Selective Insurance Group has reported $903.4 million of net premiums written in the third quarter of 2022, an 11% increase from $813 million in the third quarter of 2021.
At the same time, the company’s net premiums written for the year so far currently stand at $2.7 billion, an 11% increase from $2.4 billion from the same period last year.
Net premiums earned for Q322 were $854 million, which was also an 11% increase compared to $767.2 million from Q321, while net premiums earned for the year so far stand at $2.5 billion, compared to $2.23 billion from the same period last year.
However, net investment income earned for the quarter was $64 million, a 31% decrease compared to $93 million from the same quarter last year.
Furthermore, for the third quarter, after-tax net investment income of $52 million was down $23 million, compared to the same period last year. After-tax alternative investment income was $38 million lower in third quarter 2022 than the prior-year period.
Selective noted that the variance was driven by a $4 million after-tax loss in Q322. compared to an after-tax gain of $34 million in Q321.
In addition, Selective reported a combined ratio 96.8% for the third quarter, a slight improvement from 98.6% from the third quarter of 2021. Meanwhile, Selective’s combined ratio for the year so far currently stands at 95.2%, compared to 92.6% from the same period last year.
John Marchioni, President and CEO, commented: “We are proud of our results and ability to effectively navigate through an environment characterized by capital markets volatility and historic levels of economic inflation. We have established an organizational discipline focused on balancing profitability and growth, as demonstrated by our strong and consistent results throughout this challenging environment.
“We remain focused on maintaining disciplined underwriting and appropriate risk-based pricing. With an extremely strong balance sheet, we continue to enhance our market position with our customers and distribution partners. We are well positioned to meet our 2022 ROE target of 11%, marking our ninth consecutive year of double-digit non-GAAP operating returns on common equity.”