The Hanover Insurance Group has reported a net income of $82.6m or $1.84 per share for the second quarter of 2014, compared to $53.4m or $1.19 per share, during the corresponding period of last fiscal.

For the second quarter ended 30 June 2014, its operating income stood at $58.4m or $1.30 per share, compared to $46.8m or $1.05 per share for the year-ago quarter.

Net premiums written rose by 2.7% to $1.28bn during the second quarter, driven by growth in Chaucer and Commercial Lines.

The Hanover president and CEO Frederick Eppinger said: "We are very pleased with our second quarter results that produced an annualized operating ROE of 9.7%.

"The overall underlying combined ratio improved by 1 point, driven by solid underwriting improvement in domestic businesses, and continued strong results at Chaucer. Book value per share increased to $63.65, up over 7% year-to-date.

"These financial trends further support our confidence in the effectiveness of our strategic initiatives and drive us closer to our ultimate goal of delivering top quartile performance."

Commercial Lines operating income before taxes stood at $44.2m in the quarter, versus $26.2m during the comparable period of the previous year.

Personal Lines operating income before taxes was $22.7m for the second quarter period, against $19.9m during the year ago quarter.

The Hanover’s specialist insurance business, Chaucer’s operating income before taxes was $38.1m in the second quarter, compared to $36.9m during the same period last year.