Exhibit 99.2

 

FINANCIAL SUPPLEMENT
SECOND QUARTER 2023

THE HANOVER INSURANCE GROUP
FINANCIAL SUPPLEMENT
TABLE OF CONTENTS
Segment Descriptions....................................................................................................	1
Financial Highlights.........................................................................................................	2
Consolidated Financial Statements
Income Statements.............................................................................................................	3
Balance Sheets...................................................................................................................	4
Pre-tax Operating Results and Related Metrics
Consolidated.......................................................................................................................	5-7
Core Commercial...............................................................................................................	8-9
Specialty..............................................................................................................................	10-11
Personal Lines....................................................................................................................	12-15
Investments
Net Investment Income and Yields.....................................................................................	16
Investment Portfolio.............................................................................................................	17
Credit Quality and Duration of Fixed Maturities...............................................................	18
Top 25 Corporate and Municipal Fixed Maturity Holdings.............................................	19
Reconciliation of Operating Income (Loss) to Net Income (Loss)......................	20
Other Information
Non-GAAP Financial Measures........................................................................................	21
Premium Related Metric Definitions.................................................................................	22
Corporate Information.........................................................................................................	23
Market and Dividend Information......................................................................................	23
Financial Strength and Debt Ratings................................................................................	23

THE HANOVER INSURANCE GROUP
BASIS OF PRESENTATION
SEGMENT DESCRIPTIONS
CORE COMMERCIAL
Sub-segment	Customer and business type	Primary lines of business
Small Commercial	Coverage to small businesses, with annual premiums of $50,000 or less; Products are tailored to specific industry segments as needed.	● Business owners' policy/commercial multiple peril ● Commercial automobile ● Workers' compensation ● Other (general liability, commercial umbrella, monoline     property)
Middle Market	Coverage to mid-sized businesses with annual premiums starting at $50,000, focusing on those between $50,000 and $250,000. Products are tailored to certain specific industry segments, including technology, manufacturing, human services, retail, real estate, among others.	● Commercial multiple peril ● Commercial automobile ● Workers' compensation ● Other (general liability, commercial umbrella, monoline     property)
SPECIALTY
Sub-segment	Customer and business type	Primary lines of business
Professional and Executive Lines	Coverage to small to mid-sized non-public companies, including lawyer, engineer, accountant, and various other professional and advisory firms including healthcare; provide protection for directors, officers and employees against actual or alleged errors, negligence or bad faith, employment practices.	● Professional liability ● Management liability ● Fidelity and crime ● Other property and liability lines for healthcare firms
Specialty Property & Casualty	Program business - coverage to markets with specialty or risk management needs related to groups of similar businesses; Hanover Specialty Industrial (HSI) - coverage to small and medium chemical, paint, solvent and other manufacturers and distributors; Excess & Surplus - non-admitted general liability and property coverage to risks outside of the appetite of standard commercial lines; Specialty General Liability - admitted coverage for higher-hazard liability risks	● Commercial multiple peril ● Commercial automobile ● Workers' compensation ● Other (general liability, commercial umbrella, monoline     property)
Marine	Includes coverage for inland and ocean marine, and insures against physical losses to property, such as contractor's equipment, builders' risk and goods in transit. Also covers jewelers block, fine art and other valuables.	● Inland/ocean marine ● Ancillary lines of business written through marine agents
Surety and Other	Provides coverage for construction and other firms, as well as sole proprietors in the event of claims for non-performance or non-payment, and commercial surety coverage related to fiduciary or regulatory obligations.	● Bond
PERSONAL LINES
Sub-segment	Customer and business type	Primary lines of business
Personal Automobile	Includes coverage for individuals against losses incurred from personal bodily injury, bodily injury to third parties, property damage to an insured's vehicle, and property damage to other vehicles and other property.	● Personal automobile
Homeowners and Other	Includes coverage for individuals for losses to their residences and personal property, such as those caused by fire, wind, hail, water damage (excluding flood), theft and vandalism, and against third-party liability claims.	● Homeowners ● Personal umbrella ● Inland Marine (jewelry, art, etc.) ● Other (fire, personal watercraft, other miscellaneous)
OTHER
Included in Other are Opus, which provides investment advisory services to affiliates and also manages assets for unaffiliated institutions such as insurance companies, retirement plans and foundations; earnings on holding company assets; holding company and other expenses; and our run-off voluntary assumed property and casualty pools and run-off direct asbestos and environmental businesses.

1

THE HANOVER INSURANCE GROUP
FINANCIAL HIGHLIGHTS
		Q1		Q2		Q3		Q4		Q1		Q2		Jun-YTD		Jun-YTD
(In millions, except earnings per share)		2022		2022		2022		2022 (1)		2023 (2)		2023 (1)		2022		2023 (1)
PREMIUMS
Gross premiums written	$	1,470.1	$	1,473.9	$	1,660.3	$	1,476.5	$	1,577.3	$	1,589.9	$	2,944.0	$	3,167.2
Net premiums written		1,312.3		1,332.8		1,505.4		1,326.0		1,421.5		1,446.8		2,645.1		2,868.3
Net premiums earned		1,263.8		1,293.8		1,331.2		1,363.5		1,380.0		1,411.7		2,557.6		2,791.7
EARNINGS
Operating income (loss) before interest and taxes	$	154.4	$	115.0	$	53.9	$	(38.2)	$	13.2	$	(79.4)	$	269.4	$	(66.2)
Operating income (loss) after taxes		117.7		83.9		35.7		(37.4)		4.6		(68.3)		201.6		(63.7)
Income (loss) from continuing operations		105.3		22.8		0.6		(11.9)		(12.0)		(70.0)		128.1		(82.0)
Net income (loss) (3)		104.9		22.7		0.5		(12.1)		(12.0)		(69.2)		127.6		(81.2)
PER SHARE DATA (DILUTED)
Operating income (loss) after taxes	$	3.26	$	2.32	$	0.99	$	(1.05)	$	0.13	$	(1.91)	$	5.58	$	(1.78)
Income (loss) from continuing operations		2.91		0.63		0.02		(0.33)		(0.34)		(1.96)		3.55		(2.30)
Net income (loss) (3)		2.90		0.63		0.01		(0.34)		(0.34)		(1.94)		3.53		(2.27)
														-		-
Dilutive weighted average shares outstanding		36.1		36.1		36.1		36.1		36.1		36.0		36.1		36.1
														-		-
Basic weighted average shares outstanding		35.5		35.6		35.6		35.6		35.6		35.7		35.6		35.7
BALANCE SHEET
		March 31		June 30		September 30		December 31		March 31		June 30
(In millions, except per share data)		2022		2022		2022		2022		2023		2023
Total assets(3)	$	13,847.7	$	13,599.7	$	13,743.6	$	13,995.1	$	14,091.7	$	14,186.7
Total loss and loss adjustment expense reserves		6,512.2		6,606.9		6,774.0		7,012.6		7,143.4		7,313.3
Total shareholders' equity (3)		2,830.9		2,576.2		2,304.9		2,333.7		2,389.0		2,237.9
Total shareholders' equity, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax(3)		3,032.0		3,035.5		3,007.2		2,971.1		2,934.2		2,847.9
Property and Casualty Companies
Statutory surplus	$	2,809.6	$	2,693.5	$	2,681.8	$	2,690.4	$	2,674.5	$	2,508.3
Premium to surplus ratio		1.82:1		1.94:1		2.00:1		2.03:1		2.09:1		2.27:1
Book value per share(3)	$	79.53	$	72.33	$	64.84	$	65.61	$	66.89	$	62.62
Book value per share, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax (3)	$	85.17	$	85.22	$	84.60	$	83.53	$	82.16	$	79.68
Tangible book value per share (total book value excluding goodwill
and intangibles)(3)	$	74.04	$	66.85	$	59.36	$	60.13	$	61.44	$	57.17
Shares outstanding		35.6		35.6		35.6		35.6		35.7		35.8
Total debt/equity (3)		27.6 %		30.4 %		33.9 %		33.5 %		32.8 %		35.0 %
Total debt/total capital(3)		21.6 %		23.3 %		25.3 %		25.1 %		24.7 %		25.9 %
(1) Per share data is calculated using basic shares outstanding due to antidilution.
(2) Operating income metrics are calculated using diluted shares outstanding; loss from continuing operations, net of taxes and net loss metrics are calculated using basic shares outstanding due to antidilution.
(3) Effective January 1, 2023, in accordance with the implementation of Accounting Standards Updated 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, the Company has revised the prior period metrics, which includes a benefit of approximately $4.1 million to the January 1, 2022 beginning balance of retained earnings.

2

THE HANOVER INSURANCE GROUP
CONSOLIDATED INCOME STATEMENTS
	Three Months ended June 30					Six Months ended June 30
(In millions)		2023		2022	% Change		2023		2022	% Change
Premiums earned	$	1,411.7	$	1,293.8	9.1	$	2,791.7	$	2,557.6	9.2
Net investment income		87.6		70.5	24.3		166.3		147.4	12.8
Net realized and unrealized investment gains (losses):
Net realized gains (losses) from sales and other		0.1		(19.2)	N/M		(1.0)		(16.2)	(93.8)
Net change in fair value of equity securities		(1.1)		(59.0)	(98.1)		(8.2)		(77.0)	(89.4)
Impairments on investments:
Credit-related recoveries (impairments)		(1.7)		0.5	N/M		(6.2)		(0.1)	N/M
Losses on intent to sell securities		-		(0.2)	N/M		(10.3)		(0.5)	N/M
		(1.7)		0.3	N/M		(16.5)		(0.6)	N/M
Total net realized and unrealized investment losses		(2.7)		(77.9)	(96.5)		(25.7)		(93.8)	(72.6)
Fees and other income		7.8		6.5	20.0		15.8		12.4	27.4
Total revenues		1,504.4		1,292.9	16.4		2,948.1		2,623.6	12.4
LOSSES AND EXPENSES
Losses and loss adjustment expenses		1,139.9		845.5	34.8		2,157.3		1,633.0	32.1
Amortization of deferred acquisition costs		292.7		269.3	8.7		581.5		532.2	9.3
Interest expense		8.6		8.5	1.2		17.1		17.0	0.6
Other operating expenses		153.9		141.4	8.8		300.4		283.2	6.1
Total losses and expenses		1,595.1		1,264.7	26.1		3,056.3		2,465.4	24.0
Income (loss) from continuing operations before income taxes		(90.7)		28.2	N/M		(108.2)		158.2	N/M
Income tax expense (benefit)		(20.7)		5.4	N/M		(26.2)		30.1	N/M
Income (loss) from continuing operations		(70.0)		22.8	N/M		(82.0)		128.1	N/M
Discontinued operations (net of taxes):
Income from discontinued Chaucer business		0.8		-	N/M		0.8		-	N/M
Loss from discontinued life businesses		-		(0.1)	N/M		-		(0.5)	N/M
Net income (loss)	$	(69.2)	$	22.7	N/M	$	(81.2)	$	127.6	N/M

3

THE HANOVER INSURANCE GROUP
CONSOLIDATED BALANCE SHEETS
		June 30		December 31
(In millions, except per share data)		2023		2022	% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $8,375.5 and $8,294.5)	$	7,598.0	$	7,481.8	1.6
Equity securities, at fair value		232.7		241.9	(3.8)
Other investments		809.7		786.1	3.0
Total investments		8,640.4		8,509.8	1.5
Cash and cash equivalents		167.6		305.0	(45.0)
Accrued investment income		55.5		54.5	1.8
Premiums and accounts receivable, net		1,673.8		1,601.4	4.5
Reinsurance recoverable on paid and unpaid losses and unearned premiums		1,997.3		1,964.5	1.7
Deferred acquisition costs		606.4		604.8	0.3
Deferred income tax asset		203.7		199.2	2.3
Goodwill		178.8		178.8	-
Other assets		577.4		493.0	17.1
Assets of discontinued businesses		85.8		84.1	2.0
Total assets	$	14,186.7	$	13,995.1	1.4
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Loss and loss adjustment expense reserves	$	7,313.3	$	7,012.6	4.3
Unearned premiums		3,020.8		2,954.2	2.3
Expenses and taxes payable		651.7		731.7	(10.9)
Reinsurance premiums payable		69.5		70.3	(1.1)
Debt		782.8		782.4	0.1
Liabilities of discontinued businesses		110.7		110.2	0.5
Total liabilities		11,948.8		11,661.4	2.5
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		1,923.0		1,913.1	0.5
Accumulated other comprehensive loss		(670.9)		(701.5)	4.4
Retained earnings		2,853.0		2,992.9	(4.7)
Treasury stock at cost (24.7 million and 24.9 million shares)		(1,867.8)		(1,871.4)	(0.2)
Total shareholders' equity		2,237.9		2,333.7	(4.1)
Total liabilities and shareholders' equity	$	14,186.7	$	13,995.1	1.4

4

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED
Three Months ended June 30
		2023										2022
		Core				Personal						Core				Personal
(In millions, except percentage data)		Commercial		Specialty		Lines		Other		Total		Commercial		Specialty		Lines		Other		Total
Gross premiums written	$	553.8	$	381.5	$	654.6	$	-	$	1,589.9	$	525.6	$	354.6	$	593.7	$	-	$	1,473.9
				-				-						-				-
Net premiums written	$	486.8	$	325.4	$	634.6	$	-	$	1,446.8	$	454.2	$	302.3	$	576.3	$	-	$	1,332.8
				-				-						-				-
Net premiums earned	$	515.6	$	319.8	$	576.3	$	-	$	1,411.7	$	480.1	$	293.5	$	520.2	$	-	$	1,293.8
				-				-						-				-
Losses and LAE:
				-				-						-				-
Current year, excluding catastrophe losses		289.9		172.5		417.6		-		880.0		273.6		153.5		350.2		-		777.3
								-						-				-
Prior year unfavorable (favorable) development, excluding catastrophe losses		0.7		(11.7)		9.3		-		(1.7)		(2.8)		(1.2)		(5.2)		-		(9.2)
								-						-				-
Current year catastrophe losses		38.3		13.1		210.2		-		261.6		28.7		9.7		51.0		-		89.4
								-						-				-
Prior year unfavorable (favorable) catastrophe development		(5.0)		(4.0)		9.0		-		-		(10.9)		(3.1)		2.0		-		(12.0)
								-						-				-
Total losses and LAE		323.9		169.9		646.1		-		1,139.9		288.6		158.9		398.0		-		845.5
								-						-				-
Amortization of deferred acquisition costs and other underwriting expenses		171.2		113.8		153.1		-		438.1		157.2		104.3		142.1		-		403.6
								-						-				-
GAAP underwriting profit (loss)		20.5		36.1		(222.9)		-		(166.3)		34.3		30.3		(19.9)		-		44.7
								-						-				-
Net investment income		39.7		18.6		26.4		2.9		87.6		32.6		14.8		20.6		2.5		70.5
								-						-				-
Other income		1.1		1.8		4.1		0.8		7.8		0.9		1.5		3.4		0.7		6.5
								-										-
Other operating expenses		(1.2)		(2.1)		(1.7)		(3.5)		(8.5)		(0.9)		(1.4)		(1.3)		(3.1)		(6.7)
								-						-				-
Operating income (loss) before income taxes	$	60.1	$	54.4	$	(194.1)	$	0.2	$	(79.4)	$	66.9	$	45.2	$	2.8	$	0.1	$	115.0
Loss and LAE ratio:
Current year, excluding catastrophe losses		56.2 %		54.0 %		72.5 %		N/M		62.3 %		57.0 %		52.3 %		67.3 %		N/M		60.1 %
Prior year unfavorable (favorable) development, excluding catastrophe losses		0.1 %		(3.7)%		1.6 %		N/M		(0.1)%		(0.6)%		(0.4)%		(1.0)%		N/M		(0.7)%
Current year catastrophe losses		7.5 %		4.1 %		36.4 %		N/M		18.5 %		6.0 %		3.3 %		9.8 %		N/M		6.9 %
Prior year unfavorable (favorable) catastrophe development		(1.0)%		(1.3)%		1.6 %		N/M		-		(2.3)%		(1.1)%		0.4 %		N/M		(0.9)%
Total loss and LAE ratio		62.8 %		53.1 %		112.1 %		N/M		80.7 %		60.1 %		54.1 %		76.5 %		N/M		65.4 %
Expense ratio		33.0 %		35.3 %		25.9 %		N/M		30.6 %		32.5 %		35.3 %		26.7 %		N/M		30.8 %
Combined ratio		95.8 %		88.4 %		138.0 %		N/M		111.3 %		92.6 %		89.4 %		103.2 %		N/M		96.2 %

5

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CONSOLIDATED
Six Months ended June 30
		2023										2022
		Core				Personal						Core				Personal
(In millions, except percentage data)		Commercial		Specialty		Lines		Other		Total		Commercial		Specialty		Lines		Other		Total
Gross premiums written	$	1,187.9	$	774.0	$	1,205.3	$	-	$	3,167.2	$	1,117.5	$	733.7	$	1,092.8	$	-	$	2,944.0
Net premiums written	$	1,052.1	$	649.7	$	1,166.5	$	-	$	2,868.3	$	980.8	$	605.1	$	1,059.2	$	-	$	2,645.1
Net premiums earned	$	1,023.0	$	631.5	$	1,137.2	$	-	$	2,791.7	$	954.8	$	577.3	$	1,025.5	$	-	$	2,557.6
				-										-
Losses and LAE:
Current year, excluding catastrophe losses		586.8		339.3		799.3		-		1,725.4		546.2		307.5		671.6		-		1,525.3
				-				-						-				-
Prior year unfavorable (favorable) development, excluding catastrophe losses		4.2		(29.8)		20.9		-		(4.7)		(9.2)		(14.4)		8.4		-		(15.2)
				-				-						-				-
Current accident year catastrophe losses		102.9		38.9		294.8		-		436.6		48.4		17.3		69.2		-		134.9
				-				-						-				-
Prior year unfavorable (favorable) catastrophe development		(5.7)		(8.3)		14.0		-		-		(10.9)		(3.1)		2.0		-		(12.0)
				-				-						-				-
Total losses and LAE		688.2		340.1		1,129.0		-		2,157.3		574.5		307.3		751.2		-		1,633.0
				-				-						-				-
Amortization of deferred acquisition costs and other underwriting expenses		339.1		224.6		303.3		-		867.0		313.8		205.8		281.9		-		801.5
				-				-						-				-
GAAP underwriting profit (loss)		(4.3)		66.8		(295.1)		-		(232.6)		66.5		64.2		(7.6)		-		123.1
				-				-						-				-
Net investment income		75.8		35.6		49.0		5.9		166.3		68.0		31.0		43.2		5.2		147.4
				-				-						-				-
Other income		2.3		3.6		8.4		1.5		15.8		1.9		2.8		6.2		1.5		12.4
								-										-
Other operating expenses		(2.5)		(3.3)		(3.0)		(6.9)		(15.7)		(2.0)		(2.8)		(2.7)		(6.0)		(13.5)
				-				-						-				-
Operating income (loss) before income taxes	$	71.3	$	102.7	$	(240.7)	$	0.5	$	(66.2)	$	134.4	$	95.2	$	39.1	$	0.7	$	269.4
Loss and LAE ratio:
Current year, excluding catastrophe losses		57.4%		53.8 %		70.3 %		N/M		61.9 %		57.3 %		53.2 %		65.6 %		N/M		59.6 %
Prior year unfavorable (favorable) development, excluding catastrophe losses		0.4%		(4.7)%		1.8 %		N/M		(0.2)%		(1.0)%		(2.5)%		0.8 %		N/M		(0.6)%
Current year catastrophe losses		10.1%		6.1 %		26.0 %		N/M		15.6 %		5.0 %		3.0 %		6.7 %		N/M		5.3 %
Prior year unfavorable (favorable) catastrophe development		(0.6)%		(1.3)%		1.2 %		N/M		-		(1.1)%		(0.5)%		0.2 %		N/M		(0.5)%
Total loss and LAE ratio		67.3%		53.9 %		99.3 %		N/M		77.3 %		60.2 %		53.2 %		73.3 %		N/M		63.8 %
Expense ratio		32.9%		35.3 %		26.0 %		N/M		30.6 %		32.7 %		35.4 %		26.9 %		N/M		31.0 %
Combined ratio		100.2%		89.2 %		125.3 %		N/M		107.9 %		92.9 %		88.6 %		100.2 %		N/M		94.8 %

6

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
CONSOLIDATED
		Q1		Q2		Q3		Q4		Q1		Q2		Jun-YTD		Jun-YTD
(In millions, except percentage data)		2022		2022		2022		2022		2023		2023		2022		2023
Gross premiums written	$	1,470.1	$	1,473.9	$	1,660.3	$	1,476.5	$	1,577.3	$	1,589.9	$	2,944.0	$	3,167.2
														-		-
Net premiums written	$	1,312.3	$	1,332.8	$	1,505.4	$	1,326.0	$	1,421.5	$	1,446.8	$	2,645.1	$	2,868.3
														-		-
Net premiums earned	$	1,263.8	$	1,293.8	$	1,331.2	$	1,363.5	$	1,380.0	$	1,411.7	$	2,557.6	$	2,791.7
		.												-		-
Losses and LAE:
																-
Current year, excluding catastrophe losses		748.0		777.3		853.5		862.6		845.4		880.0		1,525.3		1,725.4
																-
Prior year favorable development, excluding catastrophe losses		(6.0)		(9.2)		(4.0)		(1.4)		(3.0)		(1.7)		(15.2)		(4.7)
																-
Current year catastrophe losses		45.5		89.4		90.1		189.6		175.0		261.6		134.9		436.6
																-
Prior year favorable catastrophe development		-		(12.0)		-		-		-		-		(12.0)		-
																-
Total losses and LAE		787.5		845.5		939.6		1,050.8		1,017.4		1,139.9		1,633.0		2,157.3
																-
Amortization of deferred acquisition costs and other underwriting expenses		397.9		403.6		410.0		426.8		428.9		438.1		801.5		867.0
																-
GAAP underwriting profit (loss)		78.4		44.7		(18.4)		(114.1)		(66.3)		(166.3)		123.1		(232.6)
Net investment income		76.9		70.5		73.0		75.9		78.7		87.6		147.4		166.3
		-												-
Other income		5.9		6.5		7.0		7.1		8.0		7.8		12.4		15.8
		-												-
Other operating expenses		(6.8)		(6.7)		(7.7)		(7.1)		(7.2)		(8.5)		(13.5)		(15.7)
		-
Operating income (loss) before income taxes	$	154.4	$	115.0	$	53.9	$	(38.2)	$	13.2	$	(79.4)	$	269.4	$	(66.2)
Loss and LAE ratio:
														-		-
Current year, excluding catastrophe losses		59.2 %		60.1 %		64.1 %		63.3 %		61.2 %		62.3 %		59.6 %		61.9 %
														-		-
Prior year favorable development, excluding catastrophe losses		(0.5)%		(0.7)%		(0.3)%		(0.1)%		(0.2)%		(0.1)%		(0.6)%		(0.2)%
														-		-
Current year catastrophe losses		3.6 %		6.9 %		6.8 %		13.9 %		12.7 %		18.5 %		5.3 %		15.6 %
																-
Prior year favorable catastrophe development		-		(0.9)%		-		-		-		-		(0.5)%		-
																-
Total loss and LAE ratio		62.3 %		65.4 %		70.6 %		77.1 %		73.7 %		80.7 %		63.8 %		77.3 %
																-
Expense ratio		31.1 %		30.8 %		30.4 %		30.9 %		30.7 %		30.6 %		31.0 %		30.6 %
																-
Combined ratio		93.4 %		96.2 %		101.0 %		108.0 %		104.4 %		111.3 %		94.8 %		107.9 %
																-
Combined ratio, excluding catastrophe losses		89.8 %		90.2 %		94.2 %		94.1 %		91.7 %		92.8 %		90.0 %		92.3 %
Current accident year combined ratio, excluding catastrophe losses		90.3 %		90.9 %		94.5 %		94.2 %		91.9 %		92.9 %		90.6 %		92.5 %

7

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CORE COMMERCIAL
		Q1		Q2		Q3		Q4		Q1		Q2		Jun-YTD		Jun-YTD
(In millions, except percentage data)		2022		2022		2022		2022		2023		2023		2022		2023
Gross premiums written	$	591.9	$	525.6	$	638.7	$	520.1	$	634.1	$	553.8	$	1,117.5	$	1,187.9
														-
Net premiums written	$	526.6	$	454.2	$	565.9	$	453.2	$	565.3	$	486.8	$	980.8	$	1,052.1
														-
Net premiums earned	$	474.7	$	480.1	$	492.7	$	503.0	$	507.4	$	515.6	$	954.8	$	1,023.0
Losses and LAE:
Current year, excluding catastrophe losses		272.6		273.6		304.2		302.7		296.9		289.9		546.2		586.8
Prior year unfavorable (favorable) development, excluding catastrophe losses		(6.4)		(2.8)		1.3		(2.4)		3.5		0.7		(9.2)		4.2
Current year catastrophe losses		19.7		28.7		34.1		128.5		64.6		38.3		48.4		102.9
Prior year favorable catastrophe development		-		(10.9)		(1.4)		(5.0)		(0.7)		(5.0)		(10.9)		(5.7)
Total losses and LAE		285.9		288.6		338.2		423.8		364.3		323.9		574.5		688.2
Amortization of deferred acquisition costs and other underwriting expenses		156.6		157.2		162.2		166.7		167.9		171.2		313.8		339.1
GAAP underwriting profit (loss)		32.2		34.3		(7.7)		(87.5)		(24.8)		20.5		66.5		(4.3)
		0
Net investment income		35.4		32.6		33.4		34.8		36.1		39.7		68.0		75.8
		0												-
Other income		1.0		0.9		1.0		1.1		1.2		1.1		1.9		2.3
		0												-
Other operating expenses		(1.1)		(0.9)		(1.5)		(1.1)		(1.3)		(1.2)		(2.0)		(2.5)
		0
Operating income (loss) before income taxes	$	67.5	$	66.9	$	25.2	$	(52.7)	$	11.2	$	60.1	$	134.4	$	71.3
		-
Loss and LAE ratio:
		-												-
Current year, excluding catastrophe losses		57.4 %		57.0 %		61.7 %		60.2 %		58.5 %		56.2 %		57.3 %		57.4 %
Prior year unfavorable (favorable) development, excluding catastrophe losses		(1.3)%		(0.6)%		0.3 %		(0.5)%		0.7 %		0.1 %		(1.0)%		0.4 %
Current year catastrophe losses		4.1 %		6.0 %		6.9 %		25.6 %		12.7 %		7.5 %		5.0 %		10.1 %
Prior year favorable catastrophe development		-		(2.3)%		(0.3)%		(1.0)%		(0.1)%		(1.0)%		(1.1)%		(0.6)%
Total loss and LAE ratio		60.2 %		60.1 %		68.6 %		84.3 %		71.8 %		62.8 %		60.2 %		67.3 %
Expense ratio		32.8 %		32.5 %		32.7 %		32.9 %		32.9 %		33.0 %		32.7 %		32.9 %
Combined ratio		93.0 %		92.6 %		101.3 %		117.2 %		104.7 %		95.8 %		92.9 %		100.2 %
Combined ratio, excluding catastrophe losses		88.9 %		88.9 %		94.7 %		92.6 %		92.1 %		89.3 %		89.0 %		90.7 %
Current accident year combined ratio, excluding catastrophe losses		90.2 %		89.5 %		94.4 %		93.1 %		91.4 %		89.2 %		90.0 %		90.3 %

8

THE HANOVER INSURANCE GROUP
PREMIUMS WRITTEN AND RELATED METRICS
CORE COMMERCIAL
		Q1		Q2		Q3		Q4		Q1		Q2		Jun-YTD		Jun-YTD
(In millions, except percentage data)		2022		2022		2022		2022		2023		2023		2022		2023
Written Premium
Gross	$	591.9	$	525.6	$	638.7	$	520.1	$	634.1	$	553.8	$	1,117.5	$	1,187.9
Ceded		(65.3)		(71.4)		(72.8)		(66.9)		(68.8)		(67.0)		(136.7)		(135.8)
Net	$	526.6	$	454.2	$	565.9	$	453.2	$	565.3	$	486.8	$	980.8	$	1,052.1
Growth		9.6%		7.7%		5.9%		5.9%		7.3%		7.2%		8.7%		7.3%
Net premiums written by segment
Small Commercial	$	283.7	$	272.8	$	273.4	$	260.1	$	311.9	$	291.8	$	556.5	$	603.6
Middle Market		242.9		181.4		292.5		193.1		253.4		195.0		424.3		448.5
Total	$	526.6	$	454.2	$	565.9	$	453.2	$	565.3	$	486.8	$	980.8	$	1,052.1
		-
Net premiums written by line of business
Commercial Multiple Peril	$	256.0	$	224.0	$	300.2	$	231.3	$	277.8	$	241.5	$	480.0	$	519.3
Commercial Automobile		96.1		82.5		95.7		78.8		100.3		90.4		178.6		190.7
Workers' Compensation		113.0		92.6		98.2		91.0		123.2		96.3		205.6		219.5
Other Core Commercial		61.5		55.1		71.8		52.1		64.0		58.6		116.6		122.6
Total	$	526.6	$	454.2	$	565.9	$	453.2	$	565.3	$	486.8	$	980.8	$	1,052.1
Related Metrics
Premium Retention		86.2%		84.2%		85.6%		85.0%		84.0%		83.5%		85.3%		83.8%
Renewal Price Change		9.7%		11.0%		11.2%		10.2%		11.5%		11.3%		10.3%		11.4%

9

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
SPECIALTY
		Q1		Q2		Q3		Q4		Q1		Q2		Jun-YTD		Jun-YTD
(In millions, except percentage data)		2022		2022		2022		2022		2023		2023		2022		2023
Gross premiums written	$	379.1	$	354.6	$	392.3	$	374.1	$	392.5	$	381.5	$	733.7	$	774.0
														-		-
Net premiums written	$	302.8	$	302.3	$	329.1	$	309.5	$	324.3	$	325.4	$	605.1	$	649.7
														-		-
Net premiums earned	$	283.8	$	293.5	$	303.3	$	308.4	$	311.7	$	319.8	$	577.3	$	631.5
														-		-
Losses and LAE:
														-		-
Current year, excluding catastrophe losses		154.0		153.5		162.3		158.8		166.8		172.5		307.5		339.3
														-		-
Prior year favorable development, excluding catastrophe losses		(13.2)		(1.2)		(5.1)		-		(18.1)		(11.7)		(14.4)		(29.8)
														-		-
Current year catastrophe losses		7.6		9.7		10.2		13.9		25.8		13.1		17.3		38.9
														-		-
Prior year favorable catastrophe development		-		(3.1)		(1.6)		(4.0)		(4.3)		(4.0)		(3.1)		(8.3)
														-		-
Total losses and LAE		148.4		158.9		165.8		168.7		170.2		169.9		307.3		340.1
														-		-
Amortization of deferred acquisition costs and other underwriting expenses		101.5		104.3		105.5		111.2		110.8		113.8		205.8		224.6
														-		-
GAAP underwriting profit		33.9		30.3		32.0		28.5		30.7		36.1		64.2		66.8
														-		-
Net investment income		16.2		14.8		15.2		15.9		17.0		18.6		31.0		35.6
														-		-
Other income		1.3		1.5		1.4		1.2		1.8		1.8		2.8		3.6
														-		-
Other operating expenses		(1.4)		(1.4)		(1.7)		(1.7)		(1.2)		(2.1)		(2.8)		(3.3)
														-		-
Operating income before income taxes	$	50.0	$	45.2	$	46.9	$	43.9	$	48.3	$	54.4	$	95.2	$	102.7
														-
Loss and LAE ratio:
														-		-
Current year, excluding catastrophe losses		54.3 %		52.3%		53.6 %		51.5 %		53.5 %		54.0 %		53.2%		53.8 %
														-		-
Prior year favorable development, excluding catastrophe losses		(4.7)%		(0.4)%		(1.7)%		-		(5.8)%		(3.7)%		(2.5)%		(4.7)%
														-		-
Current year catastrophe losses		2.7 %		3.3%		3.3 %		4.5 %		8.3 %		4.1 %		3.0%		6.1 %
														-		-
Prior year favorable catastrophe development		-		(1.1)%		(0.5)%		(1.3)%		(1.4)%		(1.3)%		(0.5)%		(1.3)%
														-		-
Total loss and LAE ratio		52.3 %		54.1 %		54.7 %		54.7 %		54.6 %		53.1 %		53.2 %		53.9 %
Expense ratio		35.4 %		35.3 %		34.5 %		35.8 %		35.3 %		35.3 %		35.4 %		35.3 %
		-
Combined ratio		87.7 %		89.4 %		89.2 %		90.5 %		89.9 %		88.4 %		88.6 %		89.2 %
																-
Combined ratio, excluding catastrophe losses		85.0 %		87.2 %		86.4 %		87.3 %		83.0 %		85.6%		86.1 %		84.4 %
Current accident year combined ratio, excluding catastrophe losses		89.7 %		87.6 %		88.1 %		87.3 %		88.8 %		89.3%		88.6 %		89.1 %

10

THE HANOVER INSURANCE GROUP
PREMIUMS WRITTEN AND RELATED METRICS
SPECIALTY
		Q1		Q2		Q3		Q4		Q1		Q2		Jun-YTD		Jun-YTD
(In millions, except percentage data)		2022		2022		2022		2022		2023		2023		2022		2023
Written Premiums
Gross	$	379.1	$	354.6	$	392.3	$	374.1	$	392.5	$	381.5	$	733.7	$	774.0
Ceded		(76.3)		(52.3)		(63.2)		(64.6)		(68.2)		(56.1)		(128.6)		(124.3)
Net	$	302.8	$	302.3	$	329.1	$	309.5	$	324.3	$	325.4	$	605.1	$	649.7
Growth		9.4%		14.0%		12.6%		8.7%		7.1%		7.6%		11.7%		7.4%
														-		-
Net premiums written by segment														-		-
Professional and Executive Lines	$	111.0	$	94.6	$	105.8	$	99.1	$	111.0	$	99.4	$	205.6	$	210.4
Specialty Property & Casualty		90.4		98.5		102.4		110.8		101.7		103.6		188.9		205.3
Marine		84.3		91.2		100.3		84.4		94.1		104.4		175.5		198.5
Surety and Other		17.1		18.0		20.6		15.2		17.5		18.0		35.1		35.5
Total	$	302.8	$	302.3	$	329.1	$	309.5	$	324.3	$	325.4	$	605.1	$	649.7
														-		-
Related Metrics
Premium Retention		84.2%		83.5%		82.6%		83.1%		82.5%		80.5%		83.9%		81.5%
Renewal Price Change		12.6%		12.0%		12.4%		13.2%		12.6%		11.4%		12.3%		12.0%

11

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES
Three Months ended June 30
	2023						2022
(In millions, except percentage data)		Auto		Home and Other		Total		Auto		Home and Other		Total
Net premiums written	$	368.1	$	266.5	$	634.6	$	340.2	$	236.1	$	576.3
Net premiums earned	$	338.5	$	237.8	$	576.3	$	314.7	$	205.5	$	520.2
						-
Losses and LAE:
						-
Current year, excluding catastrophe losses		268.1		149.5		417.6		226.5		123.7		350.2
						-
Prior year unfavorable (favorable) development, excluding catastrophe losses		5.0		4.3		9.3		(2.7)		(2.5)		(5.2)
						-
Current year catastrophe losses		12.7		197.5		210.2		3.4		47.6		51.0
						-
Prior year unfavorable (favorable) catastrophe development		(0.3)		9.3		9.0		(0.6)		2.6		2.0
						-
Total losses and LAE		285.5		360.6		646.1		226.6		171.4		398.0
						-
Amortization of deferred acquisition costs and other underwriting expenses						153.1						142.1
						-
GAAP underwriting loss						(222.9)						(19.9)
						-
Net investment income						26.4						20.6
						-
Other income						4.1						3.4
						-
Other operating expenses						(1.7)						(1.3)
						-
Operating income (loss) before income taxes					$	(194.1)					$	2.8
Loss and LAE ratio:
Current year, excluding catastrophe losses		79.1 %		62.8 %		72.5 %		72.0%		60.2 %		67.3 %
Prior year unfavorable (favorable) development, excluding catastrophe losses		1.5 %		1.8 %		1.6 %		(0.9)%		(1.2)%		(1.0)%
Current year catastrophe losses		3.8 %		83.1 %		36.4 %		1.1 %		23.1 %		9.8 %
Prior year unfavorable (favorable) catastrophe development		(0.1)%		3.9 %		1.6 %		(0.2)%		1.3 %		0.4 %
Total loss and LAE ratio		84.3 %		151.6 %		112.1 %		72.0 %		83.4 %		76.5 %
Expense ratio						25.9 %						26.7 %
Combined ratio						138.0 %						103.2 %

12

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
PERSONAL LINES
Six Months ended June 30
	2023												2022
(In millions, except percentage data)		Auto				Home & Other				Total				Auto				Home & Other				Total
Net premiums written	$		691.1		$		475.4		$		1,166.5		$		638.6		$		420.6		$		1,059.2
Net premiums earned	$		669.3		$		467.9		$		1,137.2		$		622.4		$		403.1		$		1,025.5
Losses and LAE:
Current year, excluding catastrophe losses			518.9				280.4				799.3				443.0				228.6				671.6
Prior year unfavorable (favorable) development, excluding catastrophe losses			12.9				8.0				20.9				(2.9	)			11.3				8.4
Current year catastrophe losses			16.6				278.2				294.8				3.8				65.4				69.2
Prior year unfavorable (favorable) catastrophe development			(0.5	)			14.5				14.0				(1.0	)			3.0				2.0
Total losses and LAE			547.9				581.1				1,129.0				442.9				308.3				751.2
Amortization of deferred acquisition costs and other underwriting expenses											303.3												281.9
GAAP underwriting loss											(295.1	)											(7.6	)
Net investment income											49.0												43.2
Other income											8.4												6.2
Other operating expenses											(3.0	)											(2.7	)
Operating income (loss) before income taxes									$		(240.7	)									$		39.1
Loss and LAE ratio:
Current year, excluding catastrophe losses			77.6	%			59.9	%			70.3	%			71.3	%			56.7	%			65.6	%
Prior year unfavorable (favorable) development, excluding catastrophe losses			1.9	%			1.7	%			1.8	%			(0.5	)%			2.8	%			0.8	%
Current year catastrophe losses			2.5	%			59.5	%			26.0	%			0.6	%			16.3	%			6.7	%
Prior year unfavorable (favorable) catastrophe development			(0.1	)%			3.1	%			1.2	%			(0.2	)%			0.7	%			0.2	%
Total loss and LAE ratio			81.9	%			124.2	%			99.3	%			71.2	%			76.5	%			73.3	%
Expense ratio											26.0	%											26.9	%
Combined ratio											125.3	%											100.2	%

13

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING INFORMATION AND RELATED RATIOS
PERSONAL LINES
		Q1		Q2		Q3		Q4		Q1		Q2		Jun-YTD		Jun-YTD
(In millions, except percentage data)		2022		2022		2022		2022		2023		2023		2022		2023
Gross premiums written	$	499.1	$	593.7	$	629.3	$	582.3	$	550.7	$	654.6	$	1,092.8	$	1,205.3
																-
Net premiums written	$	482.9	$	576.3	$	610.4	$	563.3	$	531.9	$	634.6	$	1,059.2	$	1,166.5
														-		-
Net premiums earned	$	505.3	$	520.2	$	535.2	$	552.1	$	560.9	$	576.3	$	1,025.5	$	1,137.2
														-		-
Losses and LAE:
														-		-
Current year, excluding catastrophe losses		321.4		350.2		387.0		401.1		381.7		417.6		671.6		799.3
														-		-
Prior year unfavorable (favorable) development, excluding catastrophe losses		13.6		(5.2)		(0.2)		(0.2)		11.6		9.3		8.4		20.9
														-		-
Current year catastrophe losses		18.2		51.0		45.8		47.2		84.6		210.2		69.2		294.8
														-		-
Prior year unfavorable catastrophe development		-		2.0		3.0		9.0		5.0		9.0		2.0		14.0
		-												-		-
Total losses and LAE		353.2		398.0		435.6		457.1		482.9		646.1		751.2		1,129.0
		-												-		-
Amortization of deferred acquisition costs and other underwriting expenses		139.8		142.1		142.3		148.9		150.2		153.1		281.9		303.3
		-												-		-
GAAP underwriting profit (loss)		12.3		(19.9)		(42.7)		(53.9)		(72.2)		(222.9)		(7.6)		(295.1)
		-												-		-
Net investment income		22.6		20.6		21.4		22.2		22.6		26.4		43.2		49.0
Other income		2.8		3.4		3.9		4.0		4.3		4.1		6.2		8.4
Other operating expenses		(1.4)		(1.3)		(1.4)		(1.4)		(1.3)		(1.7)		(2.7)		(3.0)
Operating income (loss) before income taxes	$	36.3	$	2.8	$	(18.8)	$	(29.1)	$	(46.6)	$	(194.1)	$	39.1	$	(240.7)
Loss and LAE ratio:
														-		-
Current year, excluding catastrophe losses		63.6 %		67.3 %		72.3 %		72.6 %		68.0 %		72.5 %		65.6 %		70.3 %
		0												-		-
Prior year unfavorable (favorable) development, excluding catastrophe losses		2.7 %		(1.0)%		-		-		2.1 %		1.6 %		0.8 %		1.8 %
		-												-		-
Current year catastrophe losses		3.6 %		9.8 %		8.5 %		8.6 %		15.1 %		36.4 %		6.7 %		26.0 %
		-												-		-
Prior year unfavorable catastrophe development		-		0.4 %		0.6 %		1.6 %		0.9 %		1.6 %		0.2 %		1.2 %
		-												-		-
Total loss and LAE ratio		69.9 %		76.5 %		81.4 %		82.8 %		86.1 %		112.1 %		73.3 %		99.3 %
		-												-		-
Expense ratio		27.2 %		26.7 %		25.9 %		26.3 %		26.1 %		25.9 %		26.9 %		26.0 %
		0												-		-
Combined ratio		97.1 %		103.2 %		107.3 %		109.1 %		112.2 %		138.0 %		100.2 %		125.3 %
		0.1												-		-
Combined ratio, excluding catastrophe losses		93.5 %		93.0 %		98.2 %		98.9 %		96.2 %		100.0 %		93.3 %		98.1 %
Current accident year combined ratio, excluding catastrophe losses		90.8 %		94.0 %		98.2 %		98.9 %		94.1 %		98.4 %		92.5 %		96.3 %

14

THE HANOVER INSURANCE GROUP
PREMIUMS WRITTEN AND RELATED METRICS
PERSONAL LINES
		Q1		Q2		Q3		Q4		Q1		Q2		Jun-YTD		Jun-YTD
(In millions, except percentage data)		2022		2022		2022		2022		2023		2023		2022		2023
Written Premiums
Gross	$	499.1	$	593.7	$	629.3	$	582.3	$	550.7	$	654.6	$	1,092.8	$	1,205.3
Ceded		(16.2)		(17.4)		(18.9)		(19.0)		(18.8)		(20.0)		(33.6)		(38.8)
Net	$	482.9	$	576.3	$	610.4	$	563.3	$	531.9	$	634.6	$	1,059.2	$	1,166.5
Growth		10.1%		10.7%		11.3%		12.2%		10.1%		10.1%		10.4%		10.1%
Net premiums written by line of business
Personal Automobile	$	298.4	$	340.2	$	354.0	$	324.6	$	323.0	$	368.1	$	638.6	$	691.1
Homeowners and Other		184.5		236.1		256.4		238.7		208.9		266.5		420.6		475.4
Total	$	482.9	$	576.3	$	610.4	$	563.3	$	531.9	$	634.6	$	1,059.2	$	1,166.5
Related Metrics
Renewal Price Change
Personal Automobile		2.4%		2.9%		4.1%		6.7%		8.9%		12.0%		2.7%		10.5%
Homeowners		7.7%		9.3%		12.1%		15.5%		18.9%		21.7%		8.6%		20.5%
Total (1)		4.3%		5.4%		7.3%		10.1%		12.7%		15.9%		4.9%		14.4%
Policy Retention
Personal Automobile		88.5%		88.4%		87.3%		85.7%		84.5%		84.2%		88.4%		84.3%
Homeowners		89.2%		89.7%		88.1%		87.0%		85.6%		85.7%		89.5%		85.6%
Total (1)		88.8%		89.1%		87.7%		86.4%		85.0%		84.9%		89.0%		85.0%
PIF change from prior year period
Personal Automobile		8.0 %		8.0 %		7.1%		5.8%		4.5%		2.7%		8.0%		2.7%
Homeowners		7.5 %		7.6 %		6.8%		5.6%		4.6%		3.1%		7.6%		3.1%
Total (1)		7.8 %		7.8 %		7.0%		5.7%		4.6%		2.9%		7.8%		2.9%
(1) Related metrics exclude Other Personal Lines.

15

THE HANOVER INSURANCE GROUP
NET INVESTMENT INCOME AND YIELDS
		Q1	Q2	Q3	Q4	Q1	Q2	YTD	YTD
(In millions, except yields)		2022	2022	2022	2022	2023	2023	2022	2023
Net Investment Income
	Fixed maturities	$55.8	$57.6	$60.3	$65.6	$68.3	$69.4	$113.4	$137.7
	Limited partnerships	15.2	7.8	7.5	5.2	5.3	13.1	23.0	18.4
	Mortgage loans	4.4	4.0	4.0	3.7	4.0	4.0	8.4	8.0
	Equity securities	3.6	3.1	3.1	2.2	1.9	1.9	6.7	3.8
	Other investments	0.8	0.8	1.0	2.0	2.5	2.7	1.6	5.2
	Investment expenses	(2.9)	(2.8)	(2.9)	(2.8)	(3.3)	(3.5)	(5.7)	(6.8)
Total		$76.9	$70.5	$73.0	$75.9	$78.7	$87.6	$147.4	$166.3
Pre-tax Yields
	Fixed maturities	2.95%	2.97%	3.02%	3.20%	3.27%	3.31%	2.96%	3.29%
	Total	3.52%	3.19%	3.21%	3.26%	3.34%	3.73%	3.35%	3.53%
Pre-tax yields represent annualized net investment income for the period divided by the monthly average invested assets at amortized cost or cost, which excludes accumulated changes in fair value for fixed maturities and equity securities.

16

THE HANOVER INSURANCE GROUP
INVESTMENT PORTFOLIO
June 30, 2023
(In millions)
						Change in	Change in
	Weighted	Amortized			Net	Net	Net
	Average	Cost	Fair Value /	% of	Unrealized	Unrealized	Unrealized
Investment Type	Quality	or Cost (1)	Carry Value	Total	Loss	During Q2	YTD
Fixed maturities:
U.S. Treasury and government agencies	AAA	$482.3	$424.4	4.9%	$(57.9)	$(6.8)	$0.8
Foreign government	BBB+	2.2	2.1	-	(0.1)	(0.1)	-
Municipals:
Taxable	AA	1,250.9	1,103.5	12.5%	(147.4)	(15.7)	15.3
Tax-exempt	AA+	32.9	32.1	0.4%	(0.8)	(0.3)	(0.1)
Corporate:
NAIC 1	A	1,614.7	1,507.9	17.1%	(106.8)	(14.3)	0.3
NAIC 2	BBB	2,036.1	1,839.9	20.9%	(196.2)	(17.0)	15.2
NAIC 3 and below	B+	387.8	379.8	4.3%	(8.0)	1.3	7.9
Total corporate	BBB+	4,038.6	3,727.6	42.3%	(311.0)	(30.0)	23.4
Asset-backed:
Residential mortgage-backed	AAA	1,298.9	1,155.0	13.1%	(143.9)	(19.0)	(2.4)
Commercial mortgage-backed	AAA	919.0	827.4	9.4%	(91.6)	(8.2)	(3.9)
Other asset-backed	AA	350.7	325.9	3.7%	(24.8)	(2.4)	2.1
Total fixed maturities	A+	8,375.5	7,598.0	86.3%	(777.5)	(82.5)	35.2
Limited partnerships and other investments		427.1	427.1	4.8%	-	-	-
Mortgage and other loans		382.6	382.6	4.3%	-	-	-
Equity securities		232.7	232.7	2.7%	-	-	-
Total investments		9,417.9	8,640.4	98.1%	(777.5)	(82.5)	35.2
Cash and cash equivalents		167.6	167.6	1.9%	-	-	-
Total		$9,585.5	$8,808.0	100.0%	$(777.5)	$(82.5)	$35.2

17

THE HANOVER INSURANCE GROUP
CREDIT QUALITY AND DURATION OF FIXED MATURITIES
June 30, 2023
(In millions)
CREDIT QUALITY OF FIXED MATURITIES
		Rating Agency		Amortized			Fair		% of Total
NAIC Designation		Equivalent Designation		Cost (1)			Value		Fair Value
1		Aaa/Aa/A	$		5,861.6	$		5,302.8		69.8	%
2		Baa			2,126.0			1,915.5		25.2	%
3		Ba			163.5			159.6		2.1	%
4		B			191.2			186.7		2.5	%
5		Caa and lower			16.6			15.6		0.2	%
6		In or near default			16.6			17.8		0.2	%
Total fixed maturities			$		8,375.5	$		7,598.0		100.0	%
DURATION OF FIXED MATURITIES
				Amortized			Fair		% of Total
				Cost (1)			Value		Fair Value
	0-2 Years		$		1,857.3	$		1,807.9		23.8	%
	2-4 Years				2,247.1			2,112.5		27.8	%
	4-6 Years				2,120.1			1,912.0		25.2	%
	6-8 Years				1,832.5			1,513.7		19.9	%
	8-10 Years				187.5			148.7		1.9	%
	10+ Years				131.0			103.2		1.4	%
Total fixed maturities			$		8,375.5	$		7,598.0		100.0	%
Weighted Average Duration					4.1
(1) Net of allowance for credit losses of $2.5 million.

18

TOP 25 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS
June 30, 2023
(In millions, except percentage data)
Issuer	Amortized Cost	Fair Value	As a Percent of Invested Assets	Ratings (1)
Minnesota Housing Finance Agency	$45.2	$38.4	0.44%	AAA
Colorado Housing & Finance Authority	40.5	38.6	0.44%	AAA
Morgan Stanley	34.9	31.9	0.36%	A-
State of Ohio	34.2	27.4	0.31%	AA+
Bank of New York Mellon	32.2	30.7	0.35%	A
Mitsubishi Financial Group	31.1	29.2	0.33%	A-
Energy Transfer LP	31.0	28.4	0.32%	BBB
Citizens Financial Group	30.9	26.7	0.30%	BBB+
Massachusetts School Building Authority	30.9	25.6	0.29%	AA+
Capital One Financial	29.9	26.9	0.31%	BBB
Goldman Sachs	28.0	25.5	0.29%	BBB+
JPMorgan Chase	27.9	26.0	0.29%	A-
State of Oregon	27.2	22.6	0.26%	AA+
District of Columbia	27.0	22.3	0.25%	AAA
Westpac Banking	26.9	25.3	0.29%	A
US Bancorp	26.9	25.3	0.29%	A-
UBS Group	26.6	24.0	0.27%	A-
Citigroup	26.1	24.3	0.28%	BBB+
Truist Financial	26.1	24.6	0.28%	A-
Bank of America	25.8	24.7	0.28%	A-
CVS Health	25.6	23.7	0.27%	BBB
California State University	25.0	20.2	0.23%	AA-
Charles Schwab	24.6	22.3	0.25%	A-
Cigna	23.6	21.4	0.24%	A-
ANZ Group	23.3	20.6	0.23%	A-
Top 25 Corporate and Municipal	$731.4	$656.6	7.45%
(1) - Represents nationally recognized rating agency sources.

19

THE HANOVER INSURANCE GROUP
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET INCOME (LOSS)
	Three Months ended June 30								Six Months ended June 30
	2023				2022				2023				2022
(In millions, except per share data)		$	Per Share (1)			$	Per Share (Diluted)			$	Per Share (1)			$	Per Share (Diluted)
OPERATING INCOME (LOSS)
Core Commercial	$	60.1			$	66.9			$	71.3			$	134.4
Specialty		54.4				45.2				102.7				95.2
Personal Lines		(194.1)				2.8				(240.7)				39.1
Other		0.2				0.1				0.5				0.7
Total		(79.4)				115.0				(66.2)				269.4
Interest expense		(8.6)				(8.5)				(17.1)				(17.0)
Operating income (loss) before income taxes		(88.0)	$	(2.46)		106.5	$	2.94		(83.3)	$	(2.33)		252.4	$	6.98
Income tax benefit (expense) on operating income (loss)		19.7		0.55		(22.6)		(0.62)		19.6		0.55		(50.8)		(1.40)
								-
Operating income (loss) after income taxes		(68.3)		(1.91)		83.9		2.32		(63.7)		(1.78)		201.6		5.58
								-
Non-operating items:
Net realized gains (losses) from sales and other		0.1		-		(19.2)		(0.53)		(1.0)		(0.04)		(16.2)		(0.45)
Net change in fair value of equity securities		(1.1)		(0.03)		(59.0)		(1.63)		(8.2)		(0.23)		(77.0)		(2.13)
Impairments on investments:
Credit-related recoveries (impairments)		(1.7)		(0.05)		0.5		0.01		(6.2)		(0.17)		(0.1)		-
Losses on intent to sell securities		-		-		(0.2)		-		(10.3)		(0.29)		(0.5)		(0.02)
		(1.7)		(0.05)		0.3		0.01		(16.5)		(0.46)		(0.6)		(0.02)
Other non-operating items		-		-		(0.4)		(0.01)		0.8		0.03		(0.4)		(0.01)
Income tax benefit on non-operating items		1.0		0.03		17.2		0.47		6.6		0.18		20.7		0.58
Income (loss) from continuing operations, net of taxes		(70.0)		(1.96)		22.8		0.63		(82.0)		(2.30)		128.1		3.55
								-
Discontinued operations (net of taxes):								-
								-
Income from discontinued Chaucer business		0.8		0.02		-		-		0.8		0.03		-		-
Loss from discontinued life businesses		-		-		(0.1)		-		-		-		(0.5)		(0.02)
NET INCOME (LOSS)	$	(69.2)	$	(1.94)	$	22.7	$	0.63	$	(81.2)	$	(2.27)	$	127.6	$	3.53
(1) Per share data is calculated using basic shares outstanding due to antidilution.

20

THE HANOVER INSURANCE GROUP

Non-GAAP Financial Measures

The Hanover uses non-GAAP financial measures as important measures of the Company’s operating performance, which we believe provide investors with additional information regarding management’s evaluation of our results of operations and financial performance. The Company's non-GAAP measures include operating income (loss) before interest expense and income taxes, total operating income (loss) after income taxes, total operating income (loss) after income taxes per share, total book value per share, total book value per share excluding net unrealized gains and losses related to fixed maturity investments and market risk, net of tax, tangible book value per share and measures of operating income (loss) and combined ratios excluding catastrophe losses (catastrophe losses as discussed here and in all other measures include catastrophe loss development) and reserve development.

Operating income (loss) before interest expense and income taxes is net income (loss), excluding interest expense on debt, income taxes and net realized and unrealized investment gains and losses, which includes changes in the fair value of equity securities still held because fluctuations in these gains and losses are determined by interest rates, financial markets and the timing of sales. Operating income (loss) before interest expense and income taxes also excludes net gains and losses on disposals of businesses, discontinued operations, restructuring costs, the cumulative effect of accounting changes and certain other items. Operating income (loss) before interest expense and income taxes is the sum of the operating income (loss) from: Core Commercial, Specialty, Personal Lines, and Other. After-tax operating income (loss) EPS (sometimes referred to as “after-tax operating income (loss) per share”) is also a non-GAAP measure. It is defined as net income (loss) excluding the after-tax impact of net realized and unrealized investment gains (losses), as well as results from discontinued operations and other non-operating items for a period divided by the average number of diluted (basic) shares of common stock. The Hanover believes that measures of operating income (loss) before interest expense and income taxes provide investors with a valuable measure of the performance of the Company’s ongoing businesses because they highlight net income (loss) attributable to the core operations of the business.

Book value per share is total shareholders’ equity divided by the number of common shares outstanding. Book value per share excluding net unrealized gains and losses related to fixed maturity investments, net of tax, is total shareholders’ equity excluding the after-tax effect of unrealized investment gains and losses on fixed maturities and market risk divided by the number of common shares outstanding. Tangible book value per share is total shareholders' equity, excluding goodwill and intangible assets, divided by the number of common shares outstanding.

The Hanover also provides measures of operating income and loss ratios that exclude the effects of catastrophe losses. A catastrophe is a severe loss, resulting from natural or manmade events, including, among others, hurricanes, tornadoes and other windstorms, earthquakes, hail, severe winter weather, fire, explosions and terrorism. Each catastrophe has unique characteristics. Catastrophes are not predictable as to timing or loss amount in advance. The Hanover believes that providing certain financial metrics and trends excluding the effects of catastrophes is meaningful for investors to understand the variability of periodic earnings and loss ratios.

Prior year reserve development, which can be favorable or unfavorable, represents changes in our estimate of the costs to pay claims from prior years. We believe that a discussion of operating income (loss) excluding prior year reserve development is helpful to investors since it provides insight into both our estimate of current year accident results and changes to prior-year reserve estimates.

Operating income (loss) before and after interest expense and income taxes and measures of operating income (loss) that exclude the effects of catastrophe losses or reserve development should not be construed as substitutes for net income (loss) determined in accordance with GAAP. A reconciliation of income (loss) from continuing operations to operating income (loss) before interest expense and income taxes and income (loss) from continuing operations per diluted (basic) share to operating income (loss) after taxes per diluted (basic) share for the three and six months ended June 30, 2023 and 2022 is set forth on page 20 of this document. The presentation of loss ratios calculated excluding the effects of reserve development and/or catastrophe losses should not be construed as a substitute for loss ratios determined in accordance with GAAP.

Additional reconciliations are provided in the press release relating to the current period(s) financial results, which is available on the Company's website, www.hanover.com.

21

THE HANOVER INSURANCE GROUP
PREMIUM RELATED METRIC DEFINITIONS
	Renewal Price Change
●	Core Commercial and Specialty: Represents the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, specific inflationary changes or changes in policy level exposure or insured risks.
●	Personal Lines:Represents the average change in premium on policies charged at renewal caused by the net effects of filed rate, inflation adjustments or other changes in policy level exposure or insured risks. Actual written price changes may differ, as not all policies are retained.
	Rate
●	Core Commercial and Specialty: Represents the average change in premium on renewed policies caused by the base rate changes, discretionary pricing, and inflation, excluding the impact of changes in policy level exposure or insured risks.
●	Personal Lines:Represents the estimated cumulative premium effect of approved rate actions applied to policies at renewal. Actual written rate changes may differ, as not all policies are retained. Personal Lines rate changes do not include inflation or changes in policy level exposure or insured risks.
	Retention
●	Core Commercial and Specialty: Represents the ratio of net retained premium for the noted period to the premium available to renew over the same period.
●	Personal Lines:Represents the ratio of net retained policies for the noted period to those policies available to renew over the same period and includes policies that were canceled and rewritten.
	Policies in Force (PIF) Change
●	Represents the change in the number of policies in force at the end of a given period from the end of the same period in the prior year.

22

CORPORATE OFFICES AND				INDUSTRY RATINGS AS OF August 2, 2023				TRANSFER AGENT
PRINCIPAL SUBSIDIARIES
THE HANOVER INSURANCE GROUP, INC.					A.M.			Computershare Investor Services
440 Lincoln Street				Financial Strength Ratings	Best	S&P Global	Moody's	PO Box 43006
Worcester, MA 01653				The Hanover Insurance				Providence, RI 02940-3006
				Company	A	A	A2	1-800-317-4454
The Hanover Insurance Company				Citizens Insurance Company
440 Lincoln Street				of America	A	A	-
Worcester, MA 01653
								COMMON STOCK
Citizens Insurance Company of America					A.M.
808 North Highlander Way				Debt Ratings	Best	S&P Global	Moody's	Common stock of The Hanover Insurance Group, Inc. is traded
Howell, MI 48843				The Hanover Insurance Group, Inc.				on the New York Stock Exchange under the symbol "THG".
				Senior Debt	bbb+	BBB	Baa2
				Subordinated Debentures	bbb-	BB+	Baa3
MARKET AND DIVIDEND INFORMATION								INQUIRIES
The following tables set forth the high and low closing				The above ratings are accurate as of August 2, 2023, and may be revised,				Oksana Lukasheva
sales prices of our common stock and quarterly cash				superseded or withdrawn by the respective rating agency at any time. For				Senior Vice President
dividends for the periods indicated:				the most current information concerning the financial ratings of The Hanover				Corporate Finance
				Insurance Group and its subsidiaries, please visit the websites of the				olukasheva@hanover.com
Quarter Ended	2023			respective rating agencies.
	Price Range		Dividends
	High	Low	Per Share
March 31	$148.20	$121.57	$0.810
June 30	$130.32	$110.25	$0.810
Quarter Ended	2022
	Price Range		Dividends
	High	Low	Per Share
March 31	$150.95	$131.19	$0.750
June 30	$154.28	$136.34	$0.750
September 30	$148.36	$124.89	$0.750
December 31	$147.47	$131.27	$0.810

23