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Selective Insurance Group Q2 Profit Soars

Posted on 02 Aug 2013 by Neilson

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Selective profitsSelective Insurance Group Inc. this week said second-quarter profit surged to $27.1 million or $0.48 per share from $0.3 million or $0.01 per share in the comparable quarter last year.

Operating income for the quarter was $23.8 million or $0.42 per share. On average, six analysts polled by Thomson Reuters expected the company to earn $0.33 per share or the quarter. Analysts' estimates typically exclude special items.

Revenues totaled $468.9 million, up from $428.9 million last year. Analysts expected revenues of $456.82 million.

Net-premiums written increased to $462.2 million from $425.6 million last year. Combined ratio for the quarter was 98.9 percent, compared to 106.9 percent last year.