Harleysville Profit Lower Than Expected

NU Online News Service, July 28, 1:08 p.m.EDT?Harleysville Group Inc., a regional insurance holdingcompany based in Harleysville, Pa., posted lower second quarterprofit figures and revised its guidance downward for the rest of2003, citing the effects of "unusually large loss activity."

The company's second-quarter net profit was $10.1 million, whichis actually higher than the $296,000 the insurer reported one yearago. But last year's figure took into account a realized investmentloss of $ 13.6 million, and without the investment loss, thecompany would have posted $13.9 million in net profit.

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