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Alleghany net earnings slightly up YOY in Q2

Alleghany Corp. reported second-quarter net earnings attributable to shareholders of $295.5 million, or $20.46 per share, compared with $295.1 million, or $19.44 per share, in the year-ago quarter.

The company posted comprehensive income attributable to shareholders of $461.6 million, versus comprehensive income attributable to shareholders of $246.4 million in the prior-year period. Operating income amounted to $179.1 million, or $12.40 per share, up from $148.4 million, or $9.78 per share, in the second quarter of 2018.

Book value per common share rose 5.6% in the second quarter to $601.90 as of June 30. President and CEO Weston Hicks said the growth in book value per share was driven by the excellent investment performance of the equity and bond portfolios, record earnings at Alleghany Capital Corp. and solid underwriting results at RSUI Group Inc. and TransRe.

Second-quarter net investment income increased to $142.7 million from $126.3 million a year earlier. Total revenues grew to $2.26 billion in the second quarter from $1.90 billion in the previous-year quarter.