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SELECTIVE INSURANCE GROUP ANNOUNCES INCREASED QUARTERLY DIVIDEND, EARNINGS

 SELECTIVE INSURANCE GROUP ANNOUNCES
 INCREASED QUARTERLY DIVIDEND, EARNINGS
 BRANCHVILLE, N.J., May 1 /PRNewswire/ -- The board of directors of Selective Insurance Group, Inc. (NASDAQ: SIGI) increased the quarterly cash dividend on its common stock by 8 percent, from 26 cents to 28 cents per share. Payment will be made on June 1, 1992, to stockholders of record on May 15.
 In addition, the company reported higher income before the cumulative effect of accounting changes for the quarter ended March 31, 1992, of $7,160,000 compared to $922,00 in 1991 or 54 cents per primary share vs. 7 cents, respectively. Net income including these accounting changes equalled $33,628,000 for March 31, 1992, compared with $922,000 in 1991.
 Net premiums written increased 6 percent and net premiums earned increased 8 percent. Net investment income increased 9 percent during the three months ended March 31, 1992, to $18,032,000, up from $16,528,000 a year earlier.
 The company had an underwriting loss (before tax) for the quarter ended March 31, 1992, of $8,492,000 vs. $15,359,000 for the same period of 1991.
 Stockholder's equity increased 19 percent to $298,439,000 or $22.42 per share compared with $251,115,000 or $19.08 per share at March 31, 1991.
 SELECTIVE INSURANCE GROUP INC.
 Quarters ended March 31 1992 1991
 Revenues(A) $144,597,000 $134,664,000
 Net investment income 18,032,000 16,528,000
 Capital gain 8,000 393,000
 Income 7,160,000 922,000
 Accounting adjustment(B) 26,468,000 --
 Net income 33,628,000 922,000
 Primary earnings per share:
 Income $.54 $.07
 Net income $2.53 $.07
 Fully diluted earnings per share:
 Income $.52 $.07
 Net income $2.37 $.07
 (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- 5/1/92
 /CONTACT: Charles L. Tice of Selective Insurance Group, 201-948-1311/
 (SIGI) CO: Selective Insurance Group Inc. ST: New Jersey IN: INS SU: ERN


CK-TS -- NY036 -- 5441 05/01/92 11:43 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:382
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