earnings
confidence high
sentiment positive
materiality 0.80
Selective Insurance Q2: EPS $2.11, operating EPS $1.95, combined ratio 98.0%, NPW -5%
SELECTIVE INSURANCE GROUP INC
- Net income per diluted share $2.11, non-GAAP operating income $1.95; ROE 14.8%, operating ROE 13.7%.
- GAAP combined ratio 98.0% (improved 2.2 pts YoY); no prior year casualty reserve development.
- Net premiums written down 5% YoY; Commercial Lines renewal pure price +6.5% (down from 8.9%).
- After-tax net investment income $119M, up 18% YoY; full-year guidance raised to $480M (from $465M).
- Repurchased $32M of shares in Q2; declared $0.43 quarterly dividend payable Sept 1.