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The Hanover Reports Fourth Quarter Net Income of $1.57 per Diluted Share; Operating Income1 of $1.33 per Diluted Share; Combined Ratio of 96.5%...

February 21, 2014



The Hanover Reports Fourth Quarter Net Income of $1.57 per Diluted Share; Operating Income1 of $1.33 per Diluted Share; Combined Ratio of 96.5% including Catastrophe Impact of 2.4 points; Full year 2013 Net Income of $5.59 per Diluted Share

By a News Reporter-Staff News Editor at Insurance Weekly News -- The Hanover Insurance Group, Inc. (NYSE: THG) reported net income of $70.1 million, or $1.57 per diluted share, for the fourth quarter of 2013, compared to a net loss of $55.0 million, or $1.24 per diluted share, in the fourth quarter of 2012. Operating income was $59.6 million, or $1.33 per diluted share, in the fourth quarter of 2013, compared to an operating loss of $73.4 million, or $1.65 per diluted share, in the fourth quarter last year. Prior-year results included the impact of $129 million, after tax, related to Superstorm Sandy losses.

Net income for the full year 2013 was $251.0 million, or $5.59 per diluted share, compared to net income of $55.9 million, or $1.23 per diluted share, in 2012. Operating income was $227.2 million, or $5.06 per diluted share, in 2013, compared to operating income of $15.1 million, or $0.33 per diluted share, last year.

(1) See information about this and other footnotes throughout this press release on the final page of this document.

Fourth Quarter and Full Year Highlights

-- Combined ratio of 96.5% in the fourth quarter and 96.7% for the full

year, including 2.4 and 3.1 points of catastrophe losses, respectively

-- Net premiums written of $1.05 billion in the fourth quarter, up 1.7%;

Net premiums written of $4.55 billion in 2013, up 4.2%

-- Strong price increases in both Commercial and Personal Lines continued

Keywords for this news article include: The Hanover Insurance Group Inc.

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Source: Insurance Weekly News


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