Company Quick10K Filing
Hanover Insurance Group
Price131.74 EPS11
Shares41 P/E12
MCap5,388 P/FCF13
Net Debt-158 EBIT509
TEV5,231 TEV/EBIT10
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-24
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-25
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-01
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-05-12 Shareholder Vote, Exhibits
8-K 2020-04-28 Earnings, Exhibits
8-K 2020-04-17 Regulation FD, Exhibits
8-K 2020-04-10 Regulation FD, Exhibits
8-K 2020-03-26 Exhibits
8-K 2020-02-04 Earnings, Exhibits
8-K 2020-01-16 Earnings, Exhibits
8-K 2019-12-05 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-06-25 Enter Agreement, Off-BS Arrangement, Officers, Other Events, Exhibits
8-K 2019-05-14 Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2019-01-15 Other Events, Exhibits
8-K 2018-12-28 Enter Agreement, Leave Agreement, M&A, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-09-17 Officers, Officers
8-K 2018-09-13 Enter Agreement, Regulation FD, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-05-15 Shareholder Vote
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-04-16 Other Events, Exhibits
8-K 2018-03-28 Other Events, Exhibits
8-K 2018-01-31 Earnings, Exhibits

THG 10Q Quarterly Report

Part I - Financial Information
Item 1 - Financial Statements
Part I
Item 2
Item 3
Item 4
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 - Exhibits
EX-31.1 thg-ex311_9.htm
EX-31.2 thg-ex312_7.htm
EX-32.1 thg-ex321_6.htm
EX-32.2 thg-ex322_8.htm

Hanover Insurance Group Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
1.41.10.80.50.2-0.12012201420172020
Rev, G Profit, Net Income
0.40.2-0.0-0.3-0.5-0.72012201420172020
Ops, Inv, Fin

thg-10q_20200331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                    

Commission File Number 1-13754

 

THE HANOVER INSURANCE GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

04-3263626

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

440 Lincoln Street, Worcester, Massachusetts 01653

(Address of principal executive offices) (Zip Code)

(508) 855-1000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbols

 

Name of each exchange on which registered 

Common Stock, $.01 par value

 

THG

 

New York Stock Exchange

7 5/8% Senior Debentures due 2025

 

THG

 

New York Stock Exchange

6.35% Subordinated Debentures due 2053

 

THGA

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

  

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of shares outstanding of the registrant’s common stock was 37,997,945 as of April 27, 2020.

 

 

 

 

 

 

 

 

 

 


TABLE OF CONTENTS

 

PART I.

FINANCIAL INFORMATION

 

2

 

 

 

 

Item 1.

Financial Statements

 

2

 

Consolidated Statements of Income

 

2

 

Consolidated Statements of Comprehensive Income

 

3

 

Consolidated Balance Sheets

 

4

 

Consolidated Statements of Shareholders’ Equity

 

5

 

Consolidated Statements of Cash Flows

 

6

 

Notes to Interim Consolidated Financial Statements

 

7

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

24

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

41

 

 

 

 

Item 4.

Controls and Procedures

 

41

 

 

 

 

PART II.

OTHER INFORMATION

 

42

 

 

 

 

Item 1.

Legal Proceedings

 

42

 

 

 

 

Item 1A.

Risk Factors

 

42

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

45

 

 

 

 

Item 6.

Exhibits

 

46

 

 

 

 

SIGNATURES

 

47

 

 

 

 


Table of Contents

 

 

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

THE HANOVER INSURANCE GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In millions, except per share data)

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

Premiums

 

$

1,141.4

 

 

$

1,095.1

 

Net investment income

 

 

69.6

 

 

 

70.2

 

Net realized and unrealized investment gains (losses):

 

 

 

 

 

 

 

 

Net realized gains (losses) from sales and other

 

 

3.1

 

 

 

(0.4

)

Net change in fair value of equity securities

 

 

(136.2

)

 

 

48.6

 

Impairment losses on investments

 

 

(28.5

)

 

 

 

Total net realized and unrealized investment gains (losses)

 

 

(161.6

)

 

 

48.2

 

Fees and other income

 

 

6.8

 

 

 

6.0

 

Total revenues

 

 

1,056.2

 

 

 

1,219.5

 

Losses and expenses

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

728.2

 

 

 

699.6

 

Amortization of deferred acquisition costs

 

 

236.9

 

 

 

229.5

 

Interest expense

 

 

9.4

 

 

 

9.4

 

Other operating expenses

 

 

135.6

 

 

 

132.4

 

Total losses and expenses

 

 

1,110.1

 

 

 

1,070.9

 

Income (loss) from continuing operations before income taxes

 

 

(53.9

)

 

 

148.6

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

Current

 

 

21.3

 

 

 

12.2

 

Deferred

 

 

(36.5

)

 

 

13.8

 

Total income tax expense (benefit)

 

 

(15.2

)

 

 

26.0

 

Income (loss) from continuing operations

 

 

(38.7

)

 

 

122.6

 

Discontinued operations (net of taxes):

 

 

 

 

 

 

 

 

Sale of Chaucer business

 

 

 

 

 

0.9

 

Loss from Chaucer business

 

 

 

 

 

(0.3

)

Loss from discontinued life businesses

 

 

(1.3

)

 

 

(0.8

)

Net income (loss)

 

$

(40.0

)

 

$

122.4

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(1.01

)

 

$

3.02

 

Discontinued operations (net of taxes):

 

 

 

 

 

 

 

 

Sale of Chaucer business

 

 

 

 

 

0.02

 

Loss from Chaucer business

 

 

 

 

 

(0.01

)

Loss from discontinued life businesses

 

 

(0.03

)

 

 

(0.02

)

Net income (loss) per share

 

$

(1.04

)

 

$

3.01

 

Weighted average shares outstanding

 

 

38.3

 

 

 

40.6

 

Diluted:

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(1.01

)

 

$

2.98

 

Discontinued operations (net of taxes):

 

 

 

 

 

 

 

 

Sale of Chaucer business

 

 

 

 

 

0.02

 

Loss from Chaucer business

 

 

 

 

 

(0.01

)

Loss from discontinued life businesses

 

 

(0.03

)

 

 

(0.02

)

Net income (loss) per share

 

$

(1.04

)

 

$

2.97

 

Weighted average shares outstanding

 

 

38.3

 

 

 

41.2

 

 

The accompanying notes are an integral part of these interim consolidated financial statements.

2


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THE HANOVER INSURANCE GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In millions)

 

2020

 

 

2019

 

Net income (loss)

 

$

(40.0

)

 

$

122.4

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

Net appreciation (depreciation) during the period

 

 

(83.2

)

 

 

115.0

 

Change in unrealized gains recognized in other comprehensive income

 

 

 

 

 

1.4

 

Total available-for-sale securities

 

 

(83.2

)

 

 

116.4

 

Pension and postretirement benefits:

 

 

 

 

 

 

 

 

Net change in net actuarial loss

 

 

1.2

 

 

 

2.3

 

Cumulative foreign currency translation adjustment:

 

 

 

 

 

 

 

 

Amount recognized as cumulative foreign currency

   translation during the period

 

 

 

 

 

0.1

 

Total other comprehensive income (loss), net of tax

 

 

(82.0

)

 

 

118.8

 

Comprehensive income (loss)

 

$

(122.0

)

 

$

241.2

 

 

The accompanying notes are an integral part of these interim consolidated financial statements.

3


Table of Contents

 

THE HANOVER INSURANCE GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

March 31,

 

 

December 31,

 

(In millions, except share data)

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Fixed maturities, at fair value (amortized cost of $6,493.7 and $6,452.2)

 

$

6,625.0

 

 

$

6,687.1

 

Equity securities, at fair value

 

 

447.0

 

 

 

575.7

 

Other investments

 

 

755.5

 

 

 

733.2

 

Total investments

 

 

7,827.5

 

 

 

7,996.0

 

Cash and cash equivalents

 

 

143.9

 

 

 

215.7

 

Accrued investment income

 

 

51.5

 

 

 

53.0

 

Premiums and accounts receivable, net

 

 

1,271.0

 

 

 

1,260.4

 

Reinsurance recoverable on paid and unpaid losses and unearned premiums

 

 

1,820.4

 

 

 

1,814.0

 

Deferred acquisition costs

 

 

465.7

 

 

 

467.4

 

Deferred income tax asset

 

 

3.2

 

 

 

 

Goodwill

 

 

178.8

 

 

 

178.8

 

Other assets

 

 

417.3

 

 

 

402.4

 

Assets of discontinued businesses

 

 

98.1

 

 

 

102.8

 

Total assets

 

$

12,277.4

 

 

$

12,490.5

 

Liabilities

 

 

 

 

 

 

 

 

Loss and loss adjustment expense reserves

 

$

5,724.9

 

 

$

5,654.4

 

Unearned premiums

 

 

2,421.0

 

 

 

2,416.7

 

Expenses and taxes payable

 

 

512.0

 

 

 

627.7

 

Deferred income tax liability

 

 

 

 

 

51.8

 

Reinsurance premiums payable

 

 

58.5

 

 

 

53.4

 

Debt

 

 

707.5

 

 

 

653.4

 

Liabilities of discontinued businesses

 

 

116.9

 

 

 

116.9

 

Total liabilities

 

 

9,540.8

 

 

 

9,574.3

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

Preferred stock, par value $0.01 per share; 20.0 million shares authorized; none issued

 

 

 

 

 

 

Common stock, par value $0.01 per share; 300.0 million shares authorized;

   60.5 million shares issued

 

 

0.6

 

 

 

0.6

 

Additional paid-in capital

 

 

1,861.6

 

 

 

1,837.3

 

Accumulated other comprehensive income

 

 

70.6

 

 

 

152.6

 

Retained earnings

 

 

2,344.9

 

 

 

2,410.9

 

Treasury stock at cost (22.5 million and 22.1 million shares)

 

 

(1,541.1

)

 

 

(1,485.2

)

Total shareholders’ equity

 

 

2,736.6

 

 

 

2,916.2

 

Total liabilities and shareholders’ equity

 

$

12,277.4

 

 

$

12,490.5

 

 

The accompanying notes are an integral part of these interim consolidated financial statements.

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Table of Contents

 

THE HANOVER INSURANCE GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In millions)

 

2020

 

2019

 

Preferred Stock

 

 

 

 

 

 

 

Balance at beginning and end of period

 

$

 

$

 

Common Stock

 

 

 

 

 

 

 

Balance at beginning and end of period

 

 

0.6

 

 

0.6

 

Additional Paid-in Capital

 

 

 

 

 

 

 

Balance at beginning of period

 

 

1,837.3

 

 

1,871.8

 

Settlement and prepayment of accelerated share repurchases and other

 

 

24.3

 

 

(50.1

)

Balance at end of period

 

 

1,861.6

 

 

1,821.7

 

Accumulated Other Comprehensive Income, net of tax

 

 

 

 

 

 

 

Net Unrealized Appreciation (Depreciation) on Investments:

 

 

 

 

 

 

 

Balance at beginning of period

 

 

216.0

 

 

(27.2

)

Net appreciation (depreciation) on available-for-sale securities

 

 

(83.2

)

 

116.4

 

Adoption of Accounting Standards Updates (No. 2017-08 in 2019 )

 

 

 

 

1.5

 

Balance at end of period

 

 

132.8

 

 

90.7

 

Defined Benefit Pension and Postretirement Plans:

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(63.4

)

 

(88.6

)

Net amount recognized as net periodic benefit

 

 

1.2

 

 

2.3

 

Balance at end of period

 

 

(62.2

)

 

(86.3

)

Cumulative Foreign Currency Translation Adjustment:

 

 

 

 

 

 

 

Balance at beginning of period

 

 

 

 

(0.7

)

Amount recognized as cumulative foreign currency translation

   during the period

 

 

 

 

0.1

 

Balance at end of period

 

 

 

 

(0.6

)

Total accumulated other comprehensive income

 

 

70.6

 

 

3.8

 

Retained Earnings

 

 

 

 

 

 

 

Balance at beginning of period

 

 

2,410.9

 

 

2,182.3

 

Cumulative effect of accounting change, net of taxes

 

 

(0.9

)

 

(1.5

)

Balance at beginning of period, as adjusted

 

 

2,410.0

 

 

2,180.8

 

Net income (loss)

 

 

(40.0

)

 

122.4

 

Dividends to shareholders

 

 

(25.1

)

 

(24.5

)

Balance at end of period

 

 

2,344.9

 

 

2,278.7

 

Treasury Stock

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(1,485.2

)

 

(983.5

)

Shares purchased at cost

 

 

(59.2

)

 

(200.0

)

Net shares reissued at cost under employee stock-based

   compensation plans

 

 

3.3

 

 

5.7

 

Balance at end of period

 

 

(1,541.1

)

 

(1,177.8

)

Total shareholders’ equity

 

$

2,736.6

 

$

2,927.0

 

 

The accompanying notes are an integral part of these interim consolidated financial statements.

5


Table of Contents

 

THE HANOVER INSURANCE GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In millions)

 

2020

 

 

2019

 

Cash Flows From Operating Activities

 

 

 

 

 

 

 

 

Net income

 

$

(40.0

)

 

$

122.4

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Net realized and unrealized investment (gains) losses

 

 

162.4

 

 

 

(48.4

)

Gain on sale of Chaucer-related Irish entity

 

 

 

 

(0.9

)