Third-quarter profits nearly doubled at The Hanover Insurance Group Inc. of Worcester due to growth in its commercial lines, the company said Wednesday.
Excluding special items, Hanover reported earnings of $1.36 per share, beating both analyst expectations of $1.02 and its year-over-year performance of 72 cents.
“We executed our strategy well during the quarter,” CEO Frederick Eppinger said in a statement. “We continue to prudently manage our domestic property exposure and business mix to achieve a more balanced quality portfolio capable of delivering consistent and higher returns.”
Third-quarter revenue came in at $1.2 billion, also beating analyst expectations of $1.18 billion and last year’s figure of $1.16 billion.
Net premiums written for the quarter jumped from $1.12 billion in 2012 to $1.18 billion this year, thanks to a greater share of premiums being retained in the company’s Chaucer Syndicated Ltd. Division.
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