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.
Key points
- 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.
The filing
Written by AI on Nov 8, 2026, 12:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 21, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.