The Hanover Insurance Group, Inc. (THG) will hike its dividend by 7.7 percent to 70 cents per share in 2020. Last year the insurance holding company hiked its regular dividend by 8.3 percent to 83 cents quarterly per share. The company also paid a special dividend last year.

The next dividend is payable December 30, 2020, to shareholders of record at the close of business on December 18, 2020. A new annual dividend of $2.80 per share yields 2.4% at a stock price of $115.

"We are very pleased to announce a 7.7% increase in our regular quarterly dividend," said John C. Roche, president and chief executive officer at The Hanover. "The increase underscores the strength of our company's operating performance and results, and is in keeping with our commitment to deliver strong shareholder value. During a particularly dynamic 2020, we have demonstrated our ability to successfully manage and advance our business. We look ahead to 2021 with confidence in our financial position, go-forward strategy, and earnings potential, while remaining committed to being responsible stewards of our capital."

The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies in the United States. Together with its agents, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. Hanover Insurance has been paying consecutive quarterly dividends since 2005. The Hanover Fire Insurance Company was founded in 1852.