Hanover Insurance Group Q3 2024 Update
Ticker: THG · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 944695
Sentiment: neutral
Topics: 10-Q, insurance, financials
TL;DR
**THG Q3 results out, check financials.**
AI Summary
The Hanover Insurance Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial metrics and business segment information are provided, reflecting the company's ongoing operations in the insurance sector.
Why It Matters
This filing provides investors with crucial insights into the financial health and operational performance of The Hanover Insurance Group during the third quarter of 2024.
Risk Assessment
Risk Level: medium — As a publicly traded insurance company, Hanover is subject to market, regulatory, and economic risks inherent in the financial services industry.
Key Players & Entities
- HANOVER INSURANCE GROUP, INC. (company) — Filer
- 0000944695 (company) — Central Index Key
- 20240930 (date) — Reporting Period End Date
- 20241031 (date) — Filing Date
- 440 LINCOLN ST (location) — Business Address
- WORCESTER (location) — Business City
- MA (location) — Business State
- 01653 (location) — Business Zip Code
FAQ
What was the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing was September 30, 2024.
What is the Central Index Key for The Hanover Insurance Group, Inc.?
The Central Index Key for The Hanover Insurance Group, Inc. is 0000944695.
What is the filing date of this 10-Q?
This 10-Q was filed on October 31, 2024.
What is the primary business address of The Hanover Insurance Group, Inc.?
The primary business address is 440 Lincoln St, Worcester, MA 01653.
What is the SIC code for The Hanover Insurance Group, Inc.?
The Standard Industrial Classification code is 6331 for Fire, Marine & Casualty Insurance.
Filing Stats: 4,382 words · 18 min read · ~15 pages · Grade level 6.3 · Accepted 2024-10-31 13:40:23
Filing Documents
- thg-20240930.htm (10-Q) — 4290KB
- thg-ex31_1.htm (EX-31.1) — 11KB
- thg-ex31_2.htm (EX-31.2) — 11KB
- thg-ex32_1.htm (EX-32.1) — 8KB
- thg-ex32_2.htm (EX-32.2) — 9KB
- 0000950170-24-119438.txt ( ) — 16811KB
- thg-20240930.xsd (EX-101.SCH) — 1427KB
- thg-20240930_htm.xml (XML) — 4455KB
Financial Statements
Financial Statements 2 Consolidated Statements of Income (Loss) 2 Consolidated Statements of Comprehensive Income (Loss) 3 Consolidated Balance Sheets 4 Consolidated Statements of Shareholders' Equity 5 Consolidated Statements of Cash Flows 6 Notes to Interim Consolidated Financial Statements 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.
Controls and Procedures
Controls and Procedures 42 PART II. OTHER INFORMATION 42 Item 1.
Legal Proceedings
Legal Proceedings 42 Item 1A.
Risk Factors
Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 5. Other Information 45 Item 6. Exhibits 46
SIGNATURES
SIGNATURES 47 Table of Contents
- FINANC IAL INFORMATION
PART I - FINANC IAL INFORMATION
- FINANC IAL STATEMENTS
ITEM 1 - FINANC IAL STATEMENTS THE HANOVER INSURANCE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, (In millions, except per share data) 2024 2023 2024 2023 Revenues Premiums $ 1,479.2 $ 1,431.1 $ 4,401.0 $ 4,222.8 Net investment income 91.8 84.2 271.9 250.5 Net realized and unrealized investment gains (losses): Net realized losses from sales and other ( 23.5 ) ( 0.9 ) ( 55.2 ) ( 1.9 ) Net change in fair value of equity securities 11.7 ( 5.2 ) 19.3 ( 13.4 ) Impairments on investments: Credit-related impairments ( 0.1 ) — ( 3.3 ) ( 6.2 ) Losses on intent to sell securities ( 0.5 ) — ( 2.2 ) ( 10.3 ) ( 0.6 ) — ( 5.5 ) ( 16.5 ) Total net realized and unrealized investment losses ( 12.4 ) ( 6.1 ) ( 41.4 ) ( 31.8 ) Fees and other income 6.7 7.4 21.6 23.2 Total revenues 1,565.3 1,516.6 4,653.1 4,464.7 Losses and expenses Losses and loss adjustment expenses 954.0 1,061.5 2,896.8 3,218.8 Amortization of deferred acquisition costs 307.8 296.6 910.3 878.1 Interest expense 8.5 8.5 25.6 25.6 Other operating expenses 165.3 150.9 494.1 451.3 Total losses and expenses 1,435.6 1,517.5 4,326.8 4,573.8 Income (loss) from continuing operations before income taxes 129.7 ( 0.9 ) 326.3 ( 109.1 ) Income tax expense (benefit): Current 36.7 ( 1.1 ) 82.4 ( 13.7 ) Deferred ( 9.1 ) ( 8.0 ) ( 14.1 ) ( 21.6 ) Total income tax expense (benefit) 27.6 ( 9.1 ) 68.3 ( 35.3 ) Income (loss) from continuing operations 102.1 8.2 258.0 ( 73.8 ) Discontinued operations (net of taxes): Income from discontinued life businesses — — 0.1 — Income from discontinued Chaucer business — 0.4 — 1.2 Net