February 4, 2019

Hanover Insurance doubled profits last year

Photo/Grant Welker
Worcester's Hanover Insurance Group saw its profits double last year, and has shared much of the profits with its shareholders.

Hanover Insurance Group saw its profits double last year to $391 million, with the Worcester company already sharing much of those profits with its shareholders.

Hanover raised its dividend for a 14th consecutive year in December, increasing its quarterly dividend by 11 percent. It also had a special dividend for shareholders of $4.75 per common share for a total of $200 million.

Operating income was $6.79 per diluted share for the year.

Hanover's larger net income for calendar 2018 came as revenue rose by $226 million, or 5 percent, to $4.5 billion. Profit rose from $186 million to $391 million.

Last year was the company's first full year under John Roche, who took over as president CEO in November 2017 following the short 16-month tenure of Joseph Zubretsky.

Roche said the company's annual earnings report last week Hanover is now focused more squarely on its domestic business after selling its London specialty insurance business Chaucer for up to $940 million. That deal closed in December.

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