Selective(SIGI) - 2025 Q2 - Quarterly Results

Report Overview This report provides unaudited historical GAAP line of business supplement information for Selective Insurance Group, Inc. and Consolidated Subsidiaries - The report presents data covering the period from March 2023 through March 2025[1] Table of Contents The report categorizes business lines into Standard Commercial, Standard Personal, and Excess & Surplus Lines - The report covers specific lines including General Liability, Commercial Automobile, Commercial Property, Workers Compensation, Businessowners' Policies (BOP), Bonds, Commercial Other, Personal Automobile, Personal Homeowners, Personal Other, E&S Casualty, and E&S Property[3] Standard Commercial Lines The Standard Commercial Lines segment demonstrated improved underwriting performance in Q1 2025, reporting an underwriting income of $32.9 million, a significant increase from $10.4 million in Q1 2024, with the combined ratio improving to 96.4% from 98.8% year-over-year, despite some underlying cost pressures General Liability General Liability experienced a significant underwriting loss of $15.9 million in Q1 2025, compared to a $29.4 million loss in Q1 2024, with the combined ratio improving to 105.4% from 110.8% year-over-year General Liability - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 333.9 | $ 307.4 | +8.6% | | Net premiums earned | $ 294.7 | $ 273.4 | +7.8% | | Underwriting income (loss) | $ (15.9) | $ (29.4) | +45.9% (less loss) | | Loss and loss expense ratio | 72.5 % | 78.8 % | -6.3 pts | | Combined ratio | 105.4 % | 110.8 % | -5.4 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to 105.4% in Q1 2025 from 92.5% in Q1 2024, indicating a deterioration in underlying performance[5] Commercial Automobile Commercial Automobile reported an underwriting income of $7.6 million in Q1 2025, a notable improvement from $0.3 million in Q1 2024, with the combined ratio improving to 97.3% from 99.9% year-over-year Commercial Automobile - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 312.7 | $ 285.6 | +9.5% | | Net premiums earned | $ 283.6 | $ 251.7 | +12.7% |\ | Underwriting income (loss) | $ 7.6 | $ 0.3 | +2433.3% | | Loss and loss expense ratio | 66.6 % | 69.7 % | -3.1 pts | | Combined ratio | 97.3 % | 99.9 % | -2.6 pts | - The combined ratio before net catastrophe losses and prior year casualty development improved to 96.8% in Q1 2025 from 99.3% in Q1 2024[7] Commercial Property Commercial Property generated an underwriting income of $30.0 million in Q1 2025, a substantial increase from $9.6 million in Q1 2024, with the combined ratio significantly improving to 83.9% from 94.1% year-over-year Commercial Property - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 196.3 | $ 174.5 | +12.5% | | Net premiums earned | $ 186.5 | $ 161.6 | +15.4% | | Underwriting income (loss) | $ 30.0 | $ 9.6 | +212.5% | | Loss and loss expense ratio | 49.8 % | 59.0 % | -9.2 pts | | Combined ratio | 83.9 % | 94.1 % | -10.2 pts | | Net catastrophe losses | 8.8 % | 20.3 % | -11.5 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to 75.1% in Q1 2025 from 73.8% in Q1 2024, indicating a slight deterioration in underlying performance when excluding catastrophes[9] Workers Compensation Workers Compensation reported an underwriting loss of $4.7 million in Q1 2025, a decline from an $18.2 million income in Q1 2024, with the combined ratio deteriorating to 105.9% from 79.3% year-over-year Workers Compensation - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 86.1 | $ 98.8 | -12.9% | | Net premiums earned | $ 79.0 | $ 87.8 | -10.1% | | Underwriting income (loss) | $ (4.7) | $ 18.2 | -125.8% | | Loss and loss expense ratio | 77.8 % | 52.2 % | +25.6 pts | | Combined ratio | 105.9 % | 79.3 % | +26.6 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to 105.9% in Q1 2025 from 96.4% in Q1 2024, indicating a significant deterioration in underlying performance[11] Businessowners' Policies (BOP) Businessowners' Policies (BOP) achieved an underwriting income of $10.1 million in Q1 2025, a substantial improvement from $5.4 million in Q1 2024, with the combined ratio improving to 78.5% from 86.4% year-over-year BOP - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 51.0 | $ 44.7 | +14.1% | | Net premiums earned | $ 46.9 | $ 39.9 | +17.5% | | Underwriting income (loss) | $ 10.1 | $ 5.4 | +87.0% | | Loss and loss expense ratio | 44.0 % | 51.9 % | -7.9 pts | | Combined ratio | 78.5 % | 86.4 % | -7.9 pts | | Net catastrophe losses | 4.2 % | 10.6 % | -6.4 pts | - The combined ratio before net catastrophe losses and prior year casualty development improved to 74.3% in Q1 2025 from 75.8% in Q1 2024[14] Bonds Bonds reported an underwriting income of $1.7 million in Q1 2025, slightly lower than $2.1 million in Q1 2024, with the combined ratio increasing to 87.1% from 82.8% year-over-year Bonds - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 14.4 | $ 12.4 | +16.1% | | Net premiums earned | $ 13.3 | $ 12.1 | +9.9% | | Underwriting income (loss) | $ 1.7 | $ 2.1 | -19.0% | | Loss and loss expense ratio | 28.9 % | 27.6 % | +1.3 pts | | Combined ratio | 87.1 % | 82.8 % | +4.3 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to 87.1% in Q1 2025 from 82.8% in Q1 2024[17] Commercial Other Commercial Other maintained strong underwriting income of $4.1 million in Q1 2025, comparable to $4.3 million in Q1 2024, with the combined ratio slightly increasing to 50.5% from 44.0% year-over-year Commercial Other - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 8.9 | $ 8.2 | +8.5% | | Net premiums earned | $ 8.2 | $ 7.6 | +7.9% | | Underwriting income (loss) | $ 4.1 | $ 4.3 | -4.7% | | Loss and loss expense ratio | 3.2 % | 0.7 % | +2.5 pts | | Underwriting expense ratio | 47.4 % | 43.4 % | +4.0 pts | | Combined ratio | 50.5 % | 44.0 % | +6.5 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to 50.5% in Q1 2025 from 44.0% in Q1 2024[20] Total Standard Commercial Lines The Total Standard Commercial Lines segment reported an underwriting income of $32.9 million in Q1 2025, a significant increase from $10.4 million in Q1 2024, with the combined ratio improving to 96.4% from 98.8% year-over-year, despite some underlying cost pressures Total Standard Commercial Lines - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 1,003.2 | $ 931.7 | +7.7% | | Net premiums earned | $ 912.2 | $ 834.1 | +9.4% | | Underwriting income | $ 32.9 | $ 10.4 | +216.3% | | Combined ratio | 96.4 % | 98.8 % | -2.4 pts | | Combined ratio before net catastrophe losses and prior year casualty development | 94.2 % | 90.0 % | +4.2 pts | Standard Personal Lines The Standard Personal Lines segment showed a positive turnaround in Q1 2025, achieving an underwriting income of $2.0 million compared to a $5.3 million loss in Q1 2024, with the combined ratio improving to 98.0% from 105.1% year-over-year Personal Automobile Personal Automobile reported an underwriting loss of $5.9 million in Q1 2025, an improvement from an $11.5 million loss in Q1 2024, with the combined ratio improving to 111.2% from 120.2% year-over-year Personal Automobile - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 45.3 | $ 55.0 | -17.6% | | Net premiums earned | $ 53.0 | $ 57.0 | -7.0% | | Underwriting income (loss) | $ (5.9) | $ (11.5) | +48.7% (less loss) | | Loss and loss expense ratio | 85.1 % | 94.2 % | -9.1 pts | | Combined ratio | 111.2 % | 120.2 % | -9.0 pts | | (Favorable) unfavorable prior year casualty reserve development | 9.4 | 8.8 | +0.6 pts | - The combined ratio before net catastrophe losses and prior year casualty development improved to 101.6% in Q1 2025 from 110.2% in Q1 2024[25] Personal Homeowners Personal Homeowners achieved an underwriting income of $3.4 million in Q1 2025, a positive turnaround from a $1.6 million income in Q1 2024, with the combined ratio significantly improving to 92.8% from 96.4% year-over-year Personal Homeowners - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 39.8 | $ 42.2 | -5.7% | | Net premiums earned | $ 47.9 | $ 44.1 | +8.6% | | Underwriting income (loss) | $ 3.4 | $ 1.6 | +112.5% | | Loss and loss expense ratio | 65.0 % | 68.2 % | -3.2 pts | | Combined ratio | 92.8 % | 96.4 % | -3.6 pts | | Net catastrophe losses | 14.6 % | 25.3 % | -10.7 pts | - The combined ratio before net catastrophe losses and prior year casualty development improved to 78.2% in Q1 2025 from 82.4% in Q1 2024[28] Personal Other Personal Other reported a strong underwriting income of $4.5 million in Q1 2025, comparable to $4.6 million in Q1 2024, with the combined ratio remaining negative at (64.8)% in Q1 2025 Personal Other - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 2.4 | $ 2.8 | -14.3% | | Net premiums earned | $ 2.7 | $ 2.8 | -3.6% | | Underwriting income (loss) | $ 4.5 | $ 4.6 | -2.2% | | Loss and loss expense ratio | 15.5 % | 20.0 % | -4.5 pts | | Underwriting expense ratio | (80.3) % | (85.9) % | +5.6 pts | | Combined ratio | (64.8) % | (65.9) % | +1.1 pts | - The combined ratio before net catastrophe losses and prior year casualty development was (64.8)% in Q1 2025, compared to (65.9)% in Q1 2024, reflecting consistent strong performance[32] Total Standard Personal Lines The Total Standard Personal Lines segment showed a positive turnaround in Q1 2025, achieving an underwriting income of $2.0 million compared to a $5.3 million loss in Q1 2024, with the combined ratio improving to 98.0% from 105.1% year-over-year Total Standard Personal Lines - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 87.5 | $ 99.9 | -12.4% | | Net premiums earned | $ 103.7 | $ 103.8 | -0.1% | | Underwriting income (loss) | $ 2.0 | $ (5.3) | +137.7% (less loss) | | Combined ratio | 98.0 % | 105.1 % | -7.1 pts | | Net catastrophe losses | 6.9 % | 11.4 % | -4.5 pts | | (Favorable) unfavorable prior year casualty reserve development | 4.8 | — | N/A | | Combined ratio before net catastrophe losses and prior year casualty development | 86.3 % | 93.7 % | -7.4 pts | Excess & Surplus Lines The Excess & Surplus Lines segment reported an underwriting income of $10.7 million in Q1 2025, a decrease from $14.0 million in Q1 2024, with the combined ratio increasing to 92.5% from 87.6% year-over-year E&S Casualty E&S Casualty reported a slight underwriting loss of $0.4 million in Q1 2025, a decline from an income of $4.5 million in Q1 2024, with the combined ratio increasing to 100.5% from 93.7% year-over-year E&S Casualty - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 90.7 | $ 77.1 | +17.6% | | Net premiums earned | $ 85.1 | $ 71.6 | +18.9% | | Underwriting income (loss) | $ (0.4) | $ 4.5 | -108.9% | | Loss and loss expense ratio | 68.3 % | 62.7 % | +5.6 pts | | Combined ratio | 100.5 % | 93.7 % | +6.8 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to 100.5% in Q1 2025 from 93.7% in Q1 2024[37] E&S Property E&S Property generated an underwriting income of $11.1 million in Q1 2025, an increase from $9.5 million in Q1 2024, with the combined ratio increasing to 80.7% from 77.1% year-over-year E&S Property - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 59.0 | $ 47.9 | +23.2% | | Net premiums earned | $ 57.8 | $ 41.4 | +39.6% | | Underwriting income (loss) | $ 11.1 | $ 9.5 | +16.8% | | Loss and loss expense ratio | 51.6 % | 46.4 % | +5.2 pts | | Combined ratio | 80.7 % | 77.1 % | +3.6 pts | | Net catastrophe losses | 28.4 % | 11.9 % | +16.5 pts | - The combined ratio before net catastrophe losses and prior year casualty development decreased to 52.3% in Q1 2025 from 65.2% in Q1 2024, indicating a significant improvement in underlying performance[40] Total Excess & Surplus Lines The Total Excess & Surplus Lines segment reported an underwriting income of $10.7 million in Q1 2025, a decrease from $14.0 million in Q1 2024, with the combined ratio increasing to 92.5% from 87.6% year-over-year Total Excess & Surplus Lines - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 149.7 | $ 125.0 | +19.8% | | Net premiums earned | $ 142.9 | $ 113.0 | +26.5% | | Underwriting income (loss) | $ 10.7 | $ 14.0 | -23.5% | | Loss and loss expense ratio | 61.6 % | 56.7 % | +4.9 pts | | Combined ratio | 92.5 % | 87.6 % | +4.9 pts | | Net catastrophe losses | 11.5 % | 4.3 % | +7.2 pts | | (Favorable) unfavorable prior year casualty reserve development | — | — | N/A | | Combined ratio before net catastrophe losses and prior year casualty development | 81.0 % | 83.3 % | -2.3 pts |