Exhibit 99.2

FINANCIAL SUPPLEMENT
SECOND QUARTER 2021

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 general 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 (which may include flood), 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 policies.

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 professional, management and medical liability, which provides protection for directors, officers and other employees of companies that may be sued in connection with their performance, and errors and omissions protection to companies and individuals against negligence or bad faith, as well as protection for employment practices 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 from operations; surety, which provides businesses with contract surety coverage in the event of claims for non-performance or non-payment and commercial surety 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 umbrella, inland marine (jewelry, art, etc.), 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 run-off voluntary property and casualty pools business.

1

THE HANOVER INSURANCE GROUP
FINANCIAL HIGHLIGHTS
		Q2				Q3				Q4				Q1				Q2				Jun-YTD			Jun-YTD
(In millions, except earnings per share)		2020				2020				2020				2021				2021				2020			2021
PREMIUMS
Gross premiums written	$		1,224.0		$		1,406.1		$		1,235.5		$		1,337.6		$		1,342.8		$		2,512.9	$		2,680.4
Net premiums written			1,081.0				1,268.5				1,112.1				1,196.1				1,207.2				2,217.9			2,403.3
Net premiums earned			1,096.6				1,135.4				1,154.0				1,161.8				1,179.8				2,238.0			2,341.6
EARNINGS
Operating income before interest and taxes	$		88.9		$		128.4		$		150.3		$		85.1		$		137.3		$		206.0	$		222.4
Operating income after taxes			62.7				93.5				112.0				61.4				104.0				149.5			165.4
Income from continuing operations			115.3				119.5				165.9				92.8				129.6				76.6			222.4
Net income			115.2				118.9				164.6				92.7				128.5				75.2			221.2
PER SHARE DATA (DILUTED)
Operating income after taxes	$		1.63		$		2.46		$		3.02		$		1.66		$		2.85		$		3.87	$		4.50
Income from continuing operations			3.01				3.14				4.47				2.52				3.55				1.98			6.06
Net income			3.01				3.13				4.43				2.51				3.52				1.95			6.03
Dilutive weighted average shares outstanding			38.3				38.0				37.1				36.9				36.5				38.6			36.7
Basic weighted average shares outstanding			38.0				37.7				36.7				36.4				35.9				38.2			36.2
BALANCE SHEET
		June 30				September 30				December 31				March 31				June 30
(In millions, except per share data)		2020				2020				2020				2021				2021
Total assets	$		12,838.6		$		13,393.8		$		13,443.7		$		13,448.0		$		13,728.1
Total loss and loss adjustment expense reserves			5,837.3				5,945.7				6,024.0				6,223.7				6,343.4
Total shareholders' equity			3,071.7				3,155.0				3,202.2				3,046.8				3,154.0
Total shareholders' equity, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax			2,687.2				2,742.7				2,774.1				2,804.2				2,849.3
Property and Casualty Companies
Statutory surplus	$		2,313.4		$		2,422.3		$		2,588.5		$		2,667.7		$		2,547.1
Premium to surplus ratio		1.98:1				1.90:1				1.78:1				1.75:1				1.88:1
Book value per share	$		81.10		$		84.32		$		87.96		$		84.21		$		88.23
Book value per share, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax	$		70.95		$		73.30		$		76.20		$		77.50		$		79.71
Tangible book value per share (total book value excluding goodwill
and intangibles)	$		75.86		$		79.03		$		82.55		$		78.78		$		82.76
Shares outstanding			37.9				37.4				36.4				36.2				35.8
Total debt/equity			21.3	%			24.7	%			24.4	%			25.6	%			24.8	%
Total debt/total capital			17.5	%			19.8	%			19.6	%			20.4	%			19.9	%

2

THE HANOVER INSURANCE GROUP
CONSOLIDATED INCOME STATEMENTS
	Three Months ended June 30											Six Months ended June 30
(In millions)		2021				2020			% Change				2021				2020			% Change
REVENUES
Premiums earned	$		1,179.8		$		1,096.6			7.6		$		2,341.6		$		2,238.0			4.6
Net investment income			75.6				57.7			31.0				152.4				127.3			19.7
Net realized and unrealized investment gains (losses):
Net realized gains from sales and other			4.8				0.8		N/M					3.2				3.9			(17.9	)
Net change in fair value of equity securities			26.5				61.5			(56.9	)			65.6				(74.7	)	N/M
Impairment recoveries (losses) on investments			(0.2	)			1.4		N/M					(0.2	)			(27.1	)	N/M
Total net realized and unrealized investment gains (losses)			31.1				63.7			(51.1	)			68.6				(97.9	)	N/M
Fees and other income			6.9				6.3			9.5				14.1				13.1			7.6
Total revenues			1,293.4				1,224.3			5.6				2,576.7				2,280.5			13.0
LOSSES AND EXPENSES
Losses and loss adjustment expenses			745.1				712.0			4.6				1,526.4				1,440.2			6.0
Amortization of deferred acquisition costs			244.2				237.3			2.9				484.5				474.2			2.2
Interest expense			8.5				9.4			(9.6	)			17.0				18.8			(9.6	)
Other operating expenses			135.7				122.5			10.8				274.8				258.1			6.5
Total losses and expenses			1,133.5				1,081.2			4.8				2,302.7				2,191.3			5.1
Income from continuing operations before income taxes			159.9				143.1			11.7				274.0				89.2		N/M
Income tax expense			30.3				27.8			9.0				51.6				12.6		N/M
		\
Income from continuing operations			129.6				115.3			12.4				222.4				76.6		N/M
Discontinued operations (net of taxes):
									-
Loss from discontinued life businesses			(1.1	)			(0.1	)	N/M					(1.2	)			(1.4	)		(14.3	)
Net income	$		128.5		$		115.2			11.5		$		221.2		$		75.2		N/M

3

THE HANOVER INSURANCE GROUP
CONSOLIDATED BALANCE SHEETS
		June 30				December 31
(In millions, except per share data)		2021				2020			% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $7,198.0 and $6,945.6)	$		7,555.8		$		7,454.4			1.4
Equity securities, at fair value			618.6				598.5			3.4
Other investments			781.5				793.2			(1.5	)
Total investments			8,955.9				8,846.1			1.2
Cash and cash equivalents			106.4				120.6			(11.8	)
Accrued investment income			50.5				51.2			(1.4	)
Premiums and accounts receivable, net			1,405.4				1,339.3			4.9
Reinsurance recoverable on paid and unpaid losses and unearned premiums			1,932.3				1,874.3			3.1
Deferred acquisition costs			504.9				477.5			5.7
Goodwill			178.8				178.8		-
Other assets			484.4				445.7			8.7
Assets of discontinued businesses			109.5				110.2			(0.6	)
Total assets	$		13,728.1		$		13,443.7			2.1
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Loss and loss adjustment expense reserves	$		6,343.4		$		6,024.0			5.3
Unearned premiums			2,589.4				2,482.7			4.3
Expenses and taxes payable			588.5				687.5			(14.4	)
Deferred income tax liability			83.2				97.3			(14.5	)
Reinsurance premiums payable			66.8				48.4			38.0
Debt			781.2				780.8			0.1
Liabilities of discontinued businesses			121.6				120.8			0.7
Total liabilities			10,574.1				10,241.5			3.2
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			1,873.4				1,857.4			0.9
Accumulated other comprehensive income			250.5				372.5			(32.8	)
Retained earnings			2,837.9				2,668.0			6.4
Treasury stock at cost (24.7 million and 24.1 million shares)			(1,808.4	)			(1,696.3	)		6.6
Total shareholders' equity			3,154.0				3,202.2			(1.5	)
Total liabilities and shareholders' equity	$		13,728.1		$		13,443.7			2.1

4

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED
Three Months ended June 30
		2021																2020
		Commercial				Personal												Commercial				Personal
(In millions, except percentage data)		Lines				Lines				Other				Total				Lines				Lines				Other				Total
Gross premiums written	$		805.7		$		537.1		$		-		$		1,342.8		$		726.4		$		497.6		$		-		$		1,224.0
Net premiums written	$		686.8		$		520.4		$		-		$		1,207.2		$		614.9		$		466.1		$		-		$		1,081.0
Net premiums earned	$		703.4		$		476.4		$		-		$		1,179.8		$		658.6		$		438.0		$		-		$		1,096.6
Losses and LAE:
Current accident year, excluding catastrophe losses			403.9				277.0				-				680.9				349.8				219.2				0.1				569.1
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(7.9	)			(5.0	)			0.3				(12.6	)			(5.1	)			(0.1	)			0.3				(4.9	)
Current accident year catastrophe losses			30.2				61.6				-				91.8				70.8				84.0				-				154.8
Prior accident year favorable catastrophe loss development			(12.0	)			(3.0	)			-				(15.0	)			(6.0	)			(1.0	)			-				(7.0	)
Total losses and LAE			414.2				330.6				0.3				745.1				409.5				302.1				0.4				712.0
Amortization of deferred acquisition costs and other underwriting expenses			235.4				136.3				-				371.7				227.8				118.5				-				346.3
											-
GAAP underwriting profit (loss)			53.8				9.5				(0.3	)			63.0				21.3				17.4				(0.4	)			38.3
											-
Net investment income			51.0				21.8				2.8				75.6				37.9				16.5				3.3				57.7
Other income			3.6				2.2				1.1				6.9				2.4				1.8				2.1				6.3
Other operating expenses			(4.0	)			(1.3	)			(2.9	)			(8.2	)			(6.3	)			(3.1	)			(4.0	)			(13.4	)
Operating income before income taxes	$		104.4		$		32.2		$		0.7		$		137.3		$		55.3		$		32.6		$		1.0		$		88.9
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			57.4	%			58.1	%		N/M					57.8	%			53.2	%			50.1	%		N/M					51.8	%
Prior accident year favorable reserve development, excluding catastrophe losses			(1.1	)%			(1.0	)%		N/M					(1.1	)%			(0.8	)%			-			N/M					(0.4	)%
Current accident year catastrophe losses			4.3	%			12.9	%		N/M					7.8	%			10.7	%			19.1	%		N/M					14.1	%
Prior accident year favorable catastrophe loss development			(1.7	)%			(0.6	)%		N/M					(1.3	)%			(0.9	)%			(0.2	)%		N/M					(0.6	)%
Total loss and LAE ratio			58.9	%			69.4	%		N/M					63.2	%			62.2	%			69.0	%		N/M					64.9	%
Expense ratio			33.2	%			28.2	%		N/M					31.2	%			34.4	%			26.7	%		N/M					31.3	%
Combined ratio			92.1	%			97.6	%		N/M					94.4	%			96.6	%			95.7	%		N/M					96.2	%

5

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED
Six Months ended June 30
		2021																2020
		Commercial				Personal												Commercial				Personal
(In millions, except percentage data)		Lines				Lines				Other				Total				Lines				Lines				Other				Total
Gross premiums written	$		1,689.7		$		990.7		$		-		$		2,680.4		$		1,556.9		$		956.0		$		-		$		2,512.9
Net premiums written	$		1,444.2		$		959.1		$		-		$		2,403.3		$		1,322.5		$		895.4		$		-		$		2,217.9
Net premiums earned	$		1,396.3		$		945.3		$		-		$		2,341.6		$		1,334.5		$		903.5		$		-		$		2,238.0
Losses and LAE:
Current accident year, excluding catastrophe losses			792.8				544.3				-				1,337.1				763.5				497.8				0.1				1,261.4
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(11.2	)			(10.2	)			0.6				(20.8	)			(8.8	)			(1.7	)			3.6				(6.9	)
Current accident year catastrophe losses			149.0				76.1				-				225.1				97.9				94.8				-				192.7
Prior accident year unfavorable (favorable) catastrophe loss development			(12.0	)			(3.0	)			-				(15.0	)			(9.3	)			2.3				-				(7.0	)
Total losses and LAE			918.6				607.2				0.6				1,526.4				843.3				593.2				3.7				1,440.2
Amortization of deferred acquisition costs and other underwriting expenses			473.2				269.7				-				742.9				459.5				248.8				-				708.3
GAAP underwriting profit (loss)			4.5				68.4				(0.6	)			72.3				31.7				61.5				(3.7	)			89.5
Net investment income			102.8				43.9				5.7				152.4				84.3				36.8				6.2				127.3
Other income			7.2				4.5				2.4				14.1				4.8				4.5				3.8				13.1
Other operating expenses			(7.9	)			(2.8	)			(5.7	)			(16.4	)			(10.9	)			(5.3	)			(7.7	)			(23.9	)
Operating income (loss) before income taxes	$		106.6		$		114.0		$		1.8		$		222.4		$		109.9		$		97.5		$		(1.4	)	$		206.0
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			56.8	%			57.6	%		N/M					57.1	%			57.3	%			55.2	%		N/M					56.4	%
Prior accident year favorable reserve development, excluding catastrophe losses			(0.8	)%			(1.1	)%		N/M					(0.9	)%			(0.7	)%			(0.2	)%		N/M					(0.3	)%
Current accident year catastrophe losses			10.7	%			8.0	%		N/M					9.6	%			7.3	%			10.4	%		N/M					8.6	%
Prior accident year unfavorable (favorable) catastrophe loss development			(0.9	)%			(0.3	)%		N/M					(0.6	)%			(0.7	)%			0.3	%		N/M					(0.3	)%
Total loss and LAE ratio			65.8	%			64.2	%		N/M					65.2	%			63.2	%			65.7	%		N/M					64.4	%
Expense ratio			33.6	%			28.1	%		N/M					31.4	%			34.2	%			27.1	%		N/M					31.3	%
Combined ratio			99.4	%			92.3	%		N/M					96.6	%			97.4	%			92.8	%		N/M					95.7	%

6

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
CONSOLIDATED
		Q2				Q3				Q4				Q1				Q2				Jun-YTD				Jun-YTD
(In millions, except percentage data)		2020				2020				2020				2021				2021				2020				2021
Gross premiums written	$		1,224.0		$		1,406.1		$		1,235.5		$		1,337.6		$		1,342.8		$		2,512.9		$		2,680.4
Net premiums written	$		1,081.0		$		1,268.5		$		1,112.1		$		1,196.1		$		1,207.2		$		2,217.9		$		2,403.3
Net premiums earned	$		1,096.6		$		1,135.4		$		1,154.0		$		1,161.8		$		1,179.8		$		2,238.0		$		2,341.6
Losses and LAE:
Current accident year, excluding catastrophe losses			569.1				645.7				666.2				656.2				680.9				1,261.4				1,337.1
Prior accident year favorable reserve development, excluding catastrophe losses			(4.9	)			(2.6	)			(6.0	)			(8.2	)			(12.6	)			(6.9	)			(20.8	)
Current accident year catastrophe losses			154.8				75.5				35.6				133.3				91.8				192.7				225.1
Prior accident year favorable catastrophe loss development			(7.0	)			(9.6	)			(0.5	)			-				(15.0	)			(7.0	)			(15.0	)
Total losses and LAE			712.0				709.0				695.3				781.3				745.1				1,440.2				1,526.4
Amortization of deferred acquisition costs and other underwriting expenses			346.3				365.0				374.7				371.2				371.7				708.3				742.9
GAAP underwriting profit	$		38.3		$		61.4		$		84.0		$		9.3		$		63.0		$		89.5		$		72.3
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			51.8	%			56.8	%			57.8	%			56.4	%			57.8	%			56.4	%			57.1	%
Prior accident year favorable reserve development, excluding catastrophe losses			(0.4	)%			(0.2	)%			(0.5	)%			(0.7	)%			(1.1	)%			(0.3	)%			(0.9	)%
Current accident year catastrophe losses			14.1	%			6.6	%			3.0	%			11.5	%			7.8	%			8.6	%			9.6	%
Prior accident year favorable catastrophe loss development			(0.6	)%			(0.8	)%			-			-					(1.3	)%			(0.3	)%			(0.6	)%
Total loss and LAE ratio			64.9	%			62.4	%			60.3	%			67.2	%			63.2	%			64.4	%			65.2	%
Expense ratio			31.3	%			31.8	%			32.1	%			31.6	%			31.2	%			31.3	%			31.4	%
Combined ratio			96.2	%			94.2	%			92.4	%			98.8	%			94.4	%			95.7	%			96.6	%
Combined ratio, excluding catastrophe losses			82.7	%			88.4	%			89.4	%			87.3	%			87.9	%			87.4	%			87.6	%
Current accident year combined ratio, excluding catastrophe losses			83.1	%			88.6	%			89.9	%			88.0	%			89.0	%			87.7	%			88.5	%

7

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
COMMERCIAL LINES
Three Months ended June 30
	2021																				2020
		Multiple								Workers'												Multiple								Workers'
(In millions, except percentage data)		Peril				Auto				Comp				Other				Total				Peril				Auto				Comp				Other				Total
Net premiums written	$		224.1		$		82.9		$		78.2		$		301.6		$		686.8		$		204.3		$		77.7		$		65.2		$		267.7		$		614.9
Net premiums earned	$		238.7		$		86.1		$		83.3		$		295.3		$		703.4		$		224.6		$		83.0		$		74.1		$		276.9		$		658.6
Losses and LAE:
Current accident year, excluding catastrophe losses			137.5				51.8				51.3				163.3				403.9				111.3				49.4				43.2				145.9				349.8
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.5	)			3.2				(7.7	)			(2.9	)			(7.9	)			2.7				4.2				(8.6	)			(3.4	)			(5.1	)
Current accident year catastrophe losses			17.9				0.7				-				11.6				30.2				56.6				0.7				-				13.5				70.8
Prior accident year favorable catastrophe loss development			(8.5	)			(0.4	)			-				(3.1	)			(12.0	)			(4.8	)			(0.1	)			-				(1.1	)			(6.0	)
Total losses and LAE			146.4				55.3				43.6				168.9				414.2				165.8				54.2				34.6				154.9				409.5
Amortization of deferred acquisition costs and other underwriting expenses																			235.4																				227.8
GAAP underwriting profit																			53.8																				21.3
Net investment income																			51.0																				37.9
Other income																			3.6																				2.4
Other operating expenses																			(4.0	)																			(6.3	)
Operating income before income taxes																	$		104.4																		$		55.3
																														.
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			57.6	%			60.2	%			61.5	%			55.3	%			57.4	%			49.5	%			59.5	%			58.3	%			52.6	%			53.2	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.2	)%			3.7	%			(9.2	)%			(1.0	)%			(1.1	)%			1.2	%			5.1	%			(11.6	)%			(1.2	)%			(0.8	)%
Current accident year catastrophe losses			7.5	%			0.8	%			-				3.9	%			4.3	%			25.2	%			0.8	%			-				4.9	%			10.7	%
Prior accident year favorable catastrophe loss development			(3.6	)%			(0.5	)%			-				(1.0	)%			(1.7	)%			(2.1	)%			(0.1	)%			-				(0.4	)%			(0.9	)%
Total loss and LAE ratio			61.3	%			64.2	%			52.3	%			57.2	%			58.9	%			73.8	%			65.3	%			46.7	%			55.9	%			62.2	%
Expense ratio																			33.2	%																			34.4	%
Combined ratio																			92.1	%																			96.6	%
Change in policies in force			3.0	%			(6.1	)%			8.2	%			2.0	%			2.7	%			1.6	%			(9.9	)%			8.9	%			1.4	%			1.5	%
Retention			87.7	%			80.7	%			79.4	%		N/M					84.9	%			88.9	%			83.7	%			82.8	%		N/M					86.9	%

8

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
COMMERCIAL LINES
Six Months ended June 30
	2021																				2020
		Multiple								Workers'												Multiple								Workers'
(In millions, except percentage data)		Peril				Auto				Comp				Other				Total				Peril				Auto				Comp				Other				Total
Net premiums written	$		466.6		$		175.1		$		175.4		$		627.1		$		1,444.2		$		439.2		$		167.6		$		162.1		$		553.6		$		1,322.5
Net premiums earned	$		470.1		$		171.4		$		162.7		$		592.1		$		1,396.3		$		451.9		$		168.3		$		156.9		$		557.4		$		1,334.5
Losses and LAE:
Current accident year, excluding catastrophe losses			270.7				102.7				99.2				320.2				792.8				260.8				106.1				95.7				300.9				763.5
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(1.3	)			3.0				(10.7	)			(2.2	)			(11.2	)			6.9				8.7				(15.8	)			(8.6	)			(8.8	)
Current accident year catastrophe losses			108.9				1.2				-				38.9				149.0				74.2				0.8				-				22.9				97.9
Prior accident year favorable catastrophe loss development			(7.9	)			(1.0	)			-				(3.1	)			(12.0	)			(7.8	)			-				-				(1.5	)			(9.3	)
Total losses and LAE			370.4				105.9				88.5				353.8				918.6				334.1				115.6				79.9				313.7				843.3
Amortization of deferred acquisition costs and other underwriting expenses																			473.2																				459.5
GAAP underwriting profit																			4.5																				31.7
Net investment income																			102.8																				84.3
Other income																			7.2																				4.8
Other operating expenses																			(7.9	)																			(10.9	)
Operating income before income taxes																	$		106.6																		$		109.9
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			57.6	%			59.9	%			61.0	%			54.2	%			56.8	%			57.7	%			63.0	%			61.0	%			54.0	%			57.3	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.3	)%			1.8	%			(6.6	)%			(0.4	)%			(0.8	)%			1.5	%			5.2	%			(10.1	)%			(1.5	)%			(0.7	)%
Current accident year catastrophe losses			23.2	%			0.7	%			-				6.5	%			10.7	%			16.4	%			0.5	%			-				4.1	%			7.3	%
Prior accident year favorable catastrophe loss development			(1.7	)%			(0.6	)%			-				(0.5	)%			(0.9	)%			(1.7	)%			-				-				(0.3	)%			(0.7	)%
Total loss and LAE ratio			78.8	%			61.8	%			54.4	%			59.8	%			65.8	%			73.9	%			68.7	%			50.9	%			56.3	%			63.2	%
Expense ratio																			33.6	%																			34.2	%
Combined ratio																			99.4	%																			97.4	%
Change in policies in force			3.0	%			(6.1	)%			8.2	%			2.0	%			2.7	%			1.6	%			(9.9	)%			8.9	%			1.4	%			1.5	%
Retention			88.0	%			82.7	%			83.4	%		N/M					86.2	%			88.5	%			81.6	%			82.2	%		N/M					86.0	%

9

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
COMMERCIAL LINES
		Q2				Q3				Q4				Q1				Q2				Jun-YTD				Jun-YTD
(In millions, except percentage data)		2020				2020				2020				2021				2021				2020				2021
Gross premiums written	$		726.4		$		884.7		$		759.4		$		884.0		$		805.7		$		1,556.9		$		1,689.7
Net premiums written	$		614.9		$		760.5		$		650.1		$		757.4		$		686.8		$		1,322.5		$		1,444.2
Net premiums earned	$		658.6		$		665.1		$		683.7		$		692.9		$		703.4		$		1,334.5		$		1,396.3
Losses and LAE:
Current accident year, excluding catastrophe losses			349.8				385.1				385.5				388.9				403.9				763.5				792.8
Prior accident year favorable reserve development, excluding catastrophe losses			(5.1	)			(3.9	)			(6.3	)			(3.3	)			(7.9	)			(8.8	)			(11.2	)
Current accident year catastrophe losses			70.8				42.5				10.6				118.8				30.2				97.9				149.0
Prior accident year favorable catastrophe loss development			(6.0	)			(8.9	)			(0.6	)			-				(12.0	)			(9.3	)			(12.0	)
Total losses and LAE			409.5				414.8				389.2				504.4				414.2				843.3				918.6
Amortization of deferred acquisition costs and other underwriting expenses			227.8				231.6				238.6				237.8				235.4				459.5				473.2
			-
GAAP underwriting profit (loss)	$		21.3		$		18.7		$		55.9		$		(49.3	)	$		53.8		$		31.7		$		4.5
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			53.2	%			57.9	%			56.3	%			56.2	%			57.4	%			57.3	%			56.8	%
Prior accident year favorable reserve development, excluding catastrophe losses			(0.8	)%			(0.6	)%			(0.9	)%			(0.5	)%			(1.1	)%			(0.7	)%			(0.8	)%
Current accident year catastrophe losses			10.7	%			6.4	%			1.6	%			17.1	%			4.3	%			7.3	%			10.7	%
Prior accident year favorable catastrophe loss development			(0.9	)%			(1.3	)%			(0.1	)%			-				(1.7	)%			(0.7	)%			(0.9	)%
Total loss and LAE ratio			62.2	%			62.4	%			56.9	%			72.8	%			58.9	%			63.2	%			65.8	%
Expense ratio			34.4	%			34.5	%			34.6	%			34.1	%			33.2	%			34.2	%			33.6	%
Combined ratio			96.6	%			96.9	%			91.5	%			106.9	%			92.1	%			97.4	%			99.4	%
Combined ratio, excluding catastrophe losses			86.8	%			91.8	%			90.0	%			89.8	%			89.5	%			90.8	%			89.6	%
Current accident year combined ratio, excluding catastrophe losses			87.6	%			92.4	%			90.9	%			90.3	%			90.6	%			91.5	%			90.4	%

10

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES
Three Months ended June 30
	2021																2020
(In millions, except percentage data)		Auto				Home				Other				Total				Auto				Home				Other				Total
Net premiums written	$		318.6		$		182.4		$		19.4		$		520.4		$		276.8		$		173.7		$		15.6		$		466.1
Net premiums earned	$		295.6		$		164.7		$		16.1		$		476.4		$		263.9		$		160.7		$		13.4		$		438.0
Losses and LAE:
Current accident year, excluding catastrophe losses			183.6				87.0				6.4				277.0				131.8				82.8				4.6				219.2
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(3.8	)			(0.7	)			(0.5	)			(5.0	)			-				1.0				(1.1	)			(0.1	)
Current accident year catastrophe losses			9.4				52.0				0.2				61.6				5.2				78.2				0.6				84.0
Prior accident year unfavorable (favorable) catastrophe loss development			(0.7	)			(2.4	)			0.1				(3.0	)			(0.1	)			(1.0	)			0.1				(1.0	)
Total losses and LAE			188.5				135.9				6.2				330.6				136.9				161.0				4.2				302.1
Amortization of deferred acquisition costs and other underwriting expenses															136.3																118.5
GAAP underwriting profit															9.5																17.4
Net investment income															21.8																16.5
Other income															2.2																1.8
Other operating expenses															(1.3	)															(3.1	)
Operating income before income taxes													$		32.2														$		32.6
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			62.2	%			52.8	%			39.7	%			58.1	%			50.0	%			51.6	%			34.3	%			50.1	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(1.3	)%			(0.4	)%			(3.1	)%			(1.0	)%			-				0.6	%			(8.2	)%			-
Current accident year catastrophe losses			3.1	%			31.6	%			1.3	%			12.9	%			1.9	%			48.6	%			4.5	%			19.1	%
Prior accident year unfavorable (favorable) catastrophe loss development			(0.2	)%			(1.5	)%			0.6	%			(0.6	)%			-				(0.6	)%			0.7	%			(0.2	)%
Total loss and LAE ratio			63.8	%			82.5	%			38.5	%			69.4	%			51.9	%			100.2	%			31.3	%			69.0	%
Expense ratio															28.2	%															26.7	%
Combined ratio															97.6	%															95.7	%
Change in policies in force			(0.9	)%			0.6	%			37.4	%			2.3	%			(0.1	)%			0.8	%			50.2	%			2.5	%
										.
Retention(1)			85.9	%			87.0	%		N/M					86.6	%			86.5	%			87.3	%		N/M					87.0	%
(1) The calculation of this measure has been updated, including prior periods, to exclude the "lost business" from policy cancel/rewrites.

11

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES
Six Months ended June 30
	2021																2020
(In millions, except percentage data)		Auto				Home				Other				Total				Auto				Home				Other				Total
Net premiums written	$		599.3		$		325.5		$		34.3		$		959.1		$		556.2		$		311.3		$		27.9		$		895.4
Net premiums earned	$		586.7		$		327.2		$		31.4		$		945.3		$		557.2		$		319.9		$		26.4		$		903.5
Losses and LAE:
Current accident year, excluding catastrophe losses			358.3				173.8				12.2				544.3				328.4				159.9				9.5				497.8
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(9.1	)			(0.7	)			(0.4	)			(10.2	)			2.9				(2.0	)			(2.6	)			(1.7	)
Current accident year catastrophe losses			10.0				65.9				0.2				76.1				6.0				88.0				0.8				94.8
Prior accident year unfavorable (favorable) catastrophe loss development			(0.7	)			(2.4	)			0.1				(3.0	)			0.8				1.4				0.1				2.3
Total losses and LAE			358.5				236.6				12.1				607.2				338.1				247.3				7.8				593.2
Amortization of deferred acquisition costs and other underwriting expenses															269.7																248.8
GAAP underwriting profit															68.4																61.5
Net investment income															43.9																36.8
Other income															4.5																4.5
Other operating expenses															(2.8	)															(5.3	)
Operating income before income taxes													$		114.0														$		97.5
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			61.1	%			53.1	%			38.8	%			57.6	%			59.0	%			50.0	%			35.9	%			55.2	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(1.6	)%			(0.2	)%			(1.3	)%			(1.1	)%			0.5	%			(0.6	)%			(9.8	)%			(0.2	)%
Current accident year catastrophe losses			1.7	%			20.1	%			0.7	%			8.0	%			1.1	%			27.5	%			3.0	%			10.4	%
Prior accident year unfavorable (favorable) catastrophe loss development			(0.1	)%			(0.7	)%			0.3	%			(0.3	)%			0.1	%			0.4	%			0.4	%			0.3	%
Total loss and LAE ratio			61.1	%			72.3	%			38.5	%			64.2	%			60.7	%			77.3	%			29.5	%			65.7	%
Expense ratio															28.1	%															27.1	%
Combined ratio															92.3	%															92.8	%
Change in policies in force			(0.9	)%			0.6	%			37.4	%			2.3	%			(0.1	)%			0.8	%			50.2	%			2.5	%
Retention(1)			85.0	%			85.8	%		N/M					85.5	%			85.3	%			85.9	%		N/M					85.7	%
(1) The calculation of this measure has been updated, including prior periods, to exclude the "lost business" from policy cancel/rewrites.

12

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
PERSONAL LINES
		Q2				Q3				Q4				Q1				Q2				Jun-YTD				Jun-YTD
(In millions, except percentage data)		2020				2020				2020				2021				2021				2020				2021
Gross premiums written	$		497.6		$		521.4		$		476.1		$		453.6		$		537.1		$		956.0		$		990.7
Net premiums written	$		466.1		$		508.0		$		462.0		$		438.7		$		520.4		$		895.4		$		959.1
Net premiums earned	$		438.0		$		470.3		$		470.3		$		468.9		$		476.4		$		903.5		$		945.3
Losses and LAE:
Current accident year, excluding catastrophe losses			219.2				260.6				280.7				267.3				277.0				497.8				544.3
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.1	)			1.0				-				(5.2	)			(5.0	)			(1.7	)			(10.2	)
Current accident year catastrophe losses			84.0				33.0				25.0				14.5				61.6				94.8				76.1
Prior accident year unfavorable (favorable) catastrophe loss development			(1.0	)			(0.7	)			0.1				-				(3.0	)			2.3				(3.0	)
Total losses and LAE			302.1				293.9				305.8				276.6				330.6				593.2				607.2
Amortization of deferred acquisition costs and other underwriting expenses			118.5				133.4				136.1				133.4				136.3				248.8				269.7
GAAP underwriting profit	$		17.4		$		43.0		$		28.4		$		58.9		$		9.5		$		61.5		$		68.4
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			50.1	%			55.4	%			59.7	%			57.0	%			58.1	%			55.2	%			57.6	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			-				0.2	%			-				(1.1	)%			(1.0	)%			(0.2	)%			(1.1	)%
Current accident year catastrophe losses			19.1	%			7.0	%			5.3	%			3.1	%			12.9	%			10.4	%			8.0	%
Prior accident year unfavorable (favorable) catastrophe loss development			(0.2	)%			(0.1	)%			-				-				(0.6	)%			0.3	%			(0.3	)%
Total loss and LAE ratio			69.0	%			62.5	%			65.0	%			59.0	%			69.4	%			65.7	%			64.2	%
Expense ratio			26.7	%			27.9	%			28.4	%			28.0	%			28.2	%			27.1	%			28.1	%
Combined ratio			95.7	%			90.4	%			93.4	%			87.0	%			97.6	%			92.8	%			92.3	%
Combined ratio, excluding catastrophe losses			76.8	%			83.5	%			88.1	%			83.9	%			85.3	%			82.1	%			84.6	%
Current accident year combined ratio, excluding catastrophe losses			76.8	%			83.3	%			88.1	%			85.0	%			86.3	%			82.3	%			85.7	%

13

THE HANOVER INSURANCE GROUP
NET INVESTMENT INCOME AND YIELDS
	Q2			Q3			Q4			Q1			Q2			YTD			YTD
(In millions, except yields)	2020			2020			2020			2021			2021			2020			2021
Net Investment Income
Fixed maturities	$	56.2		$	55.3		$	54.8		$	54.5		$	53.9		$	112.4		$	108.4
Limited partnerships		(4.6	)		6.0			8.7			15.1			15.5			2.0			30.6
Mortgage loans		4.3			4.5			4.4			5.4			4.2			8.6			9.6
Equity securities		3.6			3.4			4.0			3.8			3.8			7.4			7.6
Other investments		0.8			0.7			0.8			0.7			0.9			1.7			1.6
Investment expenses		(2.6	)		(2.3	)		(2.5	)		(2.7	)		(2.7	)		(4.8	)		(5.4	)
Total	$	57.7		$	67.6		$	70.2		$	76.8		$	75.6		$	127.3		$	152.4
Pre-tax Yields
		3.45	%		3.26	%		3.15	%		3.11	%		3.02	%		3.45	%		3.07	%
		2.99	%		3.37	%		3.45	%		3.74	%		3.65	%		3.30	%		3.70	%
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
June 30, 2021
(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 Q2		YTD
Fixed maturities:
U.S. Treasury and government agencies	AAA	$	381.5	$	386.9		4.3	%	$	5.4	$	6.4	$	(10.2	)
Foreign government	A-		2.2		2.6		-			0.4		-		(0.1	)
Municipals:
Taxable	AA		1,024.5		1,066.8		11.8	%		42.3		16.4		(17.6	)
Tax-exempt	AA		29.4		30.4		0.3	%		1.0		0.1		(0.7	)
Corporate:
NAIC 1	A		1,389.2		1,489.0		16.4	%		99.8		13.2		(38.8	)
NAIC 2	BBB		2,267.9		2,399.9		26.5	%		132.0		26.1		(49.3	)
NAIC 3 and below	BB-		308.3		324.5		3.6	%		16.2		2.1		(5.3	)
Total corporate	BBB+		3,965.4		4,213.4		46.5	%		248.0		41.4		(93.4	)
Asset-backed:
Residential mortgage-backed	AAA		980.0		997.8		11.0	%		17.8		5.1		(14.7	)
Commercial mortgage-backed	AAA		739.3		779.6		8.6	%		40.3		6.6		(14.3	)
Asset-backed	A+		75.7		78.3		0.9	%		2.6		0.6		-
Total fixed maturities	A+		7,198.0		7,555.8		83.4	%		357.8		76.6		(151.0	)
Equity securities			618.6		618.6		6.8	%		-		-		-
Mortgage and other loans			437.6		437.6		4.8	%		-		-		-
Other investments			343.9		343.9		3.8	%		-		-		-
Total investments			8,598.1		8,955.9		98.8	%		357.8		76.6		(151.0	)
Cash and cash equivalents			106.4		106.4		1.2	%		-		-		-
Total		$	8,704.5	$	9,062.3		100.0	%	$	357.8	$	76.6	$	(151.0	)
(1) Net of allowance for credit losses of $8.0 million.

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THE HANOVER INSURANCE GROUP
CREDIT QUALITY AND DURATION OF FIXED MATURITIES
June 30, 2021
(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	$		4,567.6	$		4,774.6		63.2	%
2		Baa			2,322.2			2,456.6		32.5	%
3		Ba			203.3			213.8		2.8	%
4		B			98.7			103.8		1.4	%
5		Caa and lower			6.2			7.0		0.1	%
Total fixed maturities			$		7,198.0	$		7,555.8		100.0	%
DURATION OF FIXED MATURITIES
				Amortized			Fair		% of Total
				Cost (1)			Value		Fair Value
	0-2 Years		$		1,135.1	$		1,172.3		15.5	%
	2-4 Years				1,659.9			1,773.9		23.5	%
	4-6 Years				1,930.4			2,064.6		27.3	%
	6-8 Years				1,153.2			1,220.0		16.2	%
	8-10 Years				1,098.7			1,097.0		14.5	%
	10+ Years				220.7			228.0		3.0	%
Total fixed maturities			$		7,198.0	$		7,555.8		100.0	%
Weighted Average Duration					5.0

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THE HANOVER INSURANCE GROUP
TOP 25 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS
June 30, 2021
(In millions, except percentage data)
Issuer	Amortized Cost		Fair Value		As a Percent of  Invested Assets	Ratings (1)
Morgan Stanley	$	36.0	$	38.8	0.43%	BBB+
State of Ohio		34.2		34.4	0.38%	AA+
Minnesota Housing Finance Agency		33.8		34.1	0.38%	AAA
Truist Financial		32.6		34.9	0.38%	A-
JP Morgan Chase		29.3		30.7	0.34%	A-
AbbVie		28.9		30.6	0.34%	BBB+
Goldman Sachs		26.9		28.9	0.32%	BBB
Bank of America		26.3		28.9	0.32%	A-
Massachusetts School Building Authority		26.3		26.2	0.29%	AA+
State of Oregon		25.8		26.1	0.29%	AA+
Westpac Banking		25.6		27.2	0.30%	A
PNC Bank		24.7		26.9	0.30%	A
National Grid		24.2		25.4	0.28%	BBB+
Dominion Energy		24.1		26.0	0.29%	BBB+
Raytheon Technologies		23.3		24.3	0.27%	A-
Kroger		23.1		24.2	0.27%	BBB
District of Columbia		23.0		22.9	0.25%	AAA
Sumitomo Mitsui Financial		23.0		24.2	0.27%	A-
UBS Group		22.1		22.9	0.25%	A-
AvalonBay Communities		21.9		23.4	0.26%	A-
MassMutual Global Funding II		21.9		23.7	0.26%	AA+
Toyota		21.9		23.1	0.25%	A+
Lockheed Martin		21.9		24.1	0.26%	A-
US Bancorp		21.7		23.8	0.26%	A-
Citigroup		21.0		22.0	0.24%	BBB+
Top 25 Corporate and Municipal	$	643.5	$	677.7	7.48%
(1) - Represents nationally recognized rating agency sources.

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THE HANOVER INSURANCE GROUP
RECONCILIATION OF OPERATING INCOME TO NET INCOME
	Three Months ended June 30														Six Months ended June 30
	2021							2020							2021							2020
(In millions, except per share data)		$			Per Share (Diluted)				$			Per Share				$			Per Share (Diluted)				$			Per Share (Diluted)
OPERATING INCOME (LOSS)
Commercial Lines	$		104.4					$		55.3					$		106.6					$		109.9
Personal Lines			32.2							32.6							114.0							97.5
Other			0.7							1.0							1.8							(1.4	)
Total			137.3							88.9							222.4							206.0
Interest expense			(8.5	)						(9.4	)						(17.0	)						(18.8	)
Operating income before income taxes			128.8		$	3.53				79.5		$	2.07				205.4		$	5.59				187.2		$	4.85
Income tax expense on operating income			(24.8	)		(0.68	)			(16.8	)		(0.44	)			(40.0	)		(1.09	)			(37.7	)		(0.98	)
Operating income after income taxes			104.0			2.85				62.7			1.63				165.4			4.50				149.5			3.87
Non-operating items:
Net realized gains from sales and other			4.8			0.13				0.8			0.02				3.2			0.09				3.9			0.10
Net change in fair value of equity securities			26.5			0.73				61.5			1.61				65.6			1.79				(74.7	)		(1.94	)
Impairment recoveries (losses) on investments			(0.2	)		(0.01	)			1.4			0.04				(0.2	)		-				(27.1	)		(0.70	)
Other non-operating items			-			-				(0.1	)		-				-			-				(0.1	)		-
Income tax benefit (expense) on non-operating items			(5.5	)		(0.15	)			(11.0	)		(0.29	)			(11.6	)		(0.32	)			25.1			0.65
Income from continuing operations, net of taxes			129.6			3.55				115.3			3.01				222.4			6.06				76.6			1.98
Discontinued operations (net of taxes):
Loss from discontinued life businesses			(1.1	)		(0.03	)			(0.1	)		-				(1.2	)		(0.03	)			(1.4	)		(0.03	)
NET INCOME	$		128.5		$	3.52		$		115.2		$	3.01		$		221.2		$	6.03		$		75.2		$	1.95

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Non-GAAP Financial Measures

The Hanover uses non-GAAP financial measures as important measures of the Company’s operating performance, which we believe provide investors with additional information regarding management’s evaluation of our results of operations and financial performance. The Company's non-GAAP measures include operating income before interest expense and taxes, total operating income after taxes, total operating income after taxes per share, total book value per share, total book value per share excluding net unrealized gains and losses related to investments, net of tax, tangible book value per share and measures of operating income and loss and combined ratios excluding catastrophe losses (catastrophe losses as discussed here and in all other measures include catastrophe loss development) and reserve development.

Operating income before interest expense and taxes is net income (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 six months ended June 30, 2021 and 2020 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

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CORPORATE OFFICES AND							INDUSTRY RATINGS AS OF July 27, 2021				TRANSFER AGENT
PRINCIPAL SUBSIDIARIES
THE HANOVER INSURANCE GROUP, INC.								A.M.	Standard		Computershare Investor Services
440 Lincoln Street							Financial Strength Ratings	Best	& Poor's	Moody's	PO Box 505000
Worcester, MA 01653							The Hanover Insurance				Louisville, KY 40233-5000
							Company	A	A	A2	1-800-317-4454
The Hanover Insurance Company							Citizens Insurance Company
440 Lincoln Street							of America	A	A	-
Worcester, MA 01653
											COMMON STOCK
Citizens Insurance Company of America								A.M.	Standard
808 North Highlander Way							Debt Ratings	Best	& Poor's	Moody's	Common stock of The Hanover Insurance Group, Inc. is traded
Howell, MI 48843							The Hanover Insurance Group, Inc.				on the New York Stock Exchange under the symbol "THG".
							Senior Debt	bbb+	BBB	Baa2
							Subordinated Debentures	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 July 27, 2021, and may be				Oksana Lukasheva
sales prices of our common stock and quarterly cash							revised, superseded or withdrawn by the respective rating agency				Vice President
dividends for the periods indicated:							at 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,				olukasheva@hanover.com
Quarter Ended	2021						please visit the websites of the respective rating agencies.
	Price Range				Dividends
	High		Low		Per Share
March 31	$	133.12	$	112.47	$	0.700
June 30	$	142.80	$	129.83	$	0.700
Quarter Ended	2020
	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
December 31	$	118.34	$	93.58	$	0.700

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