Selective Q4 net income $1.52/sh; combined ratio 98.5% on $100M casualty reserve strengthening; 2025 guidance 96-97% CR

SELECTIVE INSURANCE GROUP INC

2024-FY EPS reported $3.23 revenue$4,861,664,000

Q4 net income $93.2M ($1.52 diluted EPS); non-GAAP operating income $99.6M ($1.62/sh).
Q4 combined ratio 98.5% (up 4.8 pts YoY) due to $100M unfavorable prior year casualty reserve development (8.8 pts).
Standard Commercial Lines combined ratio 100.2%; Personal Lines improved to 91.7%; E&S combined ratio 93.1% with $20M adverse development.
Net premiums written up 10% in Q4; renewal pure price +10.7%. After-tax net investment income $97M (+24% YoY).
2025 guidance: GAAP combined ratio 96%-97% (ex-cats), after-tax NII ~$405M, diluted shares 61.5M. Dividend $0.38/sh payable Mar 3.

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