Selective Insurance Group Inc. reports strong second-quarter results that executives say have surpassed projections and are the result of improved pricing and underwriting.
Chief Financial Officer Dale A. Thatcher said the Q2 earnings for the Branchville, N.J.-based insurer "exceeded our expectations"—a phrase he used repeatedly throughout a conference call today with financial analysts.
Selective says its Q2 net income leaped $26.8 million year-over-year to more than $27 million. Revenues grew 9 percent to $469 million on net written premium of $462 million, which also increased 9 percent. The combined ratio fell 8 points to 98.9 thanks to catastrophe losses of $20 million—$10 million less than in the same period last year.
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