Worcester, Mass.-based Hanover Insurance Group Inc. reported first-quarter net income dropped 8 percent, but the firm's chief executive said he remains optimistic about growth for the rest of the year.

The company reported net income dropped $5 million to $59 million, which translated into a 10 cent reduction in earnings per share to $1.12 compared to the same period last year. The results beat analyst's estimates by 9 cents.

Earnings were affected by a reported loss on investments of $5 million and a drop in property-casualty pretax income of $3 million to $98 million.

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