Hanover Insurance Q3 premiums written rise 3%

Overview

• US property and casualty insurer's Q3 net premiums written rose 3.1% yr/yr

• Q3 operating income was $183.1 mln

• Company repurchased $86 mln in stock during Q3

Outlook

• Company says it remains confident in its outlook and long-term profitability goals

Result Drivers

• INVESTMENT INCOME - Net investment income rose 12.7% due to higher earned yields, strong cash flows and increased partnership income

• PRICING AND CLAIMS - Personal Lines benefited from pricing increases outpacing loss trends and lower property claims frequency

• LOWER PROPERTY LOSSES - Specialty segment saw lower-than-expected property losses, improving loss ratios

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the property & casualty insurance peer group is "hold"

• Wall Street's median 12-month price target for The Hanover Insurance Group, Inc. is $232.50, about 1.4% below its October 27 closing price of $235.84

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago

Reuters Recommended Reads

• Oct 26 - Hartford Insurance Q3 core EPS beats estimates; dividend raised

• Oct 27 - Arch Capital Q3 net income falls, catastrophe losses rise

• Oct 27 - Slide Insurance Q3 revenue, net income rise; lifts FY outlook

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)