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SELECTIVE INSURANCE GROUP, INC. ANNOUNCES INCREASED QUARTERLY EARNINGS

 BRANCHVILLE, N.J., Nov. 5 /PRNewswire/ -- Selective Insurance Group, Inc. reported today net income for the quarter ended September 30, 1993, of $11,174,000 up from $9,048,000 in 1992, which amounted to $.82 per primary share for 1993 and $.68 for 1992. Quarterly earnings, excluding net realized gains on investments (net of tax effect), were $8,822,000 compared with $7,379,000 or $.65 per share versus $.55 in 1992.
 The company reported net income for the nine months ended September 30, 1993, of $14,785,000, including the $5,940,000 restructuring charge recorded in the second quarter, compared to $22,255,000 before the cumulative effect of accounting changes in 1992 or $1.09 per primary share versus $1.67, respectively. Net income including the accounting changes for the nine months ended September 30, 1992, was $48,723,000.
 During the third quarter of 1993, the Deficit-Reduction Bill was enacted, increasing the corporate tax rate to 35 percent, retroactive to January 1, 1993. As a result of the company being in a deferred tax asset position, a benefit was generated increasing net income by $1,336,000 or $.10 per primary share.
 Net premiums written increased 10 percent and net premiums earned increased 12 percent during the nine months ended September 30, 1993. Net investment income increased 6 percent during the nine months ended September 30, 1993, to $57,628,000, up from $54,477,000 one year ago.
 The company had an underwriting loss (before tax) for the quarter ended September 30, 1993, of $9,217,000 versus $9,651,000 for the same period of 1992. The underwriting loss for the nine months ended September 30, 1993, including the $9,000,000 restructuring charge, was $46,386,000 compared with $28,694,000 in 1992.
 Stockholders' equity increased 3 percent to $316,510,000 or $23.11 per share compared with $308,645,000 or $23.06 per share at September 30, 1992.
 The board of directors of Selective Insurance Group, Inc. declared a quarterly common stock dividend of $.28 per share payable December 1, 1993, to stockholders of record November 15, 1993.
 Selective Insurance Group, Inc. (0)
 Quarter September 30: 1993 1992
 (A)Revenues 172,793,000 157,572,000
 Net inv inc 19,153,000 18,461,000
 Cap gain 3,649,000 2,529,000
 Net income 11,174,000 9,048,000
 Net earnings per share:
 Primary .82 .68
 Fully diluted .78 .64
 Nine months September 30:
 (A)Revenues 501,986,000 449,365,000
 Net inv inc 57,628,000 54,477,000
 Cap gain 5,615,000 2,847,000
 Income 14,785,000 22,255,000
 (B)Acctg Adj -- 26,468,000
 Net income 14,785,000 48,723,000
 Primary earnings per share:
 Income 1.09 1.67
 Net income 1.09 3.66
 Fully diluted earnings per share:
 Income 1.06 1.59
 Net income 1.06 3.44
 (A) Includes net investment income earned and net realized capital
 gains on investments as shown.
 (B) Cumulative effect of changes in accounting principles for
 Financial Accounting Standards No. 109, Accounting for Income Taxes
 ($20,330,000) and anticipating investment income in determining the
 recoverability of deferred policy acquisition costs ($6,138,000).
 -0- 11/5/93
 /CONTACT: Charles L. Tice of Selective Insurance, 201-948-1311/


CO: Selective Insurance Group, Inc. ST: New Jersey IN: INS SU: ERN

SH-WB -- NY056 -- 1329 11/05/93 15:41 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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