
• Reported GAAP EPS of $1.58 down -10.23% YoY • Reported revenue of $1.36B up 5.74% YoY • For 2026, Selective expects a GAAP combined ratio of 96.5% to 97.5%, after-tax net investment income of $465M, and an overall effective tax rate of 21.5%.
Bullish
Selective achieved a 12.0% non-GAAP operating ROE and increased after-tax net investment income by 18%. The company returned 57% of after-tax net income to shareholders and is investing for diversifying, profitable growth.
Bearish
Selective's net premiums written decreased 1% and the GAAP combined ratio increased to 98.3% due to higher catastrophe losses. Book value per common share declined modestly, impacted by unrealized losses and challenging market conditions.