Posted on 03 May 2011
Worcester, Massachusetts-based Hanover Insurance Group Inc posted a lower first-quarter profit, hurt mainly by a fall in income from its property and casualty insurance business.
The insurance holding company posted a quarterly net income of $29.3 million, or 64 cents a share, compared with $41.8 million, or 87 cents a share, a year ago.
The company's income from its property and casualty business fell to 47.1 million, from $57.7 million, a year ago. Income from its personal lines pretax segment for the quarter fell to $30.1 million from $34.5 million, while commercial lines income fell to $18.4 million from $22.8 million, a year earlier.
Hanover posted pre-tax net investment gains of $4.7 million, compared with gains of $13.6 million last year.