Hanover Q4 2022 Earnings Report
Key Takeaways
The Hanover Insurance Group reported a net loss of $11.6 million for Q4 2022, impacted by Winter Storm Elliott. Despite this, the company increased Personal Lines pricing and saw strong performance in its Specialty business.
Combined ratio was 108.0%, and 94.1% excluding catastrophes.
Catastrophe losses were $189.6 million, including $165 million from Winter Storm Elliott.
Net premiums written increased by 9.1%, with contributions from each segment.
Renewal price changes were 10.2% in Core Commercial, 13.2% in Specialty, and 10.1% in Personal Lines.
Hanover
Hanover
Hanover Revenue by Segment
Forward Guidance
The company has entered 2023 in a robust financial position and has strong visibility into improved margins and investment income, as we deliver comprehensive and innovative insurance solutions to our agent partners and customers, which should drive sustainable, profitable growth in the year ahead.