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Harleysville Group Q3 profit down

Harleysville Group has reported a net income of $20.82m or $0.76 per diluted income share, compared to $24.72m or $0.88 per diluted income share for same period of the previous year.

The company reported a total revenues of $249.80m for the third quarter of the 2010, compared to $244.29m for the same quarter of the last year.

Harleysville Group president and CEO Michael Browne said, the company is pleased to say that the focus on the basics of business has produced another strong quarterly performance for Harleysville Group.

“Excluding the impact of catastrophe losses, our operating earnings were comparable to a year ago and our statutory combined ratio was slightly better than last year all of which indicate that we continue to perform well in the fundamental areas of our business, which include maintaining our underwriting discipline in a competitive market,” Browne said.