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Dec 31, 2023
Selective Insurance Q4 2023 Earnings Report
Selective Insurance reported strong Q4 2023 results with increased net income, non-GAAP operating income, and growth in net premiums written across all insurance segments.
Key Takeaways
Selective Insurance Group, Inc. reported a net income per diluted common share of $2.01 and a non-GAAP operating income per diluted common share of $1.94 for Q4 2023. The combined ratio was 93.7%, and net premiums written grew by 17%. The company achieved an operating ROE of 18.2%.
Net premiums written increased 17% from the fourth quarter of 2022.
The GAAP combined ratio was 93.7%, 1-point better than the fourth quarter of 2022.
After-tax net investment income was $78 million, up 20% compared to the fourth quarter of 2022.
Commercial Lines renewal pure price increases averaged 7.3%, up 1.7 points from 5.6% in the fourth quarter of 2022.
Revenue by Segment
Forward Guidance
For 2024, Selective expects a GAAP combined ratio of 95.5%, including net catastrophe losses of 5.0 points, and after-tax net investment income of $360 million.
Positive Outlook
- GAAP combined ratio of 95.5%
- Net catastrophe losses of 5.0 points
- After-tax net investment income of $360 million
- Effective tax rate of approximately 21.0%
- Weighted average shares of 61.5 million on a fully diluted basis.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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