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Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
Hanover Insurance reported revenue of $6.6B in the fiscal year ended Dec 2025, up 5.7% from the year before. Operating income was $933M, an operating margin of 14.1%, and net income was $663M. Operating cash flow of $1.2B less capital expenditure of $8M left free cash flow of $1.2B. Net debt was $96M.
Ranks among the 30 insurance - property & casualty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 5,228 | 5,469 | 5,994 | 6,237 | 6,594 |
| Operating incomederived: pre-tax income + interest | 432 | 285 | 106 | 650 | 933 |
| Interest expense | 34.0 | 34.1 | 34.1 | 34.1 | 43.2 |
| Pre-tax income | 521 | 144 | 41.1 | 538 | 844 |
| Income tax | 101 | 27.2 | 7.6 | 113 | 183 |
| Net income | 423 | 116 | 35.3 | 426 | 663 |
| Diluted EPS | 11.60 | 3.21 | 0.98 | 11.70 | 18.16 |
| Diluted shares | 36.4 | 36.1 | 36.1 | 36.4 | 36.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 231 | 305 | 316 | 436 | 1,123 |
| Goodwill | 179 | 179 | 179 | 179 | 179 |
| Total assets | 14,254 | 13,995 | 14,613 | 15,275 | 16,946 |
| Short-term debt | – | – | – | 61.8 | 375 |
| Long-term debt | 782 | 782 | 783 | 722 | 843 |
| Total liabilities | 11,109 | 11,661 | 12,147 | 12,433 | 13,374 |
| Shareholders' equity | 3,136 | 2,334 | 2,466 | 2,842 | 3,572 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 824 | 722 | 362 | 806 | 1,178 |
| Capital expenditure | 8.0 | 17.8 | 11.9 | 10.2 | 7.7 |
| Free cash flow | 816 | 705 | 350 | 796 | 1,170 |
| Depreciation & amortisation | 16.9 | 12.9 | 6.3 | 1.5 | −4.6 |
| Stock-based compensation | 22.9 | 29.0 | 31.1 | 31.0 | 35.6 |
| Share buybacks | 163 | 30.8 | 0.0 | 26.7 | 129 |
| Dividends paid | 102 | 109 | 117 | 124 | 131 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.6% | 9.6% | 4.1% | 5.7% |
| Operating income growth (YoY) | – | −34.1% | −63.0% | 515.6% | 43.5% |
| EPS growth (YoY) | – | −72.3% | −69.5% | 1093.9% | 55.2% |
| Operating margin | 8.3% | 5.2% | 1.8% | 10.4% | 14.1% |
| Net margin | 8.1% | 2.1% | 0.6% | 6.8% | 10.0% |
| Return on equityBlank when equity is negative | 13.5% | 5.0% | 1.4% | 15.0% | 18.5% |
| Free cash flow margin | 15.6% | 12.9% | 5.8% | 12.8% | 17.7% |
| Cash conversion (CFO ÷ net income) | 1.95x | 6.23x | 10.2x | 1.89x | 1.78x |
| Interest cover | 12.7x | 8.36x | 3.10x | 19.1x | 21.6x |
| Debt ÷ equity | 0.25x | 0.34x | 0.32x | 0.28x | 0.34x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 551 | 477 | 467 | 349 | 95.6 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.