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Selective Insurance Group Inc (SIGI) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Selective Insurance Group Inc

CIK: 230557 Ticker: SIGI
Exhibit 99.1

selectivelogo093018.jpg


Selective Reports Strong Results for the Third Quarter of 2018 - Net Income per Diluted Share of $0.93;
Non-GAAP Operating Income1 per Diluted Share of $0.99;
Dividend Increase of 11% to $0.20 per share


In the third quarter of 2018:

Net premiums written grew 8%
GAAP combined ratio was 94.6%
After-tax net investment income was up 45%, to $43 million
Annualized return on equity was 12.9% and non-GAAP annualized return on equity was 13.8%


Branchville, NJ - October 25, 2018 - Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported its financial results for the third quarter ended September 30, 2018. Net income per diluted share was $0.93, compared to $0.79 a year ago. Non-GAAP operating income1 per diluted share was $0.99, compared to $0.72 a year ago.

“In the third quarter, we generated a 94.6% GAAP combined ratio, or 90.0% excluding catastrophe losses," said Gregory E. Murphy, Chairman and Chief Executive Officer. "Although Hurricane Florence added 2.4 points to our combined ratio, our financial results this quarter reflect our disciplined underwriting franchise and strong underlying insurance operations performance. Superior service is always a focus at Selective and never more important than in the wake of devastating storms like Hurricane Florence. We are proud of the work performed by our claims team in helping our customers rebuild their homes and businesses in the days and weeks following the storm.  Growth in the quarter remains solid, as net premiums written increased 8%, driven by steady standard lines retention at 84% and commercial lines renewal pure price increases of 3.7%. Our strong relationships with our 'ivy league' distribution partners, investments in our sophisticated technology, underwriting capabilities, and focus on a superior experience for our customers and agents position us well for continued financial outperformance relative to the industry."

Mr. Murphy continued, "For the quarter, our annualized non-GAAP operating return on average equity1 was an excellent 13.8%, and 11.3% for the first nine months of 2018, compared to our financial target of 12% for 2018, which for 2018 we established as 300 basis points over our estimated weighted average cost of capital. Our results were particularly strong in the context of an above-average quarter in terms of catastrophe loss activity for the industry. We again generated superior investment performance in the quarter with after-tax net investment income up 45% from a year ago, to $43 million, benefiting from improved alternative investment returns, higher interest rates, active portfolio management and security selection,as well as the lower Federal income tax rate."

As a result of ongoing strong financial performance, the Board of Directors declared an 11% increase in the quarterly cash dividend on common stock, to $0.20 per share, that is payable December 3, 2018, to shareholders of record as of November 15, 2018.







 

1


The following information was filed by Selective Insurance Group Inc (SIGI) on Thursday, October 25, 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.

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Inside Selective Insurance Group Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flow
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accounting Pronouncements
Accounting Pronouncements (Details)
Accounting Pronouncements (Tables)
Basis Of Presentation
Comprehensive Income
Comprehensive Income (Components Of Accumulated Other Comprehensive Income) (Details)
Comprehensive Income (Components Of Comprehensive Income-Gross And Net Of Tax) (Details)
Comprehensive Income (Reclassification Out Of Aoci) (Details)
Comprehensive Income (Tables)
Fair Value Measurements
Fair Value Measurements (Change In Fair Value Of Securities Using Level 3 Inputs) (Details)
Fair Value Measurements (Quantitative Disclosures Of Fair Value Assets) (Details)
Fair Value Measurements (Quantitative Information Of Our Financial Assets And Liabilities That Were Disclosed At Fair Value) (Details)
Fair Value Measurements (Tables)
Federal Income Taxes
Federal Income Taxes (Schedule Of Effective Tax Rate Reconciliation) (Details)
Federal Income Taxes (Tables)
Indebtedness Indebtedness
Indebtedness Indebtedness (Details)
Investments
Investments (Aggregated Income Statement Summarized Financial Information For Partnerhips In Our Alternative Investment Portfolio) (Details)
Investments (Available-For-Sale Securities Disclosure) (Details)
Investments (Components Of Net Realized And Unrealized Gains And Losses (Details)
Investments (Credit Concentration Risk) (Details)
Investments (Fair Value And Gross Pre-Tax Net Unrealized Unrecognized Loss Of Securities By Length Of Time) (Details)
Investments (Fixed Income Securities By Contractual Maturity) (Details)
Investments (Held-To-Maturity Securities Disclosure) (Details)
Investments (Investments Pledged As Collateral) (Details)
Investments (Net Investment Income) (Details)
Investments (Net Realized Gains (Losses) On Disposals) (Details)
Investments (Other Investment Portfolio By Strategy And The Remaining Commitment Amount And Maximum Exposure To Loss Associated With Each Strategy) (Details)
Investments (Otti) (Details)
Investments (Tables)
Litigation
Reinsurance
Reinsurance (Ceded Premiums And Losses Related To Flood Operations) (Details)
Reinsurance (List Of Direct, Assumed, And Ceded Reinsurance Amounts) (Details)
Reinsurance (Tables)
Reserve For Loss And Loss Expense
Reserve For Loss And Loss Expense (Rollforward Of Reserve For Loss And Loss Expense) (Details)
Reserve For Loss And Loss Expense (Tables)
Retirement Plans
Retirement Plans (Components Of Net Periodic Benefit Cost) (Details)
Retirement Plans (Table)
Retirement Plans (Weighted-Average Expense Assumptions) (Details)
Segment Information
Segment Information (Income Before And After Federal Income Tax) (Details)
Segment Information (Reconciliation Of Segment Results To Income Before Federal Income Tax (Details))
Segment Information (Revenue By Segment) (Details)
Segment Information (Tables)
Segment Information Narrative (Details)
Statements Of Cash Flow
Statements Of Cash Flow (Cash Flow Supplemental Disclosures) (Details)
Statements Of Cash Flow (Tables)
Subsequent Events Subsequent Events
Subsequent Events Subsequent Events (Details)
Ticker: SIGI
CIK: 230557
Form Type: 10-Q Quarterly Report
Accession Number: 0000230557-18-000042
Submitted to the SEC: Fri Oct 26 2018 6:29:53 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Fire Marine And Casualty Insurance

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