Selective Insurance Group, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Selective Insurance Group, Inc. has filed its Q1 2024 10-Q report detailing financial positions and investment holdings.</b>

AI Summary

SELECTIVE INSURANCE GROUP INC (SIGIP) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Selective Insurance Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial statement components like common stock, preferred stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed. Treasury stock activity for common shares is also reported. The filing includes breakdowns of various investment securities as of March 31, 2024, such as U.S. Treasury and government, foreign government debt, U.S. states and political subdivisions, corporate debt, asset-backed securities, residential mortgage-backed securities, and commercial mortgage-backed securities.

Why It Matters

For investors and stakeholders tracking SELECTIVE INSURANCE GROUP INC, this filing contains several important signals. This 10-Q filing provides stakeholders with the latest financial performance and position of Selective Insurance Group, Inc. for the first quarter of 2024. The detailed breakdown of investment securities offers insight into the company's asset allocation and risk exposure in its portfolio.

Risk Assessment

Risk Level: low — SELECTIVE INSURANCE GROUP INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for trends in investment performance and changes in the company's capital structure.

Key Numbers

• 2024-03-31 — Period End Date (Reporting period for the 10-Q)
• 2024-01-01 — Period Start Date (Reporting period for the 10-Q)
• 2023-03-31 — Prior Year Period End Date (Comparative period in the filing)
• 2023-01-01 — Prior Year Period Start Date (Comparative period in the filing)

Key Players & Entities

• SELECTIVE INSURANCE GROUP INC (company) — Filer name
• SIGI (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-02 (date) — Filing date
• NJ (location) — State of incorporation and business address
• 40 WANTAGE AVENUE (address) — Business address

FAQ

Industry Context

Selective Insurance Group, Inc. operates in the Fire, Marine & Casualty Insurance industry, a sector characterized by risk management and underwriting.

Regulatory Implications

As a publicly traded insurance company, Selective Insurance Group, Inc. is subject to regulations by the SEC and state insurance authorities.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze the breakdown of investment securities for asset allocation and potential risks.
3. Compare Q1 2024 results with prior periods to identify performance trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a standard 10-Q for the first quarter of 2024, providing updated financial information compared to previous filings.

Key Financial Figures

• $2 — ich registered Common Stock, par value $2 per share SIGI The Nasdaq Stock Market
• $2.00 — 2,024 shares of common stock, par value $2.00 per share, outstanding. Table of Cont

Filing Documents

• sigi-20240331.htm (10-Q) — 2559KB
• sigi-ex101_3312024xq1.htm (EX-10.1) — 45KB
• sigi-ex102_3312024xq1.htm (EX-10.2) — 46KB
• sigi-ex103_3312024xq1.htm (EX-10.3) — 39KB
• sigi-ex311_3312024xq1.htm (EX-31.1) — 11KB
• sigi-ex312_3312024xq1.htm (EX-31.2) — 11KB
• sigi-ex321_3312024xq1.htm (EX-32.1) — 5KB
• sigi-ex322_3312024xq1.htm (EX-32.2) — 5KB
• sigi-20240331_g1.jpg (GRAPHIC) — 1063KB
• 0000230557-24-000012.txt (&nbsp;) — 14205KB
• sigi-20240331.xsd (EX-101.SCH) — 55KB
• sigi-20240331_cal.xml (EX-101.CAL) — 139KB
• sigi-20240331_def.xml (EX-101.DEF) — 287KB
• sigi-20240331_lab.xml (EX-101.LAB) — 777KB
• sigi-20240331_pre.xml (EX-101.PRE) — 561KB
• sigi-20240331_htm.xml (XML) — 2740KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Unaudited Consolidated Statements of Income for the Quarter Ended March 31, 2024 and 2023 2 Unaudited Consolidated Statements of Comprehensive Income for the Quarter Ended March 31, 2024 and 2023 3 Unaudited Consolidated Statements of Stockholders' Equity for the Quarter Ended March 31, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Quarter Ended March 31, 2024 and 2023 5 Notes to Unaudited Interim Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Forward-Looking Statements

Forward-Looking Statements 21 Introduction 21 Critical Accounting Policies and Estimates 22 Financial Highlights of Results for First Quarter 2024 and 2023 22 Results of Operations and Related Information by Segment 25 Federal Income Taxes 34 Liquidity and Capital Resources 34 Ratings 38 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38

OTHER INFORMATION

PART II. OTHER INFORMATION 38 Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40

Signatures

Signatures 41 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. SELECTIVE INSURANCE GROUP, INC. CONSOLIDATED BALANCE SHEETS Unaudited ($ in thousands, except share amounts) March 31, 2024 December 31, 2023 ASSETS Investments: Fixed income securities, held-to-maturity – at carrying value (fair value: $ 19,183 – 2024; $ 21,923 – 2023) $ 20,295 22,700 Less: allowance for credit losses — — Fixed income securities, held-to-maturity, net of allowance for credit losses 20,295 22,700 Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $ 30,381 – 2024 and $ 28,212 – 2023; amortized cost: $ 7,983,271 – 2024 and $ 7,880,697 – 2023) 7,583,504 7,499,197 Commercial mortgage loans – at carrying value (fair value: $ 197,807 – 2024 and $ 178,913 – 2023) 208,152 188,708 Less: allowance for credit losses ( 122 ) ( 291 ) Commercial mortgage loans, net of allowance for credit losses 208,030 188,417 Equity securities – at fair value (cost: $ 189,549 – 2024; $ 183,076 – 2023) 194,320 187,155 Short-term investments 247,883 309,317 Alternative investments 402,689 395,779 Other investments 88,960 91,164 Total investments (Note 4 and 5) $ 8,745,681 8,693,729 Cash 124 180 Restricted cash 11,720 13,092 Accrued investment income 68,034 66,339 Premiums receivable 1,459,112 1,331,979 Less: allowance for credit losses (Note 6) ( 20,000 ) ( 18,900 ) Premiums receivable, net of allowance for credit losses 1,439,112 1,313,079 Reinsurance recoverable 653,085 658,525 Less: allowance for credit losses (Note 7) ( 1,700 ) ( 1,700 ) Reinsurance recoverable, net of allowance for credit losses 651,385 656,825 Prepaid reinsurance premiums 207,979 203,320 Deferred federal income tax 144,719 140,237 Property and equipment – at cost, net of accumulated depreciation and amortization of: $ 277,945 – 2024; $ 271,409 – 2023 82,703 83,272 Deferred policy acquisition costs 448,340 424,864 Goodwill 7,849 7,849 Other assets 248,469 199,760 Total assets $ 12,056,115 11,802,546

View Full Filing

View this 10-Q filing on SEC EDGAR