August 1, 2008
Hanover Loss Based on Life Insurance Sale
The Hanover Insurance Group Inc. lost $10.2 million in the second quarter of 2008, driven by the sale of its life insurance business.
The Worcester-based company reported a $66.1 million loss related to the pending sale of the First Allmerica Financial Life Insurance Co. That was offset by an $11.1 million gain from the sale of premium financing business AMGRO in June.
The company's pre-tax income from personal lines dropped to $38.6 million from $55 million in the same quarter last year, while pre-tax income from commercial lines did just the opposite, going from $38.9 million to $52.7 million.
The quarterly results also included an after-tax net loss on investments of $7.6 million.
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