Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Hanover Insurance Q4 earnings down

Hanover Insurance reported that its net income for Q4 2008 was $34.1m

The Hanover Insurance has reported that its net income for the fourth quarter of 2008 was $34.1 million, or $0.66 per share, compared to $75.8 million, or $1.44 per share, in the fourth quarter of 2007.

According to the company, net income for the fourth quarter of 2008 was impacted by net realised investment losses included in continuing operations of $37.1 million, or $0.73 per share, compared to a $0.6 million loss, or $0.01 per share, in the 2007 corresponding quarter.

For the fourth quarter of 2008, net premiums written were $597.3 million, compared to $561.6 million in the same quarter of 2007, an increase of 6.4%.

Net income for the full year of 2008 was $20.6 million, or $0.40 per share, compared to $253.1 million, or $4.83 per share, in 2007.

Net income for the full year 2008 was impacted by net realised investment losses included in continuing operations of $97.8 million, or $1.89 per share, a loss of $84.8 million, or $1.64 per share, from discontinued First Allmerica Financial Life Insurance business, as well as substantially higher catastrophe losses in our property and casualty operations compared to the prior year, said Hanover.

Net premiums written were $2.52 billion, compared to $2.42 billion in the year 2007, an increase of 4.3%.