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SELECTIVE INSURANCE GROUP, INC. APPOINTS NEW CHAIRMAN AND ANNOUNCES QUARTERLY EARNINGS

 BRANCHVILLE, N.J., Feb. 5 /PRNewswire/ -- The board of directors of Selective Insurance Group, Inc. (NASDAQ-NMS: SIGI), today announced that, upon the retirement of Frederick H. Jarvis on April 1, 1993, James W. Entringer, president and chief operating officer of Selective Insurance Group, Inc., will be named chairman, president and chief executive officer. Mr. Jarvis will remain on the board as a director. In addition, the board declared a quarterly common stock dividend of $.28 per share payable March 1, 1993, to stockholders of record Feb. 12, 1993.
 Selective Insurance Group, Inc., reported net income for the quarter ended Dec. 31, 1992, of $5,192,000 compared to $10,527,000 in 1991, or $.39 per primary share versus $.80, respectively. Quarterly earnings, excluding net realized gains on investments (net of tax effect), were $4,469,000 compared with $10,414,000 or $.33 per share versus $.79 in 1991.
 Income before the cumulative effect of accounting changes and net realized gains (net of tax effect) for the year ended Dec. 31, 1992, was $24,845,000 compared to $24,429,000 in 1991 or $1.86 per primary share versus $1.85, respectively. Net income including the accounting changes and net realized gains equalled $53,915,000 for Dec. 31, 1992, compared with $27,293,000 in 1991.
 Net premiums written increased 13 percent and net premiums earned increased 8 percent during the 12 months ended Dec. 31, 1992. Net investment income increased 7 percent during the year ended Dec. 31, 1992, to $73,516,000, up from $68,501,000 a year earlier.
 The company's underwriting loss (before tax) for the quarter ended Dec. 31, 1992, was $12,980,000 versus $5,743,000 for the same period of 1991. The underwriting loss for the year ended Dec. 31, 1992, was $41,674,000 compared with $38,067,000 in 1991. The severe storm that hit the northeast coast in December, coupled with the deterioration of workers' compensation business and continued problems with the New Jersey personal automobile market, contributed to the loss.
 Stockholders' equity increased 15 percent to $311,705,000 or $23.19 per share compared with $269,998,000 or $20.34 per share at Dec. 31, 1991.
 SELECTIVE INSURANCE GROUP, INC.
 Quarter ended Dec. 31 1992 1991
 Revenues (A) $166,693,000 $158,905,000
 Net investment income 19,039,000 18,175,000
 Capital gain 1,096,000 142,000
 Net income $ 5,192,000 $ 10,527,000
 Net earnings per share:
 Primary $.39 $.80
 Fully diluted $.37 $.76
 Year ended Dec. 31 1992 1991
 Revenues (A) $616,058,000 $571,218,000
 Net investment income 73,516,000 68,501,000
 Capital gain 3,943,000 3,580,000
 Income 27,447,000 27,293,000
 Accounting adjustment (B) 26,468,000 --
 Net income $ 53,915,000 $ 27,293,000
 Primary earnings per share:
 Income $2.06 $2.07
 Net income 4.04 2.07
 Fully diluted earnings per share:
 Income 1.97 1.99
 Net income $3.82 $1.99
 (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- 2/5/93
 /CONTACT: Charles L. Tice of Selective Insurance Group, 201-948-1311/
 (SIGI)


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

GK-SH -- NY034 -- 3584 02/05/93 14:13 EST
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Date:Feb 5, 1993
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