First Take 2Q26 Earnings: Strong All Around

研报英文原文证据摘录

First Take 2Q26 Earnings: Strong All Around

Update

July 28, 2026 10:11 PM GMT

Morgan Stanley & Co. LLCMHanover Insurance Group Inc | North America Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings: Bob.Huang@morganstanley.comDaniel Lee, ACAS +1 212 761-6136

Research Associate

Daniel.Lee4@morganstanley.com +1 212 761-0219

Strong All Around Siddhant Shah

Sid.Shah@morganstanley.com +1 212 761-2603

AlphaSignals Earnings Reaction

Hanover Insurance Group Inc (THG.N, THG US)

Unchanged Modest upside Modest revision higher

Insurance - Property & Casualty | United States of

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS America

Source: Company data, Morgan Stanley Research Stock Rating Equal-weight

Industry View Attractive

Price target $225.00

Demonstrating strong momentum across the board: While most underwriters are Shr price, close (Jul 28, 2026) $224.15

faced with decelerating growth and/or incrementally challenging underwriting, Mkt cap, curr (mm) $8,024

52-Week Range $224.99-163.78

Hanover is seeing strong Core Commercial premium growth, while Specialty and

Personal Lines growth are generally holding up. Core Commercial was supported by

surprisingly strong middle market business growth and solid renewal pricing. The

solid growth from Core Commercial aside, Personal Lines also saw another quarter

of stellar underwriting due to benefit of earned pricing and mild catastrophe losses.

Overall, the results were one of the strongest reports this earning season despite

the P&C industry challenges around pricing weakness and commercial underwriting

uncertainties. Going forward, the key will be the durability of the results.

What We Liked

• Core Commercial: Operating income before taxes came in at $77.5m for the