Selective Reports Q1 Revenue of $1.36B, Below Consensus
Reports Q1 revenue $1.36B, consensus $1.38B. For the quarter, Selective's combined ratio was 98.3%. Catastrophe losses were 6.2 points, and there was no net prior year casualty reserve development. NPW decreased 1% from a year ago due to a 6% decrease in Standard Personal Lines and a 1% decrease in Standard Commercial Lines. Renewal pure price increases were 7.2%. Net investment income increased 18% from a year ago, to $113 million after-tax, generating 13.3 points of annualized ROE in the quarter.
