HANOVER INSURANCE GROUP INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 22, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statutory Surplus of Insurance Subsidiaries
The following table reflects statutory surplus for our insurance subsidiaries:
| DECEMBER 31 | 2023 | 2022 |
|---|---|---|
| (in millions) | ||
| Total Statutory Capital and Surplus | $2,642.7 | $2,690.4 |
The statutory capital and surplus for our insurance subsidiaries decreased $47.7 million during 2023. This decrease was primarily driven by the payment of a $100.0 million dividend to its parent company, partially offset by underwriting profits.
The NAIC prescribes an annual calculation regarding risk based capital (“RBC”). RBC ratios for regulatory purposes, as described in the glossary, are expressed as a percentage of the capital required to be above the Authorized Control Level (the “Regulatory Scale”); however, in the insurance industry, RBC ratios are widely expressed as a percentage of the Company Action Level. The following table reflects the Company Action Level, the Authorized Control Level and RBC ratios for Hanover Insurance (which includes Citizens and other insurance subsidiaries), as of December 31, 2023 and 2022, expressed both on the Industry Scale (Total Adjusted Capital divided by the Company Action Level) and Regulatory Scale (Total Adjusted Capital divided by Authorized Control Level):
| (dollars in millions) | ||||
|---|---|---|---|---|
| DECEMBER 31, 2023 | Company ActionLevel | AuthorizedControlLevel | RBC RatioIndustryScale | RBC RatioRegulatoryScale |
| The Hanover Insurance Company | $1,334.1 | $667.0 | 197% | 395% |
| The Hanover Insurance Company | $1,291.7 | $645.9 | 207% | 415% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.