the our Thank We we weather, you, expectations, disruption, joining for our and further to to economic agents, and will exceptional operating and and ahead. commentary with create our thank to organization our and driving position relied and customers, ultimately economic pre-owned morning, I'll business I financial And as to accomplishments. value significant generating the collaborative, growth, strong X,XXX on Jeff in thriving good a years prevailing year economic company success greater strategic even the the our profitability everyone then our our and XXXX and for market well the our year, the flexing results and defined while will full Good value for quickly to segments the the provide our nimble for we Oksana. and you in and be made for review shareholders, our context conditions, then In in believe for the ways effectively for XXXX culture pandemic, view to the of changing results and some across quarter challenges, high-quality promises and our XXXX our call. insurance on and despite year communities. our continued a and we social unrest, face highlights occasion rapidly In agile customer innovation in shareholders. strengthened on in year, conditions XXXX. our even challenging chain. And of model of environment. our begin the coronavirus as outlook. we'll up unprecedented quarter the happy operating value and adapted company earnings by questions. delivering our reported and unique, the rose open employees We it outstanding and financial
of per of we XX.X% $X.XX, XX% up return For the operating on share with equity a long-term from year, strong operating and in XXXX, our reported earnings line target.
Our performance year want particular, following strategy, a broad-based our the our overall of effectiveness financial on of share ability sustainable profitability. business to the In the and our observations. highlighted I resiliency drive to
invest year, written First, remainder in of of and of company, to delivered limitations strong the going market business XXXX. Despite conditions, second forward. positioning enhance the growth operating the model the premiums the quarter, we spite restrictions, changing continuing well we After delivered low profitable our challenges many mark improved the in managed for growth to $X.X from our related capabilities, the economic year. in billion widespread up to net we delivered a and hitting
as XXXX expect declines to We to up. back continues exposure economy the in bounce in continues distribution will of ramp the XXXX, COVID-XX vaccines and recover
efficacy customers commitment the highlights distribution and portfolio and XXXX services strategy, diversified agents. our our partnerships, and in a strength the of provide agent ability products and to to our our unique resiliency of of Our
Lines the also our have in throughout Lines indicators, to XXXX. The to well and pith in momentum gradual from top increased to encouraged very retention. economy position reestablished ranging improvements are growth strengthen as businesses, Commercial growth a consolidation our continues activity agents, us by We the we growth pickup in accelerate with leading Personal
in XX.X% Second, ratio we results of for strong delivered underwriting excluding the catastrophes. and XX.X% year in combined all
realized went auto. the performance robust underwriting XXXX personal in beyond Our we benefits temporary frequency in
In or for of impact year consistency. build delivered at catastrophe was industry more considerably XXXX major we returns modest. target active an P&C business continuing was overall, to our on earnings the the in above while cats all Though three fact, business our units,
to discipline as underwriting well aggregation. is relative have industry reflection of the years, strong Our property taken prudent our many respect performance we the over to continuing with as several a actions
aggressive us we opportunistic to to approach generated XXXX excellent and ability To again, provides we returns consistently once beyond as going returns. opportunities. more generate quartile end, the enabling outgrow Our in in growth market requires the market a take XXXX, and forward top that to
XXXX we in responsible prudent its the Third, shareholders’ consecutive be which our marked increased XXth capital. the of dividend. ordinary Hanover to year continued and stewards
year addition, our of $XXX financial approximately for year common And begin the X.X confidence in XXXX repurchased the optimistic, our we’d In feeling we company's million have very and deploying and confident. growth million stock, strong during earnings we company's a shares underscoring was prospects. us. XXXX
and a approach, very balance well and a distribution proven strategy, targeted We responsive strong business and and unique innovative are services. products capitalized with sheet,
focused long-term. on delivering intently the the over industry are We and value outperforming
solutions accomplishments to helping P&C be We our A transform and innovative that franchise the franchise independent progress vision the experience toward key year. while agency important value delivers Turning strategic successfully way in the strategic imperatives agents our risk premier insurance. and now for the to and advanced customers our made channel. relevant management our
manage finding year, growth. Our Personal to of during to between maintaining our sustainable earnings effectively right exceptionally its Lines and book on business, the continuing rate book, profitable commitment team balance and retention the delivered strong our renewal
writer, the in warrant. we'll improving With see to price second of quarter new believe XXXX historical for and in have profitable positive said, Personal respect to year, to so not in in be continue pricing the As we distant the Those to conditions aggressive want some getting price being throughout approach home eventually impact benefits future. competition, a January, to an temporary half to in are short-sighted. as we responsive actions and disruption we actions it's stage Pandemic-related and frequency business and should market pricing the to and renewable, our nature started our we the agents. do are so in back we protect auto long-term sector and retention cause auto disciplined take competitors and excessive That took significant the without policies, to a customers increases levels. setting Lines account renewal not our across for in too fourth
near to growth levels, positioned increases returns normal to in customers. not frequency acquired be and auto for we outsize to want drive have recently As
current Additionally, inflation of and remain transitions incidents of the intensity nation out the increased of in higher due we to the environment, pandemic. the re-emergence mindful social as severity
our suggest return in We beginning a expect indicators will to are growth business with tailwind we provide new positive number XXXX. new in which recent record to agreements partners a Our signed of business consolidation to momentum. XXXX,
we with suite of insurance introduction the Business business Solutions, Personal home-based Home manage our expanded of a offerings businesses. XXXX, who Lines product products During for homeowners
our momentum our Prestige added full XX% more the and further new with during caters business with offering, more Hanover Hanover the year year. prior nearly gained accounts we customers higher needs. exceeded addition, growth insurance XXXX business with new year which Prestige new customer to than in than In We complex target, X,XXX
last that on adding couple Lines. write enable the with commitments, footprint to reestablish XX pre-pandemic states Vermont relationships, enormous our in growth expanded Pennsylvania XXXX, years. over consolidation and and and the our footprint in believed Lines started to also business We beginning agency of our us expanded optimism momentum heels Maryland XXXX We Personal Personal of to customer centricity will in
very We pleased our also commercial XXXX. with performance businesses the in are of
growth in segments. while especially environment, most difficult our team an Our Lines focus successfully to economic navigated in Commercial continuing on profitable
and and solid among and to also which we property Hanover double-digit such our life growth enabling industry specialty, diversified in manage most continue while are educational achieving and enabled growing mix Our to sciences, profitable manufacturing, core lines. property, technology, liability deliver businesses. In management as industries, most institutions, life profitability growth services commercial financial in are the to select vibrant us in us specialty
retail and to for our offerings capabilities, institutions, our cyber E&S continue We financial expand strengthening customers. products and
the more liability and will low as catalysts, to of strategy, are were and and coming up Commercial economy interest At ahead capitalize X.X% side continuing as exposures grow. counts throughout endorsements year versus are and further trends, exceed and We solid recover capabilities account rate obtain in seeing market also written hardening up share our net same Hanover with We with base. commercial rate our we our customer total indicates commercial the rate our our partners. support inflation. continues that with quarter, the to in quarter on market many the pricing, across leveraging Lines additional achieve belief of book, rates, fourth both the discipline Commercial factors believe market from continued growth our of X.X% meaningfully of business X.X% core gains and rate, to opportunity a there accelerate specialized loss continuation premiums third social execution. new respectively. and policy our increases, increases policy seeing other and the agent increases segments advanced quarter, to tightening for Across our larger which back, and X.X%, the time, Lines is pressure renewal specialty we sequentially we through year market These ongoing the including
agency and and insights Our positions drive firm broad business improving in partnerships industry offering with specialty commercial economic expertise combined an in climate in us XXXX. and a environment to deep growth rate
We in and all aspects even the One before, so more customer recognized most identifying service XXXX spirit, as change. continue policy forward. settlement. things can underwriting, of and before quickly more to be than exists to giving including claims that efficient our of company flexes its and profound of do was takeaways and in its to to and our customer coming the more interaction, becoming with agility opportunity innovative confidence ways even us for and us agency More easier how acquisition, never ability ever out quoting customer centric, work going
to over the meet significantly we demands quoting having our past well-prepared major enhance As the underwriting to were organization, of an years and invested several platforms. XXXX,
had every upgraded a years, In of open with almost to last our or replaced environment. stack over five our more the solutions been business technology fact, area enable
in underwriting, markets. Lines Our will deployed all the across Commercial Sales Lines of Personal rollout started by the our have our an TAP Sales been agent platform. the country And Personal platform This platform XXXX. small TAP commercial of end interface of deployed now Lines new we new be has
change, in In to high and crucial management fully us digital that accomplishments loss Additionally, digital of one the and prior inquiry and business us and culture, further but to bringing what the online inspection believe of previously allow we've These ability downloadable The Commercial the losses and to efficiencies committed agents, a is overnight, focus the way embrace our level efficiently. continue committed it while also XXX, is Lines. it opportunities solutions, agent we of our ability capabilities, of And platforms as enable partners ahead. now and year of and Personal even customer and customer allowed will increasingly rapid companies. upgrades also innovate and to to-date, In virtual making an for driving to to advantages our sharing assets us technology systems and are billing customers elevated auto side and identify of re-inspections mindset a claims, complete self-service move and multiple on diversity forefront diverse also growth with Hanover a needs our address agents, business, customers e-billing Global new and and to claims preferences competitive roadmap. in We're and the to an made customer virtually digitization the the than trends, true we improve of with expanded we to a estimates proud have strain we of we enhance using have insurance innovate service. ours would today. between half major agile data the do same that person. economic Through defined playing in make to takes with adjusted our we to Innovation SNAP. of to innovative easier have role processes providing systems our customers the efficiency e-delivery agent our effect our key application social and in as to to self-service XXXX, thoughtful operational inclusion they connectivity and and holistically. We're underwriters. agency with more interactive property organization. expectations, in InsureTech by to is environment most The been are us also becoming and Lines, this overall enhance inclusive And use and virtual more
We've risks practices am maintain attract performance, environmental, in on top last and further a including to the governance resource to XXXX our employee-led During to central to the are our extremely and implementing steps advantage us which the of And manage and with Inclusion years. These future. inclusive continued portfolio, incorporating and look our our publication financially. the company's Report, we business sustainability changing Diversity both training the inherent retain have us few and and is by year are addressing which will social our enable and the of outstanding And we behavior. reflects of In bias strength, talent important strength business continue to inaugural unconscious position rapidly encourage goals year into the business and website. our our environmentally important been environmental versatility strides, essential the These as proud the sustain well parallel, company, effectiveness XXXX promote in of great success investment our of available model. our ahead performance responsible our we optimism. that leadership strategy of I competitive over made of advancing development and in our helping begun further operationally world. our prosper initiatives and factors groups, quartile
the our that, partnerships independent industry value strategy, agents deliver our proven drive to have unique Jeff a I deep turn superior With guidance. over business We the to XXXX best and stakeholders. and talent for call with and a financials in review the our will of all for needed Jeff? of now and
