HANOVER INSURANCE GROUP, INC.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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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.
Sep 30, 2025 · Filed Oct 30, 2025
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Other Items
Net income also included the following items:
| Three Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| (in millions) | Core Commercial | Specialty | PersonalLines | Other | Discontinued Operations | Total |
| Net realized and unrealized investment gains (losses) | $(4.4) | $(2.2) | $(2.8) | $0.4 | $— | $(9.0) |
| Discontinued life businesses | — | — | — | — | 0.1 | 0.1 |
| Net realized and unrealized investment losses | $(5.6) | $(2.8) | $(3.5) | $(0.5) | $— | $(12.4) |
| Nine Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| (in millions) | Core Commercial | Specialty | PersonalLines | Other | Discontinued Operations | Total |
| Net realized and unrealized investment gains (losses) | $(14.1) | $(7.1) | $(9.1) | $1.0 | $— | $(29.3) |
| Discontinued life businesses | — | — | — | — | 0.3 | 0.3 |
| Net realized and unrealized investment losses | $(19.1) | $(9.5) | $(12.0) | $(0.8) | $— | $(41.4) |
| Other non-operating | — | — | — | (2.4) | — | (2.4) |
| Discontinued life businesses | — | — | — | — | 0.1 | 0.1 |
We manage investment assets for our Core Commercial, Specialty, Personal Lines and Other segments based on the requirements of our combined property and casualty insurance companies. We allocate the investment income, expenses, and net realized and unrealized investment gains and losses to our Core Commercial, Specialty, Personal Lines and Other segments based on earned premium and actuarial information related to the underlying businesses.
Net realized and unrealized investment losses were $9.0 million for the three months ended September 30, 2025, compared to net realized and unrealized investment losses of $12.4 million for the three months ended September 30, 2024. For the three months ended September 30, 2025, net realized and unrealized investment losses were primarily due to $20.3 million of net realized losses from sales of investments, primarily lower-yield fixed maturities, in consideration of expiring tax gains from 2022, partially offset by changes in the fair value of equity securities. For the three months ended September 30, 2024, net realized and unrealized investment losses were primarily due to $23.5 million of net realized losses from sales of investments, primarily fixed maturities. These realized losses were partially offset by changes in the fair value of equity securities of $11.7 million.
Net realized and unrealized investment losses were $29.3 million for the nine months ended September 30, 2025, compared to net realized and unrealized investment losses of $41.4 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, net realized and unrealized investment losses were primarily due to $43.7 million of net realized losses from sales of investments, primarily lower-yield fixed maturities, in consideration of expiring tax gains from 2022, partially offset by changes in the fair value of equity securities. For the nine months ended September 30, 2024, net realized and unrealized investment losses were primarily due to $55.2 million of net realized losses from sales of investments, primarily fixed maturities, and, to a lesser extent, from impairment losses on investments, including $3.3 million of credit-related impairments and $2.2 million of losses related to intent to sell securities.
Income
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