UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
| Date of Report (Date of earliest event reported) |
July 29, 2015 |
| |
| |
| SELECTIVE INSURANCE GROUP, INC. |
| (Exact name of registrant as specified in its charter) |
| |
| |
| New Jersey |
001-33067 |
22-2168890 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(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 |
| |
| Not Applicable |
| (Former name or former address, if changed since last report.) |
| |
|
|
|
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition.
On July 29, 2015, Selective Insurance Group, Inc. (the “Company”)
issued a press release announcing results for the second quarter ended June 30, 2015. The press release is attached hereto as Exhibit
99.1.
Section 7 – Regulation FD
Item 7.01. Regulation FD Disclosure.
Attached as Exhibit 99.2 is supplemental financial information
about the Company.
The information contained in this report on Form 8-K, including
the exhibits attached hereto, is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference
in such filing. The Company makes no admission as to the materiality of any information in this report or the exhibits attached
hereto.
Section 9 – Financial Statements
and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Press Release of Selective Insurance Group, Inc. dated July 29, 2015 |
| 99.2 | Supplemental Investor Package, Second Quarter 2015 |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
SELECTIVE INSURANCE GROUP, INC. |
| |
|
|
| |
|
|
| Date: July 29, 2015 |
By: |
/s/ Michael H. Lanza |
| |
|
Michael
H. Lanza
Executive Vice President and General Counsel
|
EXHIBIT INDEX
| Exhibit No. |
|
Description |
| 99.1 |
|
Press Release of Selective Insurance Group, Inc. dated July 29, 2015 |
| 99.2 |
|
Supplemental Investor Package, Second Quarter 2015 |
EXHIBIT 99.1
Selective Reports Net Income per Diluted
Share of $0.58 and Operating Income per Diluted Share of $0.62 for the Second Quarter of 2015
Improves Full Year Ex-Catastrophe
Statutory Combined Ratio Target To 90% From 91%
In the second quarter of 2015:
| · | Net premiums written grew 11% |
| · | GAAP combined ratio was 94.1% |
| · | Statutory combined ratio was 93.5% |
| · | After-tax net investment income declined 10% |
| · | Total return on equity was 10.3% and operating return on equity was
11.0% |
Branchville, NJ – July 29, 2015 – Selective
Insurance Group, Inc. (NASDAQ: SIGI) today reported its financial results for the second quarter ended June 30, 2015. Net income
per diluted share was $0.58, a 14% increase compared to $0.51 in 2014, and operating income1 per diluted share grew
35% to $0.62, compared to $0.46 in 2014.
“Our results this quarter further demonstrate our continued
focus on the value-enhancing initiatives underway and our ability to drive long-term profitable growth,” said Gregory E.
Murphy, Chairman and Chief Executive Officer. “Our strong performance was driven by our efforts to balance rate and retention,
implement claims and underwriting improvements across the organization while maintaining strong relationships with our distribution
partners. The combination of our high-tech, high-touch capabilities continues to deliver success for our shareholders, distribution
partners, customers and employees.”
Murphy continued, “For the second quarter, we generated
a profitable 93.5% statutory combined ratio, or 88.6% excluding catastrophe losses. On the strength of our statutory underwriting
results for the first six months, we are improving our full year ex-catastrophe statutory combined ratio target to 90% from 91%.
“Growth in the quarter was solid, as overall net premiums
written increased 11% driven by Standard Commercial Lines new business production of $90 million, a 39% increase from a year ago,
and overall year-to-date renewal pure price increases of 3.8%. For 2015, we expect to achieve overall
renewal pure price of just below 4%. The increase in new business this year reflects the capacity we have created through our agency
management specialists and small business teams to grow share of wallet with our distribution partners. We are also adding agencies
to have access to additional market share throughout our footprint,” Murphy concluded.
|
Consolidated Financial Results
$ in millions, except per share data |
Quarter Ended
June 30, |
Change |
Year-to-date
June 30, |
Change |
| 2015 |
2014 |
2015 |
2014 |
| Net premiums written |
$532.1 |
$479.8 |
11% |
$1,050.2 |
$956.6 |
10% |
| Net premiums earned |
$490.3 |
$463.6 |
6% |
$966.4 |
$920.1 |
5% |
| Net investment income earned |
$32.2 |
$36.8 |
(12)% |
$59.1 |
$72.3 |
(18)% |
| Net realized (losses) gains, pre-tax |
$(3.4) |
$4.5 |
(175)% |
$15.5 |
$11.8 |
32% |
| Total revenues |
$522.0 |
$506.8 |
3% |
$1,045.9 |
$1,015.9 |
3% |
| Operating income1 |
$36.0 |
$26.4 |
36% |
$63.4 |
$39.7 |
60% |
| Net realized (losses) gains, net of tax |
$(2.2) |
$3.0 |
(175)% |
$10.1 |
$7.6 |
32% |
| Net income |
$33.8 |
$29.3 |
15% |
$73.5 |
$47.3 |
55% |
| Statutory combined ratio |
93.5% |
97.5% |
(4.0) pts |
93.2% |
99.2% |
(6.0) pts |
| Catastrophe losses |
4.9 pts |
5.9 pts |
(1.0) pt |
5.1 pts |
6.7 pts |
(1.6) pts |
| Non-catastrophe property losses |
14.4 pts |
15.7 pts |
(1.3) pts |
14.6 pts |
17.9 pts |
(3.3) pts |
| (Favorable) prior year statutory reserve development on casualty lines |
(4.1) pts |
(3.8) pts |
(0.3) pts |
(4.1) pts |
(3.4) pts |
(0.7) pts |
| GAAP combined ratio |
94.1% |
97.8% |
(3.7) pts |
94.3% |
99.4% |
(5.1) pts |
| Operating income per diluted share1 |
$0.62 |
$0.46 |
35% |
$1.10 |
$0.70 |
57% |
| Net income per diluted share |
$0.58 |
$0.51 |
14% |
$1.27 |
$0.83 |
53% |
| Weighted average diluted shares |
57.8M |
57.3M |
1% |
57.8M |
57.2M |
1% |
| Book value per share |
|
|
|
$22.95 |
$21.96 |
5% |
1Operating income differs from net income by the
exclusion of realized gains and losses on investments. It is used as an important financial measure by management, analysts, and
investors, because the realization of investment gains and losses on sales in any given period is largely discretionary as to timing.
In addition, these investment gains and losses, as well as other-than-temporary investment impairments that are charged to earnings,
could distort the analysis of trends. Operating income is not intended as a substitute for net income prepared in accordance with
U.S. generally accepted accounting principles (GAAP). A reconciliation of operating income to net income is provided in the Consolidated
Financial Results table. Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association
of Insurance Commissioners Accounting Practices and Procedures Manual and, therefore, is not reconciled to GAAP.
Note: All amounts included in this release exclude intercompany
transactions.
Operating Highlights
Standard Commercial Lines
Standard Commercial Lines premiums were up 13% in the second
quarter, reflecting renewal pure price increases of 3.0%, stable retention at 83%, and a 39% increase in new business to $90 million.
The quarter’s statutory combined ratio improved by 5.4 points, largely due to earned rate continuing to exceed expected loss
inflation, favorable prior year casualty reserve development of $21 million, or 5.6 points, and lower non-catastrophe weather-related
losses.
|
Standard Commercial Lines
$ in millions, statutory results |
Quarter Ended
June 30, |
Change |
Year-to-date
June 30, |
Change |
| 2015 |
2014 |
2015 |
2014 |
| Net premiums written |
$410.8 |
$363.9 |
13% |
$826.1 |
$743.2 |
11% |
| Net premiums earned |
$377.2 |
$354.5 |
6% |
$742.7 |
$703.9 |
6% |
| Statutory loss & loss expense ratio |
55.7% |
61.1% |
(5.4) pts |
56.1% |
65.2% |
(9.1) pts |
| Statutory underwriting expense ratio |
33.9% |
34.0% |
(0.1) pts |
33.3% |
32.2% |
1.1 pts |
| Statutory dividends to policyholders ratio |
0.5% |
0.4% |
0.1 pts |
0.5% |
0.4% |
0.1 pts |
| Statutory combined ratio |
90.1% |
95.5% |
(5.4) pts |
89.9% |
97.8% |
(7.9) pts |
| GAAP combined ratio |
90.7% |
95.6% |
(4.9) pts |
91.2% |
98.3% |
(7.1) pts |
Standard Personal Lines
Standard Personal Lines premiums decreased 3% in the quarter
compared to a year ago, attributed to the ongoing strategic non-renewal of underperforming business and a decrease in new business.
Retention remained stable at 82% and renewal pure price was 6.7%. The Selective EdgeTM product continues to be well
received by Selective’s agents and the Company is optimistic about the improving take-up rate. We believe that this business
will ultimately outperform the non-Edge business.
The statutory combined ratio in Standard Personal Lines was
105.4%, which included 11.5 points of catastrophe losses. There was no prior year casualty reserve development this quarter in
Standard Personal Lines, although there was favorable prior year casualty reserve development of $2 million, or 2.7 combined ratio
points, in the second quarter of 2014.
|
Standard Personal Lines
$ in millions, statutory results |
Quarter Ended
June 30, |
Change |
Year-to-date
June 30, |
Change |
| 2015 |
2014 |
2015 |
2014 |
| Net premiums written |
$76.0 |
$78.2 |
(3)% |
$141.0 |
$145.5 |
(3)% |
| Net premiums earned |
$72.1 |
$74.5 |
(3)% |
$144.5 |
$149.4 |
(3)% |
| Statutory loss & loss expense ratio |
75.0% |
79.0% |
(4.0) pts |
74.2% |
78.3% |
(4.1) pts |
| Statutory underwriting expense ratio |
30.4% |
27.1% |
3.3 pts |
31.0% |
27.0% |
4.0 pts |
| Statutory combined ratio |
105.4% |
106.1% |
(0.7) pts |
105.2% |
105.3% |
(0.1) pts |
| GAAP combined ratio |
106.5% |
107.5% |
(1.0) pt |
104.9% |
105.3% |
(0.4) pts |
Excess and Surplus Lines
Growth in the Company’s Excess and Surplus lines business
this quarter was very robust with a 20% increase in net premiums written, largely attributable to new business growth of 36%. The
statutory combined ratio in the quarter was 102.7%, including adverse prior year casualty reserve development of $1 million, or
2.4 points.
|
Excess & Surplus Lines
$ in millions, statutory results |
Quarter Ended
June 30, |
Change |
Year-to-date
June 30, |
Change |
| 2015 |
2014 |
2015 |
2014 |
| Net premiums written |
$45.3 |
$37.8 |
20% |
$83.1 |
$67.8 |
23% |
| Net premiums earned |
$41.0 |
$34.6 |
19% |
$79.1 |
$66.8 |
18% |
| Statutory Loss & loss expense ratio |
67.2% |
65.0% |
2.2 pts |
67.4% |
63.4% |
4.0 pts |
| Statutory Underwriting expense ratio |
35.5% |
34.9% |
0.6 pts |
35.1% |
35.4% |
(0.3) pts |
| Statutory Combined ratio |
102.7% |
99.9% |
2.8 pts |
102.5% |
98.8% |
3.7 pts |
| GAAP combined ratio |
103.6% |
100.1% |
3.5 pts |
103.8% |
98.6% |
5.2 pts |
Investment Income
After-tax investment income in the second quarter was $25 million,
down 10% compared to a year ago. The decline was largely driven by lower interest income from the fixed income portfolio and lower
returns from the alternative portfolio, which continues to be impacted by the portfolio’s exposure to energy-exposed limited
partnerships. The decline in alternative investment income and the continued low interest rate environment reduced after-tax portfolio
yields to 1.9% from 2.3% a year ago. After-tax new money yields averaged 1.5% in the quarter.
|
Investments
$ in millions, except per share data |
Quarter Ended
June 30, |
Change |
Year-to-date
June 30, |
Change |
| 2015 |
2014 |
2015 |
2014 |
| Invested assets per dollar of stockholders’ equity |
|
|
|
$3.76 |
$3.83 |
(2)% |
| Net investment income earned, after-tax |
$24.8 |
$27.4 |
(10)% |
$46.0 |
$53.9 |
(15)% |
| Net investment income per share |
$0.43 |
$0.48 |
(10)% |
$0.80 |
$0.94 |
(15)% |
| Effective tax rate |
23.1% |
25.4% |
(2.3) pts |
22.2% |
25.4% |
(3.2) pts |
| Average yields: |
|
|
|
|
|
|
| Fixed Income Securities: |
|
|
|
|
|
|
| Pre-tax |
|
|
|
2.8% |
3.1% |
(0.3) pts |
| After-tax |
|
|
|
2.1% |
2.3% |
(0.2) pts |
| Portfolio: |
|
|
|
|
|
|
| Pre-tax |
|
|
|
2.4% |
3.1% |
(0.7) pts |
| After-tax |
|
|
|
1.9% |
2.3% |
(0.4) pts |
Balance Sheet
|
Balance Sheet
$ in millions, except per share data |
June 30, |
December 31, |
Change |
| 2015 |
2014 |
| Total assets |
$6,784 |
$6,582 |
3% |
| Investment portfolio |
$4,923 |
$4,807 |
2% |
| Notes payable |
$394 |
$379 |
4% |
| Statutory surplus |
$1,345 |
$1,308 |
3% |
| Stockholders’ equity |
$1,310 |
$1,276 |
3% |
| Book value per share |
$22.95 |
$22.54 |
2% |
The increase in book value reflects $1.27 in net income, partially
offset by a reduction in unrealized gains on the Company’s investment portfolio of $0.60 and $0.28 in shareholders’
dividends.
Selective’s Board of Directors declared a $0.14 per share
quarterly cash dividend on common stock payable September 1, 2015, to stockholders of record as of August 14, 2015.
Guidance
For 2015, Selective expects to generate the following results:
| · | Statutory combined ratio of 90.0%, an improvement from previous guidance
of 91.0%, excluding catastrophes and any further prior year casualty reserve development; |
| · | 4 points of catastrophe losses; |
| · | After-tax investment income of between $95 and $100 million; and |
| · | Weighted average shares of approximately 58 million. | |
The
supplemental investor package, including financial information that is not part of this press release, is available on the Investor
Relations’ page of Selective’s public website at www.selective.com.
Selective’s quarterly analyst conference call will be simulcast at 8:30 a.m. ET, on July 30, 2015 at www.selective.com.
The webcast will be available for rebroadcast until the close of business on September 1, 2015.
About Selective Insurance Group, Inc.
Selective
Insurance Group, Inc. is a holding company for ten property and casualty insurance companies rated “A” (Excellent)
by A.M. Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal
risks, and flood insurance underwritten by the National Flood Insurance Program. Selective maintains a website at www.selective.com.
Forward-Looking Statements
In this press release, Selective and its management discuss
and make statements based on currently available information regarding their intentions, beliefs, current expectations and projections
regarding Selective's future operations and performance.
Certain statements in this report, including information incorporated
by reference, are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform
Act of 1995 ("PSLRA"). The PSLRA provides a safe harbor under the Securities Act of 1933 and the Securities Exchange
Act of 1934 for forward-looking statements. These statements relate to our intentions, beliefs, projections, estimations or forecasts
of future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that
may cause our or our industry’s actual results, levels of activity, or performance to be materially different from those
expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by use of words
such as “may,” “will,” “could,” “would,” “should,” “expect,”
“plan,” “anticipate,” “target,” “project,” “intend,” “believe,”
“estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely”
or “continue” or other comparable terminology. These statements are only predictions, and we can give no assurance
that such expectations will prove to be correct. We undertake no obligation, other than as may be required under the federal securities
laws, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Factors that could cause our actual results to differ materially
from those projected, forecasted or estimated by us in forward-looking statements, include, but are not limited to:
| · | difficult conditions in global capital markets and the economy; |
| · | deterioration in the public debt and equity markets and private investment
marketplace that could lead to investment losses and fluctuations in interest rates; |
| · | ratings downgrades could affect investment values and therefore statutory
surplus; |
| · | the adequacy of our loss reserves and loss expense reserves; |
| · | the frequency and severity of natural and man-made catastrophic events,
including, but not limited to, hurricanes, tornadoes, windstorms, earthquakes, hail, terrorism, explosions, severe winter weather,
floods and fires; |
| · | adverse market, governmental, regulatory, legal or judicial conditions
or actions; |
| · | the concentration of our business in the Eastern Region; |
| · | the cost and availability of reinsurance; |
| · | our ability to collect on reinsurance and the solvency of our reinsurers; |
| · | uncertainties related to insurance premium rate increases and business
retention; |
| · | changes in insurance regulations that impact our ability to write
and/or cease writing insurance policies in one or more states; |
| · | recent federal financial regulatory reform provisions that could pose
certain risks to our operations; |
| · | our ability to maintain favorable ratings from rating agencies, including
A.M. Best, Standard & Poor’s, Moody’s and Fitch; |
| · | our entry into new markets and businesses; and |
| · | other risks and uncertainties we identify in filings with the United
States Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K and other periodic reports. |
These risk factors may not be exhaustive. We operate in a continually
changing business environment, and new risk factors emerge from time-to-time. We can neither predict such new risk factors nor
can we assess the impact, if any, of such new risk factors on our businesses or the extent to which any factor or combination of
factors may cause actual results to differ materially from those expressed or implied in any forward-looking statements in this
report. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur.
Selective’s
SEC filings can be accessed through the Investor Relations’ section of Selective’s website, www.selective.com,
or through the SEC’s EDGAR Database at www.sec.gov (Selective
EDGAR CIK No. 0000230557).
Investor and Media Contact:
Jennifer DiBerardino
973-948-1364
jennifer.diberardino@selective.com
Selective Insurance Group, Inc.
40 Wantage Avenue
Branchville, New Jersey 07890
www.selective.com
5
EXHIBIT 99.2
|
Supplemental Investor Package
Second Quarter 2015
Investor Contact:
Jennifer DiBerardino
Senior Vice President, Investor Relations
and Treasurer
Tel: 973-948-1364
jennifer.diberardino@selective.com
|
| Selective Insurance Group, Inc. & Consolidated Subsidiaries |
| Selected Balance Sheet Data |
| (unaudited) |
| | |
June 30, | | |
June 30, | | |
December 31, | |
| ($ in thousands, except per share data) | |
2015 | | |
2014 | | |
2014 | |
| | |
| | |
| | |
Unrecognized/ | | |
| | |
| | |
Unrecognized/ | | |
| | |
| | |
Unrecognized/ | |
| | |
Balance | | |
Market | | |
Unrealized | | |
Balance | | |
Market | | |
Unrealized | | |
Balance | | |
Market | | |
Unrealized | |
| | |
Sheet | | |
Value | | |
Gain | | |
Sheet | | |
Value | | |
Gain | | |
Sheet | | |
Value | | |
Gain | |
| Invested Assets: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Corporate bonds 1 | |
$ | 2,782,479 | | |
| 2,785,884 | | |
| 36,643 | | |
$ | 2,625,026 | | |
| 2,629,567 | | |
| 63,986 | | |
$ | 2,693,324 | | |
| 2,697,332 | | |
| 47,437 | |
| Government and Municipal bonds | |
| 1,658,198 | | |
| 1,666,636 | | |
| 35,307 | | |
| 1,630,112 | | |
| 1,646,135 | | |
| 56,322 | | |
| 1,690,935 | | |
| 1,702,751 | | |
| 59,680 | |
| Total fixed income securities | |
| 4,440,677 | | |
| 4,452,520 | | |
| 71,950 | | |
| 4,255,138 | | |
| 4,275,702 | | |
| 120,308 | | |
| 4,384,259 | | |
| 4,400,083 | | |
| 107,117 | |
| Equities | |
| 228,883 | | |
| 228,883 | | |
| 10,745 | | |
| 211,348 | | |
| 211,348 | | |
| 45,134 | | |
| 191,400 | | |
| 191,400 | | |
| 32,389 | |
| Short-term investments | |
| 168,349 | | |
| 168,349 | | |
| - | | |
| 166,488 | | |
| 166,488 | | |
| - | | |
| 131,972 | | |
| 131,972 | | |
| - | |
| Other investments | |
| 85,420 | | |
| 85,420 | | |
| - | | |
| 106,125 | | |
| 106,125 | | |
| - | | |
| 99,203 | | |
| 99,203 | | |
| - | |
| Total invested assets | |
$ | 4,923,329 | | |
| 4,935,172 | | |
| 82,695 | | |
$ | 4,739,099 | | |
| 4,759,663 | | |
| 165,442 | | |
$ | 4,806,834 | | |
| 4,822,658 | | |
| 139,506 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Invested assets per $ of stockholders' equity | |
| 3.76 | | |
| | | |
| | | |
| 3.83 | | |
| | | |
| | | |
| 3.77 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total assets | |
| 6,784,313 | | |
| | | |
| | | |
| 6,490,585 | | |
| | | |
| | | |
| 6,581,550 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Liabilities: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Reserve for loss and loss expenses | |
| 3,535,433 | | |
| | | |
| | | |
| 3,451,306 | | |
| | | |
| | | |
| 3,477,870 | | |
| | | |
| | |
| Unearned premium reserve | |
| 1,177,901 | | |
| | | |
| | | |
| 1,100,864 | | |
| | | |
| | | |
| 1,095,819 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total liabilities | |
| 5,474,000 | | |
| | | |
| | | |
| 5,252,510 | | |
| | | |
| | | |
| 5,305,964 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Stockholders' equity | |
| 1,310,313 | | |
| | | |
| | | |
| 1,238,075 | | |
| | | |
| | | |
| 1,275,586 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total debt to capitalization ratio | |
| 23.1 | % | |
| | | |
| | | |
| 24.1 | % | |
| | | |
| | | |
| 22.9 | % | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Book value per share | |
| 22.95 | | |
| | | |
| | | |
| 21.96 | | |
| | | |
| | | |
| 22.54 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Book value per share excluding | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| unrealized gain or loss on fixed income portfolio | |
| 22.26 | | |
| | | |
| | | |
| 20.81 | | |
| | | |
| | | |
| 21.49 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| NPW per insurance segment employee | |
| 945 | | |
| | | |
| | | |
| 927 | | |
| | | |
| | | |
| 908 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Statutory premiums to surplus ratio | |
| 1.5 | x | |
| | | |
| | | |
| 1.4 | x | |
| | | |
| | | |
| 1.4 | x | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Statutory surplus | |
| 1,344,630 | | |
| | | |
| | | |
| 1,292,961 | | |
| | | |
| | | |
| 1,307,842 | | |
| | | |
| | |
| 1 Includes mortgage-backed and asset-backed securities. |
|
|
|
|
|
|
|
|
|
|
|
|
| Selective Insurance Group, Inc. & Consolidated Subsidiaries |
| Selected Income Statement Data |
| (unaudited) |
| |
| |
Quarter Ended June 30, | | |
Year-to-Date June 30, | |
| ($ in thousands, except per share amounts) | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
| |
| | |
Per diluted share | | |
| | |
Per diluted share | | |
| | |
Per diluted share | | |
| | |
Per diluted share | |
| Consolidated | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Revenue | |
$ | 521,973 | | |
| | | |
$ | 506,849 | | |
| | | |
$ | 1,045,865 | | |
| | | |
$ | 1,015,920 | | |
| | |
| Operating income | |
| 35,991 | | |
| 0.62 | | |
| 26,390 | | |
| 0.46 | | |
| 63,425 | | |
| 1.10 | | |
| 39,673 | | |
| 0.70 | |
| Net realized (losses) gains, after tax | |
| (2,223 | ) | |
| (0.04 | ) | |
| 2,951 | | |
| 0.05 | | |
| 10,051 | | |
| 0.17 | | |
| 7,642 | | |
| 0.13 | |
| Net income | |
| 33,768 | | |
| 0.58 | | |
| 29,341 | | |
| 0.51 | | |
| 73,476 | | |
| 1.27 | | |
| 47,315 | | |
| 0.83 | |
| Operating return on equity | |
| 11.0 | % | |
| | | |
| 8.7 | % | |
| | | |
| 9.8 | % | |
| | | |
| 6.6 | % | |
| | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Insurance Operations | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gross premiums written | |
| 626,368 | | |
| | | |
| 578,151 | | |
| | | |
| 1,231,232 | | |
| | | |
| 1,143,892 | | |
| | |
| Net premiums written | |
| 532,133 | | |
| | | |
| 479,823 | | |
| | | |
| 1,050,221 | | |
| | | |
| 956,573 | | |
| | |
| Net premiums earned | |
| 490,309 | | |
| | | |
| 463,625 | | |
| | | |
| 966,432 | | |
| | | |
| 920,120 | | |
| | |
| Underwriting gain |
- before tax | |
| 29,124 | | |
| | | |
| 10,084 | | |
| | | |
| 55,145 | | |
| | | |
| 5,069 | | |
| | |
| |
- after tax | |
| 18,930 | | |
| 0.33 | | |
| 6,555 | | |
| 0.11 | | |
| 35,844 | | |
| 0.62 | | |
| 3,295 | | |
| 0.06 | |
| GAAP combined ratio | |
| 94.1 | % | |
| | | |
| 97.8 | % | |
| | | |
| 94.3 | % | |
| | | |
| 99.4 | % | |
| | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Standard Commercial Lines | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net premiums earned | |
| 377,205 | | |
| | | |
| 354,507 | | |
| | | |
| 742,738 | | |
| | | |
| 703,948 | | |
| | |
| GAAP combined ratio | |
| 90.7 | % | |
| | | |
| 95.6 | % | |
| | | |
| 91.2 | % | |
| | | |
| 98.3 | % | |
| | |
| Standard Personal Lines | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net premiums earned | |
| 72,071 | | |
| | | |
| 74,544 | | |
| | | |
| 144,550 | | |
| | | |
| 149,362 | | |
| | |
| GAAP combined ratio | |
| 106.5 | % | |
| | | |
| 107.5 | % | |
| | | |
| 104.9 | % | |
| | | |
| 105.3 | % | |
| | |
| Excess and Surplus Lines | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net premiums earned | |
| 41,033 | | |
| | | |
| 34,574 | | |
| | | |
| 79,144 | | |
| | | |
| 66,810 | | |
| | |
| GAAP combined ratio | |
| 103.6 | % | |
| | | |
| 100.1 | % | |
| | | |
| 103.8 | % | |
| | | |
| 98.6 | % | |
| | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income |
- before tax | |
| 32,230 | | |
| | | |
| 36,774 | | |
| | | |
| 59,147 | | |
| | | |
| 72,308 | | |
| | |
| |
- after tax | |
| 24,779 | | |
| 0.43 | | |
| 27,421 | | |
| 0.48 | | |
| 45,987 | | |
| 0.80 | | |
| 53,907 | | |
| 0.94 | |
| Effective tax rate | |
| 23.1 | % | |
| | | |
| 25.4 | % | |
| | | |
| 22.2 | % | |
| | | |
| 25.4 | % | |
| | |
| Annualized after-tax yield on investment portfolio | |
| | | |
| | | |
| | | |
| | | |
| 1.9 | % | |
| | | |
| 2.3 | % | |
| | |
| Annualized after-tax, after-interest expense yield | |
| | | |
| | | |
| | | |
| | | |
| 1.6 | % | |
| | | |
| 2.0 | % | |
| | |
| Invested assets per $ of stockholders' equity | |
| | | |
| | | |
| | | |
| | | |
| 3.76 | | |
| | | |
| 3.83 | | |
| | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other expenses (net of other income) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest expense |
- before tax | |
| (5,490 | ) | |
| | | |
| (5,425 | ) | |
| | | |
| (10,969 | ) | |
| | | |
| (10,986 | ) | |
| | |
| |
- after tax | |
| (3,569 | ) | |
| (0.06 | ) | |
| (3,526 | ) | |
| (0.06 | ) | |
| (7,130 | ) | |
| (0.12 | ) | |
| (7,141 | ) | |
| (0.12 | ) |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other Expense - after tax | |
$ | (4,149 | ) | |
| (0.08 | ) | |
$ | (4,060 | ) | |
| (0.07 | ) | |
$ | (11,276 | ) | |
| (0.20 | ) | |
$ | (10,388 | ) | |
| (0.18 | ) |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Diluted weighted avg shares outstanding | |
| 57,805 | | |
| | | |
| 57,260 | | |
| | | |
| 57,761 | | |
| | | |
| 57,215 | | |
| | |
| Selective Insurance Group, Inc. & Consolidated Subsidiaries |
| GAAP Insurance Operations Results |
| (unaudited) |
| Second Quarter | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| ($ in thousands) | |
Quarter Ended June 30, 2015 | | |
Quarter Ended June 30, 2014 | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
Standard
Commercial
Lines | | |
Standard
Personal
Lines | | |
Excess &
Surplus Lines | | |
Grand Total | | |
Standard
Commercial
Lines | | |
Standard
Personal
Lines | | |
Excess &
Surplus Lines | | |
Grand Total | |
| Net Premiums Written | |
| 410,821 | | |
| 75,986 | | |
| 45,326 | | |
| 532,133 | | |
| 363,860 | | |
| 78,181 | | |
| 37,782 | | |
| 479,823 | |
| Net Premiums Earned | |
| 377,205 | | |
| 72,071 | | |
| 41,033 | | |
| 490,309 | | |
| 354,507 | | |
| 74,544 | | |
| 34,574 | | |
| 463,625 | |
| Loss and Loss Expense Incurred | |
| 210,088 | | |
| 53,933 | | |
| 27,540 | | |
| 291,561 | | |
| 216,532 | | |
| 58,863 | | |
| 22,400 | | |
| 297,795 | |
| Net Underwriting Expenses Incurred | |
| 130,032 | | |
| 22,793 | | |
| 14,955 | | |
| 167,780 | | |
| 120,723 | | |
| 21,263 | | |
| 12,211 | | |
| 154,197 | |
| Dividends to Policyholders | |
| 1,844 | | |
| - | | |
| - | | |
| 1,844 | | |
| 1,549 | | |
| - | | |
| - | | |
| 1,549 | |
| GAAP Underwriting Gain (Loss) | |
| 35,241 | | |
| (4,655 | ) | |
| (1,462 | ) | |
| 29,124 | | |
| 15,703 | | |
| (5,582 | ) | |
| (37 | ) | |
| 10,084 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| GAAP Ratios | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss and Loss Expense Ratio | |
| 55.7 | % | |
| 74.8 | % | |
| 67.1 | % | |
| 59.5 | % | |
| 61.1 | % | |
| 79.0 | % | |
| 64.8 | % | |
| 64.2 | % |
| Underwriting Expense Ratio | |
| 34.5 | % | |
| 31.7 | % | |
| 36.5 | % | |
| 34.2 | % | |
| 34.1 | % | |
| 28.5 | % | |
| 35.3 | % | |
| 33.3 | % |
| Dividends to Policyholders Ratio | |
| 0.5 | % | |
| 0.0 | % | |
| 0.0 | % | |
| 0.4 | % | |
| 0.4 | % | |
| 0.0 | % | |
| 0.0 | % | |
| 0.3 | % |
| Combined Ratio | |
| 90.7 | % | |
| 106.5 | % | |
| 103.6 | % | |
| 94.1 | % | |
| 95.6 | % | |
| 107.5 | % | |
| 100.1 | % | |
| 97.8 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Year-to-Date | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| ($ in thousands) | |
Year-to-Date June 30, 2015 | | |
Year-to-Date June 30, 2014 | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
Standard
Commercial
Lines | | |
Standard
Personal
Lines | | |
Excess &
Surplus Lines | | |
Grand Total | | |
Standard
Commercial
Lines | | |
Standard
Personal
Lines | | |
Excess &
Surplus Lines | | |
Grand Total | |
| Net Premiums Written | |
| 826,079 | | |
| 141,010 | | |
| 83,132 | | |
| 1,050,221 | | |
| 743,210 | | |
| 145,519 | | |
| 67,844 | | |
| 956,573 | |
| Net Premiums Earned | |
| 742,738 | | |
| 144,550 | | |
| 79,144 | | |
| 966,432 | | |
| 703,948 | | |
| 149,362 | | |
| 66,810 | | |
| 920,120 | |
| Loss and Loss Expense Incurred | |
| 416,236 | | |
| 106,902 | | |
| 53,422 | | |
| 576,560 | | |
| 459,171 | | |
| 116,890 | | |
| 42,280 | | |
| 618,341 | |
| Net Underwriting Expenses Incurred | |
| 257,856 | | |
| 44,769 | | |
| 28,733 | | |
| 331,358 | | |
| 229,917 | | |
| 40,414 | | |
| 23,592 | | |
| 293,923 | |
| Dividends to Policyholders | |
| 3,369 | | |
| - | | |
| - | | |
| 3,369 | | |
| 2,787 | | |
| - | | |
| - | | |
| 2,787 | |
| GAAP Underwriting Gain (Loss) | |
| 65,277 | | |
| (7,121 | ) | |
| (3,011 | ) | |
| 55,145 | | |
| 12,073 | | |
| (7,942 | ) | |
| 938 | | |
| 5,069 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| GAAP Ratios | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss and Loss Expense Ratio | |
| 56.0 | % | |
| 74.0 | % | |
| 67.5 | % | |
| 59.7 | % | |
| 65.2 | % | |
| 78.3 | % | |
| 63.3 | % | |
| 67.2 | % |
| Underwriting Expense Ratio | |
| 34.7 | % | |
| 30.9 | % | |
| 36.3 | % | |
| 34.3 | % | |
| 32.7 | % | |
| 27.0 | % | |
| 35.3 | % | |
| 31.9 | % |
| Dividends to Policyholders Ratio | |
| 0.5 | % | |
| 0.0 | % | |
| 0.0 | % | |
| 0.3 | % | |
| 0.4 | % | |
| 0.0 | % | |
| 0.0 | % | |
| 0.3 | % |
| Combined Ratio | |
| 91.2 | % | |
| 104.9 | % | |
| 103.8 | % | |
| 94.3 | % | |
| 98.3 | % | |
| 105.3 | % | |
| 98.6 | % | |
| 99.4 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Selective Insurance Group, Inc. and Consolidated Subsidiaries |
| GAAP Investment Income |
| June 2015 (unaudited) |
| | |
Quarter Ended | | |
% | | |
Year-to-Date | | |
% | |
| | |
June | | |
June | | |
Increase/ | | |
June | | |
June | | |
Increase/ | |
| ($ in thousands, except per share data) | |
2015 | | |
2014 | | |
(Decrease) | | |
2015 | | |
2014 | | |
(Decrease) | |
| Investment Income: | |
| | |
| | |
| | |
| | |
| | |
| |
| Interest: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Fixed Income Securities | |
$ | 30,659 | | |
| 33,781 | | |
| (9 | ) | |
$ | 61,626 | | |
| 64,809 | | |
| (5 | ) |
| Short-term | |
| 23 | | |
| 14 | | |
| 64 | | |
| 48 | | |
| 33 | | |
| 46 | |
| Other Investments | |
| 1,422 | | |
| 3,553 | | |
| (60 | ) | |
| (2,118 | ) | |
| 8,771 | | |
| (124 | ) |
| Dividends | |
| 2,384 | | |
| 1,736 | | |
| 37 | | |
| 4,176 | | |
| 3,185 | | |
| 31 | |
| | |
| 34,488 | | |
| 39,084 | | |
| (12 | ) | |
| 63,732 | | |
| 76,798 | | |
| (17 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investment Expense | |
| 2,258 | | |
| 2,310 | | |
| (2 | ) | |
| 4,585 | | |
| 4,490 | | |
| 2 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net Investment Income Before Tax | |
| 32,230 | | |
| 36,774 | | |
| (12 | ) | |
| 59,147 | | |
| 72,308 | | |
| (18 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Tax | |
| 7,451 | | |
| 9,353 | | |
| (20 | ) | |
| 13,160 | | |
| 18,401 | | |
| (29 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net Investment Income After Tax | |
$ | 24,779 | | |
| 27,421 | | |
| (10 | ) | |
$ | 45,987 | | |
$ | 53,907 | | |
| (15 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net Investment Income per Share | |
$ | 0.43 | | |
| 0.48 | | |
| (10 | ) | |
$ | 0.80 | | |
$ | 0.94 | | |
| (15 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Effective Tax Rate | |
| 23.1 | % | |
| 25.4 | % | |
| | | |
| 22.2 | % | |
| 25.4 | % | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average Yields : | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Fixed Income Securities: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pre Tax | |
| | | |
| | | |
| | | |
| 2.79 | % | |
| 3.10 | % | |
| | |
| After Tax | |
| | | |
| | | |
| | | |
| 2.12 | % | |
| 2.31 | % | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Portfolio: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pre Tax | |
| | | |
| | | |
| | | |
| 2.43 | % | |
| 3.10 | % | |
| | |
| After Tax | |
| | | |
| | | |
| | | |
| 1.89 | % | |
| 2.31 | % | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| Quarter Ended | | |
| | | |
| Year-to-Date | | |
| | |
| | |
| June | | |
| June | | |
| | | |
| June | | |
| June | | |
| | |
| Net Realized Gains (Losses) | |
| 2015 | | |
| 2014 | | |
| | | |
| 2015 | | |
| 2014 | | |
| | |
| Fixed Income Securities | |
| 288 | | |
| 749 | | |
| | | |
| 667 | | |
| 784 | | |
| | |
| Equity Securities | |
| (3,708 | ) | |
| 3,790 | | |
| | | |
| 15,450 | | |
| 10,973 | | |
| | |
| Other Investments | |
| - | | |
| - | | |
| | | |
| (654 | ) | |
| - | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total | |
| (3,420 | ) | |
| 4,539 | | |
| | | |
| 15,463 | | |
| 11,757 | | |
| | |
| Net of Tax | |
| (2,223 | ) | |
| 2,951 | | |
| | | |
| 10,051 | | |
| 7,642 | | |
| | |
| As of June 30, 2015 year-to-date new money rates for fixed income securities were 2.2% on a pre-tax basis and 1.6% on an after tax-basis. |
|
|
Selective Insurance Group, Inc.
Combined Insurance
Company Subsidiaries
2015 Statutory
Results by Line of Business
Quarter Ended
June 2015 (unaudited)
| | |
Net | | |
| | |
Net | | |
| | |
| | |
| | |
Underwriting | | |
Dividends to | | |
Combined | | |
Combined | | |
| |
| | |
Premiums | | |
Percent | | |
Premiums | | |
Percent | | |
Loss | | |
LAE | | |
Expense | | |
Policyholders | | |
Ratio | | |
Ratio | | |
Underwriting | |
| ($ in thousands) | |
Written | | |
Change | | |
Earned | | |
Change | | |
Ratio | | |
Ratio | | |
Ratio | | |
Ratio | | |
2015 | | |
2014 | | |
Gain/(Loss) | |
| Standard Personal Lines: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Homeowners | |
$ | 36,269 | | |
| (1.8 | )% | |
$ | 33,730 | | |
| 0.5 | % | |
| 70.5 | % | |
| 8.5 | % | |
| 35.3 | % | |
| 0.0 | % | |
| 114.3 | % | |
| 124.5 | % | |
$ | (5,734 | ) |
| Auto | |
| 37,935 | | |
| (3.1 | )% | |
| 36,741 | | |
| (3.4 | )% | |
| 60.3 | % | |
| 11.6 | % | |
| 34.5 | % | |
| 0.0 | % | |
| 106.4 | % | |
| 100.2 | % | |
| (2,745 | ) |
| Other (including flood) | |
| 1,782 | | |
| (14.9 | )% | |
| 1,600 | | |
| (45.7 | )% | |
| 66.7 | % | |
| (7.5 | )% | |
| (152.3 | )% | |
| 0.0 | % | |
| (93.1 | )% | |
| (82.6 | )% | |
| 3,368 | |
| Total | |
$ | 75,986 | | |
| (2.8 | )% | |
$ | 72,071 | | |
| (3.3 | )% | |
| 65.3 | % | |
| 9.7 | % | |
| 30.4 | % | |
| 0.0 | % | |
| 105.4 | % | |
| 106.1 | % | |
$ | (5,111 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Standard Commercial Lines: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commercial property | |
$ | 70,736 | | |
| 12.9 | % | |
$ | 66,549 | | |
| 8.7 | % | |
| 52.1 | % | |
| 5.6 | % | |
| 37.5 | % | |
| 0.1 | % | |
| 95.3 | % | |
| 101.7 | % | |
$ | 1,522 | |
| Workers compensation | |
| 75,471 | | |
| 15.7 | % | |
| 70,954 | | |
| 2.8 | % | |
| 41.3 | % | |
| 17.6 | % | |
| 28.0 | % | |
| 2.3 | % | |
| 89.2 | % | |
| 112.1 | % | |
| 6,386 | |
| General liability | |
| 134,636 | | |
| 13.9 | % | |
| 119,207 | | |
| 6.8 | % | |
| 28.2 | % | |
| 15.3 | % | |
| 34.0 | % | |
| 0.1 | % | |
| 77.6 | % | |
| 80.7 | % | |
| 21,413 | |
| Auto | |
| 97,019 | | |
| 11.0 | % | |
| 88,659 | | |
| 6.2 | % | |
| 58.4 | % | |
| 10.1 | % | |
| 32.0 | % | |
| 0.1 | % | |
| 100.6 | % | |
| 93.5 | % | |
| (3,226 | ) |
| Business owners policies | |
| 23,588 | | |
| 7.4 | % | |
| 23,178 | | |
| 8.9 | % | |
| 57.3 | % | |
| 12.4 | % | |
| 38.9 | % | |
| 0.0 | % | |
| 108.6 | % | |
| 117.7 | % | |
| (2,144 | ) |
| Bonds | |
| 5,817 | | |
| 9.5 | % | |
| 5,105 | | |
| 7.8 | % | |
| 16.4 | % | |
| 8.5 | % | |
| 61.7 | % | |
| 0.0 | % | |
| 86.6 | % | |
| 84.1 | % | |
| 245 | |
| Other | |
| 3,554 | | |
| 12.7 | % | |
| 3,553 | | |
| 10.6 | % | |
| (0.1 | )% | |
| 0.1 | % | |
| 55.8 | % | |
| 0.0 | % | |
| 55.8 | % | |
| 51.0 | % | |
| 1,572 | |
| Total | |
$ | 410,821 | | |
| 12.9 | % | |
$ | 377,205 | | |
| 6.4 | % | |
| 43.3 | % | |
| 12.4 | % | |
| 33.9 | % | |
| 0.5 | % | |
| 90.1 | % | |
| 95.5 | % | |
$ | 25,767 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| E&S | |
$ | 45,326 | | |
| 20.0 | % | |
$ | 41,033 | | |
| 18.7 | % | |
| 48.3 | % | |
| 18.9 | % | |
| 35.5 | % | |
| 0.0 | % | |
| 102.7 | % | |
| 99.9 | % | |
$ | (2,629 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Insurance Operations | |
$ | 532,133 | | |
| 10.9 | % | |
$ | 490,309 | | |
| 5.8 | % | |
| 47.0 | % | |
| 12.5 | % | |
| 33.6 | % | |
| 0.4 | % | |
| 93.5 | % | |
| 97.5 | % | |
$ | 18,027 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Note: Some amounts may not foot due to rounding. |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| 2015 | | |
| 2014 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
Losses Paid | | |
$ | 224,744 | | |
$ | 221,989 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
LAE Paid | | |
| 49,067 | | |
| 44,075 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
Total Paid | | |
$ | 273,811 | | |
$ | 266,064 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Selective Insurance
Group, Inc.
Combined Insurance
Company Subsidiaries
2015 Statutory
Results by Line of Business
Year-to-Date June
2015 (unaudited)
| | |
Net | | |
| | |
Net | | |
| | |
| | |
| | |
Underwriting | | |
Dividends to | | |
Combined | | |
Combined | | |
| |
| | |
Premiums | | |
Percent | | |
Premiums | | |
Percent | | |
Loss | | |
LAE | | |
Expense | | |
Policyholders | | |
Ratio | | |
Ratio | | |
Underwriting | |
| ($ in thousands) | |
Written | | |
Change | | |
Earned | | |
Change | | |
Ratio | | |
Ratio | | |
Ratio | | |
Ratio | | |
2015 | | |
2014 | | |
Gain/(Loss) | |
| Standard Personal Lines: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Homeowners | |
$ | 64,347 | | |
| (2.0 | )% | |
$ | 67,452 | | |
| 0.9 | % | |
| 69.1 | % | |
| 8.0 | % | |
| 36.7 | % | |
| 0.0 | % | |
| 113.8 | % | |
| 123.0 | % | |
$ | (8,176 | ) |
| Auto | |
| 73,515 | | |
| (3.2 | )% | |
| 73,750 | | |
| (3.3 | )% | |
| 60.7 | % | |
| 11.4 | % | |
| 34.4 | % | |
| 0.0 | % | |
| 106.5 | % | |
| 100.6 | % | |
| (4,723 | ) |
| Other (including flood) | |
| 3,149 | | |
| (19.5 | )% | |
| 3,348 | | |
| (46.3 | )% | |
| 65.9 | % | |
| (0.4 | )% | |
| (168.5 | )% | |
| 0.0 | % | |
| (103.0 | )% | |
| (87.8 | )% | |
| 6,461 | |
| Total | |
$ | 141,010 | | |
| (3.1 | )% | |
$ | 144,550 | | |
| (3.2 | )% | |
| 64.7 | % | |
| 9.5 | % | |
| 31.0 | % | |
| 0.0 | % | |
| 105.2 | % | |
| 105.3 | % | |
$ | (6,437 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Standard Commercial Lines: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commercial property | |
$ | 141,634 | | |
| 11.8 | % | |
$ | 131,112 | | |
| 8.0 | % | |
| 54.4 | % | |
| 5.3 | % | |
| 37.1 | % | |
| 0.1 | % | |
| 96.9 | % | |
| 116.4 | % | |
$ | 203 | |
| Workers compensation | |
| 159,276 | | |
| 12.8 | % | |
| 139,431 | | |
| 0.7 | % | |
| 44.7 | % | |
| 16.2 | % | |
| 27.0 | % | |
| 2.0 | % | |
| 89.9 | % | |
| 108.8 | % | |
| 8,792 | |
| General liability | |
| 265,118 | | |
| 11.5 | % | |
| 234,178 | | |
| 6.2 | % | |
| 25.3 | % | |
| 16.3 | % | |
| 33.6 | % | |
| 0.1 | % | |
| 75.3 | % | |
| 80.7 | % | |
| 47,317 | |
| Auto | |
| 193,606 | | |
| 9.7 | % | |
| 175,013 | | |
| 5.6 | % | |
| 59.0 | % | |
| 9.3 | % | |
| 31.6 | % | |
| 0.1 | % | |
| 100.0 | % | |
| 94.2 | % | |
| (5,896 | ) |
| Business owners policies | |
| 47,840 | | |
| 8.5 | % | |
| 45,877 | | |
| 8.8 | % | |
| 63.5 | % | |
| 12.0 | % | |
| 38.1 | % | |
| 0.0 | % | |
| 113.6 | % | |
| 123.7 | % | |
| (6,996 | ) |
| Bonds | |
| 11,030 | | |
| 8.4 | % | |
| 10,106 | | |
| 6.5 | % | |
| 16.4 | % | |
| 6.4 | % | |
| 62.8 | % | |
| 0.0 | % | |
| 85.6 | % | |
| 80.8 | % | |
| 878 | |
| Other | |
| 7,575 | | |
| 11.1 | % | |
| 7,021 | | |
| 9.8 | % | |
| 0.3 | % | |
| 0.1 | % | |
| 53.5 | % | |
| 0.0 | % | |
| 53.9 | % | |
| 46.5 | % | |
| 2,936 | |
| Total | |
$ | 826,079 | | |
| 11.2 | % | |
$ | 742,738 | | |
| 5.5 | % | |
| 44.0 | % | |
| 12.1 | % | |
| 33.3 | % | |
| 0.5 | % | |
| 89.9 | % | |
| 97.8 | % | |
$ | 47,234 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| E&S | |
$ | 83,132 | | |
| 22.5 | % | |
$ | 79,144 | | |
| 18.5 | % | |
| 48.4 | % | |
| 19.0 | % | |
| 35.1 | % | |
| 0.0 | % | |
| 102.5 | % | |
| 98.8 | % | |
$ | (3,343 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Insurance Operations | |
$ | 1,050,221 | | |
| 9.8 | % | |
$ | 966,432 | | |
| 5.0 | % | |
| 47.5 | % | |
| 12.2 | % | |
| 33.2 | % | |
| 0.3 | % | |
| 93.2 | % | |
| 99.2 | % | |
$ | 37,454 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Note: Some amounts may not foot due to rounding. |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| 2015 | | |
| 2014 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
Losses Paid | | |
$ | 419,110 | | |
$ | 435,286 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
LAE Paid | | |
| 94,061 | | |
| 88,839 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
Total Paid | | |
$ | 513,171 | | |
$ | 524,125 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Selective Insurance Group, Inc. |
| Combined Insurance Company Subsidiaries |
| 2015 Net Catastrophe Losses and Prior Year Casualty Reserve Development |
| Statutory Results by Line of Business |
| (unaudited) |
| | |
Quarter Ended | | |
Year-to-Date | |
| Net Catastrophe Losses Incurred | |
June 30, 2015 | | |
June 30, 2014 | | |
June 30, 2015 | | |
June 30, 2014 | |
| ($ in thousands) | |
Loss and Loss
Expense Incurred | | |
Impact on Loss and
Loss Expense Ratio | | |
Loss and Loss
Expense Incurred | | |
Impact on Loss and
Loss Expense Ratio | | |
Loss and Loss
Expense Incurred | | |
Impact on Loss and
Loss Expense Ratio | | |
Loss and Loss
Expense Incurred | | |
Impact on Loss and
Loss Expense Ratio | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Standard Personal Lines | |
$ | 8,279 | | |
| 11.5 | % | |
$ | 12,733 | | |
| 17.1 | % | |
$ | 14,597 | | |
| 10.1 | % | |
$ | 21,013 | | |
| 14.1 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Standard Commercial Lines | |
$ | 13,609 | | |
| 3.6 | % | |
$ | 12,781 | | |
| 3.6 | % | |
$ | 32,258 | | |
| 4.3 | % | |
$ | 38,687 | | |
| 5.5 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| E&S | |
$ | 2,092 | | |
| 5.1 | % | |
$ | 1,688 | | |
| 4.9 | % | |
$ | 2,444 | | |
| 3.1 | % | |
$ | 1,874 | | |
| 2.8 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Insurance Operations | |
$ | 23,980 | | |
| 4.9 | % | |
$ | 27,202 | | |
| 5.9 | % | |
$ | 49,299 | | |
| 5.1 | % | |
$ | 61,574 | | |
| 6.7 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Prior Year Casualty Reserve Development | |
Quarter Ended | | |
Year-to-Date | |
| (Favorable) / Unfavorable | |
June 30, 2015 | | |
June 30, 2014 | | |
June 30, 2015 | | |
June 30, 2014 | |
| ($ in thousands) | |
Loss and Loss
Expense Incurred | | |
Impact on Loss and
Loss Expense Ratio | | |
Loss and Loss
Expense Incurred | | |
Impact on Loss and
Loss Expense Ratio | | |
Loss and Loss
Expense Incurred | | |
Impact on Loss and
Loss Expense Ratio | | |
Loss and Loss
Expense Incurred | | |
Impact on Loss and
Loss Expense Ratio | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Standard Personal Lines | |
$ | - | | |
| 0.0 | % | |
$ | (2,000 | ) | |
| (2.7 | )% | |
$ | - | | |
| 0.0 | % | |
$ | (4,000 | ) | |
| (2.7 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Standard Commercial Lines | |
$ | (21,000 | ) | |
| (5.6 | )% | |
$ | (15,500 | ) | |
| (4.4 | )% | |
$ | (42,000 | ) | |
| (5.7 | )% | |
$ | (27,500 | ) | |
| (3.9 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| E&S | |
$ | 1,000 | | |
| 2.4 | % | |
$ | - | | |
| 0.0 | % | |
$ | 2,000 | | |
| 2.5 | % | |
$ | - | | |
| 0.0 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Insurance Operations | |
$ | (20,000 | ) | |
| (4.1 | )% | |
$ | (17,500 | ) | |
| (3.8 | )% | |
$ | (40,000 | ) | |
| (4.1 | )% | |
$ | (31,500 | ) | |
| (3.4 | )% |
Note: Some amounts may not foot due to rounding.
| Selective Insurance Group, Inc. & Consolidated Subsidiaries | |
| | |
| |
| Consolidated Balance Sheets | |
| | |
| |
| | |
(Unaudited)
June 30, | | |
December 31, | |
| ($ in thousands, except share amounts) | |
2015 | | |
2014 | |
| ASSETS | |
| | |
| |
| Investments: | |
| | | |
| | |
| Fixed income securities, held-to-maturity – at carrying value (fair value: $259,702 – 2015; $333,961 – 2014) | |
$ | 247,859 | | |
| 318,137 | |
| Fixed income securities, available-for-sale – at fair value (amortized cost: $4,133,223 – 2015; $3,975,786 – 2014) | |
| 4,192,818 | | |
| 4,066,122 | |
| Equity securities, available-for-sale – at fair value (cost: $218,138 – 2015; $159,011 – 2014) | |
| 228,883 | | |
| 191,400 | |
| Short-term investments (at cost which approximates fair value) | |
| 168,349 | | |
| 131,972 | |
| Other investments | |
| 85,420 | | |
| 99,203 | |
| Total investments | |
| 4,923,329 | | |
| 4,806,834 | |
| Cash | |
| 368 | | |
| 23,959 | |
| Interest and dividends due or accrued | |
| 38,488 | | |
| 38,901 | |
| Premiums receivable, net of allowance for uncollectible accounts of: $4,210 – 2015; $4,137 – 2014 | |
| 647,591 | | |
| 558,778 | |
| Reinsurance recoverable, net | |
| 572,502 | | |
| 581,548 | |
| Prepaid reinsurance premiums | |
| 145,286 | | |
| 146,993 | |
| Deferred federal income tax | |
| 106,152 | | |
| 98,449 | |
| Property and equipment – at cost, net of accumulated depreciation and
amortization of: $180,146 – 2015; $172,183 – 2014 | |
| 62,182 | | |
| 59,416 | |
| Deferred policy acquisition costs | |
| 203,224 | | |
| 185,608 | |
| Goodwill | |
| 7,849 | | |
| 7,849 | |
| Other assets | |
| 77,342 | | |
| 73,215 | |
| Total assets | |
| 6,784,313 | | |
| 6,581,550 | |
| | |
| | | |
| | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| Liabilities: | |
| | | |
| | |
| Reserve for loss and loss expenses | |
| 3,535,433 | | |
| 3,477,870 | |
| Unearned premiums | |
| 1,177,901 | | |
| 1,095,819 | |
| Notes payable | |
| 394,305 | | |
| 379,297 | |
| Current federal income tax | |
| 13,562 | | |
| 3,921 | |
| Accrued salaries and benefits | |
| 140,211 | | |
| 158,382 | |
| Other liabilities | |
| 212,588 | | |
| 190,675 | |
| Total liabilities | |
| 5,474,000 | | |
| 5,305,964 | |
| | |
| | | |
| | |
| 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: 100,585,852 – 2015; 99,947,933 – 2014 | |
| 201,172 | | |
| 199,896 | |
| Additional paid-in capital | |
| 317,295 | | |
| 305,385 | |
| Retained earnings | |
| 1,370,681 | | |
| 1,313,440 | |
| Accumulated other comprehensive (loss) income | |
| (12,329 | ) | |
| 19,788 | |
| Treasury stock – at cost (shares: 43,482,533– 2015; 43,353,181 – 2014) | |
| (566,506 | ) | |
| (562,923 | ) |
| Total stockholders’ equity | |
| 1,310,313 | | |
| 1,275,586 | |
| Commitments and contingencies | |
| | | |
| | |
| Total liabilities and stockholders’ equity | |
$ | 6,784,313 | | |
| 6,581,550 | |
| Selective Insurance Group, Inc. & Consolidated Subsidiaries | |
| | |
| |
| Unaudited Consolidated Statements of Income | |
| | |
| |
| | |
Quarter Ended | | |
Six Months Ended | |
| | |
June 30, | | |
June 30, | |
| ($ in thousands, except per share amounts) | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| Revenues: | |
| | | |
| | | |
| | | |
| | |
| Net premiums earned | |
$ | 490,309 | | |
| 463,625 | | |
| 966,432 | | |
| 920,120 | |
| Net investment income earned | |
| 32,230 | | |
| 36,774 | | |
| 59,147 | | |
| 72,308 | |
| Net realized (losses) gains: | |
| | | |
| | | |
| | | |
| | |
| Net realized investment gains | |
| 1,031 | | |
| 4,958 | | |
| 22,008 | | |
| 13,139 | |
| Other-than-temporary impairments | |
| (4,451 | ) | |
| (419 | ) | |
| (6,545 | ) | |
| (1,382 | ) |
| Total net realized (losses) gains | |
| (3,420 | ) | |
| 4,539 | | |
| 15,463 | | |
| 11,757 | |
| Other income | |
| 2,854 | | |
| 1,911 | | |
| 4,823 | | |
| 11,735 | |
| Total revenues | |
| 521,973 | | |
| 506,849 | | |
| 1,045,865 | | |
| 1,015,920 | |
| | |
| | | |
| | | |
| | | |
| | |
| Expenses: | |
| | | |
| | | |
| | | |
| | |
| Loss and loss expense incurred | |
| 291,561 | | |
| 297,795 | | |
| 576,560 | | |
| 618,341 | |
| Policy acquisition costs | |
| 169,770 | | |
| 155,173 | | |
| 334,493 | | |
| 304,439 | |
| Interest expense | |
| 5,490 | | |
| 5,425 | | |
| 10,969 | | |
| 10,986 | |
| Other expenses | |
| 8,387 | | |
| 8,935 | | |
| 20,788 | | |
| 17,549 | |
| Total expenses | |
| 475,208 | | |
| 467,328 | | |
| 942,810 | | |
| 951,315 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income before federal income tax | |
| 46,765 | | |
| 39,521 | | |
| 103,055 | | |
| 64,605 | |
| | |
| | | |
| | | |
| | | |
| | |
| Federal income tax expense: | |
| | | |
| | | |
| | | |
| | |
| Current | |
| 7,733 | | |
| 8,781 | | |
| 19,987 | | |
| 15,319 | |
| Deferred | |
| 5,264 | | |
| 1,399 | | |
| 9,592 | | |
| 1,971 | |
| Total federal income tax expense | |
| 12,997 | | |
| 10,180 | | |
| 29,579 | | |
| 17,290 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income | |
$ | 33,768 | | |
| 29,341 | | |
| 73,476 | | |
| 47,315 | |
| | |
| | | |
| | | |
| | | |
| | |
| Earnings per share: | |
| | | |
| | | |
| | | |
| | |
| Basic net income | |
$ | 0.59 | | |
| 0.52 | | |
| 1.29 | | |
| 0.84 | |
| | |
| | | |
| | | |
| | | |
| | |
| Diluted net income | |
$ | 0.58 | | |
| 0.51 | | |
| 1.27 | | |
| 0.83 | |
| | |
| | | |
| | | |
| | | |
| | |
| Dividends to stockholders | |
| 0.14 | | |
| 0.13 | | |
| 0.28 | | |
| 0.26 | |
| Selective Insurance Group, Inc. & Consolidated Subsidiaries | |
| | |
| | |
| | |
| |
| Unaudited Consolidated Statements of Comprehensive Income | |
Quarter Ended | | |
Six Months Ended | |
| | |
June 30, | | |
June 30, | |
| ($ in thousands) | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| Net income | |
$ | 33,768 | | |
| 29,341 | | |
| 73,476 | | |
| 47,315 | |
| | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive (loss) income, net of tax: | |
| | | |
| | | |
| | | |
| | |
| Unrealized (losses) gains on investment securities: | |
| | | |
| | | |
| | | |
| | |
| Unrealized holding (losses) gains arising during period | |
| (39,160 | ) | |
| 29,329 | | |
| (23,574 | ) | |
| 50,755 | |
| Amount reclassified into net income: | |
| | | |
| | | |
| | | |
| | |
| Held-to-maturity securities | |
| (120 | ) | |
| (144 | ) | |
| (290 | ) | |
| (440 | ) |
| Non-credit other-than-temporary impairments | |
| - | | |
| 305 | | |
| 232 | | |
| 305 | |
| Realized losses (gains) on available for sale securities | |
| 2,225 | | |
| (3,255 | ) | |
| (10,707 | ) | |
| (7,954 | ) |
| Total unrealized (losses) gains on investment securities | |
| (37,055 | ) | |
| 26,235 | | |
| (34,339 | ) | |
| 42,666 | |
| | |
| | | |
| | | |
| | | |
| | |
| Defined benefit pension and post-retirement plans: | |
| | | |
| | | |
| | | |
| | |
| Amounts reclassified into net income: | |
| | | |
| | | |
| | | |
| | |
| Net actuarial loss | |
| 1,111 | | |
| 248 | | |
| 2,222 | | |
| 495 | |
| Total defined benefit pension and post-retirement plans | |
| 1,111 | | |
| 248 | | |
| 2,222 | | |
| 495 | |
| Other comprehensive (loss) income | |
| (35,944 | ) | |
| 26,483 | | |
| (32,117 | ) | |
| 43,161 | |
| Comprehensive (loss) income | |
$ | (2,176 | ) | |
| 55,824 | | |
| 41,359 | | |
| 90,476 | |
| Selective Insurance Group, Inc. & Consolidated Subsidiaries | |
| | |
| |
| Unaudited Consolidated Statements of Stockholders’ Equity | |
Six Months Ended | |
| | |
June 30, | |
| ($ in thousands, except share amounts) | |
2015 | | |
2014 | |
| Common stock: | |
| | | |
| | |
| Beginning of year | |
$ | 199,896 | | |
| 198,240 | |
| Dividend reinvestment plan (shares: 26,843 – 2015; 29,949 –
2014) | |
| 54 | | |
| 60 | |
| Stock purchase and compensation plans
(shares: 611,076 – 2015; 547,190– 2014) | |
| 1,222 | | |
| 1,095 | |
| End of period | |
| 201,172 | | |
| 199,395 | |
| | |
| | | |
| | |
| Additional paid-in capital: | |
| | | |
| | |
| Beginning of year | |
| 305,385 | | |
| 288,182 | |
| Dividend reinvestment plan | |
| 677 | | |
| 642 | |
| Stock purchase and compensation plans | |
| 11,233 | | |
| 9,528 | |
| End of period | |
| 317,295 | | |
| 298,352 | |
| | |
| | | |
| | |
| Retained earnings: | |
| | | |
| | |
| Beginning of year | |
| 1,313,440 | | |
| 1,202,015 | |
| Net income | |
| 73,476 | | |
| 47,315 | |
| Dividends to stockholders ($0.28 per share – 2015; $0.26 per share – 2014) | |
| (16,235 | ) | |
| (14,868 | ) |
| End of period | |
| 1,370,681 | | |
| 1,234,462 | |
| | |
| | | |
| | |
| Accumulated other comprehensive (loss) income: | |
| | | |
| | |
| Beginning of year | |
| 19,788 | | |
| 24,851 | |
| Other comprehensive (loss) income | |
| (32,117 | ) | |
| 43,161 | |
| End of period | |
| (12,329 | ) | |
| 68,012 | |
| | |
| | | |
| | |
| Treasury stock: | |
| | | |
| | |
| Beginning of year | |
| (562,923 | ) | |
| (559,360 | ) |
| Acquisition of treasury stock (shares: 129,352
– 2015; 124,819 – 2014) | |
| (3,583 | ) | |
| (2,786 | ) |
| End of period | |
| (566,506 | ) | |
| (562,146 | ) |
| Total stockholders’ equity | |
$ | 1,310,313 | | |
| 1,238,075 | |
| Selective Insurance Group, Inc. & Consolidated Subsidiaries | |
| | |
| |
| Unaudited Consolidated Statements of Cash Flow | |
Six Months ended | |
| | |
June 30, | |
| ($ in thousands) | |
2015 | | |
2014 | |
| Operating Activities: | |
| | | |
| | |
| Net Income | |
$ | 73,476 | | |
| 47,315 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
| Depreciation and amortization | |
| 29,085 | | |
| 18,912 | |
| Sale of renewal rights | |
| - | | |
| (8,000 | ) |
| Stock-based compensation expense | |
| 6,049 | | |
| 6,102 | |
| Undistributed losses (gains) of equity method investments | |
| 2,117 | | |
| (138 | ) |
| Net realized gains | |
| (15,463 | ) | |
| (11,757 | ) |
| Changes in assets and liabilities: | |
| | | |
| | |
| Increase in reserves for loss and loss expenses, net of reinsurance recoverables | |
| 66,609 | | |
| 93,675 | |
| Increase in unearned premiums, net of prepaid reinsurance | |
| 83,789 | | |
| 36,453 | |
| Decrease in net federal income taxes | |
| 19,232 | | |
| 12,634 | |
| Increase in premiums receivable | |
| (88,813 | ) | |
| (64,747 | ) |
| Increase in deferred policy acquisition costs | |
| (17,616 | ) | |
| (9,106 | ) |
| Decrease (increase) in interest and dividends due or accrued | |
| 395 | | |
| (361 | ) |
| Decrease in accrued salaries and benefits | |
| (18,171 | ) | |
| (26,557 | ) |
| Decrease in accrued insurance expenses | |
| (5,091 | ) | |
| (16,872 | ) |
| Increase (decrease) in other assets and other liabilities | |
| 29,999 | | |
| (4,881 | ) |
| Net adjustments | |
| 92,121 | | |
| 25,357 | |
| Net cash provided by operating activities | |
| 165,597 | | |
| 72,672 | |
| | |
| | | |
| | |
| Investing Activities: | |
| | | |
| | |
| Purchase of fixed income securities, available-for-sale | |
| (463,758 | ) | |
| (339,362 | ) |
| Purchase of equity securities, available-for-sale | |
| (177,386 | ) | |
| (111,886 | ) |
| Purchase of other investments | |
| (2,947 | ) | |
| (6,039 | ) |
| Purchase of short-term investments | |
| (732,278 | ) | |
| (764,692 | ) |
| Sale of fixed maturity securities, available-for-sale | |
| 22,323 | | |
| 19,557 | |
| Sale of short-term investments | |
| 695,901 | | |
| 772,455 | |
| Redemption and maturities of fixed income securities, held-to-maturity | |
| 68,704 | | |
| 28,595 | |
| Redemption and maturities of fixed income securities, available-for-sale | |
| 254,995 | | |
| 222,568 | |
| Sale of equity securities, available-for-sale | |
| 135,548 | | |
| 111,996 | |
| Distributions from other investments | |
| 17,840 | | |
| 7,726 | |
| Purchase of property and equipment | |
| (7,591 | ) | |
| (6,628 | ) |
| Sale of renewal rights | |
| - | | |
| 8,000 | |
| Net cash used in investing activities | |
| (188,649 | ) | |
| (57,710 | ) |
| | |
| | | |
| | |
| Financing Activities: | |
| | | |
| | |
| Dividends to stockholders | |
| (15,211 | ) | |
| (13,914 | ) |
| Acquisition of treasury stock | |
| (3,583 | ) | |
| (2,786 | ) |
| Net proceeds from stock purchase and compensation plans | |
| 4,037 | | |
| 3,091 | |
| Proceeds from borrowings | |
| 15,000 | | |
| - | |
| Excess tax benefits from share-based payment arrangements | |
| 1,549 | | |
| 955 | |
| Repayment of capital lease obligations | |
| (2,331 | ) | |
| (954 | ) |
| Net cash used in financing activities | |
| (539 | ) | |
| (13,608 | ) |
| Net (decrease) increase in cash | |
| (23,591 | ) | |
| 1,354 | |
| Cash, beginning of year | |
| 23,959 | | |
| 193 | |
| Cash, end of period | |
$ | 368 | | |
| 1,547 | |
| Selective Insurance Group, Inc. |
| Combined Insurance Company Subsidiaries |
| Statutory Balance Sheets |
| (unaudited) |
| | |
June 30, | | |
June 30, | | |
December 31, | |
| ($ in thousands) | |
2015 | | |
2014 | | |
2014 | |
| | |
| | | |
| | | |
| | |
| ASSETS | |
| | | |
| | | |
| | |
| Bonds | |
$ | 4,317,425 | | |
| 4,094,993 | | |
| 4,241,580 | |
| Common stocks | |
| 211,119 | | |
| 211,348 | | |
| 191,400 | |
| Preferred stocks | |
| 17,742 | | |
| - | | |
| - | |
| Affiliated mortgage loan | |
| 35,567 | | |
| 36,346 | | |
| 35,961 | |
| Other investments | |
| 137,366 | | |
| 172,089 | | |
| 152,154 | |
| Short-term investments | |
| 144,696 | | |
| 137,181 | | |
| 115,342 | |
| Total investments | |
| 4,863,915 | | |
| 4,651,957 | | |
| 4,736,437 | |
| | |
| | | |
| | | |
| | |
| Cash on hand and in banks | |
| (27,701 | ) | |
| (18,072 | ) | |
| 12,381 | |
| Interest and dividends due and accrued | |
| 38,438 | | |
| 37,642 | | |
| 38,908 | |
| Premiums receivable | |
| 644,590 | | |
| 586,586 | | |
| 556,086 | |
| Reinsurance recoverable on paid losses and expenses | |
| 7,224 | | |
| 9,995 | | |
| 9,570 | |
| Deferred tax recoverable | |
| 140,904 | | |
| 149,770 | | |
| 147,610 | |
| EDP equipment | |
| 406 | | |
| 667 | | |
| 518 | |
| Equities and deposits in pools and associations | |
| 10,930 | | |
| 9,595 | | |
| 9,915 | |
| Receivable for sold securities | |
| 3,695 | | |
| 7 | | |
| 34 | |
| Other assets | |
| 25,226 | | |
| 26,544 | | |
| 26,629 | |
| Total assets | |
$ | 5,707,627 | | |
| 5,454,691 | | |
| 5,538,088 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | | |
| | |
| Reserve for losses | |
$ | 2,438,075 | | |
| 2,420,474 | | |
| 2,398,531 | |
| Reinsurance payable on paid loss and loss expense | |
| 3,301 | | |
| 2,853 | | |
| 2,957 | |
| Reserve for loss expenses | |
| 518,171 | | |
| 471,202 | | |
| 493,510 | |
| Unearned premiums | |
| 1,032,615 | | |
| 952,608 | | |
| 948,826 | |
| Reserve for commissions payable | |
| 62,229 | | |
| 54,191 | | |
| 70,259 | |
| Ceded balances payable | |
| 28,475 | | |
| 34,379 | | |
| 29,624 | |
| Federal income tax payable | |
| 15,291 | | |
| 10,953 | | |
| 20,524 | |
| Premium and other taxes payable | |
| 23,076 | | |
| 20,289 | | |
| 20,137 | |
| Borrowed money | |
| 60,029 | | |
| 58,042 | | |
| 45,027 | |
| Reserve for dividends to policyholders | |
| 5,192 | | |
| 2,443 | | |
| 3,895 | |
| Reserves for unauthorized reinsurance | |
| 7,661 | | |
| 2,735 | | |
| 7,661 | |
| Payable for securities | |
| 15,929 | | |
| 30,125 | | |
| 19,950 | |
| Funds withheld on account of others | |
| 7,503 | | |
| 7,560 | | |
| 7,473 | |
| Accrued salaries and benefits | |
| 53,551 | | |
| 46,806 | | |
| 64,207 | |
| Other liabilities | |
| 91,899 | | |
| 47,070 | | |
| 97,665 | |
| Total liabilities | |
| 4,362,997 | | |
| 4,161,730 | | |
| 4,230,246 | |
| | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | |
| POLICYHOLDERS' SURPLUS | |
| | | |
| | | |
| | |
| Capital | |
| 42,725 | | |
| 42,725 | | |
| 42,725 | |
| Paid in surplus | |
| 492,869 | | |
| 492,869 | | |
| 492,869 | |
| Unassigned surplus | |
| 809,036 | | |
| 757,367 | | |
| 772,248 | |
| Total policyholders' surplus | |
| 1,344,630 | | |
| 1,292,961 | | |
| 1,307,842 | |
| Total liabilities and policyholders' surplus | |
$ | 5,707,627 | | |
| 5,454,691 | | |
| 5,538,088 | |
| Selective Insurance Group, Inc. |
| Combined Insurance Company Subsidiaries |
| Statutory Statements Of Income |
| (unaudited) |
| | |
Quarter Ended | | |
| | |
Six Months Ended | | |
| |
| | |
June 30, | | |
| | |
June 30, | | |
| |
| ($ in thousands) | |
2015 | | |
| | |
2014 | | |
| | |
2015 | | |
| | |
2014 | | |
| |
| UNDERWRITING | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net premiums written | |
$ | 532,133 | | |
| | | |
| 479,823 | | |
| | | |
| 1,050,221 | | |
| | | |
| 956,573 | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net premiums earned | |
| 490,309 | | |
| | | |
| 463,625 | | |
| | | |
| 966,432 | | |
| | | |
| 920,120 | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net losses paid | |
| 224,744 | | |
| | | |
| 221,989 | | |
| | | |
| 419,110 | | |
| | | |
| 435,286 | | |
| | |
| Change in reserve for losses | |
| 5,530 | | |
| | | |
| 24,057 | | |
| | | |
| 39,544 | | |
| | | |
| 78,998 | | |
| | |
| Net losses incurred | |
| 230,274 | | |
| 47.0 | % | |
| 246,046 | | |
| 53.1 | % | |
| 458,654 | | |
| 47.5 | % | |
| 514,284 | | |
| 55.9 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss expenses paid | |
| 49,067 | | |
| | | |
| 44,075 | | |
| | | |
| 94,061 | | |
| | | |
| 88,839 | | |
| | |
| Change in reserve for loss expenses | |
| 12,418 | | |
| | | |
| 7,675 | | |
| | | |
| 24,661 | | |
| | | |
| 15,219 | | |
| | |
| Net loss expenses incurred | |
| 61,485 | | |
| 12.5 | % | |
| 51,750 | | |
| 11.1 | % | |
| 118,722 | | |
| 12.2 | % | |
| 104,058 | | |
| 11.3 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net underwriting expenses incurred | |
| 180,898 | | |
| 33.9 | % | |
| 159,413 | | |
| 33.2 | % | |
| 351,836 | | |
| 33.5 | % | |
| 313,203 | | |
| 32.8 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total deductions | |
| 472,657 | | |
| | | |
| 457,209 | | |
| | | |
| 929,212 | | |
| | | |
| 931,545 | | |
| | |
| Statutory underwriting gain / (loss) | |
| 17,652 | | |
| | | |
| 6,416 | | |
| | | |
| 37,220 | | |
| | | |
| (11,425 | ) | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss from premium balances charged off | |
| (703 | ) | |
| | | |
| (895 | ) | |
| | | |
| (1,313 | ) | |
| | | |
| (1,769 | ) | |
| | |
| Finance charges and other income | |
| 2,922 | | |
| | | |
| 2,129 | | |
| | | |
| 4,916 | | |
| | | |
| 12,168 | | |
| | |
| Total other income | |
| 2,219 | | |
| -0.3 | % | |
| 1,234 | | |
| -0.2 | % | |
| 3,603 | | |
| -0.3 | % | |
| 10,339 | | |
| -1.1 | % |
| Policyholders' dividends incurred | |
| (1,844 | ) | |
| 0.4 | % | |
| (1,549 | ) | |
| 0.3 | % | |
| (3,369 | ) | |
| 0.3 | % | |
| (2,787 | ) | |
| 0.3 | % |
| Total underwriting gain / (loss) | |
| 18,027 | | |
| 93.5 | % | |
| 6,101 | | |
| 97.5 | % | |
| 37,454 | | |
| 93.2 | % | |
| (3,813 | ) | |
| 99.2 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| INVESTMENT | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income earned | |
| 32,155 | | |
| | | |
| 36,652 | | |
| | | |
| 59,282 | | |
| | | |
| 72,147 | | |
| | |
| Net realized gain | |
| (3,422 | ) | |
| | | |
| 4,537 | | |
| | | |
| 15,461 | | |
| | | |
| 11,752 | | |
| | |
| Total income before income tax | |
| 46,760 | | |
| | | |
| 47,290 | | |
| | | |
| 112,197 | | |
| | | |
| 80,086 | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Federal income tax expense | |
| 12,530 | | |
| | | |
| 7,108 | | |
| | | |
| 19,791 | | |
| | | |
| 12,953 | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income | |
$ | 34,230 | | |
| | | |
| 40,182 | | |
| | | |
| 92,406 | | |
| | | |
| 67,133 | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Policyholders' Surplus | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Surplus, beginning of period | |
$ | 1,322,422 | | |
| | | |
| 1,263,795 | | |
| | | |
| 1,307,842 | | |
| | | |
| 1,256,431 | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| 34,230 | | |
| | | |
| 40,182 | | |
| | | |
| 92,406 | | |
| | | |
| 67,133 | | |
| | |
| Change in deferred taxes | |
| (1,959 | ) | |
| | | |
| (5,403 | ) | |
| | | |
| (12,153 | ) | |
| | | |
| (6,685 | ) | |
| | |
| Change in net unrealized capital (losses) | |
| (637 | ) | |
| | | |
| 6,451 | | |
| | | |
| (13,547 | ) | |
| | | |
| 5,139 | | |
| | |
| Dividends to stockholders | |
| (14,438 | ) | |
| | | |
| (14,378 | ) | |
| | | |
| (28,876 | ) | |
| | | |
| (28,754 | ) | |
| | |
| Change in non-admitted assets | |
| 3,398 | | |
| | | |
| 2,033 | | |
| | | |
| (4,271 | ) | |
| | | |
| (867 | ) | |
| | |
| Change in Overfunded Contra Asset | |
| (280 | ) | |
| | | |
| (1,546 | ) | |
| | | |
| (561 | ) | |
| | | |
| (3,093 | ) | |
| | |
| Qual Pen Trans Liab | |
| 1,843 | | |
| | | |
| 1,815 | | |
| | | |
| 3,689 | | |
| | | |
| 3,631 | | |
| | |
| Excess Plan Trans Liab | |
| 43 | | |
| | | |
| 7 | | |
| | | |
| 86 | | |
| | | |
| 15 | | |
| | |
| PRL Plan Trans Liab | |
| 8 | | |
| | | |
| 5 | | |
| | | |
| 15 | | |
| | | |
| 11 | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net change in surplus for period | |
| 22,208 | | |
| | | |
| 29,166 | | |
| | | |
| 36,788 | | |
| | | |
| 36,530 | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Surplus, end of period | |
$ | 1,344,630 | | |
| | | |
| 1,292,961 | | |
| | | |
| 1,344,630 | | |
| | | |
| 1,292,961 | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Statutory underwriting gain / (loss) | |
$ | 18,027 | | |
| | | |
| 6,101 | | |
| | | |
| 37,454 | | |
| | | |
| (3,813 | ) | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Adjustments under GAAP: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Deferred policy acquisition costs | |
| 11,268 | | |
| | | |
| 4,409 | | |
| | | |
| 17,616 | | |
| | | |
| 9,105 | | |
| | |
| Other, net | |
| (171 | ) | |
| | | |
| (426 | ) | |
| | | |
| 75 | | |
| | | |
| (223 | ) | |
| | |
| GAAP underwriting gain / (loss) | |
$ | 29,124 | | |
| | | |
| 10,084 | | |
| | | |
| 55,145 | | |
| | | |
| 5,069 | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Note: Some amounts or ratios may not foot due to rounding |
|
|
|
|
|
|
|
|
|
| Selective Insurance Group, Inc. and Consolidated Subsidiaries |
| Alternative Investments |
| as of June 30, 2015 |
| (unaudited) |
| | |
Inception | | |
Original | | |
Remaining | | |
Current | | |
YTD | | |
DPI(1) | | |
TVPI(2) | |
| Fund | |
Year | | |
Commitment | | |
Commitment | | |
Market Value | | |
Income | | |
Ratio | | |
Ratio | |
| Real Estate | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Silverpeak RE II | |
| 2005 | | |
| 20,000,000 | | |
| 2,100,857 | | |
| 5,913,410 | | |
| 1,032,193 | | |
| 0.86 | | |
| 1.14 | |
| Silverpeak RE III | |
| 2008 | | |
| 15,000,000 | | |
| 7,873,466 | | |
| 2,328,469 | | |
| (249,054 | ) | |
| 0.07 | | |
| 0.40 | |
| Total - Real Estate | |
| | | |
| 35,000,000 | | |
| 9,974,323 | | |
| 8,241,879 | | |
| 783,139 | | |
| 0.66 | | |
| 0.95 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Mezzanine Financing | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Neovara Euro Mezz | |
| 2004 | | |
| 9,000,000 | | |
| - | | |
| 1 | | |
| - | | |
| 0.98 | | |
| 0.98 | |
| GS Mezz V | |
| 2007 | | |
| 25,000,000 | | |
| 10,223,976 | | |
| 3,240,463 | | |
| 104,186 | | |
| 1.15 | | |
| 1.33 | |
| New Canaan V | |
| 2012 | | |
| 7,000,000 | | |
| 1,315,741 | | |
| 3,421,476 | | |
| (17,575 | ) | |
| 0.55 | | |
| 1.10 | |
| Centerfield Capital | |
| 2012 | | |
| 3,000,000 | | |
| 1,843,500 | | |
| 901,213 | | |
| 7,410 | | |
| 0.21 | | |
| 0.99 | |
| Total - Mezz. Financing | |
| | | |
| 44,000,000 | | |
| 13,383,218 | | |
| 7,563,153 | | |
| 94,021 | | |
| 0.97 | | |
| 1.17 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Distressed Debt | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Varde VIII | |
| 2006 | | |
| 10,000,000 | | |
| - | | |
| 1,771,327 | | |
| 63,459 | | |
| 1.18 | | |
| 1.35 | |
| Distressed Managers III | |
| 2007 | | |
| 15,000,000 | | |
| 3,048,054 | | |
| 5,228,698 | | |
| (176,663 | ) | |
| 0.82 | | |
| 1.21 | |
| Total - Distressed Debt | |
| | | |
| 25,000,000 | | |
| 3,048,054 | | |
| 7,000,025 | | |
| (113,204 | ) | |
| 0.97 | | |
| 1.27 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Private Equity | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Prospector | |
| 1997 | | |
| 5,000,000 | | |
| - | | |
| 324,131 | | |
| 43,757 | | |
| 2.82 | | |
| 2.88 | |
| Trilantic Capital Partners III | |
| 2004 | | |
| 10,000,000 | | |
| 1,373,537 | | |
| 1,846,136 | | |
| (577,293 | ) | |
| 1.63 | | |
| 1.82 | |
| NB Co-Invest | |
| 2006 | | |
| 15,000,000 | | |
| 1,398,786 | | |
| 6,039,739 | | |
| 563,724 | | |
| 1.04 | | |
| 1.46 | |
| Trilantic Capital Partners IV | |
| 2007 | | |
| 11,098,351 | | |
| 1,510,319 | | |
| 5,654,367 | | |
| (997,095 | ) | |
| 1.16 | | |
| 1.68 | |
| Trilantic Capital Partners V | |
| 2012 | | |
| 7,000,000 | | |
| 4,540,668 | | |
| 2,162,354 | | |
| (184,554 | ) | |
| 0.01 | | |
| 0.89 | |
| Total - Private Equity | |
| | | |
| 48,098,351 | | |
| 8,823,310 | | |
| 16,026,727 | | |
| (1,151,461 | ) | |
| 1.35 | | |
| 1.73 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Private Equity, Secondary Market | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| NB SOF | |
| 2005 | | |
| 12,000,000 | | |
| 899,494 | | |
| 3,447,399 | | |
| (247 | ) | |
| 1.03 | | |
| 1.34 | |
| Vintage IV | |
| 2007 | | |
| 20,000,000 | | |
| 4,203,550 | | |
| 9,801,260 | | |
| (249,716 | ) | |
| 0.84 | | |
| 1.35 | |
| NB SOF II | |
| 2008 | | |
| 12,000,000 | | |
| 1,969,217 | | |
| 5,747,985 | | |
| (20,059 | ) | |
| 1.03 | | |
| 1.50 | |
| Total - Pvt. Eq. Sec. Mkt. | |
| | | |
| 44,000,000 | | |
| 7,072,261 | | |
| 18,996,644 | | |
| (270,021 | ) | |
| 0.95 | | |
| 1.39 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Energy/Power Generation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| ArcLight I | |
| 2002 | | |
| 15,000,000 | | |
| - | | |
| 12,455 | | |
| - | | |
| 1.81 | | |
| 1.81 | |
| ArcLight II | |
| 2003 | | |
| 15,000,000 | | |
| - | | |
| 212,983 | | |
| 54,315 | | |
| 1.41 | | |
| 1.42 | |
| ArcLight III | |
| 2006 | | |
| 15,000,000 | | |
| 2,037,794 | | |
| 1,127,981 | | |
| 155,414 | | |
| 1.36 | | |
| 1.43 | |
| Quintana Energy | |
| 2006 | | |
| 10,000,000 | | |
| 284,272 | | |
| 6,153,171 | | |
| (2,179,847 | ) | |
| 0.60 | | |
| 1.23 | |
| ArcLight IV | |
| 2007 | | |
| 10,000,000 | | |
| 2,287,578 | | |
| 2,155,931 | | |
| (311,025 | ) | |
| 1.20 | | |
| 1.41 | |
| Arclight VI | |
| 2014 | | |
| 15,000,000 | | |
| 15,000,000 | | |
| - | | |
| - | | |
| | | |
| | |
| Total - Energy/Power Generation | | |
| 80,000,000 | | |
| 19,609,644 | | |
| 9,662,521 | | |
| (2,281,143 | ) | |
| 1.35 | | |
| 1.48 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Venture Capital | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Venture V | |
| 2001 | | |
| 9,600,000 | | |
| 350,000 | | |
| 6,696,703 | | |
| 821,179 | | |
| 0.77 | | |
| 1.49 | |
| Total - Venture Capital | |
| | | |
| 9,600,000 | | |
| 350,000 | | |
| 6,696,703 | | |
| 821,179 | | |
| 0.77 | | |
| 1.49 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| TOTAL - ALTERNATIVE INVESTMENTS | | |
$ | 285,698,351 | | |
| 62,260,809 | | |
| 74,187,652 | | |
| (2,117,491 | ) | |
| 1.09 | | |
| 1.38 | |
(1) Distributed to paid in ratio
(2)Total value
to paid in ratio
Exhibit may not foot due to rounding
Selective Insurance (NASDAQ:SIGI)
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From Mar 2024 to Apr 2024
Selective Insurance (NASDAQ:SIGI)
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From Apr 2023 to Apr 2024
