Hanover Insurance posts record first-quarter income
Matt Volpini
Fred Eppinger, outgoing president and CEO, Hanover Insurance Group said the company is continuing to improve its business mix.
The Hanover Insurance Group has posted a record first-quarter operating income of $71.5 million in the first quarter of 2016.
The insurance company based in Worcester delivered an operating income of $1.64 per diluted share up 29.1 percent from $1.27 in the previous year’s first quarter. This strong first quarter sets the company up well for the remainder of the year, Frederick H. Eppinger, president and chief executive officer at Hanover said in a statement. The company continues to improve the mix of its business, he said, with domestic business growing 4 percent in the quarter, benefiting from price increases of 4.3 percent in core commercial lines, and 5 percent in personal lines. Commercial lines operating income before taxes was $42.7 million, compared to $31.2 million in the first quarter of 2015.
Net premiums written were $604.3 million in the quarter, up 3.8 percent from the prior-year quarter, driven by pricing and strong retention, according to the company.
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