Selective Insurance Group, Inc. (NASDAQ:SIGI) Q3 2022 Results Conference Call November 3, 2022 10:00 AM ET
Company Participants
Rohan Pai - Senior Vice President, Investor Relations & Treasurer
John Marchioni - Chairman, President & Chief Executive Officer
Mark Wilcox - Executive Vice President & Chief Financial Officer
Conference Call Participants
Michael Phillips - Morgan Stanley
Paul Newsome - Piper Sandler
Meyer Shields - KBW
Grace Carter - Bank of America
Matt Carletti - JMP
Mike Zaremski - BMO
Jamie Inglis - Philo Smith & Co.
Operator
Good day, everyone, and welcome to Selective Insurance Group's Third Quarter 2022 Earnings Call.
At this time, for opening remarks and introductions, I would like to turn the call over to Senior Vice President, Investor Relations and Treasurer, Rohan Pai.
Rohan Pai
Good morning, everyone. We're simulcasting this call on our website, selective.com. The replay is available until December 4. We use three measures to discuss our results and business operations. First, we use GAAP financial measures reported in our annual, quarterly and current reports filed with the SEC. Second, we use non-GAAP operating measures, which we believe make it easier for investors to evaluate our insurance business.
Non-GAAP operating income is net income available to common stockholders, excluding the after-tax impact of net realized gains or losses on investments and unrealized gains or losses on equity securities. Non-GAAP operating return on common equity is non-GAAP operating income divided by average common stockholders' equity. Adjusted book value per common share differs from book value per common share by the exclusion of total after-tax unrealized gains and losses on investments included in accumulation -- in accumulated other comprehensive income. And GAAP reconciliations to any referenced non-GAAP financial measures are in our supplemental investor package found on the Investors page of our website.
Third, we make statements and projections about our future performance. These are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They're not guarantees of future performance and are subject to risks and uncertainties. We discuss these risks and uncertainties in detail in our annual, quarterly and current reports filed with the SEC, and we undertake no obligation to update or revise any forward-looking statement.
Now I'll turn the call over to John Marchioni, our Chairperson of the Board, President and Chief Executive Officer, who will be followed by Mark Wilcox, our EVP and Chief Financial Officer. John?
John Marchioni
Thank you, Rohan. Good morning, and thank you for joining us today. Before getting into the details of our performance for the third quarter and year-to-date, I think it's important to put these results in the proper context. We are operating in a very challenging environment defined by historically high levels of economic inflation, elevated catastrophe losses and capital market volatility.