Exhibit 99.2

FINANCIAL SUPPLEMENT
FOURTH QUARTER 2019

THE HANOVER INSURANCE GROUP
FINANCIAL SUPPLEMENT
TABLE OF CONTENTS
Business Descriptions...................................................................................................	1
Financial Highlights........................................................................................................	2
Consolidated Financial Statements
Income Statements....................................................................................................	3
Balance Sheets..........................................................................................................	4
GAAP Underwriting Results
Consolidated..............................................................................................................	5-7
Commercial Lines.....................................................................................................	8-10
Personal Lines...........................................................................................................	11-13
Investments
Net Investment Income and Yields...........................................................................	14
Investment Portfolio...................................................................................................	15
Credit Quality and Duration of Fixed Maturities.....................................................	16
Top 10 Corporate and Municipal Fixed Maturity Holdings....................................	17
Reconciliation of Operating Income to Net Income................................................	18
Other Information
Non-GAAP Financial Measures...............................................................................	19
Corporate Information...............................................................................................	20
Market and Dividend Information.............................................................................	20
Financial Strength and Debt Ratings.......................................................................	20

THE HANOVER INSURANCE GROUP

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

COMMERCIAL LINES

Commercial multiple peril coverage insures businesses against third party liability from accidents occurring on their premises or arising out of their operations, such as injuries sustained from products sold. It also insures business property for damage, such as that caused by fire, wind, hail, water damage (except for flooding), theft and vandalism.

Commercial automobile coverage insures businesses 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 property. Commercial automobile policies are often written in conjunction with other commercial lines.

Workers’ compensation coverage insures employers against employee medical and indemnity claims resulting from injuries related to work. Workers’ compensation policies are often written in conjunction with other commercial policies. Workers' compensation policies are often written in conjunction with other commercial policies.

Other Commercial Lines is comprised of management and professional liability, which covers primarily commercial professional, management and medical liability; marine, which includes inland and ocean marine, and insures businesses against physical losses to property; Hanover Programs, which includes coverage to markets where there are specialty coverage or risk management needs related to groups of similar businesses; specialty industrial and commercial property, which provides insurance to small and medium-sized chemical, paint, solvent and other manufacturing and distribution companies; monoline general liability, which covers bodily injury, property damage and personal injury arising from products sold or accidents occurring on premises or operations; surety, which provides businesses with contract surety coverage in the event of a failure to perform or pay claims and coverage related to fiduciary or regulatory obligations; and other commercial lines, which includes umbrella, fidelity and crime.

PERSONAL LINES

Personal automobile coverage insures 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.

Homeowners coverage insures 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.

Other Personal Lines are comprised of personal inland marine (jewelry, art, etc.), umbrella, fire, personal watercraft and other miscellaneous coverages.

OTHER

Included in Other are Opus, which provides investment advisory services to affiliates and also manages assets for unaffiliated institutions such as insurance companies, retirement plans and foundations; earnings on holding company assets; holding company and other expenses and a discontinued voluntary pools business.

1

THE HANOVER INSURANCE GROUP
FINANCIAL HIGHLIGHTS
		Q4				Q1				Q2				Q3				Q4				Dec-YTD			Dec-YTD
(In millions, except earnings per share)		2018				2019				2019				2019				2019				2018			2019
PREMIUMS
Gross premiums written	$		1,161.6		$		1,226.3		$		1,271.5		$		1,385.8		$		1,234.9		$		4,843.7	$		5,118.5
Net premiums written			1,044.7				1,098.0				1,137.8				1,242.9				1,103.0				4,384.8			4,581.7
Net premiums earned			1,082.0				1,095.1				1,111.0				1,124.1				1,144.3				4,254.4			4,474.5
EARNINGS
Operating income before interest and taxes	$		93.1		$		109.8		$		107.0		$		126.3		$		110.5		$		406.5	$		453.6
Operating income after taxes			64.9				80.7				77.7				93.0				80.2				292.1			331.6
Income from continuing operations			2.1				122.6				85.0				111.2				110.2				239.0			429.0
Net income			123.6				122.4				74.0				118.9				109.8				391.0			425.1
PER SHARE DATA (DILUTED)
Operating income after taxes	$		1.51		$		1.96		$		1.88		$		2.31		$		2.01		$		6.79	$		8.16
Income from continuing operations			0.05				2.98				2.06				2.77				2.77				5.56			10.56
Net income			2.88				2.97				1.79				2.96				2.76				9.09			10.46
Weighted average shares outstanding			42.9				41.2				41.2				40.2				39.8				43.0			40.6
BALANCE SHEET
		December 31				March 31				June 30				September 30				December 31
(In millions, except per share data)		2018				2019				2019				2019				2019
Total assets	$		12,399.7		$		11,983.4		$		12,159.9		$		12,627.2		$		12,490.5
Total loss and loss adjustment expense reserves			5,304.1				5,381.6				5,478.5				5,550.5				5,654.4
Total shareholders' equity			2,954.7				2,927.0				2,941.1				3,086.8				2,916.2
Total shareholders' equity, excluding net unrealized appreciation
depreciation on fixed maturity investments, net of tax			2,981.9				2,836.3				2,748.8				2,851.5				2,700.2
U.S. Property and Casualty Companies
Statutory surplus	$		2,172.5		$		2,301.1		$		2,249.7		$		2,347.8		$		2,470.2
Premium to surplus ratio		2.02:1				1.92:1				1.98:1				1.93:1				1.85:1
Book value per share	$		69.81		$		71.95		$		74.39		$		78.01		$		75.94
Book value per share, excluding net unrealized appreciation
depreciation on fixed maturity investments, net of tax	$		70.46		$		69.72		$		69.52		$		72.06		$		70.32
Tangible book value per share (total book value excluding goodwill
and intangibles)	$		64.71		$		66.67		$		69.30		$		72.94		$		70.74
Shares outstanding			42.3				40.7				39.6				39.6				38.4
Total debt/equity			26.3	%			22.3	%			22.2	%			21.6	%			22.4	%
Total debt/total capital			20.8	%			18.2	%			18.2	%			17.8	%			18.3	%

2

THE HANOVER INSURANCE GROUP
CONSOLIDATED INCOME STATEMENTS
	Three Months ended December 31											Year ended December 31
(In millions)		2019				2018			% Change				2019				2018			% Change
REVENUES
Premiums earned	$		1,144.3		$		1,082.0			5.8		$		4,474.5		$		4,254.4			5.2
Net investment income			72.7				69.4			4.8				281.3				267.4			5.2
Net realized and unrealized investment gains (losses):
Net realized gains (losses) from sales and other			3.9				(2.6	)	N/M					4.9				(2.7	)	N/M
Net change in fair value of equity securities			31.2				(50.1	)		(162.3	)			106.5				(43.4	)	N/M
Net other-than-temporary impairment losses on investments
recognized in earnings			(0.8	)			(1.8	)		(55.6	)			(2.0	)			(4.6	)		(56.5	)
Total net realized and unrealized investment gains (losses)			34.3				(54.5	)		(162.9	)			109.4				(50.7	)	N/M
Fees and other income			6.6				5.9			11.9				25.5				23.2			9.9
Total revenues			1,257.9				1,102.8			14.1				4,890.7				4,494.3			8.8
LOSSES AND EXPENSES
Losses and loss adjustment expenses			742.9				706.1			5.2				2,865.5				2,724.6			5.2
Amortization of deferred acquisition costs			233.9				227.1			3.0				926.7				891.8			3.9
Interest expense			9.4				11.2			(16.1	)			37.5				45.1			(16.9	)
Loss from repayment of debt			-				26.3		N/M					-				28.2		N/M
Other operating expenses			138.3				131.0			5.6				538.9				522.1			3.2
Total losses and expenses			1,124.5				1,101.7			2.1				4,368.6				4,211.8			3.7
Income from continuing operations before income taxes			133.4				1.1		N/M					522.1				282.5			84.8
Income tax expense (benefit)			23.2				(1.0	)	N/M					91.9				43.5			111.3
Effect of new tax regulations on Chaucer gain on sale			-				-		-					1.2				-		N/M
		\
Income from continuing operations			110.2				2.1		N/M					429.0				239.0			79.5
Discontinued operations (net of taxes):
									-
Sale of Chaucer business			1.4				131.9		N/M					(1.2	)			131.9		N/M
Income (loss) from Chaucer business			-				(10.5	)	N/M					1.6				20.0		N/M
Income (loss) from discontinued life businesses			(1.8	)			0.1		N/M					(4.3	)			0.1		N/M
Net income	$		109.8		$		123.6			(11.2	)	$		425.1		$		391.0			8.7

3

THE HANOVER INSURANCE GROUP
CONSOLIDATED BALANCE SHEETS
		December 31				December 31
(In millions, except per share data)		2019				2018			% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $6,452.2 and $6,245.9)	$		6,687.1		$		6,161.5			8.5
Equity securities, at fair value			575.7				464.4			24.0
Other investments			733.2				661.5			10.8
Total investments			7,996.0				7,287.4			9.7
Cash and cash equivalents			215.7				1,020.7			(78.9	)
Accrued investment income			53.0				53.2			(0.4	)
Premiums and accounts receivable, net			1,260.4				1,176.7			7.1
Reinsurance recoverable on paid and unpaid losses and unearned premiums			1,814.0				1,648.6			10.0
Deferred acquisition costs			467.4				450.8			3.7
Deferred income tax asset			-				50.6		N/M
Goodwill			178.8				178.8		-
Other assets			402.4				371.6			8.3
Assets held-for-sale			-				57.4		N/M
Assets of discontinued businesses			102.8				103.9			(1.1	)
Total assets	$		12,490.5		$		12,399.7			0.7
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Loss and loss adjustment expense reserves	$		5,654.4		$		5,304.1			6.6
Unearned premiums			2,416.7				2,277.8			6.1
Expenses and taxes payable			627.7				909.8			(31.0	)
Deferred income tax liability			51.8				-		N/M
Reinsurance premiums payable			53.4				37.3			43.2
Debt			653.4				777.9			(16.0	)
Liabilities held-for-sale			-				22.2		N/M
Liabilities of discontinued businesses			116.9				115.9			0.9
Total liabilities			9,574.3				9,445.0			1.4
SHAREHOLDERS' EQUITY
Preferred stock, par value $0.01 per share;
20.0 million shares authorized; none issued			-				-		-
Common stock, par value $0.01 per share; 300.0 million shares
authorized; 60.5 million shares issued			0.6				0.6		-
Additional paid-in capital			1,837.3				1,871.8			(1.8	)
Accumulated other comprehensive income (loss)			152.6				(116.5	)	N/M
Retained earnings			2,410.9				2,182.3			10.5
Treasury stock at cost (22.1 million and 18.2 million shares)			(1,485.2	)			(983.5	)		51.0
Total shareholders' equity			2,916.2				2,954.7			(1.3	)
Total liabilities and shareholders' equity	$		12,490.5		$		12,399.7			0.7

4

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED
Three Months ended December 31
		2019																2018
		Commercial				Personal												Commercial				Personal
(In millions, except percentage data)		Lines				Lines				Other				Total				Lines				Lines				Other				Total
Gross premiums written	$		740.1		$		494.8		$		-		$		1,234.9		$		689.8		$		471.8		$		-		$		1,161.6
Net premiums written	$		638.7		$		464.3		$		-		$		1,103.0		$		600.0		$		444.7		$		-		$		1,044.7
Net premiums earned	$		679.5		$		464.8		$		-		$		1,144.3		$		644.4		$		437.6		$		-		$		1,082.0
Losses and LAE:
Current accident year, excluding catastrophe losses			403.4				304.6				-				708.0				375.9				280.4				0.1				656.4
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(11.6	)			10.2				0.3				(1.1	)			(16.0	)			15.4				0.3				(0.3	)
Current accident year catastrophe losses			34.3				7.8				-				42.1				46.2				5.3				-				51.5
Prior accident year unfavorable (favorable) catastrophe loss development			(6.5	)			(0.5	)			-				(7.0	)			0.8				(2.3	)			-				(1.5	)
Total losses and LAE			419.6				322.1				0.3				742.0				406.9				298.8				0.4				706.1
Amortization of deferred acquisition costs and other underwriting expenses			234.6				129.0				-				363.6				227.1				123.5				0.7				351.3
											-
GAAP underwriting profit (loss)			25.3				13.7				(0.3	)			38.7				10.4				15.3				(1.1	)			24.6
Net investment income			47.3				21.1				4.3				72.7				47.1				19.0				3.3				69.4
Other income			2.5				2.8				1.3				6.6				2.3				2.9				0.7				5.9
Other operating expenses			(2.1	)			(1.4	)			(4.0	)			(7.5	)			(2.4	)			(0.7	)			(3.7	)			(6.8	)
Operating income (loss) before income taxes	$		73.0		$		36.2		$		1.3		$		110.5		$		57.4		$		36.5		$		(0.8	)	$		93.1
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			59.4	%			65.5	%		N/M					61.8	%			58.3	%			64.1	%		N/M					60.7	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(1.7	)%			2.2	%		N/M					(0.1	)%			(2.5	)%			3.5	%		N/M					-
Current accident year catastrophe losses			5.1	%			1.7	%		N/M					3.7	%			7.2	%			1.2	%		N/M					4.7	%
Prior accident year unfavorable (favorable) catastrophe loss development			(1.0	)%			(0.1	)%		N/M					(0.6	)%			0.1	%			(0.5	)%		N/M					(0.1	)%
Total loss and LAE ratio			61.8	%			69.3	%		N/M					64.8	%			63.1	%			68.3	%		N/M					65.3	%
Expense ratio			34.3	%			27.2	%		N/M					31.4	%			35.1	%			27.7	%		N/M					32.1	%
Combined ratio			96.1	%			96.5	%		N/M					96.2	%			98.2	%			96.0	%		N/M					97.4	%

5

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED
Year ended December 31
		2019																2018
		Commercial				Personal												Commercial				Personal
(In millions, except percentage data)		Lines				Lines				Other				Total				Lines				Lines				Other				Total
Gross premiums written	$		3,127.3		$		1,991.2		$		-		$		5,118.5		$		2,968.1		$		1,875.6		$		-		$		4,843.7
Net premiums written	$		2,707.2		$		1,874.5		$		-		$		4,581.7		$		2,610.7		$		1,774.1		$		-		$		4,384.8
Net premiums earned	$		2,654.2		$		1,820.3		$		-		$		4,474.5		$		2,548.4		$		1,706.0		$		-		$		4,254.4
Losses and LAE:
Current accident year, excluding catastrophe losses			1,555.1				1,141.0				0.1				2,696.2				1,460.1				1,044.8				0.1				2,505.0
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(28.7	)			26.6				1.2				(0.9	)			(34.1	)			33.3				1.2				0.4
Current accident year catastrophe losses			107.8				89.0				-				196.8				149.1				79.4				-				228.5
Prior accident year favorable catastrophe loss development			(24.6	)			(2.9	)			-				(27.5	)			(6.8	)			(2.5	)			-				(9.3	)
Total losses and LAE			1,609.6				1,253.7				1.3				2,864.6				1,568.3				1,155.0				1.3				2,724.6
Amortization of deferred acquisition costs and other underwriting expenses			923.1				507.5				-				1,430.6				895.1				484.4				2.9				1,382.4
											-
GAAP underwriting profit (loss)			121.5				59.1				(1.3	)			179.3				85.0				66.6				(4.2	)			147.4
Net investment income			180.1				80.1				21.1				281.3				182.2				73.7				11.5				267.4
Other income			9.2				11.4				4.9				25.5				8.9				11.6				2.7				23.2
Other operating expenses			(10.7	)			(5.7	)			(16.1	)			(32.5	)			(10.4	)			(5.7	)			(15.4	)			(31.5	)
Operating income (loss) before income taxes	$		300.1		$		144.9		$		8.6		$		453.6		$		265.7		$		146.2		$		(5.4	)	$		406.5
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			58.6	%			62.7	%		N/M					60.2	%			57.2	%			61.2	%		N/M					58.8	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(1.1	)%			1.5	%		N/M					-				(1.3	)%			2.0	%		N/M					-
Current accident year catastrophe losses			4.0	%			4.9	%		N/M					4.4	%			5.9	%			4.6	%		N/M					5.4	%
Prior accident year favorable catastrophe loss development			(0.9	)%			(0.2	)%		N/M					(0.6	)%			(0.3	)%			(0.1	)%		N/M					(0.2	)%
Total loss and LAE ratio			60.6	%			68.9	%		N/M					64.0	%			61.5	%			67.7	%		N/M					64.0	%
Expense ratio			34.6	%			27.4	%		N/M					31.6	%			34.9	%			27.8	%		N/M					32.1	%
Combined ratio			95.2	%			96.3	%		N/M					95.6	%			96.4	%			95.5	%		N/M					96.1	%

6

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
CONSOLIDATED
		Q4				Q1				Q2				Q3				Q4				Dec-YTD				Dec-YTD
(In millions, except percentage data)		2018				2019				2019				2019				2019				2018				2019
Gross premiums written	$		1,161.6		$		1,226.3		$		1,271.5		$		1,385.8		$		1,234.9		$		4,843.7		$		5,118.5
Net premiums written	$		1,044.7		$		1,098.0		$		1,137.8		$		1,242.9		$		1,103.0		$		4,384.8		$		4,581.7
Net premiums earned	$		1,082.0		$		1,095.1		$		1,111.0		$		1,124.1		$		1,144.3		$		4,254.4		$		4,474.5
Losses and LAE:
Current accident year, excluding catastrophe losses			656.4				659.9				658.5				669.8				708.0				2,505.0				2,696.2
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.3	)			0.3				(0.4	)			0.3				(1.1	)			0.4				(0.9	)
Current accident year catastrophe losses			51.5				52.9				66.6				35.2				42.1				228.5				196.8
Prior accident year favorable catastrophe loss development			(1.5	)			(13.5	)			(7.0	)			-				(7.0	)			(9.3	)			(27.5	)
Total losses and LAE			706.1				699.6				717.7				705.3				742.0				2,724.6				2,864.6
Amortization of deferred acquisition costs and other underwriting expenses			351.3				353.4				353.6				360.0				363.6				1,382.4				1,430.6
GAAP underwriting profit	$		24.6		$		42.1		$		39.7		$		58.8		$		38.7		$		147.4		$		179.3
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			60.7	%			60.3	%			59.2	%			59.6	%			61.8	%			58.8	%			60.2	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			-				-				-				-				(0.1	)%			-				-
Current accident year catastrophe losses			4.7	%			4.8	%			6.0	%			3.1	%			3.7	%			5.4	%			4.4	%
Prior accident year favorable catastrophe loss development			(0.1	)%			(1.2	)%			(0.6	)%			-				(0.6	)%			(0.2	)%			(0.6	)%
Total loss and LAE ratio			65.3	%			63.9	%			64.6	%			62.7	%			64.8	%			64.0	%			64.0	%
Expense ratio			32.1	%			31.9	%			31.5	%			31.7	%			31.4	%			32.1	%			31.6	%
Combined ratio			97.4	%			95.8	%			96.1	%			94.4	%			96.2	%			96.1	%			95.6	%
Combined ratio, excluding catastrophe losses			92.8	%			92.2	%			90.7	%			91.3	%			93.1	%			90.9	%			91.8	%
Current accident year combined ratio, excluding catastrophe losses			92.8	%			92.2	%			90.7	%			91.3	%			93.2	%			90.9	%			91.8	%

7

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
COMMERCIAL LINES
Three Months ended December 31
	2019																				2018
		Multiple								Workers'												Multiple								Workers'
(In millions, except percentage data)		Peril				Auto				Comp				Other				Total				Peril				Auto				Comp				Other				Total
Net premiums written	$		209.9		$		80.0		$		79.9		$		268.9		$		638.7		$		192.3		$		78.9		$		67.7		$		261.1		$		600.0
Net premiums earned	$		226.3		$		84.6		$		85.7		$		282.9		$		679.5		$		213.5		$		85.8		$		77.0		$		268.1		$		644.4
Losses and LAE:
Current accident year, excluding catastrophe losses			128.8				60.1				52.3				162.2				403.4				119.6				65.3				45.1				145.9				375.9
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(1.3	)			1.4				(16.9	)			5.2				(11.6	)			1.9				10.0				(16.8	)			(11.1	)			(16.0	)
Current accident year catastrophe losses			25.7				0.4				-				8.2				34.3				29.4				-				-				16.8				46.2
Prior accident year unfavorable (favorable) catastrophe loss development			(1.4	)			(0.2	)			-				(4.9	)			(6.5	)			1.9				-				-				(1.1	)			0.8
Total losses and LAE			151.8				61.7				35.4				170.7				419.6				152.8				75.3				28.3				150.5				406.9
Amortization of deferred acquisition costs and other underwriting expenses																			234.6																				227.1
GAAP underwriting profit																			25.3																				10.4
Net investment income																			47.3																				47.1
Other income																			2.5																				2.3
Other operating expenses																			(2.1	)																			(2.4	)
Operating income before income taxes																	$		73.0																		$		57.4
																														.
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			57.0	%			71.0	%			61.0	%			57.3	%			59.4	%			56.0	%			76.1	%			58.6	%			54.3	%			58.3	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.6	)%			1.7	%			(19.7	)%			1.8	%			(1.7	)%			0.9	%			11.7	%			(21.8	)%			(4.1	)%			(2.5	)%
Current accident year catastrophe losses			11.3	%			0.4	%			-				2.9	%			5.1	%			13.8	%			-				-				6.3	%			7.2	%
Prior accident year unfavorable (favorable) catastrophe loss development			(0.6	)%			(0.2	)%			-				(1.7	)%			(1.0	)%			0.9	%			-				-				(0.4	)%			0.1	%
Total loss and LAE ratio			67.1	%			72.9	%			41.3	%			60.3	%			61.8	%			71.6	%			87.8	%			36.8	%			56.1	%			63.1	%
Expense ratio																			34.3	%																			35.1	%
Combined ratio																			96.1	%																			98.2	%
Change in policies in force			0.5	%			(12.7	)%			9.2	%			2.8	%			1.3	%			11.5	%			(6.4	)%			10.7	%			2.6	%			5.7	%
Retention			87.5	%			74.9	%			81.9	%		N/M					84.1	%			85.5	%			83.9	%			77.9	%		N/M					83.8	%

8

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
COMMERCIAL LINES
Year ended December 31
	2019																				2018
		Multiple								Workers'												Multiple								Workers'
(In millions, except percentage data)		Peril				Auto				Comp				Other				Total				Peril				Auto				Comp				Other				Total
Net premiums written	$		909.4		$		336.1		$		334.6		$		1,127.1		$		2,707.2		$		861.4		$		344.8		$		317.1		$		1,087.4		$		2,610.7
Net premiums earned	$		886.3		$		338.4		$		325.3		$		1,104.2		$		2,654.2		$		841.7		$		335.6		$		314.5		$		1,056.6		$		2,548.4
Losses and LAE:
Current accident year, excluding catastrophe losses			498.6				235.3				197.6				623.6				1,555.1				470.2				242.3				191.5				556.1				1,460.1
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(6.6	)			6.4				(32.6	)			4.1				(28.7	)			(1.2	)			23.2				(31.0	)			(25.1	)			(34.1	)
Current accident year catastrophe losses			79.0				2.1				-				26.7				107.8				93.1				2.7				-				53.3				149.1
Prior accident year favorable catastrophe loss development			(12.9	)			(0.6	)			-				(11.1	)			(24.6	)			(2.8	)			-				-				(4.0	)			(6.8	)
Total losses and LAE			558.1				243.2				165.0				643.3				1,609.6				559.3				268.2				160.5				580.3				1,568.3
Amortization of deferred acquisition costs and other underwriting expenses																			923.1																				895.1
GAAP underwriting profit																			121.5																				85.0
Net investment income																			180.1																				182.2
Other income																			9.2																				8.9
Other operating expenses																			(10.7	)																			(10.4	)
Operating income before income taxes																	$		300.1																		$		265.7
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			56.2	%			69.6	%			60.7	%			56.5	%			58.6	%			55.8	%			72.2	%			60.9	%			52.6	%			57.2	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.7	)%			1.9	%			(10.0	)%			0.4	%			(1.1	)%			(0.1	)%			6.9	%			(9.9	)%			(2.4	)%			(1.3	)%
Current accident year catastrophe losses			9.0	%			0.6	%			-				2.4	%			4.0	%			11.0	%			0.8	%			-				5.1	%			5.9	%
Prior accident year favorable catastrophe loss development			(1.5	)%			(0.2	)%			-				(1.0	)%			(0.9	)%			(0.3	)%			-				-				(0.4	)%			(0.3	)%
Total loss and LAE ratio			63.0	%			71.9	%			50.7	%			58.3	%			60.6	%			66.4	%			79.9	%			51.0	%			54.9	%			61.5	%
Expense ratio																			34.6	%																			34.9	%
Combined ratio																			95.2	%																			96.4	%
Change in policies in force			0.5	%			(12.7	)%			9.2	%			2.8	%			1.3	%			11.5	%			(6.4	)%			10.7	%			2.6	%			5.7	%
Retention			86.4	%			76.0	%			81.6	%		N/M					83.4	%			86.1	%			84.0	%			79.3	%		N/M					84.5	%

9

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
COMMERCIAL LINES
		Q4				Q1				Q2				Q3				Q4				Dec-YTD				Dec-YTD
(In millions, except percentage data)		2018				2019				2019				2019				2019				2018				2019
Gross premiums written	$		689.8		$		779.5		$		749.5		$		858.2		$		740.1		$		2,968.1		$		3,127.3
Net premiums written	$		600.0		$		677.4		$		644.7		$		746.4		$		638.7		$		2,610.7		$		2,707.2
Net premiums earned	$		644.4		$		652.4		$		658.8		$		663.5		$		679.5		$		2,548.4		$		2,654.2
Losses and LAE:
Current accident year, excluding catastrophe losses			375.9				384.0				382.7				385.0				403.4				1,460.1				1,555.1
Prior accident year favorable reserve development, excluding catastrophe losses			(16.0	)			(7.5	)			(4.0	)			(5.6	)			(11.6	)			(34.1	)			(28.7	)
Current accident year catastrophe losses			46.2				23.9				28.3				21.3				34.3				149.1				107.8
Prior accident year unfavorable (favorable) catastrophe loss development			0.8				(13.5	)			(5.3	)			0.7				(6.5	)			(6.8	)			(24.6	)
Total losses and LAE			406.9				386.9				401.7				401.4				419.6				1,568.3				1,609.6
Amortization of deferred acquisition costs and other underwriting expenses			227.1				228.8				228.0				231.7				234.6				895.1				923.1
			-
GAAP underwriting profit	$		10.4		$		36.7		$		29.1		$		30.4		$		25.3		$		85.0		$		121.5
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			58.3	%			58.8	%			58.1	%			58.0	%			59.4	%			57.2	%			58.6	%
Prior accident year favorable reserve development, excluding catastrophe losses			(2.5	)%			(1.1	)%			(0.6	)%			(0.8	)%			(1.7	)%			(1.3	)%			(1.1	)%
Current accident year catastrophe losses			7.2	%			3.7	%			4.3	%			3.2	%			5.1	%			5.9	%			4.0	%
Prior accident year unfavorable (favorable) catastrophe loss development			0.1	%			(2.1	)%			(0.8	)%			0.1	%			(1.0	)%			(0.3	)%			(0.9	)%
Total loss and LAE ratio			63.1	%			59.3	%			61.0	%			60.5	%			61.8	%			61.5	%			60.6	%
Expense ratio			35.1	%			34.9	%			34.4	%			34.7	%			34.3	%			34.9	%			34.6	%
Combined ratio			98.2	%			94.2	%			95.4	%			95.2	%			96.1	%			96.4	%			95.2	%
Combined ratio, excluding catastrophe losses			90.9	%			92.6	%			91.9	%			91.9	%			92.0	%			90.8	%			92.1	%
Current accident year combined ratio, excluding catastrophe losses			93.4	%			93.7	%			92.5	%			92.7	%			93.7	%			92.1	%			93.2	%

10

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES
Three Months ended December 31
	2019																2018
(In millions, except percentage data)		Auto				Home				Other				Total				Auto				Home				Other				Total
Net premiums written	$		290.8		$		159.9		$		13.6		$		464.3		$		280.4		$		153.0		$		11.3		$		444.7
Net premiums earned	$		293.7		$		158.4		$		12.7		$		464.8		$		277.9		$		149.2		$		10.5		$		437.6
Losses and LAE:
Current accident year, excluding catastrophe losses			226.0				74.2				4.4				304.6				208.3				67.5				4.6				280.4
Prior accident year unfavorable reserve development, excluding catastrophe losses			8.1				2.0				0.1				10.2				5.4				9.0				1.0				15.4
Current accident year catastrophe losses			1.2				6.5				0.1				7.8				0.5				4.6				0.2				5.3
Prior accident year favorable catastrophe loss development			(0.2	)			(0.3	)			-				(0.5	)			(0.3	)			(2.0	)			-				(2.3	)
Total losses and LAE			235.1				82.4				4.6				322.1				213.9				79.1				5.8				298.8
Amortization of deferred acquisition costs and other underwriting expenses															129.0																123.5
GAAP underwriting profit															13.7																15.3
Net investment income															21.1																19.0
Other income															2.8																2.9
Other operating expenses															(1.4	)															(0.7	)
Operating income before income taxes													$		36.2														$		36.5
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			76.9	%			46.8	%			34.6	%			65.5	%			75.0	%			45.3	%			43.8	%			64.1	%
Prior accident year unfavorable reserve development, excluding catastrophe losses			2.8	%			1.3	%			0.8	%			2.2	%			1.9	%			6.0	%			9.5	%			3.5	%
Current accident year catastrophe losses			0.4	%			4.1	%			0.8	%			1.7	%			0.2	%			3.0	%			1.9	%			1.2	%
Prior accident year favorable catastrophe loss development			(0.1	)%			(0.2	)%			-				(0.1	)%			(0.1	)%			(1.3	)%			-				(0.5	)%
Total loss and LAE ratio			80.0	%			52.0	%			36.2	%			69.3	%			77.0	%			53.0	%			55.2	%			68.3	%
Expense ratio															27.2	%															27.7	%
Combined ratio															96.5	%															96.0	%
Change in policies in force			1.4	%			2.1	%			62.2	%			3.9	%			2.5	%			3.0	%			27.3	%			3.5	%
Retention			81.9	%			81.4	%		N/M					81.8	%			84.2	%			83.1	%		N/M					83.7	%

11

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES
Year ended December 31
	2019																2018
(In millions, except percentage data)		Auto				Home				Other				Total				Auto				Home				Other				Total
Net premiums written	$		1,186.1		$		636.9		$		51.5		$		1,874.5		$		1,127.5		$		604.0		$		42.6		$		1,774.1
Net premiums earned	$		1,152.4		$		621.1		$		46.8		$		1,820.3		$		1,079.9		$		586.0		$		40.1		$		1,706.0
Losses and LAE:
Current accident year, excluding catastrophe losses			825.3				297.5				18.2				1,141.0				756.7				272.2				15.9				1,044.8
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			22.0				4.7				(0.1	)			26.6				15.0				15.8				2.5				33.3
Current accident year catastrophe losses			5.7				82.0				1.3				89.0				6.0				72.7				0.7				79.4
Prior accident year unfavorable (favorable) catastrophe loss development			(0.4	)			(2.5	)			-				(2.9	)			(0.7	)			(2.0	)			0.2				(2.5	)
Total losses and LAE			852.6				381.7				19.4				1,253.7				777.0				358.7				19.3				1,155.0
Amortization of deferred acquisition costs and other underwriting expenses															507.5																484.4
GAAP underwriting profit															59.1																66.6
Net investment income															80.1																73.7
Other income															11.4																11.6
Other operating expenses															(5.7	)															(5.7	)
Operating income before income taxes													$		144.9														$		146.2
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			71.6	%			47.9	%			38.9	%			62.7	%			70.1	%			46.4	%			39.7	%			61.2	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			1.9	%			0.8	%			(0.2	)%			1.5	%			1.4	%			2.7	%			6.2	%			2.0	%
Current accident year catastrophe losses			0.5	%			13.2	%			2.8	%			4.9	%			0.6	%			12.4	%			1.7	%			4.6	%
Prior accident year unfavorable (favorable) catastrophe loss development			-				(0.4	)%			-				(0.2	)%			(0.1	)%			(0.3	)%			0.5	%			(0.1	)%
Total loss and LAE ratio			74.0	%			61.5	%			41.5	%			68.9	%			72.0	%			61.2	%			48.1	%			67.7	%
Expense ratio															27.4	%															27.8	%
Combined ratio															96.3	%															95.5	%
Change in policies in force			1.4	%			2.1	%			62.2	%			3.9	%			2.5	%			3.0	%			27.3	%			3.5	%
Retention			83.3	%			82.4	%		N/M					83.0	%			85.0	%			83.8	%		N/M					84.4	%

12

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
PERSONAL LINES
		Q4				Q1				Q2				Q3				Q4				Dec-YTD				Dec-YTD
(In millions, except percentage data)		2018				2019				2019				2019				2019				2018				2019
Gross premiums written	$		471.8		$		446.8		$		522.0		$		527.6		$		494.8		$		1,875.6		$		1,991.2
Net premiums written	$		444.7		$		420.6		$		493.1		$		496.5		$		464.3		$		1,774.1		$		1,874.5
Net premiums earned	$		437.6		$		442.7		$		452.2		$		460.6		$		464.8		$		1,706.0		$		1,820.3
Losses and LAE:
Current accident year, excluding catastrophe losses			280.4				275.9				275.8				284.7				304.6				1,044.8				1,141.0
Prior accident year unfavorable reserve development, excluding catastrophe losses			15.4				7.5				3.3				5.6				10.2				33.3				26.6
Current accident year catastrophe losses			5.3				29.0				38.3				13.9				7.8				79.4				89.0
Prior accident year favorable catastrophe loss development			(2.3	)			-				(1.7	)			(0.7	)			(0.5	)			(2.5	)			(2.9	)
Total losses and LAE			298.8				312.4				315.7				303.5				322.1				1,155.0				1,253.7
Amortization of deferred acquisition costs and other underwriting expenses			123.5				124.6				125.6				128.3				129.0				484.4				507.5
GAAP underwriting profit	$		15.3		$		5.7		$		10.9		$		28.8		$		13.7		$		66.6		$		59.1
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			64.1	%			62.3	%			61.0	%			61.8	%			65.5	%			61.2	%			62.7	%
Prior accident year unfavorable reserve development, excluding catastrophe losses			3.5	%			1.7	%			0.7	%			1.2	%			2.2	%			2.0	%			1.5	%
Current accident year catastrophe losses			1.2	%			6.6	%			8.5	%			3.1	%			1.7	%			4.6	%			4.9	%
Prior accident year favorable catastrophe loss development			(0.5	)%			-				(0.4	)%			(0.2	)%			(0.1	)%			(0.1	)%			(0.2	)%
Total loss and LAE ratio			68.3	%			70.6	%			69.8	%			65.9	%			69.3	%			67.7	%			68.9	%
Expense ratio			27.7	%			27.6	%			27.2	%			27.4	%			27.2	%			27.8	%			27.4	%
Combined ratio			96.0	%			98.2	%			97.0	%			93.3	%			96.5	%			95.5	%			96.3	%
Combined ratio, excluding catastrophe losses			95.3	%			91.6	%			88.9	%			90.4	%			94.9	%			91.0	%			91.6	%
Current accident year combined ratio, excluding catastrophe losses			91.8	%			89.9	%			88.2	%			89.2	%			92.7	%			89.0	%			90.1	%

13

THE HANOVER INSURANCE GROUP
NET INVESTMENT INCOME AND YIELDS
	Q4			Q1			Q2			Q3			Q4			YTD			YTD
(In millions, except yields)	2018			2019			2019			2019			2019			2018			2019
Net Investment Income
Fixed maturities	$	56.4		$	58.0		$	57.8		$	58.1		$	58.5		$	217.7		$	232.4
Limited partnerships		6.3			4.5			4.8			3.8			6.6			24.1			19.7
Equity securities		4.2			3.6			4.0			4.0			4.7			17.0			16.3
Mortgage loans		3.7			3.9			4.0			4.1			4.3			14.0			16.3
Other investments		1.4			2.1			1.1			1.0			1.1			4.8			5.3
Investment expenses		(2.6	)		(1.9	)		(2.1	)		(2.2	)		(2.5	)		(10.2	)		(8.7	)
Total	$	69.4		$	70.2		$	69.6		$	68.8		$	72.7		$	267.4		$	281.3
Pre-tax Yields
Fixed maturities		3.62	%		3.61	%		3.57	%		3.55	%		3.56	%		3.62	%		3.58	%
Total		3.71	%		3.65	%		3.67	%		3.57	%		3.72	%		3.74	%		3.65	%
Pre-tax yields represent annualized net investment income for the period divided by the monthly average invested assets, excluding accumulated changes in fair value for fixed maturities and equity securities.

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THE HANOVER INSURANCE GROUP
INVESTMENT PORTFOLIO
December 31, 2019
	(In millions)
												Change in			Change in
		Weighted								Net		Net			Net
		Average	Amortized		Fair Value /		% of			Unrealized		Unrealized			Unrealized
	Investment Type	Quality	Cost or Cost		Carry Value		Total			Gains		During Q4			YTD
	Fixed maturities:
	U.S. Treasury and government agencies	AAA	$	342.0	$	349.8		4.3	%	$	7.8	$	(3.8	)	$	12.6
	Foreign government	A-		15.7		16.1		0.2	%		0.4		0.3			0.3
	Municipals:
	Taxable	AA		765.7		790.9		9.6	%		25.2		(7.8	)		17.8
	Tax-exempt	AA		41.4		42.6		0.5	%		1.2		0.2			1.8
	Corporate:
	NAIC 1	A		1,598.7		1,672.0		20.4	%		73.3		(0.3	)		94.5
	NAIC 2	BBB		1,762.6		1,834.2		22.3	%		71.6		0.9			106.5
	NAIC 3 and below	B+		292.2		305.0		3.7	%		12.8		3.3			22.6
	Total corporate	BBB+		3,653.5		3,811.2		46.4	%		157.7		3.9			223.6
	Asset-backed:
	Residential mortgage-backed	AAA		905.4		921.4		11.2	%		16.0		(3.4	)		28.0
	Commercial mortgage-backed	AAA		666.4		691.9		8.4	%		25.5		(7.9	)		33.6
	Asset-backed	AA+		62.1		63.2		0.8	%		1.1		(0.4	)		1.6
	Total fixed maturities	A+		6,452.2		6,687.1		81.4	%		234.9		(18.9	)		319.3
	Equity securities			575.7		575.7		7.0	%		-		-			-
	Mortgage and other loans			441.2		441.2		5.4	%		-		-			-
	Other investments			292.0		292.0		3.6	%		-		-			-
	Total investments			7,761.1		7,996.0		97.4	%		234.9		(18.9	)		319.3
	Cash and cash equivalents			215.7		215.7		2.6	%		-		-			-
	Total		$	7,976.8	$	8,211.7		100.0	%	$	234.9	$	(18.9	)	$	319.3

15

THE HANOVER INSURANCE GROUP
CREDIT QUALITY AND DURATION OF FIXED MATURITIES
December 31,  2019
(In millions)
CREDIT QUALITY OF FIXED MATURITIES
		Rating Agency	Amortized		Fair		% of Total
	NAIC Designation	Equivalent Designation	Cost		Value		Fair Value
	1	Aaa/Aa/A	$	4,373.0	$	4,522.7		67.6	%
	2	Baa		1,785.2		1,857.6		27.8	%
	3	Ba		160.2		167.6		2.6	%
	4	B		130.2		135.2		2.0	%
	5	Caa and lower		2.0		2.2		-
	6	In or near default		1.6		1.8		-
	Total fixed maturities		$	6,452.2	$	6,687.1		100.0	%
DURATION OF FIXED MATURITIES
			Amortized		Fair		% of Total
			Cost		Value		Fair Value
		0-2 Years	$	1,253.1	$	1,276.0		19.1	%
		2-4 Years		1,811.9		1,872.9		28.0	%
		4-6 Years		1,841.2		1,917.0		28.7	%
		6-8 Years		1,113.9		1,177.2		17.6	%
		8-10 Years		316.2		322.2		4.8	%
		10+ Years		115.9		121.8		1.8	%
	Total fixed maturities		$	6,452.2	$	6,687.1		100.0	%
	Weighted Average Duration			4.3

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THE HANOVER INSURANCE GROUP
TOP 10 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS
December 31,  2019
(In millions, except percentage data)
Issuer	Amortized Cost		Fair Value		As a Percent of  Invested Assets	Ratings (1)
Truist Financial	$	34.8	$	36.3	0.44%	A-
Bank of America		26.3		28.1	0.34%	A-
US Bancorp		24.7		26.0	0.32%	A
PNC Bank		24.1		25.2	0.31%	A
Virginia Electric & Power		24.0		25.0	0.30%	BBB+
Bank of New York Mellon		23.6		24.6	0.30%	A
National Grid		22.2		23.0	0.28%	A-
AvalonBay Communities		22.0		22.8	0.28%	A-
MassMutual Global Funding II		21.9		23.0	0.28%	AA+
National Australia Bank		21.9		22.5	0.27%	AA-
Top 10 Corporate and Municipal Fixed	$	245.5	$	256.5	3.12%
(1) Represents nationally recognized rating agency sources.

17

THE HANOVER INSURANCE GROUP
RECONCILIATION OF OPERATING INCOME TO NET INCOME
	Three Months ended December 31														Year ended December 31
	2019							2018							2019							2018
(In millions, except per share data)		$			Per Share (Diluted)				$			Per Share (Diluted)				$			Per Share (Diluted)				$			Per Share (Diluted)
OPERATING INCOME (LOSS)
Commercial Lines	$		73.0					$		57.4					$		300.1					$		265.7
Personal Lines			36.2							36.5							144.9							146.2
Other			1.3							(0.8	)						8.6							(5.4	)
Total			110.5							93.1							453.6							406.5
Interest expense			(9.4	)						(11.2	)						(37.5	)						(45.1	)
Operating income before income taxes			101.1		$	2.53				81.9		$	1.91				416.1		$	10.24				361.4		$	8.40
Income tax expense on operating income			(20.9	)		(0.52	)			(17.0	)		(0.40	)			(84.5	)		(2.08	)			(69.3	)		(1.61	)
Operating income after income taxes			80.2			2.01				64.9			1.51				331.6			8.16				292.1			6.79
Non-operating items:
Net realized gains (losses) from sales and other			3.9			0.10				(2.6	)		(0.06	)			4.9			0.12				(2.7	)		(0.06	)
Net change in fair value of equity securities			31.2			0.78				(50.1	)		(1.17	)			106.5			2.62				(43.4	)		(1.01	)
Net other-than-temporary impairment losses on    investments recognized in earnings			(0.8	)		(0.02	)			(1.8	)		(0.04	)			(2.0	)		(0.05	)			(4.6	)		(0.11	)
Loss from repayment of debt			-			-				(26.3	)		(0.61	)			-			-				(28.2	)		(0.65	)
Other			(2.0	)		(0.04	)			-			-				(3.4	)		(0.08	)			-			-
Income tax benefit (expense) on non-operating items			(2.3	)		(0.06	)			18.0			0.42				(8.6	)		(0.21	)			25.8			0.60
Income from continuing operations, net of taxes			110.2			2.77				2.1			0.05				429.0			10.56				239.0			5.56
Discontinued operations (net of taxes):
Sale of Chaucer business			1.4			0.03				131.9			3.08				(1.2	)		(0.03	)			131.9			3.07
Income (loss) from Chaucer business			-			-				(10.5	)		(0.25	)			1.6			0.04				20.0			0.46
Income (loss) from discontinued life businesses			(1.8	)		(0.04	)			0.1			-				(4.3	)		(0.11	)			0.1			-
NET INCOME	$		109.8		$	2.76		$		123.6		$	2.88		$		425.1		$	10.46		$		391.0		$	9.09

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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 taxes, total operating income after taxes, total operating income after taxes per share, total book value per share, total book value per share excluding net unrealized gains and losses related to investments, net of tax, tangible book value per share and measures of operating income and loss 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 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 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 taxes is the sum of the operating income from: Commercial Lines, Personal Lines, and Other.  After-tax operating income EPS (sometimes referred to as “after-tax operating income per share”) is also a non-GAAP measure. It is defined as net income (loss) 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 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 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 income and loss ratios that exclude the effects of catastrophe losses.  A catastrophe is a severe loss, resulting from natural or manmade events, including risks such as fire, hurricane, earthquake, windstorm, explosion, terrorism or other similar events. 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 taxes and measures of operating income that exclude the effects of catastrophe losses or reserve development should not be construed as substitutes for net income determined in accordance with GAAP. A reconciliation of income from continuing operations to operating income before interest expense and taxes and income from continuing operations per share to operating income after taxes per share for the three and twelve months ended December 31, 2019 and 2018 is set forth on page 18 of this document. The presentation of loss ratios calculated excluding the effects of reserve development and/or catastrophe losses should not be construed as a substitute for loss ratios determined in accordance with GAAP.

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

19

CORPORATE OFFICES AND							INDUSTRY RATINGS AS OF February 4, 2020				TRANSFER AGENT
PRINCIPAL SUBSIDIARIES
THE HANOVER INSURANCE GROUP, INC.								A.M.	Standard		Computershare Investor Services
440 Lincoln Street							Financial Strength Ratings	Best	& Poor's	Moody's	PO Box 505000
Worcester, MA 01653							The Hanover Insurance				Louisville, KY 40233-5000
							Company	A	A	A2	1-800-317-4454
The Hanover Insurance Company							Citizens Insurance Company
440 Lincoln Street							of America	A	A	-
Worcester, MA 01653
											COMMON STOCK
Citizens Insurance Company of America								A.M.	Standard
808 North Highlander Way							Debt Ratings	Best	& Poor's	Moody's	Common stock of The Hanover Insurance Group, Inc. is traded
Howell, MI 48843							The Hanover Insurance Group, Inc.				on the New York Stock Exchange under the symbol "THG".
							Senior Debt	bbb	BBB	Baa2
							Subordinated Debentures	bb+	BB+	Baa3
MARKET AND DIVIDEND INFORMATION											INQUIRIES
The following tables set forth the high and low closing											Oksana Lukasheva
sales prices of our common stock and quarterly cash											Vice President
dividends for the periods indicated:											Investor Relations and Financial Planning
											(508) 855-2063
Quarter Ended	2019										olukasheva@hanover.com
	Price Range				Dividends
	High		Low		Per Share
March 31	$	120.17	$	108.54	$	0.600
June 30	$	128.90	$	114.11	$	0.600
September 30	$	135.71	$	127.20	$	0.600
December 31	$	139.27	$	126.14	$	0.650
Quarter Ended	2018
	Price Range				Dividends
	High		Low		Per Share
March 31	$	120.84	$	106.61	$	0.540
June 30	$	123.22	$	112.61	$	0.540
September 30	$	130.49	$	115.28	$	0.540
December 31	$	120.25	$	105.29	$	0.600

20