The Hanover Insurance Group, Inc. reported net income of $102.1 million, or $2.80 per diluted share, for the third quarter of 2024. This marks a significant increase compared to net income of $8.6 million, or $0.24 per diluted share, in the prior-year quarter. Operating income also saw substantial growth, reaching $111.3 million, or $3.05 per diluted share, up from $6.8 million, or $0.19 per diluted share, in the third quarter of 2023.
The company's Personal Lines segment demonstrated a notable turnaround, moving from an operating loss of $100.4 million in Q3 2023 to an operating income of $21.7 million in Q3 2024. This improvement was driven by earned pricing outpacing loss trends and moderated frequency trends, resulting in a Personal Lines combined ratio of 100.6%, a significant improvement from 120.8% in the prior-year quarter. Overall, the combined ratio improved to 95.5% from 104.4% in the prior-year quarter, with the ex-catastrophe combined ratio at 88.3%.
Net premiums written for the quarter increased by 4.2% to $1,663.4 million. Net investment income rose by 9.0% to $91.8 million, primarily due to higher earned yields on the fixed maturity investment portfolio. Book value per share increased by 12.6% from the second quarter of 2024, reaching $79.90, reflecting strong earnings and an improved unrealized position in the fixed maturity portfolio.
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