The Hanover reports Q1 operating EPS $3.87, consensus $3.51

Reports Q1 revenue $1.6B, consensus $1.55B. Reports combined ratio of 94.1% and combined ratio, excluding catastrophes, of 87.8%. Reports book value per share of $84.56, up 6.8% from December 31, 2024, “driven by strong earnings and a decrease in the unrealized loss position on the fixed maturity portfolio in the quarter.” The company said, “We delivered excellent results in the first quarter, with a 17.2% operating return on equity despite significant U.S. industry catastrophe activity. Our performance in the quarter is a testament to the effectiveness of the catastrophe mitigation actions and the margin enhancement initiatives we have implemented over the past two years. As a result, we have continued to increase underwriting margins on an ex-CAT basis, as demonstrated by the 1.7-point improvement in our ex-CAT combined ratio, compared to the same period last year.”