Selective Insurance Group Files 2024 10-K
Ticker: SIGIP · Form: 10-K · Filed: Feb 10, 2025 · CIK: 230557
Sentiment: neutral
Topics: 10-K, annual-report, insurance
TL;DR
SIGI filed its 2024 10-K. All looks good.
AI Summary
Selective Insurance Group, Inc. filed its 2024 10-K on February 10, 2025, reporting on its fiscal year ending December 31, 2024. The company, incorporated in New Jersey, operates in the fire, marine, and casualty insurance sector. Key financial data and operational details for the fiscal year 2024 are presented in this filing.
Why It Matters
This filing provides investors and analysts with a comprehensive overview of Selective Insurance Group's financial performance and strategic positioning for the fiscal year 2024, crucial for understanding its market standing and future prospects.
Risk Assessment
Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.
Key Numbers
- 2024 — Fiscal Year (Reporting period for the 10-K)
- 2023 — Prior Fiscal Year (For comparative financial analysis)
- 2022 — Prior Fiscal Year (For comparative financial analysis)
Key Players & Entities
- SELECTIVE INSURANCE GROUP INC (company) — Filer
- 0000230557 (company) — Central Index Key
- 20241231 (date) — Fiscal Year End
- 20250210 (date) — Filing Date
- NJ (location) — State of Incorporation
FAQ
What is the primary business of Selective Insurance Group, Inc.?
Selective Insurance Group, Inc. operates in the FIRE, MARINE & CASUALTY INSURANCE sector, as indicated by its Standard Industrial Classification code [6331].
When was the 10-K filing for the fiscal year 2024 submitted?
The 10-K filing for the fiscal year ending December 31, 2024, was filed on February 10, 2025.
What is the company's Central Index Key (CIK)?
The company's Central Index Key is 0000230557.
In which state was Selective Insurance Group, Inc. incorporated?
Selective Insurance Group, Inc. was incorporated in New Jersey (NJ).
What is the company's business address?
The business address is 40 WANTAGE AVENUE, BRANCHVILLE, NJ 07890.
Filing Stats: 4,359 words · 17 min read · ~15 pages · Grade level 14.9 · Accepted 2025-02-10 16:55:53
Key Financial Figures
- $2 — ich registered Common Stock, par value $2 per share SIGI The Nasdaq Stock Market
- $18,700 — mium per policyholder was approximately $18,700. Standard Personal Lines, which repre
- $3,700 — luding flood premium, was approximately $3,700. Standard Personal Lines includes flood
- $5,300 — mium per policyholder was approximately $5,300. Investments, which represented 9% (i
Filing Documents
- sigi-20241231.htm (10-K) — 7501KB
- sigi-ex19_12312024xq4.htm (EX-19) — 53KB
- sigi-ex21_12312024xq4.htm (EX-21) — 30KB
- sigi-ex231_12312024xq4.htm (EX-23.1) — 3KB
- sigi-ex241poa_12312024xq4x.htm (EX-24.1) — 4KB
- sigi-ex242poa_12312024xq4x.htm (EX-24.2) — 4KB
- sigi-ex243poa_12312024xq4x.htm (EX-24.3) — 5KB
- sigi-ex244poa_12312024xq4x.htm (EX-24.4) — 4KB
- sigi-ex245poa_12312024xq4x.htm (EX-24.5) — 4KB
- sigi-ex246poa_12312024xq4x.htm (EX-24.6) — 4KB
- sigi-ex247poa_12312024xq4x.htm (EX-24.7) — 4KB
- sigi-ex248poa_12312024xq4x.htm (EX-24.8) — 4KB
- sigi-ex249poa_12312024xq4x.htm (EX-24.9) — 4KB
- sigi-ex2410poa_12312024xq4.htm (EX-24.10) — 5KB
- sigi-ex2411poa_12312024xq4.htm (EX-24.11) — 4KB
- sigi-ex2412poa_12312024xq4.htm (EX-24.12) — 4KB
- sigi-ex311_12312024xq4.htm (EX-31.1) — 11KB
- sigi-ex312_12312024xq4.htm (EX-31.2) — 12KB
- sigi-ex321_12312024xq4.htm (EX-32.1) — 4KB
- sigi-ex322_12312024xq4.htm (EX-32.2) — 4KB
- sigi-ex991_12312024xq4.htm (EX-99.1) — 30KB
- sigi-20241231_g1.jpg (GRAPHIC) — 1063KB
- sigi-20241231_g2.gif (GRAPHIC) — 12KB
- sigi-20241231_g3.gif (GRAPHIC) — 67KB
- 0000230557-25-000006.txt ( ) — 36308KB
- sigi-20241231.xsd (EX-101.SCH) — 142KB
- sigi-20241231_cal.xml (EX-101.CAL) — 255KB
- sigi-20241231_def.xml (EX-101.DEF) — 757KB
- sigi-20241231_lab.xml (EX-101.LAB) — 1544KB
- sigi-20241231_pre.xml (EX-101.PRE) — 1236KB
- sigi-20241231_htm.xml (XML) — 8642KB
Risk Factors
Item 1A. Risk Factors 22
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 33 Item 1C. Cybersecurity 33
Properties
Item 2. Properties 35
Legal Proceedings
Item 3. Legal Proceedings 35
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 35 PART II
Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35
Reserved
Item 6. Reserved 37
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37
Forward-looking Statements
Forward-looking Statements 37 Introduction 37 Critical Accounting Policies and Estimates 38 Financial Highlights of Results for Years Ended December 31, 202 4 , 2023, and 2022 46 Results of Operations and Related Information by Segment 48 Federal Income Taxes 64 Liquidity and Capital Resources 65
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 69
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 75 Consolidated Balance Sheets as of December 31, 202 4 and 202 3 77 Consolidated Statements of Income for the Years Ended December 31, 202 4 , 202 3 , and 202 2 78 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 202 4 , 202 3 , and 202 2 79 Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2024, 2023, and 2022 80 Consolidated Statements of Cash Flows for the Years Ended December 31, 202 4 , 202 3 , and 202 2 81
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 82
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 136
Controls and Procedures
Item 9A. Controls and Procedures 136
Other Information
Item 9B. Other Information 138
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 138 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 138
Executive Compensation
Item 11. Executive Compensation 138
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 138
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 139
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 139 PART IV
Exhibit s and Financial Statement Schedules
Item 15. Exhibit s and Financial Statement Schedules 139
Form 10-K Summary
Item 16. Form 10-K Summary 151 3 Table of Contents PART I
Business
Item 1. Business. Overview Selective Insurance Group, Inc. ("Parent") is a New Jersey insurance holding company incorporated in 1977 that owns ten property and casualty insurance subsidiaries ("Insurance Subsidiaries"). The Insurance Subsidiaries sell products and services only in the United States ("U.S.") and exclusively through independent insurance agents and wholesale brokers. Various state insurance departments (i) license nine of our subsidiaries as admitted carriers to write specific property and casualty lines in the standard market and (ii) authorize the tenth subsidiary as a non-admitted carrier to write property and casualty insurance in the excess and surplus ("E&S") lines market. Throughout this document, we refer to the Parent and the Insurance Subsidiaries collectively as "we," "us," or "our." We use "Parent" when appropriate to distinguish it from the Insurance Subsidiaries. We also use specific property and casualty industry-related terms defined in a glossary attached as Exhibit 99.1 to this Form 10-K. Our main office is in Branchville, New Jersey. We list our common (stock symbol "SIGI") and preferred (stock symbol "SIGIP") stocks on the Nasdaq Global Select Market. In 2024, AM Best Company ("AM Best") ranked us as the 34th largest property and casualty group in its annual "Top 200 U.S. Property/Casualty Writers" list based on 2023 net premiums written ("NPW"). Our current AM Best financial strength rating is "A+" (Superior). We have a long and successful history in the property and casualty insurance industry since our 1926 founding. Strategic Advantages Our competitive and crowded market drives us to clearly demonstrate our value proposition to customers, distribution partners, employees, and investors. We have five key sustainable competitive advantages: A unique operating model that places empowered decision-makers alongside our customers and distribution partners. A franchise-value distribution model, defined by our meaningful a