Business Description
Selective Insurance Group, Inc. is a holding company for multiple property and casualty insurance companies operating primarily in the United States. Founded in 1926 and headquartered in Branchville, New Jersey, the company provides standard commercial, standard personal, and excess and surplus (E&S) lines of insurance. Selective is distinctive for its exclusive distribution model through independent agents and its participation in the National Flood Insurance Program's Write Your Own program.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Premiums Earned | 4,768,196 | 4,376,447 | 3,827,606 | 3,373,380 |
| Investment Income | 531,150 | 457,051 | 388,650 | 288,155 |
| Net Gains on Investments | 8,330 | (2,949) | (3,552) | (114,808) |
| Total Other Revenues | 29,252 | 31,115 | 19,402 | 11,335 |
| Total Revenues | 5,336,928 | 4,861,664 | 4,232,106 | 3,558,062 |
| Insurance Benefits & Claims | 3,157,726 | 3,164,484 | 2,484,285 | 2,111,778 |
| Policy Amortization Costs | 1,002,376 | 922,431 | 796,182 | 705,822 |
| Other Operating Expenses | 537,907 | 487,837 | 464,428 | 431,429 |
| Operating Profit | 638,919 | 286,912 | 487,211 | 309,033 |
| Interest Expense | (49,322) | (28,878) | (28,799) | (28,847) |
| Total Non-Operating Income | (49,322) | (28,878) | (28,799) | (28,847) |
| Income Before Provision for Income Taxes | 589,597 | 258,034 | 458,412 | 280,186 |
| Provision for Income Taxes | 123,186 | 51,022 | 93,174 | 55,300 |
| Consolidated Net Income | 466,411 | 207,012 | 365,238 | 224,886 |
| Net Income Attributable to Common Shareholders | 457,211 | 197,812 | 356,038 | 215,686 |
| Basic EPS | 7.54 | 3.25 | 5.87 | 3.57 |
| Diluted EPS | 7.49 | 3.23 | 5.84 | 3.54 |
| Basic Weighted Average Shares Outstanding | 60,621 | 60,869 | 60,631 | 60,407 |
| Diluted Weighted Average Shares Outstanding | 61,058 | 61,274 | 60,969 | 60,875 |
| Shares Outstanding | 60,076 | 60,848 | 60,636 | 60,339 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Debt Securities | 10,060,637 | 8,620,191 | 7,921,431 | 6,972,799 |
| Equity and Preferred Securities | 384,416 | 213,601 | 187,155 | 162,000 |
| Other Investments | 1,159,224 | 1,051,279 | 796,260 | 883,016 |
| Total Investments | 11,302,440 | 9,651,297 | 8,693,729 | 7,837,469 |
| Cash and Cash Equivalents | 17,958 | 63,024 | 13,272 | 25,209 |
| Reinsurance Contract Assets | 2,099,322 | 2,339,268 | 1,516,970 | 1,737,991 |
| Deferred Acquisition Costs | 492,270 | 479,304 | 424,864 | 368,624 |
| Other Receivables | 3,159,805 | 3,030,904 | 2,692,497 | 2,230,541 |
| Net Property, Plant & Equipment | 106,390 | 93,303 | 83,272 | 84,306 |
| Goodwill | 7,849 | 7,849 | 7,849 | 7,849 |
| Other Assets | 419,072 | 378,191 | 339,997 | 378,769 |
| Total Assets | 15,155,710 | 13,514,189 | 11,802,546 | 10,802,261 |
| Unearned Premiums | 2,745,521 | 2,616,268 | 2,330,656 | 1,992,781 |
| Claims Reserves | 7,225,398 | 6,589,801 | 5,336,911 | 5,144,821 |
| Accrued Expenses | 140,786 | 121,662 | 122,003 | 115,185 |
| Total Debt | 901,873 | 507,938 | 503,946 | 504,676 |
| Other Liabilities | 533,157 | 558,444 | 554,649 | 517,234 |
| Total Liabilities | 11,546,735 | 10,394,113 | 8,848,165 | 8,274,697 |
| Preferred Stock | 200,000 | 200,000 | 200,000 | 200,000 |
| Common Stock | 212,013 | 211,219 | 210,447 | 209,694 |
| Treasury Stock | (743,424) | (650,829) | (635,209) | (627,279) |
| Additional Paid-in Capital | 591,272 | 557,042 | 522,748 | 493,488 |
| Accumulated Other Comprehensive Income | (151,660) | (336,845) | (373,001) | (498,042) |
| Retained Earnings | 3,500,774 | 3,139,489 | 3,029,396 | 2,749,703 |
| Total Common Shareholders' Equity | 3,608,975 | 3,120,076 | 2,954,381 | 2,527,564 |
| Total Shareholders' Equity | 3,608,975 | 3,120,076 | 2,954,381 | 2,527,564 |
| Total Liabilities and Shareholders' Equity | 15,155,710 | 13,514,189 | 11,802,546 | 10,802,261 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 466,411 | 207,012 | 365,238 | 224,886 |
| Depreciation & Amortization | 32,669 | 34,800 | 30,040 | 42,336 |
| Share-Based Compensation Expense | 23,104 | 22,763 | 18,346 | 18,428 |
| Other Adjustments | (4,564) | 2,255 | 2,515 | 145,218 |
| Changes in Receivables | (66,095) | (154,727) | (227,392) | (140,500) |
| Changes in Deferred Acquisition Costs | (12,966) | (54,440) | (56,240) | (41,709) |
| Changes in Accrued Expenses | 18,830 | 588 | 6,430 | (3,092) |
| Changes in Unearned Premiums | 98,299 | 253,554 | 306,926 | 200,210 |
| Changes in Claims Reserves | 781,247 | 848,570 | 318,075 | 381,176 |
| Changes in Income Taxes Payable | (16,110) | (2,707) | 9,082 | (25,932) |
| Changes in Other Operating Activities | (87,804) | (57,780) | (14,112) | 1,388 |
| Cash from Operating Activities | 1,233,021 | 1,099,888 | 758,908 | 802,409 |
| Capital Expenditure | (38,742) | (30,810) | (22,631) | (26,019) |
| Purchases of Investments | (16,979,039) | (12,496,533) | (7,082,646) | (7,326,256) |
| Proceeds from Sale of Investments | 15,532,216 | 11,579,962 | 6,418,922 | 6,617,828 |
| Cash from Investing Activities | (1,485,565) | (947,381) | (686,355) | (734,447) |
| Issuance of Long-Term Debt | 395,957 | — | 20,000 | 60,000 |
| Repayments of Long-Term Debt | (100) | — | (20,000) | (60,000) |
| Net Issuance / (Repayments) of Long-Term Debt | 395,857 | — | 0 | 0 |
| Issuance of Common Shares | 9,015 | 9,630 | 9,133 | 9,086 |
| Repurchases of Common Shares | (92,595) | (15,620) | (7,930) | (18,344) |
| Net Issuance / (Repurchases) of Common Shares | (83,580) | (5,990) | 1,203 | (9,258) |
| Common Share Dividends Paid | (92,884) | (84,936) | (73,827) | (66,920) |
| Preferred Share Dividends Paid | (9,200) | (9,200) | (9,200) | (9,200) |
| Other Financing Activities | (2,715) | (2,629) | (2,666) | (2,438) |
| Cash from Financing Activities | 207,478 | (102,755) | (84,490) | (87,816) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (45,066) | 49,752 | (11,937) | (19,854) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $5.03B |
| P/E | 11.17x |
| P/S | 1.05x |
| Return on Equity | 13.9% |
| Return on Invested Capital | 3.6% |
| Dividend Yield | 1.8% |
| Free Cash Flow Margin | 22.4% |
Margins
Gross margin
—
Operating margin
12.0%
Net margin
8.6%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $1.39B | +4.5% | 12.7% | $176M |
| Q1 2026 | $1.36B | +5.7% | 10.1% | $137M |
| Q4 2025 | $1.36B | +8.6% | 15.3% | $209M |
| Q3 2025 | $1.36B | +9.3% | 11.7% | $159M |
| Q2 2025 | $1.33B | — | 9.2% | $122M |
| Q1 2025 | $1.29B | — | 11.6% | $148M |
| Q4 2024 | $1.26B | — | 10.1% | $126M |
| Q3 2024 | $1.24B | — | 9.9% | $124M |
More on Selective Insurance Group, Inc.
Figures compiled from public company filings.
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