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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: September 30, 2023
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)
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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)
Registrant's telephone number, including area code: (973) 948-3000
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol (s) | | Name of each exchange on which registered |
Common Stock, par value $2 per share | | SIGI | | The 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 value | | SIGIP | | The 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.
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Large accelerated filer | ☒ | Accelerated filer | ☐ | Emerging growth company | ☐ |
Non-accelerated filer | ☐ | Smaller 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 October 31, 2023, there were 60,588,494 shares of common stock, par value $2.00 per share, outstanding.
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| SELECTIVE INSURANCE GROUP, INC. | |
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PART I. FINANCIAL INFORMATION | |
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ITEM 1. FINANCIAL STATEMENTS. | |
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SELECTIVE INSURANCE GROUP, INC. CONSOLIDATED BALANCE SHEETS | | Unaudited | | |
($ in thousands, except share amounts) | | September 30, 2023 | | December 31, 2022 |
ASSETS | | | | |
Investments: | | | | |
Fixed income securities, held-to-maturity – at carrying value (fair value: $21,892 – 2023; $29,837 – 2022) | | $ | 23,240 | | | 31,157 | |
Less: allowance for credit losses | | — | | | — | |
Fixed income securities, held-to-maturity, net of allowance for credit losses | | 23,240 | | | 31,157 | |
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Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $33,538 – 2023 and $45,721 – 2022; amortized cost: $7,689,350 – 2023 and $7,185,754 – 2022) | | 7,027,104 | | | 6,612,107 | |
Commercial mortgage loans – at carrying value (fair value: $171,386 – 2023 and $139,243 – 2022) | | 186,114 | | | 149,305 | |
Less: allowance for credit losses | | (181) | | | (116) | |
Commercial mortgage loans, net of allowance for credit losses | | 185,933 | | | 149,189 | |
Equity securities – at fair value (cost: $122,388 – 2023; $167,431 – 2022) | | 125,618 | | | 162,000 | |
Short-term investments | | 315,026 | | | 440,456 | |
Alternative investments | | 446,805 | | | 371,316 | |
Other investments | | 72,188 | | | 71,244 | |
Total investments (Note 4 and 5) | | $ | 8,195,914 | | | 7,837,469 | |
Cash | | 109 | | | 26 | |
Restricted cash | | 13,236 | | | 25,183 | |
Accrued investment income | | 62,172 | | | 59,167 | |
Premiums receivable | | 1,348,948 | | | 1,101,787 | |
Less: allowance for credit losses (Note 6) | | (18,900) | | | (16,100) | |
Premiums receivable, net of allowance for credit losses | | 1,330,048 | | | 1,085,687 | |
Reinsurance recoverable | | 687,141 | | | 784,410 | |
Less: allowance for credit losses (Note 7) | | (1,800) | | | (1,600) | |
Reinsurance recoverable, net of allowance for credit losses | | 685,341 | | | 782,810 | |
Prepaid reinsurance premiums | | 205,189 | | | 172,371 | |
Current federal income tax | | — | | | 3,545 | |
Deferred federal income tax | | 199,317 | | | 172,733 | |
Property and equipment – at cost, net of accumulated depreciation and amortization of: $268,260 – 2023; $251,209 – 2022 | | 81,372 | | | 84,306 | |
Deferred policy acquisition costs | | 425,754 | | | 368,624 | |
Goodwill | | 7,849 | | | 7,849 | |
Other assets | | 221,658 | | | 202,491 | |
Total assets | | $ | 11,427,959 | | | 10,802,261 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | |
Liabilities: | | | | |
Reserve for loss and loss expense (Note 8) | | $ | 5,301,370 | | | 5,144,821 | |
Unearned premiums | | 2,342,196 | | | 1,992,781 | |
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Long-term debt | | 504,591 | | | 504,676 | |
Current federal income tax | | 2,538 | | | — | |
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Accrued salaries and benefits | | 114,239 | | | 115,185 | |
Other liabilities | | 518,602 | | | 517,234 | |
Total liabilities | | $ | 8,783,536 | | | 8,274,697 | |
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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 – 2023 and 2022 | | | | |
Common stock of $2 par value per share: | | | | |
Authorized shares 360,000,000 | | | | |
Issued: 105,172,002 – 2023; 104,847,111 – 2022 | | 210,344 | | | 209,694 | |
Additional paid-in capital | | 516,854 | | | 493,488 | |
Retained earnings | | 2,928,177 | | | 2,749,703 | |
Accumulated other comprehensive income (loss) (Note 11) | | (575,869) | | | (498,042) | |
Treasury stock – at cost (shares: 44,585,641 – 2023; 44,508,211 – 2022) | | (635,083) | | | (627,279) | |
Total stockholders’ equity | | $ | 2,644,423 | | | 2,527,564 | |
Commitments and contingencies | | | | |
Total liabilities and stockholders’ equity | | $ | 11,427,959 | | | 10,802,261 | |
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 September 30, | | Nine Months ended September 30, |
($ in thousands, except per share amounts) | | 2023 | | 2022 | | 2023 | | 2022 |
Revenues: | | | | | | | | |
Net premiums earned | | $ | 981,917 | | | 853,879 | | | $ | 2,826,403 | | | 2,500,601 | |
Net investment income earned | | 100,863 | | | 63,889 | | | 290,065 | | | 206,713 | |
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Net realized and unrealized investment gains (losses) | | (6,880) | | | (25,681) | | | (8,962) | | | (108,913) | |
Other income | | 5,181 | | | 2,933 | | | 13,919 | | | 7,499 | |
Total revenues | | 1,081,081 | | | 895,020 | | | 3,121,425 | | | 2,605,900 | |
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Expenses: | | | | | | | | |
Loss and loss expense incurred | | 645,897 | | | 547,826 | | | 1,859,465 | | | 1,566,930 | |
Amortization of deferred policy acquisition costs | | 201,106 | | | 179,048 | | | 585,660 | | | 522,186 | |
Other insurance expenses | | 108,504 | | | 102,806 | | | 325,949 | | | 298,310 | |
Interest expense | | 7,186 | | | 7,179 | | | 21,610 | | | 21,599 | |
Corporate expenses | | 5,871 | | | 5,522 | | | 27,308 | | | 24,442 | |
Total expenses | | 968,564 | | | 842,381 | | | 2,819,992 | | | 2,433,467 | |
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Income before federal income tax | | 112,517 | | | 52,639 | | | 301,433 | | | 172,433 | |
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Federal income tax expense: | | | | | | | | |
Current | | 24,133 | | | 14,813 | | | 67,004 | | | 41,682 | |
Deferred | | (824) | | | (4,699) | | | (5,961) | | | (7,624) | |
Total federal income tax expense | | 23,309 | | | 10,114 | | | 61,043 | | | 34,058 | |
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Net income | | $ | 89,208 | | | 42,525 | | | $ | 240,390 | | | 138,375 | |
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Preferred stock dividends | | 2,300 | | | 2,300 | | | 6,900 | | | 6,900 | |
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Net income available to common stockholders | | $ | 86,908 | | | 40,225 | | | $ | 233,490 | | | 131,475 | |
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Earnings per common share: | | | | | | | | |
Net income available to common stockholders - Basic | | $ | 1.43 | | | 0.67 | | | $ | 3.85 | | | 2.18 | |
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Net income available to common stockholders - Diluted | | $ | 1.42 | | | 0.66 | | | $ | 3.83 | | | 2.16 | |
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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 September 30, | | Nine Months ended September 30, |
($ in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Net income | | $ | 89,208 | | | 42,525 | | | $ | 240,390 | | | 138,375 | |
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Other comprehensive income (loss), net of tax: | | | | | | | | |
Unrealized gains (losses) on investment securities: | | | | | | | | |
Unrealized holding gains (losses) arising during period | | (80,361) | | | (149,803) | | | (76,219) | | | (532,744) | |
Unrealized gains (losses) on securities with credit loss recognized in earnings | | (25,989) | | | (53,946) | | | (13,032) | | | (179,803) | |
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Amounts reclassified into net income: | | | | | | | | |
Held-to-maturity securities | | — | | | 1 | | | — | | | 2 | |
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities | | 3,656 | | | 11,246 | | | 15,891 | | | 38,233 | |
Credit loss (benefit) expense | | 1,949 | | | 3,532 | | | (6,261) | | | 33,214 | |
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Total unrealized gains (losses) on investment securities | | (100,745) | | | (188,970) | | | (79,621) | | | (641,098) | |
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Defined benefit pension and post-retirement plans: | | | | | | | | |
Amounts reclassified into net income: | | | | | | | | |
Net actuarial loss | | 598 | | | 329 | | | 1,794 | | | 988 | |
Total defined benefit pension and post-retirement plans | | 598 | | | 329 | | | 1,794 | | | 988 | |
Other comprehensive income (loss) | | (100,147) | | | (188,641) | | | (77,827) | | | (640,110) | |
Comprehensive income (loss) | | $ | (10,939) | | | (146,116) | | | $ | 162,563 | | | (501,735) | |
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 September 30, | | Nine Months ended September 30, |
($ in thousands, except share and per share amounts) | | 2023 | | 2022 | | 2023 | | 2022 |
Preferred stock: | | | | | | | | |
Beginning of period | | $ | 200,000 | | | 200,000 | | | $ | 200,000 | | | 200,000 | |
Issuance of preferred stock | | — | | | — | | | — | | | — | |
End of period | | 200,000 | | | 200,000 | | | 200,000 | | | 200,000 | |
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Common stock: | | | | | | | | |
Beginning of period | | 210,296 | | | 209,506 | | | 209,694 | | | 208,902 | |
Dividend reinvestment plan | | 8 | | | 11 | | | 27 | | | 34 | |
Stock purchase and compensation plans | | 40 | | | 41 | | | 623 | | | 622 | |
End of period | | 210,344 | | | 209,558 | | | 210,344 | | | 209,558 | |
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Additional paid-in capital: | | | | | | | | |
Beginning of period | | 512,040 | | | 481,380 | | | 493,488 | | | 464,347 | |
Dividend reinvestment plan | | 427 | | | 438 | | | 1,335 | | | 1,325 | |
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Stock purchase and compensation plans | | 4,387 | | | 4,421 | | | 22,031 | | | 20,567 | |
End of period | | 516,854 | | | 486,239 | | | 516,854 | | | 486,239 | |
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Retained earnings: | | | | | | | | |
Beginning of period | | 2,859,569 | | | 2,660,584 | | | 2,749,703 | | | 2,603,472 | |
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Net income | | 89,208 | | | 42,525 | | | 240,390 | | | 138,375 | |
Dividends to preferred stockholders | | (2,300) | | | (2,300) | | | (6,900) | | | (6,900) | |
Dividends to common stockholders | | (18,300) | | | (17,046) | | | (55,016) | | | (51,184) | |
End of period | | 2,928,177 | | | 2,683,763 | | | 2,928,177 | | | 2,683,763 | |
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Accumulated other comprehensive income (loss): | | | | | | | | |
Beginning of period | | (475,722) | | | (336,370) | | | (498,042) | | | 115,099 | |
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Other comprehensive income (loss) | | (100,147) | | | (188,641) | | | (77,827) | | | (640,110) | |
End of period | | (575,869) | | | (525,011) | | | (575,869) | | | (525,011) | |
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Treasury stock: | | | | | | | | |
Beginning of period | | (634,791) | | | (621,010) | | | (627,279) | | | (608,935) | |
Acquisition of treasury stock - share repurchase authorization | | — | | | (5,931) | | | — | | | (12,423) | |
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans | | (292) | | | (75) | | | (7,804) | | | (5,658) | |
End of period | | (635,083) | | | (627,016) | | | (635,083) | | | (627,016) | |
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Total stockholders’ equity | | $ | 2,644,423 | | | 2,427,533 | | | $ | 2,644,423 | | | 2,427,533 | |
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Dividends declared per preferred share | | $ | 287.50 | | | 287.50 | | | $ | 862.50 | | | 862.50 | |
Dividends declared per common share | | $ | 0.30 | | | 0.28 | | | $ | 0.90 | | | 0.84 | |
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Preferred stock, shares outstanding: | | | | | | | | |
Beginning of period | | 8,000 | | | 8,000 | | | 8,000 | | | 8,000 | |
Issuance of preferred stock | | — | | | — | | | — | | | — | |
End of period | | 8,000 | | | 8,000 | | | 8,000 | | | 8,000 | |
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Common stock, shares outstanding: | | | | | | | | |
Beginning of period | | 60,565,483 | | | 60,327,734 | | | 60,338,900 | | | 60,184,382 | |
Dividend reinvestment plan | | 4,362 | | | 5,647 | | | 13,677 | | | 17,152 | |
Stock purchase and compensation plan | | 19,475 | | | 20,073 | | | 311,214 | | | 310,760 | |
Acquisition of treasury stock - share repurchase authorization | | — | | | (79,100) | | | — | | | (165,159) | |
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans | | (2,959) | | | (863) | | | (77,430) | | | (73,644) | |
End of period | | 60,586,361 | | | 60,273,491 | | | 60,586,361 | | | 60,273,491 | |
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 | | Nine Months ended September 30, |
($ in thousands) | | 2023 | | 2022 |
Operating Activities | | | | |
Net income | | $ | 240,390 | | | 138,375 | |
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Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | |
Depreciation and amortization | | 23,432 | | | 34,350 | |
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Stock-based compensation expense | | 16,374 | | | 15,123 | |
Undistributed gains of equity method investments | | (16,266) | | | (12,971) | |
Distributions in excess of current year income of equity method investments | | 8,656 | | | 33,365 | |
Net realized and unrealized losses | | 8,962 | | | 108,913 | |
Loss (gain) on disposal of fixed assets | | (6) | | | — | |
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Changes in assets and liabilities: | | | | |
Increase in reserve for loss and loss expense, net of reinsurance recoverable | | 254,018 | | | 271,311 | |
Increase in unearned premiums, net of prepaid reinsurance | | 316,597 | | | 223,332 | |
Decrease (increase) in net federal income taxes | | 216 | | | (31,607) | |
Increase in premiums receivable | | (244,361) | | | (168,286) | |
Increase in deferred policy acquisition costs | | (57,130) | | | (44,010) | |
Increase in accrued investment income | | (3,038) | | | (5,936) | |
Decrease in accrued salaries and benefits | | (946) | | | (8,830) | |
Increase in other assets | | (12,496) | | | (31,241) | |
Decrease in other liabilities | | (12,096) | | | (36,444) | |
Net cash provided by (used in) operating activities | | 522,306 | | | 485,444 | |
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Investing Activities | | | | |
Purchases of fixed income securities, held-to-maturity | | — | | | (6,692) | |
Purchases of fixed income securities, available-for-sale | | (1,999,665) | | | (2,183,013) | |
Purchases of commercial mortgage loans | | (38,281) | | | (57,289) | |
Purchases of equity securities | | (13,731) | | | (21,044) | |
Purchases of alternative investments and other investments | | (83,810) | | | (45,495) | |
Purchases of short-term investments | | (3,483,923) | | | (3,123,086) | |
Sales of fixed income securities, available-for-sale | | 1,115,260 | | | 986,367 | |
Proceeds from commercial mortgage loans | | 1,473 | | | 7,875 | |
Sales of short-term investments | | 3,609,991 | | | 3,302,140 | |
Redemption and maturities of fixed income securities, held-to-maturity | | 7,918 | | | 2,508 | |
Redemption and maturities of fixed income securities, available-for-sale | | 367,495 | | | 539,680 | |
Sales of equity securities | | 53,344 | | | 155,670 | |
Sales of other investments | | 900 | | | 2,156 | |
Distributions from alternative investments and other investments | | 7,765 | | | 11,114 | |
Purchases of property and equipment | | (14,763) | | | (21,758) | |
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Net cash provided by (used in) investing activities | | (470,027) | | | (450,867) | |
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Financing Activities | | | | |
Dividends to preferred stockholders | | (6,900) | | | (6,900) | |
Dividends to common stockholders | | (53,122) | | | (49,307) | |
Acquisition of treasury stock | | (7,804) | | | (18,081) | |
Net proceeds from stock purchase and compensation plans | | 5,616 | | | 5,500 | |
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Proceeds from borrowings | | 20,000 | | | 35,000 | |
Repayments of borrowings | | (20,000) | | | (35,000) | |
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Repayments of finance lease obligations | | (1,933) | | | (1,819) | |
Net cash provided by (used in) financing activities | | (64,143) | | | (70,607) | |
Net decrease in cash and restricted cash | | (11,864) | | | (36,030) | |
Cash and restricted cash, beginning of period | | 25,209 | | | 45,063 | |
Cash and restricted cash, end of period | | $ | 13,345 | | | 9,033 | |
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
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 third quarters ended September 30, 2023 (“Third Quarter 2023”) and September 30, 2022 (“Third Quarter 2022”), and the nine-month periods ended September 30, 2023 ("Nine Months 2023") and September 30, 2022 ("Nine Months 2022"). 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, 2022 (“2022 Annual Report”) filed with the SEC.
NOTE 2. Adoption of Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the market transition away from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Companies can elect to adopt ASU 2020-04 as of the beginning of the interim period that includes March 2020, or any date thereafter through December 31, 2024, as permitted by ASU 2022-06, Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 issued in December 2022. We adopted this guidance in the first quarter of 2023. We are not required to measure the effect of adoption on our financial position, cash flows, or net income because the guidance provides relief from accounting for the effects of the change to a replacement rate.
Pronouncements to be effective in the future
In June 2022, the FASB issued 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. Early adoption is permitted. We are currently evaluating the impact of this guidance.
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 are currently evaluating the impact of this guidance.
NOTE 3. Statements of Cash Flows
Supplemental cash flow information was as follows:
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| | Nine Months ended September 30, |
($ in thousands) | | 2023 | | 2022 |
Cash paid (received) during the period for: | | | | |
Interest | | $ | 22,712 | | | 22,699 | |
Federal income tax | | 57,000 | | | 61,000 | |
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Cash paid for amounts included in the measurement of lease liabilities: | | | | |
Operating cash flows from operating leases | | 5,773 | | | 6,096 | |
Operating cash flows from financing leases | | 41 | | | 33 | |
Financing cash flows from finance leases | | 1,933 | | | 1,819 | |
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Non-cash items: | | | | |
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Corporate actions related to fixed income securities, available-for-sale ("AFS")1 | | 18,840 | | | 32,546 | |
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Conversion of AFS fixed income securities to equity securities | | — | | | 1,463 | |
Assets acquired under finance lease arrangements | | 1,584 | | | 650 | |
Assets acquired under operating lease arrangements | | 5,068 | | | 15,514 | |
Non-cash purchase of property and equipment | | 22 | | | — | |
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:
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($ in thousands) | | September 30, 2023 | | December 31, 2022 |
Cash | | $ | 109 | | | 26 | |
Restricted cash | | 13,236 | | | 25,183 | |
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | | $ | 13,345 | | | 25,209 | |
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 September 30, 2023 and December 31, 2022, were as follows:
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September 30, 2023 | | Cost/ Amortized Cost | | Allowance for Credit Losses | | Unrealized Gains | | Unrealized Losses | | Fair Value |
($ in thousands) | | | | | |
AFS fixed income securities: | | | | | | | | | | |
U.S. government and government agencies | | $ | 253,174 | | | — | | | — | | | (26,445) | | | 226,729 | |
Foreign government | | 11,155 | | | (32) | | | — | | | (1,807) | | | 9,316 | |
Obligations of states and political subdivisions | | 672,075 | | | (892) | | | 125 | | | (56,557) | | | 614,751 | |
Corporate securities | | 2,684,453 | | | (17,765) | | | 2,003 | | | (228,556) | | | 2,440,135 | |
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS") | | 1,819,454 | | | (3,218) | | | 4,144 | | | (106,665) | | | 1,713,715 | |
Residential mortgage-backed securities ("RMBS") | | 1,548,758 | | | (11,625) | | | 500 | | | (153,174) | | | 1,384,459 | |
Commercial mortgage-backed securities ("CMBS") | | 700,281 | | | (6) | | | — | | | (62,276) | | | 637,999 | |
Total AFS fixed income securities | | $ | 7,689,350 | | | (33,538) | | | 6,772 | | | (635,480) | | | 7,027,104 | |
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December 31, 2022 | | Cost/ Amortized Cost | | Allowance for Credit Losses | | Unrealized Gains | | Unrealized Losses | | Fair Value |
($ in thousands) | | | | | |
AFS fixed income securities: | | | | | | | | | | |
U.S. government and government agencies | | $ | 209,528 | | | — | | | 37 | | | (20,326) | | | 189,239 | |
Foreign government | | 11,199 | | | (284) | | | — | | | (1,307) | | | 9,608 | |
Obligations of states and political subdivisions | | 965,231 | | | (1,024) | | | 1,812 | | | (48,001) | | | 918,018 | |
Corporate securities | | 2,558,655 | | | (30,330) | | | 3,509 | | | (196,809) | | | 2,335,025 | |
CLO and other ABS | | 1,607,660 | | | (2,375) | | | 2,408 | | | (121,720) | | | 1,485,973 | |
RMBS | | 1,169,546 | | | (11,597) | | | 1,148 | | | (99,265) | | | 1,059,832 | |
CMBS | | 663,935 | | | (111) | | | 348 | | | (49,760) | | | 614,412 | |
Total AFS fixed income securities | | $ | 7,185,754 | | | (45,721) | | | 9,262 | | | (537,188) | | | 6,612,107 | |
The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:
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Quarter ended September 30, 2023 | | Beginning Balance | | Current Provision for Securities without Prior Allowance | | Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration | | Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities | | Reductions for Securities Sold | | Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period | | Ending Balance |
($ in thousands) | | | | | | | |
Foreign government | | $ | 34 | | | — | | | — | | | (2) | | | — | | | — | | | 32 | |
Obligations of states and political subdivisions | | 769 | | | 96 | | | — | | | 55 | | | (28) | | | — | | | 892 | |
Corporate securities | | 16,149 | | | 1,939 | | | — | | | (111) | | | (212) | | | — | | | 17,765 | |
CLO and other ABS | | 2,915 | | | 148 | | | — | | | 167 | | | (12) | | | — | | | 3,218 | |
RMBS | | 11,550 | | | 23 | | | — | | | 154 | | | (102) | | | — | | | 11,625 | |
CMBS | | 8 | | | — | | | — | | | (1) | | | (1) | | | — | | | 6 | |
Total AFS fixed income securities | | $ | 31,425 | | | 2,206 | | | — | | | 262 | | | (355) | | | — | | | 33,538 | |
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Quarter ended September 30, 2022 | | Beginning Balance | | Current Provision for Securities without Prior Allowance | | Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration | | Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities | | Reductions for Securities Sold | | Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period | | Ending Balance |
($ in thousands) | | | | | | | |
Foreign government | | $ | 265 | | | 40 | | | — | | | 15 | | | — | | | — | | | 320 | |
Obligations of states and political subdivisions | | 1,206 | | | 313 | | | — | | | (181) | | | (27) | | | — | | | 1,311 | |
Corporate securities | | 35,072 | | | 4,061 | | | — | | | 633 | | | (2,733) | | | (63) | | | 36,970 | |
CLO and other ABS | | 3,623 | | | 35 | | | — | | | (527) | | | (17) | | | — | | | 3,114 | |
RMBS | | 10,616 | | | 35 | | | — | | | 46 | | | (94) | | | — | | | 10,603 | |
CMBS | | 18 | | | — | | | — | | | 1 | | | — | | | — | | | 19 | |
Total AFS fixed income securities | | $ | 50,800 | | | 4,484 | | | — | | | (13) | | | (2,871) | | | (63) | | | 52,337 | |
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Nine Months ended September 30, 2023 | | Beginning Balance | | Current Provision for Securities without Prior Allowance | | Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration | | Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities | | Reductions for Securities Sold | | Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period | | Ending Balance |
($ in thousands) | | | | | | | |
Foreign government | | $ | 284 | | | — | | | — | | | (252) | | | — | | | — | | | 32 | |
Obligations of states and political subdivisions | | 1,024 | | | 100 | | | — | | | (120) | | | (112) | | | — | | | 892 | |
Corporate securities | | 30,330 | | | 6,078 | | | — | | | (14,992) | | | (3,600) | | | (51) | | | 17,765 | |
CLO and other ABS | | 2,375 | | | 904 | | | — | | | (40) | | | (21) | | | — | | | 3,218 | |
RMBS | | 11,597 | | | 24 | | | — | | | 334 | | | (330) | | | — | | | 11,625 | |
CMBS | | 111 | | | 1 | | | — | | | 38 | | | (144) | | | — | | | 6 | |
Total AFS fixed income securities | | $ | 45,721 | | | 7,107 | | | — | | | (15,032) | | | (4,207) | | | (51) | | | 33,538 | |
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Nine Months ended September 30, 2022 | | Beginning Balance | | Current Provision for Securities without Prior Allowance | | Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration | | Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities | | Reductions for Securities Sold | | Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period | | Ending Balance |
($ in thousands) | | | | | | | |
Foreign government | | $ | 46 | | | 292 | | | — | | | (4) | | | (14) | | | — | | | |