Selective Insurance Group (SIGI) Misses Q2 EPS by 3c

Selective Insurance Group (NASDAQ: SIGI) reported Q2 EPS of $0.70, $0.03 worse than the analyst estimate of $0.73.

"Our solid results this year reflect the successful execution of our strategy to generate disciplined and profitable growth. We reported a profitable second quarter statutory combined ratio of 93.1%," said Gregory E. Murphy, Chairman and Chief Executive Officer. "Our net premiums written growth of 6% was driven by renewal pure price increases of 3.0% in our standard lines, new standard lines business opportunities, and overall growth in E&S. For the first six months of 2017, our statutory combined ratio was an excellent 91.4%, net premiums written were up 6%, after-tax net investment income grew 23% to $57.8 million, and our annualized operating ROE was 11.5%."

Mr. Murphy continued, "Effective July 1, we began quoting new business in Arizona and New Hampshire, where our respective 16 and 9 appointed agents control about 25% of the available commercial lines premium. We continue to invest in our franchise value by enhancing our relationships with 'ivy-league' distribution partners, implementing sophisticated underwriting tools and technologies, and providing superior experience to our customers and agents through our best-in-class employees."

For earnings history and earnings-related data on Selective Insurance Group (SIGI) click here.

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