WORCESTER, Mass., July 31 /PRNewswire-FirstCall/ --
Second Quarter 2008 Financial Highlights
-- Segment income after tax of $55.5 million, or $1.07 per share, compared
to $56.7 million, or $1.09 per share in the prior-year quarter.(1)
-- Net loss of $0.20 per share includes an estimated loss of $1.27 per
share related to the sale of our life business First Allmerica Financial Life
Insurance Company (FAFLIC), compared to net income of $1.14 per share in the
prior-year quarter.
-- GAAP combined ratio of 95.5% in the second quarter of 2008, compared to
94.4% in the prior-year quarter, including pre-tax catastrophes losses of 6.2
points and 2.5 points, respectively.
-- Net premiums written of $640.6 million, compared to $619.9 million in
the prior-year quarter, an increase of 3.3%.
-- Book value per share of $43.57 at June 30, 2008, compared to $40.55 per
share at June 30, 2007 and $44.37 per share at December 31, 2007. June 30,
2008 book value per share includes the aforementioned projected loss on the
sale of FAFLIC of $1.27 per share.
-- Book value per share excluding accumulated other comprehensive income
of $45.55 at June 30, 2008 compared to $42.51 per share at June 30, 2007 and
$44.77 per share at December 31, 2007.
Financial Highlights
in millions, except per share amounts Quarter ended
June 30
2008 2007
Total Segment Income after taxes $55.5 $56.7
Net realized investment (losses)
gains (7.6) 0.2
Income tax expense on non-segment
income -- (0.1)
Income from Continuing Operations 47.9 56.8
Discontinued Operations (including
assets held-for-sale) (58.1) 3.0
Net (Loss) Income $(10.2) $59.8
Net (Loss) Income per share
(Diluted) $(0.20) $1.14
(1) Segment income after tax and segment income after-tax per share are
non-GAAP measures. The reconciliation of this measure to the closest
GAAP measure, net income, is provided on page 12 of this press
release.
The Hanover Insurance Group, Inc. (NYSE: THG) today reported a net loss
for the second quarter of 2008 of $10.2 million, or $0.20 per share, compared
to an income of $59.8 million, or $1.14 per share, in the second quarter of
the prior year. Net income for the second quarter of 2008 included a net loss
of $58.1 million or $1.12 per share from the results of discontinued
operations, compared to $3.0 million or $0.05 per share in income in the
prior-year quarter. The current quarter's net loss from discontinued
operations included an estimated after-tax loss of $66.1 million or $1.27 per
share, related to the pending sale of our FAFLIC business, partially offset by
a gain of $11.1 million or $0.21 per share, resulting from the sale of our
premium financing business AMGRO that closed in June 2008. Additionally, net
income in the current quarter also included an after-tax net realized loss on
investments of $7.6 million, or $0.15 per share.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051031/NEM023LOGO )
Total Property and Casualty pre-tax segment income was $94.2 million in
the second quarter of 2008, compared to $96.4 million in the second quarter of
the prior year. Second quarter of 2008 included significantly higher
catastrophe losses of $38.1 million pre-tax, compared to $14.5 million pre-tax
in the prior-year quarter. Excluding the pre-tax net impact of catastrophes,
Property and Casualty pre-tax segment income would have been $132.3 million in
the second quarter of 2008, up $21.4 million, compared to $110.9 million in
the second quarter of 2007.
"Solid underwriting performance in our Property and Casualty business
enabled us to withstand the losses resulting from high catastrophe activity
observed industry wide in the second quarter," said Frederick H. Eppinger,
chief executive officer of The Hanover Insurance Group, Inc. "Our accident
year performance was solid and improved relative to the prior year, and the
favorable development of prior-year reserves also remained strong indicative
of our disciplined underwriting practices." Eppinger continued, "Considering
current market conditions, our second quarter growth in written premium at
3.3% should exceed industry averages and is in line with our expectations. Our
ability to maintain margins and grow in this environment reflects well on the
effectiveness of our strategy and our high quality underwriting team."
The following table details pre-tax segment income (loss).
Quarter ended
June 30
in millions
2008 2007(1)
Personal Lines(2) $38.6 $55.0
Commercial Lines(3) 52.7 38.9
Other Property and Casualty 2.9 2.5
Total Property & Casualty 94.2 96.4
Interest expense on corporate debt (9.9) (9.9)
Total pre-tax segment income 84.3 86.5
Federal income tax expense (28.8) (29.8)
Total segment income
after taxes(4) $55.5 $56.7
per share(4) $1.07 $1.09
(1) Restated to reflect certain additional expenses that were previously
reported in the now discontinued FAFLIC business.
(2) Includes Personal Lines pre-tax net impact of catastrophes of $24.6
million and $9.2 million for the second quarters of 2008 and 2007,
respectively.
(3) Includes Commercial Lines pre-tax net impact of catastrophes of $13.5
million and $5.3 million for the second quarters of 2008 and 2007,
respectively.
(4) See reconciliation from segment income to net income at the end of
this document.
The following table summarizes the components of the GAAP combined ratio
for the Property and Casualty segment:
Quarter ended
June 30
2008 2007(1)
Personal Lines losses (excluding catastrophes) 51.5% 51.7%
Personal Lines catastrophe-related losses 6.7% 2.5%
Total Personal Lines losses 58.2% 54.2%
Commercial Lines losses (excluding catastrophes) 37.5% 44.2%
Commercial Lines catastrophe-related losses 5.4% 2.3%
Total Commercial Lines losses 42.9% 46.5%
Total P&C Losses 51.7% 51.5%
Loss adjustment expenses 10.5% 10.1%
Policy acquisition and other underwriting
expenses 33.3% 32.8%
Combined Ratio 95.5% 94.4%
(1) Restated to reflect certain additional expenses that were previously
reported in the now discontinued FAFLIC business.
Personal Lines
Personal Lines pre-tax segment income was $38.6 million in the second
quarter of 2008, compared to $55.0 million in the prior-year quarter. The
pre-tax net impact of catastrophes was $24.6 million in the second quarter of
2008, compared to $9.2 million in the second quarter of 2007. Excluding the
pre-tax net impact of catastrophes, Personal Lines pre-tax segment income
would have been $63.2 million in the second quarter of 2008, compared to $64.2
million in the prior-year quarter.
Segment income in the current quarter benefited from solid improvement in
ex-catastrophe current accident year loss performance. This was offset by
lower favorable development of prior-year loss and LAE reserves and higher
loss adjustment expenses, resulting from higher weather related claims in the
quarter.
Current accident year losses improved due to favorable loss severity.
Severity was favorable in the current quarter, reflecting a more normal
incidence of large losses, compared to the second quarter of 2007, which was
impacted by a high incidence of large losses, particularly in our Homeowners
line. Partially offsetting this favorable severity trend was higher loss
frequency in the current quarter driven by non-catastrophe weather related
losses.
Personal Lines highlights:
-- Net premiums written were $373.5 million in the second quarter of 2008,
compared to $370.8 million in the second quarter of 2007, an increase of 0.7%.
-- Net premiums earned were $369.5 million in the second quarter of 2008,
compared to $364.4 million in the second quarter of 2007, an increase of 1.4%.
-- New business net premiums written were $66.5 million in the second
quarter of 2008, compared to $67.8 million in the second quarter of 2007, and
$58.8 million in the first quarter of 2008.
-- The Personal Lines GAAP combined ratio was 98.4% in the second quarter
of 2008, compared to 93.9% in the prior-year quarter. Catastrophe related
losses were $24.6 million, or 6.7 points of the second quarter combined ratio
in 2008, compared to $9.2 million, or 2.5 points in the prior-year quarter.
-- Favorable development of prior-year loss and LAE reserves was $20.5
million in the second quarter of 2008, compared to $22.5 million in the second
quarter of 2007, improving the Personal Lines combined ratio by 5.5 points and
6.2 points, respectively.
Commercial Lines
Commercial Lines pre-tax segment income was $52.7 million in the second
quarter of 2008, compared to $38.9 million in the second quarter of 2007. The
pre-tax net impact of catastrophes was $13.5 million in the second quarter of
2008, compared to $5.3 million in the second quarter of 2007. Excluding the
pre-tax net impact of catastrophes, Commercial Lines pre-tax segment income
would have been $66.2 million in the second quarter of 2008, compared to $44.2
million in the prior-year quarter, an increase of $22.0 million. This increase
was primarily due to an improvement in ex-catastrophe current accident year
loss performance.
The improvement in the ex-catastrophe current accident year loss
performance is attributable to improved loss trends driven by lower severity
and growth in specialty lines. Losses in the second quarter of 2007 were
unusually high due to the incidence of several large losses in our CMP lines.
The current quarter's results reflect a more normal incidence of large losses.
Additionally, growth in our specialty lines, which usually carry a lower loss
ratio, continues to favorably impact our ex-cat accident year loss
performance.
Partially offsetting this improvement in ex-catastrophe accident year
losses were higher expenses, resulting from the continued investments in our
specialty lines, which now include the integration of our recent specialty
acquisitions that carry a higher expense ratio.
Commercial Lines highlights:
-- Net premiums written were $266.9 million in the second quarter of 2008,
compared to $248.8 million in the second quarter of 2007, representing an
increase of 7.3%.
-- Net premiums earned were $249.5 million in the second quarter of 2008,
compared to $226.0 million in the second quarter of 2007, an increase of
10.4%.
-- New business net premiums written were $80.8 million in the second
quarter of 2008, compared to $84.0 million in the second quarter of 2007, and
$78.7 million in the first quarter of 2008.
-- The Commercial Lines GAAP combined ratio was 91.7% in the second
quarter of 2008, compared to 94.8% in the prior-year quarter. Catastrophe
related losses were $13.5 million, or 5.4 points of the second quarter
combined ratio in 2008, compared to $5.3 million, or 2.3 points in the
prior-year quarter.
-- Favorable development of prior-year loss and LAE reserves was $16.3
million in the second quarter of 2008, compared to favorable development of
$13.3 million in the second quarter of 2007, improving the Commercial Lines
combined ratio by 6.5 points and 5.9 points, respectively.
Other Property & Casualty
Other Property & Casualty's pre-tax segment income was $2.9 million in the
second quarter of 2008, compared to $2.5 million in the prior-year quarter.
Life Segment
As announced this morning, the company has reached a definitive agreement
to sell its remaining run-off life insurance business, First Allmerica
Financial Life Insurance Company (FAFLIC), to Commonwealth Annuity and Life
Insurance Company, a Goldman Sachs Company, in a transaction expected to close
in the fourth quarter of 2008. Pending the closing of the sale, FAFLIC will
now be reported as discontinued operations. The businesses being sold include
a closed block of traditional life insurance policies, group retirement
business and guaranteed investment contract (GIC) businesses. The remaining
accident and health business is in run off and will be reinsured by The
Hanover, and continues to be reported as discontinued operations.
Projected proceeds from the FAFLIC transaction
Projected total proceeds in connection with the FAFLIC transaction are
currently expected to be approximately $220 million, including a pre-sale
dividend from FAFLIC to THG of approximately $160 million.
The actual purchase price will be determined at closing, and be adjusted
based on surplus level of FAFLIC as well as for the fair value of certain
investment securities and other items.
Discontinued Operations
Net income in the second quarter of 2008 included an estimated loss on the
pending sale of FAFLIC of $66.1 million.
Second quarter of 2008 also included an after-tax gain of $11.1 million
resulting from the sale of AMGRO, the company's premium financing business.
Investment Results
Net investment income from our continuing operations increased by $3.9
million, to $63.8 million for the second quarter of 2008, compared to $59.9
million in the second quarter of 2007. This increase was primarily due to the
result of an intercompany transfer of assets. Effective January 1, 2008,
certain employee benefit related assets and liabilities were transferred from
our now discontinued FAFLIC subsidiary to Hanover Insurance. These asset
transfers resulted in a $2.5 million increase to investment income in the
second quarter. Also contributing to higher investment income in the current
quarter were higher partnership income and income from the assets of our
recently acquired subsidiaries, partially offset by non-recurring 2007
prepayment fees.
Pre-tax net realized investment losses were $7.6 million in the second
quarter of 2008, compared to a gain of $0.2 million in the same period of
2007. In the second quarter of 2008, the Company recognized impairments of
$8.3 million on certain fixed maturity and equity securities, partially offset
by pre-tax net investment gains of $0.7 million, primarily from sales of fixed
maturities and equity securities. The increase in impairments in the current
quarter was attributable to credit market conditions not directly associated
with financial institution losses. In the second quarter of 2007, pre-tax net
realized gains on sales of invested assets were $0.5 million, partially offset
by $0.3 million from impairments.
Investment Portfolio
The Company held $6.1 billion in cash and investment assets at June 30,
2008, which includes $1.3 billion of FAFLIC assets that are classified as held
for sale. Fixed maturities represented 91% of our investment portfolio with a
carrying value of $5.6 billion. 94% of our fixed maturity portfolio is rated
investment grade.
We continue to have no exposure to investment in sub-prime mortgages or
sub-prime mortgage-backed securities and little or no exposure to the
secondary credit risk presented by financial guarantors. Residential mortgage
backed securities constitute $1.1 billion of our invested assets with less
than 15% held in non-agency securities. Commercial mortgage backed securities
constitute $468.0 million of our invested assets. Approximately 92% of our
CMBS holdings were from pre-2005 vintages, with 5% from 2007 vintage, 3% from
2006 vintage and no 2005 vintage. The entire CMBS portfolio had a weighted
average loan-to-value rate of 67.1%. As of June 30, 2008, we hold $807.7
million of municipal bonds in our portfolio, with an overall rating of AA-.
Financial guarantor insurance enhanced municipal bonds represent $355.5
million, or 44% of this portfolio. The overall credit rating of our insured
municipal bond portfolio, giving no effect to the insurance enhancement, was
A-.
Additionally, we hold $1.2 billion in agency debt and agency sponsored
mortgage backed securities, of which $1.1 billion represent ownership in
Fannie Mae and Freddie Mac issued or sponsored securities. Our position
consists of $951.0 million of mortgage backed securities and $173.5 million of
non-subordinated senior debt. We have no investments in their preferred stock
or equity.
Earnings Conference Call
The Hanover will host a conference call to discuss the company's second
quarter results on Friday, August 1st, at 10:00 a.m. Eastern Time. A
PowerPoint slide presentation will accompany our prepared remarks and has been
posted on our web site. Interested investors and others can listen to the
call and access the presentation through The Hanover's web site, located at
www.hanover.com. Web-cast participants should go to the web site 15 minutes
early to register, download, and install any necessary audio software. A
re-broadcast of the conference call will be available on this web sit
approximately two hours after the call.
Statistical Supplement
The Hanover's second quarter earnings news release and statistical
supplement are available in the Investors section at www.hanover.com.
Forward-Looking Statements and Non-GAAP Financial Measures
Certain statements in this release or in the above referenced conference
call may be forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Use of the words "believes," "anticipates,"
"expects," "projections," "outlook," "should," "plan," "guidance" and similar
expressions is intended to identify forward-looking statements. The Company
cautions investors that any such forward-looking statements are not guarantees
of future performance, and actual results could differ materially. Investors
are directed to consider the risks and uncertainties in its business that may
affect future performance and that are discussed in readily available
documents, including the Company's annual report and other documents filed by
The Hanover with the Securities and Exchange Commission and which are also
available at www.hanover.com under "Investors". These uncertainties include
the possibility of adverse catastrophe experiences (including terrorism) and
severe weather, the uncertainties in estimating property and casualty losses
(particularly with respect to products with longer tails and with respect to
losses incurred as the result of Hurricanes Katrina and Rita), the possibility
of adverse judicial decisions, including those which expand policy coverage
beyond its intended scope (such as decisions in Louisiana involving the
so-called "Valued Policy Law," which is pending before the Louisiana Supreme
Court), the ability to increase or maintain certain property and casualty
insurance rates, the impact of new product introductions (such as the
multivariate personal auto product and the homeowners tiered product) and
expansion in geographic areas, the impact of the company's acquisitions of
Professionals Direct, Inc. and of Verlan Holdings, Inc., adverse loss
development and adverse trends in mortality and morbidity and medical costs,
changes in frequency and loss trends, the ability to improve renewal rates and
increase new property and casualty policy counts, investment impairments,
heightened competition (including increasing rate pressure, particularly in
Commercial Lines), the recent change in the Massachusetts private passenger
automobile regulatory environment from the "fix-and-establish" system to
"managed competition," adverse state and federal legislation or regulation or
regulatory actions, financial ratings actions, uncertainties in estimating FIN
45 liabilities recorded in conjunction with indemnity obligations undertaken
in connection with the sale of various businesses and increased uncertainties
in general economic conditions and in investment and financial markets, which,
among other things, could result in increased impairments of fixed income
investments, and various other factors.
Finally, the projected proceeds from the sale of our life insurance
business, FAFLIC, and the estimated loss on sale of this business, which is
included in discontinued operations, are forward looking statements. There are
certain factors that could cause actual results to differ materially from
those anticipated in this press release, slide presentation and statements
made. These include: (1) the successful consummation of the transactions with
Commonwealth in a timely manner; (2) the various conditions to the
consummation of such transactions being satisfied or waived without the
imposition of material burdens or expenses; (3) the required regulatory
approvals of the transactions being obtained in a timely manner without the
imposition of any material restrictions or burdens, including the proposed
dividend, the sale to Commonwealth Annuity and Life Insurance Company, the
coinsurance and related agreements for the accident and health business,
certain intercompany transactions, including the proposed sale by the holding
company to its subsidiary for cash and securities of assets the holding
company receives from the proposed dividend; (4) the statutory results of
operations of FAFLIC until close, which will impact the statutory surplus of
FAFLIC and consequently the ultimate dividend and purchase price; (5) the
uncertainties as to the gross or net proceeds to be received by THG, including
the uncertainty as to the effects of the various purchase price adjustments
and expenses incurred by THG and the impact of various tax elections; (6) the
ability to realize post-closing earnings for the property-casualty segment
that are taxable and make FAFLIC's tax attributes valuable; and (7) the impact
of contingent liabilities, including litigation and regulatory matters,
assumed by the holding company in connection with the transaction.
The Hanover uses non-GAAP financial measures as important measures of the
Company's operating performance, including total segment income, segment
income after tax, segment income after-tax per share, property and casualty
segment income, and measures of segment income and loss ratios excluding
catastrophe losses, catastrophe losses relating to Hurricane Katrina or
reserve development.
Segment income is net income, excluding federal income taxes and net
realized investment gains and losses, including gains or losses on certain
derivative instruments, because fluctuations in these gains and losses are
determined by interest rates, financial markets and the timing of sales.
Segment income also excludes net gains and losses on disposals of businesses,
discontinued operations, restructuring costs, extraordinary items, the
cumulative effect of accounting changes and certain other items. Property and
Casualty segment income is the sum of the segment income of the three
operating segments of The Hanover's property and casualty operations:
Personal Lines, Commercial Lines and Other Property and Casualty. The Hanover
believes that measures of total segment income and Property and Casualty
segment income provide investors with a valuable measure of the performance of
the Company's ongoing businesses because they highlight net income
attributable to the core operations of the business.
The Hanover also provides measures of segment income and loss ratios that
exclude the effects of catastrophe losses. A catastrophe is a severe loss,
resulting from natural or manmade events, including risks such as fire,
hurricane, earthquake, windstorm, explosion, terrorism or other similar
events. Each catastrophe has unique characteristics. Catastrophes are not
predictable as to timing or loss amount in advance. The Hanover believes that
a discussion of the effect of catastrophes is meaningful for investors to
understand the variability of periodic earnings and loss ratios.
Net income is the most directly comparable GAAP measure for total segment
income, Property and Casualty segment income and measures of segment income
that exclude the effects of catastrophe losses or reserve development.
Segment income, Property and Casualty segment income and measures of segment
income that exclude the effects of catastrophe losses or reserve development
(including development related to Hurricane Katrina) should not be construed
as a substitute for net income determined in accordance with GAAP. A
reconciliation of net income to segment income and Property and Casualty
segment income for the quarters ended June 30, 2008 and 2007 is set forth in
the table at the end of this document and in the statistical supplement. Loss
ratios calculated in accordance with GAAP are the most directly comparable
GAAP measure for loss ratios calculated excluding the effects of catastrophe
losses. The presentation of loss ratios calculated excluding the effects of
catastrophe losses should not be construed as a substitute for loss ratios,
determined in accordance with GAAP.
The Hanover Insurance Group, Inc., based in Worcester, Mass., is the
holding company for a group of insurers that includes The Hanover Insurance
Company, also based in Worcester, Citizens Insurance Company of America,
headquartered in Howell, Michigan, and their affiliates. The Hanover offers a
wide range of property and casualty products and services to individuals,
families and businesses through an extensive network of independent agents,
and has been meeting its obligations to its agent partners and their customers
for more than 150 years. Taken as a group, The Hanover ranks among the top 40
property and casualty insurers in the United States.
Definition of Reported Segments
Our continuing operations include three Property and Casualty operating
segments: Personal Lines, Commercial Lines, and Other Property and Casualty.
The Personal Lines segment markets automobile, homeowners and ancillary
coverages to individuals and families. The Commercial Lines segment offers a
suite of products targeted at the small to mid-size business markets, which
include commercial multiple peril, commercial automobile, workers'
compensation and other commercial coverages, such as fidelity and surety
bonds, and inland marine. The Other Property and Casualty segment includes
Opus Investment Management, Inc., which provides investment management
services to institutions, pension funds and other organizations, as well as a
block of run-off voluntary pools business, in which we have not actively
participated since 1995.
THE HANOVER INSURANCE GROUP, INC.
in millions, except per share amounts Quarter Ended
June 30
2008 2007
Net (loss) income $(10.2) $59.8
Net (loss) income per share (diluted) $(0.20) $1.14
Weighted average shares 51.8 52.3
The following is a reconciliation from segment income to net (loss)
income (1):
$ in millions except per share
Quarter ended June 30 Six months ended June 30
2008 2007 2008 2007
$ Per $ Per $ Per $ Per
Share(2) Share(2) Share(2) Share(2)
Property and
Casualty
Personal Lines $38.6 $ -- $55.0 $ -- $65.7 $-- $101.6 --
Commercial Lines 52.7 -- 38.9 -- 120.7 -- 87.5 --
Other Property &
Casualty 2.9 -- 2.5 -- 4.5 -- 6.9 --
Total Property and
Casualty 94.2 -- 96.4 -- 190.9 -- 196.0 --
Interest expense
on corporate debt (9.9) -- (9.9) -- (19.9) -- (19.9) --
Total segment
income 84.3 1.63 86.5 1.66 171.0 3.28 176.1 3.38
Federal income tax
expense on
segment income (28.8) (0.56) (29.8) (0.57) (57.9) (1.11) (59.9)(1.15)
Total segment
income after
federal income
taxes 55.5 1.07 56.7 1.09 113.1 2.17 116.2 2.23
Net realized
investment
(losses) gains (7.6) 0.15) 0.2 -- (7.9) (0.15) 0.5 0.01
Federal income tax
expense on
non-segment income -- -- (0.1) -- -- -- (0.2) --
Income from
continuing
operations, net
of taxes 47.9 0.92 56.8 1.09 105.2 2.02 116.5 2.24
(Loss) income from
operations of
discontinued
FAFLIC businesses
(includes loss on
assets held-
for-sale in 2008),
net of taxes (67.7) (1.30) 2.7 0.05 (71.2) (1.37) 6.8 0.13
Income from
operations of
AMGRO (includes
gain on disposal,
in 2008), net of
taxes 10.4 0.20 -- -- 10.1 0.20 -- --
(Loss) gain on
disposal of
variable
business,
net of taxes (0.8) (0.02) 0.3 -- 5.4 0.10 0.1 --
Other -- -- -- -- (1.2) (0.02) -- --
Net (loss)
income(3) $(10.2) $(0.20) $59.8 $1.14 $48.3 $0.93 $123.4 $2.37
(1) In accordance with Statement of Financial Accounting Standards No.
131, "Disclosure about Segments of an Enterprise and Related
Information," the separate financial information of each segment is
presented consistent with the way results are regularly evaluated by
the chief operating decision maker in deciding how to allocate
resources and in assessing performance. Management evaluates the
results of the aforementioned segments on a pre-tax basis. Segment
income is determined by adjusting net income for net realized
investment gains and losses including certain gains or losses on
derivative instruments, because fluctuations in these gains and losses
are determined by interest rates, financial markets and the timing of
sales. Also, segment income excludes net gains and losses on
disposals of businesses, discontinued operations, restructuring costs,
extraordinary items, the cumulative effect of accounting changes and
certain other items.
(2) Per Share data is per diluted share of common stock.
(3) Basic net income per share was $(0.20) and $1.16 for quarters ended
June 30, 2008 and 2007, respectively, and $0.94 and $2.40 for the six
months ended June 30, 2008 and 2007, respectively.
All figures reported are unaudited
Contact Information
Investors: Media:
Sujata Mutalik Michael F. Buckley
E-mail: smutalik@hanover.com E-mail: mibuckley@hanover.com
1-508-855-3457 1-508-855-3099
SOURCE The Hanover Insurance Group, Inc.
Contact: Investors: Sujata Mutalik, +1-508-855-3457, smutalik@hanover.com; or Media: Michael F. Buckley, +1-1-508-855-3099, mibuckley@hanover.com, both of The Hanover Insurance Group, Inc.