Selective Insurance Profit Falls Amid Revenue Growth, Yet Tops Street

(RTTNews) - Selective Insurance Group Inc. (SIGI) Wednesday reported first-quarter net earnings of $18 million or $0.31 per share compared with $21.3 million or $0.38 per share last year.

Excluding items, adjusted earnings for the quarter were $13.3 million or $0.23 per share compared with $20.1 million or $0.36 per share a year ago.

On average, six analysts polled by Thomson Reuters estimated earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were $509 million compared with $460 million in the prior year.

Net premiums written for the quarter was $475.8 million compared with $450 million last year.

Analysts estimated revenues of $486.84 million for the quarter.

Combined ratio for the quarter worsened to 101.1% from 97.1% last year, partly due to catastrophe losses from the harsh winter weather.

The company announced a quarterly cash dividend of $0.13 per share.