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第二季度承保业绩令人失望后，选择性保险股暴跌
2024-07-20 00:06
- Selective Insurance Group (NASDAQ:SIGI) stock sank 15% in Friday midday trading after the insurer logged a Q2 loss, rather than a profit, on weak underwriting results.
- "This was a challenging quarter. We did not meet our high standard as underwriting performance fell below our target," said Chairman, President, and CEO John J. Marchioni in the company's statement.
- Q2 net underwriting income of -$137.2 compared with -$1.2M in the year-ago quarter.
- In addition, net unfavorable prior year casualty reserve development of $176M increased Selective's (SIGI) combined ratio by 16.3 points to 116.1%. The boost in the prior year's reserve was driven by "elevated loss emergence in the quarter reflecting higher severity that we attribute to social inflation," Marchioni explained.
- Q2 non-GAAP EPS of -$1.10, vs. the $1.47 consensus estimate, swung from $0.99 in last year's Q2.
More on Selective Insurance
- Selective Insurance: Time To Be Selective
- Selective Insurance Non-GAAP EPS of -$1.10, revenue of $1.2B misses by $10M
- Seeking Alpha’s Quant Rating on Selective Insurance
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