Revenue up at Hanover Insurance despite income dip
Third-quarter net income at the Hanover Insurance Group decreased to $54.9 million or $1.22 per share from $61.3 million or $1.37 per share in the prior-year quarter, the company reported on Thursday.
The company reported operating income of $47.7 million, or $1.06 per diluted share, in the third quarter of 2014, compared to $60.9 million, or $1.36 per diluted share, in the third quarter of 2013.
The company did experience what it called “unusually large catastrophe activity in Michigan,” which contributed to $88.1 million in payouts for the quarter, which impacted earnings.
Total revenues for the Worcester-based property and casualty insurer were $1.266 billion for the quarter, up from $1.202 billion in the prior year.
The company saw mixed results from its three main business segments.
Commercial lines operating income before taxes was $43.1 million, compared with $38.5 million for the third quarter in 2013. Meanwhile, personal lines operating income before taxes stood at $6.7 million for the third quarter period, against $37.7 million a year ago. Chaucer’s operating income before taxes was $39.4 million, up from $32.4 million last year, the company said.
Net premiums written grew to $1.245 billion from $1.182 billion, driven by growth in all three main business segments, the company said.
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