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Selective Insurance Reports Q2 Earnings

Net income for the quarter was $0.29 per diluted share and operating income for the quarter was $0.43 per diluted share

Selective Insurance Group has reported its financial results for the second quarter ended June 30, 2009. Net income for the quarter was $0.29 per diluted share and operating income for the quarter was $0.43 per diluted share.

Book value was up 4% for the quarter at $17.85 per share. Net investment income, after tax, was $21.9 million, down 27% compared to a year ago, primarily due to alternative investment losses.

Selective’s alternative investment portfolio incurred losses during the second quarter of 2009 of approximately $5.8 million, after tax, as compared to a gain of $0.2 million, after tax, during the same period in 2008.

Results for these investments are generally received on a one quarter lag. While down approximately 6%, pre-tax, this portfolio significantly outperformed the first quarter results of the S&P 500 index which declined approximately 11%, said the company.

Selective Insurance is a holding company for seven property and casualty insurance companies, which offers primary and alternative market insurance for commercial and personal risks, and flood insurance underwritten by the National Flood Insurance Program.