SELECTIVE INSURANCE GROUP REPORTS EARNINGS; DECLARES DIVIDEND
BRANCHVILLE, N.J., Nov. 1 /PRNewswire/ -- The board of directors of Selective Insurance Group, Inc. (NASDAQ: SIGI), declared a quarterly common stock dividend of $.26 per share payable Dec. 2, 1991, to stockholders of record Nov. 15, 1991, the company announced today.
Selective Insurance Group today also reported net income for the three months ended Sept. 30, 1991, of $9,023,000, compared to $6,581,000 in 1990 or $.68 per share versus $.51, respectively. Quarterly earnings, excluding net realized gains on investments (net of tax effect), were $7,498,000, compared with $5,996,000 or $.57 per share versus $.46 in 1990.
Net income for the nine months ended Sept. 30, 1991, was $16,766,000 or $1.27 per share, compared with $22,784,000 or $1.76 for the same period of 1990. The nine-months earnings, excluding net realized gains on investments (net of tax effect), were $14,015,000 or $1.06 compared with $17,618,000 or $1.36 per share in 1990. The earnings for the nine months of 1991 reflect $6,000,000 (before tax) of involuntary losses incurred as part of the company's mandated participation in the National Workers' Compensation Reinsurance Pool, an involuntary assigned risk pool. The impact of these losses incurred, on an after tax basis, amounted to $.36 per share.
Net premiums written and net premiums earned increased 4 percent year-to-date. Net investment income increased 6 percent during the nine months ended Sept. 30, 1991, to $50,326,000, up from $47,393,000 a year earlier.
The company had an underwriting loss (before tax) for the quarter ended Sept. 30, 1991, of $6,643,000 versus $9,387,000 for the same period of 1990. The underwriting loss for the nine months was $32,324,000, compared with $27,214,000 a year earlier. Reflected in the nine month 1991 underwriting results, as previously mentioned, is a $6,000,000 loss generated from business assigned from the National Workers' Compensation Reinsurance Pool.
The underwriting losses also include the New Jersey Automobile Surtax and Assessments incurred as a result of legislation to fund the deficit of the Joint Underwriting Association amounting to $3,052,000 in the third quarter of 1991, compared with $2,756,000 for the same period in 1990 and $9,185,000 (or $.56 per share after tax) for the nine-month period ended Sept. 30, 1991, compared with $6,780,000 (or $.42 per share after tax) a year earlier.
SELECTIVE INSURANCE GROUP, INC.
Quarter ended Sept. 30 1991 1990
Revenues (A) $141,582,000 $132,535,000
Net investment income 17,048,000 16,231,000
Capital gain 1,905,000 731,000
Net income $ 9,023,000 $ 6,581,000
Net earnings per share:
Primary $.68 $.51
Fully diluted $.65 $.49
Nine months ended Sept. 30 1991 1990
Revenues (A) $412,313,000 $398,279,000
Net investment income 50,326,000 47,393,000
Capital gain 3,438,000 6,457,000
Net income $ 16,766,000 $ 22,784,000
Net earnings per share:
Primary $1.27 $1.76
Fully diluted $1.23 $1.68
(A) -- Includes net investment income earned and net realized capital gains on investments as shown.
/CONTACT: Charles L. Tice of Selective Insurance Group, 201-948-1311/
(SIGI) CO: Selective Insurance Group, Inc. ST: New Jersey IN: INS SU: ERN DIV GK-OS -- NY046 -- 0247 11/01/91 13:13 EST