Hanover suffers $14M loss in 4Q, halved annual profits
Courtesy The Hanover Insurance Group
Joseph Zubretsky took over as president and CEO of The Hanover Insurance Group in June.
The Hanover Insurance Group in Worcester announced late Thursday it had a $13.5-million loss in the fourth quarter, and for year the company had half the annual profits of 2015.
The company reported a net loss of $13.5 million – or 32 cents per share – for the four quarter, down from a profit of $77.6 million – or $1.76 per share – in the fourth quarter 2015.
For all of 2016, Hanover made $155.1 million in net income – or $3.59 per share – although that was less than half the $331.5 million – or $7.40 per share – the company made in 2015.
Hanover President and CEO Joseph Zubretsky, who took over in 2016, attributed the losses to an unnamed business issue that the company successfully resolved. Zubretsky said he was pleased with the fundamentals and underlying results for the fourth quarter and the full year.
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