The Hanover reports $165M profit in fourth quarter
Photo | Grant Welker
The Hanover Insurance Group's Worcester headquarters
The Hanover Insurance Group in Worcester reported $164.6 million in profits for the company’s fourth quarter, according to a Wednesday earnings report, a 50% increase from the same quarter a year prior.
During the final quarter of 2019, The Hanover’s net income was $109.8 million.
"In a year marked by a global pandemic and the related economic recession, very active weather and social unrest, we delivered outstanding results, rising to the occasion, posting record operating earnings and generating an operating return on equity of 16.2% in the fourth quarter and 13.1% for the full year," said John Roche, president and CEO at The Hanover, in a press release.
Notably, despite the remarkable fourth quarter, The Hanover’s profits were down overall for 2020, with the company reporting $358.7 million in net income compared to $425.1 million in 2019, a difference of 16%.
“Although 2020 was a particularly active catastrophe year, our full-year catastrophe losses were appreciably lower than industry averages, reflecting the effectiveness of our prior underwriting actions and prudent risk management practices,” said Jeffrey Farber, The Hanover executive vice president and chief financial officer.
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