Hanover Insurance beats Wall Street estimates
Worcester-based Hanover Insurance Group on Wednesday reported second-quarter earnings of $1.56 per share, beating analysts’ estimates by 17 cents. A survey conducted by Zacks had predicted earnings of $1.39.
CEO Frederick H. Eppinger credited Hanover’s strong business mix as well as underwriting leadership in preferred segments for “another quarter of very strong financial performance.”
Hanover’s operating income was $70.4 million, more than 20 percent higher than 2014’s second quarter of $58.4 million, or $1.30 per share. The company’s net income was $120.7 million, or $2.68 per share, which leaped over the prior year’s second-quarter results of $82.6 million, or $1.84 per share.
Revenue was $1.297 billion in the quarter, a rise over the $1.273 billion in the year-earlier second.
Eppinger said in the statement that the company’s domestic businesses grew by 4 percent, led by Commercial Lines, and reflected pricing increases in the quarter of 5.5 percent for Core Commercial, and 5.2 percent for Personal Lines. “Our combined ratio excluding catastrophes decreased by nearly a point, underscoring our consistent trajectory of underwriting improvement, he said.
WBJ Web Partners
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