Hanover Insurance Q3 premiums written rise 3%
THG•Hanover Insurance said third-quarter net premiums written rose 3.1% year over year to $1.79 billion. Net income was $172.6 million, operating income was $183.1 million, and the company repurchased $86 million in stock.
1. Quarterly results
The Hanover Insurance Group reported third-quarter net premiums written of $1.79 billion, up 3.1% year over year. Net income was $172.6 million and operating income was $183.1 million.
2. Drivers and outlook
Net investment income rose 12.7%, which the company attributed to higher earned yields, strong cash flows and increased partnership income. Personal Lines benefited from pricing increases outpacing loss trends and lower property claims frequency, while Specialty recorded lower-than-expected property losses. The company said it remained confident in its outlook and long-term profitability goals, and repurchased $86 million in stock during the quarter.
