Selective Insurance Group (SIGI) Misses Q1 EPS by 53c; raises guidance

Selective Insurance Group (NASDAQ: SIGI) reported Q1 EPS of $1.33, $0.53 worse than the analyst estimate of $1.86. Revenue for the quarter came in at $1.16 billion versus the consensus estimate of $1.11 billion.

GUIDANCE

For 2024, we increased our expectation for the GAAP combined ratio reflecting unfavorable prior year casualty reserve development and current year loss cost increases in the first quarter, while maintaining other full-year expectations as follows:

A GAAP combined ratio of 96.5%, up from prior guidance of 95.5%, including net catastrophe losses of 5.0 points. Our combined ratio estimate assumes no additional prior year casualty reserve development;
After-tax net investment income of $360 million that includes after-tax net investment income from alternative investments of $32 million;
An overall effective tax rate of approximately 21.0%, which assumes an effective tax rate of 20.5% for net investment income and 21% for all other items; and
Weighted average shares of 61.5 million on a fully diluted basis.

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

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