The Hanover Insurance Group, Inc. (THG)

THG Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	631.9	426	35.3	116	422.8	358.7
Depreciation & Amortization	-3.9	1.5	6.3	12.9	16.9	18.2
Other Amortization	6.7	6.8	7.9	5.5	3.4	6
Gain (Loss) on Sale of Investments	64.3	76.2	32.3	106.4	-123.5	-5.1
Stock-Based Compensation	35.3	31	31.1	29	22.9	20.1
Change in Accounts Receivable	-59.3	-121.7	-110.3	-116.7	-123.4	-84
Reinsurance Recoverable	-14	61.6	-91.6	-57.2	-32.9	-60
Change in Insurance Reserves / Liabilities	446.5	331.7	442	784.7	671.8	437.9
Change in Other Net Operating Assets	-65.7	-8.7	48	3.3	179	67.5
Other Operating Activities	17	44	-23.3	-108.8	-138.8	-41.5
Operating Cash Flow	1,011	805.8	361.7	722.3	823.7	707.6
Operating Cash Flow Growth	47.59%	122.78%	-49.92%	-12.31%	16.41%	16.73%
Capital Expenditures	-9.5	-10.2	-11.9	-17.8	-8	-14.9
Investment in Securities	-783.2	-530.7	-216.6	-489.8	-452.2	-593.9
Investing Cash Flow	-792.7	-540.9	-228.5	-507.6	-460.2	-608.8
Long-Term Debt Issued	-	-	-	-	-	296.4
Total Debt Repaid	-	-	-	-	-	-175.8
Net Debt Issued (Repaid)	495	-	-	-	-	120.6
Issuance of Common Stock	18.9	16.7	6.5	13.3	20.5	6.3
Repurchases of Common Stock	-101.3	-26.7	-	-30.8	-162.6	-212.8
Common Dividends Paid	-129.3	-124.1	-117.2	-108.9	-102.2	-99.5
Total Dividends Paid	-129.3	-124.1	-117.2	-108.9	-102.2	-99.5
Other Financing Activities	-13.3	-11.4	-11.4	-14.2	-8.9	-8.5
Financing Cash Flow	270	-145.5	-122.1	-140.6	-253.2	-193.9
Net Cash Flow	488.6	119.4	11.1	74.1	110.3	-95.1
Free Cash Flow	1,002	795.6	349.8	704.5	815.7	692.7
Free Cash Flow Growth	48.24%	127.44%	-50.35%	-13.63%	17.76%	16.83%
Free Cash Flow Margin	15.40%	12.75%	5.84%	12.88%	15.60%	14.36%
Free Cash Flow Per Share	27.46	21.86	9.69	19.52	22.41	18.18
Cash Interest Paid	33.2	33.2	33.2	33.3	33.4	33.9
Cash Income Tax Paid	149	149	-22.1	107.8	74	97
Levered Free Cash Flow	814.74	605.73	341.89	560.8	1,106	660.78
Unlevered Free Cash Flow	837.99	627.04	363.2	582.11	1,127	683.96
Change in Working Capital	262.1	220.9	272.1	561.3	620	351.2

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

SEC Filings: 10-K · 10-Q