Selective Insurance Analysts Cut Their Forecasts After Downbeat Earnings
Selective Insurance Analysts Cut Their Forecasts After Downbeat Earnings
Marchioni added, "We have a very stable underwriting portfolio. To address our updated view of loss costs, we are responding with additional price increases. Our renewal pure price increase across all insurance segments was 9.1% in the quarter, including 7.9% for Standard Commercial Lines. General liability renewal pure pricing increased to 7.6%, up over a point from the first quarter. We expect Standard Commercial Lines renewal pure price will trend higher in the second half of 2024."Selective Insurance Group, Inc. (NASDAQ:SIGI) posted weak quarterly results, after the closing bell on Thursday.
周四收盘后，Selective Insurance Group, Inc. (NASDAQ:SIGI) 发布了疲软的季度业绩报告。
Selective Insurance reported quarterly losses of $1.10 per share which missed the analyst consensus estimate of $1.49 per share. The company reported quarterly sales of $1.196 billion which missed the analyst consensus estimate of $1.204 billion, according to data from Benzinga Pro.
Selective Insurance报告了每股1.10美元的季度亏损，未达到分析师每股1.49美元的预估。 根据Benzinga Pro的数据，公司季度销售额为11.96亿美元，未达到分析师12.04亿美元的预估。
"This was a challenging quarter. We did not meet our high standard as underwriting performance fell below our target. The unfavorable prior year casualty reserve development was driven by elevated loss emergence in the quarter reflecting higher severity that we attribute to social inflation. Our reserving action is predicated on our in-depth quarterly reserve review and further strengthening to address elevated and uncertain loss trends," said John J. Marchioni, Chairman, President and Chief Executive Officer.
公司董事长兼总裁John J. Marchioni表示：“这是一个具有挑战性的季度，我们没有达到我们高标准的要求，核保业绩低于我们的目标。不利的往年意外伤害准备金发展是由季度损失增加驱动的，反映了更高的严重性，这是我们归因于社会通货膨胀。我们的准备行动基于我们深入的每季度准备金复审和进一步加强以应对不确定的损失趋势。”
Marchioni added, "We have a very stable underwriting portfolio. To address our updated view of loss costs, we are responding with additional price increases. Our renewal pure price increase across all insurance segments was 9.1% in the quarter, including 7.9% for Standard Commercial Lines. General liability renewal pure pricing increased to 7.6%, up over a point from the first quarter. We expect Standard Commercial Lines renewal pure price will trend higher in the second half of 2024."
Marchioni补充道：“我们有一个非常稳定的核保组合。为了应对我们关于损失成本的更新看法，我们正在采取额外的价格上涨措施。我们所有保险板块的更新纯价上涨率在本季度达到了9.1％，其中标准商业线路保险的上涨率为7.9％。综合责任更新的清晰价格上涨至7.6％，比第一季度高出一个百分点。我们预计标准商业线路的更新纯价将在2024下半年趋于上涨。”
Selective shares fell 18.2% to close at $82.08 on Friday.
周五Selective股价下跌18.2％，收于82.08美元。
These analysts made changes to their price targets on Selective following the announcement.
这些分析师在公告后对Selective的价格目标进行了调整。
- Piper Sandler analyst Paul Newsome maintained Selective Insurance with a Neutral rating and lowered the price target from $104 to $85.
- Keefe, Bruyette & Woods analyst Meyer Shields upgraded Selective Insurance from Market Perform to Outperform, but cut the price target from $104 to $99.
- Piper Sandler分析师Paul Newsome维持中立评级，将价格目标从104美元下调至85美元。
- Keefe, Bruyette & Woods分析师Meyer Shields将Selective Insurance的市场表现从“表现一般”调升至“跑赢大盘”，但将价格目标从104美元下调至99美元。
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