Harleysville Group Inc. Reports Fourth Quarter and Year-End 2010 Results

Harleysville Group Inc. HGIC today reported diluted operating income of $0.76 per share for the fourth quarter of 2010, compared to $0.84 per share in the fourth quarter of 2009. Catastrophe losses incurred during the fourth quarter of 2010 reduced operating income by $0.07 per share after taxes, compared to no catastrophe losses per share in the fourth quarter of 2009. For the 12-month periods, the company reported diluted operating income of $2.41 per share in 2010 and $3.02 per share in 2009. Catastrophe losses incurred during the 12 months of 2010 reduced operating income by $0.84 per share after taxes, compared to catastrophe losses of $0.14 per share in the 12 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.