XML 62 R32.htm IDEA: XBRL DOCUMENT v3.25.0.1
Schedule II - Parent Corporation Financial Statements
 12 Months Ended
Dec. 31, 2024
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)20242023
Assets:  
Fixed income securities, available-for-sale – at fair value
   (allowance for credit losses: $380 – 2024; $426 – 2023; amortized cost: $288,852 – 2024; $443,261 – 2023
$268,486 421,089 
Equity securities53,248 50,920 
Short-term investments62,223 17,671 
Alternative investments18,443 18,134 
Cash91 180 
Investment in subsidiaries3,191,905 2,958,746 
Current federal income tax8,675 9,006 
Deferred federal income tax11,689 11,128 
Other assets7,998 10,101 
   Total assets$3,622,758 3,496,975 
    
Liabilities:  
Long-term debt$441,656 441,310 
Intercompany notes payable47,571 81,465 
Accrued long-term stock compensation9,374 10,522 
Other liabilities4,081 9,297 
   Total liabilities$502,682 542,594 
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 – 2024 and 2023
$200,000 200,000 
Common stock of $2 par value per share:
  
Authorized shares: 360,000,000
Issued: 105,609,364 – 2024; 105,223,307 – 2023
211,219 210,447 
Additional paid-in capital557,042 522,748 
Retained earnings3,139,489 3,029,396 
Accumulated other comprehensive income (loss)
(336,845)(373,001)
Treasury stock – at cost (shares: 44,761,468 – 2024; 44,586,870 – 2023)
(650,829)(635,209)
   Total stockholders’ equity3,120,076 2,954,381 
   Total liabilities and stockholders’ equity$3,622,758 3,496,975 

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)202420232022
Revenues:   
Dividends from subsidiaries$43,779 80,005 120,007 
Net investment income earned21,042 20,167 18,622 
Net realized and unrealized investment gains (losses)
596 996 (17,855)
   Total revenues65,417 101,168 120,774 
Expenses:   
Interest expense30,213 29,824 28,897 
Other expenses34,602 30,686 31,116 
   Total expenses64,815 60,510 60,013 
   Income before federal income tax602 40,658 60,761 
Federal income tax (benefit) expense:   
Current(7,466)(9,618)(9,381)
Deferred(851)1,650 (2,189)
   Total federal income tax benefit(8,317)(7,968)(11,570)
Net income before equity in undistributed income of subsidiaries8,919 48,626 72,331 
Equity in undistributed income of subsidiaries, net of tax198,093 316,612 152,555 
Net income$207,012 365,238 224,886 
Preferred stock dividends9,200 9,200 9,200 
Net income available to common stockholders$197,812 356,038 215,686 

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)202420232022
Operating Activities:   
Net income$207,012 365,238 224,886 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:   
Equity in undistributed income of subsidiaries, net of tax(198,093)(316,612)(152,555)
Stock-based compensation expense22,763 18,346 18,428 
Net realized and unrealized investment (gains) losses
(596)(996)17,855 
Undistributed (gains) losses of equity method investments
2,709 (279)(2,240)
Disbursements in excess of current year income of equity method investments
— 766 — 
Amortization – other(28)(1,020)(154)
Changes in assets and liabilities:   
Increase (decrease) in accrued long-term stock compensation(1,148)(579)136 
(Increase) decrease in net federal income taxes(520)1,538 (3,875)
(Increase) decrease in other assets
2,064 963 (1,961)
Increase (decrease) in other liabilities
(4,976)1,375 (2,813)
Net cash provided by (used in) operating activities
29,187 68,740 97,707 
Investing Activities:   
Purchases of fixed income securities, available-for-sale(15,925)(72,328)(208,512)
Purchases of equity securities(2,153)(743)(1,647)
Purchases of short-term investments(516,183)(233,129)(362,213)
Purchases of alternative investments(3,018)(53,262)(4,149)
Redemption and maturities of fixed income securities, available-for-sale31,826 29,619 35,527 
Sales of fixed income securities, available-for-sale138,546 20,314 66,725 
Sales of equity securities— 48,960 77,971 
Sales of short-term investments471,650 248,588 385,254 
Proceeds from alternative investments— 20 — 
Net cash provided by (used in) investing activities
104,743 (11,961)(11,044)
Financing Activities:   
Dividends to preferred stockholders(9,200)(9,200)(9,200)
Dividends to common stockholders(84,936)(73,827)(66,920)
Acquisition of treasury stock(15,620)(7,930)(18,344)
Net proceeds from stock purchase and compensation plans9,630 9,133 9,086 
Proceeds from borrowings from subsidiaries
— 27,000 — 
Principal payment on borrowings from subsidiaries(33,893)(1,801)(1,714)
Net cash provided by (used in) financing activities
(134,019)(56,625)(87,092)
Net increase (decrease) in cash
(89)154 (429)
Cash, beginning of year180 26 455 
Cash, end of year$91 180 26 

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.