Branchville, N.J.-based insurer Selective Insurance Group reported a 2008 fourth quarter $14.4 million income loss that the company's chief executive blamed on poor investment results during the quarter.
"While our insurance operations performed well in a competitive market, investment losses led to disappointing results for both the quarter and the year," said Selective Chairman, President and Chief Executive Officer Gregory E. Murphy.
The company reported fourth quarter loss income of $14.4 million, or loss per share of 28-cents, compared to net income of $36 million or 67-cents per share in 2007. Total revenues in the quarter dropped 18 percent, or $86 million, to $380 million.
For the year, net income dropped 70 percent, or $102.7 million, to $43.8 million. Net income per share dropped from $2.59 in 2007 to 82-cents a share. Revenues were off 8 percent, or $150 million, to $1.7 billion.
The fourth quarter combined ratio deteriorated 1.6 points to 101.3. For the year, the combined ratio rose 2.1 points to 101.
Realized losses after tax totaled $32.1 million for the year, including $34.5 million of non-cash after-tax other-than-temporary impairment write-downs.
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