SELECTIVE’S INCOME RISES 1.4% BUT MISSES ESTIMATE

US property/casualty insurer Selective Insurance Group’s third-quarter net income edged up 1.4% to $56.2m as higher investment income offset a decline in underwriting income. Operating income per share fell to 97¢ from 99¢ and missed analysts’ forecast of $1.07. The combined ratio added 0.6 points to 95.2% as underwriting income fell 5.4% to $24.7m owing to higher noncatastrophe property losses and employee-related severance costs. Written premiums for the quarter grew 3.9% to $676.9m. For the first nine months of the year, the New Jersey-based group’s net income jumped 42% to $189.8m on improved underwriting and investment results. The combined ratio improved by 1.5 points to 94.3% as underwriting income rose by 45% to $86.5m. Written premiums grew 6.2% to $2.05bn.