Selective Insurance: Desglosando los resultados financieros: ¿Qué dicen los números?
Una guía para inversores y analistas.
Earnings Q2 2024
(En millones de dólares, excepto datos por acción)
Total revenues 1.196 (1.040)
Total expenses 1.276 (966)
Income (loss) before federal income tax -80.1 (74.2)
Net income -63.3 (58.6)
Weighted average common shares outstanding (diluted) 60.9 (60.9)
Net loss pero diluted common share 1.08
Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses 7.669 (7.032)
Short-term investments 417.3 (319.5)
Total investments 9.021 (8.133)
Cash 0.2 (0.4)
Total assets 12.565 (11.217)
Long-term debt 508.8 (503.6)
Financial Ratios %
ROE -9.5 (9.1)
Ratio of debt to total capitalization 14.8 (15.9)
GAAP underwriting income (loss) -173.7 (-1.5)
Combined ratio 116.1 (100.2)
Combined ratio before net catastrophe losses and prior year casualty development 91.4% (90.0%)
Non-catastrophe property loss and loss expense 185.5
Direct new business 267.4 (241.6)
Renewal pure price business increases 9.1% (6.4%)
Standard Comercial Lines
GAAP underwriting income (loss) -160.9 (22.1)
Combined ratio 118.8% (97.1%)
Combined ratio before net catastrophe losses and prior year casualty development 92.2% (89.9%)
Non-catastrophe property loss and loss expense 124.5 (111.4)
Direct new business 168.4 (159.1)
Renewal pure price increases 7.9% (6.7%)
Retention 85 (85)
Line of business
General Liability
Combined ratio 159.3% (87.2%)
Underwriting income -166.1 (32.6)
Commercial auto
Combined ratio 100.5% (101.9%)
Underwriting income -1.2 (-4.2)
Commercial Property
Combined ratio 101.8% (117.3%)
Underwriting income -3.0 (-24.4)
Workers Compensation
Combined ratio 95.3 (85.8)
Underwriting income 3.9 (12.6)
BOP
Combined ratio 100.2 (100.7)
Underwriting income -0.1 (-0.3)
Bonds
Combined ratio 84.0 (82.0)
Underwriting income 2.0 (2.1)
Other
Combined ratio 53.1 (47.5)
Underwriting income 3.7 (3.7)
Standard Personal Lines
GAAP underwriting income -19.3 (-23.1)
Combined ratio 118.1% (126.5%)
Combined ratio before net catastrophe losses and prior year casualty development 94.2% (97.6%)
Non-catastrophe property loss and loss expenses 45.4 (37.8)
Direct new business 22.0 (32.5)
Renewal pure price increases 20.7% (3.4%)
Retention 78 (88)
Line of Business
Personal Auto
Combined ratio 110.9% (123.4%)
Underwriting income -6.3 (-11.3)
Homeowners
Combined ratio 138.4% (143.2%)
Underwriting income -17.7 (-16.0)
Other
Combined ratio -64.8% (-104.3%)
Underwriting income 4.7 (4.2)
Excess and Surplus
GAAP underwriting income 6.5 (-0.6)
Combined ratio 94.6% (100.7%)
Combined ratio before net catastrophe losses and prior year casualty development 82.7% (83.1%)
Non-catastrophe property loss and loss expenses 15.6 (8.1)
Direct new business 77.0 (50.0)
Renewal pure price increases 6.4% (7.5%)
Line of Business
Casualty
Combined ratio 94.0% (94.0%)
Underwriting income 4.4 (3.7)
Property
Combined ratio 95.5% (114.4%)
Underwriting income 4.4 (-4.3)
Investment
Total net investment income, after-tax 86.3 (77.8)
Net realized and unrealized investment gains (losses), pre-tax -10.8 (-58.2)
Average investment yields
Fixed income investments, after-tax 3.9 (3.9)
Total portfolio, after-tax 3.9 (3.9)
New money purchase rates for fixed income investments, after-tax 5.0 (4.6)
Effective duration of fixed income investments including short-term (in years) 3.9 (4.0)
Weighted average credit quality of fixed income and short-term investments AA- (AA-)
Ratings
AM Best
Financial Strength Ratings A+
Preferred Stock Rating n/a
Long-Term Debt Credit Rating a-
Standard & Poor’s
Financial Strength Ratings A
Preferred Stock Rating BB+
Long-Term Debt Credit Rating BBB
Moody’s
Financial Strength Ratings A2
Preferred Stock Rating Ba1
Long-Term Debt Credit Rating Baa2
Fitch
Financial Strength Ratings A+
Preferred Stock Rating BBB-
Long-Term Debt Credit Rating BBB+
Guidance 2024
GAAP combined ratio 101.5% (+5%)
After-tax net investment income 360 M
Tax rate 21.0%
Weighted average shares 61.5 M on a fully diluted basis