Northbridge Financial Corp. said net earnings in the second quarter of 2004 fell 25% to $43.3 million, while revenue jumped 6.5%.

The property and casualty insurer said on a per-share basis profits fell to 85¢ a share for the three months to June 30 from $1.16 a share a year earlier. Revenue was $344.5 million, up from $323.4 million.

For the six months, earnings were down 12.7% to $75.5 million as revenue increased to $656.4 million from $572.8 million.

Northbridge said that its underwriting profit jumped 88% in the second quarter to $28.7 million and nearly doubled in the first half to $48.9 million.

During the second quarter, net premiums written increased 14.7% to $354.1 million, while year-to-date the increase was 12.8% to $617.4 million.

The company declared a dividend of 15¢ per share on its outstanding common shares, payable Sept.30, to shareholders of record on Aug. 31.