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SELECTIVE INSURANCE GROUP, INC. ANNOUNCES QUARTERLY EARNINGS

 SELECTIVE INSURANCE GROUP, INC. ANNOUNCES QUARTERLY EARNINGS
 BRANCHVILLE, N.J., Nov. 6 /PRNewswire/ -- Selective Insurance Group, Inc. (NASDAQ: SIGI) reported net income for the quarter ended Sept. 30, 1992 of $9,048,000 compared to $9,023,000 in 1991, which amounted to $.68 per primary share for 1991 and 1992. Quarterly earnings, excluding net realized gains on investments (net of tax effect), were $7,379,000 compared with $7,498,000 or $.55 per share versus $.57 in 1991.
 The company reported income before the cumulative effect of accounting changes for the nine months ended Sept. 30, 1992 of $22,255,000 compared to $16,766,000 in 1991 or $1.67 per primary share versus $1.27, respectively. Net income including the accounting changes equalled $48,723,000 for Sept. 30, 1992 compared with $16,766,000 in 1991.
 Net premiums written increased 11 percent and net premiums earned increased 9 percent during the nine months ended Sept. 30, 1992. Net investment income increased 8 percent during the nine months ended Sept. 30, 1992 to $54,477,000, up from $50,326,000 a year earlier.
 The company had an underwriting loss (before tax) for the quarter ended Sept. 30, 1992 of $9,651,000 versus $6,643,000 for the same period of 1991. The underwriting loss for the nine months ended Sept. 30, 1992 was $28,694,000 compared with $32,324,000 in 1991.
 Stockholders' equity increased 18 percent to $308,645,000 or $23.06 per share compared with $261,142,000 or $19.73 per share at Sept. 30, 1991.
 The board of directors of Selective Insurance Group, Inc. declared a quarterly common stock dividend of $.28 per share payable Dec. 1, 1992 to stockholders of record Nov. 16, 1992.
 SELECTIVE INSURANCE GROUP, INC.
 Quarter ended Sept. 30 1992 1991
 Revenues(A) $157,572,000 $141,582,000
 Net investment income 18,461,000 17,048,000
 Capital gain 2,529,000 1,905,000
 Net income 9,048,000 9,023,000
 Net earnings per share:
 Primary .68 .68
 Fully diluted .64 .65
 Nine months ended Sept. 30 1992 1991
 Revenues(A) $449,365,000 $412,313,000
 Net investment income 54,477,000 50,326,000
 Capital gain 2,847,000 3,438,000
 Income 22,255,000 16,766,000
 Accounting adjustment 26,468,000 --
 Net income 48,723,000 16,766,000
 Primary earnings per share:
 Income 1.67 1.27
 Net income 3.66 1.27
 Fully diluted earnings per share:
 Income 1.59 1.23
 Net income 3.44 1.23
 (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- 11/6/92
 /CONTACT: Charles L. Tice of Selective Insurance Group, Inc., 201-948-1311/
 (SIGI) CO: Selective Insurance Group, Inc. ST: New Jersey IN: INS SU: ERN


PS-OS -- NY035 -- 8211 11/06/92 13:26 EST
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Publication:PR Newswire
Date:Nov 6, 1992
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