The Hanover releases 2023 earnings report
The Hanover releases 2023 earnings report | Insurance Business America
Insurance News
The Hanover releases 2023 earnings report
Past year described as “very productive”
Insurance News
By
Terry Gangcuangco
The Hanover Insurance Group has published its earnings report for 2023 – a period described by president and chief executive John C. Roche as “a very productive year”.
Here are the financial results posted by The Hanover in the fourth quarter and full 12 months:
Metric
Q4 2023
Q4 2022
FY 2023
FY 2022
Net premiums written
$1.35 billion
$1.33 billion
$5.8 billion
$5.5 billion
Net income / (loss)
$107.9 million
$(12.1 million)
$35.3 million
$116 million
Operating income / (loss)
$113.1 million
$(37.4 million)
$56.2 million
$199.9 million
“The fourth quarter represented a strong finish to a very productive year, as we delivered operating return on equity of 15.7% and a combined ratio of 94.2%, demonstrating meaningful improvement in each of our business segments and validating the strong execution of our margin recapture program,” Roche said in a release.
“We achieved double-digit renewal pricing across all three of our business segments (core commercial, specialty, and personal lines), executed underwriting initiatives and product changes in property lines, and implemented new loss control and preventive measures, taking meaningful steps to reposition our property business to address inflation and changing weather patterns.
“While top-line growth decelerated at the tail end of the year as a result of our proactive actions, we have positioned ourselves to reaccelerate production and take advantage of robust opportunities in 2024 in multiple segments and geographies, where profitability profiles are very attractive.”
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