Selective Insurance Group Q3 2024 10-Q Filing
Ticker: SIGIP · Form: 10-Q · Filed: Oct 25, 2024 · CIK: 230557
Sentiment: neutral
Topics: 10-Q, financials, insurance
Related Tickers: SIGI
TL;DR
**SIGI Q3 2024 10-Q FILED: Financials and operations update for investors.**
AI Summary
Selective Insurance Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented.
Why It Matters
This filing provides crucial financial and operational insights into Selective Insurance Group's performance for the third quarter of 2024, impacting investor decisions and market perception.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.
Key Players & Entities
- SELECTIVE INSURANCE GROUP INC (company) — Filer of the 10-Q
- 20240930 (date) — End of reporting period
- 20241025 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the period ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on October 25, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0000230557.
What is the Standard Industrial Classification (SIC) code for Selective Insurance Group Inc.?
The Standard Industrial Classification (SIC) code for Selective Insurance Group Inc. is 6331, which corresponds to FIRE, MARINE & CASUALTY INSURANCE.
What is the fiscal year end for Selective Insurance Group Inc.?
The fiscal year end for Selective Insurance Group Inc. is December 31.
Filing Stats: 4,564 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-10-25 11:38:07
Key Financial Figures
- $2 — ich registered Common Stock, par value $2 per share SIGI The Nasdaq Stock Market
- $2.00 — 4,017 shares of common stock, par value $2.00 per share, outstanding. Table of Cont
Filing Documents
- sigi-20240930.htm (10-Q) — 3340KB
- sigi-ex311_9302024xq3.htm (EX-31.1) — 11KB
- sigi-ex312_9302024xq3.htm (EX-31.2) — 11KB
- sigi-ex321_9302024xq3.htm (EX-32.1) — 5KB
- sigi-ex322_9302024xq3.htm (EX-32.2) — 5KB
- sigi-20240930_g1.jpg (GRAPHIC) — 1063KB
- 0000230557-24-000026.txt ( ) — 16420KB
- sigi-20240930.xsd (EX-101.SCH) — 60KB
- sigi-20240930_cal.xml (EX-101.CAL) — 143KB
- sigi-20240930_def.xml (EX-101.DEF) — 314KB
- sigi-20240930_lab.xml (EX-101.LAB) — 835KB
- sigi-20240930_pre.xml (EX-101.PRE) — 603KB
- sigi-20240930_htm.xml (XML) — 3376KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 1 Item 1.
Financial Statements
Financial Statements 1 Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Unaudited Consolidated Statements of Income for the Quarter and Nine Months Ended September 30, 2024 and 2023 2 Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Quarter and Nine Months Ended September 30, 2024 and 2023 3 Unaudited Consolidated Statements of Stockholders' Equity for the Quarter and Nine Months Ended September 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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 23
Forward-Looking Statements
Forward-Looking Statements 23 Introduction 23 Critical Accounting Policies and Estimates 24 Financial Highlights of Results for Third Quarter and Nine Months 2024 and 2023 25 Results of Operations and Related Information by Segment 28 Federal Income Taxes 41 Liquidity and Capital Resources 41 Ratings 44 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.
Controls and Procedures
Controls and Procedures 45
OTHER INFORMATION
PART II. OTHER INFORMATION 45 Item 1.
Legal Proceedings
Legal Proceedings 45 Item 1A.
Risk Factors
Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 46
Signatures
Signatures 47 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) September 30, 2024 December 31, 2023 ASSETS Investments: Fixed income securities, held-to-maturity – at carrying value (fair value: $ 21,440 – 2024; $ 21,923 – 2023) $ 21,958 22,700 Less: allowance for credit losses — — Fixed income securities, held-to-maturity, net of allowance for credit losses 21,958 22,700 Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $ 28,504 – 2024 and $ 28,212 – 2023; amortized cost: $ 8,269,338 – 2024 and $ 7,880,697 – 2023) 8,088,601 7,499,197 Commercial mortgage loans – at carrying value (fair value: $ 218,599 – 2024 and $ 178,913 – 2023) 223,718 188,708 Less: allowance for credit losses ( 150 ) ( 291 ) Commercial mortgage loans, net of allowance for credit losses 223,568 188,417 Equity securities – at fair value (cost: $ 198,548 – 2024; $ 183,076 – 2023) 205,634 187,155 Short-term investments 561,032 309,317 Alternative investments 431,999 395,779 Other investments 102,496 91,164 Total investments (Note 4 and 5) $ 9,635,288 8,693,729 Cash 98 180 Restricted cash 12,566 13,092 Accrued investment income 73,842 66,339 Premiums receivable 1,552,740 1,331,979 Less: allowance for credit losses (Note 6) ( 20,800 ) ( 18,900 ) Premiums receivable, net of allowance for credit losses 1,531,940 1,313,079 Reinsurance recoverable 1,059,251 658,525 Less: allowance for credit losses (Note 7) ( 2,000 ) ( 1,700 ) Reinsurance recoverable, net of allowance for credit losses 1,057,251 656,825 Prepaid reinsurance premiums 230,705 203,320 Current federal income tax 13,036 — Deferred federal income tax 100,716 140,237 Property and equipment – at cost, net of accumulated depreciation and amortization of: $ 285,067 – 2024; $ 271,409 – 2023 92,195 83,272 Deferred policy acquisition costs 488,521 424,864 Goodwill 7,849 7,849 Other assets 229,130 19