FINANCIAL SUPPLEMENT
FIRST QUARTER 2024
THE HANOVER INSURANCE GROUP | |
FINANCIAL SUPPLEMENT | |
TABLE OF CONTENTS | |
Segment Descriptions | 1 |
Financial Highlights | 2 |
Consolidated Financial Statements | |
Income Statements | 3 |
Balance Sheets | 4 |
Pre-tax Operating Results and Related Metrics | |
Consolidated | 5-6 |
Core Commercial | 7-8 |
Specialty | 9-10 |
Personal Lines | 11-13 |
Investments | |
Net Investment Income and Yields | 14 |
Investment Portfolio | 15 |
Credit Quality and Duration of Fixed Maturities | 16 |
Top 25 Corporate and Municipal Fixed Maturity Holdings | 17 |
Reconciliation of Operating Income (Loss) to Net Income (Loss) | 18 |
Other Information | |
Non-GAAP Financial Measures | 19 |
Premium Related Metric Definitions | 20 |
Corporate Information | 21 |
Market and Dividend Information | 21 |
Financial Strength and Debt Ratings | 21 |
i
THE HANOVER INSURANCE GROUP
BASIS OF PRESENTATION
SEGMENT DESCRIPTIONS
CORE COMMERCIAL
Sub-segment | Customer and business type | Primary lines of business |
Small Commercial | Coverage to small businesses, with annual premiums of $50,000 or less; | ● Business owners' policy/commercial multiple peril |
Products are tailored to specific industry segments as needed. | ● Commercial automobile | |
● Workers' compensation | ||
● Other (general liability, commercial umbrella, monoline property) | ||
Middle Market | Coverage to mid-sized businesses with annual premiums starting at $50,000, focusing on those | ● Commercial multiple peril |
between $50,000 and $250,000. Products are tailored to certain specific industry segments, | ● Commercial automobile | |
including technology, manufacturing, human services, retail, real estate, among others. | ● Workers' compensation | |
● Other (general liability, commercial umbrella, monoline property) | ||
SPECIALTY | ||
Sub-segment | Customer and business type | Primary lines of business |
Professional and Executive Lines | Coverage to small to mid-sizednon-public companies, including lawyer, engineer, accountant, and | ● Professional liability |
various other professional and advisory firms including healthcare; provide protection for directors, | ● Management liability | |
officers and employees against actual or alleged errors, negligence or bad faith, employment | ● Fidelity and crime | |
practices. | ● Other property and liability lines for healthcare firms | |
Specialty Property & Casualty | Program business - coverage to markets with specialty or risk management needs related to groups | ● Commercial multiple peril |
of similar businesses; | ● Commercial automobile | |
Hanover Specialty Industrial (HSI) - coverage to small and medium chemical, paint, solvent and | ● Workers' compensation | |
other manufacturers and distributors; | ● Other (general liability, commercial umbrella, monoline property) | |
Excess & Surplus - non-admitted general liability and property coverage to risks outside of the | ||
appetite of standard commercial lines; | ||
Specialty General Liability - admitted coverage for higher-hazard liability risks | ||
Marine | Includes coverage for inland and ocean marine, and insures against physical losses to property, | ● Inland/ocean marine |
such as contractor's equipment, builders' risk and goods in transit. Also covers jewelers block, fine | ● Ancillary lines of business written through marine agents | |
art and other valuables. | ||
Surety and Other | Provides coverage for construction and other firms, as well as sole proprietors in the event of claims | ● Bond |
for non-performance or non-payment, and commercial surety coverage related to fiduciary or | ||
regulatory obligations. | ||
PERSONAL LINES | ||
Sub-segment | Customer and business type | Primary lines of business |
Personal Automobile | Includes coverage for individuals against losses incurred from personal bodily injury, bodily injury to | ● Personal automobile |
third parties, property damage to an insured's vehicle, and property damage to other vehicles and | ||
other property. | ||
Homeowners and Other | Includes coverage for individuals for losses to their residences and personal property, such as those | ● Homeowners |
caused by fire, wind, hail, water damage (excluding flood), theft and vandalism, and against third- | ● Personal umbrella | |
party liability claims. | ● Inland Marine (jewelry, art, etc.) | |
● Other (fire, personal watercraft, other miscellaneous) |
OTHER
Included in Other is Opus Investment Management, Inc. ("Opus"), which provides investment management services to The Hanover Insurance Group, Inc. and its subsidiaries ("THG"), as well as institutions, pension funds, and other organizations. We expect to exit substantially all of Opus' business operations serving unaffiliated entities by the end of the second quarter of 2024. Investment management services provided by Opus to THG related to its investment-grade fixed maturities portfolio will also be transferred to an external manager. The Other segment also includes earnings on holding company assets; holding company and other expenses, including certain costs associated with retirement benefits due to our former life insurance employees and agents; and our run-off voluntary assumed property and casualty pools, run-off direct asbestos and environmental, and our product liability businesses.
1
THE HANOVER INSURANCE GROUP
FINANCIAL HIGHLIGHTS
Q1 | Q2 | Q3 | Q4 | Q1 | ||||||
(In millions, except earnings per share) | 2023 (1) | 2023 (2) | 2023 | 2023 | 2024 | |||||
PREMIUMS | $ | 1,625.8 | ||||||||
Gross premiums written | $ | 1,577.3 | $ | 1,589.9 | $ | 1,763.3 | $ | 1,502.4 | ||
Net premiums written | 1,421.5 | 1,446.8 | 1,596.4 | 1,345.5 | 1,454.0 | |||||
Net premiums earned | 1,380.0 | 1,411.7 | 1,431.1 | 1,440.3 | 1,448.6 | |||||
EARNINGS | ||||||||||
Operating income (loss) before interest and taxes | $ | 13.2 | $ | (79.4) | $ | 13.7 | $ | 158.1 | $ | 149.7 |
Operating income (loss) after taxes | 4.6 | (68.3) | 6.8 | 113.1 | 111.9 | |||||
Income (loss) from continuing operations | (12.0) | (70.0) | 8.2 | 107.3 | 115.5 | |||||
Net income (loss) | (12.0) | (69.2) | 8.6 | 107.9 | 115.5 | |||||
PER SHARE DATA (DILUTED) | ||||||||||
Operating income (loss) after taxes | $ | 0.13 | $ | (1.91) | $ | 0.19 | $ | 3.13 | $ | 3.08 |
Income (loss) from continuing operations | (0.34) | (1.96) | 0.23 | 2.97 | 3.18 | |||||
Net income (loss) | (0.34) | (1.94) | 0.24 | 2.98 | 3.18 | |||||
Dilutive weighted average shares outstanding | 36.1 | 36.0 | 36.1 | 36.2 | 36.3 | |||||
Basic weighted average shares outstanding | 35.6 | 35.7 | 35.8 | 35.8 | 35.8 | |||||
BALANCE SHEET | ||||||||||
March 31 | June 30 | September 30 | December 31 | March 31 | ||||||
(In millions, except per share data) | 2023 | 2023 | 2023 | 2023 | 2024 | |||||
Total assets | $ | 14,091.7 | $ | 14,186.7 | $ | 14,315.0 | $ | 14,612.6 | $ | 14,594.1 |
Total loss and loss adjustment expense reserves | 7,143.4 | 7,313.3 | 7,329.8 | 7,308.1 | 7,331.1 | |||||
Total shareholders' equity | 2,389.0 | 2,237.9 | 2,116.3 | 2,465.6 | 2,522.7 | |||||
Total shareholders' equity, excluding net unrealized appreciation | 3,018.2 | |||||||||
(depreciation) on fixed maturity investments, net of tax | 2,934.2 | 2,847.9 | 2,837.2 | 2,928.0 | ||||||
Property and Casualty Companies | $ | 2,762.3 | ||||||||
Statutory surplus | $ | 2,674.5 | $ | 2,508.3 | $ | 2,501.9 | $ | 2,642.7 | ||
Premium to surplus ratio | 2.09:1 | 2.27:1 | 2.31:1 | 2.20:1 | 2.12:1 | |||||
Book value per share | $ | 66.89 | $ | 62.62 | $ | 59.21 | $ | 68.93 | $ | 70.22 |
Book value per share, excluding net unrealized appreciation | $ | 84.01 | ||||||||
(depreciation) on fixed maturity investments, net of tax | $ | 82.16 | $ | 79.68 | $ | 79.38 | $ | 81.86 | ||
Tangible book value per share (total book value excluding goodwill | $ | 64.80 | ||||||||
and intangibles) | $ | 61.44 | $ | 57.17 | $ | 53.76 | $ | 63.49 | ||
Shares outstanding | 35.7 | 35.8 | 35.8 | 35.8 | 35.9 | |||||
Total debt/equity | 32.8 % | 35.0 % | 37.0 % | 31.8 % | 31.1 % | |||||
Total debt/total capital | 24.7 % | 25.9 % | 27.0 % | 24.1 % | 23.7 % |
- Operating income metrics are calculated using diluted shares outstanding; loss from continuing operations, net of taxes and net loss metrics are calculated using basic shares outstanding due to antidilution.
- Per share data is calculated using basic shares outstanding due to antidilution.
2
THE HANOVER INSURANCE GROUP
CONSOLIDATED INCOME (LOSS) STATEMENTS
Three Months ended March 31 | |||||
(In millions) | 2024 | 2023 | % Change | ||
Premiums earned | $ | 1,448.6 | $ | 1,380.0 | 5.0 |
Net investment income | 89.7 | 78.7 | 14.0 | ||
Net realized and unrealized investment gains (losses): | (1.3) | ||||
Net realized losses from sales and other | (1.1) | 18.2 | |||
Net change in fair value of equity securities | 6.5 | (7.1) | N/M | ||
Recoveries (impairments) on investments: | 0.3 | ||||
Credit-related recoveries (impairments) | (4.5) | N/M | |||
Losses on intent to sell securities | - | (10.3) | N/M | ||
Total net realized and unrealized investment gains (losses) | 0.3 | (14.8) | N/M | ||
5.5 | (23.0) | N/M | |||
Fees and other income | 7.3 | 8.0 | (8.8) | ||
Total revenues | 1,551.1 | 1,443.7 | 7.4 | ||
LOSSES AND EXPENSES | |||||
Losses and loss adjustment expenses | 935.2 | 1,017.4 | (8.1) | ||
Amortization of deferred acquisition costs | 299.0 | 288.8 | 3.5 | ||
Interest expense | 8.5 | 8.5 | - | ||
Other operating expenses | 163.1 | 146.5 | 11.3 | ||
Total losses and expenses | 1,405.8 | 1,461.2 | (3.8) | ||
Income (loss) before income taxes | 145.3 | (17.5) | N/M | ||
Income tax expense (benefit) | 29.8 | (5.5) | N/M | ||
Net income (loss) | $ | 115.5 | $ | (12.0) | N/M |
3
THE HANOVER INSURANCE GROUP
CONSOLIDATED BALANCE SHEETS
March 31 | December 31 | ||||
(In millions, except per share data) | 2024 | 2023 | % Change | ||
ASSETS | |||||
Investments: | $ | 8,015.4 | |||
Fixed maturities, at fair value (amortized cost of $8,645.4 and $8,573.9) | $ | 7,985.3 | 0.4 | ||
Equity securities, at fair value | 137.4 | 130.9 | 5.0 | ||
Other investments | 794.4 | 796.9 | (0.3) | ||
Total investments | 8,947.2 | 8,913.1 | 0.4 | ||
Cash and cash equivalents | 264.6 | 316.1 | (16.3) | ||
Accrued investment income | 57.9 | 58.2 | (0.5) | ||
Premiums and accounts receivable, net | 1,739.5 | 1,705.6 | 2.0 | ||
Reinsurance recoverable on paid and unpaid losses and unearned premiums | 1,999.8 | 2,056.1 | (2.7) | ||
Deferred acquisition costs | 619.3 | 620.8 | (0.2) | ||
Deferred income tax asset | 180.2 | 173.3 | 4.0 | ||
Goodwill | 178.8 | 178.8 | - | ||
Other assets | 521.4 | 504.0 | 3.5 | ||
Assets of discontinued businesses | 85.4 | 86.6 | (1.4) | ||
Total assets | $ | 14,594.1 | $ | 14,612.6 | (0.1) |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
LIABILITIES | $ | 7,331.1 | |||
Loss and loss adjustment expense reserves | $ | 7,308.1 | 0.3 | ||
Unearned premiums | 3,104.9 | 3,102.5 | 0.1 | ||
Expenses and taxes payable | 679.1 | 775.9 | (12.5) | ||
Reinsurance premiums payable | 61.6 | 64.3 | (4.2) | ||
Debt | 783.4 | 783.2 | - | ||
Liabilities of discontinued businesses | 111.3 | 113.0 | (1.5) | ||
Total liabilities | 12,071.4 | 12,147.0 | (0.6) | ||
SHAREHOLDERS' EQUITY | |||||
Preferred stock, par value $0.01 per share; | - | ||||
20.0 million shares authorized; none issued | - | - | |||
Common stock, par value $0.01 per share; 300.0 million shares | 0.6 | ||||
authorized; 60.5 million shares issued | 0.6 | - | |||
Additional paid-in capital | 1,941.3 | 1,939.2 | 0.1 | ||
Accumulated other comprehensive loss | (548.9) | (517.2) | 6.1 | ||
Retained earnings | 2,993.9 | 2,909.4 | 2.9 | ||
Treasury stock at cost (24.6 million and 24.7 million shares) | (1,864.2) | (1,866.4) | (0.1) | ||
Total shareholders' equity | 2,522.7 | 2,465.6 | 2.3 | ||
Total liabilities and shareholders' equity | $ | 14,594.1 | $ | 14,612.6 | (0.1) |
4
THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS
CONSOLIDATED
Three Months ended March 31
2024 | 2023 | |||||||||||||||||||
Core | Personal | Core | Personal | |||||||||||||||||
(In millions, except percentage data) | Commercial | Specialty | Lines | Other | Total | Commercial | Specialty | Lines | Other | Total | ||||||||||
Gross premiums written | $ | 660.0 | $ | 408.4 | $ | 557.4 | $ | - | $ | 1,625.8 | $ | 634.1 | $ | 392.5 | $ | 550.7 | $ | - | $ | 1,577.3 |
Net premiums written | $ | 582.4 | $ | 339.8 | $ | 531.8 | $ | - | $ | 1,454.0 | $ | 565.3 | $ | 324.3 | $ | 531.9 | $ | - | $ | 1,421.5 |
Net premiums earned | $ | 528.9 | $ | 320.9 | $ | 598.8 | $ | - | $ | 1,448.6 | $ | 507.4 | $ | 311.7 | $ | 560.9 | $ | - | $ | 1,380.0 |
Losses and LAE: | ||||||||||||||||||||
Current year, excluding catastrophe losses | 309.4 | 156.6 | 392.7 | - | 858.7 | 296.9 | 166.8 | 381.7 | - | 845.4 | ||||||||||
Prior year unfavorable (favorable) development, excluding catastrophe losses | (9.2) | (1.1) | (0.1) | - | (10.4) | 3.5 | (18.1) | 11.6 | - | (3.0) | ||||||||||
Current year catastrophe losses | 24.5 | 10.2 | 59.2 | - | 93.9 | 64.6 | 25.8 | 84.6 | - | 175.0 | ||||||||||
Prior year unfavorable (favorable) catastrophe development | (3.8) | (3.2) | - | - | (7.0) | (0.7) | (4.3) | 5.0 | - | - | ||||||||||
Total losses and LAE | 320.9 | 162.5 | 451.8 | - | 935.2 | 364.3 | 170.2 | 482.9 | - | 1,017.4 | ||||||||||
Amortization of deferred acquisition costs and other underwriting expenses | 177.1 | 119.5 | 156.1 | - | 452.7 | 167.9 | 110.8 | 150.2 | - | 428.9 | ||||||||||
GAAP underwriting profit (loss) | 30.9 | 38.9 | (9.1) | - | 60.7 | (24.8) | 30.7 | (72.2) | - | (66.3) | ||||||||||
Net investment income | 40.8 | 20.3 | 25.6 | 3.0 | 89.7 | 36.1 | 17.0 | 22.6 | 3.0 | 78.7 | ||||||||||
Other income | 1.3 | 1.3 | 4.0 | 0.7 | 7.3 | 1.2 | 1.8 | 4.3 | 0.7 | 8.0 | ||||||||||
Other operating expenses | (1.5) | (1.7) | (1.6) | (3.2) | (8.0) | (1.3) | (1.2) | (1.3) | (3.4) | (7.2) | ||||||||||
Operating income (loss) before income taxes | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||
71.5 | 58.8 | 18.9 | 0.5 | 149.7 | 11.2 | 48.3 | (46.6) | 0.3 | 13.2 | |||||||||||
Loss and LAE ratio: | ||||||||||||||||||||
Current year, excluding catastrophe losses | 58.5 % | 48.7 % | 65.6 % | N/M | 59.3 % | 58.5 % | 53.5 % | 68.0 % | N/M | 61.2 % | ||||||||||
Prior year unfavorable (favorable) development, excluding catastrophe losses | (1.7)% | (0.3)% | - | N/M | (0.7)% | 0.7 % | (5.8)% | 2.1 % | N/M | (0.2)% | ||||||||||
Current year catastrophe losses | 4.6 % | 3.2 % | 9.9 % | N/M | 6.5 % | 12.7 % | 8.3 % | 15.1 % | N/M | 12.7 % | ||||||||||
Prior year unfavorable (favorable) catastrophe development | (0.7)% | (1.0)% | - | N/M | (0.5)% | (0.1)% | (1.4)% | 0.9 % | N/M | - | ||||||||||
Total loss and LAE ratio | 60.7 % | 50.6 % | 75.5 % | N/M | 64.6 % | 71.8 % | 54.6 % | 86.1 % | N/M | 73.7 % | ||||||||||
Expense ratio | 33.2 % | 37.0 % | 25.5 % | N/M | 30.9 % | 32.9 % | 35.3 % | 26.1 % | N/M | 30.7 % | ||||||||||
Combined ratio | ||||||||||||||||||||
93.9 % | 87.6 % | 101.0 % | N/M | 95.5 % | 104.7 % | 89.9 % | 112.2 % | N/M | 104.4 % | |||||||||||
5
THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS
CONSOLIDATED
Q1 | Q2 | Q3 | Q4 | Q1 | ||||||
(In millions, except percentage data) | 2023 | 2023 | 2023 | 2023 | 2024 | |||||
Gross premiums written | $ | 1,577.3 | $ | 1,589.9 | $ | 1,763.3 | $ | 1,502.4 | $ | 1,625.8 |
Net premiums written | $ | 1,421.5 | $ | 1,446.8 | $ | 1,596.4 | $ | 1,345.5 | $ | 1,454.0 |
Net premiums earned | $ | 1,380.0 | $ | 1,411.7 | $ | 1,431.1 | $ | 1,440.3 | $ | 1,448.6 |
Losses and LAE: | ||||||||||
Current year, excluding catastrophe losses | 845.4 | 880.0 | 867.8 | 867.2 | 858.7 | |||||
Prior year favorable development, excluding catastrophe losses | (3.0) | (1.7) | (2.1) | (9.1) | (10.4) | |||||
Current year catastrophe losses | 175.0 | 261.6 | 195.8 | 57.7 | 93.9 | |||||
Prior year favorable catastrophe development | - | - | - | - | (7.0) | |||||
Total losses and LAE | 1,017.4 | 1,139.9 | 1,061.5 | 915.8 | 935.2 | |||||
Amortization of deferred acquisition costs and other underwriting expenses | 428.9 | 438.1 | 438.9 | 447.0 | 452.7 | |||||
GAAP underwriting profit (loss) | (66.3) | (166.3) | (69.3) | 77.5 | 60.7 | |||||
Net investment income | 78.7 | 87.6 | 84.2 | 81.6 | 89.7 | |||||
Other income | 8.0 | 7.8 | 7.4 | 7.6 | 7.3 | |||||
Other operating expenses | (7.2) | (8.5) | (8.6) | (8.6) | (8.0) | |||||
Operating income (loss) before income taxes | $ | $ | $ | $ | $ | |||||
13.2 | (79.4) | 13.7 | 158.1 | 149.7 | ||||||
Loss and LAE ratio: | ||||||||||
Current year, excluding catastrophe losses | 61.2 % | 62.3 % | 60.6 % | 60.2 % | 59.3 % | |||||
Prior year favorable development, excluding catastrophe losses | (0.2)% | (0.1)% | (0.1)% | (0.6)% | (0.7)% | |||||
Current year catastrophe losses | 12.7 % | 18.5 % | 13.7 % | 4.0 % | 6.5 % | |||||
Prior year favorable catastrophe development | - | - | - | - | (0.5)% | |||||
Total loss and LAE ratio | 73.7 % | 80.7 % | 74.2 % | 63.6 % | 64.6 % | |||||
Expense ratio | 30.7 % | 30.6 % | 30.2 % | 30.6 % | 30.9 % | |||||
Combined ratio | 104.4 % | 111.3 % | 104.4 % | 94.2 % | 95.5 % | |||||
Combined ratio, excluding catastrophe losses | 91.7 % | 92.8 % | 90.7 % | 90.2 % | 89.5 % | |||||
Current accident year combined ratio, excluding catastrophe losses | 91.9 % | 92.9 % | 90.8 % | 90.8 % | 90.2 % | |||||
6
THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS
CORE COMMERCIAL
Q1 | Q2 | Q3 | Q4 | Q1 | ||||||
(In millions, except percentage data) | 2023 | 2023 | 2023 | 2023 | 2024 | |||||
Gross premiums written | $ | 634.1 | $ | 553.8 | $ | 667.4 | $ | 539.1 | $ | 660.0 |
Net premiums written | $ | 565.3 | $ | 486.8 | $ | 589.4 | $ | 465.5 | $ | 582.4 |
Net premiums earned | $ | 507.4 | $ | 515.6 | $ | 517.4 | $ | 519.9 | $ | 528.9 |
Losses and LAE: | ||||||||||
Current year, excluding catastrophe losses | 296.9 | 289.9 | 291.1 | 301.0 | 309.4 | |||||
Prior year unfavorable (favorable) development, excluding catastrophe losses | 3.5 | 0.7 | 2.7 | (2.2) | (9.2) | |||||
Current year catastrophe losses | 64.6 | 38.3 | 44.6 | 30.5 | 24.5 | |||||
Prior year favorable catastrophe development | (0.7) | (5.0) | - | (1.0) | (3.8) | |||||
Total losses and LAE | 364.3 | 323.9 | 338.4 | 328.3 | 320.9 | |||||
Amortization of deferred acquisition costs and other underwriting expenses | 167.9 | 171.2 | 173.7 | 176.0 | 177.1 | |||||
GAAP underwriting profit (loss) | (24.8) | 20.5 | 5.3 | 15.6 | 30.9 | |||||
Net investment income | 36.1 | 39.7 | 38.4 | 37.6 | 40.8 | |||||
Other income | 1.2 | 1.1 | 1.3 | 1.1 | 1.3 | |||||
Other operating expenses | (1.3) | (1.2) | (1.9) | (1.5) | (1.5) | |||||
Operating income before income taxes | $ | $ | $ | $ | $ | |||||
11.2 | 60.1 | 43.1 | 52.8 | 71.5 | ||||||
Loss and LAE ratio: | ||||||||||
Current year, excluding catastrophe losses | 58.5 % | 56.2 % | 56.3 % | 57.8 % | 58.5 % | |||||
Prior year unfavorable (favorable) development, excluding catastrophe losses | 0.7 % | 0.1 % | 0.5 % | (0.4)% | (1.7)% | |||||
Current year catastrophe losses | 12.7 % | 7.5 % | 8.6 % | 5.9 % | 4.6 % | |||||
Prior year favorable catastrophe development | (0.1)% | (1.0)% | - | (0.2)% | (0.7)% | |||||
Total loss and LAE ratio | 71.8 % | 62.8 % | 65.4 % | 63.1 % | 60.7 % | |||||
Expense ratio | 32.9 % | 33.0 % | 33.3 % | 33.6 % | 33.2 % | |||||
Combined ratio | ||||||||||
104.7 % | 95.8 % | 98.7 % | 96.7 % | 93.9 % | ||||||
Combined ratio, excluding catastrophe losses | 92.1 % | 89.3 % | 90.1 % | 91.0 % | 90.0 % | |||||
Current accident year combined ratio, excluding catastrophe losses | 91.4 % | 89.2 % | 89.6 % | 91.4 % | 91.7 % | |||||
7
THE HANOVER INSURANCE GROUP
PREMIUMS WRITTEN AND RELATED METRICS
CORE COMMERCIAL
Q1 | Q2 | Q3 | Q4 | Q1 | ||||||
(In millions, except percentage data) | 2023 | 2023 | 2023 | 2023 | 2024 | |||||
Written Premium | ||||||||||
Gross | $ | 634.1 | $ | 553.8 | $ | 667.4 | $ | 539.1 | $ | 660.0 |
Ceded | (68.8) | (67.0) | (78.0) | (73.6) | (77.6) | |||||
Net | $ | 565.3 | $ | 486.8 | $ | 589.4 | $ | 465.5 | $ | 582.4 |
Growth | 7.3% | 7.2% | 4.2% | 2.7% | 3.0% | |||||
Net premiums written by sub-segment | ||||||||||
Small Commercial | $ | 311.9 | $ | 291.8 | $ | 292.0 | $ | 275.7 | $ | 336.0 |
Middle Market | 253.4 | 195.0 | 297.4 | 189.8 | 246.4 | |||||
Total | $ | 565.3 | $ | 486.8 | $ | 589.4 | $ | 465.5 | $ | 582.4 |
Net premiums written by line of business | ||||||||||
Commercial Multiple Peril | $ | 277.8 | $ | 241.5 | $ | 312.2 | $ | 241.1 | $ | 287.0 |
Commercial Automobile | 100.3 | 90.4 | 98.1 | 84.4 | 105.7 | |||||
Workers' Compensation | 123.2 | 96.3 | 101.5 | 85.8 | 124.5 | |||||
Other Core Commercial | 64.0 | 58.6 | 77.6 | 54.2 | 65.2 | |||||
Total | $ | 565.3 | $ | 486.8 | $ | 589.4 | $ | 465.5 | $ | 582.4 |
Related Metrics | ||||||||||
Premium Retention | 84.0% | 83.5% | 83.8% | 83.6% | 82.3% | |||||
Renewal Price Change | 11.5% | 11.3% | 11.8% | 12.4% | 11.5% | |||||
8
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Disclaimer
The Hanover Insurance Group Inc. published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2024 21:30:03 UTC.