The Hanover Insurance Group has reported net income of $29.3m, or $0.64 per share for the first quarter of 2011, compared to $41.8m, or $0.87 per share, in the first quarter of 2010.
Net premiums written for the first quarter of 2011 were $749.9m, compared to $725.2m in the first quarter of 2010.
Commercial lines pre-tax segment income was $18.4m in the first quarter of 2011, compared to $22.8m in corresponding quarter of 2010.
In the first quarter of 2011, personal lines pre-tax segment income was $30.1m, compared to $34.5m in the prior-year quarter.
The Hanover CEO Frederick Eppinger said overall, he is pleased with the company’s underlying performance in the quarter, especially in light of the difficult weather and economic environment.
"Winter weather resulted in elevated catastrophe and non-catastrophe losses, but our core performance improved over prior quarters, as we continued to benefit from our focus on key profitability levers. Our overall expense ratio declined by one point this quarter, compared to the prior-year quarter," Eppinger said.