Harleysville Reports 1Q Net Income vs Last Year's Loss

Harleysville Group Inc. Friday reported diluted net income of $0.55 per share in the first quarter of 2004. The company had a diluted net loss of $0.11 per share in the first quarter of 2003. Realized investment gains amounted to $0.27 per share in the first quarter of 2004, compared to a $0.01 per share realized loss in the first quarter of 2003. There was no material reserve development in the first quarter of 2004. In 2003, the company's first quarter earnings were reduced by $0.43 per share after tax due to a workers compensation reserve adjustment. The company reported diluted opera...