Selective's 2024 combined ratio outlook worsens to 102.5% on Q3 catastrophe losses
Selective Insurance Group reported third-quarter 2024 results on October 21, 2024, with GAAP net income of $1.47 per diluted share, up from $1.42 a year earlier, while non-GAAP operating income fell to $1.40 per share from $1.51. The company raised its full-year 2024 expected GAAP combined ratio to 102.5% from 101.5%, citing elevated catastrophe losses, which means lower underwriting profitability for shareholders than previously expected.
- Q3 GAAP net income of $1.47 per diluted share vs. $1.42 a year ago; non-GAAP operating income of $1.40 vs. $1.51.
- Full-year 2024 GAAP combined ratio expected at 102.5%, up from prior guidance of 101.5%; net catastrophe losses estimate raised to 7.5 points from 5.5.
- Q3 net catastrophe losses of $149 million, including an estimated $85 million of pre-tax losses from Hurricane Helene.
- Quarterly common dividend raised 9% to $0.38 per share, payable December 2, 2024.