Revenue and income up at The Hanover
Driven by what is said were “strong price increases” for its personal and commercial lines, The Hanover Insurance Group Inc. Thursday reported a bump in both revenue and net income for the second quarter.
Revenues for the Worcester-based property and casualty insurer were $1.27 billion compared to $1.24 billion for the same period a year ago.
Hanover reported net income of $82.6 million, or $1.84 per diluted share, for the second quarter of 2014, compared to net income of $53.4 million, or $1.19 per diluted share, at the same time last year.
Commercial lines operating income before taxes stood at $44.2 million in the quarter, versus $26.2 million during the same period of the previous year. Meanwhile, personal lines operating income before taxes stood at $22.7 million for the second quarter period, against $19.9 million a year ago, the company said.
On the cost side of the ledger, The Hanover paid out $39.7 million in catastrophic losses, down almost $6 million from the same quarter in 2013.
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