Selective Insurance ( (SIGI) ) has released its Q4 earnings. Here is a breakdown of the information Selective Insurance presented to its investors.
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Selective Insurance Group, Inc., a leading property and casualty insurance company, provides standard and specialty insurance products through independent agents across the United States. The company is renowned for its robust distribution partner relationships and a distinct field model.
Selective Insurance reported a net income of $1.52 per diluted common share for the fourth quarter of 2024, with a non-GAAP operating income of $1.62 per share. The company achieved a return on common equity of 12.7% for the quarter. However, for the full year, the return on equity was notably lower at 7.0%, indicating challenges faced throughout 2024.
Key highlights from the report include a 10% increase in net premiums written over the fourth quarter compared to the previous year and a substantial 24% rise in after-tax net investment income. Despite these positive figures, the GAAP combined ratio rose to 98.5% due to significant unfavorable prior year casualty reserve developments. The company’s Standard Commercial Lines saw a 9% growth in premiums, while Excess and Surplus Lines increased by 27%, indicating strong performance in these segments.
Looking ahead, Selective Insurance is committed to enhancing its profitability through strategic initiatives, such as increasing renewal pure pricing and expanding its operational footprint. The company expects to sustain its competitive edge by capitalizing on its unique strengths and focusing on long-term growth potential.
