Fri, Jul 26, 5:14 PM (43 days ago)
Selective Insurance Group, Inc. reported a net loss of $63.3 million for Q2 2024, compared to a net income of $58.6 million in Q2 2023, primarily due to unfavorable prior year casualty reserve development of $176.0 million and increased loss costs. The combined ratio worsened to 116.1% from 100.2% year-over-year, driven by a higher loss and loss expense ratio. Net premiums written grew by 13% to $1.23 billion, supported by renewal pure price increases and higher direct new business. Net investment income rose by 11% to $108.6 million, benefiting from higher interest rates and active portfolio management. The company revised its full-year 2024 combined ratio guidance to 101.5% from 96.5%, reflecting elevated catastrophe losses and increased current year loss costs. Despite the challenging financial results, the company maintained a strong capital position and continued to focus on pricing discipline and strategic growth initiatives.