Hanover Insurance’s $164M in fourth quarter leads to 17% annual growth

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

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By Sloane M. Perron

The Hanover Insurance Group, Inc., headquartered in Worcester, reported on Wednesday profits of $163.5 million for the company’s fourth quarter earnings.

The new profits shows a slight decline when compared to the company’s prior year fourth quarter results of $164.6-million.

While the figures are still reflecting a decrease, Hanover’s fourth quarter narrowed the gap, especially when compared to its third quarter which saw a nearly $90-million disparity compared to the previous year’s third quarter.

After the report release on Wednesday, Hanover's stock price on the New York Stock Exchange rose 5% to $141.10 per share.

Hanover's annual profit for 2021 was $418.7 million, or $11.49 per diluted share, an increase of 17% when compared to last year’s totals of $358.7-million, or $9.42 per diluted share, according to the release.

Commercial lines operating income increased with $120.9-million in the fourth quarter, compared to $103.2 million in the fourth quarter of 2020.

“Our performance in the quarter and the year underscores the effectiveness of our distinctive strategy, the relevancy of our product and service offerings, and the strength of our agency partnerships,” said Hanover President and CEO John Roche, in a written statement in a press release.