SIGI - Selective Insurance Non-GAAP EPS of $0.99 in-line revenue of $1.04B beats by $10M

2023-08-02 17:30:24 ET

• Selective Insurance press release ( NASDAQ: SIGI ): Q2 Non-GAAP EPS of $0.99 in-line.
• Revenue of $1.04B (+20.3% Y/Y) beats by $10M .

• For 2023, we increased our expectation for net catastrophe losses while maintaining other full-year expectations as follows:

  • A GAAP combined ratio of 96.5%, including net catastrophe losses of 6.0 points, up from prior guidance of 4.5 points. Our combined ratio estimate assumes no additional prior year casualty reserve development;
  • After-tax net investment income of $300 million that includes $30 million of after-tax net investment income from our alternative investments;
  • An overall effective tax rate of approximately 21%, which assumes an effective tax rate of 20% for net investment income and 21% for all other items; and
  • Weighted average shares of 61 million on a fully diluted basis.

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