Selective Insurance Group Inc. (NASDAQ:SIGI) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET

Company Participants

Rohan Pai - IR

John Marchioni - CEO

Mark Wilcox - CFO

Conference Call Participants

Grace Carter - Bank of America

Scott Heleniak - RBC Capital Markets

Meyer Shields - KBW

Operator

Good day, everyone. Welcome to Selective Insurance Group's First 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. Sir, you may proceed.

Rohan Pai

Thank you, Jill, and good morning, everyone. We're simulcasting this call on our website, selective.com. The replay is available until June 4. We used 3 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 income and non-GAAP operating return on common equity to analyze strength in operations. We believe these measures 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 stockholder's 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 accumulated other comprehensive loss or 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 are 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 statements.

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, and good morning. At the start, I want to focus on our continued strong operating results and financial position, as well as key industry trends. Mark will provide further details on the quarter's financial results, and I'll return with brief closing comments before we take questions.