Hanover Q1 operating income $117.7M ($3.26/diluted), up 91.6% YoY; combined ratio 93.4%

HANOVER INSURANCE GROUP, INC.

2022-Q1 EPS reported $2.90 revenue$1,330,700,000

Net income $104.8M ($2.90/diluted) vs $92.7M ($2.51) YoY; operating income $117.7M ($3.26) vs $61.4M ($1.66).
Combined ratio 93.4% (ex-cat 89.8%); net premiums written up 9.7% to $1.31B with growth across all segments.
Core Commercial combined ratio improved to 93.0% from 111.7% YoY; Specialty to 87.7% from 98.8%; Personal Lines worsened to 97.1% from 87.0%.
Book value per share $79.58, down 10.2% due to higher interest rates; BV excluding unrealized fixed-income losses up 2.0%.
Share repurchases of ~119K shares for $16.3M in Q1; $341M remaining buyback capacity.

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