Hanover Insurance raises dividend 11%
Photo/Grant Welker
Worcester's Hanover Insurance Group has raised its dividend for a 14th straight year following a strong third quarter.
Hanover Insurance Group has raised its dividend for a 14th consecutive year, increasing its quarterly dividend by 11 percent.
The larger dividend, which the Worcester insurer announced Friday, is a testament to the company's strong financial condition and earnings performance, President and CEO John Roche said.
The dividend of 60 cents per share on Hanover's common stock will be payable Dec. 28.
Hanover's announcement on the dividend increase follows a third-quarter performance in which the company reported operating income of $85 million, a 63-percent increase from the prior year. Operating income for the year through the end of September was up 79 percent, hitting $227 million.
In September, Hanover agreed to sell its specialty insurance business Chaucer to a Chinese company for $950 million. Roche said at the time that the decision to sell London-based Chaucer will enable Hanover to build on momentum in its domestic property and casualty businesses.
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