The Hanover reports Q3 operating EPS 19c, consensus $1.57

Reports Q3 revenue $1.52B, consensus $1.57B. “While severe weather adversely impacted Q3 results for us and the industry, we are pleased with our underlying performance, which demonstrates the inherent strengths of our business and the effectiveness of our margin recapture plan,” said CEO John Roche. “Our positive momentum is reflective of our enhanced underlying margins in Core Commercial, the continuing strength of our Specialty franchise and improvements in personal auto. These achievements give us even greater confidence in our ability to dramatically enhance performance in Personal Lines and the company overall. The personal lines market remains exceptionally firm, positioning us to achieve additional price increases, reshape our book of business and reach our target profitability objectives”…”Our 90.7% Q3 combined ratio, excluding catastrophes, represented an improvement of 3.5 points, compared to Q3 2022, and an improvement of two points sequentially,” said CFO Jeffrey Farber. “…We expect the higher interest rate environment to help drive additional growth in net investment income in the future, adding significant earnings power to our business. Looking ahead, we are well-positioned in the market, with a proven business strategy, broad and innovative capabilities, tremendous distribution partners, strong balance sheet, and exceptional talent, which will enable us to execute on our long-term targets while delivering increased value for our shareholders.”