Selective Insurance sees FY23 combined ratio at 96.5%

The company updates FY23 guidance, stating: “A GAAP combined ratio of 96.5%, including net catastrophe losses of 6.0 points, up from prior guidance of 4.5 points. Our combined ratio estimate assumes no additional prior year casualty reserve development; After-tax net investment income of $300 million that includes $30 million of after-tax net investment income from our alternative investments.”