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Schedule II - Parent Corporation Finanical Statements

12 Months Ended

Dec. 31, 2023

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)						2023						2022
Assets:
Fixed income securities, available-for-sale – at fair value    (allowance for credit losses: $426 – 2023; $1,194 – 2022; amortized cost: $443,261 – 2023; $418,588 – 2022						$	421,089					387,535
Equity securities						50,920						48,095
Short-term investments						17,671						33,008
Alternative investments						18,134						15,631
Cash						180						26
Investment in subsidiaries						2,958,746						2,524,448
Current federal income tax						9,006						8,894
Deferred federal income tax						11,128						14,733
Other assets						10,101						11,104
Total assets						$	3,496,975					3,043,474
Liabilities:
Long-term debt						$	441,310					440,958
Intercompany notes payable						81,465						56,266
Accrued long-term stock compensation						10,522						11,101
Other liabilities						9,297						7,585
Total liabilities						$	542,594					515,910
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 – 2023 and 2022						$	200,000					200,000
Common stock of $2 par value per share:
Authorized shares: 360,000,000
Issued: 105,223,307 – 2023; 104,847,111 – 2022						210,447						209,694
Additional paid-in capital						522,748						493,488
Retained earnings						3,029,396						2,749,703
Accumulated other comprehensive income (loss)						(373,001)						(498,042)
Treasury stock – at cost (shares: 44,586,870 – 2023; 44,508,211 – 2022)						(635,209)						(627,279)
Total stockholders’ equity						2,954,381						2,527,564
Total liabilities and stockholders’ equity						$	3,496,975					3,043,474

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)						2023						2022						2021
Revenues:
Dividends from subsidiaries						$	80,005					120,007						140,018
Net investment income earned						20,167						18,622						15,454
Net realized and unrealized investment gains (losses)						996						(17,855)						1,898
Total revenues						101,168						120,774						157,370
Expenses:
Interest expense						29,824						28,897						28,988
Other expenses						30,686						31,116						28,305
Total expenses						60,510						60,013						57,293
Income before federal income tax						40,658						60,761						100,077
Federal income tax (benefit) expense:
Current						(9,618)						(9,381)						(6,552)
Deferred						1,650						(2,189)						12
Total federal income tax benefit						(7,968)						(11,570)						(6,540)
Net income before equity in undistributed income of subsidiaries						48,626						72,331						106,617
Equity in undistributed income of subsidiaries, net of tax						316,612						152,555						297,220
Net income						$	365,238					224,886						403,837
Preferred stock dividends						9,200						9,200						9,353
Net income available to common stockholders						$	356,038					215,686						394,484

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)						2023						2022						2021
Operating Activities:
Net income						$	365,238					224,886						403,837
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed income of subsidiaries, net of tax						(316,612)						(152,555)						(297,220)
Stock-based compensation expense						18,346						18,428						15,893
Net realized and unrealized investment (gains) losses						(996)						17,855						(1,898)
Undistributed gains of equity method investments						(279)						(2,240)						(1,859)
Disbursements in excess of current year income of equity method investments						766						—						—
Amortization – other						(1,020)						(154)						1,076
Changes in assets and liabilities:
Increase (decrease) in accrued long-term stock compensation						(579)						136						2,727
(Increase) decrease in net federal income taxes						1,538						(3,875)						3,843
(Increase) decrease in other assets						963						(1,961)						(7,251)
Increase (decrease) in other liabilities						1,375						(2,813)						(1,742)
Net cash provided by (used in) operating activities						68,740						97,707						117,406
Investing Activities:
Purchases of fixed income securities, available-for-sale						(72,328)						(208,512)						(113,829)
Purchases of equity securities						(743)						(1,647)						(5,676)
Purchases of short-term investments						(233,129)						(362,213)						(330,843)
Purchases of alternative investments						(53,262)						(4,149)						(4,949)
Redemption and maturities of fixed income securities, available-for-sale						29,619						35,527						51,524
Sales of fixed income securities, available-for-sale						20,314						66,725						15,713
Sales of equity securities						48,960						77,971						31,204
Sales of short-term investments						248,588						385,254						311,225
Proceeds from alternative investments						20						—						959
Net cash provided by (used in) investing activities						(11,961)						(11,044)						(44,672)
Financing Activities:
Dividends to preferred stockholders						(9,200)						(9,200)						(9,353)
Dividends to common stockholders						(73,827)						(66,920)						(60,136)
Acquisition of treasury stock						(7,930)						(18,344)						(9,050)
Net proceeds from stock purchase and compensation plans						9,133						9,086						7,976
Preferred stock issued, net of issuance costs						—						—						(479)
Proceeds from borrowings from subsidiaries						27,000						—						—
Principal payment on borrowings from subsidiaries						(1,801)						(1,714)						(1,631)
Net cash provided by (used in) financing activities						(56,625)						(87,092)						(72,673)
Net increase (decrease) in cash						154						(429)						61
Cash, beginning of year						26						455						394
Cash, end of year						$	180					26						455

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.

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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