First-quarter profits soar for Hanover Insurance
Hanover Insurance Group’s profits soared more than 21 percent in the first quarter, helped by a 4.4-percent rise in revenue compared with the first quarter of 2014, the Worcester-based insurer reported Thursday.
Revenues grew to $1.299 billion in the first quarter of 2015, from $1.244 billion in the first quarter of 2014.
Operating income was $57.1 million, or $1.27 per diluted share, in the first quarter of 2015, the Worcester-headquartered company said Thursday. That was a 21.5 percent leap from the $47.0 million, or $1.05 per diluted share, reported in the first quarter of 2014.
Hanover had first-quarter net income of $54.9 million, or $1.22 a share, which edged higher than the prior year’s first-quarter results of $54.6 million.
"We are very pleased with our strong results for the quarter, as demonstrated by operating income of $1.27 per share, representing an increase of 21 percent compared to the prior-year quarter," Frederick H. Eppinger, Hanover president CEO, said in the statement reporting the results. "Our key operating metrics and business indicators are tracking in line with our expectations.”
Net premiums written in the quarter, which ended March 31, were up 4 percent, driven by growth in domestic business. Eppinger said the company's domestic businesses grew 6 percent, led by commercial lines.
In addition, the company said, net investment income was $70.1 million in the quarter, up 5 percent from the first quarter of 2014.
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