Selective Insurance Group (SIGI) Tops Q1 EPS by 66c, Revenues Beat

Selective Insurance Group (NASDAQ: SIGI) reported Q1 EPS of $1.70, $0.66 better than the analyst estimate of $1.04. Revenue for the quarter came in at $803.9 million versus the consensus estimate of $709.59 million.

"Our excellent first-quarter financial performance is a testament to our continued successful execution of our strategy focused on generating disciplined and profitable growth. We reported a strong 16.2% non-GAAP operating ROE, non-GAAP operating income per diluted common share of $1.70, and an impressive 89.3% combined ratio. Our commercial lines NPW increased 28% from a year ago, of which 16 points were due to the COVID-19-related $75 million return audit and mid-term endorsement premium accrual that reduced NPW in 2020. Commercial lines growth was driven by renewal pure price increases of 5.7% and continued solid retention of 86%. Each of our segments generated profitable results, with Investments a major contributor this quarter," said John Marchioni, President and CEO.

"We are extremely proud of our successful track record in recent years of balancing growth with profitability, and consistently generating strong ROEs. Our results, in large part, have been driven by our superior distribution partner relationships, sophisticated underwriting tools and technologies, best-in-class customer experience capabilities, and culture of underwriting discipline. Our capital and liquidity position is the strongest at any time in our history. As we look to the remainder of 2021, we are well positioned to build on that successful record," continued Mr. Marchioni.

For earnings history and earnings-related data on Selective Insurance Group (SIGI) click here.

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