Harleysville Reports Profit

P&C holding company Harleysville Group Inc. released earnings reports last week showing the company earned $17.7 million, or 60 cents a share for the fourth quarter of 2000, up almost 40 percent from the same period a year earlier.

Revenue for the quarter was $206.1 million, down almost 5 percent from a year ago. For the 12 months ended Dec. 31, profits were $48.7 million, or $1.67 per share, up 22 percent from last year.

Revenue fell 3 percent for the year to $802.6 million. Earned written premiums declined for the quarter and the year, and although net written premiums rose for the quarter, they dropped for the 12 months.

The declines were due in part to the company’s efforts to re- underwrite policies to make them more profitable, and raise prices in underperforming classes of commercial lines.

Topics Profit Loss