Hanover Insurance posts 15.5% 3Q net income gain
Photo | Grant Welker
The Hanover Insurance Group reported year-over-year net income gain of 15.5% in the third quarter on the back of more premiums signed and lower payouts.
The Worcester-based company on Thursday reported net income of $118.9 million, or $2.96 per diluted share, in the third quarter of 2019, compared to $100.4 million, or $2.33 per diluted share, in the prior-year quarter. Operating income was $93.0 million, or $2.31 per diluted share, for the third quarter of 2019, which was also an increase of 9.5% over operating income of $84.9 million, or $1.97 per diluted share, in the prior-year third quarter.
The company highlighted an increase of 5.6% in net premiums written in the quarter to $1.2 billion. Catastrophe losses of $35.2 million, including several wind and hail events in the Upper Midwest, compared favorably to $44.9 million of catastrophe losses in the prior-year third quarter.
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