Selective Q3 EPS $1.47, combined ratio 99.5% with elevated cats; raises FY combined ratio guidance to 102.5%

SELECTIVE INSURANCE GROUP INC

2024-Q3 EPS reported $1.71 revenue$3,605,270,000

Net income $90M ($1.47 diluted EPS); non-GAAP operating income $85.7M ($1.40 per share).
Combined ratio 99.5% (2.7 pts worse YoY); catastrophe losses 13.4 pts (vs 6.6 pts) including $85M from Hurricane Helene.
Net premiums written up 9% to $1,157.6M; renewal pure price in Standard Commercial Lines accelerated to 9.1%.
After-tax net investment income $93M (+16%); book value per share $48.82 (+9% QoQ).
FY2024 GAAP combined ratio guidance raised to 102.5% (from 101.5%); quarterly dividend +9% to $0.38/share.

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