Selective Insurance Group (SIGI) Misses Q3 EPS by 8c; offers guidance

Selective Insurance Group (NASDAQ: SIGI) reported Q3 EPS of $1.51, $0.08 worse than the analyst estimate of $1.59. Revenue for the quarter came in at $1.06 billion versus the consensus estimate of $1.01 billion.

GUIDANCE:

For 2023, our full-year expectations are as follows:

A GAAP combined ratio of 96.5%, unchanged from last quarter, including net catastrophe losses of 6.5 points, up from prior guidance of 6.0 points. Our combined ratio estimate assumes no additional prior-year casualty reserve development;
After-tax net investment income of $310 million, up from prior guidance of $300 million. After-tax net investment income includes $20 million of after-tax net investment income from our alternative investments, down from our $30 million prior guidance;
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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