First Take 2Q26 Earnings: Milder Catastrophe Losses Supported Results

研报英文原文证据摘录

First Take 2Q26 Earnings: Milder Catastrophe Losses Supported Results

Update

July 23, 2026 10:25 PM GMT

Morgan Stanley & Co. LLCMSelective Insurance Group Inc. | North America Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings: Bob.Huang@morganstanley.comDaniel Lee, ACAS +1 212 761-6136

Research Associate

Daniel.Lee4@morganstanley.com +1 212 761-0219

Milder Catastrophe Losses Siddhant Shah

Sid.Shah@morganstanley.com +1 212 761-2603

Supported Results

Selective Insurance Group Inc. (SIGI.O, SIGI US)

Insurance - Property & Casualty | United States of

AlphaSignals Earnings Reaction America

Unchanged Modest upside Largely unchanged Stock Rating Underweight

Impact to our thesis Financial results versus consensus Direction of next 12-month Industry View Attractive

consensus EPS Price target $80.00

Shr price, close (Jul 23, 2026) $97.79

Source: Company data, Morgan Stanley Research Mkt cap, curr (mm) $5,906

52-Week Range $100.40-71.75

Continued stabilization: The P&C industry is now in the early phase of a soft

market, driven by softening property lines. Selective is navigating through these

trends in a relatively steady fashion. Although premium growth was weaker than

expected in all three segments, the growth pressure is understandable. As pricing in

property related businesses decline, Standard Commercial, Personal, and E&S

segments naturally will see slower growth. That said, core loss ratio for Standard

Commercial was slightly higher than consensus expectations, leading us to believe

that there is continued progress to be made on underwriting improvements for this

segment. For Standard Personal, underwriting profit remains well above historical

averages in recent years, and the key is to maintaining the current pace of profit and

avoid significant deterioration.