With fewer catastrophe claims to pay, Hanover Insurance Group Inc.’s profit jumped 61 percent in the third quarter, the company reported this week.
Net income for the third quarter of $53.9 million, or $1.03 per share, compared to a net income of $33.4 million, or $0.65 per share, in the third quarter of last year.
The current quarter’s results include a $17.0 million pre-tax charge, or $0.21 per share of after-tax net losses related to 2005 Hurricane Katrina. Results for the third quarter of last year also include a pre-tax charge of $52.1 million for Hurricane Katrina losses, or $0.66 per share after taxes.
Income from continuing operations was $53.0 million for the third quarter, or $1.01 per share, compared to $28.5 million, or $0.56 per share, in the third quarter of last year. Results for both quarters include the impact of the catastrophe losses related to Hurricane Katrina.
Total property and casualty pre-tax segment income was $92.8 million in the quarter, compared to $52.8 million in the third quarter of last year.
The personal lines segment reported pre-tax segment earnings of $49.4 million in the third quarter of 2007, compared to $35.0 million in the third quarter of 2006, while the commercial lines segment reported pre-tax segment earnings of $39.4 million in the quarter, versus $7.7 million in the third quarter of 2006.
Topics Profit Loss
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