8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): October 27, 2020

THE HANOVER INSURANCE GROUP, INC.

(Exact name of registrant as specified in its charter)

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

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:

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

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. ☐

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 October 27, 2020, The Hanover Insurance Group, Inc. (the Company) issued a press release announcing its financial results for the quarter ended September 30, 2020. The release is furnished as Exhibit 99.1 hereto. Additionally, on October 27, 2020, the Company made available on its website unaudited financial information contained in its Financial Supplement for the period ended September 30, 2020. 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.

Exhibit 99.1	Press Release, dated October 27, 2020, announcing the Company’s financial results for the quarter ended September 30, 2020.
Exhibit 99.2	The Hanover Insurance Group, Inc. Unaudited Financial Supplement for the period ended September 30, 2020.
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

2

Exhibit Index

Exhibit 99.1	Press Release, dated October 27, 2020, announcing the Company’s financial results for the quarter ended September 30, 2020.
Exhibit 99.2	The Hanover Insurance Group, Inc. Unaudited Financial Supplement for the period ended September 30, 2020.
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

3

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 thereunto duly authorized.

	The Hanover Insurance Group, Inc. (Registrant)
Date: October 27, 2020	By:	/s/ Jeffrey M. Farber
		Jeffrey M. Farber
		Executive Vice President and Chief Financial Officer

4

EX-99.1

Exhibit 99.1

The Hanover Reports Third Quarter Net Income and

Operating Incomeof $3.13 and $2.46 per Diluted Share, Respectively;  

Combined Ratio of 94.2%; Combined Ratio, Excluding Catastrophes, of 88.4%;

Enters into a $100 Million Accelerated Share Repurchase Agreement

WORCESTER, Mass., October 27, 2020 - The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $118.9 million, or $3.13 per diluted share, in the third quarter of 2020, compared to net income of $118.9 million, or $2.96 per diluted share, in the prior-year quarter. Operating income ⁽¹⁾ was $93.5 million, or $2.46 per diluted share, for the third quarter of 2020, compared to $93.0 million, or $2.31 per diluted share, in the prior-year quarter. The difference between net and operating income in the quarter was primarily due to an after-tax increase in the fair value of equity securities.

The company also announced it has entered into a $100 million accelerated share repurchase (“ASR”) agreement with Wells Fargo Bank, N.A. Pursuant to the ASR agreement, the company expects to receive 80% of the total shares expected to be delivered as of the initial settlement date of October 29, 2020. The company expects to receive the remaining shares no later than early February 2021.

Third Quarter Highlights

• Current accident year loss and loss adjustment expense (“LAE”) ratio, excluding catastrophes⁽²⁾, of 56.8%, which included favorable loss frequency in short-tail coverages, primarily personal auto, while maintaining prudent reserves in longer-tail liability lines

• COVID-19 ultimate loss expectation remains unchanged with limited losses incurred to date

• Catastrophe losses of $65.9 million, or 5.8 points of the combined ratio, including favorable development on prior-year catastrophes of $9.6 million

• Net premiums written growth of 2.1%*, compared to a decline of 2.3% adjusted for non-recurring premium returns in the second quarter⁽³⁾

• Rate increases of 5.7% in core commercial lines⁽⁴⁾ and 4.7% in Personal Lines⁽⁵⁾

• Net investment income of $67.6 million, slightly below prior-year, primarily due to lower new money yields

• Book value per share of $84.32, up 4.0% from June 30, 2020 and up 11.0% from December 31, 2019, driven by net income and increases in the fair value of fixed income securities

(1) See information about this and other non-GAAP measures and definitions used throughout this news release on the final pages of this document.

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

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

“We’re very pleased with our performance in the third quarter, delivering a strong operating ROE⁽⁶⁾ of 13.8%, while making strategic gains that position us to continue to deliver sustainable growth and returns going forward,” said John C. Roche, president and chief executive officer at The Hanover. “Despite industry headwinds and weather challenges, we are driving robust and consistent earnings, enabled by the effectiveness of our exposure and risk management actions taken over the last several years and our outstanding distribution capability. We generated record net premiums written of $1.3 billion and overall growth of 2.1%, rebuildingthe momentum across our business since the onset of the pandemic. We continued to experience an increasingly hardening market in Commercial Lines, with core commercial rate increases of 5.7% and upper-single-digits in Specialty. We are successfully navigating the dynamic and competitive market in Personal Lines, achieving rate increases of 4.7%. The strength of our agency partnerships, specialized capabilities and innovative solutions will continue to enhance our growth trajectory moving forward. We are better positioned today than ever to deliver for our stakeholders and achieve our goal of establishing The Hanover as the premier property and casualty franchise in the independent agency channel.”

Commenting on the company’s third quarter results, Jeffrey M. Farber, executive vice president and chief financial officer, said, “We reported an all-in combined ratio of 94.2%, and 88.4%, excluding catastrophes⁽⁷⁾. Our strong underlying loss performance was helped by the benefit of lower claims frequency, particularly in personal auto, while we maintained a prudent reserving approach to liability coverages. Our expense ratio⁽⁸⁾, though slightly elevated in the quarter due to timing of certain expenses, improved by 20 basis points on a year-to-date basis, as we maintained our focus on deliberate expense planning and discipline.”

“The $100 million ASR agreement announced today reinforces our commitment to effectively manage our capital. This agreement further underscores the strength in our company’s earnings power and ability to consistently generate excess capital,” Farber said. “We enter the final quarter of the year in an excellent financial position, supported by a strong balance sheet and robust business prospects. We are confident in our ability to continue driving top-and bottom-line growth across our business.”

2

	Three months ended		Nine months ended
	September 30		September 30
($ in millions, except per share data)	2020	2019	2020	2019
Net premiums written	$1,268.5	$1,242.9	$3,486.4	$3,478.7
Net income	118.9	118.9	194.1	315.3
per diluted share	3.13	2.96	5.05	7.71
Operating income	93.5	93.0	243.0	251.4
per diluted share	2.46	2.31	6.33	6.15
Net investment income	67.6	68.8	194.9	208.6
Book value per share	$84.32	$78.01	$84.32	$78.01
Ending shares outstanding (in millions)	37.4	39.6	37.4	39.6
Combined ratio	94.2 %	94.4 %	95.2 %	95.4 %
Prior-year development ratio	(0.2)%	-	(0.3)%	-
Catastrophe ratio	5.8 %	3.1 %	7.5 %	4.0 %
Combined ratio, excluding catastrophes	88.4 %	91.3 %	87.7 %	91.4 %
Current accident year combined ratio,     excluding catastrophes(7)	88.6 %	91.3 %	88.0 %	91.4 %

Third Quarter Operating Highlights

Commercial Lines

Commercial Lines operating income before taxes was $62.3 million in the quarter, compared to $74.1 million in the third quarter of 2019. The Commercial Lines combined ratio was 96.9%, compared to 95.2% in the prior-year quarter. Catastrophe losses in the third quarter of 2020 were $33.6 million, or 5.1 points, compared to $22.0 million, or 3.3 points, in the prior-year quarter. Catastrophe losses were primarily driven by wildfires in California and Oregon, and Hurricane Isaias. Third quarter catastrophe losses also included favorable development of $8.9 million, or 1.3 points, primarily in the commercial multiple peril (“CMP”) line.

Third quarter 2020 results included $3.9 million, or 0.6 points, of net favorable prior-year reserve development, driven primarily by workers’ compensation and other commercial lines (“OCL”), partially offset by CMP and, to a lesser extent, commercial auto. This compared to net favorable prior-year reserve development of $5.6 million, or 0.8 points, in the third quarter of 2019.

Commercial Lines current accident year combined ratio, excluding catastrophes, decreased 0.3 points to 92.4% from 92.7% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, was consistent with the third quarter of 2019, with favorable loss frequency in commercial auto offset by a heavier than usual large loss experience in CMP.

Net premiums written were $760.5 million in the quarter, up 1.9% from the prior-year quarter, driven by rate increases, and improved retention of 87.1%. Core commercial average base rate increased 5.7% for the third quarter, while pricing increases averaged 4.9% and included the impact of slightly reduced exposure.

3

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

	Three months ended		Nine months ended
	September 30		September 30
($ in millions)	2020	2019	2020	2019
Net premiums written	$760.5	$746.4	$2,083.0	$2,068.5
Net premiums earned	665.1	663.5	1,999.6	1,974.7
Operating income before taxes	62.3	74.1	172.2	227.1
Loss and LAE ratio	62.4%	60.5%	62.9%	60.3%
Expense ratio	34.5%	34.7%	34.3%	34.7%
Combined ratio	96.9%	95.2%	97.2%	95.0%
Prior-year development ratio	(0.6)%	(0.8)%	(0.6)%	(0.9)%
Catastrophe ratio	5.1 %	3.3 %	6.1 %	2.8 %
Combined ratio, excluding catastrophes	91.8 %	91.9 %	91.1 %	92.2 %
Current accident year combined ratio,     excluding catastrophes	92.4 %	92.7 %	91.7 %	93.1 %

Personal Lines

Personal Lines operating income before taxes was $64.2 million in the quarter, compared to $50.2 million in the third quarter of 2019. The Personal Lines combined ratio was 90.4%, compared to 93.3% in the prior-year quarter. Catastrophe losses in the third quarter of 2020 were $32.3 million, or 6.9 points, compared to $13.2 million, or 2.9 points, in the prior-year quarter. Catastrophe losses were driven primarily by Hurricane Isaias and, to a lesser extent, wind events in the Midwest.

Third quarter 2020 results included $1.0 million, or 0.2 points, of net unfavorable prior-year reserve development. This compared to $5.6 million, or 1.2 points, in the third quarter of 2019.

Personal Lines current accident year combined ratio, excluding catastrophe losses, improved 5.9 points to 83.3%, from 89.2% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, improved by 6.4 points to 55.4%, driven by favorable loss frequency in personal auto.

Net premiums written were $508.0 million in the quarter, up 2.3% from the prior-year quarter, driven by rate increases of 4.7%, while retention of 79.4% was negatively impacted by the lifting of moratoriums on cancellations and non-renewals for non-payment. The retention rate in the second quarter of 2020 was unusually high due to such moratoriums.

4

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

	Three months ended		Nine months ended
	September 30		September 30
($ in millions)	2020	2019	2020	2019
Net premiums written	$508.0	$496.5	$1,403.4	$1,410.2
Net premiums earned	470.3	460.6	1,373.8	1,355.5
Operating income before taxes	64.2	50.2	161.7	108.7
Loss and LAE ratio	62.5%	65.9%	64.6%	68.7%
Expense ratio	27.9%	27.4%	27.4%	27.4%
Combined ratio	90.4%	93.3%	92.0%	96.1%
Prior-year development ratio	0.2 %	1.2 %	(0.1)%	1.2 %
Catastrophe ratio	6.9 %	2.9 %	9.4 %	5.8 %
Combined ratio, excluding catastrophes	83.5 %	90.4 %	82.6 %	90.3 %
Current accident year combined ratio,     excluding catastrophes	83.3 %	89.2 %	82.7 %	89.1 %

Investments

Net investment income was $67.6 million for the third quarter of 2020, compared to $68.8 million in the prior-year quarter. The decrease was primarily due to lower yields, partially offset by an increase in limited partnership income. The average pre-tax earned yield on fixed maturities was 3.26% and 3.55% for the quarters ended September 30, 2020 and 2019, respectively. Total pre-tax earned yield on the investment portfolio for the quarter ended September 30, 2020, was 3.37%, down from 3.57% in the prior-year quarter.

Net realized and unrealized investment gains were $37.7 million, pre-tax, in the third quarter of 2020, compared to $14.8 million in the third quarter of 2019.

The company held approximately $9.0 billion in cash and invested assets on September 30, 2020. Fixed maturities and cash represented approximately 86% of the investment portfolio. Approximately 96% of the company’s fixed maturity portfolio is rated investment grade. Net unrealized gains on the fixed maturity portfolio as of September 30, 2020, were $488.3 million before taxes, an increase in fair value of $36.8 million since June 30, 2020.

Shareholders’ Equity and Capital Actions

On September 30, 2020, book value per share was $84.32, up 4.0% from June 30, 2020 and up 11.0% from December 31, 2019, driven primarily by net income and increases in the fair value of fixed income securities.

From the beginning of July through the date of this release, the company has repurchased approximately 650,000 shares of common stock in the open market for approximately $63.0 million, not including the announced ASR. After accounting for the shares repurchased in the open market to date and the ASR agreement, the company has approximately $122 millionof remaining capacity under its existing $900 million share repurchase program.

5

Debt Issuanceand Retirement

During the quarter, the company issued $300 million aggregate principal amount of 2.50% unsecured senior debentures due September 1, 2030. The company used $175 million of the net proceeds from the issuance of the notes to redeem its outstanding 6.35% subordinated debentures due 2053, at par. The remaining proceeds will be used for general corporate purposes in 2021, including organic growth. As a result of the redemption, the company recorded a one-time, non-operating charge of $4.8 million, after taxes, from the repayment of the subordinated debt.

Earnings Conference Call

The Hanover will host a conference call to discuss its third quarter results on Wednesday, October 28, 2020, at 10:00 a.m.E.T.  A PowerPoint slide presentation will accompany the prepared remarks and has been posted on The Hanover’s website.  Interested investors and others can listen to the call and access the presentation through the company’s website, located at hanover.com, in the “Investors” section. 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 this 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 Hanover 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.

Contact Information

Investors:	Media:
Oksana Lukasheva	Michael F. Buckley	Emily P. Trevallion
Email: olukasheva@hanover.com	Email:  mibuckley@hanover.com	Email:  etrevallion@hanover.com
1-508-525-6081	1-508-855-3099	1-508-855-3263

Definition of Reported Segments

Continuing operations include three operating segments: Commercial Lines, Personal Lines and Other. The Commercial Lines segment offers a suite of products targeted at the small to mid-size business markets, which include commercial multiple peril, commercial automobile, workers’ compensation and other commercial coverages such as management and professional liability, marine, Hanover Programs, specialty industrial and commercial property, monoline general liability and surety. The Personal Lines segment markets automobile, homeowners and ancillary coverages to individuals and families.The “Other” segment includes Opus Investment Management, Inc., which provides investment management services to institutions, pension funds and other organizations, the operations of the holding company, as well as a block of run-off voluntary property and casualty pools business in which the company has not actively participated since 1995.

6

Financial Supplement

The Hanover's third quarter earnings news release and financial supplement are available in the “Investors” section of the company’s website at hanover.com.

Condensed Financial Statements and Reconciliations

The Hanover Insurance Group, Inc.
Condensed Consolidated Income Statements	Three months ended		Nine months ended
	September 30		September 30
($ in millions)	2020	2019	2020	2019
Revenues
Premiums earned	$1,135.4	$1,124.1	$3,373.4	$3,330.2
Net investment income	67.6	68.8	194.9	208.6
Net realized and unrealized investment gains (losses):
Net realized gains from sales and other	8.2	0.6	12.1	1.0
Net change in fair value of equity securities	30.3	15.0	(44.4)	75.3
Impairment losses on investments	(0.8)	(0.8)	(27.9)	(1.2)
Total net realized and unrealized investment gains (losses)	37.7	14.8	(60.2)	75.1
Fees and other income	9.1	7.0	22.2	18.9
Total revenues	1,249.8	1,214.7	3,530.3	3,632.8
Losses and expenses
Losses and loss adjustment expenses	709.7	705.3	2,149.9	2,122.6
Amortization of deferred acquisition costs	237.7	232.8	711.9	692.8
Interest expense	9.8	9.4	28.6	28.1
Loss from repayment of debt	6.1	-	6.2	-
Other operating expenses	137.9	136.9	395.9	400.6
Total losses and expenses	1,101.2	1,084.4	3,292.5	3,244.1
Income from continuing operations before income taxes	148.6	130.3	237.8	388.7
Income tax expense	29.1	23.5	41.7	68.7
Effect of new tax regulations on Chaucer gain on sale	-	(4.4)	-	1.2
Income from continuing operations	119.5	111.2	196.1	318.8
Discontinued operations (net of taxes):
Sale of Chaucer business	-	6.4	-	(2.6)
Income from Chaucer business	-	2.1	-	1.6
Loss from discontinued life businesses	(0.6)	(0.8)	(2.0)	(2.5)
Net income	$118.9	$118.9	$194.1	$315.3

7

The Hanover Insurance Group, Inc.
Condensed Consolidated Balance Sheets
	September 30	December 31
($ in millions)	2020	2019
Assets
Total investments	$8,727.4	$7,996.0
Cash and cash equivalents	231.5	215.7
Premiums and accounts receivable, net	1,353.0	1,260.4
Reinsurance recoverable on paid and unpaid losses and unearned premiums	1,841.1	1,814.0
Other assets	1,131.3	1,101.6
Assets of discontinued businesses	109.5	102.8
Total assets	$13,393.8	$12,490.5
Liabilities
Loss and loss adjustment expense reserves	$5,945.7	$5,654.4
Unearned premiums	2,537.1	2,416.7
Debt	780.4	653.4
Other liabilities	856.7	732.9
Liabilities of discontinued businesses	118.9	116.9
Total liabilities	10,238.8	9,574.3
Total shareholders’ equity	3,155.0	2,916.2
Total liabilities and shareholders’ equity	$13,393.8	$12,490.5

8

The following is a reconciliation from operating income (loss) to net income⁽⁹⁾:

The Hanover Insurance Group, Inc.
	Three months ended September 30													Nine months ended September 30
	2020							2019						2020						2019
($ In millions, except per share data)	$ Amount			Per Share (Diluted)			$ Amount				Per Share (Diluted)			$ Amount			Per Share (Diluted)			$ Amount			Per Share (Diluted)
Operating income (loss)
Commercial Lines	$	62.3						$	74.1					$	172.2					$	227.1
Personal Lines		64.2							50.2						161.7						108.7
Other		1.9							2.0						0.5						7.3
Total		128.4							126.3						334.4						343.1
Interest expense		(9.8	)						(9.4	)					(28.6	)					(28.1	)
Operating income before income    taxes		118.6		$	3.12				116.9		$	2.91			305.8		$	7.96			315.0		$	7.71
Income tax expense on operating    income		(25.1	)		(0.66	)			(23.9	)		(0.60	)		(62.8	)		(1.63	)		(63.6	)		(1.56	)
Operating income after income taxes		93.5			2.46				93.0			2.31			243.0			6.33			251.4			6.15
Non-operating items:
Net realized gains from sales and    other		8.2			0.21				0.6			0.02			12.1			0.31			1.0			0.02
Net change in fair value of equity    securities		30.3			0.80				15.0			0.37			(44.4	)		(1.15	)		75.3			1.84
Impairment losses on investments		(0.8	)		(0.02	)			(0.8	)		(0.02	)		(27.9	)		(0.73	)		(1.2	)		(0.03	)
Loss from repayment of    borrowings		(6.1	)		(0.16	)			-			-			(6.2	)		(0.16	)		-			-
Other non-operating items		(1.6	)		(0.04	)			(1.4	)		(0.03	)		(1.6	)		(0.04	)		(1.4	)		(0.03	)
Income tax benefit (expense) on    non-operating items		(4.0	)		(0.11	)			4.8			0.12			21.1			0.55			(6.3	)		(0.15	)
Income from continuing    operations, net of taxes		119.5			3.14				111.2			2.77			196.1			5.11			318.8			7.80
Discontinued operations (net of    taxes):
Sale of Chaucer business		-			-				6.4			0.16			-			-			(2.6	)		(0.06	)
Income from Chaucer business		-			-				2.1			0.05			-			-			1.6			0.03
Loss from discontinued life    businesses		(0.6	)		(0.01	)			(0.8	)		(0.02	)		(2.0	)		(0.06	)		(2.5	)		(0.06	)
Net income	$	118.9		$	3.13			$	118.9		$	2.96		$	194.1		$	5.05		$	315.3		$	7.71
Dilutive weighted average shares    outstanding					38.0							40.2						38.4						40.9

9

Forward-Looking Statements and Non-GAAP Financial Measures

Forward-Looking Statements

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,” “may,” “projects,” “projections,” “plan,” “likely,” “potential,” “targeted,” “forecasts,” “should,” “could,” “continue,” “outlook,” “guidance,” “modeling,” “moving forward” 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 judgement, 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:

• The company’s outlook and its ability to achieve components or the sum of the respective period guidance on its future results of operations including: the combined ratio, excluding or including both prior-year reserve development and/or catastrophe losses; catastrophe losses; net investment income; growth of net premiums written and/or net premiums earned in total or by line of business; expense ratio; operating return on equity; and/or the effective tax rate;

• The impact of the COVID-19 outbreak and subsequent global pandemic (“Pandemic”) and related economic conditions on the company’s operating and financial results, including, but not limited to, the impact on the company’s investment portfolio, declining claims frequency as a result of reduced economic activity, severity from higher cost of repairs due to, among other things, supply chain disruptions, declines in premium as a result of, among other things, credits or returns to the company’s customers, lower submissions, changes in renewals and policy endorsements, public health guidance, and the impact of government orders and restrictions in the states and jurisdictions in which the company operates;

• Uses of capital for share repurchases, special or ordinary cash dividends, business investments or growth, or otherwise, and outstanding shares in future periods as a result of various share repurchase mechanisms, capital management framework, especially in the current environment, and overall comfort with capital levels;

• Expectations with respect to the ASR agreement, including the amount and timing of the receipt of initial and final delivery of shares;

• Variability of catastrophe losses due to risk concentrations, changes in weather patterns including climate change, 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;

• 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;

10

• 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 related to the Pandemic, including legislative, regulatory or judicial actions that expand the intended scope of coverages, or other factors;

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

• 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;

• Mix improvement, underwriting initiatives, coverage restrictions and pricing segmentation actions, among others, to grow businesses believed to be more profitable or reduce premiums attributable to products or lines of business believed to be less profitable; balance rate actions and retention; offset long-term and/or short-term loss trends due to increased frequency; increased “social inflation” from a more litigious environment and higher average cost of resolution, increased property replacement costs, and/or social movements;

• The ability to generate growth in targeted segments through new agency appointments; rate increases (as a result of its market position, agency relationships or otherwise), retention improvements or new business; expansion into new geographies; new product introductions; or otherwise; and  

• Investment returns and the effect of macro-economic interest rate trends and overall security yields, including the macro-economic impact of the Pandemic and corresponding governmental initiatives taken in response, and geopolitical circumstances on new money yields 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:

• The severity, duration and long-term impact related to the Pandemic, including, but not limited to, decline in economic conditions, actual and possible government responses, legislative, regulatory and judicial actions, adverse impacts to the investment portfolio valuation and yield, changes in frequency and severity of claims in both Commercial and Personal Lines, customers’ abilities to pay premiums or renew existing insurance policies, impacts to distributors (including agent partners), and the possibility of additional premium adjustments, including credits and returns, for the benefit of insureds;

• The potential for operations to be disrupted or negatively impacted due to (i) the risk of the company’s workforce, including third-party contractors, being unable to work due to illness, quarantine, limitations on travel or other government restrictions in connection with COVID-19 and the Pandemic; (ii) the company’s reliance on the functioning of business continuity plans and technology while the majority of employees work remotely for an extended period of time; and (iii) the ongoing threat of cyberattacks and vulnerabilities;

11

• Changes in regulatory, legislative, economic, market and political conditions, particularly in response to COVID-19 and the Pandemic (such as legislative or regulatory actions that would retroactively require insurers to cover business interruption or other types of claims irrespective of terms, exclusions or other conditions included in the contractual terms of the policies that would otherwise preclude coverage, mandatory returns and other rate-related actions, as well as presumption legislation in regards to workers’ compensation);

• Heightened investment market volatility, fluctuations in interest rates (which have a significant impact on the market value of the investment portfolio and thus book value), U.S. Federal Reserve actions, inflationary pressures, default rates, prolonged global market conditions and other factors that affect investment returns from the investment portfolio;

• Adverse claims experience, including those driven by large or increased frequency of catastrophe events (including those related to terrorism, riots and civil unrest), and severe weather;

• The uncertainty in estimating weather-related losses or the long-term impacts of the Pandemic, and the limitations and assumptions used to model other 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, such as cyber or financial institutions coverage, or reinsurance contracts and reinsurance recoverables), leading to potential adverse development of loss and loss adjustment expense reserves;

• Litigation and the possibility of adverse judicial decisions, including those which expand policy coverage beyond its intended scope or award “bad faith” or other non-contractual damages, and the impact of “social inflation” affecting judicial awards and settlements;

• 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;

• 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;

• Disruption of the independent agency channel, including the impact of competition and consolidation in the industry and among agents and brokers, and the degree to which agents and brokers remain operational during the Pandemic;

• Competition, particularly from competitors who have resource and capability advantages;

• The global macroeconomic environment, including actions taken in response to the Pandemic, inflation, global trade wars, energy market disruptions, equity price risk, and interest rate fluctuations, which, among other things, could result in reductions in market values of fixed maturity and other investments;

• Adverse state and federal regulation, legislative and/or regulatory actions (including recent significant revisions to Michigan’s automobile personal injury protection system and related litigation, and various regulations, orders and proposed legislation related to business interruption and workers’ compensation coverages, premium grace periods and returns, and rate actions);

• Financial ratings actions, in particular, downgrades to the company’s ratings;

• Operational and technology risks and evolving technological and product innovation, including risks created by remote work environments, and the risk of cyber-security attacks or breaches on the company’s systems or resulting in claim payments (including from products not intended to provide cyber coverage);

12

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

• The ability to collect from reinsurers, reinsurance 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).

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.

Non-GAAP Financial Measures

As discussed on page 38 of the company’s Annual Report on Form 10-K for the year ended December 31, 2019, the company uses non-GAAP financial measures as important measures of its operating performance, including operating income, operating income before interest expense and taxes, operating income per 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 2019 Annual Report on pages 67-70.

Operating income and operating income per 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 from: Commercial Lines, Personal Lines, and Other, after interest expense and taxes. In reference to one of the company’s three segments, “operating income” is the segment income before both interest expense and taxes. The company also uses “operating income per share” (which is after both interest expense and taxes). It is calculated by dividing operating income by the weighted average number of diluted shares of common stock. The company believes that metrics of operating income and operating income in relation to its three 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 taxes) and measures of operating income that exclude the effects of catastrophe losses and/or reserve development should not be misconstrued as substitutes for income from continuing operations or net income determined in accordance with GAAP. A reconciliation of operating income (loss) to income from continuing operations and net income for the relevant periods is included on page 10 of this news release and in the Financial Supplement.

13

The company may also 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, windstorms, earthquakes, hail, severe winter weather, fire, explosions, civil unrest 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 “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 reserve development. The presentation of loss and combined ratios calculated excluding the effects of catastrophe losses and/or reserve development should not be misconstrued as substitutes for the loss and/or combined ratios determined in accordance with GAAP.

Operating return on equity (“ROE”) is a non-GAAP measure. See end note (6) 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, 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.

14

Endnotes

(1) Operating income and operating income per diluted share are non-GAAP measures. Operating income (loss) before taxes, as referenced in the results of the business segments, is defined as, with respect to such segment, operating income (loss) before taxes and interest expense. These measures are used throughout this document. The reconciliation of operating income and operating income per diluted share to the closest GAAP measures, income from continuing operations and income from continuing operations per diluted share, respectively, is provided on the preceding pages of this news release. See the disclosure on the use of this and other non-GAAP measures under the heading “Forward-Looking Statements and Non-GAAP Financial Measures.”

(2) 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. A reconciliation of the GAAP loss ratio to the current accident year loss ratio, excluding catastrophe losses, is shown on the following page.

15

	Three months ended
	September 30, 2020
	Commercial Lines	Personal Lines	Total
Total loss and LAE ratio	62.4 %	62.5 %	62.4 %
Less:
Prior-year reserve development ratio	(0.6)%	0.2 %	(0.2)%
Catastrophe ratio	5.1 %	6.9 %	5.8 %
Current accident year loss and LAE ratio, excluding catastrophes	57.9 %	55.4 %	56.8 %
	September 30, 2019
Total loss and LAE ratio	60.5 %	65.9 %	62.7 %
Less:
Prior-year reserve development ratio	(0.8)%	1.2 %	-
Catastrophe ratio	3.3 %	2.9 %	3.1 %
Current accident year loss and LAE ratio, excluding catastrophes	58.0 %	61.8 %	59.6 %
	Nine months ended
	September 30, 2020
	Commercial Lines	Personal Lines	Total
Total loss and LAE ratio	62.9 %	64.6 %	63.7 %
Less:
Prior-year reserve development ratio	(0.6)%	(0.1)%	(0.3)%
Catastrophe ratio	6.1 %	9.4 %	7.5 %
Current accident year loss and LAE ratio, excluding catastrophes	57.4 %	55.3 %	56.5 %
	September 30, 2019
Total loss and LAE ratio	60.3 %	68.7 %	63.7 %
Less:
Prior-year reserve development ratio	(0.9)%	1.2 %	-
Catastrophe ratio	2.8 %	5.8 %	4.0 %
Current accident year loss and LAE ratio, excluding catastrophes	58.4 %	61.7 %	59.7 %

16

(3) Total net premiums written, excluding the impact of the premium returned in April and May, is a non-GAAP measure. Total net premiums written is the closest GAAP measure and is reconciled in the table below:

	Three months ended June 30,
	2020		2019		Growth
Total net premiums written		$1,081.0		$1,137.8	(5.0)%
Plus: premium return		30.2	-		-
Total net premiums written,
excluding premium return		$1,111.2		$1,137.8	(2.3)%

(4) Core Commercial business provides commercial property and casualty coverages to small and mid-sized businesses in the U.S., generally with annual premiums per policy up to $250,000, primarily through the commercial multiple peril, commercial auto and workers’ compensation lines of business, as reported on pages 8 and 9 of the Third Quarter 2020 Financial Supplement. Price increases in Commercial Lines represent the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, inflation or changes in policy level exposure or insured risks.

	Three months ended			Three months ended
	September 30, 2020			September 30, 2019
($ in millions)	Core Commercial	Other Commercial	Total Commercial	Core Commercial	Other Commercial	Total Commercial
Net premiums written	$441.2	$319.3	$760.5	$440.3	$306.1	$746.4
Net premiums earned	$385.9	$279.2	$665.1	$385.4	$278.1	$663.5
	Nine months ended			Nine months ended
	September 30, 2020			September 30, 2019
($ in millions)	Core Commercial	Other Commercial	Total Commercial	Core Commercial	Other Commercial	Total Commercial
Net premiums written	$1,210.1	$872.9	$2,083.0	$1,210.3	$858.2	$2,068.5
Net premiums earned	$1,163.0	$836.6	$1,999.6	$1,153.4	$821.3	$1,974.7

(5) Price increases in Personal Lines is the estimated cumulative premium effect of approved rate actions applied to policies available for renewal, regardless of whether or not policies are actually renewed. Accordingly, pricing changes do not represent actual increases or decreases realized by the company.

17

(6) 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 (1)), 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 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 in the table below and reconciled on the following page:

	Period ended
($ in millions)		June 30,	September 30,
		2020	2020
Total shareholders' equity (GAAP)		$3,071.7	$3,155.0
Less: net unrealized appreciation (depreciation) on fixed      maturity investments, net of tax		384.5	412.3
Total shareholders' equity, excluding net unrealized appreciation      (depreciation) on fixed maturity investments, net of tax		$2,687.2	$2,742.7
Average shareholders' equity (GAAP)			$3,113.4
Average shareholders' equity, excluding net unrealized appreciation      (depreciation) on fixed maturity investments, net of tax			$2,715.0

18

($ in millions)	Three months ended
	September 30
Net Income ROE	2020
Net income (GAAP)	$	118.9
Annualized net income*	$	475.6
Average shareholders' equity (GAAP)	$	3,113.4
Return on equity		15.3	%
Operating Income ROE (non-GAAP)
Operating income after taxes	$	93.5
Annualized operating income, net of tax*	$	374.0
Average shareholders' equity, excluding net unrealized      appreciation (depreciation) on fixed maturity      investments, net of tax	$	2,715.0
Operating return on equity		13.8	%

*Net income and operating income after taxes are calculated by taking three months ended September 30, 2020 net income and operating income after taxes, respectively, and multiplying by four.

19

(7) Combined ratio, excluding catastrophes, and current accident year combined ratio, excluding catastrophes, are non-GAAP measures. These measures are used throughout this document. 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 on the following page.

	Three months ended									Three months ended
	September 30, 2020									September 30, 2019
	Commercial Lines			Personal Lines			Total			Commercial Lines			Personal Lines			Total
Total combined ratio (GAAP)		96.9	%		90.4	%		94.2	%		95.2	%		93.3	%		94.4	%
Less: catastrophe ratio		5.1	%		6.9	%		5.8	%		3.3	%		2.9	%		3.1	%
Combined ratio, excluding catastrophe     losses (non-GAAP)		91.8	%		83.5	%		88.4	%		91.9	%		90.4	%		91.3	%
Less: Prior-year reserve development     ratio		(0.6	)%		0.2	%		(0.2	)%		(0.8	)%		1.2	%		-
Current accident year combined ratio,     excluding catastrophe losses (non-     GAAP)		92.4	%		83.3	%		88.6	%		92.7	%		89.2	%		91.3	%
	Nine months ended									Nine months ended
	September 30, 2020									September 30, 2019
	Commercial Lines			Personal Lines			Total			Commercial Lines			Personal Lines			Total
Total combined ratio (GAAP)		97.2	%		92.0	%		95.2	%		95.0	%		96.1	%		95.4	%
Less: catastrophe ratio		6.1	%		9.4	%		7.5	%		2.8	%		5.8	%		4.0	%
Combined ratio, excluding catastrophe     losses (non-GAAP)		91.1	%		82.6	%		87.7	%		92.2	%		90.3	%		91.4	%
Less: Prior-year reserve development     ratio		(0.6	)%		(0.1	)%		(0.3	)%		(0.9	)%		1.2	%		-
Current accident year combined ratio,     excluding catastrophe losses (non-     GAAP)		91.7	%		82.7	%		88.0	%		93.1	%		89.1	%		91.4	%

(8) Here, and later in this document, the expense ratio is reduced by installment and other fee revenues for purposes of the ratio calculation.

20

(9) The separate financial information of each operating 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 operating segments without consideration of interest expense on debt and on a pre-tax basis.

21

EX-99.2

Exhibit 99.2

FINANCIAL SUPPLEMENT
THIRD QUARTER 2020

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 25 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.

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 property-casualty pools business.

1

THE HANOVER INSURANCE GROUP
FINANCIAL HIGHLIGHTS
		Q3				Q4				Q1				Q2				Q3				Sep-YTD			Sep-YTD
(In millions, except earnings per share)		2019				2019				2020 (1)				2020				2020				2019			2020
PREMIUMS
Gross premiums written	$		1,385.8		$		1,234.9		$		1,288.9		$		1,224.0		$		1,406.1		$		3,883.6	$		3,919.0
Net premiums written			1,242.9				1,103.0				1,136.9				1,081.0				1,268.5				3,478.7			3,486.4
Net premiums earned			1,124.1				1,144.3				1,141.4				1,096.6				1,135.4				3,330.2			3,373.4
EARNINGS
Operating income before interest and taxes	$		126.3		$		110.5		$		117.1		$		88.9		$		128.4		$		343.1	$		334.4
Operating income after taxes			93.0				80.2				86.8				62.7				93.5				251.4			243.0
Income (loss) from continuing operations			111.2				110.2				(38.7	)			115.3				119.5				318.8			196.1
Net income (loss)			118.9				109.8				(40.0	)			115.2				118.9				315.3			194.1
PER SHARE DATA (DILUTED)
Operating income after taxes	$		2.31		$		2.01		$		2.23		$		1.63		$		2.46		$		6.15	$		6.33
Income (loss) from continuing operations			2.77				2.77				(1.01	)			3.01				3.14				7.80			5.11
Net income (loss)			2.96				2.76				(1.04	)			3.01				3.13				7.71			5.05
Dilutive weighted average shares outstanding			40.2				39.8				38.9				38.3				38.0				40.9			38.4
Basic weighted average shares outstanding			39.6				39.2				38.3				38.0				37.7				40.3			38.0
BALANCE SHEET
		September 30				December 31				March 31				June 30				September 30
(In millions, except per share data)		2019				2019				2020				2020				2020
Total assets	$		12,627.2		$		12,490.5		$		12,277.4		$		12,838.6		$		13,393.8
Total loss and loss adjustment expense reserves			5,550.5				5,654.4				5,724.9				5,837.3				5,945.7
Total shareholders' equity			3,086.8				2,916.2				2,736.6				3,071.7				3,155.0
Total shareholders' equity, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax			2,851.5				2,700.2				2,603.8				2,687.2				2,742.7
Property and Casualty Companies
Statutory surplus	$		2,347.8		$		2,470.2		$		2,420.2		$		2,313.4		$		2,422.3
Premium to surplus ratio		1.93:1				1.85:1				1.91:1				1.98:1				1.90:1
Book value per share	$		78.01		$		75.94		$		72.05		$		81.10		$		84.32
Book value per share, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax	$		72.06		$		70.32		$		68.55		$		70.95		$		73.30
Tangible book value per share (total book value excluding goodwill
and intangibles)	$		72.94		$		70.74		$		66.81		$		75.86		$		79.03
Shares outstanding			39.6				38.4				38.0				37.9				37.4
Total debt/equity			21.6	%			22.4	%			25.9	%			21.3	%			24.7	%
Total debt/total capital			17.8	%			18.3	%			20.5	%			17.5	%			19.8	%

(1) Operating income per share metrics are calculated using diluted shares outstanding. Income (loss) from continuing operations and net income (loss) per share metrics are calculated using basic shares outstanding due to antidilution.

2

THE HANOVER INSURANCE GROUP
CONSOLIDATED INCOME STATEMENTS
	Three Months ended September 30											Nine Months ended September 30
(In millions)		2020				2019			% Change				2020				2019			% Change
REVENUES
Premiums earned	$		1,135.4		$		1,124.1			1.0		$		3,373.4		$		3,330.2			1.3
Net investment income			67.6				68.8			(1.7	)			194.9				208.6			(6.6	)
Net realized and unrealized investment gains (losses):
Net realized gains from sales and other			8.2				0.6		N/M					12.1				1.0		N/M
Net change in fair value of equity securities			30.3				15.0		N/M					(44.4	)			75.3		N/M
Impairment losses on investments			(0.8	)			(0.8	)	N/M					(27.9	)			(1.2	)	N/M
Total net realized and unrealized investment gains (losses)			37.7				14.8		N/M					(60.2	)			75.1		N/M
Fees and other income			9.1				7.0			30.0				22.2				18.9			17.5
Total revenues			1,249.8				1,214.7			2.9				3,530.3				3,632.8			(2.8	)
LOSSES AND EXPENSES
Losses and loss adjustment expenses			709.7				705.3			0.6				2,149.9				2,122.6			1.3
Amortization of deferred acquisition costs			237.7				232.8			2.1				711.9				692.8			2.8
Interest expense			9.8				9.4			4.3				28.6				28.1			1.8
Loss from repayment of debt			6.1				-		N/M					6.2				-		N/M
Other operating expenses			137.9				136.9			0.7				395.9				400.6			(1.2	)
Total losses and expenses			1,101.2				1,084.4			1.5				3,292.5				3,244.1			1.5
Income from continuing operations before income taxes			148.6				130.3			14.0				237.8				388.7			(38.8	)
Income tax expense			29.1				23.5			23.8				41.7				68.7			(39.3	)
Effect of new tax regulations on Chaucer gain on sale			-				(4.4	)		(100.0	)			-				1.2			(100.0	)
		\
Income from continuing operations			119.5				111.2			7.5				196.1				318.8			(38.5	)
Discontinued operations (net of taxes):
									-
Sale of Chaucer business			-				6.4			(100.0	)			-				(2.6	)		(100.0	)
Income from Chaucer business			-				2.1			(100.0	)			-				1.6			(100.0	)
Loss from discontinued life businesses			(0.6	)			(0.8	)		(25.0	)			(2.0	)			(2.5	)		(20.0	)
Net income	$		118.9		$		118.9		-			$		194.1		$		315.3			(38.4	)

3

THE HANOVER INSURANCE GROUP
CONSOLIDATED BALANCE SHEETS
		September 30				December 31
(In millions, except per share data)		2020				2019			% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $6,984.7 and $6,452.2)	$		7,473.0		$		6,687.1			11.8
Equity securities, at fair value			490.5				575.7			(14.8	)
Other investments			763.9				733.2			4.2
Total investments			8,727.4				7,996.0			9.1
Cash and cash equivalents			231.5				215.7			7.3
Accrued investment income			50.3				53.0			(5.1	)
Premiums and accounts receivable, net			1,353.0				1,260.4			7.3
Reinsurance recoverable on paid and unpaid losses and unearned premiums			1,841.1				1,814.0			1.5
Deferred acquisition costs			482.5				467.4			3.2
Goodwill			178.8				178.8		-
Other assets			419.7				402.4			4.3
Assets of discontinued businesses			109.5				102.8			6.5
Total assets	$		13,393.8		$		12,490.5			7.2
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Loss and loss adjustment expense reserves	$		5,945.7		$		5,654.4			5.2
Unearned premiums			2,537.1				2,416.7			5.0
Expenses and taxes payable			704.8				627.7			12.3
Deferred income tax liability			84.6				51.8			63.3
Reinsurance premiums payable			67.3				53.4			26.0
Debt			780.4				653.4			19.4
Liabilities of discontinued businesses			118.9				116.9			1.7
Total liabilities			10,238.8				9,574.3			6.9
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			1,871.5				1,837.3			1.9
Accumulated other comprehensive income			352.4				152.6		N/M
Retained earnings			2,529.2				2,410.9			4.9
Treasury stock at cost (23.1 million and 22.1 million shares)			(1,598.7	)			(1,485.2	)		7.6
Total shareholders' equity			3,155.0				2,916.2			8.2
Total liabilities and shareholders' equity	$		13,393.8		$		12,490.5			7.2

4

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED
Three Months ended September 30
		2020																2019
		Commercial				Personal												Commercial				Personal
(In millions, except percentage data)		Lines				Lines				Other				Total				Lines				Lines				Other				Total
Gross premiums written	$		884.7		$		521.4		$		-		$		1,406.1		$		858.2		$		527.6		$		-		$		1,385.8
Net premiums written	$		760.5		$		508.0		$		-		$		1,268.5		$		746.4		$		496.5		$		-		$		1,242.9
Net premiums earned	$		665.1		$		470.3		$		-		$		1,135.4		$		663.5		$		460.6		$		-		$		1,124.1
Losses and LAE:
Current accident year, excluding catastrophe losses			385.1				260.6				-				645.7				385.0				284.7				0.1				669.8
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(3.9	)			1.0				0.3				(2.6	)			(5.6	)			5.6				0.3				0.3
Current accident year catastrophe losses			42.5				33.0				-				75.5				21.3				13.9				-				35.2
Prior accident year unfavorable (favorable) catastrophe loss development			(8.9	)			(0.7	)			-				(9.6	)			0.7				(0.7	)			-				-
Total losses and LAE			414.8				293.9				0.3				709.0				401.4				303.5				0.4				705.3
Amortization of deferred acquisition costs and other underwriting expenses			231.6				133.4				-				365.0				231.7				128.3				-				360.0
											-
GAAP underwriting profit (loss)			18.7				43.0				(0.3	)			61.4				30.4				28.8				(0.4	)			58.8
											-
Net investment income			44.4				19.5				3.7				67.6				44.1				19.6				5.1				68.8
Other income			3.8				3.5				1.8				9.1				2.7				3.1				1.2				7.0
Other operating expenses			(4.6	)			(1.8	)			(3.3	)			(9.7	)			(3.1	)			(1.3	)			(3.9	)			(8.3	)
Operating income before income taxes	$		62.3		$		64.2		$		1.9		$		128.4		$		74.1		$		50.2		$		2.0		$		126.3
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			57.9	%			55.4	%		N/M					56.8	%			58.0	%			61.8	%		N/M					59.6	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.6	)%			0.2	%		N/M					(0.2	)%			(0.8	)%			1.2	%		N/M					-
Current accident year catastrophe losses			6.4	%			7.0	%		N/M					6.6	%			3.2	%			3.1	%		N/M					3.1	%
Prior accident year unfavorable (favorable) catastrophe loss development			(1.3	)%			(0.1	)%		N/M					(0.8	)%			0.1	%			(0.2	)%		N/M					-
Total loss and LAE ratio			62.4	%			62.5	%		N/M					62.4	%			60.5	%			65.9	%		N/M					62.7	%
Expense ratio			34.5	%			27.9	%		N/M					31.8	%			34.7	%			27.4	%		N/M					31.7	%
Combined ratio			96.9	%			90.4	%		N/M					94.2	%			95.2	%			93.3	%		N/M					94.4	%

5

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED
Nine Months ended September 30
		2020																2019
		Commercial				Personal												Commercial				Personal
(In millions, except percentage data)		Lines				Lines				Other				Total				Lines				Lines				Other					Total
Gross premiums written	$		2,441.6		$		1,477.4		$		-		$		3,919.0		$		2,387.2		$		1,496.4		$		-			$		3,883.6
Net premiums written	$		2,083.0		$		1,403.4		$		-		$		3,486.4		$		2,068.5		$		1,410.2		$		-			$		3,478.7
Net premiums earned	$		1,999.6		$		1,373.8		$		-		$		3,373.4		$		1,974.7		$		1,355.5		$		-			$		3,330.2
Losses and LAE:
Current accident year, excluding catastrophe losses			1,148.6				758.4				0.1				1,907.1				1,151.7				836.4				0.1					1,988.2
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(12.7	)			(0.7	)			3.9				(9.5	)			(17.1	)			16.4				0.9					0.2
Current accident year catastrophe losses			140.4				127.8				-				268.2				73.5				81.2				-					154.7
Prior accident year unfavorable (favorable) catastrophe loss development			(18.2	)			1.6				-				(16.6	)			(18.1	)			(2.4	)			-					(20.5	)
Total losses and LAE			1,258.1				887.1				4.0				2,149.2				1,190.0				931.6				1.0					2,122.6
Amortization of deferred acquisition costs and other underwriting expenses			691.1				382.2				-				1,073.3				688.5				378.5				-					1,067.0
											-
GAAP underwriting profit (loss)			50.4				104.5				(4.0	)			150.9				96.2				45.4				(1.0	)				140.6
Net investment income			128.7				56.3				9.9				194.9				132.8				59.0				16.8					208.6
Other income			8.6				8.0				5.6				22.2				6.7				8.6				3.6					18.9
Other operating expenses			(15.5	)			(7.1	)			(11.0	)			(33.6	)			(8.6	)			(4.3	)			(12.1	)				(25.0	)
Operating income before income taxes	$		172.2		$		161.7		$		0.5		$		334.4		$		227.1		$		108.7		$		7.3			$		343.1
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			57.4	%			55.3	%		N/M					56.5	%			58.4	%			61.7	%		N/M						59.7	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.6	)%			(0.1	)%		N/M					(0.3	)%			(0.9	)%			1.2	%		N/M						-
																													######
Current accident year catastrophe losses			7.0	%			9.3	%		N/M					8.0	%			3.7	%			6.0	%		N/M						4.6	%
Prior accident year unfavorable (favorable) catastrophe loss development			(0.9	)%			0.1	%		N/M					(0.5	)%			(0.9	)%			(0.2	)%		N/M						(0.6	)%
Total loss and LAE ratio			62.9	%			64.6	%		N/M					63.7	%			60.3	%			68.7	%		N/M						63.7	%
Expense ratio			34.3	%			27.4	%		N/M					31.5	%			34.7	%			27.4	%		N/M						31.7	%
Combined ratio			97.2	%			92.0	%		N/M					95.2	%			95.0	%			96.1	%		N/M						95.4	%

6

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
CONSOLIDATED
		Q3				Q4				Q1				Q2				Q3				Sep-YTD				Sep-YTD
(In millions, except percentage data)		2019				2019				2020				2020				2020				2019				2020
Gross premiums written	$		1,385.8		$		1,234.9		$		1,288.9		$		1,224.0		$		1,406.1		$		3,883.6		$		3,919.0
Net premiums written	$		1,242.9		$		1,103.0		$		1,136.9		$		1,081.0		$		1,268.5		$		3,478.7		$		3,486.4
Net premiums earned	$		1,124.1		$		1,144.3		$		1,141.4		$		1,096.6		$		1,135.4		$		3,330.2		$		3,373.4
Losses and LAE:
Current accident year, excluding catastrophe losses			669.8				708.0				692.3				569.1				645.7				1,988.2				1,907.1
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			0.3				(1.1	)			(2.0	)			(4.9	)			(2.6	)			0.2				(9.5	)
Current accident year catastrophe losses			35.2				42.1				37.9				154.8				75.5				154.7				268.2
Prior accident year favorable catastrophe loss development			-				(7.0	)			-				(7.0	)			(9.6	)			(20.5	)			(16.6	)
Total losses and LAE			705.3				742.0				728.2				712.0				709.0				2,122.6				2,149.2
Amortization of deferred acquisition costs and other underwriting expenses			360.0				363.6				362.0				346.3				365.0				1,067.0				1,073.3
GAAP underwriting profit	$		58.8		$		38.7		$		51.2		$		38.3		$		61.4		$		140.6		$		150.9
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			59.6	%			61.8	%			60.7	%			51.8	%			56.8	%			59.7	%			56.5	%
Prior accident year favorable reserve development, excluding catastrophe losses			-				(0.1	)%			(0.2	)%			(0.4	)%			(0.2	)%			-				(0.3	)%
Current accident year catastrophe losses			3.1	%			3.7	%			3.3	%			14.1	%			6.6	%			4.6	%			8.0	%
Prior accident year favorable catastrophe loss development			-				(0.6	)%			-				(0.6	)%			(0.8	)%			(0.6	)%			(0.5	)%
Total loss and LAE ratio			62.7	%			64.8	%			63.8	%			64.9	%			62.4	%			63.7	%			63.7	%
Expense ratio			31.7	%			31.4	%			31.4	%			31.3	%			31.8	%			31.7	%			31.5	%
Combined ratio			94.4	%			96.2	%			95.2	%			96.2	%			94.2	%			95.4	%			95.2	%
Combined ratio, excluding catastrophe losses			91.3	%			93.1	%			91.9	%			82.7	%			88.4	%			91.4	%			87.7	%
Current accident year combined ratio, excluding catastrophe losses			91.3	%			93.2	%			92.1	%			83.1	%			88.6	%			91.4	%			88.0	%

7

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
COMMERCIAL LINES
Three Months ended September 30
	2020																				2019
		Multiple								Workers'												Multiple								Workers'
(In millions, except percentage data)		Peril				Auto				Comp				Other				Total				Peril				Auto				Comp				Other				Total
Net premiums written	$		273.4		$		88.8		$		79.0		$		319.3		$		760.5		$		265.2		$		92.4		$		82.7		$		306.1		$		746.4
Net premiums earned	$		227.0		$		82.5		$		76.4		$		279.2		$		665.1		$		221.7		$		84.3		$		79.4		$		278.1		$		663.5
Losses and LAE:
Current accident year, excluding catastrophe losses			134.1				53.1				46.8				151.1				385.1				125.3				57.0				48.6				154.1				385.0
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			6.4				2.0				(9.8	)			(2.5	)			(3.9	)			(0.3	)			1.0				(5.0	)			(1.3	)			(5.6	)
Current accident year catastrophe losses			21.4				0.7				-				20.4				42.5				17.2				0.4				-				3.7				21.3
Prior accident year unfavorable (favorable) catastrophe loss development			(6.5	)			(0.1	)			-				(2.3	)			(8.9	)			(0.9	)			(0.1	)			-				1.7				0.7
Total losses and LAE			155.4				55.7				37.0				166.7				414.8				141.3				58.3				43.6				158.2				401.4
Amortization of deferred acquisition costs and other underwriting expenses																			231.6																				231.7
GAAP underwriting profit																			18.7																				30.4
Net investment income																			44.4																				44.1
Other income																			3.8																				2.7
Other operating expenses																			(4.6	)																			(3.1	)
Operating income before income taxes																	$		62.3																		$		74.1
																														.
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			59.1	%			64.4	%			61.2	%			54.1	%			57.9	%			56.4	%			67.6	%			61.2	%			55.5	%			58.0	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			2.8	%			2.4	%			(12.8	)%			(0.9	)%			(0.6	)%			(0.1	)%			1.2	%			(6.3	)%			(0.5	)%			(0.8	)%
Current accident year catastrophe losses			9.5	%			0.8	%			-				7.3	%			6.4	%			7.8	%			0.5	%			-				1.3	%			3.2	%
Prior accident year unfavorable (favorable) catastrophe loss development			(2.9	)%			(0.1	)%			-				(0.8	)%			(1.3	)%			(0.4	)%			(0.1	)%			-				0.6	%			0.1	%
Total loss and LAE ratio			68.5	%			67.5	%			48.4	%			59.7	%			62.4	%			63.7	%			69.2	%			54.9	%			56.9	%			60.5	%
Expense ratio																			34.5	%																			34.7	%
Combined ratio																			96.9	%																			95.2	%
Change in policies in force			1.8	%			(8.4	)%			8.1	%			0.3	%			1.2	%			6.7	%			(16.3	)%			10.3	%			1.4	%			2.5	%
Retention			89.1	%			82.5	%			84.3	%		N/M					87.1	%			87.0	%			75.8	%			82.0	%		N/M					84.1	%

8

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
COMMERCIAL LINES
Nine Months ended September 30
	2020																				2019
		Multiple								Workers'												Multiple								Workers'
(In millions, except percentage data)		Peril				Auto				Comp				Other				Total				Peril				Auto				Comp				Other				Total
Net premiums written	$		712.6		$		256.4		$		241.1		$		872.9		$		2,083.0		$		699.5		$		256.1		$		254.7		$		858.2		$		2,068.5
Net premiums earned	$		678.9		$		250.8		$		233.3		$		836.6		$		1,999.6		$		660.0		$		253.8		$		239.6		$		821.3		$		1,974.7
Losses and LAE:
Current accident year, excluding catastrophe losses			394.9				159.2				142.5				452.0				1,148.6				369.8				175.2				145.3				461.4				1,151.7
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			13.3				10.7				(25.6	)			(11.1	)			(12.7	)			(5.3	)			5.0				(15.7	)			(1.1	)			(17.1	)
Current accident year catastrophe losses			95.6				1.5				-				43.3				140.4				53.3				1.7				-				18.5				73.5
Prior accident year favorable catastrophe loss development			(14.3	)			(0.1	)		-					(3.8	)			(18.2	)			(11.5	)			(0.4	)		-					(6.2	)			(18.1	)
Total losses and LAE			489.5				171.3				116.9				480.4				1,258.1				406.3				181.5				129.6				472.6				1,190.0
Amortization of deferred acquisition costs and other underwriting expenses																			691.1																				688.5
GAAP underwriting profit																			50.4																				96.2
Net investment income																			128.7																				132.8
Other income																			8.6																				6.7
Other operating expenses																			(15.5	)																			(8.6	)
Operating income before income taxes																	$		172.2																		$		227.1
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			58.1	%			63.4	%			61.1	%			54.0	%			57.4	%			56.1	%			69.0	%			60.7	%			56.1	%			58.4	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			2.0	%			4.3	%			(11.0	)%			(1.3	)%			(0.6	)%			(0.8	)%			2.0	%			(6.6	)%			(0.1	)%			(0.9	)%
Current accident year catastrophe losses			14.1	%			0.6	%			-				5.2	%			7.0	%			8.0	%			0.7	%			-				2.3	%			3.7	%
Prior accident year favorable catastrophe loss development			(2.1	)%			-				-				(0.5	)%			(0.9	)%			(1.7	)%			(0.2	)%			-				(0.8	)%			(0.9	)%
Total loss and LAE ratio			72.1	%			68.3	%			50.1	%			57.4	%			62.9	%			61.6	%			71.5	%			54.1	%			57.5	%			60.3	%
Expense ratio																			34.3	%																			34.7	%
Combined ratio																			97.2	%																			95.0	%
Change in policies in force			1.8	%			(8.4	)%			8.1	%			0.3	%			1.2	%			6.7	%			(16.3	)%			10.3	%			1.4	%			2.5	%
Retention			88.7	%			82.0	%			82.9	%		N/M					86.4	%			86.0	%			76.3	%			81.6	%		N/M					83.2	%

9

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
COMMERCIAL LINES
		Q3				Q4				Q1				Q2				Q3				Sep-YTD				Sep-YTD
(In millions, except percentage data)		2019				2019				2020				2020				2020				2019				2020
Gross premiums written	$		858.2		$		740.1		$		830.5		$		726.4		$		884.7		$		2,387.2		$		2,441.6
Net premiums written	$		746.4		$		638.7		$		707.6		$		614.9		$		760.5		$		2,068.5		$		2,083.0
Net premiums earned	$		663.5		$		679.5		$		675.9		$		658.6		$		665.1		$		1,974.7		$		1,999.6
Losses and LAE:
Current accident year, excluding catastrophe losses			385.0				403.4				413.7				349.8				385.1				1,151.7				1,148.6
Prior accident year favorable reserve development, excluding catastrophe losses			(5.6	)			(11.6	)			(3.7	)			(5.1	)			(3.9	)			(17.1	)			(12.7	)
Current accident year catastrophe losses			21.3				34.3				27.1				70.8				42.5				73.5				140.4
Prior accident year unfavorable (favorable) catastrophe loss development			0.7				(6.5	)			(3.3	)			(6.0	)			(8.9	)			(18.1	)			(18.2	)
Total losses and LAE			401.4				419.6				433.8				409.5				414.8				1,190.0				1,258.1
Amortization of deferred acquisition costs and other underwriting expenses			231.7				234.6				231.7				227.8				231.6				688.5				691.1
			-
GAAP underwriting profit	$		30.4		$		25.3		$		10.4		$		21.3		$		18.7		$		96.2		$		50.4
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			58.0	%			59.4	%			61.2	%			53.2	%			57.9	%			58.4	%			57.4	%
Prior accident year favorable reserve development, excluding catastrophe losses			(0.8	)%			(1.7	)%			(0.5	)%			(0.8	)%			(0.6	)%			(0.9	)%			(0.6	)%
Current accident year catastrophe losses			3.2	%			5.1	%			4.0	%			10.7	%			6.4	%			3.7	%			7.0	%
Prior accident year unfavorable (favorable) catastrophe loss development			0.1	%			(1.0	)%			(0.5	)%			(0.9	)%			(1.3	)%			(0.9	)%			(0.9	)%
Total loss and LAE ratio			60.5	%			61.8	%			64.2	%			62.2	%			62.4	%			60.3	%			62.9	%
Expense ratio			34.7	%			34.3	%			34.0	%			34.4	%			34.5	%			34.7	%			34.3	%
Combined ratio			95.2	%			96.1	%			98.2	%			96.6	%			96.9	%			95.0	%			97.2	%
Combined ratio, excluding catastrophe losses			91.9	%			92.0	%			94.7	%			86.8	%			91.8	%			92.2	%			91.1	%
Current accident year combined ratio, excluding catastrophe losses			92.7	%			93.7	%			95.2	%			87.6	%			92.4	%			93.1	%			91.7	%

10

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES
Three Months ended September 30
	2020																2019
(In millions, except percentage data)		Auto				Home				Other				Total				Auto				Home				Other				Total
Net premiums written	$		311.6		$		179.7		$		16.7		$		508.0		$		308.2		$		174.3		$		14.0		$		496.5
Net premiums earned	$		295.2		$		161.0		$		14.1		$		470.3		$		292.0		$		156.7		$		11.9		$		460.6
Losses and LAE:
Current accident year, excluding catastrophe losses			177.6				77.7				5.3				260.6				203.7				75.8				5.2				284.7
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.1	)			2.5				(1.4	)			1.0				4.7				1.7				(0.8	)			5.6
Current accident year catastrophe losses			3.2				29.6				0.2				33.0				1.6				11.7				0.6				13.9
Prior accident year favorable catastrophe loss development			-				(0.7	)			-				(0.7	)			(0.1	)			(0.6	)			-				(0.7	)
Total losses and LAE			180.7				109.1				4.1				293.9				209.9				88.6				5.0				303.5
Amortization of deferred acquisition costs and other underwriting expenses															133.4																128.3
GAAP underwriting profit															43.0																28.8
Net investment income															19.5																19.6
Other income															3.5																3.1
Other operating expenses															(1.8	)															(1.3	)
Operating income before income taxes													$		64.2														$		50.2
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			60.1	%			48.2	%			37.6	%			55.4	%			69.8	%			48.3	%			43.7	%			61.8	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			-				1.6	%			(9.9	)%			0.2	%			1.6	%			1.1	%			(6.7	)%			1.2	%
Current accident year catastrophe losses			1.1	%			18.4	%			1.4	%			7.0	%			0.5	%			7.5	%			5.0	%			3.1	%
Prior accident year favorable catastrophe loss development			-				(0.4	)%			-				(0.1	)%			-				(0.4	)%			-				(0.2	)%
Total loss and LAE ratio			61.2	%			67.8	%			29.1	%			62.5	%			71.9	%			56.5	%			42.0	%			65.9	%
Expense ratio															27.9	%															27.4	%
Combined ratio															90.4	%															93.3	%
Change in policies in force			(1.7	)%			(0.2	)%			46.4	%			1.4	%			1.9	%			2.4	%			61.9	%			4.1	%
										.
Retention			78.9	%			79.2	%		N/M					79.4	%			82.9	%			82.4	%		N/M					82.8	%

11

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES
Nine Months ended September 30
	2020																2019
(In millions, except percentage data)		Auto				Home				Other				Total				Auto				Home				Other				Total
Net premiums written	$		867.8		$		491.0		$		44.6		$		1,403.4		$		895.3		$		477.0		$		37.9		$		1,410.2
Net premiums earned	$		852.4		$		480.9		$		40.5		$		1,373.8		$		858.7		$		462.7		$		34.1		$		1,355.5
Losses and LAE:
Current accident year, excluding catastrophe losses			506.0				237.6				14.8				758.4				599.3				223.3				13.8				836.4
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			2.8				0.5				(4.0	)			(0.7	)			13.9				2.7				(0.2	)			16.4
Current accident year catastrophe losses			9.2				117.6				1.0				127.8				4.5				75.5				1.2				81.2
Prior accident year unfavorable (favorable) catastrophe loss development			0.8				0.7				0.1				1.6				(0.2	)			(2.2	)			-				(2.4	)
Total losses and LAE			518.8				356.4				11.9				887.1				617.5				299.3				14.8				931.6
Amortization of deferred acquisition costs and other underwriting expenses															382.2																378.5
GAAP underwriting profit															104.5																45.4
Net investment income															56.3																59.0
Other income															8.0																8.6
Other operating expenses															(7.1	)															(4.3	)
Operating income before income taxes													$		161.7														$		108.7
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			59.4	%			49.4	%			36.6	%			55.3	%			69.8	%			48.3	%			40.5	%			61.7	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			0.3	%			0.1	%			(9.9	)%			(0.1	)%			1.6	%			0.6	%			(0.6	)%			1.2	%
Current accident year catastrophe losses			1.1	%			24.5	%			2.5	%			9.3	%			0.5	%			16.3	%			3.5	%			6.0	%
Prior accident year unfavorable (favorable) catastrophe loss development			0.1	%			0.1	%			0.2	%			0.1	%			-				(0.5	)%			-				(0.2	)%
Total loss and LAE ratio			60.9	%			74.1	%			29.4	%			64.6	%			71.9	%			64.7	%			43.4	%			68.7	%
Expense ratio															27.4	%															27.4	%
Combined ratio															92.0	%															96.1	%
Change in policies in force			(1.7	)%			(0.2	)%			46.4	%			1.4	%			1.9	%			2.4	%			61.9	%			4.1	%
Retention			81.9	%			81.3	%		N/M					81.9	%			83.7	%			82.8	%		N/M					83.4	%

12

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
PERSONAL LINES
		Q3				Q4				Q1				Q2				Q3				Sep-YTD				Sep-YTD
(In millions, except percentage data)		2019				2019				2020				2020				2020				2019				2020
Gross premiums written	$		527.6		$		494.8		$		458.4		$		497.6		$		521.4		$		1,496.4		$		1,477.4
Net premiums written	$		496.5		$		464.3		$		429.3		$		466.1		$		508.0		$		1,410.2		$		1,403.4
Net premiums earned	$		460.6		$		464.8		$		465.5		$		438.0		$		470.3		$		1,355.5		$		1,373.8
Losses and LAE:
Current accident year, excluding catastrophe losses			284.7				304.6				278.6				219.2				260.6				836.4				758.4
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			5.6				10.2				(1.6	)			(0.1	)			1.0				16.4				(0.7	)
Current accident year catastrophe losses			13.9				7.8				10.8				84.0				33.0				81.2				127.8
Prior accident year unfavorable (favorable) catastrophe loss development			(0.7	)			(0.5	)			3.3				(1.0	)			(0.7	)			(2.4	)			1.6
Total losses and LAE			303.5				322.1				291.1				302.1				293.9				931.6				887.1
Amortization of deferred acquisition costs and other underwriting expenses			128.3				129.0				130.3				118.5				133.4				378.5				382.2
GAAP underwriting profit	$		28.8		$		13.7		$		44.1		$		17.4		$		43.0		$		45.4		$		104.5
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			61.8	%			65.5	%			59.8	%			50.1	%			55.4	%			61.7	%			55.3	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			1.2	%			2.2	%			(0.3	)%			-				0.2	%			1.2	%			(0.1	)%
Current accident year catastrophe losses			3.1	%			1.7	%			2.3	%			19.1	%			7.0	%			6.0	%			9.3	%
Prior accident year unfavorable (favorable) catastrophe loss development			(0.2	)%			(0.1	)%			0.7	%			(0.2	)%			(0.1	)%			(0.2	)%			0.1	%
Total loss and LAE ratio			65.9	%			69.3	%			62.5	%			69.0	%			62.5	%			68.7	%			64.6	%
Expense ratio			27.4	%			27.2	%			27.5	%			26.7	%			27.9	%			27.4	%			27.4	%
Combined ratio			93.3	%			96.5	%			90.0	%			95.7	%			90.4	%			96.1	%			92.0	%
Combined ratio, excluding catastrophe losses			90.4	%			94.9	%			87.0	%			76.8	%			83.5	%			90.3	%			82.6	%
Current accident year combined ratio, excluding catastrophe losses			89.2	%			92.7	%			87.3	%			76.8	%			83.3	%			89.1	%			82.7	%

13

THE HANOVER INSURANCE GROUP
NET INVESTMENT INCOME AND YIELDS
		Q3			Q4			Q1			Q2			Q3			YTD			YTD
(In millions, except yields)		2019			2019			2020			2020			2020			2019			2020
Net Investment Income
Fixed maturities		$	58.1		$	58.5		$	56.2		$	56.2		$	55.3		$	173.9		$	167.7
Mortgage loans			4.1			4.3			4.3			4.3			4.5			12.0			13.1
Equity securities			4.0			4.7			3.8			3.6			3.4			11.6			10.8
Limited partnerships			3.8			6.6			6.6			(4.6	)		6.0			13.1			8.0
Other investments			1.0			1.1			0.9			0.8			0.7			4.2			2.4
Investment expenses			(2.2	)		(2.5	)		(2.2	)		(2.6	)		(2.3	)		(6.2	)		(7.1	)
Total		$	68.8		$	72.7		$	69.6		$	57.7		$	67.6		$	208.6		$	194.9
Pre-tax Yields
Fixed maturities			3.55	%		3.56	%		3.45	%		3.45	%		3.26	%		3.57	%		3.38	%
Total			3.57	%		3.72	%		3.60	%		2.99	%		3.37	%		3.62	%		3.32	%
	Pre-tax yields represent annualized net investment income for the period divided by the monthly average invested assets at amortized cost, which excludes accumulated changes in fair value for fixed maturities and equity securities.

14

	THE HANOVER INSURANCE GROUP
	INVESTMENT PORTFOLIO
	September 30, 2020
(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		During Q3			YTD
Fixed maturities:
U.S. Treasury and government agencies		AAA	$	353.9	$	373.6		4.2	%	$	19.7	$	(0.4	)	$	11.9
Foreign government		A		4.2		4.7		0.1	%		0.5		-			0.1
Municipals:
Taxable		AA		993.5		1,050.9		11.7	%		57.4		8.9			32.2
Tax-exempt		AA		39.8		41.4		0.5	%		1.6		-			0.4
Corporate:
NAIC 1		A		1,508.9		1,646.9		18.4	%		138.0		1.2			64.7
NAIC 2		BBB		2,013.6		2,177.8		24.3	%		164.2		18.3			92.6
NAIC 3 and below		B+		284.6		297.0		3.3	%		12.4		5.5			(0.4	)
Total corporate		BBB+		3,807.1		4,121.7		46.0	%		314.6		25.0			156.9
Asset-backed:
Residential mortgage-backed		AAA		1,017.8		1,056.0		11.8	%		38.2		(4.0	)		22.2
Commercial mortgage-backed		AAA		695.6		749.1		8.3	%		53.5		6.6			28.0
Asset-backed		AA		72.8		75.6		0.8	%		2.8		0.7			1.7
Total fixed maturities		A+		6,984.7		7,473.0		83.4	%		488.3		36.8			253.4
Equity securities				490.5		490.5		5.5	%		-		-			-
Mortgage and other loans				457.2		457.2		5.1	%		-		-			-
Other investments				306.7		306.7		3.4	%		-		-			-
Total investments				8,239.1		8,727.4		97.4	%		488.3		36.8			253.4
Cash and cash equivalents				231.5		231.5		2.6	%		-		-			-
Total			$	8,470.6	$	8,958.9		100.0	%	$	488.3	$	36.8		$	253.4
(1) Net of allowance for credit losses of $9.4 million.

15

THE HANOVER INSURANCE GROUP
CREDIT QUALITY AND DURATION OF FIXED MATURITIES
September 30, 2020
(In millions)
CREDIT QUALITY OF FIXED MATURITIES
		Rating Agency		Amortized			Fair		% of Total
NAIC Designation		Equivalent Designation		Cost (1)			Value		Fair Value
1		Aaa/Aa/A	$		4,656.1	$		4,966.1		66.4	%
2		Baa			2,043.7			2,209.1		29.6	%
3		Ba			157.0			163.3		2.2	%
4		B			120.4			125.9		1.7	%
5		Caa and lower			7.1			7.1		0.1	%
6		In or near default			0.4			1.5		0.0	%
Total fixed maturities			$		6,984.7	$		7,473.0		100.0	%
DURATION OF FIXED MATURITIES
				Amortized			Fair		% of Total
				Cost (1)			Value		Fair Value
	0-2 Years		$		1,595.8	$		1,650.2		22.1	%
	2-4 Years				1,624.9			1,733.8		23.2	%
	4-6 Years				1,701.5			1,867.6		25.0	%
	6-8 Years				1,060.7			1,174.2		15.7	%
	8-10 Years				743.7			773.4		10.3	%
	10+ Years				258.1			273.8		3.7	%
Total fixed maturities			$		6,984.7	$		7,473.0		100.0	%
Weighted Average Duration					4.7
(1) Net of allowance for credit losses of $1.6 million.

16

THE HANOVER INSURANCE GROUP
TOP 25 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS
September 30, 2020
(In millions, except percentage data)
Issuer	Amortized Cost		Fair Value		As a Percent of Invested Assets	Ratings (1)
State of Ohio	$	34.2	$	35.1	0.39%	AA+
Truist Financial		32.6		35.6	0.40%	A-
AbbVie		29.9		32.1	0.36%	BBB+
Minnesota Housing Finance Agency		29.7		30.2	0.34%	AA+
Massachusetts School Building Authority		29.5		30.3	0.34%	AA+
Bank of America		26.3		29.3	0.33%	A-
PNC Bank		26.1		28.7	0.32%	A
State of Oregon		25.8		26.8	0.30%	AA+
US Bancorp		24.7		27.4	0.31%	A
National Grid		24.1		26.4	0.29%	A-
Dominion Energy		24.1		26.6	0.30%	BBB+
Westpac Banking		23.5		25.6	0.29%	A+
District of Columbia		23.0		23.0	0.26%	AAA
Sumitomo Mitsui Financial		23.0		24.5	0.27%	A-
MassMutual Global Funding II		22.4		24.7	0.27%	AA+
Goldman Sachs		22.4		24.9	0.28%	BBB
JP Morgan Chase		22.2		24.3	0.27%	A-
AvalonBay Communities		22.0		23.8	0.26%	A-
National Australia Bank		21.9		22.9	0.25%	AA-
Lockheed Martin		21.8		24.6	0.27%	A-
Takeda Pharmaceutical		21.6		23.0	0.26%	BBB+
Kroger		21.2		22.8	0.25%	BBB
Citigroup		21.0		22.4	0.25%	BBB+
Wells Fargo		20.9		22.2	0.25%	BBB+
ERAC USA Finance		20.7		22.4	0.25%	A-
Top 25 Corporate and Municipal	$	614.6	$	659.6	7.36%
(1) - Represents nationally recognized rating agency sources.

17

THE HANOVER INSURANCE GROUP
RECONCILIATION OF OPERATING INCOME TO NET INCOME
	Three Months ended September 30														Nine Months ended September 30
	2020							2019							2020							2019
(In millions, except per share data)		$			Per Share (Diluted)				$			Per Share (Diluted)				$			Per Share (Diluted)				$			Per Share (Diluted)
OPERATING INCOME (LOSS)
Commercial Lines	$		62.3					$		74.1					$		172.2					$		227.1
Personal Lines			64.2							50.2							161.7							108.7
Other			1.9							2.0							0.5							7.3
Total			128.4							126.3							334.4							343.1
Interest expense			(9.8	)						(9.4	)						(28.6	)						(28.1	)
Operating income before income taxes			118.6		$	3.12				116.9		$	2.91				305.8		$	7.96				315.0		$	7.71
Income tax expense on operating income			(25.1	)		(0.66	)			(23.9	)		(0.60	)			(62.8	)		(1.63	)			(63.6	)		(1.56	)
Operating income after income taxes			93.5			2.46				93.0			2.31				243.0			6.33				251.4			6.15
Non-operating items:
Net realized gains from sales and other			8.2			0.21				0.6			0.02				12.1			0.31				1.0			0.02
Net change in fair value of equity securities			30.3			0.80				15.0			0.37				(44.4	)		(1.15	)			75.3			1.84
Impairment losses on investments			(0.8	)		(0.02	)			(0.8	)		(0.02	)			(27.9	)		(0.73	)			(1.2	)		(0.03	)
Loss from repayment of borrowings			(6.1	)		(0.16	)			-			-				(6.2	)		(0.16	)			-			-
Other non-operating items			(1.6	)		(0.04	)			(1.4	)		(0.03	)			(1.6	)		(0.04	)			(1.4	)		(0.03	)
Income tax benefit (expense) on non-operating items			(4.0	)		(0.11	)			4.8			0.12				21.1			0.55				(6.3	)		(0.15	)
Income from continuing operations, net of taxes			119.5			3.14				111.2			2.77				196.1			5.11				318.8			7.80
Discontinued operations (net of taxes):
Sale of Chaucer business			-			-				6.4			0.16				-			-				(2.6	)		(0.06	)
Income from Chaucer business			-			-				2.1			0.05				-			-				1.6			0.03
Loss from discontinued life businesses			(0.6	)		(0.01	)			(0.8	)		(0.02	)			(2.0	)		(0.06	)			(2.5	)		(0.06	)
NET INCOME	$		118.9		$	3.13		$		118.9		$	2.96		$		194.1		$	5.05		$		315.3		$	7.71

18

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 (loss), 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 (loss) 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 (loss) 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, among others, hurricanes, tornadoes and other windstorms, earthquakes, hail, severe winter weather, fire, explosions 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 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 (loss) determined in accordance with GAAP. A reconciliation of income (loss) from continuing operations to operating income before interest expense and taxes and income (loss) from continuing operations per share to operating income after taxes per share for the three and nine months ended September 30, 2020 and 2019 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 October 27, 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
Howell, MI 48843							The Hanover Insurance Group, Inc.				traded on the New York Stock Exchange under the
							Senior Debt	bbb+	BBB	Baa2	symbol "THG".
							Subordinated Debentures	bbb-	BB+	Baa3
MARKET AND DIVIDEND INFORMATION											INQUIRIES
The following tables set forth the high and low closing							The above ratings are accurate as of October 27, 2020, and may be				Oksana Lukasheva
sales prices of our common stock and quarterly cash							revised, superseded or withdrawn by the respective rating agency at				Vice President
dividends for the periods indicated:							any time. For the most current information concerning the financial				Investor Relations and Financial Planning and Analysis
							ratings of The Hanover Insurance Group and its subsidiaries, please				olukasheva@hanover.com
Quarter Ended	2020						visit the websites of the respective rating agencies.
	Price Range				Dividends
	High		Low		Per Share
March 31	$	140.54	$	83.67	$	0.650
June 30	$	115.06	$	84.64	$	0.650
September 30	$	107.36	$	89.10	$	0.650
Quarter Ended	2019
	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

20

XML

Document And Entity Information	Oct. 27, 2020
Document Information [Line Items]
Entity Registrant Name	HANOVER INSURANCE GROUP, INC.
Document Type	8-K
Amendment Flag	false
Entity Central Index Key	0000944695
Document Period End Date	Oct. 27, 2020
Entity Emerging Growth Company	false
Entity File Number	1-13754
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3263626
Entity Address, Address Line One	440 Lincoln Street
Entity Address, City or Town	Worcester
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01653
City Area Code	508
Local Phone Number	855-1000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document Information [Line Items]
Title of each class	Common Stock, $.01 par value
Trading Symbol	THG
Name of each exchange on which registered	NYSE
7 5/8% Senior Debentures Due 2025 [Member]
Document Information [Line Items]
Title of each class	7 5/8% Senior Debentures due 2025
Trading Symbol	THG
Name of each exchange on which registered	NYSE