Company Quick10K Filing
⚲
Hanover Insurance Group
Financials
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
Filings
10-Q 2020-06-30 Filed 2020-07-29
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
Reports
8-K 2020-08-31 Exhibits
8-K 2020-08-20 Other Events, Exhibits
8-K 2020-08-19 Off-BS Arrangement, Other Events, Exhibits
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-07-14 Earnings, Exhibits
8-K 2020-05-12
8-K 2020-04-28
8-K 2020-04-17
8-K 2020-04-10
8-K 2020-03-26
8-K 2020-02-04
8-K 2020-01-16
8-K 2019-12-05
8-K 2019-10-30
8-K 2019-07-31
8-K 2019-06-25
8-K 2019-05-14
8-K 2019-05-01
8-K 2019-01-30
8-K 2019-01-15
8-K 2018-12-28
8-K 2018-10-31
8-K 2018-09-17
8-K 2018-09-13
8-K 2018-08-01
8-K 2018-05-15
8-K 2018-05-02
8-K 2018-04-16
8-K 2018-03-28
8-K 2018-01-31

THG 10Q Quarterly Report

Content
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
Exhibits
EX-31.1 thg-ex311_8.htm
EX-31.2 thg-ex312_9.htm
EX-32.1 thg-ex321_7.htm
EX-32.2 thg-ex322_6.htm

Hanover Insurance Group Earnings 2020-06-30

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_20200630.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 June 30, 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 (or for such shorter period that the registrant was required to submit such files).    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 37,737,917 as of July 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

 

27

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

48

 

 

 

 

Item 4.

Controls and Procedures

 

48

 

 

 

 

PART II.

OTHER INFORMATION

 

49

 

 

 

 

Item 1.

Legal Proceedings

 

49

 

 

 

 

Item 1A.

Risk Factors

 

49

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

52

 

 

 

 

Item 6.

Exhibits

 

53

 

 

 

 

SIGNATURES

 

54

 

 

 

 

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

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

June 30,

 

(In millions, except per share data)

 

2020

 

 

2019

 

 

 

2020

 

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

$

1,096.6

 

 

$

1,111.0

 

 

 

$

2,238.0

 

 

 

$

2,206.1

 

Net investment income

 

 

57.7

 

 

 

69.6

 

 

 

 

127.3

 

 

 

 

139.8

 

Net realized and unrealized investment gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains from sales and other

 

 

0.8

 

 

 

0.8

 

 

 

 

3.9

 

 

 

 

0.4

 

Net change in fair value of equity securities

 

 

61.5

 

 

 

11.7

 

 

 

 

(74.7

)

 

 

 

60.3

 

Impairment recoveries (losses) on investments

 

 

1.4

 

 

 

(0.4

)

 

 

 

(27.1

)

 

 

 

(0.4

)

Total net realized and unrealized investment gains (losses)

 

 

63.7

 

 

 

12.1

 

 

 

 

(97.9

)

 

 

 

60.3

 

Fees and other income

 

 

6.3

 

 

 

5.9

 

 

 

 

13.1

 

 

 

 

11.9

 

Total revenues

 

 

1,224.3

 

 

 

1,198.6

 

 

 

 

2,280.5

 

 

 

 

2,418.1

 

Losses and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

712.0

 

 

 

717.7

 

 

 

 

1,440.2

 

 

 

 

1,417.3

 

Amortization of deferred acquisition costs

 

 

237.3

 

 

 

230.5

 

 

 

 

474.2

 

 

 

 

460.0

 

Interest expense

 

 

9.4

 

 

 

9.3

 

 

 

 

18.8

 

 

 

 

18.7

 

Other operating expenses

 

 

122.5

 

 

 

131.3

 

 

 

 

258.1

 

 

 

 

263.7

 

Total losses and expenses

 

 

1,081.2

 

 

 

1,088.8

 

 

 

 

2,191.3

 

 

 

 

2,159.7

 

Income from continuing operations before income taxes

 

 

143.1

 

 

 

109.8

 

 

 

 

89.2

 

 

 

 

258.4

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

18.5

 

 

 

20.4

 

 

 

 

39.8

 

 

 

 

32.6

 

Deferred

 

 

9.3

 

 

 

(1.2

)

 

 

 

(27.2

)

 

 

 

12.6

 

Effect of new tax regulations on Chaucer gain on sale

 

 

—

 

 

 

5.6

 

 

 

 

—

 

 

 

 

5.6

 

Total income tax expense

 

 

27.8

 

 

 

24.8

 

 

 

 

12.6

 

 

 

 

50.8

 

Income from continuing operations

 

 

115.3

 

 

 

85.0

 

 

 

 

76.6

 

 

 

 

207.6

 

Discontinued operations (net of taxes):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale of Chaucer business

 

 

—

 

 

 

(9.9

)

 

 

 

—

 

 

 

 

(9.0

)

Loss from Chaucer business

 

 

—

 

 

 

(0.2

)

 

 

 

—

 

 

 

 

(0.5

)

Loss from discontinued life businesses

 

 

(0.1

)

 

 

(0.9

)

 

 

 

(1.4

)

 

 

 

(1.7

)

Net income

 

$

115.2

 

 

$

74.0

 

 

 

$

75.2

 

 

 

$

196.4

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

3.03

 

 

$

2.09

 

 

 

$

2.01

 

 

 

$

5.10

 

Discontinued operations (net of taxes):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale of Chaucer business

 

 

—

 

 

 

(0.24

)

 

 

 

—

 

 

 

 

(0.22

)

Loss from Chaucer business

 

 

—

 

 

 

(0.01

)

 

 

 

—

 

 

 

 

(0.01

)

Loss from discontinued life businesses

 

 

—

 

 

 

(0.02

)

 

 

 

(0.04

)

 

 

 

(0.04

)

Net income per share

 

$

3.03

 

 

$

1.82

 

 

 

$

1.97

 

 

 

$

4.83

 

Weighted average shares outstanding

 

 

38.0

 

 

 

40.7

 

 

 

 

38.2

 

 

 

 

40.7

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

3.01

 

 

$

2.06

 

 

 

$

1.98

 

 

 

$

5.04

 

Discontinued operations (net of taxes):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale of Chaucer business

 

 

—

 

 

 

(0.24

)

 

 

 

—

 

 

 

 

(0.22

)

Loss from Chaucer business

 

 

—

 

 

 

(0.01

)

 

 

 

—

 

 

 

 

(0.01

)

Loss from discontinued life businesses

 

 

—

 

 

 

(0.02

)

 

 

 

(0.03

)

 

 

 

(0.04

)

Net income per share

 

$

3.01

 

 

$

1.79

 

 

 

$

1.95

 

 

 

$

4.77

 

Weighted average shares outstanding

 

 

38.3

 

 

 

41.2

 

 

 

 

38.6

 

 

 

 

41.2

 

 

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

2

Table of Contents

 

THE HANOVER INSURANCE GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 

 

 

Three Months Ended

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(In millions)

 

2020

 

 

2019

 

 

 

2020

 

 

2019

 

Net income

 

$

115.2

 

 

$

74.0

 

 

 

$

75.2

 

 

$

196.4

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in net unrealized gains on investment

   securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Having no credit losses recognized in the

   Consolidated Statements of Income

 

 

241.7

 

 

 

101.1

 

 

 

 

170.9

 

 

 

216.1

 

Having credit losses recognized in the

   Consolidated Statements of Income

 

 

10.0

 

 

 

0.5

 

 

 

 

(2.4

)

 

 

1.9

 

Total available-for-sale securities

 

 

251.7

 

 

 

101.6

 

 

 

 

168.5

 

 

 

218.0

 

Pension and postretirement benefits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in net actuarial loss

 

 

1.2

 

 

 

2.2

 

 

 

 

2.4

 

 

 

4.5

 

Cumulative foreign currency translation adjustment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount recognized as cumulative foreign currency

   translation during the period