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 went to $28 million, or 90 cents a share from $15 million, or 53 cents a share in the period last year.

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

The company net income nearly doubled in the first nine months compared to last year, with a 14 percent increase in its commercial lines 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 $157 million, going from $997 million to $1.15 billion. Net premiums written increased 14 percent, or more than $133 million, going from less than $948 million to $1.08 billion.

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

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

The insurer's commercial lines operation, which represents 84 percent of premium volume, posted a statutory combined ratio of 96.5 for the quarter, an improvement of 2.8 points compared with third quarter 2003. For the comparable period, the personal lines statutory combined ratio improved 12.7 points, to 94.6 percent.

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

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Selective Insurance Net Up 93 % In The Quarter

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