Selective Insurance Group, Inc. reported higher revenue and investment income and continued growth in book value per share in the first quarter of 2026, despite rising catastrophe losses impacting underwriting profitability.
In the first quarter of this year, Selective’s total revenue increased 6% year-on-year to $1.36 billion, and net premium income increased 5% to $1.22 billion.
Meanwhile, net investment income grew strongly in the first quarter of 2026, rising 18% to $142.4 million, and net investment income after tax also increased 18% to $113.1 million.
However, net income available to common shareholders in the first quarter of this year fell 11% to $95.4 million, compared with $107.6 million in the same period last year, and non-GAAP operating income fell 5% to $101.9 million.
Underwriting profitability also came under pressure in the first quarter of 2026, with net underwriting income falling 53% to $16.8 million.
The combined ratio deteriorated to 98.3% from 96.1% in the first quarter of 2025, reflecting increased disaster activity.
The contribution of catastrophe losses to the combined ratio was 6.2 percentage points, compared with 3.7 percentage points in the same period last year. At the same time, net written premiums fell slightly to $1.23 billion, down 1% year-on-year.
Nonetheless, Selective’s disclosed balance sheet continued to grow, with book value per common share rising 12% to $56.58, and adjusted book value per common share rising 10% to $58.94.
Selective Chairman, President and Chief Executive Officer John J. Marchioni commented: “Our operating ROE for the quarter was 12%, in line with our long-term goals and marking our seventh consecutive quarter of double-digit operating returns.
“We have made a strong start to the year, which puts us on track to achieve our 2026 guidance. Additionally, we returned 57% of net profit after tax through regular dividends and $30 million in share repurchases, reinforcing our commitment to delivering long-term value.
“Net written premiums declined slightly during the quarter, reflecting the competitive environment and thoughtful actions taken to further enhance our performance.
“We view growth as a result of disciplined execution and remain focused on achieving target underwriting profitability. This is supported by granular pricing, risk selection and claims discipline.”
“With our talented employees, high-quality distribution partnerships and strong capital strength, we will continue to invest to support the diversified, profitable growth of our business. We believe we are well-positioned to seize the opportunities that lie ahead.”
