John C. “Jack” Roche, president & CEO of The Hanover Insurance Group, Inc.
July 29, 2020
Hanover Insurance profits surge 56% in Q2
Photo/Grant Welker
Worcester's Hanover Insurance Group headquarters
The Hanover Insurance Group in Worcester reported a 56% increase in second quarter profits on Tuesday vs. the same time period in 2019.
Specifically, Hanover profited $115.2 million in 2020’s second quarter, compared to net income of $74 million during the second quarter 2019.
Operating income, however, was $62.7 million for the second quarter, compared to $77.7 million during the same period a year prior, reflecting a 19% decrease.
"We're very pleased with our performance in the second quarter, particularly in light of the elevated catastrophe loss experience for us and across the industry," said Jack Roche, Hanover president and CEO, in a statement.
Roche said he was confident the company would reestablish and ultimately improve upon its pre-pandemic growth trajectory.
"Our underlying loss performance reflected the temporary benefit of lower frequency, particularly in short-tail lines, while we maintained a prudent reserving approach to liability coverages in light of potential future uncertainty,” said Jeffrey Farber, the company’s executive vice president and CFO, in a statement.
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