Selective(SIGI) - 2025 Q4 - Annual Results

Financial Performance - Gross premiums written for Q4 2025 were $1,318.0 million, a decrease of 7.1% from Q3 2025 and an increase of 3.3% year-over-year[8]. - Net premiums written for Q4 2025 were $1,129.5 million, reflecting a 4% increase compared to the same quarter last year[8]. - Underwriting income before tax for Q4 2025 was $76.0 million, significantly up from $16.7 million in Q3 2025[8]. - Net income available to common stockholders for Q4 2025 was $152.9 million, compared to $113.0 million in Q3 2025, marking a 35% increase[8]. - Total revenues for Q4 2025 were $1,364.9 million, up 8.6% from $1,256.4 million in Q4 2024[10]. - Net income available to common stockholders for Q4 2025 was $152.9 million, representing a 64.1% increase compared to $93.2 million in Q4 2024[10]. - Non-GAAP operating income for Q4 2025 was $156.2 million, compared to $106.7 million in Q3 2025, reflecting strong operational performance[8]. - Non-GAAP operating income for Q4 2025 was $156.2 million, a 57.0% increase from $99.6 million in Q4 2024[10]. - Year-to-date net income available to common stockholders was $457.2 million, compared to $197.8 million for the same period in 2024, representing a 131% increase[48]. Asset and Liability Management - Total assets at the end of Q4 2025 reached $15,155.7 million, up from $14,980.4 million in Q3 2025[8]. - Total assets as of December 31, 2025, were $15,155.7 million, an increase from $13,514.2 million a year earlier[12]. - Total liabilities increased to $11,546.7 million as of December 31, 2025, compared to $10,394.1 million in the previous year[12]. - Retained earnings rose to $3,500.8 million as of December 31, 2025, up from $3,139.5 million a year ago[12]. - Common stockholders' equity increased to $3,409.0 million from $2,920.1 million year-over-year, reflecting a growth of 16.7%[15]. Underwriting Performance - The GAAP combined ratio improved to 93.8% in Q4 2025, down from 98.6% in Q3 2025, indicating better underwriting performance[8]. - The combined ratio improved to 93.8% from 98.5% year-over-year, indicating better underwriting performance[19]. - The combined ratio improved to 92.9% in Q4 2025, down from 100.2% in Q4 2024, indicating better underwriting performance[22]. - The underwriting income for the quarter ended December 31, 2025, showed a loss of $36.5 million, an improvement from a loss of $113.7 million in the same quarter of 2024[25]. - The combined ratio for the quarter ended December 31, 2025, was 111.5%, down from 123.7% in the same quarter of 2024, indicating improved operational efficiency[25]. Investment Performance - Total invested assets increased to $11,302.4 million in Q4 2025, compared to $11,051.5 million in Q3 2025[8]. - Net investment income for the year-to-date was $421.2 million, compared to $362.6 million in the previous year, marking a 16.1% increase[15]. - Total net investment income after-tax for the quarter ended December 31, 2025, was $114.2 million, up from $97.3 million in the same quarter of 2024, marking a 17.5% increase[38]. - The average investment yield for total portfolio after-tax was 4.1% for the quarter ended December 31, 2025, consistent with the previous quarter[38]. - The company reported a net realized and unrealized investment gain of $4.1 million in Q4 2025, a recovery from a loss of $8.1 million in Q3 2025[48]. Dividends and Shareholder Returns - The company declared dividends of $0.43 per common share in Q4 2025, up from $0.38 in Q3 2025[8]. - Non-GAAP operating income per diluted common share for Q4 2025 was $2.57, a 47% increase from $1.75 in Q3 2025[48]. - The company reported a dividend ratio of 1.1% for the year-to-date December 31, 2025, compared to 0.1% in the same period of 2024[25]. Risk Management - Net catastrophe losses for Q4 2025 were $12.8 million, a decrease from $19.8 million in Q4 2024, reflecting better risk management[22]. - Non-catastrophe property loss and loss expenses were $110.4 million in Q4 2025, down from $124.1 million in Q4 2024, indicating improved operational efficiency[22]. - The net catastrophe losses for the quarter ended December 31, 2025, were reported at 0%, compared to 0.2% in the prior year quarter[25].