Hanover Insurance Group Inc. on Wednesday said its third-quarter profit rose 5 percent, topping Wall Street expectations, on investment gains and improving results from personal lines of property and casualty insurance.
For the July to September quarter, Hanover reported net income of $52.3 million, or $1.15 per share, up from a profit of $49.7 million, or 97 cents per share, in the same quarter a year ago.
The latest quarter included investment gains of $5.7 million, or 12 cents per share.
Analysts polled by Thomson Reuters, on average, expected profit of 93 cents per share. Analysts typically exclude one-time items from their estimates.
Net premiums written rose 17 percent to $803.7 million.
In its personal lines, the Worcester-based company reported pretax income of $43 million, compared with $27.4 million in last year's third quarter.
That gain offset a decline in commercial lines pretax income to $35.1 million from $38.7 million.
Hanover's combined ratio improved slightly to 97 percent, from 97.6 percent.
Combined ratio reflects an insurance company's losses and expenses. A ratio above 100 means that for every premium dollar taken in, more than a dollar went to cover claims and other expenses. A figure below 100 means the company made a profit on its insurance operations.
Hanover Group reported third-quarter results after its shares fell 10 cents to close at $45.90. The stock has traded in a 52-week range of $40.22 to $47.22
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