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Hanover Insurance Posts Q2 Results

Has reported net income of $64.4 million

The Hanover Insurance Group has reported net income of $64.4 million, or $1.25 per share for the second quarter of 2009, as compared to a net loss of $10.2 million, or $0.20 per share, in the second quarter of 2008.

The net income in the current quarter included an after-tax gain of $22.3 million, or $0.43 per share, from the company’s debt restructuring. Net income in the current quarter also included an after-tax net realised loss on investments of $3.6 million, or $0.07 per share, as compared to an after-tax net realised loss of $7.6 million, or $0.15 per share, in the prior-year quarter.

Total Property and Casualty pre-tax segment income was $76.3 million in the second quarter of 2009, as compared to $94.2 million in the second quarter of the prior year. Personal Lines pre-tax segment income was $25.6 million in the second quarter of 2009, as compared to $38.6 million in the prior-year quarter.

Commercial Lines pre-tax segment income was $50.9 million in the second quarter of 2009, as compared to $52.7 million in the second quarter of 2008.