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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.
Selective Insurance
Selective Insurance
Selective Insurance Revenue by Segment
Revenue by Segment
Standard Commercial Lines Revenue
CapyFin.comStandard Personal Lines Revenue
CapyFin.com 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