Selective Insurance Group, Inc. reported fourth quarter 2024 net income per diluted common share of $1.52 and non-GAAP operating income per diluted common share of $1.62. For the full year 2024, net income per diluted common share was $3.23 and non-GAAP operating income per diluted common share was $3.27.
The fourth quarter combined ratio was 98.5%, impacted by $100 million in net unfavorable prior year casualty reserve development, which increased the ratio by 8.8 points. Full-year 2024 combined ratio stood at 103.0%, including $311 million in prior year casualty reserve strengthening, adding 7.1 points to the ratio.
Net premiums written increased 10% in the fourth quarter and 12% for the full year 2024, driven by renewal pure price increases of 10.7% in Q4 and 9.5% for the full year. After-tax net investment income grew 24% in Q4 to $97 million and 17% for the full year to $363 million.
Selective advanced strategic initiatives in 2024, exceeding $500 million in net premiums written in Excess & Surplus Lines and adding five states to its Standard Commercial Lines operating footprint. The company also took actions to reposition its Personal Lines business for improved profitability.
Book value per common share increased by 6% during 2024 to $47.99. The company repurchased 103,000 shares for $8.7 million during 2024, with $75.5 million remaining under its authorization as of year-end.
For 2025, Selective provided guidance for a GAAP combined ratio between 96.0% and 97.0% and projected after-tax net investment income of $400 million. The effective tax rate is anticipated to be approximately 21.5%, with weighted average shares of 61.5 million.
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