$SIGI

SELECTIVE INSURANCE GROUP INC

CIK:0000230557|SEC Filings

Unaudited Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Net premiums earned	$ 1,215,508	$ 1,188,057	$ 2,432,704	$ 2,346,814
Net investment income earned	150,167	127,968	292,550	248,659
Net realized and unrealized investment gains (losses)	11,971	4,172	3,670	4,401
Other income	9,389	6,548	17,036	12,057
Total revenues	1,387,035	1,326,745	2,745,960	2,611,931
Expenses:
Loss and loss expense incurred	816,266	823,898	1,631,770	1,570,223
Amortization of deferred policy acquisition costs	248,050	250,307	501,460	497,741
Other insurance expenses	136,192	122,823	270,876	247,693
Interest expense	13,215	13,256	26,436	22,829
Corporate expenses	10,467	7,556	28,371	25,654
Total expenses	1,224,190	1,217,840	2,458,913	2,364,140
Income (loss) before income tax	162,845	108,905	287,047	247,791
Income tax expense (benefit):
Current	37,047	20,501	67,469	54,094
Deferred	(3,587)	2,461	(7,483)	(2,142)
Total income tax expense (benefit)	33,460	22,962	59,986	51,952
Net income (loss)	129,385	85,943	227,061	195,839
Preferred stock dividends	2,300	2,300	4,600	4,600
Net income (loss) available to common stockholders, basic	127,085	83,643	222,461	191,239
Net income (loss) available to common stockholders, diluted	$ 127,085	$ 83,643	$ 222,461	$ 191,239
Earnings per common share:
Net income (loss) available to common stockholders - Basic (in dollars per share)	$ 2.13	$ 1.37	$ 3.72	$ 3.14
Net income (loss) available to common stockholders - Diluted (in dollars per share)	$ 2.11	$ 1.36	$ 3.69	$ 3.12

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income (loss)	$ 227,061	$ 195,839
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	17,432	15,733
Stock-based compensation expense	18,245	17,682
Undistributed gains of equity method investments	(11,904)	(5,725)
Distributions in excess of current year income of equity method investments	8,083	8,505
Net realized and unrealized (gains) losses	(3,670)	(4,401)
(Gain) loss on disposal of fixed assets	0	(72)
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable	419,288	401,112
Increase in unearned premiums, net of prepaid reinsurance	13,498	182,258
(Increase) decrease in net federal income taxes	(26,337)	(35,020)
Increase in premiums receivable	(103,813)	(194,745)
Increase in deferred policy acquisition costs	7,685	(31,087)
Increase in accrued investment income	(9,561)	(10,109)
Increase (decrease) in accrued salaries and benefits	(18,600)	(13,944)
(Increase) decrease in other assets	(11,198)	(4,220)
Increase (decrease) in other liabilities	(75,775)	(70,874)
Net cash provided by (used in) operating activities	450,434	450,932
Investing Activities
Purchases of fixed income securities, held-to-maturity	0	(2,400)
Purchases of fixed income securities, available-for-sale	(2,009,166)	(1,628,299)
Purchases of commercial mortgage loans	(20,218)	(50,785)
Purchases of equity securities	(7,376)	(107,094)
Purchases of alternative investments and other investments	(74,151)	(65,373)
Purchases of short-term investments	(4,476,044)	(7,173,300)
Sales of fixed income securities, available-for-sale	788,679	463,280
Proceeds from commercial mortgage loans	24,938	9,188
Sales of short-term investments	4,745,620	7,151,330
Redemption and maturities of fixed income securities, held-to-maturity	3,835	3,224
Redemption and maturities of fixed income securities, available-for-sale	694,702	555,893
Sales of equity securities	0	7,125
Sales of alternative investments and other investments	62	44,567
Distributions from alternative investments and other investments	15,930	13,416
Purchases of property and equipment	(25,041)	(20,260)
Net cash provided by (used in) investing activities	(338,230)	(799,488)
Financing Activities
Dividends to preferred stockholders	(4,600)	(4,600)
Dividends to common stockholders	(49,857)	(45,189)
Acquisition of treasury stock	(67,405)	(25,458)
Net proceeds from stock purchase and compensation plans	3,964	4,560
Proceeds from borrowings (net of debt issuance costs of $4.1 million in 2025)	0	395,857
Repayments of finance lease obligations	(1,337)	(1,403)
Net cash provided by (used in) financing activities	(119,235)	323,767
Net increase (decrease) in cash and restricted cash	(7,031)	(24,789)
Cash and restricted cash, beginning of period	17,958	63,024
Cash and restricted cash, end of period	$ 10,927	$ 38,235

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value: $19,540 – 2026; $23,939 – 2025)	$ 20,107	$ 23,942
Less: allowance for credit losses	0	0
Fixed income securities, held-to-maturity, net of allowance for credit losses	20,107	23,942
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $39,102 – 2026 and $31,287 – 2025; amortized cost: $10,131,816 – 2026 and $9,576,878 – 2025)	9,909,753	9,457,176
Commercial mortgage loans – at carrying value (fair value: $267,408 – 2026 and $274,895 – 2025)	273,175	277,895
Less: allowance for credit losses	(3,464)	(213)
Commercial mortgage loans, net of allowance for credit losses	269,711	277,682
Equity securities – at fair value (cost: $377,480 – 2026; $370,104 – 2025)	413,106	384,416
Short-term investments	378,879	648,542
Alternative investments	473,864	418,525
Other investments	111,440	92,157
Total investments (Note 4 and 5)	11,576,860	11,302,440
Cash	557	346
Restricted cash	10,370	17,612
Accrued investment income	101,571	92,003
Premiums receivable	1,661,814	1,555,201
Less: allowance for credit losses (Note 6)	(24,100)	(21,300)
Premiums receivable, net of allowance for credit losses	1,637,714	1,533,901
Reinsurance recoverable	954,248	917,495
Less: allowance for credit losses (Note 7)	(2,000)	(2,000)
Reinsurance recoverable, net of allowance for credit losses	952,248	915,495
Prepaid reinsurance premiums	273,062	266,332
Current federal income tax	1,939	0
Deferred federal income tax	137,880	110,905
Property and equipment – at cost, net of accumulated depreciation and amortization of: $311,425 – 2026; $297,211 – 2025	116,498	106,390
Deferred policy acquisition costs	484,585	492,270
Goodwill	7,849	7,849
Other assets	314,816	310,167
Total assets	15,615,949	15,155,710
Liabilities:
Reserve for loss and loss expense (Note 8)	7,681,439	7,225,398
Unearned premiums	2,765,749	2,745,521
Long-term debt	900,959	901,873
Current federal income tax	0	16,939
Accrued salaries and benefits	122,186	140,786
Other liabilities	482,629	516,218
Total liabilities	11,952,962	11,546,735
Stockholders’ Equity:
Preferred stock	200,000	200,000
Common stock	212,538	212,013
Additional paid-in capital	614,724	591,272
Retained earnings	3,671,632	3,500,774
Accumulated other comprehensive income (loss) (Note 11)	(225,078)	(151,660)
Treasury stock – at cost (shares: 46,700,278 – 2026; 45,930,091 – 2025)	(810,829)	(743,424)
Total stockholders’ equity	3,662,987	3,608,975
Commitments and contingencies
Total liabilities and stockholders’ equity	$ 15,615,949	$ 15,155,710