Hanover Insurance profited $105M in first quarter

Photo | Grant Welker The Hanover Insurance Group's Worcester headquarters

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By Alexander MacDougall

Hanover Insurance Group of Worcester earned an overall net income of $105 million for the first quarter, according to a quarterly report released Tuesday,

The profit is higher than that of the previous year’s first quarter, which was $93 million. The company also reported a 91% increase in operating income from the past year’s first quarter, rising from $61 million to $118 million.

In addition the company noted rate increases across its three insurance segments, which are core commercial (6.3%), specialty (8.4%), and personal lines (2.7%). Renewal price changes also saw increases across the three segments, with respective increases of 9.7%, 12.6%, and 4.3%.

In a press release statement put out with the quarterly report, Hanover Insurance President and CEO John Roche praised the overall direction the company was headed, and noted the company was working to ensure that its insurance rates would remain stable despite rising inflation.

“Our strong first quarter results are compelling evidence that our strategic initiatives are delivering across our business,” said Roche. “We are laser focused on ensuring pricing adequacy across our business in light of heightened inflationary trends.”

Late Wednesday morning, Hanover's stock was trading at $146.48 per share on the New York Stock Exchange, down about 0.4% from the start of the day. Comparatively, the entire S&P 500 was trading down about 0.3% since the markets opened Wednesday.