WORCESTER, Mass. (AP) — Hanover Insurance Group Inc. said Monday its first-quarter profit fell 30 percent on smaller investment gains.
The company reported net income of $29.3 million, or 64 cents a share, for the three months ended March 31. That compares with net income of $41.8 million, or 87 cents a share, in the same period last year.
The results included a $3.3 million, or 7 cents per share, of net realized investment gains. The prior-year quarter included a gain of nearly $11 million.
Excluding the impact of the investment gain, Hanover's earnings amounted to 57 cents a share.
Analysts polled by FactSet had expected earnings of 50 cents a share.
Net premiums written rose 3.4 percent to $749.9 million, up from $725.2 million. Analysts had forecast net premiums of $740.2 million.
In its commercial lines, the company, based in Worcester, Mass., reported pretax income of $18.4 million, compared with $22.8 million in the same quarter last year.
In its personal lines, Hanover reported pretax income of $30.1 million, compared with $34.5 million.
Hanover shares added 4 cents to $42.29 in aftermarket trading Monday. The shares rose 3 cents to $42.25 during the regular session.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.