earnings
confidence high
sentiment negative
materiality 0.70
Hanover pre-announces Q3 catastrophe losses of $90M pre-tax; operating EPS guided $0.95-$1.00
HANOVER INSURANCE GROUP, INC.
2022-Q3 EPS reported
$3.53
revenue$3,989,900,000
- Pre-tax catastrophe losses ~$90M (6.8 points of NEP), ~$22M above assumption.
- Hurricane Ian contributed ~$28M of catastrophe losses, mainly in Commercial Lines in Florida.
- Expected Q3 current accident year loss and LAE ratio ex-cat 64.1%; combined ratio ex-cat 94.2%.
- Expected Q3 operating income per share in range of $0.95 to $1.00.
- Company accelerating property price increases to offset elevated ex-CAT losses from inflation and supply chain pressures.