earnings
confidence high
sentiment negative
materiality 0.85
Selective Insurance Q2 net loss $1.08/sh; guidance raised to 101.5% combined ratio
SELECTIVE INSURANCE GROUP INC
2024-Q2 EPS reported
$0.24
revenue$2,360,964,000
- Net loss of $65.6M ($1.08 diluted EPS); non-GAAP operating loss of $1.10 per share.
- GAAP combined ratio 116.1%, up 15.9 pts YoY, driven by $176M unfavorable prior year casualty reserve development (16.3 pts).
- NPW up 13% to $1.226B; renewal pure price +9.1% across all segments.
- 2024 combined ratio guidance raised to 101.5% from 96.5%; catastrophe estimate raised to 5.5 points.
- Quarterly dividend declared $0.35 per common share, payable Sept 3, 2024.