Selective Insurance Group, Inc. reported third quarter 2024 financial results, with net income per diluted common share of $1.47 and non-GAAP operating income per diluted common share of $1.40. The company's return on common equity was 12.6%, and non-GAAP operating return on equity was 12.1%.
Net premiums written increased 9% from a year ago, driven by accelerating renewal pure price increases, which averaged 10.5% overall. After-tax net investment income rose 16% to $93 million, contributing 13.1 points to annualized operating ROE in the quarter.
The combined ratio for the quarter was 99.5%, an increase from 96.8% in the prior year, primarily due to elevated catastrophe losses of $149 million, which added 13.4 points to the ratio. Hurricane Helene alone accounted for an estimated $85 million in pre-tax losses.
The Board of Directors increased the quarterly dividend by 9% to $0.38 per common share. Additionally, the company repurchased 103,000 shares for $8.7 million during the quarter, with $75.5 million remaining under its authorization.
For full-year 2024, Selective updated its GAAP combined ratio guidance to 102.5%, reflecting the impact of third-quarter catastrophe losses. Standard Commercial Lines saw renewal pure price accelerate to 9.1%, with General Liability pricing at 10.2%, and retention remained stable at 86%.
The company expanded its Standard Commercial Lines footprint by adding Nevada, Oregon, and Washington in early October, bringing its total presence to 35 states. Book value per common share increased by 7% during the first nine months of 2024 to $48.82.
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