Selective Reports Results for the Second Quarter of 2018 - Record Net Income per Diluted Share of $0.99;
Record Non-GAAP Operating Income1 per Diluted Share of $1.01
In the second quarter of 2018:
Net premiums written grew 7%
GAAP Combined ratio was 93.7%
After-tax net investment income was up 24%, to $38 million
Annualized return on equity was 14.0% and non-GAAP return on equity was 14.3%
Branchville, NJ - August 1, 2018 - Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported its financial results for the second quarter ended June 30, 2018. Net income per diluted share was a company record $0.99, compared to $0.70 a year ago. Non-GAAP operating income1 per diluted share was also a company record $1.01, compared to $0.68 a year ago.
“In the second quarter, we generated record non-GAAP operating income per diluted share for the company and an excellent 93.7% GAAP combined ratio, or 90.6% excluding catastrophe losses," said Gregory E. Murphy, Chairman and Chief Executive Officer. "Our non-GAAP operating return on average equity ('ROE')1 was 14.3%, a solid result in the context of an overall competitive marketplace and continued low interest rate environment for investment portfolios. On a year-to-date basis, our non-GAAP operating ROE was 10.2%, compared to our long-term financial target of 12% for 2018."
Mr. Murphy continued, "Growth in the quarter was robust, as net premiums written increased 7%, driven by commercial lines renewal pure price increases of 3.5% and stable retention of 84%. Our ability to drive price increases in excess of expected claims inflation while maintaining solid growth rates and retention is a testament to our strong relationships with our 'ivy league' distribution partners. After-tax net investment income increased 24% in the quarter to $38 million, benefiting from higher interest rates, active portfolio management and security selection, and a lower Federal income tax rate."
The following information was filed by Selective Insurance Group Inc (SIGI) on Wednesday, August 1, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Selective Insurance Group Inc's financial trajectory
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Ticker: SIGI CIK: 230557 Form Type:10-Q Quarterly Report Accession Number: 0000230557-18-000037 Submitted to the SEC: Thu Aug 02 2018 3:41:08 PM EST Accepted by the SEC: Thu Aug 02 2018 Period: Saturday, June 30, 2018 Industry: Fire Marine And Casualty Insurance