The Hanover Insurance Group, Inc. reported record fourth-quarter 2024 net income of $167.9 million, or $4.59 per diluted share, a significant increase from $107.9 million, or $2.98 per diluted share, in the prior-year quarter. Operating income for the quarter reached $194.6 million, or $5.32 per diluted share, compared to $113.1 million, or $3.13 per diluted share, in Q4 2023. The company achieved a sub-90s combined ratio of 89.2% for the quarter.
For the full year 2024, net income was $426.0 million, or $11.70 per diluted share, a substantial rise from $35.3 million, or $0.98 per diluted share, in 2023. Full-year operating income reached $485.9 million, or $13.34 per diluted share, compared to $56.2 million, or $1.56 per diluted share, in 2023. The company exceeded $6 billion in annual net written premiums, growing 4.7% from 2023.
The full-year combined ratio improved to 94.8% from 103.5% in 2023, with the ex-catastrophe combined ratio improving by 2.9 points to 88.4%. Net investment income increased by 23% for the fourth quarter and 12% for the full year. The company also resumed stock buybacks in the fourth quarter and delivered favorable prior-year development across all segments in 2024.
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