Selective Sees Quarterly Net Soar
By Mark E. Ruquet
NU Online News Service, Nov. 6, 1:39 p.m. EST?Selective Insurance Group Inc. reported a more than 400 percent increase in net income in the third quarter today, which it attributed to the hardening insurance market.
In a statement, Gregory E. Murphy, Selective's chairman, president and chief executive officer, said the company saw a 19 percent increase in its commercial lines pricing and an 8 percent price increase in personal lines.
The Branchville, N.J.-based company's combined ratio stands at 102.9 percent for the quarter, with commercial lines combined ratio improving 1.5 points to 102.4 percent and personal lines combined ratio standing at 104.8 percent, he said.
For the third quarter ending Sept. 30, the company reported net income increased 438 percent from the same period last year, from $2.1 million to $11.1 million, a $9 million increase. Net income per share grew 413 percent, or 33 cents, going from 8 cents a share in 2001 to 41 cents a share.
The growth was on a $31.5 million increase in net premiums written, or 13 percent, going from $236 million for the third quarter of 2001 to $267 million.
For the nine months, net income is up 54 percent, or $10.4 million, going from $19.3 million in 2001 to $29.7 million. Earnings per share rose 38 cents, from 73 cents for the third quarter last year to $1.11, a 52 percent increase.
The results were on a $105.6 million increase in net premiums, or 15 percent, going from $712 million in 2001 to $817.2 million in 2002.
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