May 7, 2010
Hanover Profits Jump 60 Percent
By Brandon Butler
Worcester's Hanover Insurance Group saw first quarter profits climb to $41 million, a more than 60 percent increased compared to the first quarter of 2009.
Personal insurance lines income increased from $3.1 million in last year's first quarter to $34.5 million this year. Commercial lines income fell from $47.6 million to $22.8 million.
Net premiums increased 15 percent from last year, from $629.9 million to $725.2 million. Investment gains for the insurer also reached $10.9 million after recording a $6.1 million loss last year.
In March the insurer repurchased about 2.3 million shares of the company's common stock for about $43.19 per share.
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