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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: June 30, 2022
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 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)

973948-3000
(Registrant’s Telephone Number, Including Area Code)
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

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 filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth 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 July 31, 2022, there were 60,329,641 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)June 30, 2022December 31,
2021
ASSETS  
Investments:  
Fixed income securities, held-to-maturity – at carrying value (fair value: $31,305 – 2022; $29,460 – 2021)
$32,149 28,850 
Less: allowance for credit losses(55)(65)
Fixed income securities, held-to-maturity, net of allowance for credit losses32,094 28,785 
Fixed income securities, available-for-sale – at fair value
(allowance for credit losses: $50,800 – 2022 and $9,724 – 2021; amortized cost: $6,833,430 – 2022 and $6,490,753 – 2021)
6,439,278 6,709,976 
Commercial mortgage loans – at carrying value (fair value: $130,044 – 2022 and $97,598 – 2021)
137,217 95,795 
Less: allowance for credit losses  
Commercial mortgage loans, net of allowance for credit losses137,217 95,795 
Equity securities – at fair value (cost:  $255,833 – 2022; $308,840 – 2021)
258,515 335,537 
Short-term investments289,219 447,863 
Other investments429,546 409,032 
Total investments (Note 4 and 5)$7,585,869 8,026,988 
Cash401 455 
Restricted cash7,165 44,608 
Accrued investment income50,371 48,247 
Premiums receivable1,132,318 958,787 
Less: allowance for credit losses (Note 6)(14,900)(13,600)
Premiums receivable, net of allowance for credit losses1,117,418 945,187 
Reinsurance recoverable573,830 601,668 
Less: allowance for credit losses (Note 7)(1,600)(1,600)
Reinsurance recoverable, net of allowance for credit losses572,230 600,068 
Prepaid reinsurance premiums174,575 183,007 
Current federal income tax15,568 772 
Deferred federal income tax109,467  
Property and equipment – at cost, net of accumulated depreciation and amortization of:
$265,378 – 2022; $253,427 – 2021
83,367 82,053 
Deferred policy acquisition costs359,379 326,915 
Goodwill7,849 7,849 
Other assets234,014 195,240 
Total assets$10,317,673 10,461,389 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Reserve for loss and loss expense (Note 8)$4,722,179 4,580,903 
Unearned premiums1,968,592 1,803,207 
Long-term debt505,069 506,050 
Deferred federal income tax 13,413 
Accrued salaries and benefits102,527 121,057 
Other liabilities425,216 453,874 
Total liabilities$7,723,583 7,478,504 
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 - 2022 and 2021
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 104,753,108 – 2022; 104,450,916 – 2021
209,506 208,902 
Additional paid-in capital481,380 464,347 
Retained earnings2,660,584 2,603,472 
Accumulated other comprehensive (loss) income (Note 11)(336,370)115,099 
Treasury stock – at cost (shares:  44,425,374 – 2022; 44,266,534 – 2021)
(621,010)(608,935)
Total stockholders’ equity$2,594,090 2,982,885 
Commitments and contingencies
Total liabilities and stockholders’ equity$10,317,673 10,461,389 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
1

SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
Quarter ended June 30,Six Months ended June 30,
($ in thousands, except per share amounts)2022202120222021
Revenues:  
Net premiums earned$834,439 740,518 $1,646,722 1,465,478 
Net investment income earned70,222 83,731 142,824 153,447 
Net realized and unrealized investment (losses) gains(42,880)10,057 (83,232)15,176 
Other income3,037 6,212 4,566 10,324 
Total revenues864,818 840,518 1,710,880 1,644,425 
Expenses:  
Loss and loss expense incurred524,868 421,623 1,019,104 835,024 
Amortization of deferred policy acquisition costs173,381 154,357 343,138 303,408 
Other insurance expenses101,514 94,862 195,504 183,772 
Interest expense7,252 7,366 14,420 14,725 
Corporate expenses7,899 9,112 18,920 18,666 
Total expenses814,914 687,320 1,591,086 1,355,595 
Income before federal income tax49,904 153,198 119,794 288,830 
Federal income tax expense:  
Current9,692 32,017 26,870 60,441 
Deferred692 (702)(2,926)(2,764)
Total federal income tax expense10,384 31,315 23,944 57,677 
Net income$39,520 121,883 $95,850 231,153 
Preferred stock dividends2,300 2,300 4,600 4,753 
Net income available to common stockholders$37,220 119,583 $91,250 226,400 
Earnings per common share:  
Net income available to common stockholders - Basic$0.62 1.99 $1.51 3.77 
Net income available to common stockholders - Diluted$0.61 1.98 $1.50 3.74 
    
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


2

SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Quarter ended June 30,Six Months ended June 30,
($ in thousands)2022202120222021
Net income $39,520 121,883 $95,850 231,153 
Other comprehensive (loss) income, net of tax:  
Unrealized (losses) gains on investment securities:  
Unrealized holding (losses) gains arising during period (176,093)28,086 (382,941)(53,527)
Unrealized (losses) gains on securities with credit loss recognized in earnings(57,427)7,888 (125,857)(1,055)
  Amounts reclassified into net income:
Held-to-maturity ("HTM") securities (2)1 (4)
Net realized losses on disposals and intent-to-sell available-for-sale ("AFS") securities14,354 46 26,987 523 
Credit loss expense (benefit)12,261 (1,795)29,682 2,153 
Total unrealized (losses) gains on investment securities(206,905)34,223 (452,128)(51,910)
Defined benefit pension and post-retirement plans:  
Amounts reclassified into net income:
Net actuarial loss330 548 659 1,095 
  Total defined benefit pension and post-retirement plans
330 548 659 1,095 
Other comprehensive (loss) income(206,575)34,771 (451,469)(50,815)
Comprehensive (loss) income$(167,055)156,654 $(355,619)180,338 
 
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


3

SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Quarter ended June 30,Six Months ended June 30,
($ in thousands, except share and per share amounts)2022202120222021
Preferred stock:
Beginning of period$200,000 200,000 $200,000 200,000 
Issuance of preferred stock    
End of period200,000 200,000 200,000 200,000 
Common stock:  
Beginning of period209,336 208,576 208,902 208,066 
Dividend reinvestment plan12 11 23 24 
Stock purchase and compensation plans158 155 581 652 
End of period209,506 208,742 209,506 208,742 
Additional paid-in capital:  
Beginning of period472,790 446,410 464,347 438,985 
Dividend reinvestment plan444 416 887 845 
Stock purchase and compensation plans8,146 7,633 16,146 14,629 
End of period481,380 454,459 481,380 454,459 
Retained earnings:  
Beginning of period2,640,437 2,363,189 2,603,472 2,271,537 
Net income39,520 121,883 95,850 231,153 
Dividends to preferred stockholders(2,300)(2,300)(4,600)(4,753)
Dividends to common stockholders(17,073)(15,176)(34,138)(30,341)
End of period2,660,584 2,467,596 2,660,584 2,467,596 
Accumulated other comprehensive (loss) income:  
Beginning of period(129,795)134,600 115,099 220,186 
Other comprehensive (loss) income(206,575)34,771 (451,469)(50,815)
End of period(336,370)169,371 (336,370)169,371 
Treasury stock:  
Beginning of period(614,527)(608,730)(608,935)(599,885)
Acquisition of treasury stock - share repurchase authorization(6,416) (6,492)(3,404)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(67)(71)(5,583)(5,512)
End of period(621,010)(608,801)(621,010)(608,801)
Total stockholders’ equity$2,594,090 2,891,367 $2,594,090 2,891,367 
Dividends declared per preferred share$287.50 287.50 $575.00 594.17 
Dividends declared per common share$0.28 0.25 $0.56 0.50 
Preferred stock, shares outstanding:
Beginning of period 8,000 8,000 8,000 8,000 
Issuance of preferred stock    
End of period8,000 8,000 8,000 8,000 
Common stock, shares outstanding:
Beginning of period60,335,472 60,023,883 60,184,382 59,905,803 
Dividend reinvestment plan5,864 5,636 11,505 12,056 
Stock purchase and compensation plan72,245 77,656 290,687 326,115 
Acquisition of treasury stock - share repurchase authorization(85,059) (86,059)(52,781)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(788)(939)(72,781)(84,957)
End of period60,327,734 60,106,236 60,327,734 60,106,236 

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

4

SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months ended June 30,
($ in thousands)20222021
Operating Activities  
Net income$95,850 231,153 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:  
Depreciation and amortization21,998 27,451 
Stock-based compensation expense11,886 10,927 
Undistributed gains of equity method investments(12,890)(34,841)
Distributions in excess of current year income of equity method investments20,252 1,817 
Net realized and unrealized losses (gains) 83,232 (15,176)
(Gain) loss on disposal of fixed assets(1)10 
Changes in assets and liabilities:  
Increase in reserve for loss and loss expense, net of reinsurance recoverable169,114 167,509 
Increase in unearned premiums, net of prepaid reinsurance173,817 165,905 
Increase in net federal income taxes(17,665)(9,278)
Increase in premiums receivable(172,231)(151,936)
Increase in deferred policy acquisition costs(32,464)(34,577)
Increase in accrued investment income(2,116)(1,124)
Decrease in accrued salaries and benefits(18,530)(11,485)
Increase in other assets(25,598)(21,991)
Decrease in other liabilities(51,171)(31,912)
Net cash provided by operating activities243,483 292,452 
Investing Activities  
Purchases of fixed income securities, held-to-maturity(5,000)(11,250)
Purchases of fixed income securities, available-for-sale(1,478,298)(1,158,017)
Purchases of commercial mortgage loans(48,926)(25,945)
Purchases of equity securities(18,209)(76,793)
Purchases of other investments(32,179)(40,286)
Purchases of short-term investments(2,041,614)(2,596,863)
Sales of fixed income securities, available-for-sale705,039 307,057 
Proceeds from commercial mortgage loans7,504 217 
Sales of short-term investments2,200,624 2,655,450 
Redemption and maturities of fixed income securities, held-to-maturity1,684 1,032 
Redemption and maturities of fixed income securities, available-for-sale392,648 629,512 
Sales of equity securities85,162 57,316 
Sales of other investments2,156 3,128 
Distributions from other investments9,013 6,245 
Purchases of property and equipment(14,101)(9,491)
Net cash used in investing activities(234,497)(258,688)