Harleysville Group Inc. reported diluted operating income of $0.70 per share for the first quarter of 2007, a 13 percent increase compared to $0.62 per share in the first quarter of 2006.
First quarter net written premiums were $207.0 million in 2007, compared to $208.9 million in the same period in 2006.
Harleysville Group’s overall statutory combined ratio was 97.9 percent in the first quarter of 2007, compared to 99.2 percent in the first quarter of 2006.
Net written premiums in commercial lines were $174.8 million in the first quarter of 2007, down 1 percent from the same period in 2006. The commercial lines statutory combined ratio was 97.9 percent in the first quarter of 2007, versus 101.2 percent in the first quarter of 2006.
Net written premiums were unchanged at $32.2 million in the first quarter of 2007. Harleysville Group’s personal lines statutory combined ratio was 98.5 percent in the first quarter of 2007, versus 89.6 percent during the first quarter of 2006.
“We’re pleased to report that we’ve begun 2007 with another solid quarter as we continue to see ongoing, steady improvement in our operating performance,” commented Michael L. Browne, Harleysville Group’s president and chief executive officer.
The company reported diluted net income of $0.71 per share in the first quarter of 2007, compared to $0.70 per share in the first quarter of 2006. There was $0.01 per share of realized investment gains in the first quarter of 2007, compared to $0.05 per share in the first quarter of 2006.
First quarter pretax investment income increased 14 percent to $27.4 million, while after-tax investment income grew 8 percent in the first quarter to $19.6 million. Operating cash flow for the first quarter was $59.4 million, compared to $53.1 million in the first quarter of 2006.
“As we progress through 2007 and beyond, we will not compromise underwriting quality to chase a near-term growth target,” Browne said. “Instead, we will remain focused on the basics of our business as we seek to consistently produce the kind of quality results we are reporting today—improving earnings, profitable underwriting and an operating return on equity of greater than 12 percent—while always maintaining a healthy balance sheet.”
Harleysville Insurance
www.harleysvillegroup.com
Was this article valuable?
Here are more articles you may enjoy.
Insurance Broker TWFG Aims to Raise Up to $176M in IPO 
Florida Governor Names Insurance Defense Lawyer to Appeals Court 
Progressive to Pay $48M to New York Drivers Over Underpaid Total Loss Claims 
AT&T Says Data From Around 109M Customer Accounts Illegally Downloaded 
