Selective Sees Combined Ratio Improve
NU Online News Service, Feb. 4, 4:22 p.m. EST?Selective Insurance Group reported its fourth-quarter combined ratio improved by 3.5 points and net income rose 84 percent.[@@]
The combined ratio was 96, improving from 99.5 in the 2003 comparable period, and net income improved more than $20 million, compared to the same period of 2003, going from $23.8 million to $43.9 million.
Revenues rose 16 percent, from more than $359 million, or 77 cents a share, to more than $418 million, or $1.38 a share.
For the full year, combined ratio improved by more than 5 points for 2004 as net income almost doubled from last year.
The Branchville, N.J.-based insurer reported net income for the year increased 94 percent, or $62.3 million, going from more than $66 million, or $2.20 a share, to less than $129 million, or $4.07 share.
Revenues were up 16 percent, or more than $215 million, going from $1.36 billion to $1.57 billion.
The combined ratio for the year dropped 5.3 points to 96.9.
The company said the results were fueled by the strong performance of its property-casualty business, which accounts for 84 of premium volume, with pricing outpacing losses.
"We believe the market position of our commercial lines business remains favorable, despite an increasingly competitive marketplace," said Gregory E. Murphy, chairman, president and chief executive officer of Selective, in a statement.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.