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Schedule II - Parent Corporation Finanical Statements
 12 Months Ended
Dec. 31, 2022
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)20222021
Assets:  
Fixed income securities, available-for-sale – at fair value
   (allowance for credit losses: $1,194 – 2022; $542 – 2021; amortized cost: $418,588 – 2022; $317,703 – 2021
$387,535 325,014 
Equity securities48,095 136,362 
Short-term investments33,008 56,042 
Alternative investments15,631 9,241 
Cash26 455 
Investment in subsidiaries2,524,448 2,954,725 
Current federal income tax8,894 7,208 
Deferred federal income tax14,733 4,487 
Other assets11,104 9,178 
   Total assets$3,043,474 3,502,712 
    
Liabilities:  
Long-term debt$440,958 440,600 
Intercompany notes payable56,266 57,980 
Accrued long-term stock compensation11,101 10,965 
Other liabilities7,585 10,282 
   Total liabilities$515,910 519,827 
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 – 2022 and 2021
$200,000 200,000 
Common stock of $2 par value per share:
  
Authorized shares:  360,000,000
Issued: 104,847,111 – 2022; 104,450,916 – 2021
209,694 208,902 
Additional paid-in capital493,488 464,347 
Retained earnings2,749,703 2,603,472 
Accumulated other comprehensive (loss) income(498,042)115,099 
Treasury stock – at cost (shares: 44,508,211 – 2022; 44,266,534 – 2021)
(627,279)(608,935)
   Total stockholders’ equity2,527,564 2,982,885 
   Total liabilities and stockholders’ equity$3,043,474 3,502,712 

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)202220212020
Revenues:   
Dividends from subsidiaries$120,007 140,018 104,992 
Net investment income earned18,622 15,454 7,579 
Net realized and unrealized investment (losses) gains(17,855)1,898 1,756 
   Total revenues120,774 157,370 114,327 
Expenses:   
Interest expense28,897 28,988 29,220 
Other expenses31,116 28,305 25,412 
   Total expenses60,013 57,293 54,632 
   Income before federal income tax60,761 100,077 59,695 
Federal income tax (benefit) expense:   
Current(9,381)(6,552)(10,987)
Deferred(2,189)12 473 
   Total federal income tax benefit(11,570)(6,540)(10,514)
Net income before equity in undistributed income of subsidiaries72,331 106,617 70,209 
Equity in undistributed income of subsidiaries, net of tax152,555 297,220 176,146 
Net income$224,886 403,837 246,355 
Preferred stock dividends9,200 9,353 — 
Net income available to common stockholders$215,686 394,484 246,355 

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)202220212020
Operating Activities:   
Net income$224,886 403,837 246,355 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:   
Equity in undistributed income of subsidiaries, net of tax(152,555)(297,220)(176,146)
Stock-based compensation expense18,428 15,893 16,227 
Net realized and unrealized investment losses (gains)17,855 (1,898)(1,756)
Undistributed (income) losses of equity method investments(2,240)(1,859)672 
Amortization – other(154)1,076 1,080 
Changes in assets and liabilities:   
Increase (decrease) in accrued long-term stock compensation136 2,727 (366)
(Increase) decrease in net federal income taxes(3,875)3,843 5,549 
Increase in other assets(1,961)(7,251)(317)
Decrease in other liabilities(2,813)(1,742)(390)
Net cash provided by operating activities97,707 117,406 90,908 
Investing Activities:   
Purchases of fixed income securities, available-for-sale(208,512)(113,829)(89,726)
Purchases of equity securities(1,647)(5,676)(157,411)
Purchases of short-term investments(362,213)(330,843)(523,961)
Purchases of alternative investments(4,149)(4,949)(4,065)
Redemption and maturities of fixed income securities, available-for-sale35,527 51,524 26,877 
Sales of fixed income securities, available-for-sale66,725 15,713 23,276 
Sales of equity securities77,971 31,204 — 
Sales of short-term investments385,254 311,225 523,813 
Proceeds from alternative investments— 959 — 
Capital contribution to subsidiaries— — (30,000)
Net cash used in investing activities(11,044)(44,672)(231,197)
Financing Activities:   
Dividends to preferred stockholders(9,200)(9,353)— 
Dividends to common stockholders(66,920)(60,136)(54,486)
Acquisition of treasury stock(18,344)(9,050)(7,053)
Proceeds from borrowings— — 50,000 
Repayment of borrowings— — (50,000)
Net proceeds from stock purchase and compensation plans9,086 7,976 8,411 
Preferred stock issued, net of issuance costs— (479)195,063 
Principal payment on borrowings from subsidiaries(1,714)(1,631)(1,552)
Net cash (used in) provided by financing activities(87,092)(72,673)140,383 
Net (decrease) increase in cash(429)61 94 
Cash, beginning of year455 394 300 
Cash, end of year$26 455 394 

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.