Harleysville Group Comments on Q4, Full-Year 2002 Earnings

January 30, 2003

Pennsylvania’s Harleysville Group Inc. announced that it expects full-year 2002 diluted operating earnings of between $1.90 and $1.94 per share, compared to $1.54 per share in 2001, and fourth-quarter 2002 diluted operating earnings of between $0.51 and $0.55 per share, compared to $.40 per share in the same period last year.

Operating earnings do not include any impact on net income from net realized after-tax investment gains or losses. The company plans to officially release fourth quarter and full-year 2002 earnings results on Tuesday, February 18, 2003, prior to the start of regular trading on the NASDAQ Stock Market.

“Our 2002 operating earnings will significantly surpass our 2001 results, which is consistent with our expectations for the year,” commented Walter R. Bateman, Harleysville Group’s chairman and CEO. “Our strong operating results clearly illustrate our success at executing a triangular business discipline that keys on underwriting, pricing adequacy and agency management.”

The company will host a live Webcast beginning at 9:00 a.m. (ET) on the 18th to discuss the results. The Webcast will be available from the Financial section of the company’s Web site: www.harleysvillegroup.com, and for 30 days after that in the company’s archives.

Was this article valuable?

Here are more articles you may enjoy.