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.