Harleysville Profit Lower Than Expected
NU Online News Service, July 28, 1:08 p.m. EDT?Harleysville Group Inc., a regional insurance holding company based in Harleysville, Pa., posted lower second quarter profit figures and revised its guidance downward for the rest of 2003, citing the effects of "unusually large loss activity."
The company's second-quarter net profit was $10.1 million, which is actually higher than the $296,000 the insurer reported one year ago. But last year's figure took into account a realized investment loss of $ 13.6 million, and without the investment loss, the company would have posted $13.9 million in net profit.
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