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SELECTIVE INSURANCE GROUP, INC. ANNOUNCES QUARTERLY EARNINGS

 BRANCHVILLE, N.J., Aug. 6 /PRNewswire/ -- As previously announced, Selective Insurance Group, Inc.'s (NASDAQ-NMS: SIGI) second quarter results reflect a significant restructuring charge due to the reduction of approximately 230 employees. The company established a $9 million reserve, which reduced net income by $5,940,000 (net of tax effect) or $.44 per share.
 Selective Insurance Group, Inc. reported net income for the quarter ended June 30, 1993, of $311,000 compared to $6,047,000 in 1992 or $.02 per primary share versus $.45, respectively. Quarterly earnings, excluding the one-time restructuring charge and net realized gains on investments, were $6,075,000 compared with $5,842,000 or $.45 per share versus $.44 in 1992.
 The company reported net income for the six months ended June 30, 1993, of $3,611,000 compared to $13,207,000 before the cumulative effect of accounting


changes in 1992 or $.27 per primary share in 1993 versus $.99 in 1992. Net income including the accounting changes for the six months ended June 30, 1992, equaled $39,675,000.
 Net premiums written and earned increased 13 percent during the six months ended June 30, 1993. Net investment income increased 7 percent during the six months ended June 30, 1993, to $38,475,000, up from $36,016,000 a year earlier.
 The company had an underwriting loss (before tax) for the quarter ended June 30, 1993, of $20,375,000 versus $10,551,000 for the same period of 1992. The underwriting loss for the six months ended June 30, 1993, was $37,169,000 compared with $19,043,000 in 1992. Both the quarter and six months ended June 30, 1993, include the $9 million restructuring charge.
 Stockholder's equity increased 3 percent to $310 million or $22.72 per share compared with $302,249,000 or $22.63 per share at June 30, 1992.
 The board of directors of Selective Insurance Group, Inc. declared a quarterly common stock dividend of $.28 per share payable Sept, 1, 1993, to stockholders of record Aug. 16, 1993
 SELECTIVE INSURANCE GROUP, INC.
 Quarter ended June 30 1993 1992
 Revenues (A) $166,803,000 $147,196,000
 Net investment income 19,061,000 17,984,000
 Capital gain 267,000 310,000
 Net income 311,000 6,047,000
 Net earnings per share:
 Primary .02 .45
 Fully diluted .02 .44
 Six months ended June 30 1993 1992
 Revenues (A) $329,193,000 $291,793,000
 Net investment income 38,475,000 36,016,000
 Capital gain 1,966,000 318,000
 Income 3,611,000 13,207,000
 Accounting adjustment(B) -- 26,468,000
 Net income 3,611,000 39,675,000
 Primary earnings per share:
 Income .27 .99
 Net income .27 2.98
 Fully diluted earnings per share
 Income .27 .95
 Net income .27 2.80
 (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 its deferred policy acquisition costs ($6,138,000).
 -0- 8/6/93
 /CONTACT: Charles T. Tice, senior vice president of Selective Insurance Group, Inc., 201-948-1311/
 (SIGI)


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

TS-PO -- NY036 -- 0328 08/06/93 13:02 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
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