Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Combined Ratio % is a profitability metric of an insurance company to measure its performance in daily operations. It measures the money flowing out of an insurance company in the form of dividends, expenses, and losses.
The Hanover Insurance Group's Combined Ratio % for the quarter that ended in Jun. 2026 was 91.20%
, which is lower than
91.70% for the pervious quarter ended in Mar. 2026.
The Hanover Insurance Group's Combined Ratio % for the annual that ended in Dec. 2025 was 91.60%
, which is lower than
94.80% for the pervious year ended in Dec. 2024.
The historical rank and industry rank for The Hanover Insurance Group's Combined Ratio % or its related term are showing as below:
THG's Combined Ratio % is not ranked *
in the Insurance industry.
Industry Median: * Ranked among companies with meaningful Combined Ratio % only.
The Hanover Insurance Group (NYSE:THG) Combined Ratio % Explanation
Combined Ratio % measures the money flowing out of an insurance company in the form of dividends, expenses and losses. A ratio below 100 percent suggests that the company is making an underwriting profit, while a ratio above 100 percent means that it paid more in the claim than it received. However, a ratio above 100 percent does not necessarily mean the company is losing money because the investment income is not included in the calculation.
Compared to Claims Ratio % and Expense Ratio %, the combined ratio is most important because it provides a comprehensive measure of an insurer's profitability.
The Hanover Insurance Group Combined Ratio % Related Terms
The Hanover Insurance Group Combined Ratio % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
The Hanover Insurance Group Combined Ratio % Chart
THG vs KNSL, MCY, SIGI: Combined Ratio % Comparison
For the Insurance - Property & Casualty subindustry, The Hanover Insurance Group's Combined Ratio %, along with its competitors' market caps and Combined Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
The Hanover Insurance Group (NYSE:THG) Combined Ratio % Calculation
Combined Ratio % is calculated as:
Combined Ratio %
=
( Incurred Losses
+
Expenses )
/
Earned Premium
*
100%
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Frequently Asked Questions
What does a Combined Ratio % of 91.20% mean?
The Hanover Insurance Group (THG) has a Combined Ratio % of 91.20% as of Jun. 2026. Combined Ratio measures the money flowing out of an insurance company in the form of dividends, expenses, and losses. View historical data on The Hanover Insurance Group and its competitors.
Is The Hanover Insurance Group's Combined Ratio % too high?
The Hanover Insurance Group's current Combined Ratio % is 91.20%. Overall, The Hanover Insurance Group has a GF Score™ of 73/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does The Hanover Insurance Group's Combined Ratio % compare to KNSL and MCY?
The Hanover Insurance Group's Combined Ratio % of 91.20% can be compared against companies in the Insurance industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Combined Ratio % for an Insurance company?
A good Combined Ratio % depends on the Insurance industry context. However, Combined Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Combined Ratio % mean?
A high Combined Ratio % can signal that a stock is expensive relative to its fundamentals. Combined Ratio measures the money flowing out of an insurance company in the form of dividends, expenses, and losses. View historical data on The Hanover Insurance Group and its competitors. The Hanover Insurance Group's current Combined Ratio % is 91.20%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Hanover Insurance Group stock overvalued right now?
Based on GuruFocus' analysis, The Hanover Insurance Group (THG) is currently considered Fairly Valued. The stock's GF Value™ is $207.35, compared to a current price of $225.29 — trading 8.7% above its estimated fair value. The current Combined Ratio % is 91.20%. The Hanover Insurance Group's overall GF Score™ is 73/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Combined Ratio % calculated?
Combined Ratio % is calculated from a company's financial statements. For The Hanover Insurance Group (THG), the current Combined Ratio % is 91.20% as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is The Hanover Insurance Group (THG) Overvalued in 2026?
Based on GuruFocus' analysis, The Hanover Insurance Group stock appears to be overvalued.
The current stock price of $225.29 is trading 8.7% above its estimated GF Value™ of $207.35.
GuruFocus considers The Hanover Insurance Group to be Fairly Valued.
Key valuation signals for THG:
Combined Ratio %: 91.20%
GF Value™: $207.35 vs. price of $225.29 (8.7% above fair value)
No single metric tells the full story. See the THG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
The Hanover Insurance Group Inc is a holding company whose primary business is offering property and casualty insurance products and services. The company markets itself through independent agents and brokers in the United States while conducting business through Hanover Insurance, Citizens and other THG subsidiaries. The company conducts business operations through four operating segments: Core Commercial, Specialty, Personal Lines, and Other. The company operates an investment portfolio that is exposed to fixed-income securities.
73GF Score
Get the complete analysis for THG
Combined Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
THG has been successfully added to your 
