Hanover profits beat Q4 expectations
Worcester-based Hanover Insurance Group reported a profit of $89.9 million for the fourth quarter, ending what president and CEO Frederick H. Eppinger called “a strong year for our company.”
In a statement on its quarterly earnings Wednesday, the profit amounted to $2 per share, compared with $1.57 for the fourth quarter of 2013, when net income totaled $70.1 million.
Operating income for the fourth quarter, which ended Dec. 31, was $79.6 million, or $1.77 per share. Analysts surveyed by Zacks Investment Research had expected earnings of $1.47 per share. The results also compared favorably with Hanover’s 2013 fourth quarter, when operating income was $59.6 million and net earnings $1.33 per share.
For the year, Hanover turned a profit of $282 million, or $6.28 per share. Operating earnings per share were records for both the quarter and the year, Eppinger said in the statement.
"We delivered on our operating and financial goals and further strengthened our organization for continued success,” Eppinger said of the year’s performance. “These results reflect the effectiveness of our efforts to reposition our portfolio, increase the profitability of our business and strengthen our position with partner agents and brokers.”
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