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Mar 31, 2021
Hanover Q1 2021 Earnings Report
Hanover reported strong financial performance in the first quarter, despite unprecedented catastrophe activity. Net premiums written grew, and underlying underwriting performance was strong, demonstrated by a combined ratio, excluding catastrophes, of 87.3%.
Key Takeaways
The Hanover Insurance Group reported a net income of $92.7 million, or $2.51 per diluted share, in the first quarter of 2021, compared to a net loss of $40.0 million in the prior-year quarter. Operating income was $61.4 million, or $1.66 per diluted share, for the first quarter of 2021. Net premiums written increased by 5.2%, and the combined ratio was 98.8%.
Net premiums written increased by 5.2%, reflecting growth in all segments.
The combined ratio was 98.8%, and the combined ratio, excluding catastrophes, was 87.3%.
Catastrophe losses amounted to $133.3 million, or 11.5% of net premiums earned, primarily due to freeze events in Texas and surrounding states.
Rate increases of 6.1% were achieved in core commercial lines and 3.1% in Personal Lines.
Revenue by Segment
Forward Guidance
We are focused on driving profitable growth across our portfolio, enabling us to continue to invest in our company and deliver increasing value for our shareholders, agents, customers and other stakeholders.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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