Selective Insurance Group (SIGI) Misses Q2 EPS by 21c; raises guidance

Selective Insurance Group (NASDAQ: SIGI) reported Q2 EPS of $0.99, $0.21 worse than the analyst estimate of $1.20. Revenue for the quarter came in at $1.04 billion versus the consensus estimate of $1.03 billion.

GUIDANCE:

For 2023, we increased our expectation for net catastrophe losses while maintaining other full-year expectations as follows:

A GAAP combined ratio of 96.5%, including net catastrophe losses of 6.0 points, up from prior guidance of 4.5 points. Our combined ratio estimate assumes no additional prior year casualty reserve development;
After-tax net investment income of $300 million that includes $30 million of after-tax net investment income from our alternative investments;
An overall effective tax rate of approximately 21%, which assumes an effective tax rate of 20% for net investment income and 21% for all other items; and
Weighted average shares of 61 million on a fully diluted basis.

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

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