Business
Selective Reports Third Quarter 2023 Results
Net Income of $1.42 per Diluted Common Share and Non-GAAP Operating Income1 of $1.51 per Diluted Common ShareReturn on Common Equity ("ROE") of 14.1% and
About this update from Selective Insurance Group, Inc.
[{"type":"text","content":"Net Income of $1.42 per Diluted Common Share and Non-GAAP Operating Income1 of $1.51 per Diluted Common ShareReturn on Common Equity (\"ROE\") of 14.1% and Non-GAAP Operating ROE1 of 15.0%Quarterly Dividend Increased 17%, to $0.35 per Common Share\nIn the third quarter of 2023:\nNet premiums written (\"NPW\") increased 17% compared to the third quarter of 2022;GAAP combined ratio was 96.8%, in line with the third quarter of 2022;Commercial Lines renewal pure price increases averaged 7.1%, compared to 5.8% in the third quarter of 2022;After-tax net investment income was $80 million, up 56% compared to the third quarter of 2022;Book value per common share was $40.35, down 1% in the third quarter; andAdjusted book value per common share¹ was $48.54, up 3% in the third quarter.BRANCHVILLE, N.J., Nov. 1, 2023 /PRNewswire/ -- Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the third quarter ended September 30, 2023, with net income per diluted common share of $1.42 and non-GAAP operating income1 per diluted common share of $1.51. The third quarter combined ratio was 96.8%, including 6.6 points of catastrophe losses.\n\n \n \n \n \n \n \n\n \nIn the quarter, NPW grew 17% compared to a year ago from renewal pure price increases, exposure growth, stable retention, and strong new business. After-tax net investment income in the quarter generated 13.1 points of annualized ROE, benefiting from higher interest rates, active portfolio management, and operating and investing cash flow deployment. Within our Insurance Operations, Standard Commercial Lines grew 15% and Excess and Surplus Lines increased 25% with profitable combined ratios. In Standard Personal Lines, initiatives to improve profitability continue to be executed as we transition to the mass affluent market.\n\"With a non-GAAP operating ROE of 15.0% in the quarter and 13.2% year to date, we are well positioned to achieve our 10th consecutive year of double-digit operating ROEs. Our disciplined underwriting strategy and commitment to uniquely servicing our customers continue to drive our performance in a challenging external environment with uncertain loss trends and elevated inflation,\" said John J. Marchioni, Chairman, President and Chief Executive Officer.\n\"We have a strong and flexible capital position and are actively focused on long-term, profi...