Selective Insurance Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Declares Quarterly Cash Dividend on Common Stock, Payable March 1, 2013; Provides Earnings Guidance for the Full Year of 2013
January 31, 2013 at 04:15 pm EST
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Selective Insurance Group Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total revenues of $448,975,000 against $400,380,000 for the same period last year. Operating loss was $2,293,000 against or $0.04 per diluted share against operating income of $20,388,000 or $0.37 per diluted share for the same period last year. Net income was $1,308,000 or $0.02 per diluted share against $18,034,000 or $0.33 per diluted share for the same period last year. Book value per share as at December 31, 2012 was $19.77 against $19.45 as at December 31, 2011. Negative operating return on equity was 0.8% against 7.8% a year ago.
For the year, the company reported total revenues of $1,734,102,000 against $1,597,475,000 for the same period last year. Operating income was $32,121,000 or $0.58 per diluted share against $21,227,000 or $0.38 per diluted share for the same period last year. Net income was $37,963,000 or $0.68 per diluted share against $22,033,000 or $0.40 per diluted share for the same period last year. Negative operating return on equity was 3.0% against 2.0% a year ago. Net cash provided by operating activities were $226,699,000 against $122,957,000 a year ago. Purchase of property, equipment, and other assets was $12,879,000 against $11,824,000 a year ago.
The company's board of directors declared a $0.13 per share quarterly cash dividend on common stock, payable March 1, 2013 to stockholders of record as of February 15, 2013.
The company expects to generate a 2013 full year statutory combined ratio, excluding catastrophes, of 96.0%. The company currently estimates catastrophe losses will add three points to that ratio. In addition, investment income will be down slightly to $90-$95 million.
Selective Insurance Group, Inc. is a holding company, which owns ten property and casualty insurance subsidiaries that sell products and services only in the United States. The Company's segments include Standard Commercial Lines, Standard Personal Lines, E&S Lines and Investments. The Standard Commercial Lines segment includes property and casualty insurance products and services to commercial enterprises, typically businesses, non-profit organizations, and local government agencies. The Standard Personal Lines segment consists of property and casualty insurance products and services, including flood insurance coverage sold through the Write Your Own program of the National Flood Insurance Program. The E&S Lines segment consists of property and casualty insurance products and services to commercial customers unable to obtain coverage in the standard marketplace. The Investment segment invests insurance premiums and amounts generated through its capital management strategies.
Selective Insurance Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Declares Quarterly Cash Dividend on Common Stock, Payable March 1, 2013; Provides Earnings Guidance for the Full Year of 2013
SELECTIVE INSURANCE GROUP, INC. 
