Business
Selective Reports Solid Third Quarter 2021 Results, Including Net Income of $1.18 per Diluted Common Share, Annualized Return on Common Equity ("ROE") of 10.6%, Non-GAAP Operating Income(1) of $1.18 per Diluted Common Share, and a Non-GAAP Operating R...
Selective Reports Solid Third Quarter 2021 Results, Including Net Income of $1.18 per Diluted Common Share, Annualized Return on Common Equity ("ROE") of
About this update from Selective Insurance Group, Inc.
[{"type":"text","content":"Selective Reports Solid Third Quarter 2021 Results, Including Net Income of $1.18 per Diluted Common Share, Annualized Return on Common Equity (\"ROE\") of 10.6%, Non-GAAP Operating Income(1) of $1.18 per Diluted Common Share, and a Non-GAAP Operating ROE(1) of 10.6%; Quarterly Dividend Increased 12%, to $0.28 per share \n In the third quarter of 2021, we reported:\n - Net premiums written (\"NPW\") increased 13% compared to the third quarter of 2020;\n - GAAP combined ratio of 98.6%;\n - After-tax net investment income of $75 million, up 35% compared to the third quarter of 2020; and\n - Book value per common share of $45.27, up 1% in the third quarter.\n\n\nBRANCHVILLE, N.J., Oct. 27, 2021 /PRNewswire/ -- Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the third quarter ended September 30, 2021, with net income per diluted common share of $1.18. Non-GAAP operating income1 per diluted common share was also $1.18. The third quarter combined ratio was a profitable 98.6%, despite $76 million of net catastrophe losses, or 10.0 points on the combined ratio. Hurricane Ida accounted for $43 million of net catastrophe losses, with a number of other events accounting for the remainder. Overall NPW increased 13% from a year ago, driven primarily by continued renewal pure price increases, solid retention rates, and strong new business growth. The Investments segment contributed 11.0 points of annualized ROE, principally due to exceptionally strong alternative investment returns.\n\n \n \n \n \n \n \n\n \n\"We generated profitable underwriting results and delivered a solid ROE in the third quarter despite elevated catastrophe losses for the industry and Selective. Our 14.5% non-GAAP operating ROE for the first nine months builds on our seven-year track record of double-digit operating ROEs. I am proud of our strong and consistent operating performance and the strength of our balance sheet and capital position. We are well-positioned, with high-quality distribution partner relationships and superior underwriting capabilities, as we look ahead to 2022,\" said John Marchioni, President and CEO.\nOperating Highlights\nConsolidated Financial Results\nQuarter ended September 30,\nChange\nYear-to-Date September 30, \nChange\n$ and shares in millions, except per share data\n2021\n2020\n2021\n2020\nNet premiums written...