Pennyslvania’s Harleysville Sees Second Quarter Profits Climb

July 31, 2009

Pennsylvania-based Harleysville Group Inc. saw second quarter profits climb 115 percent to $20.1 million, up from $9.3 million in the year-ago quarter.

At the same time, revenues at the insurer fell nearly 7 percent to $244.5 million, from $261.5 million in the year-ago quarter.

Net written premiums in commercial lines decreased 9.7 percent to $176.5 million in the second quarter. The commercial lines statutory combined ratio was 100.2 percent in the second quarter of 2009, versus 106.1 percent in the second quarter of 2008.

Net written premiums in personal lines were up 7.8 percent to $45.7 million in the second quarter of 2009. Harleysville’s personal lines statutory combined ratio was 96.8 percent in the second quarter of 2009, versus 115.7 percent during the second quarter of 2008.

Harleysville Group’s overall statutory combined ratio was 99.5 percent in the second quarter of 2009, compared to 107.7 percent in the second quarter of 2008. Catastrophe losses added 1.7 points to the second quarter result in 2009, compared to 10.9 points in 2008.

“Looking ahead, we will remain focused on the basics of our business in order to retain our best accounts and generate responsible, profitable growth,” said Michael L. Browne, Harleysville Group’s president and chief executive officer. “We will work closely with our agency partners to remain disciplined — despite current market conditions — as we seek to consistently produce improving earnings, profitable underwriting and an operating (return on expenses) of 12 percent or better.”

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