Selective(US:SIGI)2025-04-23 20:18Financial Performance - Gross premiums written for Q1 2025 reached $1,428.8 million, a 8.5% increase from $1,321.9 million in Q1 2024[8] - Net premiums written increased by 14% year-over-year to $1,240.4 million, compared to $1,089.6 million in Q1 2024[8] - Net income available to common stockholders for Q1 2025 was $107.6 million, compared to $80.2 million in Q1 2024, reflecting a 34.3% increase[8] - Non-GAAP operating income for Q1 2025 was $107.4 million, compared to $81.5 million in Q1 2024, marking a 31.8% increase[8] - Net investment income for Q1 2025 was $95.6 million, slightly down from $97.3 million in Q4 2024[16] - Net premiums earned reached $912.2 million, up from $834.1 million in the same quarter last year[22] - The company reported a GAAP underwriting income of $10.7 million, compared to $14.0 million in the prior year[33] - Net income available to common stockholders for Q1 2025 was $107.6 million, an increase from $93.2 million in Q4 2024[48] - Non-GAAP operating income for Q1 2025 was $107.4 million, compared to $99.6 million in the previous quarter[48] - The diluted earnings per share for Q1 2025 was $1.76, up from $1.52 in Q4 2024[48] Underwriting Performance - Underwriting income before tax improved significantly to $45.6 million, up from a loss of $173.7 million in Q2 2024[8] - The loss and loss expense ratio improved to 64.4% from 67.0% in Q1 2024, indicating better underwriting performance[8] - The GAAP combined ratio for Q1 2025 was 96.1%, a decrease from 98.2% in Q1 2024, showing improved operational efficiency[8] - GAAP underwriting income for Q1 2025 was $45.6 million, significantly up from $16.8 million in Q4 2024[19] - The combined ratio improved to 96.1% for Q1 2025, down from 98.5% in Q4 2024, indicating better underwriting performance[19] - The combined ratio improved to 96.4%, down from 98.8% in the same quarter last year, indicating better underwriting performance[22] - The loss and loss expense ratio decreased to 63.8%, compared to 66.7% in the prior year quarter[22] - The underwriting expense ratio was 32.5%, slightly up from 31.7% in the prior year quarter[22] - The combined ratio for the quarter was 92.5%, a slight improvement from 87.6% in the same quarter last year[33] - The loss and loss expense ratio decreased to 61.6% from 56.7% year-over-year[33] Asset and Liability Management - Total assets increased to $14,197.6 million, up from $12,056.1 million in Q1 2024, representing a growth of 17.7%[8] - Total assets increased to $14,197.6 million as of March 31, 2025, up from $13,514.2 million at December 31, 2024, representing a growth of 5.0%[13] - Total liabilities rose to $10,939.0 million as of March 31, 2025, from $10,394.1 million at December 31, 2024, an increase of 5.2%[13] - The company maintained a debt to total capitalization ratio of 21.7%, up from 14.3% in Q1 2024, indicating increased leverage[8] - The ratio of debt to total capitalization increased to 21.7% in Q1 2025, up from 14.0% in Q4 2024, indicating a higher leverage position[16] Investment Performance - Total investments increased to $10,288.6 million, up from $9,641.8 million, representing a growth of 6.7%[42] - Fixed income securities at fair value reached $8,630.0 million, accounting for 84% of total investments, consistent with previous quarters[42] - Short-term investments rose to $631.1 million, a significant increase of 24% compared to $509.3 million in the previous quarter[42] - Equity securities at fair value increased to $266.5 million, up from $213.6 million, reflecting a growth of 24.7%[42] - The weighted average credit quality of fixed income and short-term investments remained stable at A+[42] - The company holds $134.5 million in U.S. government obligations, which is 2% of total fixed income investments[42] - Private equity funds have a remaining commitment of $322.6 million, indicating ongoing investment strategies[43] - Total fixed income investments at carry value amounted to $8,888.2 million, showing a consistent trend across reporting periods[42] - The number of alternative investment funds is 99, with a total market value of $783.6 million[43] - The company maintains a non-investment grade credit quality of 3% within its fixed income and short-term investments[42] Pricing and Business Growth - Direct new business written was $251.3 million for Q1 2025, compared to $232.0 million in Q4 2024, showing growth in new business acquisition[19] - Renewal pure price increases averaged 10.3% in Q1 2025, slightly down from 10.7% in Q4 2024, reflecting stable pricing trends[19] - Direct new business written was $172.2 million, showing an increase from $172.1 million in the same quarter last year[22] - Renewal pure price increases averaged 9.1%, up from 7.6% in the prior year quarter[22] - Net catastrophe losses for the quarter were $19.8 million, compared to $38.5 million in the same quarter last year[22] - Net catastrophe losses for the quarter were $16.4 million, compared to a gain of $2.9 million in the prior year[33]