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Schedule II - Parent Corporation Finanical Statements
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Schedule II- Parent Corporation Financial Statements
SCHEDULE II
 
SELECTIVE INSURANCE GROUP, INC.
(Parent Corporation)
Balance Sheets
 December 31,
($ in thousands, except share amounts)20212020
Assets:  
Fixed income securities, available-for-sale - at fair value
   (allowance for credit losses: $542 – 2021; $22 – 2020; amortized cost: $317,703 – 2021; $272,256 – 2020
$325,014 290,428 
Equity securities136,362 159,524 
Short-term investments56,042 36,425 
Other investments9,241 3,392 
Cash455 394 
Investment in subsidiaries2,954,725 2,754,012 
Current federal income tax7,208 11,040 
Deferred federal income tax4,487 2,218 
Other assets9,178 1,959 
   Total assets$3,502,712 3,259,392 
    
Liabilities:  
Long-term debt$440,600 440,235 
Intercompany notes payable57,980 59,611 
Accrued long-term stock compensation10,965 8,238 
Other liabilities10,282 12,419 
   Total liabilities$519,827 520,503 
Stockholders’ Equity:  
Preferred stock of $0 par value per share:
  
   Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2021 and 2020
$200,000 200,000 
Common stock of $2 par value per share:
  
Authorized shares:  360,000,000
Issued: 104,450,916 – 2021; 104,032,912 – 2020
208,902 208,066 
Additional paid-in capital464,347 438,985 
Retained earnings2,603,472 2,271,537 
Accumulated other comprehensive income115,099 220,186 
Treasury stock – at cost (shares: 44,266,534 – 2021; 44,127,109 – 2020)
(608,935)(599,885)
   Total stockholders’ equity2,982,885 2,738,889 
   Total liabilities and stockholders’ equity$3,502,712 3,259,392 
 
See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K.
SCHEDULE II (continued)
 
SELECTIVE INSURANCE GROUP, INC.
(Parent Corporation)
Statements of Income
 
 Year ended December 31,
($ in thousands)202120202019
Revenues:   
Dividends from subsidiaries$140,018 104,992 110,004 
Net investment income earned15,454 7,579 7,301 
Net realized and unrealized investment gains1,898 1,756 207 
   Total revenues157,370 114,327 117,512 
Expenses:   
Interest expense28,988 29,220 33,426 
Other expenses28,305 25,412 30,900 
   Total expenses57,293 54,632 64,326 
   Income before federal income tax100,077 59,695 53,186 
Federal income tax (benefit) expense:   
Current(6,552)(10,987)(16,080)
Deferred12 473 3,606 
   Total federal income tax benefit(6,540)(10,514)(12,474)
Net income before equity in undistributed income of subsidiaries106,617 70,209 65,660 
Equity in undistributed income of subsidiaries, net of tax297,220 176,146 205,963 
Net income$403,837 246,355 271,623 
Preferred stock dividends9,353 — — 
Net income available to common stockholders$394,484 246,355 271,623 
 
See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K.

 
SCHEDULE II (continued)

SELECTIVE INSURANCE GROUP, INC.
(Parent Corporation)
Statements of Cash Flows
 Year ended December 31,
($ in thousands)202120202019
Operating Activities:   
Net income$403,837 246,355 271,623 
Adjustments to reconcile net income to net cash provided by operating activities:   
Equity in undistributed income of subsidiaries, net of tax(297,220)(176,146)(205,963)
Stock-based compensation expense15,893 16,227 19,077 
Net realized and unrealized investment gains(1,898)(1,756)(207)
Undistributed (income) losses of equity method investments(1,859)672 — 
Amortization – other1,076 1,080 4,614 
Changes in assets and liabilities:   
Increase (decrease) in accrued long-term stock compensation2,727 (366)(12,970)
Decrease in net federal income taxes3,843 5,549 1,651 
Increase in other assets(7,251)(317)(533)
(Decrease) increase in other liabilities(1,742)(390)3,919 
Net cash provided by operating activities117,406 90,908 81,211 
Investing Activities:   
Purchase of fixed income securities, available-for-sale(113,829)(89,726)(153,482)
Purchase of equity securities(5,676)(157,411)(10,824)
Purchase of short-term investments(330,843)(523,961)(1,116,766)
Purchase of other investments(4,949)(4,065)— 
Redemption and maturities of fixed income securities, available-for-sale51,524 26,877 10,579 
Sale of fixed income securities, available-for-sale15,713 23,276 20,189 
Sale of equity securities31,204 — 10,828 
Sale of short-term investments311,225 523,813 1,116,253 
Proceeds from other investments959 — — 
Capital contribution to subsidiaries— (30,000)— 
Net cash used in investing activities(44,672)(231,197)(123,223)
Financing Activities:   
Dividends to preferred stockholders(9,353)— — 
Dividends to common stockholders(60,136)(54,486)(47,675)
Acquisition of treasury stock(9,050)(7,053)(8,164)
Proceeds from borrowings— 50,000 290,757 
Repayment of borrowings— (50,000)(185,000)
Net proceeds from stock purchase and compensation plans7,976 8,411 8,243 
Preferred stock issued, net of issuance costs(479)195,063 — 
Principal payment on borrowings from subsidiaries(1,631)(1,552)(16,354)
Net cash (used in) provided by financing activities(72,673)140,383 41,807 
Net increase (decrease) in cash61 94 (205)
Cash, beginning of year394 300 505 
Cash, end of year$455 394 300 

See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K.