Financial Data and Key Metrics Changes - The company reported fully diluted net income of $1.47 per share and non-GAAP operating income of $1.40 per share for Q3 2024, with a year-to-date return on equity (ROE) of 5% and operating ROE of 4.8% [18][22] - The GAAP combined ratio for the quarter was 99.5%, including 13.4 points of catastrophe losses, with an underlying combined ratio of 87.7%, which is 2.7 points lower than the previous year [18][14] - The company expects a GAAP combined ratio of 102.5% for 2024, up from previous guidance of 101.5%, reflecting higher catastrophe loss assumptions [23] Business Line Data and Key Metrics Changes - In standard commercial lines, net premiums written grew 8% in the quarter, driven by a 13.4% renewal premium change, with a combined ratio of 99.2% [14][12] - Excess and surplus lines represented 12% of net premiums written, with a 28% increase in net premiums written and an 83.2% combined ratio [15] - Personal lines net premiums written decreased by 2%, with renewal pure pricing at 22.8% and an average policy size increase of 19% [16] Market Data and Key Metrics Changes - The company added Washington, Oregon, and Nevada as standard commercial line states, bringing the total to 35 states since 2017 [13] - The company achieved a meaningful increase in general liability pricing from 7.6% in Q2 to 10.2% in Q3, while commercial property renewal pure pricing was 12% [12] - Commercial lines pricing, excluding workers' compensation, increased by 10.2%, with exposure growth contributing 3.9 points to total renewal premium change [13] Company Strategy and Development Direction - The company aims to deliver combined ratios in line with or better than the 95% target in each insurance segment, focusing on stability for distribution partners and long-term returns for shareholders [9] - The company is willing to trade growth for profitability in the current loss trend environment, emphasizing disciplined underwriting and claims management [11] - The strategic focus includes expanding into new states while managing catastrophe exposure through strict guidelines and conservative reinsurance programs [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges of social inflation impacting severity trends and emphasized the importance of continued underwriting discipline [10] - The company remains confident in its ability to create value despite elevated catastrophe losses, with a strong capital position providing flexibility [17] - Management highlighted the stability of their portfolio and the proactive measures taken to address loss trends, particularly in commercial auto [34] Other Important Information - The company repurchased approximately 103,000 shares of common stock at an average price of $84.34, with $75.5 million remaining under the share repurchase authorization [23] - A quarterly dividend of $0.38 per common share was declared, an increase of 9% [23] - The investment portfolio remains conservatively positioned, with 92% in fixed income and short-term investments, and after-tax net investment income of $93 million for the quarter [22] Q&A Session Summary Question: Clarification on commercial auto reserves - The company confirmed a $10 million addition to the current year for commercial auto reserves [26][30] Question: Impact of social inflation on commercial auto - Management noted that commercial auto pricing has been stable and strong, with a long-term track record of consistent pricing responses [28][29] Question: Future of personal lines and growth strategy - Management indicated a focus on executing successfully in the current target market before considering expansion, with potential for state expansion in the future [76] Question: Rate trajectory in personal lines - The company expects to continue filing for rate increases until achieving target combined ratios, with a blended rate of 22.8% in the quarter [55][56] Question: Impact of elevated catastrophe losses on incentive compensation - The incentive compensation program includes catastrophe losses, which can put downward pressure on financial performance-related compensation [71]

Selective Insurance Group, Inc. (SIGI) reported third-quarter 2024 operating income of $1.40 per share, which missed the Zacks Consensus Estimate by 17.1%. The bottom line decreased 7% from the year-ago quarter.The quarterly results reflected average renewal pure price increases and stable retention across Standard Commercial Lines and Excess & Surplus Lines. Soft performance at Standard Personal Lines, higher catastrophe losses and poor underwriting income were offsets.Behind the Headlines  Total revenues ...

For the quarter ended September 2024, Selective Insurance (SIGI) reported revenue of $1.24 billion, up 13.9% over the same period last year. EPS came in at $1.40, compared to $1.51 in the year-ago quarter.The reported revenue represents a surprise of -0.42% over the Zacks Consensus Estimate of $1.24 billion. With the consensus EPS estimate being $1.69, the EPS surprise was -17.16%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to det ...

Selective Insurance (SIGI) came out with quarterly earnings of $1.40 per share, missing the Zacks Consensus Estimate of $1.69 per share. This compares to earnings of $1.51 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -17.16%. A quarter ago, it was expected that this insurance holding company would post earnings of $1.56 per share when it actually produced a loss of $1.10, delivering a surprise of -170.51%. Over the last fo ...

Exhibit 99.2 FINANCIAL SUPPLEMENT THIRD QUARTER 2024 Forward-Looking Statements Certain statements in this report, including information incorporated by reference, are "forward-looking statements" defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events a ...

In its upcoming report, Selective Insurance (SIGI) is predicted by Wall Street analysts to post quarterly earnings of $1.68 per share, reflecting an increase of 11.3% compared to the same period last year. Revenues are forecasted to be $1.24 billion, representing a year-over-year increase of 14.3%. The consensus EPS estimate for the quarter has undergone an upward revision of 0.4% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed th ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Selective Insurance (SIGI) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on October 21, 2024, might help the stock move higher if these key numbers are be ...

Selective Insurance Group, Inc. (SIGI) shares have lost 7.4% in the year-to-date period against the industry's 26% growth. It has also underperformed the Finance sector and the Zacks S&P 500 composite's return of 13.1% and 17.9%, respectively, in the said time frame. SIGI Lags Industry, Sector and S&P Image Source: Zacks Investment Research Selective Insurance has been grappling with higher expenses over the years, primarily due to increasing loss and loss expense incurred and amortization of deferred polic ...

Branchville, N.J., Aug. 29, 2024 /PRNewswire/ -- Selective Insurance Group, Inc. (Nasdaq: SIGI) announced today that John J. Marchioni, Chairman, President and Chief Executive Officer, will present at the 2024 Keefe, Bruyette & Woods Insurance Conference on Wednesday, September 4, 2024 at 11:35 AM ET. Investors can listen live to Selective's presentation or access a recording by visiting the Investors page of www.Selective.com through October 4, 2024. About Selective Insurance Group, Inc. Selective Insuranc ...

This resilience primarily stems from the consistent performance of its commercial and Excess and Surplus (E&S) insurance segments. However, the personal segment has faced challenges due to recent inflationary pressures, intense market competition, and the impact of catastrophic events over the same period. Nonetheless, investors seem to have overlooked the overperformance of Selective Insurance. Are they right? Potentially. First things first, people who are willing to invest in any property and casualty in ...