Hanover Profits Soar In Q2
The Hanover Insurance Group of Worcester more than doubled its second-quarter, posting net income of $53.4 million, or $1.19 per share, the company reported.
That compared with second-quarter net income of $20.8 million, or 46 cents per share in 2012.
The property and casualty insurer said it continued to increase premium prices in its commercial and personal lines during the quarter, which ended June 30, and increased the amount of net premiums written by 3.8 percent, to $1.24 billion. That growth was primarily driven by commercial lines and a higher share of premiums retained at London-based Chaucer Holdings, which Hanover acquired in 2011, the company said.
“We are pleased with our earnings this quarter as each of our businesses generated improved results,” Hanover CEO Frederick H. Eppinger said. “We have made substantial progress on all of our key priorities, and we remain on target to deliver on our strategic and financial goals for the year.”
Overall operating income was $46.8 million, more than four times the $10 million reported in 2012. Personal lines posted an operating income of $19.9 million, up from $12.3 million last year, while operating income for commercial lines grew to $26.2 million, up from $9.4 million. Chaucer’s operating income was up about $7 million, to $36.9 million, the company said.
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