HANOVER INSURANCE GROUP INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
Contents
Other Items
Net income also included the following items:
| (in millions) | ||||||
|---|---|---|---|---|---|---|
| 2023 | Core Commercial | Specialty | PersonalLines | Other | DiscontinuedOperations | Total |
| Net realized and unrealized investment gains (losses) | $(15.6) | $(7.3) | $(9.7) | $0.1 | $— | $(32.5) |
| Other non-operating items | — | — | 0.2 | 1.9 | — | 2.1 |
| Discontinued Chaucer business, net of taxes | — | — | — | — | 1.2 | 1.2 |
| Discontinued life businesses, net of taxes | — | — | — | — | 0.6 | 0.6 |
| Net realized and unrealized investment gains (losses) | $(50.7) | $(23.1) | $(33.2) | $0.5 | $— | $(106.5) |
| Other non-operating items | — | — | — | (0.5) | — | (0.5) |
| Discontinued life businesses, net of taxes | — | — | — | — | (0.8) | (0.8) |
| Net realized and unrealized investment gains (losses) | $62.5 | $26.9 | $37.8 | $(4.2) | $— | $123.0 |
| Discontinued Chaucer business, net of taxes | — | — | — | — | 1.2 | 1.2 |
| Discontinued life businesses, net of taxes | — | — | — | — | 1.6 | 1.6 |
We manage investment assets for our Core Commercial, Specialty, Personal Lines and Other segments based on the requirements of our combined property and casualty companies. We allocate the investment income, expenses and realized gains and losses to our Core Commercial, Specialty, Personal Lines and Other segments based on actuarial information related to the underlying businesses.
Net realized and unrealized investment losses were $32.5 million in 2023 compared to net realized and unrealized investment losses of $106.5 million in 2022. Net realized and unrealized investment losses in 2023 were primarily due to $18.0 million of impairment losses and, to a lesser extent, net realized investment losses from sales of fixed maturities and net depreciation in the fair value of equity securities. Net realized and unrealized investment losses in 2022 were primarily due to $63.3 million of net depreciation in the fair value of equity securities, $26.7 million of net realized investment losses from sales of fixed maturities and, to a lesser extent, impairment losses primarily on intent to sell fixed maturity securities.
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