Worcester-based The Hanover Insurance Group Inc. has reported $57.3 million in net income for the fourth quarter of 2009 compared to $34.1 million in the fourth quarter of 2008.

Net income for the fourth quarter of 2009 included net realized investment gains of $11.1 million compared to net realized investment losses of $37.1 million in the same quarter in 2008.

In 2009, the insurance company reported net income of $197.2 million compared to net income of $20.6 million in 2008. Net income in 2008 was impacted by net realized investment losses included in continuing operations of $97.8 million and a loss of $84.8 million principally relating to the sale the company’s remaining life insurance business, according to a statement.

"2009 was a challenging year with difficult market and economic conditions and elevated non-catastrophe weather, all putting substantial pressure on industry results, including ours," said Frederick H. Eppinger, chief executive officer at The Hanover. "While challenged, we continued to generate an underwriting profit, and have taken the pricing and underwriting actions to improve our position as we enter 2010. We also took a number of thoughtful capital management actions during the course of the year and in the fourth quarter that improved shareholder value and helped contribute to book value growth of 34 percent, putting us at $49.72 per share, a historical high for the company."

He added: "In 2009 and the first part of 2010, we have completed several transactions, brought on significant new talent, expanded geographically and continued to make investments in our business. All of these actions have significantly improved our product mix, strengthened our platform for the future and allowed us to grow net written premiums at a solid 4 percent, while the industry contracted."