Exhibit 99.2

FINANCIAL SUPPLEMENT
FOURTH 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, personal cyber 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
		Q4				Q1				Q2				Q3				Q4			Dec-YTD			Dec-YTD
(In millions, except earnings per share)		2020				2021				2021				2021				2021			2020			2021
PREMIUMS
Gross premiums written	$		1,235.5		$		1,337.6		$		1,342.8		$		1,493.2		$		1,170.7			5,154.5	$		5,344.3
Net premiums written			1,112.1				1,196.1				1,207.2				1,375.2				1,214.9			4,598.5			4,993.4
Net premiums earned			1,154.0				1,161.8				1,179.8				1,186.0				1,242.6			4,527.4			4,770.2
EARNINGS
Operating income before interest and taxes	$		150.3		$		85.1		$		137.3		$		47.0		$		162.9			484.7	$		432.3
Operating income after taxes			112.0				61.4				104.0				30.8				122.1			355.0			318.3
Income from continuing operations			165.9				92.8				129.6				34.8				162.8			362.0			420.0
Net income			164.6				92.7				128.5				34.0				163.5			358.7			418.7
PER SHARE DATA (DILUTED)
Operating income after taxes	$		3.02		$		1.66		$		2.85		$		0.85		$		3.38			9.32	$		8.73
Income from continuing operations			4.47				2.52				3.55				0.96				4.51			9.50			11.52
Net income			4.43				2.51				3.52				0.94				4.53			9.42			11.49
Dilutive weighted average shares outstanding			37.1				36.9				36.5				36.3				36.1			38.1			36.4
Basic weighted average shares outstanding			36.7				36.4				35.9				35.7				35.5			37.7			35.9
BALANCE SHEET
		December 31				March 31				June 30				September 30				December 31
(In millions, except per share data)		2020				2021				2021				2021				2021
Total assets	$		13,443.7		$		13,448.0		$		13,728.1		$		14,105.3		$		14,254.3
Total loss and loss adjustment expense reserves			6,024.0				6,223.7				6,343.4				6,540.1				6,447.6
Total shareholders' equity			3,202.2				3,046.8				3,154.0				3,102.3				3,144.9
Total shareholders' equity, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax			2,774.1				2,804.2				2,849.3				2,845.5				2,960.0
Property and Casualty Companies
Statutory surplus	$		2,588.5		$		2,667.7		$		2,547.1		$		2,548.4		$		2,720.0
Premium to surplus ratio		1.78:1				1.75:1				1.88:1				1.92:1				1.83:1
Book value per share	$		87.96		$		84.21		$		88.23		$		87.04		$		88.59
Book value per share, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax	$		76.20		$		77.50		$		79.71		$		79.84		$		83.38
Tangible book value per share (total book value excluding goodwill
and intangibles)	$		82.55		$		78.78		$		82.76		$		81.54		$		83.08
Shares outstanding			36.4				36.2				35.8				35.6				35.5
Total debt/equity			24.4	%			25.6	%			24.8	%			25.2	%			24.8	%
Total debt/total capital			19.6	%			20.4	%			19.9	%			20.1	%			19.9	%

2

THE HANOVER INSURANCE GROUP
CONSOLIDATED INCOME STATEMENTS
	Three Months ended December 31											Year ended December 31
(In millions)		2021				2020			% Change				2021				2020			% Change
REVENUES
Premiums earned	$		1,242.6		$		1,154.0			7.7		$		4,770.2		$		4,527.4			5.4
Net investment income			79.5				70.2			13.2				310.7				265.1			17.2
Net realized and unrealized investment gains (losses):
Net realized gains (losses) from sales and other			(2.2	)			5.8		N/M					4.6				17.9			(74.3	)
Net change in fair value of equity securities			53.2				57.8			(8.0	)			119.1				13.4		N/M
Impairment recoveries (losses) on investments			(0.6	)			1.6		N/M					(0.7	)			(26.3	)		(97.3	)
Total net realized and unrealized investment gains			50.4				65.2			(22.7	)			123.0				5.0		N/M
Fees and other income			6.0				6.4			(6.2	)			23.9				27.3			(12.5	)
Total revenues			1,378.5				1,295.8			8.7				5,227.8				4,824.8			8.4
LOSSES AND EXPENSES
Losses and loss adjustment expenses			763.8				695.3			9.9				3,134.2				2,845.2			10.2
Amortization of deferred acquisition costs			254.2				239.1			6.3				982.7				951.0			3.3
Interest expense			8.5				8.5		-					34.0				37.1			(8.4	)
Loss from repayment of debt			-				-		-					-				6.2		N/M
Other operating expenses			147.2				145.9			0.9				555.6				540.5			2.8
Total losses and expenses			1,173.7				1,088.8			8.0				4,706.5				4,380.0			7.5
Income from continuing operations before income taxes			204.8				207.0			(1.1	)			521.3				444.8			17.2
Income tax expense			42.0				41.1			2.2				101.3				82.8			22.3
		\
Income from continuing operations			162.8				165.9			(1.9	)			420.0				362.0			16.0
Discontinued operations (net of taxes):
									-
Income from Chaucer business			1.2				0.4		N/M					1.2				0.4		N/M
Loss from discontinued life businesses			(0.5	)			(1.7	)		(70.6	)			(2.5	)			(3.7	)		(32.4	)
Net income	$		163.5		$		164.6			(0.7	)	$		418.7		$		358.7			16.7

3

THE HANOVER INSURANCE GROUP
CONSOLIDATED BALANCE SHEETS
		December 31				December 31
(In millions, except per share data)		2021				2020			% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $7,514.8 and $6,945.6)	$		7,723.9		$		7,454.4			3.6
Equity securities, at fair value			661.3				598.5			10.5
Other investments			767.4				793.2			(3.3	)
Total investments			9,152.6				8,846.1			3.5
Cash and cash equivalents			230.9				120.6			91.5
Accrued investment income			49.8				51.2			(2.7	)
Premiums and accounts receivable, net			1,469.5				1,339.3			9.7
Reinsurance recoverable on paid and unpaid losses and unearned premiums			1,907.3				1,874.3			1.8
Deferred acquisition costs			552.0				477.5			15.6
Goodwill			178.8				178.8		-
Other assets			606.3				445.7			36.0
Assets of discontinued businesses			107.1				110.2			(2.8	)
Total assets	$		14,254.3		$		13,443.7			6.0
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Loss and loss adjustment expense reserves	$		6,447.6		$		6,024.0			7.0
Unearned premiums			2,734.9				2,482.7			10.2
Expenses and taxes payable			907.7				687.5			32.0
Deferred income tax liability			60.8				97.3			(37.5	)
Reinsurance premiums payable			55.1				48.4			13.8
Debt			781.6				780.8			0.1
Liabilities of discontinued businesses			121.7				120.8			0.7
Total liabilities			11,109.4				10,241.5			8.5
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			1,887.2				1,857.4			1.6
Accumulated other comprehensive income			122.2				372.5			(67.2	)
Retained earnings			2,983.2				2,668.0			11.8
Treasury stock at cost (25.0 million and 24.1 million shares)			(1,848.3	)			(1,696.3	)		9.0
Total shareholders' equity			3,144.9				3,202.2			(1.8	)
Total liabilities and shareholders' equity	$		14,254.3		$		13,443.7			6.0

4

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED
Three Months ended December 31
		2021																2020
		Commercial				Personal												Commercial				Personal
(In millions, except percentage data)		Lines				Lines				Other				Total				Lines				Lines				Other				Total
Gross premiums written	$		830.9		$		339.8		$		-		$		1,170.7		$		759.4		$		476.1		$		-		$		1,235.5
Net premiums written	$		712.7		$		502.2		$		-		$		1,214.9		$		650.1		$		462.0		$		-		$		1,112.1
Net premiums earned	$		745.9		$		496.7		$		-		$		1,242.6		$		683.7		$		470.3		$		-		$		1,154.0
Losses and LAE:
Current accident year, excluding catastrophe losses			417.6				321.6				-				739.2				385.5				280.7				-				666.2
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(11.4	)			(3.0	)			-				(14.4	)			(6.3	)			-				0.3				(6.0	)
Current accident year catastrophe losses			15.5				23.5				-				39.0				10.6				25.0				-				35.6
Prior accident year favorable catastrophe loss development			-				-				-				-				(0.6	)			0.1				-				(0.5	)
Total losses and LAE			421.7				342.1				-				763.8				389.2				305.8				0.3				695.3
Amortization of deferred acquisition costs and other underwriting expenses			256.6				137.6				-				394.2				238.6				136.1				-				374.7
											-
GAAP underwriting profit (loss)			67.6				17.0				-				84.6				55.9				28.4				(0.3	)			84.0
											-
Net investment income			53.7				22.9				2.9				79.5				46.6				20.4				3.2				70.2
Other income			2.3				2.6				1.1				6.0				2.4				2.6				1.4				6.4
Other operating expenses			(2.7	)			(1.6	)			(2.9	)			(7.2	)			(1.7	)			(0.6	)			(8.0	)			(10.3	)
Operating income (loss) before income taxes	$		120.9		$		40.9		$		1.1		$		162.9		$		103.2		$		50.8		$		(3.7	)	$		150.3
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			55.9	%			64.8	%		N/M					59.6	%			56.3	%			59.7	%		N/M					57.8	%
Prior accident year favorable reserve development, excluding catastrophe losses			(1.5	)%			(0.6	)%		N/M					(1.2	)%			(0.9	)%			-			N/M					(0.5	)%
Current accident year catastrophe losses			2.1	%			4.7	%		N/M					3.1	%			1.6	%			5.3	%		N/M					3.0	%
Prior accident year favorable catastrophe loss development		-				-				N/M				-					(0.1	)%			-			N/M					-
Total loss and LAE ratio			56.5	%			68.9	%		N/M					61.5	%			56.9	%			65.0	%		N/M					60.3	%
Expense ratio			34.2	%			27.3	%		N/M					31.4	%			34.6	%			28.4	%		N/M					32.1	%
Combined ratio			90.7	%			96.2	%		N/M					92.9	%			91.5	%			93.4	%		N/M					92.4	%

5

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED
Year ended December 31
		2021																2020
		Commercial				Personal												Commercial				Personal
(In millions, except percentage data)		Lines				Lines				Other				Total				Lines				Lines				Other				Total
Gross premiums written	$		3,448.9		$		1,895.4		$		-		$		5,344.3		$		3,201.0		$		1,953.5		$		-		$		5,154.5
Net premiums written	$		2,983.7		$		2,009.7		$		-		$		4,993.4		$		2,733.1		$		1,865.4		$		-		$		4,598.5
Net premiums earned	$		2,840.8		$		1,929.4		$		-		$		4,770.2		$		2,683.3		$		1,844.1		$		-		$		4,527.4
Losses and LAE:
Current accident year, excluding catastrophe losses			1,617.9				1,169.8				-				2,787.7				1,534.1				1,039.1				0.1				2,573.3
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(34.0	)			(23.1	)			1.0				(56.1	)			(19.0	)			(0.7	)			4.2				(15.5	)
Current accident year catastrophe losses			239.3				178.3				-				417.6				151.0				152.8				-				303.8
Prior accident year unfavorable (favorable) catastrophe loss development			(12.0	)			(3.0	)			-				(15.0	)			(18.8	)			1.7				-				(17.1	)
Total losses and LAE			1,811.2				1,322.0				1.0				3,134.2				1,647.3				1,192.9				4.3				2,844.5
Amortization of deferred acquisition costs and other underwriting expenses			967.7				542.3				-				1,510.0				929.7				518.3				-				1,448.0
											-
GAAP underwriting profit (loss)			61.9				65.1				(1.0	)			126.0				106.3				132.9				(4.3	)			234.9
Net investment income			209.4				89.4				11.9				310.7				175.3				76.7				13.1				265.1
Other income			9.7				9.7				4.5				23.9				9.7				10.6				7.0				27.3
Other operating expenses			(11.1	)			(5.7	)			(11.5	)			(28.3	)			(15.9	)			(7.7	)			(19.0	)			(42.6	)
Operating income (loss) before income taxes	$		269.9		$		158.5		$		3.9		$		432.3		$		275.4		$		212.5		$		(3.2	)	$		484.7
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			57.0	%			60.6	%		N/M					58.5	%			57.2	%			56.3	%		N/M					56.8	%
Prior accident year favorable reserve development, excluding catastrophe losses			(1.2	)%			(1.2	)%		N/M					(1.2	)%			(0.7	)%			-			N/M					(0.3	)%
Current accident year catastrophe losses			8.4	%			9.3	%		N/M					8.7	%			5.6	%			8.3	%		N/M					6.7	%
Prior accident year unfavorable (favorable) catastrophe loss development			(0.4	)%			(0.2	)%		N/M					(0.3	)%			(0.7	)%			0.1	%		N/M					(0.4	)%
Total loss and LAE ratio			63.8	%			68.5	%		N/M					65.7	%			61.4	%			64.7	%		N/M					62.8	%
Expense ratio			33.8	%			27.7	%		N/M					31.3	%			34.4	%			27.7	%		N/M					31.6	%
Combined ratio			97.6	%			96.2	%		N/M					97.0	%			95.8	%			92.4	%		N/M					94.4	%

6

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
CONSOLIDATED
		Q4				Q1				Q2				Q3				Q4				Dec-YTD				Dec-YTD
(In millions, except percentage data)		2020				2021				2021				2021				2021				2020				2021
Gross premiums written	$		1,235.5		$		1,337.6		$		1,342.8		$		1,493.2		$		1,170.7		$		5,154.5		$		5,344.3
Net premiums written	$		1,112.1		$		1,196.1		$		1,207.2		$		1,375.2		$		1,214.9		$		4,598.5		$		4,993.4
Net premiums earned	$		1,154.0		$		1,161.8		$		1,179.8		$		1,186.0		$		1,242.6		$		4,527.4		$		4,770.2
Losses and LAE:
Current accident year, excluding catastrophe losses			666.2				656.2				680.9				711.4				739.2				2,573.3				2,787.7
Prior accident year favorable reserve development, excluding catastrophe losses			(6.0	)			(8.2	)			(12.6	)			(20.9	)			(14.4	)			(15.5	)			(56.1	)
Current accident year catastrophe losses			35.6				133.3				91.8				153.5				39.0				303.8				417.6
Prior accident year favorable catastrophe loss development			(0.5	)			-				(15.0	)			-				-				(17.1	)			(15.0	)
Total losses and LAE			695.3				781.3				745.1				844.0				763.8				2,844.5				3,134.2
Amortization of deferred acquisition costs and other underwriting expenses			374.7				371.2				371.7				372.9				394.2				1,448.0				1,510.0
GAAP underwriting profit (loss)	$		84.0		$		9.3		$		63.0		$		(30.9	)	$		84.6		$		234.9		$		126.0
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			57.8	%			56.4	%			57.8	%			60.1	%			59.6	%			56.8	%			58.5	%
Prior accident year favorable reserve development, excluding catastrophe losses			(0.5	)%			(0.7	)%			(1.1	)%			(1.8	)%			(1.2	)%			(0.3	)%			(1.2	)%
Current accident year catastrophe losses			3.0	%			11.5	%			7.8	%			12.9	%			3.1	%			6.7	%			8.7	%
Prior accident year favorable catastrophe loss development			-			-					(1.3	)%		-					-				(0.4	)%			(0.3	)%
Total loss and LAE ratio			60.3	%			67.2	%			63.2	%			71.2	%			61.5	%			62.8	%			65.7	%
Expense ratio			32.1	%			31.6	%			31.2	%			31.1	%			31.4	%			31.6	%			31.3	%
Combined ratio			92.4	%			98.8	%			94.4	%			102.3	%			92.9	%			94.4	%			97.0	%
Combined ratio, excluding catastrophe losses			89.4	%			87.3	%			87.9	%			89.4	%			89.8	%			88.1	%			88.6	%
Current accident year combined ratio, excluding catastrophe losses			89.9	%			88.0	%			89.0	%			91.2	%			91.0	%			88.4	%			89.8	%

7

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
COMMERCIAL LINES
Three Months ended December 31
	2021																				2020
		Multiple								Workers'												Multiple								Workers'
(In millions, except percentage data)		Peril				Auto				Comp				Other				Total				Peril				Auto				Comp				Other				Total
Net premiums written	$		222.5		$		79.2		$		85.4		$		325.6		$		712.7		$		209.1		$		79.6		$		79.2		$		282.2		$		650.1
Net premiums earned	$		242.7		$		87.5		$		91.6		$		324.1		$		745.9		$		230.3		$		84.5		$		83.8		$		285.1		$		683.7
Losses and LAE:
Current accident year, excluding catastrophe losses			139.3				59.0				54.6				164.7				417.6				130.1				54.5				50.4				150.5				385.5
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(1.4	)			0.4				(10.0	)			(0.4	)			(11.4	)			0.9				4.8				(10.4	)			(1.6	)			(6.3	)
Current accident year catastrophe losses			8.1				1.1				-				6.3				15.5				3.5				0.6				-				6.5				10.6
Prior accident year unfavorable (favorable) catastrophe loss development			(0.1	)			(0.3	)			-				0.4				-				(0.1	)			-				-				(0.5	)			(0.6	)
Total losses and LAE			145.9				60.2				44.6				171.0				421.7				134.4				59.9				40.0				154.9				389.2
Amortization of deferred acquisition costs and other underwriting expenses																			256.6																				238.6
GAAP underwriting profit																			67.6																				55.9
Net investment income																			53.7																				46.6
Other income																			2.3																				2.4
Other operating expenses																			(2.7	)																			(1.7	)
Operating income before income taxes																	$		120.9																		$		103.2
																														.
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			57.4	%			67.4	%			59.6	%			50.8	%			55.9	%			56.5	%			64.5	%			60.1	%			52.8	%			56.3	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.6	)%			0.5	%			(10.9	)%			(0.1	)%			(1.5	)%			0.4	%			5.7	%			(12.4	)%			(0.6	)%			(0.9	)%
Current accident year catastrophe losses			3.3	%			1.2	%			-				2.0	%			2.1	%			1.5	%			0.7	%			-				2.3	%			1.6	%
Prior accident year unfavorable (favorable) catastrophe loss development			-				(0.3	)%			-				0.1	%			-				-				-				-				(0.2	)%			(0.1	)%
Total loss and LAE ratio			60.1	%			68.8	%			48.7	%			52.8	%			56.5	%			58.4	%			70.9	%			47.7	%			54.3	%			56.9	%
Expense ratio																			34.2	%																			34.6	%
Combined ratio																			90.7	%																			91.5	%
Change in policies in force			3.8	%			(4.1	)%			7.8	%			5.0	%			4.3	%			2.0	%			(7.7	)%			7.2	%			0.2	%			1.2	%
			-			%
Retention			88.5	%			83.2	%			84.8	%		N/M					86.7	%			86.8	%			81.9	%			84.2	%		N/M					85.3	%

8

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
COMMERCIAL LINES
Year ended December 31
	2021																				2020
		Multiple								Workers'												Multiple								Workers'
(In millions, except percentage data)		Peril				Auto				Comp				Other				Total				Peril				Auto				Comp				Other				Total
Net premiums written	$		978.6		$		349.0		$		354.7		$		1,301.4		$		2,983.7		$		921.7		$		336.0		$		320.3		$		1,155.1		$		2,733.1
Net premiums earned	$		951.9		$		345.7		$		346.0		$		1,197.2		$		2,840.8		$		909.2		$		335.3		$		317.1		$		1,121.7		$		2,683.3
Losses and LAE:
Current accident year, excluding catastrophe losses			563.7				218.1				206.1				630.0				1,617.9				525.0				213.7				192.9				602.5				1,534.1
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(4.7	)			3.4				(23.1	)			(9.6	)			(34.0	)			14.2				15.5				(36.0	)			(12.7	)			(19.0	)
Current accident year catastrophe losses			174.9				2.6				-				61.8				239.3				99.1				2.1				-				49.8				151.0
Prior accident year favorable catastrophe loss development			(8.3	)			(1.3	)			-				(2.4	)			(12.0	)			(14.4	)			(0.1	)			-				(4.3	)			(18.8	)
Total losses and LAE			725.6				222.8				183.0				679.8				1,811.2				623.9				231.2				156.9				635.3				1,647.3
Amortization of deferred acquisition costs and other underwriting expenses																			967.7																				929.7
GAAP underwriting profit																			61.9																				106.3
Net investment income																			209.4																				175.3
Other income																			9.7																				9.7
Other operating expenses																			(11.1	)																			(15.9	)
Operating income before income taxes																	$		269.9																		$		275.4
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			59.2	%			63.0	%			59.6	%			52.6	%			57.0	%			57.7	%			63.8	%			60.9	%			53.6	%			57.2	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(0.5	)%			1.0	%			(6.7	)%			(0.8	)%			(1.2	)%			1.6	%			4.6	%			(11.4	)%			(1.1	)%			(0.7	)%
Current accident year catastrophe losses			18.4	%			0.8	%			-				5.2	%			8.4	%			10.9	%			0.6	%			-				4.5	%			5.6	%
Prior accident year favorable catastrophe loss development			(0.9	)%			(0.4	)%			-				(0.2	)%			(0.4	)%			(1.6	)%			-				-				(0.4	)%			(0.7	)%
Total loss and LAE ratio			76.2	%			64.4	%			52.9	%			56.8	%			63.8	%			68.6	%			69.0	%			49.5	%			56.6	%			61.4	%
Expense ratio																			33.8	%																			34.4	%
Combined ratio																			97.6	%																			95.8	%
Change in policies in force			3.8	%			(4.1	)%			7.8	%			5.0	%			4.3	%			2.0	%			(7.7	)%			7.2	%			0.2	%			1.2	%
Retention			88.3	%			83.7	%			84.5	%		N/M					86.7	%			88.3	%			81.9	%			83.1	%		N/M					86.2	%

9

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
COMMERCIAL LINES
		Q4				Q1				Q2				Q3				Q4				Dec-YTD				Dec-YTD
(In millions, except percentage data)		2020				2021				2021				2021				2021				2020				2021
Gross premiums written	$		759.4		$		884.0		$		805.7		$		928.3		$		830.9		$		3,201.0		$		3,448.9
Net premiums written	$		650.1		$		757.4		$		686.8		$		826.8		$		712.7		$		2,733.1		$		2,983.7
Net premiums earned	$		683.7		$		692.9		$		703.4		$		698.6		$		745.9		$		2,683.3		$		2,840.8
Losses and LAE:
Current accident year, excluding catastrophe losses			385.5				388.9				403.9				407.5				417.6				1,534.1				1,617.9
Prior accident year favorable reserve development, excluding catastrophe losses			(6.3	)			(3.3	)			(7.9	)			(11.4	)			(11.4	)			(19.0	)			(34.0	)
Current accident year catastrophe losses			10.6				118.8				30.2				74.8				15.5				151.0				239.3
Prior accident year favorable catastrophe loss development			(0.6	)			-				(12.0	)			-				-				(18.8	)			(12.0	)
Total losses and LAE			389.2				504.4				414.2				470.9				421.7				1,647.3				1,811.2
Amortization of deferred acquisition costs and other underwriting expenses			238.6				237.8				235.4				237.9				256.6				929.7				967.7
			-
GAAP underwriting profit (loss)	$		55.9		$		(49.3	)	$		53.8		$		(10.2	)	$		67.6		$		106.3		$		61.9
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			56.3	%			56.2	%			57.4	%			58.3	%			55.9	%			57.2	%			57.0	%
Prior accident year favorable reserve development, excluding catastrophe losses			(0.9	)%			(0.5	)%			(1.1	)%			(1.6	)%			(1.5	)%			(0.7	)%			(1.2	)%
Current accident year catastrophe losses			1.6	%			17.1	%			4.3	%			10.7	%			2.1	%			5.6	%			8.4	%
Prior accident year favorable catastrophe loss development			(0.1	)%			-				(1.7	)%			-				-				(0.7	)%			(0.4	)%
Total loss and LAE ratio			56.9	%			72.8	%			58.9	%			67.4	%			56.5	%			61.4	%			63.8	%
Expense ratio			34.6	%			34.1	%			33.2	%			33.8	%			34.2	%			34.4	%			33.8	%
Combined ratio			91.5	%			106.9	%			92.1	%			101.2	%			90.7	%			95.8	%			97.6	%
Combined ratio, excluding catastrophe losses			90.0	%			89.8	%			89.5	%			90.5	%			88.6	%			90.9	%			89.6	%
Current accident year combined ratio, excluding catastrophe losses			90.9	%			90.3	%			90.6	%			92.1	%			90.1	%			91.6	%			90.8	%

10

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES
Three Months ended December 31
	2021																2020
(In millions, except percentage data)		Auto				Home				Other				Total				Auto				Home				Other				Total
Net premiums written	$		300.3		$		181.9		$		20.0		$		502.2		$		283.7		$		162.4		$		15.9		$		462.0
Net premiums earned	$		305.3		$		173.2		$		18.2		$		496.7		$		293.4		$		162.0		$		14.9		$		470.3
Losses and LAE:
Current accident year, excluding catastrophe losses			226.3				87.7				7.6				321.6				197.1				77.7				5.9				280.7
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(4.4	)			1.9				(0.5	)			(3.0	)			1.7				(1.1	)			(0.6	)			-
Current accident year catastrophe losses			2.5				20.5				0.5				23.5				1.0				23.8				0.2				25.0
Prior accident year unfavorable (favorable) catastrophe loss development			(0.3	)			0.3				-				-				(0.1	)			0.1				0.1				0.1
Total losses and LAE			224.1				110.4				7.6				342.1				199.7				100.5				5.6				305.8
Amortization of deferred acquisition costs and other underwriting expenses															137.6																136.1
GAAP underwriting profit															17.0																28.4
Net investment income															22.9																20.4
Other income															2.6																2.6
Other operating expenses															(1.6	)															(0.6	)
Operating income before income taxes													$		40.9														$		50.8
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			74.1	%			50.6	%			41.8	%			64.8	%			67.2	%			47.9	%			39.6	%			59.7	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(1.4	)%			1.1	%			(2.7	)%			(0.6	)%			0.6	%			(0.7	)%			(4.0	)%			-
Current accident year catastrophe losses			0.8	%			11.8	%			2.7	%			4.7	%			0.3	%			14.7	%			1.3	%			5.3	%
Prior accident year unfavorable (favorable) catastrophe loss development			(0.1	)%			0.2	%			-				-				-				0.1	%			0.7	%			-
			73.4	%			63.7	%			41.8	%			68.9	%			68.1	%			62.0	%			37.6	%			65.0	%
Expense ratio															27.3	%															28.4	%
Combined ratio															96.2	%															93.4	%
Change in policies in force			6.1	%			6.0	%			40.5	%			8.7	%			(2.8	)%			(1.1	)%			40.7	%			0.4	%
										.
Retention(1)			88.1	%			89.4	%		N/M					88.8	%			81.8	%			83.4	%		N/M					82.7	%

11

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES
Year ended December 31
	2021																2020
(In millions, except percentage data)		Auto				Home				Other				Total				Auto				Home				Other				Total
Net premiums written	$		1,230.4		$		704.1		$		75.2		$		2,009.7		$		1,151.5		$		653.4		$		60.5		$		1,865.4
Net premiums earned	$		1,193.8		$		668.8		$		66.8		$		1,929.4		$		1,145.8		$		642.9		$		55.4		$		1,844.1
Losses and LAE:
Current accident year, excluding catastrophe losses			792.5				349.0				28.3				1,169.8				703.1				315.3				20.7				1,039.1
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(23.5	)			1.2				(0.8	)			(23.1	)			4.5				(0.6	)			(4.6	)			(0.7	)
Current accident year catastrophe losses			20.0				156.6				1.7				178.3				10.2				141.4				1.2				152.8
Prior accident year unfavorable (favorable) catastrophe loss development			(1.3	)			(1.8	)			0.1				(3.0	)			0.7				0.8				0.2				1.7
Total losses and LAE			787.7				505.0				29.3				1,322.0				718.5				456.9				17.5				1,192.9
Amortization of deferred acquisition costs and other underwriting expenses															542.3																518.3
GAAP underwriting profit															65.1																132.9
Net investment income															89.4																76.7
Other income															9.7																10.6
Other operating expenses															(5.7	)															(7.7	)
Operating income before income taxes													$		158.5														$		212.5
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			66.4	%			52.2	%			42.4	%			60.6	%			61.3	%			49.1	%			37.4	%			56.3	%
Prior accident year unfavorable (favorable) reserve development, excluding catastrophe losses			(2.0	)%			0.2	%			(1.2	)%			(1.2	)%			0.4	%			(0.1	)%			(8.3	)%			-
Current accident year catastrophe losses			1.7	%			23.4	%			2.6	%			9.3	%			0.9	%			22.0	%			2.1	%			8.3	%
Prior accident year unfavorable (favorable) catastrophe loss development			(0.1	)%			(0.3	)%			0.1	%			(0.2	)%			0.1	%			0.1	%			0.4	%			0.1	%
Total loss and LAE ratio			66.0	%			75.5	%			43.9	%			68.5	%			62.7	%			71.1	%			31.6	%			64.7	%
Expense ratio															27.7	%															27.7	%
Combined ratio															96.2	%															92.4	%
Change in policies in force			6.1	%			6.0	%			40.5	%			8.7	%			(2.8	)%			(1.1	)%			40.7	%			0.4	%
														0
Retention(1)			86.6	%			87.7	%		N/M					87.2	%			83.5	%			84.7	%		N/M					84.2	%

12

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
PERSONAL LINES
		Q4				Q1				Q2				Q3				Q4				Dec-YTD				Dec-YTD
(In millions, except percentage data)		2020				2021				2021				2021				2021				2020				2021
Gross premiums written	$		476.1		$		453.6		$		537.1		$		564.9		$		339.8		$		1,953.5		$		1,895.4
Net premiums written	$		462.0		$		438.7		$		520.4		$		548.4		$		502.2		$		1,865.4		$		2,009.7
Net premiums earned	$		470.3		$		468.9		$		476.4		$		487.4		$		496.7		$		1,844.1		$		1,929.4
Losses and LAE:
Current accident year, excluding catastrophe losses			280.7				267.3				277.0				303.9				321.6				1,039.1				1,169.8
Prior accident year favorable reserve development, excluding catastrophe losses			-				(5.2	)			(5.0	)			(9.9	)			(3.0	)			(0.7	)			(23.1	)
Current accident year catastrophe losses			25.0				14.5				61.6				78.7				23.5				152.8				178.3
Prior accident year unfavorable (favorable) catastrophe loss development			0.1				-				(3.0	)			-				-				1.7				(3.0	)
Total losses and LAE			305.8				276.6				330.6				372.7				342.1				1,192.9				1,322.0
Amortization of deferred acquisition costs and other underwriting expenses			136.1				133.4				136.3				135.0				137.6				518.3				542.3
GAAP underwriting profit (loss)	$		28.4		$		58.9		$		9.5		$		(20.3	)	$		17.0		$		132.9		$		65.1
Loss and LAE ratio:
Current accident year, excluding catastrophe losses			59.7	%			57.0	%			58.1	%			62.4	%			64.8	%			56.3	%			60.6	%
Prior accident year favorable reserve development, excluding catastrophe losses			-				(1.1	)%			(1.0	)%			(2.0	)%			(0.6	)%			-				(1.2	)%
Current accident year catastrophe losses			5.3	%			3.1	%			12.9	%			16.1	%			4.7	%			8.3	%			9.3	%
Prior accident year unfavorable (favorable) catastrophe loss development			-				-				(0.6	)%			-				-				0.1	%			(0.2	)%
Total loss and LAE ratio			65.0	%			59.0	%			69.4	%			76.5	%			68.9	%			64.7	%			68.5	%
Expense ratio			28.4	%			28.0	%			28.2	%			27.3	%			27.3	%			27.7	%			27.7	%
Combined ratio			93.4	%			87.0	%			97.6	%			103.8	%			96.2	%			92.4	%			96.2	%
Combined ratio, excluding catastrophe losses			88.1	%			83.9	%			85.3	%			87.7	%			91.5	%			84.0	%			87.1	%
Current accident year combined ratio, excluding catastrophe losses			88.1	%			85.0	%			86.3	%			89.7	%			92.1	%			84.0	%			88.3	%

13

THE HANOVER INSURANCE GROUP
NET INVESTMENT INCOME AND YIELDS
	Q4			Q1			Q2			Q3			Q4			YTD			YTD
(In millions, except yields)	2020			2021			2021			2021			2021			2020			2021
Net Investment Income
Fixed maturities	$	54.8		$	54.5		$	53.9		$	54.2		$	54.3		$	222.5		$	216.9
Limited partnerships		8.7			15.1			15.5			18.9			18.7			16.7			68.2
Mortgage loans		4.4			5.4			4.2			4.0			4.4			17.5			18.0
Equity securities		4.0			3.8			3.8			3.7			4.3			14.8			15.6
Other investments		0.8			0.7			0.9			0.7			0.7			3.2			3.0
Investment expenses		(2.5	)		(2.7	)		(2.7	)		(2.7	)		(2.9	)		(9.6	)	(11.0)
Total	$	70.2		$	76.8		$	75.6		$	78.8		$	79.5		$	265.1		$	310.7
Pre-tax Yields
Fixed maturities		3.15	%		3.11	%		3.02	%		2.96	%		2.90	%		3.33	%		2.99	%
Total		3.45	%		3.74	%		3.65	%		3.72	%		3.69	%		3.35	%		3.70	%
Pre-tax yields represent annualized net investment income for the period divided by the monthly average invested assets at amortized cost or cost, which excludes accumulated changes in fair value for fixed maturities and equity securities.

14

	THE HANOVER INSURANCE GROUP
	INVESTMENT PORTFOLIO
	December 31,  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 (Loss)			During Q4			YTD
Fixed maturities:
U.S. Treasury and government agencies		AAA	$	394.3	$	396.2		4.2	%	$	1.9		$	(1.6	)	$	(13.7	)
Foreign government		A-		2.2		2.6		-			0.4			-			(0.1	)
Municipals:
Taxable		AA		1,149.2		1,173.0		12.5	%		23.8			(9.6	)		(36.1	)
Tax-exempt		AA		27.0		27.8		0.3	%		0.8			-			(0.9	)
Corporate:
NAIC 1		A		1,407.3		1,476.4		15.7	%		69.1			(19.4	)		(69.5	)
NAIC 2		BBB		2,178.8		2,257.7		24.1	%		78.9			(33.1	)		(102.4	)
NAIC 3 and below		BB-		345.1		356.0		3.8	%		10.9			(3.8	)		(10.6	)
Total corporate		BBB+		3,931.2		4,090.1		43.6	%		158.9			(56.3	)		(182.5	)
Asset-backed:
Residential mortgage-backed		AAA		1,068.2		1,069.6		11.4	%		1.4			(9.1	)		(31.1	)
Commercial mortgage-backed		AA+		802.4		824.4		8.8	%		22.0			(11.1	)		(32.6	)
Asset-backed		A-		140.3		140.2		1.5	%		(0.1	)		(2.0	)		(2.7	)
Total fixed maturities		A+		7,514.8		7,723.9		82.3	%		209.1			(89.7	)		(299.7	)
Equity securities				661.3		661.3		7.0	%		-			-			-
Mortgage and other loans				434.0		434.0		4.6	%		-			-			-
Other investments				333.4		333.4		3.6	%		-			-			-
Total investments				8,943.5		9,152.6		97.5	%		209.1			(89.7	)		(299.7	)
Cash and cash equivalents				230.9		230.9		2.5	%		-			-			-
Total			$	9,174.4	$	9,383.5		100.0	%	$	209.1		$	(89.7	)	$	(299.7	)
(1) Net of allowance for credit losses of $7.4 million.

15

THE HANOVER INSURANCE GROUP
CREDIT QUALITY AND DURATION OF FIXED MATURITIES
December 31,  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	$		4,867.5	$		4,987.6		64.6	%
2		Baa			2,302.2			2,380.4		30.8	%
3		Ba			216.9			225.2		2.9	%
4		B			123.2			125.3		1.6	%
5		Caa and lower			5.0			5.4		0.1	%
Total fixed maturities			$		7,514.8	$		7,723.9		100.0	%
DURATION OF FIXED MATURITIES
				Amortized			Fair		% of Total
				Cost (1)			Value		Fair Value
	0-2 Years		$		1,080.2	$		1,108.3		14.3	%
	2-4 Years				1,581.1			1,660.9		21.5	%
	4-6 Years				2,263.8			2,349.0		30.4	%
	6-8 Years				1,603.8			1,622.4		21.0	%
	8-10 Years				854.9			846.5		11.0	%
	10+ Years				131.0			136.8		1.8	%
Total fixed maturities			$		7,514.8	$		7,723.9		100.0	%
Weighted Average Duration					4.9

(1)Net of allowance for credit losses of $0.3 million.

16

THE HANOVER INSURANCE GROUP
TOP 25 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS
December 31, 2021
(In millions, except percentage data)
Issuer	Amortized Cost		Fair Value		As a Percent of  Invested Assets	Ratings (1)
Minnesota Housing Finance Agency	$	41.0	$	40.7	0.43%	AAA
Morgan Stanley		34.4		36.4	0.39%	BBB+
State of Ohio		34.2		33.8	0.36%	AA+
Charles Schwab		29.6		31.1	0.33%	A
Truist Financial		29.5		31.1	0.33%	A-
Goldman Sachs		29.0		30.3	0.32%	BBB+
Sumitomo Mitsui Financial		27.6		28.1	0.30%	A-
AbbVie		27.1		28.2	0.30%	BBB+
Bank of America		26.3		28.2	0.30%	A-
Massachusetts School Building Authority		26.3		25.8	0.28%	AA+
Westpac Banking		25.6		26.7	0.28%	A
State of Oregon		25.5		25.2	0.27%	AA+
California State University		25.3		25.8	0.28%	AA-
JP Morgan Chase		25.0		26.1	0.28%	A-
PNC Bank		24.7		26.3	0.28%	A
National Grid		24.2		24.8	0.26%	BBB+
Cigna		23.6		24.3	0.26%	A-
Kroger		23.1		23.8	0.25%	BBB
Mitsubishi UFJ Financial Group		23.1		23.9	0.26%	A-
District of Columbia		23.0		22.3	0.24%	AAA
State of Wisconsin		22.5		22.5	0.24%	AA+
Citizens Financial Group		22.3		22.9	0.24%	BBB+
UBS Group		22.0		22.4	0.24%	A-
SVB Financial Group		22.0		21.9	0.23%	BBB
MassMutual Global Funding II		22.0		23.2	0.25%	AA+
Top 25 Corporate and Municipal	$	658.9	$	675.8	7.20%
(1) - Represents nationally recognized rating agency sources.

17

THE HANOVER INSURANCE GROUP
RECONCILIATION OF OPERATING INCOME TO NET INCOME
	Three Months ended December 31														Year ended December 31
	2021							2020							2021							2020
(In millions, except per share data)		$			Per Share (Diluted)				$			Per Share (Diluted)				$			Per Share (Diluted)				$			Per Share (Diluted)
OPERATING INCOME (LOSS)
Commercial Lines	$		120.9					$		103.2					$		269.9					$		275.4
Personal Lines			40.9							50.8							158.5							212.5
Other			1.1							(3.7	)						3.9							(3.2	)
Total			162.9							150.3							432.3							484.7
Interest expense			(8.5	)						(8.5	)						(34.0	)						(37.1	)
Operating income before income taxes			154.4		$	4.27				141.8		$	3.82				398.3		$	10.93				447.6		$	11.75
Income tax expense on operating income			(32.3	)		(0.89	)			(29.8	)		(0.80	)			(80.0	)		(2.20	)			(92.6	)		(2.43	)
Operating income after income taxes			122.1			3.38				112.0			3.02				318.3			8.73				355.0			9.32
Non-operating items:
Net realized gains (losses) from sales and other			(2.2	)		(0.06	)			5.8			0.16				4.6			0.13				17.9			0.47
Net change in fair value of equity securities			53.2			1.47				57.8			1.56				119.1			3.27				13.4			0.35
Impairment recoveries (losses) on investments			(0.6	)		(0.02	)			1.6			0.04				(0.7	)		(0.02	)			(26.3	)		(0.69	)
Loss from repayment of borrowings			-			-				-			-				-			-				(6.2	)		(0.16	)
Other non-operating items			-			-				-			-				-			-				(1.6	)		(0.05	)
Income tax benefit (expense) on non-operating items			(9.7	)		(0.26	)			(11.3	)		(0.31	)			(21.3	)		(0.59	)			9.8			0.26
Income from continuing operations, net of taxes			162.8			4.51				165.9			4.47				420.0			11.52				362.0			9.50
Discontinued operations (net of taxes):
Income from Chaucer business			1.2			0.03				0.4			0.01				1.2			0.03				0.4			0.01
Loss from discontinued life businesses			(0.5	)		(0.01	)			(1.7	)		(0.05	)			(2.5	)		(0.06	)			(3.7	)		(0.09	)
NET INCOME	$		163.5		$	4.53		$		164.6		$	4.43		$		418.7		$	11.49		$		358.7		$	9.42

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 twelve months ended December 31, 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

19

CORPORATE OFFICES AND							INDUSTRY RATINGS AS OF February 2, 2022				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 February 2, 2022, and may be				Oksana Lukasheva
sales prices of our common stock and quarterly cash							revised, superseded or withdrawn by the respective rating agency at				Senior Vice President
dividends for the periods indicated:							any time. For the most current information concerning the financial				Corporate Finance
							ratings of The Hanover Insurance Group and its subsidiaries, please				olukasheva@hanover.com
Quarter Ended	2021						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
September 30	$	142.35	$	127.33	$	0.700
December 31	$	136.97	$	121.75	$	0.750
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

20