Selective Insurance Net Up 93 % In The Quarter

NU Online News Service, Oct. 27, 3:33 p.m.EDT

The Branchville, N.J.-based company's net for the quarter wentto $28 million, or 90 cents a share from $15 million, or 53 cents ashare in the period last year.

Total revenues increased 15 percent, or $53 million, going frommore than $343 million to more than $396 million. This was based ona 12 percent, or $39 million, increase in net premium written thatrose from less than $318 million to more than $356 million.

The company net income nearly doubled in the first nine monthscompared to last year, with a 14 percent increase in its commerciallines business

For the nine months, net income rose 99 percent, or $42 million,going from less than $43 million, or $1.54 a share, to $85 million,or $2.70 a share. Revenues for the period rose 16 percent, or $157million, going from $997 million to $1.15 billion. Net premiumswritten increased 14 percent, or more than $133 million, going fromless than $948 million to $1.08 billion.

During the third quarter, the company's statutory combined ratioimproved almost five points to 96.2 compared with 100.9 for thesame period last year.

Weather related catastrophe losses accounted for 3.6 points ofcombined ratios for the third quarter 2004, or $7.9 million,Selective said. That compared with 4.7 points, or $8.8 million, forthe third quarter of 2003.

The insurer's commercial lines operation, which represents 84percent of premium volume, posted a statutory combined ratio of96.5 for the quarter, an improvement of 2.8 points compared withthird quarter 2003. For the comparable period, the personal linesstatutory combined ratio improved 12.7 points, to 94.6 percent.

The company will also pay a cash dividend on Dec. 1 of 19 centsa share to stockholders of record as of Nov. 15.