Company Quick10K Filing
Selective Insurance Group
Price74.53 EPS4
Shares59 P/E18
MCap4,427 P/FCF27
Net Debt647 EBIT317
TEV5,074 TEV/EBIT16
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-20
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-24
8-K 2020-05-20 Regulation FD, Exhibits
8-K 2020-05-05 Earnings, Regulation FD, Exhibits
8-K 2020-05-01 Shareholder Vote
8-K 2020-03-02 Officers, Exhibits
8-K 2020-02-12 Regulation FD, Exhibits
8-K 2020-01-30 Earnings, Regulation FD, Exhibits
8-K 2019-12-20 Enter Agreement, Leave Agreement, Off-BS Arrangement
8-K 2019-10-30 Earnings, Regulation FD, Exhibits
8-K 2019-10-30 Officers, Regulation FD, Exhibits
8-K 2019-08-14 Regulation FD, Exhibits
8-K 2019-07-31 Earnings, Regulation FD, Exhibits
8-K 2019-05-01 Earnings, Regulation FD, Exhibits
8-K 2019-03-01 Regulation FD, Exhibits
8-K 2019-02-27 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-02-13 Regulation FD, Exhibits
8-K 2019-02-06 Regulation FD, Exhibits
8-K 2019-02-04 Regulation FD
8-K 2019-01-31 Earnings, Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Regulation FD, Exhibits
8-K 2018-08-01 Earnings, Regulation FD, Exhibits
8-K 2018-07-17 Officers, Exhibits
8-K 2018-05-02 Earnings, Regulation FD, Exhibits
8-K 2018-04-09 Earnings, Exhibits
8-K 2018-03-12 Officers, Exhibits
8-K 2018-02-13 Regulation FD, Exhibits
8-K 2018-02-01 Earnings, Regulation FD, Exhibits

SIGI 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1. Basis of Presentation and Accounting Policies
Note 2. Adoption of Accounting Pronouncements
Note 3. Statements of Cash Flows
Note 4. Investments
Note 5. Indebtedness
Note 6. Fair Value Measurements
Note 7. Allowance for Uncollectible Premiums Receivable
Note 8. Reinsurance
Note 9. Reserve for Loss and Loss Expense
Note 10. Segment Information
Note 11. Retirement Plans
Note 12. Comprehensive Income
Note 13. Leases
Note 14. Federal Income Taxes
Note 15. Litigation
Note 16. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-4.1 sigi-ex413312020xq1.htm
EX-10.1 sigi-ex1013312020xq1.htm
EX-11 sigi-ex113312020xq1.htm
EX-31.1 sigi-ex3113312020xq1.htm
EX-31.2 sigi-ex3123312020xq1.htm
EX-32.1 sigi-ex3213312020xq1.htm
EX-32.2 sigi-ex3223312020xq1.htm

Selective Insurance Group Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.80.60.50.30.20.02012201420172020
Rev, G Profit, Net Income
0.30.20.10.0-0.1-0.22012201420172020
Ops, Inv, Fin

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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: March 31, 2020
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 Jersey
22-2168890
(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)
973
948-3000
(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 class
 
Trading Symbol
 
Name of each exchange on which registered
Common Stock, par value $2 per share
 
SIGI
 
NASDAQ Global Select Market

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 April 24, 2020, there were 59,707,580 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,
2020
 
December 31,
2019
ASSETS
 
 

 
 

Investments:
 
 

 
 

Fixed income securities, held-to-maturity – at carrying value (fair value: $21,921 – 2020; $21,975 – 2019)
 
$
20,408

 
20,800

Less: allowance for credit losses
 
(28
)
 

Fixed income securities, held-to-maturity, net of allowance for credit losses
 
20,380

 
20,800

 
 
 
 
 
Fixed income securities, available-for-sale – at fair value
(allowance for credit losses: $15,787 – 2020; amortized cost: $5,877,779 – 2020 and $5,879,986 – 2019)
 
5,945,360

 
6,095,620

 
 
 
 
 
Commercial mortgage loans - at carrying value (fair value: $13,856 – 2020)
 
14,096

 

Less: allowance for credit losses
 
(240
)
 

Commercial mortgage loans, net of allowance for credit losses
 
13,856

 

 
 
 
 
 
Equity securities – at fair value (cost:  $116,249 – 2020; $72,061 – 2019)
 
99,989

 
72,937

Short-term investments (at cost which approximates fair value)
 
517,558

 
282,490

Other investments
 
244,934

 
216,807

Total investments (Note 4 and 6)
 
6,842,077


6,688,654

Cash
 
9,429

 
300

Restricted cash
 
5,177

 
7,675

Interest and dividends due or accrued
 
43,893

 
44,846

 
 
 
 
 
Premiums receivable
 
815,271

 
830,301

Less: allowance for credit losses (Note 7)
 
(18,000
)
 
(6,400
)
Premiums receivable, net of allowance for credit losses
 
797,271

 
823,901

 
 
 
 
 
Reinsurance recoverable
 
565,036

 
577,635

Less: allowance for credit losses (Note 8)
 
(1,502
)
 
(4,400
)
Reinsurance recoverable, net of allowance for credit losses
 
563,534

 
573,235

 
 
 
 
 
Prepaid reinsurance premiums
 
162,491

 
166,705

Deferred federal income tax (Note 14)
 
43,099

 
6,776

Property and equipment – at cost, net of accumulated depreciation and amortization of:
$231,651 – 2020; $227,566 – 2019
 
80,061

 
77,409

Deferred policy acquisition costs
 
269,581

 
271,186

Goodwill
 
7,849

 
7,849

Other assets
 
150,588

 
128,614

Total assets
 
$
8,975,050

 
8,797,150

 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 

 
 

Liabilities:
 
 

 
 

Reserve for loss and loss expense (Note 9)
 
$
4,103,635

 
4,067,163

Unearned premiums
 
1,514,577

 
1,523,167

Short-term debt (Note 5)
 
302,000

 

Long-term debt (Note 5)
 
550,577

 
550,597

Current federal income tax
 
12,352

 
2,987

Accrued salaries and benefits
 
74,031

 
126,753

Other liabilities
 
321,422

 
331,547

Total liabilities
 
$
6,878,594

 
6,602,214

 
 
 
 
 
Stockholders’ Equity:
 
 

 
 

Preferred stock of $0 par value per share:
 
$

 

Authorized shares 5,000,000; no shares issued or outstanding
 
 
 
 
Common stock of $2 par value per share:
 
 
 
 
Authorized shares 360,000,000
 
 
 
 
Issued: 103,832,370 – 2020; 103,484,159 – 2019
 
207,665

 
206,968

Additional paid-in capital
 
427,328

 
418,521

Retained earnings
 
2,083,340

 
2,080,529

Accumulated other comprehensive income (loss) (Note 12)
 
(22,117
)
 
81,750

Treasury stock – at cost (shares:  44,124,825 – 2020; 44,023,006 – 2019)
 
(599,760
)
 
(592,832
)
Total stockholders’ equity
 
$
2,096,456

 
2,194,936

Commitments and contingencies
 


 


Total liabilities and stockholders’ equity
 
$
8,975,050

 
8,797,150


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 March 31,
($ in thousands, except per share amounts)
 
2020
 
2019
Revenues:
 
 

 
 

Net premiums earned
 
$
651,703

 
632,573

Net investment income earned
 
55,967

 
50,618

Net realized and unrealized (losses) gains:
 
 

 
 

Net realized investment gains on disposals
 
4,100

 
3,444

Unrealized (losses) gains on equity securities
 
(17,137
)
 
10,111

Other-than-temporary impairments
 
(31,629
)
 
(104
)
Total net realized and unrealized (losses) gains
 
(44,666
)
 
13,451

Other income
 
1,825

 
2,320

Total revenues
 
664,829

 
698,962

 
 
 
 
 
Expenses:
 
 

 
 

Loss and loss expense incurred
 
400,324

 
386,579

Amortization of deferred policy acquisition costs
 
136,501

 
129,674

Other insurance expenses
 
95,346

 
85,079

Interest expense
 
7,601

 
11,526

Corporate expenses
 
9,060

 
12,410

Total expenses
 
648,832

 
625,268

 
 
 
 
 
Income before federal income tax
 
15,997

 
73,694

 
 
 
 
 
Federal income tax expense:
 
 

 
 

Current
 
9,886

 
12,581

Deferred
 
(9,125
)
 
(235
)
Total federal income tax expense
 
761

 
12,346

 
 
 
 
 
Net income
 
$
15,236

 
61,348

 
 
 
 
 
Earnings per share:
 
 

 
 

Basic net income
 
$
0.26

 
1.04

 
 
 
 
 
Diluted net income
 
$
0.25

 
1.02

 
 
 
 
 
 
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 March 31,
($ in thousands)
 
2020
 
2019
Net income
 
$
15,236

 
61,348

 
 
 
 
 
Other comprehensive (loss) income, net of tax:
 
 

 
 

Unrealized (losses) gains on investment securities:
 
 

 
 

Unrealized holding (losses) gains arising during period
 
(74,245
)
 
81,313

Non-credit portion of OTTI recognized in OCI
 
(51,658
)
 

  Amounts reclassified into net income:
 
 
 
 
Held-to-maturity securities
 
20

 
(7
)
Net realized losses (gains) on disposals and intent-to-sell OTTI on AFS securities
 
8,948

 
(851
)
Credit loss expense recognized in OTTI
 
12,472

 

Total unrealized (losses) gains on investment securities
 
(104,463
)
 
80,455

 
 
 
 
 
Defined benefit pension and post-retirement plans:
 
 

 
 

Amounts reclassified into net income:
 
 
 
 
Net actuarial loss
 
596

 
525

  Total defined benefit pension and post-retirement plans
 
596

 
525

Other comprehensive (loss) income
 
(103,867
)
 
80,980

Comprehensive (loss) income
 
$
(88,631
)
 
142,328

 
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 March 31,
($ in thousands, except share and per share amounts)
 
2020
 
2019
Common stock:
 
 
 
 
Beginning of period
 
$
206,968

 
205,697

Dividend reinvestment plan
 
14

 
11

Stock purchase and compensation plans
 
683

 
743

End of period
 
207,665

 
206,451

 
 
 
 
 
Additional paid-in capital:
 
 
 
 
Beginning of period
 
418,521

 
390,315

Dividend reinvestment plan
 
408

 
365

Stock purchase and compensation plans
 
8,399

 
8,201

End of period
 
427,328

 
398,881

 
 
 
 
 
Retained earnings:
 
 
 
 
Beginning of period, as previously reported
 
2,080,529

 
1,858,414

Cumulative effect adjustment due to adoption of lease guidance, net of tax (Note 2)
 

 
342

Cumulative effect adjustment due to adoption of guidance on allowance for credit losses, net of tax (Note 2)
 
1,435

 

Balance at beginning of period, as adjusted
 
2,081,964

 
1,858,756

Net income
 
15,236

 
61,348

Dividends to stockholders
 
(13,860
)
 
(11,985
)
End of period
 
2,083,340

 
1,908,119

 
 
 
 
 
Accumulated other comprehensive (loss) income:
 
 
 
 
Beginning of period
 
81,750

 
(77,956
)
Other comprehensive (loss) income
 
(103,867
)
 
80,980

End of period
 
(22,117
)
 
3,024

 
 
 
 
 
Treasury stock:
 
 
 
 
Beginning of period
 
(592,832
)
 
(584,668
)
Acquisition of treasury stock
 
(6,928
)
 
(6,585
)
End of period
 
(599,760
)
 
(591,253
)
Total stockholders’ equity
 
$
2,096,456

 
1,925,222

 
 
 
 
 
Dividends declared per share to stockholders
 
$
0.23

 
0.20

 
 
 
 
 
Common stock, shares outstanding:
 
 
 
 
Beginning of period
 
59,461,153

 
58,948,554

Dividend reinvestment plan

 
6,975

 
5,694

Stock purchase and compensation plan
 
341,236

 
371,628

Acquisition of treasury stock
 
(101,819
)
 
(102,971
)
End of period
 
59,707,545

 
59,222,905

 
Selective Insurance Group, Inc. also has authorized, but not issued, 5,000,000 shares of preferred stock, without par value, of which 300,000 shares have been
designated Series A junior preferred stock, without par value.
  
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
 
Quarter Ended March 31,
($ in thousands)
 
2020
 
2019
Operating Activities
 
 

 
 

Net income
 
$
15,236

 
61,348

 
 
 
 
 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 

 
 

Depreciation and amortization
 
15,415

 
16,278

Stock-based compensation expense
 
7,038

 
6,677

Undistributed gains of equity method investments
 
(5,602
)
 
(971
)
Distributions in excess of current year income of equity method investments
 
614

 
1,771

Net realized and unrealized losses (gains)
 
44,666

 
(13,451
)
Loss on disposal of fixed assets
 
14

 

 
 
 
 
 
Changes in assets and liabilities:
 
 

 
 

Increase in reserve for loss and loss expense, net of reinsurance recoverable
 
49,077

 
68,607

(Decrease) increase in unearned premiums, net of prepaid reinsurance
 
(4,376
)
 
40,374

Decrease in net federal income taxes
 
276

 
12,044

Decrease (increase) in premiums receivable
 
25,572

 
(44,396
)
Decrease (increase) in deferred policy acquisition costs
 
1,605

 
(8,142
)
Decrease (increase) in interest and dividends due or accrued
 
880

 
(491
)
Decrease in accrued salaries and benefits
 
(52,722
)
 
(38,529
)
Decrease (increase) in other assets
 
4,583

 
(8,711
)
Decrease in other liabilities
 
(62,959
)
 
(45,769
)
Net cash provided by operating activities
 
39,317

 
46,639

 
 
 
 
 
Investing Activities
 
 

 
 

Purchase of fixed income securities, available-for-sale
 
(319,539
)
 
(474,962
)
Purchase of commercial mortgage loans
 
(14,096
)
 

Purchase of equity securities
 
(45,511
)
 
(6,702
)
Purchase of other investments
 
(27,433
)
 
(12,178
)
Purchase of short-term investments
 
(2,086,599
)
 
(2,416,285
)
Sale of fixed income securities, available-for-sale
 
101,671

 
218,411

Sale of short-term investments
 
1,851,532

 
2,449,725

Redemption and maturities of fixed income securities, held-to-maturity
 
405

 
579

Redemption and maturities of fixed income securities, available-for-sale
 
227,686

 
86,572

Sale of equity securities
 
1,320

 
3,721

Sale of other investments
 

 
4,995

Distributions from other investments
 
3,152

 
11,350

Purchase of property and equipment
 
(8,416
)
 
(7,955
)
Net cash used in investing activities
 
(315,828
)
 
(142,729
)
 
 
 
 
 
Financing Activities
 
 

 
 

Dividends to stockholders
 
(13,313
)
 
(11,462
)
Acquisition of treasury stock
 
(6,928
)
 
(6,585
)
Net proceeds from stock purchase and compensation plans
 
1,525

 
1,760

Proceeds from borrowings
 
387,000

 
341,256

Repayments of borrowings
 
(85,000
)
 
(235,000
)
Repayments of finance lease obligations
 
(142
)
 
(284
)
Net cash provided by financing activities
 
283,142

 
89,685

Net increase (decrease) in cash and restricted cash
 
6,631

 
(6,405
)
Cash and restricted cash, beginning of year
 
7,975

 
16,919

Cash and restricted cash, end of period
 
$
14,606

 
10,514


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

5


NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation and Accounting Policies
(a) 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 U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. In preparing the Financial Statements in conformity with GAAP, we are required 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 between the Parent and its subsidiaries 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, 2020 (“First Quarter 2020”) and March 31, 2019 (“First Quarter 2019”). These Financial Statements do not include all of the information and disclosures required by GAAP and the SEC for audited annual financial statements. Results of operations for any interim period are not necessarily indicative of results for a full year. Consequently, our Financial Statements should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Annual Report”) filed with the SEC.

(b) Accounting Policies
There have been no material changes from the accounting policies disclosed in Note 2. "Summary of Significant Accounting Policies" in Item 8. “Financial Statements and Supplementary Data.” of our 2019 Annual Report other than those associated with our First Quarter 2020 adoption of ASU 2016-13, Financial Instruments - Credit Losses ("CECL") and our recent investment allocation to commercial mortgage loans ("CMLs"). The pertinent additions and changes to our accounting policies are centered around the following items: (i) Investments, (ii) Allowance for Uncollectible Premiums Receivable, and (iii) Allowance for Uncollectible Reinsurance Recoverable.

Investments

Fixed Income Securities
We have updated our policy associated with our review of fixed income securities for other-than-temporary impairments ("OTTI"), and we follow a two-step process:

(i) We review our fixed income securities in an unrealized loss position to determine: (i) if we have the intent to sell the security; or (ii) if it is more likely than not we will be required to sell the security before its anticipated recovery. If we determine that we have the intent or likely requirement to sell the security, we write down its amortized cost to its fair value. In writing down amortized cost, any amount previously recorded as an allowance for credit losses is reversed and any incremental impairment is recorded directly to earnings as OTTI.

(ii) If we do not have either the intent or likely requirement to sell the security, our evaluation for expected credit losses primarily focuses on performing a discounted cash flow (“DCF”) analysis on each of our fixed income securities to determine if an allowance for credit loss is required. We incorporate the results of the DCF analysis on individual security holdings into our calculation of the allowance for credit losses as follows:

For our held-to-maturity ("HTM") portfolio, the allowance for credit losses is calculated as the shortfall between amortized cost at the reporting date and the present value of future cash flows calculated in the DCF analysis.

For our available-for-sale ("AFS") portfolio and fixed income securities included in our short-term investment portfolio, the allowance for credit losses is calculated in the same manner as for the HTM portfolio; but the allowance amount is limited to the difference between the security’s amortized cost and fair value, or the fair value floor. This treatment is appropriate as we have the ability to recover the amortized cost of an AFS security either through: (i) collection of the contractual cash flows; or (ii) sale of the security.

Fair value declines on our AFS securities not recorded through OTTI are recognized in accumulated other comprehensive income, after tax.


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Our DCF analyses calculate the present value of future cash flows using various models that are specific to the major security types within our portfolio. These models use security-specific information as well as forecasted macroeconomic data to determine possible expected credit loss scenarios based on projected changes in the economy. The forecasted economic data incorporated into the models is based on the Federal Reserve Board’s annual supervisory stress test review on certain large banks and financial institutions. Additionally, we have the ability to incorporate internally-developed forecast information into the models as we deem appropriate. Model scenarios include a baseline assumption with projections for moderate economic expansion, an adverse assumption with projections for a weakening economy, and a severely adverse assumption with projections for a global recession. In developing our best estimate of the allowance for credit losses, we consider our outlook as to the probability of each of these scenarios occurring over the estimated contractual cash flows of our investment portfolio.

For additional information about the various assumptions we make, including the discount rates used in our DCF analyses, see Note 2. "Summary of Significant Accounting Policies" in Item 8. “Financial Statements and Supplementary Data.” of our 2019 Annual Report.

The allowance for credit losses are recorded as a contra-asset reflected in the carrying value of the investment on the Consolidated Balance Sheet, and are charged to earnings as credit loss expense, which is a component of "Other-than-temporary impairments" within "Net realized and unrealized (losses) gains" on our Consolidated Statements of Income. The income statement treatment is consistent with how we accounted for credit losses prior to the adoption of CECL. However, subsequent changes in the expected cash flows associated with a future period's updated DCF analysis are recorded as an increase to (or reversal of) credit loss expense with the offset recorded to the allowance. We charge write-offs against the allowance when either: (i) we determine the recovery of amortized cost to be uncollectible based on our evaluation of the financial condition of the issuer; (ii) we have the intent, or requirement, to sell a security for which an allowance for credit losses was previously established; and (iii) we have sold a security that for which an allowance for credit losses was previously established.

Accrued interest on fixed income securities and CMLs is recorded as a component of “Interest and dividends due or accrued” on our Consolidated Balance Sheet. If accrued interest is due but not paid within 90 days, we reverse the delinquent amount against investment income, which is a component of “Net investment income earned” on our Consolidated Statements of Income. We do not record a valuation allowance on our accrued interest balance as we reverse delinquent amounts on a timely basis. We consider a debt security to be past due at the time any principal or interest payments become 90 days delinquent.
 
Commercial Mortgage Loans
Beginning in 2020, our investment portfolio contains an allocation to CMLs. As of March 31, 2020, CMLs accounted for less than 1% of our invested assets. CMLs are loans secured by commercial property, such as an office building, multi-family apartment complex, industrial warehouse, or shopping center. We may acquire investments in CMLs through direct originations under a loan syndication arrangement or purchase CMLs in the marketplace. We record our investment in CMLs on the settlement date of the loan. Our CMLs are classified as held-for-investment and reported at amortized cost, net of the applicable allowance for credit losses, on our Consolidated Balance Sheet.

We evaluate our CMLs for expected credit loss under the same methodology described above for fixed income securities using a DCF model. The discount rate used in this DCF model is either the effective interest rate implicit in the CML at the date of acquisition for fixed rate investments, or the effective interest rate in effect as of the reporting date for non-fixed-rate CMLs.

The allowance for credit losses on our CML investments is calculated as the shortfall between amortized cost at the reporting date and the present value of future cash flows calculated in the DCF analysis. The treatment of earnings and the related classification of the expected credit losses on the Consolidated Statements of Income and the Consolidated Balance Sheet are consistent with our fixed income securities as described above.

Allowance for Uncollectible Premiums Receivable
We estimate an allowance for expected credit losses on our outstanding premiums receivable balance at each reporting date. In determining this allowance, we use a method that considers the aging of the receivable, based on the effective year of the related policy, along with our historical receivable loss experience. We also contemplate expected macroeconomic conditions over the expected collection period of these receivables that, because the majority of the balances are collected within a year or two of policy issuance, are short-term in nature.

Expected credit losses on premiums receivable are charged to earnings as credit loss expense, which is a component of "Other insurance expenses" on our Consolidated Statements of Income with an offsetting allowance being recorded as a contra-asset reflected in the carry value of the receivable. Subsequent changes in the allowance are recorded as an increase to (or reversal

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of) credit loss expense. We charge write-offs against the allowance when we determine the account to be uncollectible after considering info