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Dec 31, 2025
Hanover Q4 2025 Earnings Report
The Hanover reported record fourth-quarter profitability with strong underwriting performance and higher investment income.
Key Takeaways
The Hanover delivered record Q4 2025 results with total revenue of $1.67 billion, a sub-90 combined ratio, strong premium growth, and significantly higher net and operating income driven by disciplined underwriting and improved investment returns.
Total revenue reached $1.67 billion in the fourth quarter.
Net income increased to a record $198.5 million.
Combined ratio improved to 89.0%, reflecting strong underwriting discipline.
Net investment income rose nearly 25% year over year.
Revenue by Segment
Forward Guidance
Management expressed confidence entering 2026, citing strong underwriting discipline, pricing momentum, and a well-positioned investment portfolio.
Positive Outlook
- Strong pricing momentum across all business lines.
- Improving investment yields support earnings growth.
- Solid capital position and balance sheet flexibility.
- Favorable reserve development trends.
- Continued disciplined underwriting strategy.
Challenges Ahead
- Potential volatility from catastrophe losses.
- Macroeconomic uncertainty may impact claims trends.
- Competitive pressures in certain specialty markets.
- Inflation could affect loss severity.
- Market conditions may influence premium growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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