0000230557-26-000018
SEC filingSelective二季度每股收益2.11美元，承保利润率改善，投资收入增长18%。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Premiums Written | $1,220.7M | $1,288.6M | -5% |
| Net Premiums Earned | $1,215.5M | $1,188.1M | +2% |
| Total Revenues | $1,387.0M | $1,326.7M | +5% |
| Combined Ratio | 98.0% | 100.2% | -2.2 pts |
| Net Income Available to Common Stockholders | $127.1M | $83.6M | +52% |
| Diluted EPS (GAAP) | $2.11 | $1.36 | +55% |
| Non-GAAP Operating Income per Diluted Share | $1.95 | $1.31 | +49% |
| Book Value per Common Share | $58.13 | $52.09 | +12% |
| Adjusted Book Value per Common Share | $60.56 | $54.48 | +11% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | GAAP Combined Ratio | 96.5% - 97.5% | GAAP |
| FY2026 | After-tax Net Investment Income | $480M | Non-GAAP |
| FY2026 | Effective Tax Rate | 21.5% | GAAP |
| FY2026 | Weighted Average Diluted Shares | 60.2M | N/A |
简评
Selective Insurance 第二季度业绩表现强劲，净收入每股摊薄2.11美元，Non-GAAP运营每股收益1.95美元，ROE达14.8%。承保端综合成本率98.0%，较去年同期改善2.2个百分点，主要受益于巨灾损失（5.6点）和非巨灾财产损失下降，且本季度无上年 casualty 准备金不利发展。投资端税后净投资收入1.192亿美元，同比增长18%，贡献年化ROE 13.9个百分点，成为盈利增长的核心驱动力。
管理层强调在竞争加剧环境下坚持承保纪律，净承保保费同比下降5%至12.207亿美元，其中标准商业险下降6%、标准个人险下降8%，但续保纯价格涨幅仍达6.5%。公司通过回购3,210万美元股票及每股0.43美元股息返还45%税后净收入，每股账面价值环比增长3%至58.13美元。2026年全年指引上调税后净投资收入至4.8亿美元（原为4.65亿美元），综合成本率指引96.5%-97.5%，显示管理层对全年盈利能力的信心。