The Hanover Reports 18% Growth in Q4 Net Income

Fourth-quarter 2025 net income at The Hanover Insurance Group was $198.5 million, up about 18% over $167.9 million recorded for the same period in 2024.

The Worcester, Massachusetts-based insurer’s Q4 combined ratio remained relatively flat at 89.0 versus 89.2 the prior year.

Catastrophe losses during Q4 were $27 million, almost all attributable to commercial lines business where catastrophe losses during Q4 were $26.9 million compared with $8.4 million for Q4 2024. The personal lines business logged catastrophe losses of $9.3 million compared with $13.6 million. In specialty lines, The Hanover reported a benefit of $1.2 million versus a loss of $4 million the prior year.

Net premiums written (NPW) across all businesses increased about 3% to about $1.49 billion. The most growth during the period was in personal lines, up 4.4% to $640 million for Q4.

“In personal lines, our market position is driven by our strength as an account writer, with approximately 89% of customers having multiple policies, driving strong retention,” said John C. Roche, president and chief executive officer. “In core commercial, we continue to see attractive, high-quality opportunities in the small-to-middle-market account segment.”

Roche said 2025 was a “record year” for The Hanover. Net income for full year 2025 was $662.5 million, up 55.5% from $426 million reported for 2024. NPW was up nearly 4% to $6.32 billion. The combined ratio for the year was 91.6 versus 94.8 the prior year.