Harleysville Group's Q2 net income down

Tue. August 05, 2008; Posted: 09:04 AM

Aug 05, 2008 (Datamonitor via COMTEX) -- HGIC | Quote | Chart | News | PowerRating -- Harleysville Group, an insurance holding company, has reported a net income of $9.4 million, or $0.31 per diluted share, for the second quarter ended June 30, 2008, compared to $26.43 million, or $0.81 per diluted share, for the same period of 2007.

Second quarter pretax investment income increased 2% to $28.6 million, while after-tax investment income grew 5% in the second quarter to $20.9 million. Total revenues were $261.52 million, compared to $242.34 million for the second quarter of 2007.

For the first six months ended June 30, 2008, pretax investment income was up 4% to $57.8 million, while after-tax investment income rose 6% to $42 million. Total revenues were $523.37 million, compared to $479.24 million for the first half of 2007.

The company reported a net income of $33.5 million or $1.11 per diluted share for the six months ended June 30, 2008, compared to $49.34 million or $1.54 per diluted share for the same period of 2007.

Michael Browne, president and CEO of Harleysville Group, said: "For Harleysville, as was the case for much of the industry, the second quarter was dominated by multiple catastrophic events. We were impacted by 14 catastrophes, the highest number of severe weather events to affect our operating territories during one quarter in Harleysville Group's history as a public company, which dates back to 1986."

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For full details on Harleysville Group Inc (HGIC) click here. Harleysville Group Inc (HGIC) has Short Term PowerRatings of 5. Details on Harleysville Group Inc (HGIC) Short Term PowerRatings is available at This Link.

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