Hanover beats analyst estimates in Q4
The Hanover Insurance Group of Worcester on Thursday released its fourth-quarter earnings report, posting net and operating income gains over 2012 thanks to strong price increases in both commercial and personal lines, according to the company.
Earnings for the quarter ending Dec. 31 and for the full year signal a strong rebound following the company’s $140 million in losses in 2013 due to Hurricane Sandy in 2012. Operating income excluding special items was $59.6 million, or $1.33 per share, in the fourth quarter, compared to an operating loss of $73.4 million a year ago. Meanwhile, net income was $70.1 million, compared to a net loss of $55 million in the fourth quarter of 2012.
Experts had estimated earnings for shareholders would be $1.11 in the fourth quarter, according to analystratings.net.
Net income for the full year was $251 million, up from $55.9 million on 2012, while operating income was $227.2 million, compared to $15.1 million a year ago. This translates to earnings of $5.06 per share, compared to 33 cents last year.
“We achieved pricing increases in core commercial lines in line with the third quarter at 9 percent, with improved retention. In personal lines, we continued to drive strong rate increases of 8 percent, while managing our book to higher-quality accounts and a more diversified mix,” Hanover President and CEO Frederick H. Eppinger said in a statement.
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