2023-05-03 16:57:09 ET
- Selective Insurance press release ( NASDAQ: SIGI ): Q1 Non-GAAP EPS of $1.44 misses by $0.14 .
- Revenue of $999.8M (+18.2% Y/Y) in-line.
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For 2023, our full-year expectations remained unchanged and are as follows:
- A GAAP combined ratio of 96.5%, including net catastrophe losses 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 after-tax net investment income from our alternative investments of $30 million;
- 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.
For further details see:
Selective Insurance Non-GAAP EPS of $1.44 misses by $0.14, revenue of $999.8M in-line