Harleysville Group Inc. HGIC today reported diluted operating income of $0.61 per share for the second quarter of 2010, compared to $0.72 per share in the second quarter of 2009. Catastrophe losses incurred during the second quarter of 2010 reduced operating income by $0.19 per share after taxes, compared to catastrophe losses of $0.08 per share in the second quarter of 2009. For the six-month periods, the company reported diluted operating income of $0.89 per share in 2010 and $1.34 per share in 2009.
Catastrophe losses incurred during the first six months of 2010 reduced operating income by $0.68 per share after taxes, compared to catastrophe losses of $0.12 per share in the first six months of 2009. Operating income is a non-GAAP financial measure defined by the company as net income excluding after-tax realized gains and losses on investments. See below for the company's reported GAAP net income.
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