Harleysville Group, a provider of property and casualty insurance products in the US, has reported total revenues of $243.5m for the second quarter of 2010 compared to $244.4m for the same quarter in 2009.
Premiums earned for the second quarter of 2010 were $213.4m compared to $214.7m for the same period last year.
For the quarter ended June 30, 2010, the company reported net income of $17.1m, or $0.61 per diluted share, compared to $20.1m, or $0.72 per diluted share, for the same period last year.
Michael Browne, president and CEO of Harleysville Group, said: “Our balance sheet remains very strong, with our book value per share increasing 15% from a year ago. We also authorized a stock buyback to repurchase up to an additional 800,000 shares, or approximately $25m, representing about 3% of our outstanding shares.
“This new stock repurchase program is our sixth since June 2007. We just completed our most recent stock buyback program and when this new one has concluded, we will have bought back approximately 22% of our outstanding shares since the middle of 2007.”