Business
Selective Reports First Quarter 2023 Results, Including Net Income of $1.48 per Diluted Common Share and Non-GAAP Operating Income(1) of $1.44 per Diluted Common Share
First Quarter 2023 Return on Common Equity ("ROE") of 15.1% and Non-GAAP Operating ROE1 of 14.6% In the first quarter of 2023, we reported: Net premiums
About this update from Selective Insurance Group, Inc.
[{"type":"text","content":"First Quarter 2023 Return on Common Equity (\"ROE\") of 15.1% and Non-GAAP Operating ROE1 of 14.6%\nIn the first quarter of 2023, we reported:\nNet premiums written (\"NPW\") increased 12% compared to the first quarter of 2022;GAAP combined ratio of 95.7%, compared to 93.1% in the first quarter of 2022;Commercial Lines renewal pure price increases averaged 7.0%, compared to 4.8% in the first quarter of 2022;After-tax net investment income of $73 million, up 25% compared to the first quarter of 2022;Book value per common share of $40.82, up 5.8% in the first quarter; andAdjusted book value per common share¹ of $46.61, up 2.5% in the first quarter.BRANCHVILLE, N.J., May 3, 2023 /PRNewswire/ -- Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the first quarter ended March 31, 2023, with net income per diluted common share of $1.48 and non-GAAP operating income1 per diluted common share of $1.44. The first quarter combined ratio was a profitable 95.7%, inclusive of 6.1 points of catastrophe losses. \n\n \n \n \n \n \n \n\n \nNPW increased 12% from a year ago and growth was strong across all our underwriting segments, driven by renewal pure price increases, solid retention, new business, and strong exposure growth. For the quarter, the Investments segment contributed 12.2 points of annualized ROE.\n\"We are pleased with our strong start to 2023, delivering excellent growth and solid underwriting margins despite elevated catastrophe losses. Our underwriting discipline and long-term approach to managing price increases relative to projected loss trends are the primary drivers of our consistent success. We are well positioned to navigate the challenging economic and insurance loss cost environments, with a strong balance sheet, sophisticated underwriting capabilities, and excellent distribution partner relationships,\" said John J. Marchioni, Chairman, President and Chief Executive Officer.\nOperating Highlights\nConsolidated Financial Results\nQuarter ended March 31,\nChange\n$ and shares in millions, except per share data\n2023\n2022\nNet premiums written\n$ 999.8\n889.8\n12\n%\nNet premiums earned\n902.3\n812.3\n11\nNet investment income earned\n91.5\n72.6\n26\nNet realized and unrealized gains (losses), pre-tax\n3.3\n(40.4)\n(108)\nTotal revenues\n999.8\n846.1\n18\nNet underwriting income, after-tax\n31....