HANOVER INSURANCE GROUP INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Other Items
Net income (loss) also included the following items:
| Three Months Ended March 31, | |||||
|---|---|---|---|---|---|
| (in millions) | Core Commercial | Specialty | PersonalLines | Other | Total |
| Net realized and unrealized investment gains | $2.6 | $1.3 | $1.6 | $— | $5.5 |
| Other non-operating | — | — | — | (1.4) | (1.4) |
| Net realized and unrealized investment losses | $(10.4) | $(4.9) | $(6.5) | $(1.2) | $(23.0) |
| Other non-operating | — | — | 0.2 | 0.6 | 0.8 |
We manage investment assets for our Core Commercial, Specialty, Personal Lines and Other segments based on the requirements of our combined property and casualty insurance companies. We allocate the investment income, expenses, and net realized and unrealized investment 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 gains were $5.5 million for the three months ended March 31, 2024, compared to net realized and unrealized investment losses of $23.0 million for the three months ended March 31, 2023. For the three months ended March 31, 2024, net realized and unrealized investment gains were primarily due to $6.5 million of changes in the fair value of equity securities, partially offset by net realized losses from sales of investments. For the three months ended March 31, 2023, net realized and unrealized investment losses were primarily due to impairment losses on investments, including $10.3 million of losses related to intent to sell securities and $4.5 million of credit-related impairments. Additionally, for the three months ended March 31, 2023, we recognized net realized and unrealized investment losses of $7.1 million due to changes in the fair value of equity securities.
Income
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