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SELECTIVE INSURANCE GROUP ANNOUNCES INCREASED QUARTERLY EARNINGS

 SELECTIVE INSURANCE GROUP ANNOUNCES INCREASED QUARTERLY EARNINGS
 BRANCHVILLE, N.J., Feb. 7 /PRNewswire/ -- Selective Insurance Group, Inc. (NASDAQ: SIGI), today reported net income for the quarter ended Dec. 31, 1991, of $10,527,000 compared to $9,618,000 in 1990 or 80 cents per share versus 73 cents, respectively. Quarterly earnings, excluding net realized gains on investments (net of tax effect), were $10,414,000 compared with $6,873,000 or 79 cents per share versus 52 cents in 1990.
 Net income for the year ended Dec. 31, 1991, was $27,293,000 or $2.07 per share compared with $32,402,000 or $2.50 in 1990. The 12 months' earnings, excluding net realized gains on investments (net of tax effect), were $24,429,000 or $1.85 compared with $24,491,000 or $1.89 per share in 1990.
 Net premiums written increased 4 percent and net premiums earned increased
7 percent during the year. Net investment income increased


6 percent during the 12 months ended Dec. 31, 1991, to $68,501,000, up from $64,508,000 a year earlier.
 The company had an underwriting loss (before tax) for the quarter ended Dec. 31, 1991, of $5,743,000 versus $11,230,000 for the same period of 1990. The underwriting loss for the year was $38,067,000 compared with $38,444,000 in 1990.
 The operating results continue to be impacted by regulatory assessments beyond the company's control. The underwriting loss for the year reflects a $9.7 million increase in the loss generated from business assigned from the National Workers' Compensation Reinsurance Pool. The increased loss on this involuntary business was the result of an adjustment for prior years' losses reported by the pool.
 The underwriting loss also includes the New Jersey Automobile Surtax and Assessments incurred as a result of legislation to fund the deficit of the Joint Underwriting Association amounting to $2,819,000 in the fourth quarter of 1991 compared with $3,562,000 for the same period in 1990, and $12,004,000 (or 73 cents per share after tax) for the year ended Dec. 31, 1991, compared with $10,342,000 (or 64 cents per share after tax) a year earlier.
 In addition, an assessment by the Market Transition Facility of New Jersey, the Joint Underwriting Association successor, amounted to an $11 million charge (before tax) against 1991 underwriting results. This was offset by an unrelated amount of $11.1 million due to a change in the method of assessing by the New Jersey Unsatisfied Claim and Judgment Fund.
 Stockholders' equity increased 9 percent to $269,998,000 or $20.34 per share compared with $248,274,000 or $18.91 per share at Dec. 31, 1990.
 The board of directors of Selective Insurance Group, Inc., declared a quarterly common stock dividend of 26 cents per share payable March 2, 1992, to stockholders of record Feb. 15, 1992.
 SELECTIVE INSURANCE GROUP, INC.
 Periods ended Quarter Year
 Dec. 31 1991 1990 1991 1990
 Revenues(A) $158,905,000 $141,724,000 $571,218,000 $540,003,000
 Net inv. inc. 18,175,000 17,115,000 68,501,000 63,508,000
 Capital gain 142,000 3,431,000 3,580,000 9,888,000
 Net income 10,527,000 9,618,000 27,293,000 32,402,000
 Net earnings
 per share:
 Primary $.80 $.73 $2.07 $2.50
 Fully diluted .76 .70 1.99 2.38
 (A) -- Includes net investment income earned and net realized capital gains on investments as shown.
 -0- 2/7/92
 /CONTACT: Charles L. Tice of Selective Insurance Group, 201-948-1311/
 (SIGI) CO: Selective Insurance Group, Inc. ST: New Jersey IN: INS SU: ERN


GK-TS -- NY047 -- 7822 02/07/92 13:37 EST
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Publication:PR Newswire
Date:Feb 7, 1992
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