Selective Insurance Group (SIGI) has reported 36.21 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $50.44 million, or $0.85 a share in the quarter, compared with $37.03 million, or $0.63 a share for the same period last year.
Revenue during the quarter grew 8.88 percent to $600.47 million from $551.47 million in the previous year period. Net premium earned for the quarter increased 7.35 percent or $38.40 million to $560.85 million.
Total expenses move upBenefits, losses and expenses for the quarter were at $532.90 million, or 95.01 percent of premium earned from $499.60 million or 95.62 percent of premium earned in the last year period. Operating income for the quarter was $67.57 million, compared with $51.88 million in the previous year period. Property and casualty insurance division has booked premium of $560.85 million on net basis during the quarter, up 7.35 percent or $38.40 million from year-ago period.
Net investment income was at $37.42 million for the quarter, up 21.61 percent or $6.65 million from year-ago period. The company has booked a loss on investments of $1.04 million in the quarter compared with a loss of $2.70 million for the previous year period.
Operating cash flow improves significantlySelective Insurance Group has generated cash of $46.60 million from operating activities during the quarter, up 237.47 percent or $32.79 million, when compared with the last year period. The company has spent $32.46 million cash to meet investing activities during the quarter as against cash outgo of $3.65 million in the last year period.
The company has spent $14.11 million cash to carry out financing activities during the quarter as against cash outgo of $10.37 million in the last year period.
Cash and cash equivalents stood at $0.48 million as on Mar. 31, 2017, down 29.28 percent or $0.20 million from $0.68 million on Mar. 31, 2016.
Assets outpace liabilities growth
Total assets increased 5.43 percent or $381.60 million to $7,404.10 million on Mar. 31, 2017. On the other hand, total liabilities were at $5,811.52 million as on Mar. 31, 2017, up 4.78 percent or $264.99 million from year-ago.
Return on assets stood at 0.76 percent in the quarter, up 0.16 from 0.61 percent in the last year period. At the same time, return on equity was at 3.17 percent in the quarter, up 0.66 from 2.51 percent in the last year period.
Investments move upInvestments stood at $5,460.76 million as on Mar. 31, 2017, up 5.75 percent or $296.88 million from year-ago. Meanwhile, yield on investments went up 9 basis points to 0.69 percent in the quarter. Meanwhile, reinsurance recoverables moved down 18.83 percent or $134.62 million over the year to $580.39 million on Mar. 31, 2017.
Total debt was at $438.78 million as on Mar. 31, 2017, up 13 percent or $50.47 million from year-ago. Shareholders equity stood at $1,592.58 million as on Mar. 31, 2017, up 7.90 percent or $116.61 million from year-ago. As a result, debt to equity ratio went up 1 basis points to 0.28 percent in the quarter from 0.26 percent in the last year period.
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