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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: March 31, 2024
or 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from_____________________________to_____________________________
 
Commission File Number: 001-33067

Selective Insurance Logo.jpg

SELECTIVE INSURANCE GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)

New Jersey22-2168890
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (973) 948-3000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, par value $2 per shareSIGIThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par valueSIGIPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerAccelerated filerEmerging growth company
Non-accelerated filerSmaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of April 30, 2024, there were 60,792,024 shares of common stock, par value $2.00 per share, outstanding. 


    
SELECTIVE INSURANCE GROUP, INC.
Table of Contents
  Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
SELECTIVE INSURANCE GROUP, INC.
CONSOLIDATED BALANCE SHEETS
Unaudited
($ in thousands, except share amounts)March 31, 2024December 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 losses20,295 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 losses208,030 188,417 
Equity securities – at fair value (cost:  $189,549 – 2024; $183,076 – 2023)
194,320 187,155 
Short-term investments247,883 309,317 
Alternative investments402,689 395,779 
Other investments88,960 91,164 
Total investments (Note 4 and 5)$8,745,681 8,693,729 
Cash124 180 
Restricted cash11,720 13,092 
Accrued investment income68,034 66,339 
Premiums receivable1,459,112 1,331,979 
Less: allowance for credit losses (Note 6)(20,000)(18,900)
Premiums receivable, net of allowance for credit losses1,439,112 1,313,079 
Reinsurance recoverable653,085 658,525 
Less: allowance for credit losses (Note 7)(1,700)(1,700)
Reinsurance recoverable, net of allowance for credit losses651,385 656,825 
Prepaid reinsurance premiums207,979 203,320 
Deferred federal income tax144,719 140,237 
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 costs448,340 424,864 
Goodwill7,849 7,849 
Other assets248,469 199,760 
Total assets$12,056,115 11,802,546 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Reserve for loss and loss expense (Note 8)$5,501,750 5,336,911 
Unearned premiums2,440,992 2,330,656 
Long-term debt503,305 503,946 
Current federal income tax26,530 6,251 
Accrued salaries and benefits97,918 122,003 
Other liabilities479,126 548,398 
Total liabilities$9,049,621 8,848,165 
Stockholders’ Equity:  
Preferred stock of $0 par value per share:
$200,000 200,000 
Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2024 and 2023
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 105,447,377 – 2024; 105,223,307 – 2023
210,895 210,447 
Additional paid-in capital534,327 522,748 
Retained earnings3,088,150 3,029,396 
Accumulated other comprehensive income (loss) (Note 11)(384,972)(373,001)
Treasury stock – at cost (shares:  44,655,938 – 2024; 44,586,870 – 2023)
(641,906)(635,209)
Total stockholders’ equity$3,006,494 2,954,381 
Commitments and contingencies
Total liabilities and stockholders’ equity$12,056,115 11,802,546 
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
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SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
Quarter ended March 31,
($ in thousands, except per share amounts)20242023
Revenues:  
Net premiums earned$1,050,944 902,336 
Net investment income earned107,849 91,506 
Net realized and unrealized investment gains (losses)(1,635)3,344 
Other income7,801 2,634 
Total revenues1,164,959 999,820 
Expenses:  
Loss and loss expense incurred704,292 567,438 
Amortization of deferred policy acquisition costs219,435 189,761 
Other insurance expenses115,987 108,588 
Interest expense7,181 7,166 
Corporate expenses15,498 12,108 
Total expenses1,062,393 885,061 
Income before federal income tax102,566 114,759 
Federal income tax expense:  
Current21,413 25,505 
Deferred(1,365)(3,320)
Total federal income tax expense20,048 22,185 
Net income$82,518 92,574 
Preferred stock dividends2,300 2,300 
Net income available to common stockholders$80,218 90,274 
Earnings per common share:  
Net income available to common stockholders - Basic$1.32 1.49 
Net income available to common stockholders - Diluted$1.31 1.48 
    
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


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SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Quarter ended March 31,
($ in thousands)20242023
Net income $82,518 92,574 
Other comprehensive income (loss), net of tax:  
Unrealized gains (losses) on investment securities:  
Unrealized holding gains (losses) arising during period(12,293)52,079 
Unrealized gains (losses) on securities with credit loss recognized in earnings(2,474)17,721 
Amounts reclassified into net income:
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities(61)4,822 
Credit loss (benefit) expense2,093 (7,527)
Total unrealized gains (losses) on investment securities(12,735)67,095 
Defined benefit pension and post-retirement plans:  
Amounts reclassified into net income:
Net actuarial loss764 598 
Total defined benefit pension and post-retirement plans764 598 
Other comprehensive income (loss)(11,971)67,693 
Comprehensive income (loss)$70,547 160,267 
 
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


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SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Quarter ended March 31,
($ in thousands, except share and per share amounts)20242023
Preferred stock:
Beginning of period$200,000 200,000 
Issuance of preferred stock  
End of period200,000 200,000 
Common stock:
Beginning of period210,447 209,694 
Dividend reinvestment plan10 9 
Stock purchase and compensation plans438 446 
End of period210,895 210,149 
Additional paid-in capital:
Beginning of period522,748 493,488 
Dividend reinvestment plan488 459 
Stock purchase and compensation plans11,091 8,766 
End of period534,327 502,713 
Retained earnings:
Beginning of period3,029,396 2,749,703 
Net income82,518 92,574 
Dividends to preferred stockholders(2,300)(2,300)
Dividends to common stockholders(21,464)(18,364)
End of period3,088,150 2,821,613 
Accumulated other comprehensive income (loss):
Beginning of period(373,001)(498,042)
Other comprehensive income (loss) (11,971)67,693 
End of period(384,972)(430,349)
Treasury stock:
Beginning of period(635,209)(627,279)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(6,697)(7,443)
End of period(641,906)(634,722)
Total stockholders’ equity$3,006,494 2,669,404 
Dividends declared per preferred share$287.50 287.50 
Dividends declared per common share$0.35 0.30 
Preferred stock, shares outstanding:
Beginning of period 8,000 8,000 
Issuance of preferred stock  
End of period8,000 8,000 
Common stock, shares outstanding:
Beginning of period60,636,437 60,338,900 
Dividend reinvestment plan4,806 4,650 
Stock purchase and compensation plan219,264 222,816 
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(69,068)(73,780)
End of period60,791,439 60,492,586 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Quarter ended March 31,
($ in thousands)20242023
Operating Activities  
Net income$82,518 92,574 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:  
Depreciation and amortization9,084 8,957 
Stock-based compensation expense10,115 7,719 
Undistributed gains of equity method investments(5,873)(6,693)
Distributions in excess of current year income of equity method investments5,148 1,876 
Net realized and unrealized (gains) losses1,635 (3,344)
Changes in assets and liabilities:  
Increase in reserve for loss and loss expense, net of reinsurance recoverable170,279 70,397 
Increase in unearned premiums, net of prepaid reinsurance105,677 97,432 
Decrease in net federal income taxes18,979 20,522 
Increase in premiums receivable(126,033)(68,478)
Increase in deferred policy acquisition costs(23,476)(19,320)
(Increase) decrease in accrued investment income(2,091)1,456 
Decrease in accrued salaries and benefits(24,085)(26,406)
Increase in other assets(6,226)(4,083)
Decrease in other liabilities(101,445)(36,840)
Net cash provided by (used in) operating activities114,206 135,769 
Investing Activities  
Purchases of fixed income securities, available-for-sale(521,745)(1,003,617)
Purchases of commercial mortgage loans(22,256)(8,447)
Purchases of equity securities(6,473)(3,229)
Purchases of alternative investments and other investments(12,738)(7,736)
Purchases of short-term investments(1,232,780)(1,361,774)
Sales of fixed income securities, available-for-sale219,889 639,365 
Proceeds from commercial mortgage loans2,812 469 
Sales of short-term investments1,294,522 1,499,963 
Redemption and maturities of fixed income securities, held-to-maturity2,404 6,507 
Redemption and maturities of fixed income securities, available-for-sale193,109 109,999 
Sales of equity securities 32,918 
Distributions from alternative investments and other investments3,448 2,854 
Purchases of property and equipment(6,199)(5,510)
Net cash provided by (used in) investing activities(86,007)(98,238)
Financing Activities  
Dividends to preferred stockholders(2,300)(2,300)
Dividends to common stockholders(20,784)(17,690)
Acquisition of treasury stock(6,697)(7,443)
Net proceeds from stock purchase and compensation plans885 973 
Repayments of finance lease obligations(731)(615)
Net cash provided by (used in) financing activities(29,627)(27,075)
Net increase (decrease) in cash and restricted cash(1,428)10,456 
Cash and restricted cash, beginning of period13,272 25,209 
Cash and restricted cash, end of period$11,844 35,665 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
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NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation
The words "Company,” “we,” “us,” or “our” refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements (“Financial Statements”) in conformity with (i) United States ("U.S.") generally accepted accounting principles (“GAAP”), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the first quarters ended March 31, 2024 (“First Quarter 2024”) and March 31, 2023 (“First Quarter 2023”). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”) filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 
In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sales restriction on an equity security is not considered when determining the security's fair value. This ASU was issued to eliminate diversity in practice by clarifying that contractual arrangements restricting an entity's ability to sell the security for a certain period of time is a characteristic of the reporting entity and should not be contemplated when determining the security's fair value. ASU 2022-03 requires new disclosures that provide investors with information about the restriction, including the nature and remaining duration of the restriction. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. We adopted this guidance on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

In March 2023, the FASB issued ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). This ASU allows companies to elect to account for qualifying tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Companies were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low income housing tax credit structures. ASU 2023-02 extends the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs. It also requires new disclosures that provide a better understanding of the nature of the tax equity investments and the effect the tax equity investments and related income tax credits and other income tax benefits have on a company's financial position and results of operations. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. We adopted ASU 2023-02 on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

Pronouncements to be effective in the future
In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 amends disclosure requirements for segment reporting by modifying and adding disclosure requirements. The additional disclosure requirements include the following on both an interim and annual basis: (i) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"); (ii) amounts for "other segment items" by reportable segment and a description of its composition; and (iii) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, ASU 2023-07 requires all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, Segment Reporting, to now be disclosed in interim periods. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-07 will not have an impact on our financial condition or results of operations.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items
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that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied on a prospective basis; however, retrospective application is permitted. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-09 will not have an impact on our financial condition or results of operations.

NOTE 3. Statements of Cash Flows
Supplemental cash flow information was as follows:

 Quarter ended March 31,
($ in thousands)20242023
Cash paid (received) during the period for:  
Interest$8,544 8,528 
Federal income tax  
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases1,777 2,235 
Operating cash flows from financing leases22 11 
Financing cash flows from finance leases731 615 
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1
2,298 4,629 
Assets acquired under finance lease arrangements3  
Assets acquired under operating lease arrangements674 4,237 
Non-cash purchase of property and equipment8 23 
1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)March 31, 2024December 31, 2023
Cash$124 180 
Restricted cash11,720 13,092 
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows$11,844 13,272 

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

NOTE 4. Investments
(a) Information regarding our AFS securities as of March 31, 2024 and December 31, 2023, were as follows:

March 31, 2024Cost/
Amortized
Cost
Allowance for Credit LossesUnrealized
Gains
Unrealized
Losses
Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$161,335  70 (19,579)141,826 
Foreign government10,703 (29) (1,445)9,229 
Obligations of states and political subdivisions570,438 (695)1,101 (31,858)538,986 
Corporate securities2,930,310 (15,442)20,367 (140,185)2,795,050 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")1,958,551 (2,627)15,158 (73,997)1,897,085 
Residential mortgage-backed securities ("RMBS")
1,623,948 (11,580)3,828 (104,237)1,511,959 
Commercial mortgage-backed securities ("CMBS")727,986 (8)1,103 (39,712)689,369 
Total AFS fixed income securities$7,983,271 (30,381)41,627 (411,013)7,583,504 

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December 31, 2023Cost/
Amortized
Cost
Allowance for Credit LossesUnrealized
Gains
Unrealized
Losses
Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$223,157  139 (18,261)205,035 
Foreign government11,140 (35) (1,302)9,803 
Obligations of states and political subdivisions612,938 (669)2,623 (28,927)585,965 
Corporate securities2,834,048 (12,999)28,078 (137,888)2,711,239 
CLO and other ABS1,911,831 (2,854)11,855 (86,005)1,834,827 
RMBS1,568,960 (11,649)6,023 (85,851)1,477,483 
CMBS718,623 (6)1,358 (45,130)674,845 
Total AFS fixed income securities$7,880,697 (28,212)50,076 (403,364)7,499,197 

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended March 31, 2024Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$35    (6) 29 
Obligations of states and political subdivisions669 9  25 (8) 695 
Corporate securities12,999 1,015  1,792 (355)(9)15,442 
CLO and other ABS2,854 90  (314)(3) 2,627 
RMBS11,649   31 (100) 11,580 
CMBS6 2     8 
Total AFS fixed income securities$28,212 1,116  1,534 (472)(9)30,381 

Quarter ended March 31, 2023Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$284   (248)  36 
Obligations of states and political subdivisions1,024 50  (254)(83) 737 
Corporate securities30,330 2,854  (13,964)(2,453)(11)16,756 
CLO and other ABS2,375 787  736 (3) 3,895 
RMBS11,597 12  219 (88) 11,740 
CMBS111 27  252   390 
Total AFS fixed income securities$45,721 3,730  (13,259)(2,627)(11)33,554 
During First Quarter 2024 and First Quarter 2023, we had no write-offs or recoveries of our AFS fixed income securities.

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report. Accrued interest on AFS securities was $66.3 million as of March 31, 2024, and $64.6 million as of December 31, 2023. We did not record any write-offs of accrued interest in First Quarter 2024 and First Quarter 2023.

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(b) Quantitative information about unrealized losses on our AFS portfolio follows:

March 31, 2024Less than 12 months12 months or longerTotal
($ in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
AFS fixed income securities:    
U.S. government and government agencies$8,149 (49)107,151 (19,530)115,300 (19,579)
Foreign government  9,229 (1,445)9,229 (1,445)
Obligations of states and political subdivisions161,084 (1,289)303,259 (30,569)464,343 (31,858)
Corporate securities316,330 (4,043)1,446,157 (136,142)1,762,487 (140,185)
CLO and other ABS385,471 (7,527)824,843 (66,470)1,210,314 (73,997)
RMBS511,009 (8,770)761,356 (95,467)1,272,365 (104,237)
CMBS133,266 (2,033)494,395 (37,679)627,661 (39,712)
Total AFS fixed income securities$1,515,309 (23,711)3,946,390 (387,302)5,461,699 (411,013)

December 31, 2023Less than 12 months12 months or longerTotal
($ in thousands)Fair
Value
Unrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
AFS fixed income securities:    
U.S. government and government agencies$77,698 (188)108,578 (18,073)186,276 (18,261)
Foreign government1,552 (87)8,251 (1,215)9,803 (1,302)
Obligations of states and political subdivisions137,031 (962)290,964 (27,965)427,995 (28,927)
Corporate securities263,423 (6,369)1,439,422 (131,519)1,702,845 (137,888)
CLO and other ABS278,940 (7,120)984,175 (78,885)1,263,115 (86,005)
RMBS351,976 (4,765)757,914 (81,086)1,109,890 (85,851)
CMBS130,189 (2,995)471,256 (42,135)601,445 (45,130)
Total AFS fixed income securities$1,240,809 (22,486)4,060,560 (380,878)5,301,369 (403,364)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of March 31, 2024. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(c) AFS and held-to-maturity ("HTM") fixed income securities at March 31, 2024, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's estimated average life. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
AFSHTM
($ in thousands)Fair ValueCarrying ValueFair Value
Due in one year or less$582,163   
Due after one year through five years3,435,983 15,716 14,898 
Due after five years through 10 years2,833,659 4,579 4,285 
Due after 10 years731,699   
Total fixed income securities$7,583,504 20,295 19,183 

(d) The following table summarizes our alternative investment portfolio by strategy:

March 31, 2024December 31, 2023
($ in thousands)Carrying ValueRemaining CommitmentMaximum Exposure to LossCarrying ValueRemaining CommitmentMaximum Exposure to Loss
Alternative Investments  
   Private equity$306,444 137,986 444,430 301,759 131,885 433,644 
   Private credit53,392 90,569 143,961 54,500 89,401 143,901 
   Real assets42,853 31,100 73,953 39,520 33,040 72,560 
Total alternative investments$402,689 259,655 662,344 395,779 254,326 650,105 

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We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2024 or 2023.

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is for the three-month period ended December 31:

Income Statement InformationQuarter ended March 31,
($ in millions)20242023
Net investment income (loss)$(346.0)(70.7)
Realized gains1,830.8 1,722.3 
Net change in unrealized appreciation (depreciation)3,819.0 1,443.7 
Net income$5,303.8 3,095.3 
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income$6.9 7.8 

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, we had certain securities on deposit with various state and regulatory agencies at March 31, 2024 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at March 31, 2024:

($ in millions)FHLBI CollateralFHLBNY CollateralState and
Regulatory Deposits
Total
U.S. government and government agencies$  20.0 20.0 
Obligations of states and political subdivisions  4.2 4.2 
RMBS66.2 24.1  90.3 
CMBS2.3 8.5  10.8 
Total pledged as collateral$68.5 32.6 24.2 125.3 

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of March 31, 2024, or December 31, 2023.

(g) The components of pre-tax net investment income earned were as follows:

 Quarter ended March 31,
($ in thousands)20242023
Fixed income securities$94,102 80,087 
Commercial mortgage loans ("CMLs")2,794 1,965 
Equity securities4,908 1,205 
Short-term investments3,519 4,650 
Alternative investments6,881 7,768 
Other investments263 43 
Investment expenses(4,618)(4,212)
Net investment income earned$107,849 91,506 

10

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

Quarter ended March 31,
($ in thousands)20242023
Gross gains on sales$2,135 3,784 
Gross losses on sales(1,965)(12,930)
Net realized gains (losses) on disposals170 (9,146)
Net unrealized gains (losses) on equity securities692 3,248 
Net credit loss benefit (expense) on fixed income securities, AFS(2,650)9,529 
Net credit loss benefit (expense) on CMLs
168 17 
Losses on securities for which we have the intent to sell(15)(304)
Net realized and unrealized investment gains (losses)$(1,635)3,344 

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

Quarter ended March 31,
($ in thousands)20242023
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period$