |  |  | - |  |
| **Operating income before income taxes** | $**58.8** | $**42.6** | $**73.0** | $**83.3** | $**64.6** | $**71.2** | $**101.4** | $**135.8** |
| Loss and LAE ratio: |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | - |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | 48.7% | 53.1% | 48.0% | 48.4% | 51.1% | **49.0%** | 51.0% | **50.0%** |
|  |  |  |  |  |  |  | - |  |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | (0.3)% | (3.4)% | (3.1)% | (7.0)% | (4.7)% | **(3.5)%** | (1.9)% | **(4.1)%** |
|  |  |  |  |  |  |  | - |  |
| &nbsp;&nbsp;Current year catastrophe losses | 3.2% | 8.4% | 2.4% | 1.9% | 5.0% | **4.5%** | 5.8% | **4.8%** |
|  |  |  |  |  |  |  | - |  |
| &nbsp;&nbsp;Prior year favorable catastrophe development | (1.0)% | (1.7)% | (1.1)% | (0.7)% | (0.7)% | **(0.4)%** | (1.3)% | **(0.6)%** |
|  |  |  |  |  |  |  | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and LAE ratio | 50.6% | 56.4% | 46.2% | 42.6% | 50.7% | **49.6%** | 53.6% | **50.1%** |
|  |  |  |  |  |  |  | - |  |
| Expense ratio | 37.0% | 36.7% | 37.7% | 39.0% | 37.0% | **36.9%** | 36.8% | **36.9%** |
|  |  |  |  |  |  |  | - |  |
| **Combined ratio** | **87.6%** | **93.1%** | **83.9%** | **81.6%** | **87.7%** | **86.5%** | **90.4%** | **87.0%** |
|  |  |  |  |  |  |  | **-** | **-** |
| **Combined ratio, excluding catastrophe losses** | **85.4%** | **86.4%** | **82.6%** | **80.4%** | **83.4%** | **82.4%** | **85.9%** | **82.8%** |
| **Current accident year combined ratio, excluding catastrophe losses** | **85.7%** | **89.8%** | **85.7%** | **87.4%** | **88.1%** | **85.9%** | **87.8%** | **86.9%** |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** |
| **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** | **SPECIALTY** |
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Jun-YTD** | **Jun-YTD** |
| (In millions, except percentage data) | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2024** | **2025** |
| **Written Premiums** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gross | $408.4 | $409.8 | $408.9 | $383.9 | $424.4 | $424.4 | $818.2 | $848.8 |
| &nbsp;&nbsp;Ceded | (68.6) | (57.7) | (58.7) | (52.1) | (66.1) | (56.2) | (126.3) | (122.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net** | $**339.8** | $**352.1** | $**350.2** | $**331.8** | $**358.3** | $**368.2** | $**691.9** | $**726.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Growth* | *4.8%* | *8.2%* | *3.4%* | *8.8%* | *5.4%* | *4.6%* | *6.5%* | *5.0%* |
|  |  |  |  |  |  |  | - | - |
| **Net premiums written by sub-segment** |  |  |  |  |  |  | **-** | **-** |
| &nbsp;&nbsp;Professional and Executive Lines | $112.8 | $106.6 | $114.8 | $106.1 | $120.4 | $108.7 | $219.4 | $229.1 |
| &nbsp;&nbsp;Specialty Property & Casualty | 107.9 | 109.5 | 97.8 | 106.1 | 105.7 | 113.0 | 217.4 | 218.7 |
| &nbsp;&nbsp;Marine | 99.5 | 115.3 | 112.2 | 99.9 | 109.0 | 123.1 | 214.8 | 232.1 |
| &nbsp;&nbsp;Surety and Other | 19.6 | 20.7 | 25.4 | 19.7 | 23.2 | 23.4 | 40.3 | 46.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**339.8** | $**352.1** | $**350.2** | $**331.8** | $**358.3** | $**368.2** | $**691.9** | $**726.5** |
|  |  |  |  |  |  |  | **-** | **-** |
| **Related Metrics** |  |  |  |  |  |  |  |  |
| Premium Retention | 83.1% | 83.0% | 81.5% | 81.9% | 80.1% | 81.8% | 83.0% | 81.0% |
| Renewal Price Change | 11.0% | 11.7% | 10.1% | 9.5% | 8.4% | 7.8% | 11.3% | 8.1% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** |
| **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** |
| **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** | **Three Months ended June 30** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| (In millions, except percentage data) |  | **Auto** | **Home and Other** | **Total** |  | **Auto** | **Home and Other** | **Total** |
| Net premiums written | **$** | **389.3** | **290.3** | **679.6** | $| 382.8 | 272.8 | 655.6 |
| Net premiums earned | **$** | **368.3** | **266.8** | **635.1** | $| 351.8 | 253.5 | 605.3 |
|  |  |  |  | **-** |  |  |  | - |
| Losses and LAE: |  |  |  |  |  |  |  |  |
|  |  |  |  | **-** |  |  |  | - |
| &nbsp;&nbsp;Current year, excluding catastrophe losses |  | **243.5** | **136.5** | **380.0** |  | 246.8 | 145.7 | 392.5 |
|  |  |  |  | **-** |  |  |  | - |
| &nbsp;&nbsp;Prior year unfavorable (favorable) development, excluding catastrophe losses |  | **(1.0)** | **(1.6)** | **(2.6)** |  | (7.5) | 3.5 | (4.0) |
|  |  |  |  | **-** |  |  |  | - |
| &nbsp;&nbsp;Current year catastrophe losses |  | **6.2** | **66.0** | **72.2** |  | 7.3 | 111.3 | 118.6 |
|  |  |  |  | **-** |  |  |  | - |
| &nbsp;&nbsp;Prior year unfavorable (favorable) catastrophe development |  | **0.1** | **(2.1)** | **(2.0)** |  | - | - | - |
|  |  |  |  | **-** |  |  |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses and LAE |  | **248.8** | **198.8** | **447.6** |  | 246.6 | 260.5 | 507.1 |
|  |  |  |  | **-** |  | \ |  | - |
| Amortization of deferred acquisition costs and other underwriting expenses |  |  |  | **162.3** |  |  |  | 156.8 |
|  |  |  |  | **-** |  |  |  | - |
| **GAAP underwriting profit (loss)** |  |  |  | **25.2** |  |  |  | **(58.6)** |
|  |  |  |  | **-** |  |  |  | - |
| Net investment income |  |  |  | **30.2** |  |  |  | 26.0 |
|  |  |  |  | **-** |  |  |  | - |
| Other income |  |  |  | **3.7** |  |  |  | 3.9 |
|  |  |  |  | **-** |  |  |  | - |
| Other operating expenses |  |  |  | **(1.7)** |  |  |  | (1.7) |
|  |  |  |  | **-** |  |  |  | - |
| **Operating income (loss) before income taxes** |  |  |  | **57.4** |  |  |  | **(30.4)** |
| Loss and LAE ratio: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses |  | **66.2%** | **51.1%** | **59.8%** |  | 70.1% | 57.5% | 64.9% |
| &nbsp;&nbsp;Prior year unfavorable (favorable) development, excluding catastrophe losses |  | **(0.3)%** | **(0.6)%** | **(0.4)%** |  | (2.1)% | 1.4% | (0.7)% |
| &nbsp;&nbsp;Current year catastrophe losses |  | **1.7%** | **24.8%** | **11.4%** |  | 2.1% | 43.9% | 19.6% |
| &nbsp;&nbsp;Prior year favorable catastrophe development |  | **-** | **(0.8)%** | **(0.3)%** |  | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and LAE ratio |  | **67.6%** | **74.5%** | **70.5%** |  | 70.1% | 102.8% | 83.8% |
| Expense ratio |  |  |  | **25.0%** |  |  |  | 25.3% |
| **Combined ratio** |  |  |  | **95.5%** |  |  |  | **109.1%** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS** |
| **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** |
| **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| (In millions, except percentage data) |  | **Auto** | **Home & Other** | **Total** |  | **Auto** | **Home & Other** | **Total** |
| Net premiums written | **$** | **713.1** | **514.4** | **1227.5** | $| 699.8 | 487.6 | 1187.4 |
| Net premiums earned | **$** | **733.6** | **529.4** | **1263.0** | $| 700.7 | 503.4 | 1204.1 |
| Losses and LAE: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses |  | **488.0** | **264.2** | **752.2** |  | 503.2 | 282.0 | 785.2 |
| &nbsp;&nbsp;Prior year unfavorable (favorable) development, excluding catastrophe losses |  | **(3.0)** | **(2.4)** | **(5.4)** |  | (13.3) | 9.2 | (4.1) |
| &nbsp;&nbsp;Current year catastrophe losses |  | **8.6** | **99.5** | **108.1** |  | 11.2 | 166.6 | 177.8 |
| &nbsp;&nbsp;Prior year unfavorable (favorable) catastrophe development |  | **(0.3)** | **(2.7)** | **(3.0)** |  | 0.8 | (0.8) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses and LAE |  | **493.3** | **358.6** | **851.9** |  | 501.9 | 457.0 | 958.9 |
| Amortization of deferred acquisition costs and other underwriting expenses |  |  |  | **324.2** |  |  |  | 312.9 |
| **GAAP underwriting income (loss)** |  |  |  | **86.9** |  |  |  | **(67.7)** |
| Net investment income |  |  |  | **60.7** |  |  |  | 51.6 |
| Other income |  |  |  | **7.4** |  |  |  | 7.9 |
| Other operating expenses |  |  |  | **(3.4)** |  |  |  | (3.3) |
| **Operating income (loss) before income taxes** |  |  |  | **151.6** |  |  |  | **(11.5)** |
| Loss and LAE ratio: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Current year, excluding catastrophe losses |  | **66.5%** | **49.9%** | **59.6%** |  | 71.8% | 56.1% | 65.1% |
| &nbsp;&nbsp;Prior year unfavorable (favorable) development, excluding catastrophe losses |  | **(0.4)%** | **(0.5)%** | **(0.4)%** |  | (1.9)% | 1.8% | (0.3)% |
| &nbsp;&nbsp;Current year catastrophe losses |  | **1.1%** | **18.8%** | **8.5%** |  | 1.6% | 33.1% | 14.8% |
| &nbsp;&nbsp;Prior year unfavorable (favorable) catastrophe development |  | **-** | **(0.5)%** | **(0.2)%** |  | 0.1% | (0.2)% | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and LAE ratio |  | **67.2%** | **67.7%** | **67.5%** |  | 71.6% | 90.8% | 79.6% |
| Expense ratio |  |  |  | **25.1%** |  |  |  | 25.4% |
| **Combined ratio** |  |  |  | **92.6%** |  |  |  | **105.0%** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS** | **GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS** |
| **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** |
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Jun-YTD** | **Jun-YTD** |
| (In millions, except percentage data) | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2024** | **2025** |
| Gross premiums written | $557.4 | $682.5 | $740.2 | $638.7 | $572.4 | $**705.8** | $1239.9 | $**1278.2** |
|  |  |  |  |  |  |  | - | **-** |
| Net premiums written | $531.8 | $655.6 | $714.0 | $612.8 | $547.9 | $**679.6** | $1187.4 | $**1227.5** |
|  |  |  |  |  |  |  | - | **-** |
| Net premiums earned | $598.8 | $605.3 | $614.7 | $623.0 | $627.9 | $**635.1** | $1204.1 | $**1263.0** |
|  |  |  |  |  |  |  | - | **-** |
| Losses and LAE: |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | - | **-** |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | 392.7 | 392.5 | 393.0 | 372.7 | 372.2 | **380.0** | 785.2 | **752.2** |
|  |  |  |  |  |  |  | - | **-** |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | (0.1) | (4.0) | (0.2) | (0.6) | (2.8) | **(2.6)** | (4.1) | **(5.4)** |
|  |  |  |  |  |  |  | - | **-** |
| &nbsp;&nbsp;Current year catastrophe losses | 59.2 | 118.6 | 69.8 | 8.6 | 35.9 | **72.2** | 177.8 | **108.1** |
|  |  |  |  |  |  |  | - | **-** |
| &nbsp;&nbsp;Prior year unfavorable (favorable) catastrophe development | - | - | - | 5.0 | (1.0) | **(2.0)** | - | **(3.0)** |
|  |  |  |  |  |  |  | - | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses and LAE | 451.8 | 507.1 | 462.6 | 385.7 | 404.3 | **447.6** | 958.9 | **851.9** |
|  |  |  |  |  |  |  | - | **-** |
| Amortization of deferred acquisition costs and other underwriting expenses | 156.1 | 156.8 | 158.8 | 167.0 | 161.9 | **162.3** | 312.9 | **324.2** |
|  |  |  |  |  |  |  | - | **-** |
| **GAAP underwriting profit (loss)** | **(9.1)** | **(58.6)** | **(6.7)** | **70.3** | **61.7** | **25.2** | **(67.7)** | **86.9** |
| Net investment income | 25.6 | 26.0 | 26.3 | 28.8 | 30.5 | **30.2** | 51.6 | **60.7** |
| Other income | 4.0 | 3.9 | 3.9 | 3.9 | 3.7 | **3.7** | 7.9 | **7.4** |
| Other operating expenses | (1.6) | (1.7) | (1.8) | (1.9) | (1.7) | **(1.7)** | (3.3) | **(3.4)** |
| **Operating income (loss) before income taxes** | $**18.9** | $**(30.4)** | $**21.7** | $**101.1** | $**94.2** | $**57.4** | $**(11.5)** | $**151.6** |
| Loss and LAE ratio: |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | - | **-** |
| &nbsp;&nbsp;Current year, excluding catastrophe losses | 65.6% | 64.9% | 63.9% | 59.8% | 59.2% | **59.8%** | 65.1% | **59.6%** |
|  |  |  |  |  |  |  | - | **-** |
| &nbsp;&nbsp;Prior year favorable development, excluding catastrophe losses | - | (0.7)% | - | (0.1)% | (0.4)% | **(0.4)%** | (0.3)% | **(0.4)%** |
|  |  |  |  |  |  |  | - | **-** |
| &nbsp;&nbsp;Current year catastrophe losses | 9.9% | 19.6% | 11.4% | 1.4% | 5.8% | **11.4%** | 14.8% | **8.5%** |
|  |  |  |  |  |  |  | - | **-** |
| &nbsp;&nbsp;Prior year unfavorable (favorable) catastrophe development | - | - | - | 0.8% | (0.2)% | **(0.3)%** | - | **(0.2)%** |
|  |  |  |  |  |  |  | - | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and LAE ratio | 75.5% | 83.8% | 75.3% | 61.9% | 64.4% | **70.5%** | 79.6% | **67.5%** |
|  |  |  |  |  |  |  | - | **-** |
| Expense ratio | 25.5% | 25.3% | 25.3% | 26.2% | 25.3% | **25.0%** | 25.4% | **25.1%** |
|  |  |  |  |  |  |  | - | **-** |
| **Combined ratio** | **101.0%** | **109.1%** | **100.6%** | **88.1%** | **89.7%** | **95.5%** | **105.0%** | **92.6%** |
|  |  |  |  |  |  |  | - | **-** |
| **Combined ratio, excluding catastrophe losses** | **91.1%** | **89.5%** | **89.2%** | **85.9%** | **84.1%** | **84.4%** | **90.2%** | **84.3%** |
| **Current accident year combined ratio, excluding catastrophe losses** | **91.1%** | **90.2%** | **89.2%** | **86.0%** | **84.5%** | **84.8%** | **90.5%** | **84.7%** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** | **PREMIUMS WRITTEN AND RELATED METRICS** |
| **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** | **PERSONAL LINES** |
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | | | |
| (In millions, except percentage data) | **2024** | **2024** | **2024** | **2024** | **2025** | **Q2**<br>**2025** | **Jun-YTD**<br>**2024** | **Jun-YTD**<br>**2025** |
| **Written Premiums** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gross | $557.4 | $682.5 | $740.2 | $638.7 | $572.4 | $705.8 | 1239.9 | $1278.2 |
| &nbsp;&nbsp;Ceded | (25.6) | (26.9) | (26.2) | (25.9) | (24.5) | (26.2) | (52.5) | (50.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net** | $**531.8** | $**655.6** | $**714.0** | $**612.8** | $**547.9** | $**679.6** | **1187.4** | $**1227.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Growth* | *0.0%* | *3.3%* | *6.8%* | *6.6%* | *3.0%* | *3.7%* | *1.8%* | *3.4%* |
| **Net premiums written by line of business** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Personal Automobile | $317.0 | $382.8 | $411.1 | $352.7 | $323.8 | $389.3 | 699.8 | $713.1 |
| &nbsp;&nbsp;Homeowners and Other | 214.8 | 272.8 | 302.9 | 260.1 | 224.1 | 290.3 | 487.6 | 514.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**531.8** | $**655.6** | $**714.0** | $**612.8** | $**547.9** | $**679.6** | **1187.4** | $**1227.5** |
| **Related Metrics** |  |  |  |  |  |  |  |  |
| **Renewal Price Change** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Personal Automobile | 18.2% | 18.0% | 14.9% | 13.9% | 11.8% | 9.8% | 18.1% | 10.8% |
| &nbsp;&nbsp;Homeowners | 30.2% | 19.1% | 16.2% | 14.6% | 14.9% | 15.7% | 23.9% | 15.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** <sup>(1)</sup> | **22.8%** | **18.5%** | **15.4%** | **14.2%** | **13.1%** | **12.3%** | **20.4%** | **12.6%** |
| **Policy Retention** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Personal Automobile | 79.6% | 81.2% | 82.8% | 81.3% | 81.4% | 83.5% | 80.5% | 82.6% |
| &nbsp;&nbsp;Homeowners | 80.3% | 82.7% | 84.6% | 83.2% | 82.4% | 85.1% | 81.6% | 83.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** <sup>(1)</sup> | **79.9%** | **82.0%** | **83.7%** | **82.2%** | **82.0%** | **84.3%** | **81.0%** | **83.2%** |
| **PIF change from prior year period** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Personal Automobile | -5.5% | -7.6% | -8.5% | -7.0% | -4.9% | -3.6% | -7.6% | -3.6% |
| &nbsp;&nbsp;Homeowners | -4.7% | -6.9% | -7.8% | -6.1% | -4.0% | -2.7% | -6.9% | -2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** <sup>(1)</sup> | **-5.1%** | **-7.3%** | **-8.2%** | **-6.6%** | **-4.4%** | **-3.2%** | **-7.3%** | **-3.2%** |
| (1) Related metrics exclude Other Personal Lines. |  |  |  |  |  |  |  |  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **NET INVESTMENT INCOME AND YIELDS** | **NET INVESTMENT INCOME AND YIELDS** | **NET INVESTMENT INCOME AND YIELDS** | **NET INVESTMENT INCOME AND YIELDS** | **NET INVESTMENT INCOME AND YIELDS** | **NET INVESTMENT INCOME AND YIELDS** | **NET INVESTMENT INCOME AND YIELDS** | **NET INVESTMENT INCOME AND YIELDS** | **NET INVESTMENT INCOME AND YIELDS** |
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **YTD** | **YTD** |
| (In millions, except yields) | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2024** | **2025** |
| **Net Investment Income** |  |  |  |  |  |  |  |  |
| Fixed maturities | 75.7 | 76.5 | 82.3 | 89.9 | 93.3 | **98.4** | 152.2 | **191.7** |
| Limited partnerships | 9.2 | 1.4 | 4.0 | 6.0 | 7.5 | **3.5** | 10.6 | **11.0** |
| Mortgage loans | 3.7 | 3.9 | 3.6 | 3.2 | 2.9 | **3.0** | 7.6 | **5.9** |
| Equity securities | 0.8 | 0.8 | 0.8 | 0.8 | 0.9 | **0.9** | 1.6 | **1.8** |
| Other investments | 3.8 | 11.5 | 5.2 | 4.7 | 5.3 | **3.4** | 15.3 | **8.7** |
| Investment expenses | (3.5) | (3.7) | (4.1) | (3.9) | (3.8) | **(3.7)** | (7.2) | **(7.5)** |
| Total | 89.7 | 90.4 | 91.8 | 100.7 | 106.1 | **105.5** | 180.1 | **211.6** |
| **Pre-tax Yields** |  |  |  |  |  |  |  |  |
| Fixed maturities | 3.52% | 3.53% | 3.73% | 3.99% | 4.08% | **4.24%** | 3.53% | **4.16%** |
| Total | 3.70% | 3.73% | 3.70% | 3.97% | 4.14% | **4.11%** | 3.72% | **4.12%** |
| 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **INVESTMENT PORTFOLIO** | **INVESTMENT PORTFOLIO** | **INVESTMENT PORTFOLIO** | **INVESTMENT PORTFOLIO** | **INVESTMENT PORTFOLIO** | **INVESTMENT PORTFOLIO** | **INVESTMENT PORTFOLIO** | **INVESTMENT PORTFOLIO** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 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 Q2** | **YTD** |
| Fixed maturities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury and government agencies | AA+ | $527.3 | $484.8 | 4.8% | $(42.5) | $3.6 | $15.9 |
| &nbsp;&nbsp;&nbsp;Foreign governments | BB | 2.4 | 2.6 | - | 0.2 | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;Municipals: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | AA | 917.4 | 834.9 | 8.2% | (82.5) | 5.8 | 25.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | AA | 23.5 | 23.2 | 0.2% | (0.3) | (0.1) | (0.6) |
| &nbsp;&nbsp;&nbsp;Corporates: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NAIC 1 | A | 2079.7 | 2070.3 | 20.3% | (9.4) | 19.5 | 51.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;NAIC 2 | BBB | 1553.7 | 1517.5 | 14.9% | (36.2) | 24.1 | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;NAIC 3 and below | B+ | 444.3 | 450.8 | 4.5% | 6.5 | 8.6 | 5.3 |
| &nbsp;&nbsp;&nbsp;Total corporates | BBB+ | 4077.7 | 4038.6 | 39.7% | (39.1) | 52.2 | 107.9 |
| &nbsp;&nbsp;&nbsp;Asset-backed: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed | AA+ | 2630.1 | 2520.4 | 24.7% | (109.7) | 3.0 | 43.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed | AA+ | 425.4 | 397.7 | 3.9% | (27.7) | 4.6 | 14.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed | AAA | 774.1 | 776.7 | 7.6% | 2.6 | 2.2 | 3.4 |
| Total fixed maturities | A+ | 9377.9 | 9078.9 | 89.1% | (299.0) | 71.4 | 210.3 |
| Limited partnerships and other investments |  | 424.6 | 424.6 | 4.2% | - | - | - |
| Mortgage and other loans |  | 265.8 | 265.8 | 2.6% | - | - | - |
| Equity securities |  | 172.0 | 172.0 | 1.7% | - | - | - |
| Total investments |  | 10240.3 | 9941.3 | 97.6% | (299.0) | 71.4 | 210.3 |
| Cash and cash equivalents |  | 244.1 | 244.1 | 2.4% | - | - | - |
| **Total** |  | $10484.4 | $10185.4 | 100.0% | $(299.0) | $71.4 | $210.3 |
| (1) Net of allowance for credit losses of $8.4 million. |  |  |  |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **CREDIT QUALITY AND DURATION OF FIXED MATURITIES** | **CREDIT QUALITY AND DURATION OF FIXED MATURITIES** | **CREDIT QUALITY AND DURATION OF FIXED MATURITIES** | **CREDIT QUALITY AND DURATION OF FIXED MATURITIES** | **CREDIT QUALITY AND DURATION OF FIXED MATURITIES** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| (In millions) |  |  |  |  |
| **CREDIT QUALITY OF FIXED MATURITIES** | **CREDIT QUALITY OF FIXED MATURITIES** | **CREDIT QUALITY OF FIXED MATURITIES** | **CREDIT QUALITY OF FIXED MATURITIES** | **CREDIT QUALITY OF FIXED MATURITIES** |
|  | **Rating Agency** | **Amortized** | **Fair** | **% of Total** |
| **NAIC Designation** | **Equivalent Designation** | **Cost (1)** | **Value** | **Fair Value** |
| 1 | Aaa/Aa/A | **7366.9** | **7098.4** | **78.2%** |
| 2 | Baa | **1557.9** | **1521.7** | **16.8%** |
| 3 | Ba | **233.5** | **238.6** | **2.6%** |
| 4 | B | **189.2** | **191.7** | **2.1%** |
| 5 | Caa | **26.5** | **25.7** | **0.3%** |
| 6 | In or near default | **3.9** | **2.8** | **-** |
| Total fixed maturities |  | $**9377.9** | $**9078.9** | **100.0%** |
| **DURATION OF FIXED MATURITIES** |  |  |  |  |
|  |  | **Amortized** | **Fair** | **% of Total** |
|  |  | **Cost (1)** | **Value** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0-2 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0-2 Years | **1697.7** | **1701.6** | **18.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-4 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-4 Years | **2234.2** | **2227.7** | **24.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-6 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-6 Years | **2465.6** | **2336.7** | **25.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-8 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-8 Years | **2619.2** | **2495.7** | **27.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-10 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-10 Years | **219.9** | **206.1** | **2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10+ Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10+ Years | **141.3** | **111.1** | **1.2%** |
|  |  | $**9377.9** | $**9078.9** | **100.0%** |
| Weighted Average Duration |  |  | **4.4** |  |
| (1) Net of allowance for credit losses of $0.4 million. | (1) Net of allowance for credit losses of $0.4 million. |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **TOP 10 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS** | **TOP 10 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS** | **TOP 10 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS** | **TOP 10 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS** | **TOP 10 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| (In millions, except percentage data) |  |  |  |  |
| **Issuer** | **Amortized Cost** | **Fair Value** | **As a Percent of Invested Assets** | **Ratings** |
| Morgan Stanley | $43.4 | $43.0 | 0.42% | A- |
| Minnesota Housing Finance Agency | 39.1 | 32.5 | 0.32% | AA+ |
| Goldman Sachs | 34.8 | 34.5 | 0.34% | BBB+ |
| State of Ohio | 33.8 | 28.5 | 0.28% | AAA |
| Colorado Housing & Finance Authority | 31.0 | 29.6 | 0.29% | AAA |
| Citigroup | 27.4 | 27.1 | 0.27% | A- |
| Bank of America | 26.6 | 26.6 | 0.26% | A- |
| Massachusetts School Building Authority | 26.3 | 22.6 | 0.22% | AA+ |
| JPMorgan Chase | 26.2 | 26.2 | 0.26% | A |
| International Business Machines | 25.9 | 25.6 | 0.25% | A- |
| &nbsp;&nbsp;&nbsp;&nbsp; Top 10 Corporate and Municipal | $314.5 | $296.2 | 2.91% |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **RECONCILIATION OF OPERATING INCOME TO NET INCOME** | **RECONCILIATION OF OPERATING INCOME TO NET INCOME** | **RECONCILIATION OF OPERATING INCOME TO NET INCOME** | **RECONCILIATION OF OPERATING INCOME TO NET INCOME** | **RECONCILIATION OF OPERATING INCOME TO NET INCOME** |
|  | **Three Months ended June 30** | **Three Months ended June 30** | **Six Months ended June 30** | **Six Months ended June 30** |
|  | **2025** | **2024** | **2025** | **2024** |
| (In millions, except per share data) | **Per<br>Share (Diluted)** | **Per<br>Share (Diluted)** | **Per<br>Share (Diluted)** | **Per<br>Share (Diluted)** |
| **OPERATING INCOME (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Commercial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Lines |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  |
| &nbsp;&nbsp; Total |  |  |  |  |
| &nbsp;&nbsp; Interest expense |  |  |  |  |
| &nbsp;&nbsp; Operating income before income taxes | $**5.51** | $2.39 | $**10.37** | $6.28 |
| &nbsp;&nbsp; Income tax expense on operating income | **(1.16)** | (0.51) | **(2.15)** | (1.32) |
| &nbsp;&nbsp; Operating income after income taxes | **4.35** | 1.88 | **8.22** | 4.96 |
| &nbsp;&nbsp; Non-operating items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized losses from sales and other | **(0.12)** | (0.84) | **(0.63)** | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of equity securities and other | **0.13** | 0.03 | **0.16** | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impairments on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit-related impairments | **(0.07)** | (0.10) | **(0.07)** | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on intent to sell securities | **(0.01)** | (0.04) | **(0.01)** | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total impairments on investments | **(0.08)** | (0.14) | **(0.08)** | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other non-operating items | **-** | (0.03) | **-** | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit on non-operating items | **0.02** | 0.21 | **0.13** | 0.20 |
| Income from continuing operations, net of taxes | **4.30** | 1.11 | **7.80** | 4.30 |
| Discontinued operations (net of taxes): |  |  |  |  |
| &nbsp;&nbsp; Income from discontinued life businesses | **-** | 0.01 | **-** | - |
| **NET INCOME** | $**4.30** | $1.12 | $**7.80** | $4.30 |

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|:---|
| ***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 (loss) 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 six months ended June 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, <u>www.hanover.com</u>. |

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| | |
|:---|:---|
| ***THE HANOVER INSURANCE GROUP*** | ***THE HANOVER INSURANCE GROUP*** |
| **PREMIUM RELATED METRIC DEFINITIONS** | **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*.* |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CORPORATE OFFICES AND** | **CORPORATE OFFICES AND** | **CORPORATE OFFICES AND** | **CORPORATE OFFICES AND** | **INDUSTRY RATINGS AS OF July 30, 2025** | **INDUSTRY RATINGS AS OF July 30, 2025** | **INDUSTRY RATINGS AS OF July 30, 2025** | **INDUSTRY RATINGS AS OF July 30, 2025** | **TRANSFER AGENT** |
| **PRINCIPAL SUBSIDIARIES** | **PRINCIPAL SUBSIDIARIES** | **PRINCIPAL SUBSIDIARIES** | **PRINCIPAL SUBSIDIARIES** |  |  |  |  |  |
| **THE HANOVER INSURANCE GROUP, INC.** | **THE HANOVER INSURANCE GROUP, INC.** | **THE HANOVER INSURANCE GROUP, INC.** | **THE HANOVER INSURANCE GROUP, INC.** |  | **A.M.** |  |  | Computershare Investor Services |
| 440 Lincoln Street | 440 Lincoln Street | 440 Lincoln Street | 440 Lincoln Street | **Financial Strength Ratings** | **Best** | **S&P Global** | **Moody's** | PO Box 43006 |
| Worcester, MA 01653 | Worcester, MA 01653 | Worcester, MA 01653 | Worcester, MA 01653 | &nbsp;&nbsp;The Hanover Insurance |  |  |  | Providence, RI 02940-3006 |
|  |  |  |  | &nbsp;&nbsp;Company | A | A | A2 | 1-800-317-4454 |
| **The Hanover Insurance Company** | **The Hanover Insurance Company** | **The Hanover Insurance Company** | **The Hanover Insurance Company** | &nbsp;&nbsp;Citizens Insurance Company |  |  |  |  |
| 440 Lincoln Street | 440 Lincoln Street | 440 Lincoln Street | 440 Lincoln Street | &nbsp;&nbsp;of America | A | A | - |  |
| Worcester, MA 01653 | Worcester, MA 01653 | Worcester, MA 01653 | Worcester, MA 01653 |  |  |  |  |  |
|  |  |  |  |  |  |  |  | **COMMON STOCK** |
| **Citizens Insurance Company of America** | **Citizens Insurance Company of America** | **Citizens Insurance Company of America** | **Citizens Insurance Company of America** |  | **A.M.** |  |  |  |
| 808 North Highlander Way | 808 North Highlander Way | 808 North Highlander Way | 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 | Howell, MI 48843 | Howell, MI 48843 | Howell, MI 48843 | &nbsp;&nbsp;The Hanover Insurance Group, Inc. | &nbsp;&nbsp;The Hanover Insurance Group, Inc. |  |  | on the New York Stock Exchange under the symbol "THG". |
|  |  |  |  | &nbsp;&nbsp;Senior Debt | bbb+ | BBB | Baa2 |  |
|  |  |  |  | &nbsp;&nbsp;Subordinated Debentures | bbb- | BB+ | Baa3 |  |
| **MARKET AND DIVIDEND INFORMATION** | **MARKET AND DIVIDEND INFORMATION** | **MARKET AND DIVIDEND INFORMATION** | **MARKET AND DIVIDEND INFORMATION** |  |  |  |  | **INQUIRIES** |
| The following tables set forth the high and low closing | The following tables set forth the high and low closing | The following tables set forth the high and low closing | The following tables set forth the high and low closing | The above ratings are accurate as of July 30, 2025, and may be revised, | The above ratings are accurate as of July 30, 2025, and may be revised, | The above ratings are accurate as of July 30, 2025, and may be revised, | The above ratings are accurate as of July 30, 2025, and may be revised, | Oksana Lukasheva |
| sale prices of our common stock and quarterly cash | sale prices of our common stock and quarterly cash | sale prices of our common stock and quarterly cash | sale prices of our common stock and quarterly cash | superseded or withdrawn by the respective rating agency at any time. For | superseded or withdrawn by the respective rating agency at any time. For | superseded or withdrawn by the respective rating agency at any time. For | superseded or withdrawn by the respective rating agency at any time. For | Senior Vice President |
| dividends for the periods indicated: | dividends for the periods indicated: | dividends for the periods indicated: | dividends for the periods indicated: | the most current information concerning the financial ratings of The Hanover | the most current information concerning the financial ratings of The Hanover | the most current information concerning the financial ratings of The Hanover | the most current information concerning the financial ratings of The Hanover | Corporate Finance |
|  |  |  |  | Insurance Group and its subsidiaries, please visit the websites of the | Insurance Group and its subsidiaries, please visit the websites of the | Insurance Group and its subsidiaries, please visit the websites of the | Insurance Group and its subsidiaries, please visit the websites of the | olukasheva@hanover.com |
| **Quarter Ended** | **2025** | **2025** | **2025** | respective rating agencies. | respective rating agencies. | respective rating agencies. | respective rating agencies. |  |
|  | Price Range | Price Range | Dividends |  |  |  |  |  |
|  | <u>High</u> | <u>Low</u> | <u>Per Share</u> |  |  |  |  |  |
| March 31 | $174.61 | $147.13 | $0.900 |  |  |  |  |  |
| **June 30** | **$178.04** | **$150.66** | **$0.900** |  |  |  |  |  |
| Quarter Ended | 2024 | 2024 | 2024 |  |  |  |  |  |
|  | Price Range | Price Range | Dividends |  |  |  |  |  |
|  | <u>High</u> | <u>Low</u> | <u>Per Share</u> |  |  |  |  |  |
| March 31 | $136.58 | $122.20 | $0.850 |  |  |  |  |  |
| June 30 | $137.56 | $120.84 | $0.850 |  |  |  |  |  |
| September 30 | $149.58 | $123.93 | $0.850 |  |  |  |  |  |
| December 31 | $165.01 | $144.81 | $0.900 |  |  |  |  |  |

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