HANOVER INSURANCE GROUP INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Statutory Surplus of Insurance Subsidiaries
The following table reflects statutory surplus for our insurance subsidiaries:
| March 31, | December 31, | |
|---|---|---|
| (in millions) | 2024 | 2023 |
| Total Statutory Capital and Surplus | $2,762.3 | $2,642.7 |
The statutory capital and surplus for our insurance subsidiaries increased $119.6 million during the first three months of 2024. This increase was primarily due to underwriting profits and, to a lesser extent, from an increase in unrealized investment gains.
The NAIC prescribes an annual calculation regarding risk-based capital (“RBC”). RBC ratios for regulatory purposes 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 March 31, 2024, 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) | CompanyAction Level | AuthorizedControl Level | RBC RatioIndustry Scale | RBC RatioRegulatory Scale |
|---|---|---|---|---|
| The Hanover Insurance Company | $1,369.8 | $684.9 | 201% | 402% |
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