Hanover Insurance reports strong earnings; beats estimates
The earnings of Worcester’s Hanover Insurance Group soundly beat the expectations of analysts, leading stocks to pop up in trading following the announcement.
The Hanover reported earnings per share of $1.82 for the fourth quarter of 2015, beating Thomson Reuters’ consensus estimate of $1.60. Operating income was also up over the fourth quarter of 2014, which was $1.77 per diluted share.
Operating income for the full year was $280 million, or $6.25 per diluted share, in 2015, compared to operating income of $232.7 million, or $5.19 per diluted share, in 2014.
Frederick Eppinger, president and CEO at The Hanover, said this was record operating earnings for the company and that it is set up well for continued strong operations into 2016.
The strong performance comes during a somewhat tumultuous time for the company from a management standpoint. Eppinger announced in September he would step down from his role as CEO although he would be available during the transition through June 30, 2016. Shortly after, the company’s Chief Financial Officer David Greenfield died.
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