Selective Insurance Q2 prelim EPS $0.92; full-year cat loss guidance raised to 6.0 pts

SELECTIVE INSURANCE GROUP INC

2023-Q2 EPS reported $2.41 revenue$2,040,344,000

Diluted EPS $0.92; non-GAAP operating EPS $0.99; combined ratio 100.2% (cat losses 10.6 pts, favorable reserve development 0.4 pts).
Pre-tax net catastrophe losses ~$100M: $63M Standard Commercial, $21M Standard Personal, $16M E&S; 19 named storms.
After-tax net investment income $78M including $9M from alternatives; ROE 9.1%, operating ROE 9.8%.
Full-year 2023 guidance: combined ratio 96.5% (cat losses 6.0 pts, up from 4.5), after-tax NII $300M, effective tax ~21%, diluted shares 61M.
First-half expected operating ROE 12.2% in line with 12% target; strong net premiums written growth cited.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SELECTIVE INSURANCE GROUP INC reported second quarter 2023 results: EPS $0.92. Guidance reaffirmed.

Period: second quarter 2023
EPS: $0.92
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

Selective Insurance Group, Inc. Announces Preliminary Second Quarter 2023 Results, Including Catastrophe Loss Estimates Branchville, NJ – July 24, 2023 – Selective Insurance Group, Inc. (Nasdaq: SIGI) announced preliminary second quarter 2023 results and pre-tax net catastrophe loss estimates today. Selective (the "Company") expects to report second quarter diluted earnings per share of $0.92 and non-GAAP operating earnings per share of $0.99 1 , with the difference principally reflecting after-tax net realized and unrealized investment losses. The Company expects its second quarter combined ratio to be 100.2%, including catastrophe losses of 10.6 points and net prior year favorable casualty reserve development of 0.4 points. Net investment income, after-tax, is expected to be $78 million, including $9 million of after-tax alternative investment income. We expect to report a 9.1% return on common equity (“ROE”) and 9.8% non-GAAP operating ROE 1 in the quarter. The Company expects pre-t

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Source: SEC EDGAR

accession 0000230557-23-000017

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