The Hanover Insurance Group, Inc. reported significant financial improvements for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, total revenues reached $1,565.3 million, up from $1,516.6 million in the prior year. Premiums also increased to $1,479.2 million from $1,431.1 million. The company achieved a net income of $102.1 million, a substantial rise from $8.6 million in Q3 2023, while basic earnings per share from continuing operations rose to $2.84 from $0.23.
For the nine months ended September 30, 2024, net income was $258.1 million, compared to a net loss of $72.6 million in the same period of 2023. This improvement was driven by a decrease in pre-tax catastrophe losses, which fell to $349.9 million from $632.4 million year-over-year. Operating income before interest expense and income taxes for the nine months was $395.7 million, a turnaround from an operating loss of $52.5 million in 2023.
The Core Commercial segment reported net premiums written of $1,695.0 million, an increase of 3.3% driven by renewal price increases. The Specialty segment saw a 5.4% rise in net premiums written to $1,042.1 million, while Personal Lines increased by 3.6% to $1,901.4 million. Notably, the Personal Lines segment improved its underwriting loss to $74.4 million from $422.4 million in the previous year.
The company’s total assets increased to $15,367.0 million as of September 30, 2024, up from $14,612.6 million at the end of 2023. Total investments also rose to $9,530.7 million from $8,913.1 million. Cash and cash equivalents improved to $427.1 million, compared to $316.1 million at the end of 2023.
In terms of strategic developments, The Hanover Insurance Group exited its investment management operations serving unaffiliated entities in 2024 and transferred management of its investment-grade fixed maturities portfolio to an external manager. The company also authorized a stock repurchase program of up to $1.3 billion, with approximately $330 million remaining for repurchases as of September 30, 2024.
Overall, the company demonstrated a strong recovery in profitability and operational efficiency, supported by favorable market conditions and strategic adjustments in its business segments.
About HANOVER INSURANCE GROUP, INC.
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