Business
Selective Reports Second Quarter 2023 Results
Net Income of $0.92 per Diluted Common Share and Non-GAAP Operating Income1 of $0.99 per Diluted Common Share Return on Common Equity ("ROE") of 9.1% and
About this update from Selective Insurance Group, Inc.
[{"type":"text","content":"Net Income of $0.92 per Diluted Common Share and Non-GAAP Operating Income1 of $0.99 per Diluted Common Share \nReturn on Common Equity (\"ROE\") of 9.1% and Non-GAAP Operating ROE1 of 9.8%\nIn the second quarter of 2023:\nNet premiums written (\"NPW\") increased 17% compared to the second quarter of 2022;GAAP combined ratio was 100.2%, inclusive of $100 million, or 10.6 points, of pre-tax net catastrophe losses, compared to 95.5% in the second quarter of 2022;Commercial Lines renewal pure price increases averaged 6.7%, compared to 5.3% in the second quarter of 2022;After-tax net investment income of $78 million, up 37% compared to the second quarter of 2022;Book value per common share was $40.81, unchanged in the second quarter; andAdjusted book value per common share¹ was $47.34, up 2% in the second quarter.BRANCHVILLE, N.J., Aug. 2, 2023 /PRNewswire/ -- Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the second quarter ended June 30, 2023, with net income per diluted common share of $0.92 and non-GAAP operating income1 per diluted common share of $0.99. The second quarter combined ratio was 100.2%, including 10.6 points of catastrophe losses. Elevated catastrophe losses impacted each of our underwriting segments, driven mainly by storms affecting our Midwest and East Coast footprint states.\n\n \n \n \n \n \n \n\n \nIn the quarter, NPW grew 17% from a year ago with renewal pure price increases, exposure growth, stable retention, and strong new business. The investments segment generated 12.6 points of annualized ROE in the quarter, benefiting from higher interest rates and our active portfolio management.\n\"We delivered exceptional growth in the quarter, and I am pleased with our team's commitment to serving customers through many challenging weather events. Despite these elevated catastrophe losses, we benefited from our consistent, disciplined underwriting and excellent distribution partner relationships. We continue to execute our long-term strategy for profitable growth,\" said John J. Marchioni, Chairman, President and Chief Executive Officer.\n\"Our unique operating model, with regionally-based underwriting, claims, and safety management professionals, is a competitive differentiator for Selective, enabling us to navigate successfully through various market environments,\" added Mr. Marchi...