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July 28, 2021

Hanover Insurance profits rose $13M in the second quarter

Photo | Grant Welker Hanover Insurance Group's Worcester headquarters

The Hanover Insurance Group, Inc. of Worcester reported a profit of $128.5 million for the company’s second quarter in an earnings report released on Tuesday.

This new net income shows a $13.3-million increase when compared to the prior-year second quarter, in which the company earned $115.2 million in profits.

"We are very pleased with our second quarter performance, achieving exceptional growth and delivering an operating return on equity of 14.7%, reflecting the success of our distinctive agency and customer-centric strategy," said John Roche, president and CEO at The Hanover, in a press release.

Hanover Insurance's total revenue is $1.3 billion for the second quarter.

The report revealed Hanover's commercial lines performed well, with growth of 11% in core commercial and 12% in specialty. Net premiums written increased by 8.6%, reflecting segment growth, although this figure excludes premium returns from 2020. 

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