WORCESTER, Mass., November 1, 2017- The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $11.1 million, or $0.26 per diluted share, for the third quarter of 2017, compared to net income of $88.4 million, or $2.06 per diluted share, in the prior-year quarter. Operating income(1) was $4.7 million, or $0.11 per diluted share, for the third quarter of 2017, compared to $78.6 million, or $1.83 per diluted share, in the prior-year quarter.
Third Quarter Results
- Current accident year catastrophe losses* of $202.4 million before taxes, or 16.5% of earned premiums, primarily due to hurricanes Harvey, Irma, and Maria and earthquakes in Mexico
- Combined ratio, excluding catastrophes(2), of 88.9%, an improvement of 3.0 points over the prior-year quarter
- Net premiums written of $1.3 billion; up 5.7%, driven primarily by growth in Personal and Commercial Lines
- Continued price increases in Commercial and Personal Lines
- Net investment income of $76.6 million, up 13.0% compared to the prior-year quarter
- Book value per share of $70.10, down 0.1% from the second quarter of 2017; book value per share, excluding net unrealized gains on investments(3), of $64.71, down 0.2% from the second quarter of 2017