Worcester-based The Hanover Insurance Group has reported $52.3 million in net income for the third quarter, compared to $49.7 million in the third quarter 2009.

The third quarter of 2010 included $5.7 million of net realized investment gains, according to a statement.

Total property and casualty segment income before interest expense and taxes was $79.2 million in the third quarter of 2010, compared to $73.6 million in the third quarter of last year.

"Our strong results this quarter demonstrate the effectiveness of our strategy," said Frederick H. Eppinger, chief executive officer at The Hanover. "Today, our differentiated approach to the market enables us to gain important traction despite continuing industry and economic pressures. Our distinctive partner strategy and our investments in industry-focused niches and specialty lines, geared toward Main Street business, have allowed us to gain shelf space with winning agents without engaging in aggressive pricing behavior."

He added: "Book value per share grew 15 percent since the end of last year’s third quarter and 11 percent from year end 2009. With visibility to our strong competitive position and the continued strength of our balance sheet, our board expanded the existing stock repurchase authorization by an additional $100 million, once again demonstrating its confidence in our ability to create long-term value for our shareholders."