Printer Friendly

SELECTIVE INSURANCE GROUP ANNOUNCES QUARTERLY EARNINGS

 SELECTIVE INSURANCE GROUP ANNOUNCES QUARTERLY EARNINGS
 BRANCHVILLE, N.J., Aug. 7 /PRNewswire/ -- Selective Insurance Group,


Inc. (NASDAQ: SIGI) today reported net income for the quarter ended June 30, 1992, of $6,047,000 compared to $6,821,000 in 1991 or 45 cents per primary share vs. 52 cents, respectively.
 Quarterly earnings, excluding net realized gains on investments (net of tax effect), were $5,842,000 compared with $5,910,000 or 44 cents per share vs. 45 cents in 1991.
 The company reported income before the cumulative effect of accounting changes for the six months ended June 30, 1992, of $13,207,000 compared to $7,743,000 in 1991 or 99 cents per primary share vs. 59 cents, respectively. Net income including the accounting changes equalled $39,675,000 for June 30, 1992, compared with $7,743,000 in 1991.
 Net premiums written increased 5 percent and net premiums earned increased 8 percent during the six months ended June 30, 1992. Net investment income increased 8 percent during the six months ended June 30, 1992, to $36,016,000, up from $33,278,000 a year earlier.
 The company had an underwriting loss (before tax) for the quarter ended June 30, 1992, of $10,551,000 vs. $10,322,000 for the same period of 1991. The underwriting loss for the six months ended June 30, 1992, was $19,043,000 compared with $25,681,000 in 1991.
 Stockholder's equity increased 19 percent to $302,249,000 or $22.63 per share compared with $253,686,000 or $19.21 per share at June 30, 1992.
 The board of directors of Selective Insurance Group, Inc. declared a quarterly common stock dividend of 28 cents per share payable Sept. 1, 1992, to stockholders of record Aug. 14, 1992.
 SELECTIVE INSURANCE GROUP, INC.
 Quarters ended June 30 1992 1991
 Revenues(A) $147,196,000 $136,067,000
 Net inv. inc. 17,984,000 16,750,000
 Cap gain 310,000 1,140,000
 Net income 6,047,000 6,821,000
 Net earnings per share:
 Primary $.45 $.52
 Fully diluted .44 .50
 Six months ended June 30 1992 1991
 Revenues(A) $291,793,000 $270,731,000
 Net inv. inc. 36,016,000 33,278,000
 Cap gain 318,000 1,533,000
 Income 13,207,000 7,743,000
 Acctg. adj.(B) 26,468,000 --
 Net income 39,675,000 7,743,000
 Primary earnings per share:
 Income $.99 $.59
 Net income 2.98 .59
 Fully diluted earnings per share:
 Income .95 .58
 Net income 2.80 .58
 (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- 8/7/92
 /CONTACT: Charles L. Tice of Selective Insurance Group, 201-948-1311/
 (SIGI) CO: Selective Insurance Group, Inc. ST: New Jersey IN: INS SU: ERN


LR-CK -- NY028 -- 8033 08/07/92 12:59 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 7, 1992
Words:517
Previous Article:EPA SANCTIONS ELECTRIC LAWN MOWER ENVIRONMENTAL PROGRAM; TAMPA ELECTRIC & UTILITY CONSORTIUM LAUNCH NEW CAMPAIGN
Next Article:AMERICAN RELIANCE GROUP DECLARES REGULAR DIVIDEND
Topics:


Related Articles
SELECTIVE INSURANCE GROUP REPORTS EARNINGS; DECLARES DIVIDEND
SELECTIVE INSURANCE GROUP ANNOUNCES INCREASED QUARTERLY EARNINGS
SELECTIVE INSURANCE GROUP, INC. ANNOUNCES QUARTERLY EARNINGS
SELECTIVE INSURANCE GROUP, INC. ANNOUNCES QUARTERLY EARNINGS
SELECTIVE INSURANCE GROUP, INC. ANNOUNCES QUARTERLY EARNINGS
SELECTIVE INSURANCE GROUP, INC. ANNOUNCES INCREASED QUARTERLY EARNINGS
SELECTIVE INSURANCE GROUP, INC. ANNOUNCES QUARTERLY EARNINGS
SELECTIVE INSURANCE GROUP, INC. ANNOUNCES INCREASED QUARTERLY EARNINGS
SELECTIVE INSURANCE GROUP, INC. ANNOUNCES HIGHEST QUARTERLY OPERATING EARNINGS IN ITS HISTORY
SELECTIVE INSURANCE GROUP, INC. ANNOUNCES A 32% INCREASE IN QUARTERLY OPERATING INCOME

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters