Selective Insurance Group, Inc. has reported higher revenues and investment income for Q1 2026, alongside continued growth in book value per share, despite elevated catastrophe losses impacting underwriting profitability.
For the opening quarter of the year, Selective’s total revenues increased 6% year-on-year to $1.36 billion, supported by a 5% rise in net premiums earned to $1.22 billion.
Meanwhile, net investment income earned grew strongly in Q1 2026, climbing 18% to $142.4 million, while after-tax net investment income also increased 18% to $113.1 million.
However, net income available to common stockholders declined 11% to $95.4 million in the opening quarter of the year, compared with $107.6 million in the same period of last year, while non-GAAP operating income fell 5% to $101.9 million.
Underwriting profitability also came under pressure during Q1 2026, with net underwriting income decreasing 53% to $16.8 million.
The combined ratio deteriorated to 98.3% from 96.1% in Q1 2025, reflecting higher catastrophe activity.
Catastrophe losses contributed 6.2 points to the combined ratio, compared with 3.7 points a year earlier. At the same time, net premiums written were slightly lower at $1.23 billion, down 1% year-on-year.
Still, Selective disclosed continued balance sheet growth, with book value per common share increasing 12% to $56.58, while adjusted book value per common share rose 10% to $58.94.
John J. Marchioni, Chairman, President and Chief Executive Officer of Selective, commented, “Our operating ROE of 12% this quarter was in line with our long-term target and marked our seventh consecutive quarter of double-digit operating returns.
“We delivered a solid start to the year, which keeps us on track to achieve our 2026 guidance. In addition, we returned 57% of after-tax net income through our regular dividend and $30 million of share repurchases, reinforcing our commitment to delivering long-term value.
“Net premiums written decreased modestly in the quarter, reflecting a competitive environment and deliberate actions to further strengthen our performance.
“We view growth as an outcome of disciplined execution, and remain focused on delivering target underwriting profitability. This is supported by granular pricing, risk selection, and claims discipline.”
“With our talented employees, high-quality distribution partner relationships, and strong capital position, we are continuing to make investments to support diversifying, profitable growth across our business. We believe we are well-positioned for the opportunities in front of us.”
