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August 1, 2014

Revenue and income up at The Hanover

Driven by what is said were “strong price increases” for its personal and commercial lines, The Hanover Insurance Group Inc. Thursday reported a bump in both revenue and net income for the second quarter.

Revenues for the Worcester-based property and casualty insurer were $1.27 billion compared to $1.24 billion for the same period a year ago.

Hanover reported net income of $82.6 million, or $1.84 per diluted share, for the second quarter of 2014, compared to net income of $53.4 million, or $1.19 per diluted share, at the same time last year.

Commercial lines operating income before taxes stood at $44.2 million in the quarter, versus $26.2 million during the same period of the previous year. Meanwhile, personal lines operating income before taxes stood at $22.7 million for the second quarter period, against $19.9 million a year ago, the company said.

On the cost side of the ledger, The Hanover paid out $39.7 million in catastrophic losses, down almost $6 million from the same quarter in 2013.

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