The Hanover Insurance Group, Inc. (THG) Balance Sheet
THG balance sheet, 2025
December 31, 2025 · U.S. dollars$16.95B assets = $13.37B liabilities + $3.57B equity
Both columns are drawn to the same scale: what THG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
THG financial health
Descriptive bands, not a rating. Fiscal 2025.
THG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $14.22B2016 | $16.95B2025 | +2.0%/yr | |
| Total liabilities | $11.36B2016 | $13.37B2025 | +1.8%/yr | |
| Shareholders’ equity | $2.86B2016 | $3.57B2025 | +2.5%/yr | |
| Cash & short-term investments | $282.6M2016 | $3.00B2025 | +30.0%/yr | |
| Total debt | $786.4M2016 | $1.22B2025 | +5.0%/yr | |
| Net cash (debt) | −$503.8M2016 | $1.78B2025 | +$2.3B | |
| Working capital | $992.7M2016 | −$4.29B2025 | −$5.3B | |
| Book value per share | $66.152016 | $100.042025 | +4.7%/yr | |
| Debt / equity | 0.282016 | 0.342025 | +0.07 | |
| Shares outstanding | 43.2M2016 | 35.7M2025 | −2.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
THG assets
THG liabilities and equity
THG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
THG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.00B | $2.02B | $8.30B | $7.79B | $230.9M | $120.6M | $6.90B | $7.18B | $376.4M | $282.6M |
| Cash & equivalents | $1.12B | $435.5M | $316.1M | $305.0M | $230.9M | $120.6M | $215.7M | $1.02B | $376.4M | $282.6M |
| Short-term investments | $1.87B | $1.59B | $7.99B | $7.48B | $767.4M | $7.45B | $6.69B | $6.16B | $7.78B | $7.33B |
| Receivables | $3.95B | $3.87B | $3.82B | $3.62B | $3.38B | $3.21B | $3.07B | $2.83B | $4.62B | $4.05B |
| Inventory | $0 | $0 | −$7.03B | $786.1M | −$2.04B | −$1.85B | −$1.87B | $3.70B | −$5.29B | −$4.77B |
| Other current assets | $0 | $0 | $7.03B | $0 | $2.04B | $1.85B | $0 | $0 | $2.23B | $2.16B |
| Total current assets | $6.95B | $5.89B | $12.12B | $11.41B | $3.61B | $3.33B | $215.7M | $6.31B | $1.94B | $1.72B |
| Property, plant & equipment (net) | $0 | $0 | −$17.48B | $0 | $8.50B | $8.13B | $7.39B | $6.75B | $0 | $0 |
| Goodwill & intangible assets | $881.8M | $841.6M | $799.6M | $783.6M | $357.6M | $357.6M | $357.6M | $629.6M | $622.6M | $702.3M |
| Long-term investments | $9.72B | $8.70B | $8.12B | $8.56B | $9.20B | $8.90B | $8.05B | $6.63B | $8.36B | $7.92B |
| Other non-current assets | $0 | $0 | $11.06B | $0 | $0 | $0 | $0 | $0 | $4.55B | $3.88B |
| Total assets | $16.95B | $15.27B | $14.61B | $14.00B | $14.25B | $13.44B | $12.49B | $12.40B | $15.47B | $14.22B |
| Liabilities | ||||||||||
| Accounts payable | $45.2M | $37.7M | $64.3M | $70.3M | $55.1M | $48.4M | $53.4M | $37.3M | $344.8M | $251.9M |
| Short-term debt | $375.0M | $61.8M | $0 | $0 | $781.0M | $780.0M | $0 | $0 | $786.9M | $786.4M |
| Deferred revenue | $3.44B | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $11.24B | $819.6M | $6.09B | $731.7M | $55.1M | $48.4M | $53.4M | $37.3M | $716.2M | $728.0M |
| Long-term debt | $843.3M | $722.3M | $783.2M | $782.4M | $781.6M | $780.8M | $653.4M | $777.9M | $786.9M | $786.4M |
| Other long-term liabilities | $1.29B | $10.89B | $11.36B | $10.16B | $60.8M | $97.3M | $8.92B | $8.67B | $10.97B | $9.85B |
| Total liabilities | $13.37B | $12.43B | $12.15B | $11.66B | $11.11B | $10.24B | $9.57B | $9.45B | $12.47B | $11.36B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 |
| Retained earnings (deficit) | $3.74B | $3.21B | $2.91B | $2.99B | $2.98B | $2.67B | $2.41B | $2.18B | $1.98B | $1.88B |
| Treasury stock | — | — | — | −$1.87B | −$1.85B | −$1.70B | −$1.49B | −$983.5M | −$942.5M | −$928.2M |
| Accumulated other comprehensive income | −$171.4M | −$456.3M | −$517.2M | −$701.5M | $122.2M | $372.5M | $152.6M | −$116.5M | $107.6M | $62.8M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $3.57B | $2.84B | $2.47B | $2.33B | $3.14B | $3.20B | $2.92B | $2.95B | $3.00B | $2.86B |
| Key figures | ||||||||||
| Total debt | $1.22B | $784.1M | $783.2M | $782.4M | $1.56B | $1.56B | $653.4M | $777.9M | $786.9M | $786.4M |
| Net cash (debt) | $1.78B | $1.24B | $7.52B | $7.00B | −$1.33B | −$1.44B | $6.25B | $6.40B | −$410.5M | −$503.8M |
| Working capital | −$4.29B | $5.07B | $6.03B | $10.68B | $3.55B | $3.29B | $162.3M | $6.27B | $1.23B | $992.7M |
| Tangible book value | $2.69B | $2.00B | $1.67B | $1.55B | $2.79B | $2.84B | $2.56B | $2.33B | $2.38B | $2.16B |
| Book value per share | $100.04 | $78.07 | $68.30 | $64.65 | $86.40 | $84.05 | $71.83 | $68.71 | $69.71 | $66.15 |
| Shares outstanding | 35.7M | 36.4M | 36.1M | 36.1M | 36.4M | 38.1M | 40.6M | 43.0M | 43.0M | 43.2M |
| Current ratio | 0.62 | 7.18 | 1.99 | 15.59 | 65.48 | 68.89 | 4.04 | 169.04 | 2.71 | 2.36 |
| Quick ratio | 0.62 | 7.18 | 1.99 | 15.59 | 65.48 | 68.89 | 186.84 | 268.30 | 6.98 | 5.95 |
| Debt / equity | 0.34 | 0.28 | 0.32 | 0.34 | 0.50 | 0.49 | 0.22 | 0.26 | 0.26 | 0.28 |
| Equity / assets | 21.1% | 18.6% | 16.9% | 16.7% | 22.1% | 23.8% | 23.3% | 23.8% | 19.4% | 20.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.02B | $2.03B | $3.00B | $5.04B | $4.21B | $4.16B | $2.02B | $3.81B | $3.45B | $3.23B | $8.30B | $2.14B |
| Cash & equivalents | $266.1M | $243.5M | $1.12B | $915.7M | $244.1M | $315.1M | $435.5M | $427.1M | $337.6M | $264.6M | $316.1M | $294.5M |
| Short-term investments | $1.76B | $1.78B | $1.87B | $4.13B | $3.96B | $3.84B | $1.59B | $3.39B | $3.11B | $2.97B | $7.99B | $1.85B |
| Receivables | $1.95B | $1.86B | $3.95B | $3.98B | $3.95B | $3.91B | $3.87B | $3.91B | $3.85B | $3.74B | $3.76B | $3.76B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$2.37B | −$2.15B | −$2.00B | −$7.03B | −$4.11B |
| Other current assets | $2.17B | $0 | $0 | $0 | $0 | $0 | $0 | $2.37B | $0 | $0 | $0 | $274.3M |
| Total current assets | $6.14B | $2.10B | $6.95B | $9.02B | $8.16B | $8.07B | $5.89B | $7.72B | $2.15B | $264.6M | $2.02B | $2.07B |
| Property, plant & equipment (net) | $1.56B | $0 | $0 | $0 | $0 | $0 | $0 | −$19.52B | $429.0M | $259.8M | $7.96B | $0 |
| Goodwill & intangible assets | $895.0M | $178.8M | $881.8M | $887.1M | $853.3M | $835.7M | $841.6M | $841.7M | $813.5M | $798.1M | $799.6M | $357.6M |
| Long-term investments | $10.26B | $10.16B | $9.72B | $9.68B | $9.25B | $8.97B | $8.70B | $8.77B | $8.20B | $8.15B | $8.12B | $7.74B |
| Other non-current assets | $0 | $4.09B | $0 | $0 | $0 | $0 | $0 | $17.56B | $3.28B | $5.12B | $0 | $4.15B |
| Total assets | $16.86B | $16.53B | $16.95B | $16.77B | $15.73B | $15.47B | $15.27B | $15.37B | $14.87B | $14.59B | $14.61B | $14.31B |
| Liabilities | ||||||||||||
| Accounts payable | $45.1M | $43.4M | $45.2M | $41.7M | $49.8M | $45.8M | $37.7M | $50.9M | $59.2M | $61.6M | $64.3M | $63.8M |
| Short-term debt | $50.1M | $50.1M | $375.0M | $436.8M | $436.8M | $61.8M | $61.8M | $0 | — | — | — | $0 |
| Deferred revenue | $3.48B | — | $3.44B | — | — | $3.26B | — | $3.34B | — | — | — | — |
| Total current liabilities | $50.1M | $50.1M | $12.05B | $436.8M | $1.04B | $11.59B | $819.6M | $11.59B | $6.22B | $6.07B | $6.09B | $727.6M |
| Long-term debt | $844.0M | $843.8M | $843.3M | $843.0M | $347.8M | $722.5M | $722.3M | $783.9M | $783.7M | $783.4M | $783.2M | $783.0M |
| Other long-term liabilities | $12.30B | $12.06B | $483.6M | $12.07B | $11.13B | $109.0M | $10.89B | $113.4M | $11.54B | $9.29B | $11.36B | $9.42B |
| Total liabilities | $13.19B | $12.96B | $13.37B | $13.35B | $12.52B | $12.43B | $12.43B | $12.49B | $12.32B | $12.07B | $12.15B | $12.20B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 |
| Retained earnings (deficit) | $4.05B | $3.89B | $3.74B | $3.58B | $3.43B | $3.31B | $3.21B | $3.07B | $3.00B | $2.99B | $2.91B | $2.83B |
| Accumulated other comprehensive income | −$255.7M | −$237.9M | −$171.4M | −$198.3M | −$287.2M | −$344.7M | −$456.3M | −$299.5M | −$540.8M | −$548.9M | −$517.2M | −$780.3M |
| Total shareholders' equity | $3.67B | $3.57B | $3.57B | $3.43B | $3.22B | $3.04B | $2.84B | $2.88B | $2.55B | $2.52B | $2.47B | $2.12B |
| Key figures | ||||||||||||
| Total debt | $844.0M | $843.8M | $1.22B | $1.28B | $784.6M | $784.3M | $784.1M | $783.9M | $783.7M | $783.4M | $783.2M | $783.0M |
| Net cash (debt) | $1.18B | $1.18B | $1.78B | $3.76B | $3.42B | $3.37B | $1.24B | $3.03B | $2.67B | $2.45B | $7.52B | $1.36B |
| Working capital | $6.09B | $2.05B | −$5.10B | $8.58B | $7.12B | −$3.53B | $5.07B | −$3.87B | −$4.07B | −$5.81B | −$4.07B | $1.34B |
| Tangible book value | $2.78B | $3.39B | $2.69B | $2.54B | $2.36B | $2.21B | $2.00B | $2.04B | $1.74B | $1.72B | $1.67B | $1.76B |
| Book value per share | $101.17 | $98.36 | $98.39 | $94.13 | $88.36 | $83.64 | $77.64 | $78.84 | $70.31 | $69.50 | $68.11 | $58.62 |
| Shares outstanding | 36.3M | 36.3M | 36.3M | 36.4M | 36.4M | 36.4M | 36.6M | 36.5M | 36.3M | 36.3M | 36.2M | 36.1M |
| Current ratio | 122.53 | 41.90 | 0.58 | 20.65 | 7.86 | 0.70 | 7.18 | 0.67 | 0.35 | 0.04 | 0.33 | 2.84 |
| Quick ratio | 79.28 | 77.51 | 0.58 | 20.65 | 7.86 | 0.70 | 7.18 | 0.67 | 1.17 | 1.15 | 1.98 | 8.12 |
| Debt / equity | 0.23 | 0.24 | 0.34 | 0.37 | 0.24 | 0.26 | 0.28 | 0.27 | 0.31 | 0.31 | 0.32 | 0.37 |
| Equity / assets | 21.8% | 21.6% | 21.1% | 20.4% | 20.4% | 19.7% | 18.6% | 18.7% | 17.2% | 17.3% | 16.9% | 14.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
THG financial position
At the end of fiscal 2025 (December 31, 2025), Hanover Insurance had total assets of $16.9 billion (up 10.9% from a year earlier), total liabilities of $13.4 billion and shareholders' equity of $3.6 billion. It held $3.0 billion in cash and short-term investments against $1.2 billion of debt, a net cash position of $1.8 billion. Its current ratio was 0.62. In the latest quarter (ended June 30, 2026) total assets were $16.9 billion and equity $3.7 billion.
Related: THG income statement, THG cash flow statement, THG key metrics. See the THG stock overview for the latest quote and news.
THG balance sheet FAQ
What are Hanover Insurance's total assets?
Hanover Insurance reported total assets of $16.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $15.3 billion a year earlier.
How much debt does Hanover Insurance have?
Hanover Insurance had $1.2 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.34.
How much cash does Hanover Insurance have?
Hanover Insurance held $3.0 billion in cash and short-term investments at the end of fiscal 2025; with $1.2 billion of debt that is net cash of $1.8 billion.
What is Hanover Insurance's book value?
Hanover Insurance's shareholders' equity (book value) was $3.6 billion at the end of fiscal 2025, or $100.04 per share.
What is Hanover Insurance's current ratio?
Hanover Insurance had current assets of $6.9 billion and current liabilities of $11.2 billion, a current ratio of 0.62 (current liabilities exceed current assets).
How much goodwill does Hanover Insurance have?
Hanover Insurance carried $881.8 million of goodwill and intangible assets, 5.2% of total assets, at the end of fiscal 2025.