Core Financial Performance - The Hanover Insurance Group reported net income of $178.7 million, or $4.90 per diluted share, in Q3 2025, compared to $102.1 million, or $2.80 per diluted share, in Q3 2024 [2][4] - Operating income was $185.6 million, or $5.09 per diluted share, in Q3 2025, up from $111.3 million, or $3.05 per diluted share, in the same quarter last year [2][4] - The company achieved a combined ratio of 91.1% in Q3 2025, down from 95.5% in Q3 2024, and a combined ratio of 88.1% excluding catastrophes [6][4] Premiums and Growth - Net premiums written increased by 4.5% to $1,738.9 million in Q3 2025, compared to $1,663.4 million in Q3 2024 [4][6] - The Core Commercial segment saw net premiums written of $620.3 million, a 3.5% increase from the prior-year quarter [10] - Specialty segment net premiums written rose by 8.3% to $379.2 million in Q3 2025 [14] Underwriting and Loss Ratios - The loss and loss adjustment expense (LAE) ratio was 59.8%, down 4.7 points from the prior-year quarter, primarily due to lower catastrophe losses [6] - The current accident year loss and LAE ratio, excluding catastrophes, was 57.6%, a decrease of 0.6 points from the prior-year quarter [6] - Catastrophe losses amounted to $46.2 million, contributing 3.0 points to the combined ratio [6] Investment Performance - Net investment income increased by 27.5% to $117.0 million in Q3 2025, driven by higher earned yields and strong underwriting cash flows [21][4] - The total pre-tax earned yield on the investment portfolio was 4.31%, up from 3.70% in the prior-year quarter [21] Shareholder Value and Capital Management - The book value per share reached $96.00, reflecting a 7.1% increase from June 30, 2025, and a 21.2% increase from December 31, 2024 [24][4] - Approximately $171 million was returned to shareholders through dividends and share repurchases year-to-date [3][4] - The company repurchased approximately 323,000 shares of common stock totaling about $55 million from July through October 27, 2025 [26]