株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: June 30, 2025

or 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from_____________________________to_____________________________
 
Commission File Number: 001-33067

Selective Insurance Logo.jpg

SELECTIVE INSURANCE GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)

New Jersey 22-2168890
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (973) 948-3000

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol (s) Name of each exchange on which registered
Common Stock, par value $2 per share SIGI The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value SIGIP The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Emerging growth company ☐
Non-accelerated filer ☐ Smaller reporting company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 18, 2025, there were 60,850,304 shares of common stock, par value $2.00 per share, outstanding. 

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SELECTIVE INSURANCE GROUP, INC.
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
SELECTIVE INSURANCE GROUP, INC.
CONSOLIDATED BALANCE SHEETS		 Unaudited
($ in thousands, except share amounts) June 30, 2025 December 31, 2024
ASSETS    
Investments:    
Fixed income securities, held-to-maturity – at carrying value (fair value: $24,457 – 2025; $24,735 – 2024)
 $ 24,552  25,375 
Less: allowance for credit losses —  — 
Fixed income securities, held-to-maturity, net of allowance for credit losses 24,552  25,375 
Fixed income securities, available-for-sale – at fair value
(allowance for credit losses: $28,733 – 2025 and $31,948 – 2024; amortized cost: $9,089,518 – 2025 and $8,476,078 – 2024)
 8,876,667  8,127,334 
Commercial mortgage loans – at carrying value (fair value: $266,197 – 2025 and $224,842 – 2024)
 272,072  233,774 
Less: allowance for credit losses (212) (66)
Commercial mortgage loans, net of allowance for credit losses 271,860  233,708 
Equity securities – at fair value (cost: $311,254 – 2025; $211,486 – 2024)
 318,059  213,601 
Short-term investments 531,441  509,318 
Alternative investments 434,995  440,896 
Other investments 95,978  101,065 
Total investments (Note 4 and 5) $ 10,553,552  9,651,297 
Cash 357  91 
Restricted cash 37,878  62,933 
Accrued investment income 86,912  76,892 
Premiums receivable 1,684,351  1,488,206 
Less: allowance for credit losses (Note 6) (21,800) (20,400)
Premiums receivable, net of allowance for credit losses 1,662,551  1,467,806 
Reinsurance recoverable 883,388  1,063,145 
Less: allowance for credit losses (Note 7) (2,000) (2,000)
Reinsurance recoverable, net of allowance for credit losses 881,388  1,061,145 
Prepaid reinsurance premiums 252,595  235,378 
Current federal income tax 13,195  — 
Deferred federal income tax 120,676  146,788 
Property and equipment – at cost, net of accumulated depreciation and amortization of: $300,448 – 2025; $287,685 – 2024
 100,019  93,303 
Deferred policy acquisition costs 510,391  479,304 
Goodwill 7,849  7,849 
Other assets 241,070  231,403 
Total assets $ 14,468,433  13,514,189 
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Liabilities:    
Reserve for loss and loss expense (Note 8) $ 6,811,156  6,589,801 
Unearned premiums 2,815,743  2,616,268 
Long-term debt 902,749  507,938 
Current federal income tax —  19,706 
Accrued salaries and benefits 107,718  121,662 
Other liabilities 461,688  538,738 
Total liabilities $ 11,099,054  10,394,113 
Stockholders’ Equity:    
Preferred stock of $0 par value per share:
$ 200,000  200,000 
Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2025 and 2024
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 105,915,961 – 2025; 105,609,364 – 2024
 211,832  211,219 
Additional paid-in capital 580,432  557,042 
Retained earnings 3,284,044  3,139,489 
Accumulated other comprehensive income (loss) (Note 11) (230,642) (336,845)
Treasury stock – at cost (shares:  45,066,408 – 2025; 44,761,468 – 2024)
 (676,287) (650,829)
Total stockholders’ equity $ 3,369,379  3,120,076 
Commitments and contingencies
Total liabilities and stockholders’ equity $ 14,468,433  13,514,189 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
1
Table of Contents
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME		 Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands, except per share amounts) 2025 2024 2025 2024
Revenues:    
Net premiums earned $ 1,188,057  1,080,231  $ 2,346,814  2,131,175 
Net investment income earned 127,968  108,642  248,659  216,491 
Net realized and unrealized investment gains (losses) 4,172  1,297  4,401  (338)
Other income 6,548  5,835  12,057  13,636 
Total revenues 1,326,745  1,196,005  2,611,931  2,360,964 
Expenses:    
Loss and loss expense incurred 823,898  925,548  1,570,223  1,629,840 
Amortization of deferred policy acquisition costs 250,307  226,426  497,741  445,861 
Other insurance expenses 122,823  107,773  247,693  223,760 
Interest expense 13,256  7,202  22,829  14,383 
Corporate expenses 7,556  9,154  25,654  24,652 
Total expenses 1,217,840  1,276,103  2,364,140  2,338,496 
Income (loss) before federal income tax
 108,905  (80,098) 247,791  22,468 
Federal income tax expense (benefit):
    
Current 20,501  (17,622) 54,094  3,791 
Deferred 2,461  843  (2,142) (522)
Total federal income tax expense (benefit)
 22,962  (16,779) 51,952  3,269 
Net income (loss)
 $ 85,943  (63,319) $ 195,839  19,199 
Preferred stock dividends 2,300  2,300  4,600  4,600 
Net income (loss) available to common stockholders
 $ 83,643  (65,619) $ 191,239  14,599 
Earnings per common share:    
Net income (loss) available to common stockholders - Basic
 $ 1.37  (1.08) $ 3.14  0.24 
Net income (loss) available to common stockholders - Diluted
 $ 1.36  (1.08) $ 3.12  0.24 
    
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


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SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands) 2025 2024 2025 2024
Net income (loss) $ 85,943  (63,319) $ 195,839  19,199 
Other comprehensive income (loss), net of tax:    
Unrealized gains (losses) on investment securities:    
Unrealized holding gains (losses) arising during period 33,074  (6,594) 87,789  (18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings 8,707  (2,927) 18,793  (5,401)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities (343) 33  (559) (28)
Credit loss (benefit) expense (701) 975  (1,198) 3,068 
Total unrealized gains (losses) on investment securities 40,737  (8,513) 104,825  (21,248)
Defined benefit pension and post-retirement plans:    
Amounts reclassified into net income (loss):
Net actuarial loss 689  764  1,378  1,528 
Total defined benefit pension and post-retirement plans 689  764  1,378  1,528 
Other comprehensive income (loss) 41,426  (7,749) 106,203  (19,720)
Comprehensive income (loss) $ 127,369  (71,068) $ 302,042  (521)
 
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


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SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY		 Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands, except share and per share amounts) 2025 2024 2025 2024
Preferred stock:
Beginning of period $ 200,000  200,000  $ 200,000  200,000 
Issuance of preferred stock —  —  —  — 
End of period 200,000  200,000  200,000  200,000 
Common stock:    
Beginning of period 211,673  210,895  211,219  210,447 
Dividend reinvestment plan 12  10  24  20 
Stock purchase and compensation plans 147  127  589  565 
End of period 211,832  211,032  211,832  211,032 
Additional paid-in capital:    
Beginning of period 571,289  534,327  557,042  522,748 
Dividend reinvestment plan 510  484  1,018  972 
Stock purchase and compensation plans 8,633  10,452  22,372  21,543 
End of period 580,432  545,263  580,432  545,263 
Retained earnings:    
Beginning of period 3,223,731  3,088,150  3,139,489  3,029,396 
Net income (loss)
 85,943  (63,319) 195,839  19,199 
Dividends to preferred stockholders (2,300) (2,300) (4,600) (4,600)
Dividends to common stockholders (23,330) (21,477) (46,684) (42,941)
End of period 3,284,044  3,001,054  3,284,044  3,001,054 
Accumulated other comprehensive income (loss):    
Beginning of period (272,068) (384,972) (336,845) (373,001)
Other comprehensive income (loss) 41,426  (7,749) 106,203  (19,720)
End of period (230,642) (392,721) (230,642) (392,721)
Treasury stock:    
Beginning of period (676,085) (641,906) (650,829) (635,209)
Acquisition of treasury stock - share repurchase authorization —  —  (19,421) — 
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (202) (31) (6,037) (6,728)
End of period (676,287) (641,937) (676,287) (641,937)
Total stockholders’ equity $ 3,369,379  2,922,691  $ 3,369,379  2,922,691 
Dividends declared per preferred share $ 287.50  287.50  $ 575.00  575.00 
Dividends declared per common share $ 0.38  0.35  $ 0.76  0.70 
Preferred stock, shares outstanding:
Beginning of period 8,000  8,000  8,000  8,000 
Issuance of preferred stock —  —  —  — 
End of period 8,000  8,000  8,000  8,000 
Common stock, shares outstanding:
Beginning of period 60,772,988  60,791,439  60,847,896  60,636,437 
Dividend reinvestment plan 5,973  5,153  12,180  9,959 
Stock purchase and compensation plan 73,561  63,664  294,417  282,928 
Acquisition of treasury stock - share repurchase authorization —  —  (233,611) — 
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (2,969) (308) (71,329) (69,376)
End of period 60,849,553  60,859,948  60,849,553  60,859,948 

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

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SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS		 Six Months ended June 30,
($ in thousands) 2025 2024
Operating Activities    
Net income (loss) $ 195,839  19,199 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 15,733  18,915 
Stock-based compensation expense 17,682  16,709 
Undistributed gains of equity method investments (5,725) (14,572)
Distributions in excess of current year income of equity method investments 8,505  10,377 
Net realized and unrealized (gains) losses (4,401) 338 
Loss (gain) on disposal of fixed assets (72) 321 
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 401,112  537,851 
Increase in unearned premiums, net of prepaid reinsurance 182,258  251,547 
(Increase) decrease in net federal income taxes (35,020) (45,257)
Increase in premiums receivable (194,745) (266,586)
Increase in deferred policy acquisition costs (31,087) (51,655)
Increase in accrued investment income (10,109) (5,926)
Increase (decrease) in accrued salaries and benefits (13,944) (29,418)
(Increase) decrease in other assets (4,220) (22,122)
Increase (decrease) in other liabilities (70,874) (39,385)
Net cash provided by (used in) operating activities 450,932  380,336 
Investing Activities    
Purchases of fixed income securities, held-to-maturity (2,400) — 
Purchases of fixed income securities, available-for-sale (1,628,299) (1,027,136)
Purchases of commercial mortgage loans (50,785) (34,281)
Purchases of equity securities (107,094) (13,738)
Purchases of alternative investments and other investments (65,373) (34,000)
Purchases of short-term investments (7,173,300) (3,016,380)
Sales of fixed income securities, available-for-sale 463,280  451,386 
Proceeds from commercial mortgage loans 9,188  3,376 
Sales of short-term investments 7,151,330  2,908,653 
Redemption and maturities of fixed income securities, held-to-maturity 3,224  3,204 
Redemption and maturities of fixed income securities, available-for-sale 555,893  415,790 
Sales of equity securities 7,125  12,252 
Sales of alternative investments 44,567  — 
Distributions from alternative investments and other investments 13,416  11,526 
Purchases of property and equipment (20,260) (13,932)
Net cash provided by (used in) investing activities (799,488) (333,280)
Financing Activities    
Dividends to preferred stockholders (4,600) (4,600)
Dividends to common stockholders (45,189) (41,573)
Acquisition of treasury stock (25,458) (6,728)
Net proceeds from stock purchase and compensation plans 4,560  4,747 
Proceeds from borrowings (net of debt issuance costs of $4.1 million)
 395,857  — 
Repayments of finance lease obligations (1,403) (1,266)
Net cash provided by (used in) financing activities 323,767  (49,420)
Net increase (decrease) in cash and restricted cash (24,789) (2,364)
Cash and restricted cash, beginning of period 63,024  13,272 
Cash and restricted cash, end of period $ 38,235  10,908 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
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NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation
The words "Company," "we," "us," or "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements ("Financial Statements") in conformity with (i) United States ("U.S.") generally accepted accounting principles ("GAAP"), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the second quarters ended June 30, 2025 ("Second Quarter 2025") and June 30, 2024 ("Second Quarter 2024"), and the six-month periods ended June 30, 2025 ("Six Months 2025") and June 30, 2024 ("Six Months 2024"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report") filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 
We adopted no accounting pronouncements in Six Months 2025.

Pronouncements to be effective in the future
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied prospectively. Retrospective application and early adoption are permitted. As it only requires additional disclosure, ASU 2023-09 will not have a material impact on our financial condition or results of operations.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires disaggregated disclosure of income statement expenses. This ASU does not change the expense captions on the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. This ASU can be applied prospectively. Retrospective application and early adoption are permitted. As ASU 2024-03 only requires additional disclosure, it will not have a material impact on our financial condition and results of operations.
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NOTE 3. Statements of Cash Flows
Supplemental cash flow information was as follows:

  Six Months ended
June 30,
($ in thousands) 2025 2024
Cash paid (received) during the period for:    
Interest $ 14,278  14,209 
Federal income tax 83,269  46,000 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases 5,053  3,884 
Operating cash flows from financing leases 139  65 
Financing cash flows from finance leases 1,403  1,266 
Non-cash items:
Corporate actions related to equity securities1
 —  29,250 
Corporate actions related to fixed income securities, available-for-sale ("AFS")1
 39,742  10,250 
Conversion of AFS fixed income securities to equity securities 736  — 
Conversion of commercial mortgage loan ("CML") to alternative investment
 3,300  — 
Assets acquired under finance lease arrangements —  5,947 
Assets acquired under operating lease arrangements 2,062  10,257 
Non-cash purchase of property and equipment 13  9 
1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands) June 30, 2025 December 31, 2024
Cash $ 357  91 
Restricted cash 37,878  62,933 
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows $ 38,235  63,024 

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

NOTE 4. Investments
(a) Information regarding our AFS securities as of June 30, 2025 and December 31, 2024, were as follows:

June 30, 2025 Cost/
Amortized
Cost		 Allowance for Credit Losses Unrealized
Gains		 Unrealized
Losses		 Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies $ 146,074  —  54  (16,687) 129,441 
Foreign government 11,520  (21) 35  (1,011) 10,523 
Obligations of states and political subdivisions 490,639  (390) 1,271  (32,862) 458,658 
Corporate securities 3,356,690  (9,571) 54,889  (87,916) 3,314,092 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS") 2,294,816  (7,230) 27,345  (38,751) 2,276,180 
Residential mortgage-backed securities ("RMBS")
 2,029,324  (11,422) 10,438  (84,773) 1,943,567 
Commercial mortgage-backed securities ("CMBS") 760,455  (99) 3,936  (20,086) 744,206 
Total AFS fixed income securities $ 9,089,518  (28,733) 97,968  (282,086) 8,876,667 

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December 31, 2024 Cost/
Amortized
Cost		 Allowance for Credit Losses Unrealized
Gains		 Unrealized
Losses		 Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies $ 139,906  —  2  (19,753) 120,155 
Foreign government 10,656  (21) —  (1,333) 9,302 
Obligations of states and political subdivisions 483,609  (570) 550  (32,359) 451,230 
Corporate securities 3,181,046  (14,924) 25,259  (123,201) 3,068,180 
CLO and other ABS 2,065,611  (4,889) 22,116  (49,689) 2,033,149 
RMBS 1,812,744  (11,544) 3,880  (112,722) 1,692,358 
CMBS 782,506  —  1,478  (31,024) 752,960 
Total AFS fixed income securities $ 8,476,078  (31,948) 53,285  (370,081) 8,127,334 

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2025 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance
($ in thousands)
Foreign government $ 19  —  —  2  —  —  21 
Obligations of states and political subdivisions 419  27  —  (36) (20) —  390 
Corporate securities 12,616  306  —  (2,979) (372) —  9,571 
CLO and other ABS 5,499  182  —  1,607  (58) —  7,230 
RMBS 11,342  —  —  185  (105) —  11,422 
CMBS 280  —  —  (181) —  —  99 
Total AFS fixed income securities $ 30,175  515  —  (1,402) (555) —  28,733 

Quarter ended June 30, 2024 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance
($ in thousands)
Foreign government $ 29  —  —  (3) —  —  26 
Obligations of states and political subdivisions 695  18  —  (74) —  —  639 
Corporate securities 15,442  846  —  (126) (212) —  15,950 
CLO and other ABS 2,627  271  —  126  (2) —  3,022 
RMBS 11,580  —  —  171  (91) —  11,660 
CMBS 8  —  —  4  —  —  12 
Total AFS fixed income securities $ 30,381  1,135  —  98  (305) —  31,309 
Six Months ended June 30, 2025 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance
($ in thousands)
Foreign government $ 21  —  —  —  —  —  21 
Obligations of states and political subdivisions 570  32  —  (106) (106) —  390 
Corporate securities 14,924  935  —  (5,142) (1,146) —  9,571 
CLO and other ABS 4,889  1,652  —  876  (187) —  7,230 
RMBS 11,544  —  —  138  (260) —  11,422 
CMBS —  99  —  —  —  —  99 
Total AFS fixed income securities $ 31,948  2,718  —  (4,234) (1,699) —  28,733 
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Six Months ended June 30, 2024 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance
($ in thousands)
Foreign government $ 35  —  —  (3) (6) —  26 
Obligations of states and political subdivisions 669  37  —  (59) (8) —  639 
Corporate securities 12,999  2,362  —  1,166  (568) (9) 15,950 
CLO and other ABS 2,854  427  —  (255) (4) —  3,022 
RMBS 11,649  —  —  202  (191) —  11,660 
CMBS 6  2  —  4  —  —  12 
Total AFS fixed income securities $ 28,212  2,828  —  1,055  (777) (9) 31,309 

During Six Months 2025 and Six Months 2024, we had no write-offs or recoveries of our AFS fixed income securities.

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report. Accrued interest on AFS securities was $84.1 million as of June 30, 2025, and $74.3 million as of December 31, 2024. We did not record any material write-offs of accrued interest in Six Months 2025 and Six Months 2024.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

June 30, 2025 Less than 12 months 12 months or longer Total
($ in thousands)
Fair
Value
 Unrealized
Losses
Fair
Value
 Unrealized
Losses
Fair
Value
 Unrealized
Losses
AFS fixed income securities:        
U.S. government and government agencies $ 6,275  (40) 108,474  (16,647) 114,749  (16,687)
Foreign government —  —  9,592  (1,011) 9,592  (1,011)
Obligations of states and political subdivisions 155,940  (3,377) 219,996  (29,485) 375,936  (32,862)
Corporate securities 243,575  (3,677) 969,247  (84,239) 1,212,822  (87,916)
CLO and other ABS 330,552  (6,239) 504,728  (32,512) 835,280  (38,751)
RMBS 557,024  (10,152) 647,612  (74,621) 1,204,636  (84,773)
CMBS 58,645  (1,928) 368,295  (18,158) 426,940  (20,086)
Total AFS fixed income securities $ 1,352,011  (25,413) 2,827,944  (256,673) 4,179,955  (282,086)

December 31, 2024 Less than 12 months 12 months or longer Total
($ in thousands) Fair
Value		 Unrealized
Losses
Fair
Value
 Unrealized
Losses
Fair
Value
 Unrealized
Losses
AFS fixed income securities:        
U.S. government and government agencies $ 14,708  (70) 105,326  (19,683) 120,034  (19,753)
Foreign government —  —  9,302  (1,333) 9,302  (1,333)
Obligations of states and political subdivisions 153,996  (3,539) 247,735  (28,820) 401,731  (32,359)
Corporate securities 684,999  (11,699) 1,083,392  (111,502) 1,768,391  (123,201)
CLO and other ABS 349,786  (6,296) 601,057  (43,393) 950,843  (49,689)
RMBS 714,061  (21,206) 677,574  (91,516) 1,391,635  (112,722)
CMBS 184,394  (2,870) 417,472  (28,154) 601,866  (31,024)
Total AFS fixed income securities $ 2,101,944  (45,680) 3,141,858  (324,401) 5,243,802  (370,081)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The decrease in gross unrealized losses at June 30, 2025, compared to December 31, 2024, was driven by a decrease in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of June 30, 2025. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

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(c) AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2025, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's expected maturities. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
AFS HTM
($ in thousands) Fair Value Carrying Value Fair Value
Due in one year or less $ 549,570  135  134 
Due after one year through five years 3,627,442  16,082  15,985 
Due after five years through 10 years 3,664,357  8,335  8,338 
Due after 10 years 1,035,298  —  — 
Total fixed income securities $ 8,876,667  24,552  24,457 

(d) The following table summarizes our alternative investment portfolio by strategy:

June 30, 2025 December 31, 2024
($ in thousands) Carrying Value Remaining Commitment Maximum Exposure to Loss Carrying Value Remaining Commitment Maximum Exposure to Loss
Alternative Investments    
   Private equity $ 325,848  170,686  496,534  346,020  182,355  528,375 
   Private credit 62,133  99,121  161,254  52,100  99,185  151,285 
   Real assets 47,014  36,270  83,284  42,776  38,950  81,726 
Total alternative investments $ 434,995  306,077  741,072  440,896  320,490  761,386 

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2025 or 2024.

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one-quarter lag, the summarized financial statement information is for the 3- and 6-month periods ended March 31:

Income Statement Information Quarter ended
June 30,		 Six Months ended
June 30,
($ in millions) 2025 2024 2025 2024
Net investment income (loss) $ 251.4  242.4  $ 652.1  (103.6)
Realized gains 950.6  1,554.2  1,562.6  3,385.1 
Net change in unrealized appreciation (depreciation) 975.9  2,850.2  2,855.3  6,669.2 
Net income $ 2,177.9  4,646.8  $ 5,070.0  9,950.7 
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income $ 4.0  10.5  $ 11.1  17.4 

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). We also had certain securities on deposit with various state and regulatory agencies at June 30, 2025, to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at June 30, 2025:

($ in millions) FHLBI Collateral FHLBNY Collateral State and
Regulatory Deposits		 Total
U.S. government and government agencies $ —  —  24.3  24.3 
Obligations of states and political subdivisions —  —  1.8  1.8 
RMBS 65.7  20.9  0.5  87.1 
CMBS 0.4  7.3  —  7.7 
Total pledged as collateral $ 66.1  28.2  26.6  120.9 


(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of June 30, 2025, or December 31, 2024.
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(g) The components of pre-tax net investment income earned were as follows:

  Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands) 2025 2024 2025 2024
Fixed income securities $ 115,733  93,935  $ 220,815  188,037 
CMLs
 3,761  3,145  7,376  5,939 
Equity securities 4,908  1,877  8,475  6,785 
Short-term investments 5,267  4,680  11,500  8,199 
Alternative investments 4,004  10,517  11,083  17,398 
Other investments 163  118  394  381 
Investment expenses (5,868) (5,630) (10,984) (10,248)
Net investment income earned $ 127,968  108,642  $ 248,659  216,491 

The increase in net investment income earned in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods was primarily driven by active portfolio management, operating cash flow deployment, and net proceeds from the issuance of our 5.90% Senior Notes in the first quarter of 2025. For additional information regarding our 5.90% Senior Notes issuance, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands) 2025 2024 2025 2024
Gross gains on sales $ 2,154  4,387  $ 3,881  6,522 
Gross losses on sales (2,394) (1,251) (4,777) (3,216)
Net realized gains (losses) on disposals (240) 3,136  (896) 3,306 
Net unrealized gains (losses) on equity securities 3,640  (93) 4,690  599 
Net credit loss benefit (expense) on fixed income securities, AFS 887  (1,233) 1,516  (3,883)
Net credit loss benefit (expense) on CMLs
 (115) (32) (150) 136 
Losses on securities for which we have the intent to sell —  (481) (759) (496)
Net realized and unrealized investment gains (losses) $ 4,172  1,297  $ 4,401  (338)

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands) 2025 2024 2025 2024
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period $ 3,018  2,617  $ 3,539  2,906 
On securities sold in period 622  (2,710) 1,151  (2,307)
Total unrealized gains (losses) recognized in income on equity securities $ 3,640  (93) $ 4,690  599 

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NOTE 5. Fair Value Measurements
The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2025, and December 31, 2024:

June 30, 2025 December 31, 2024
($ in thousands) Carrying Amount Fair Value Carrying Amount Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes
 $ 49,933  56,274  49,931  54,657 
5.90% Senior Notes
 399,914  408,864  —  — 
6.70% Senior Notes
 99,603  105,970  99,590  103,057 
5.375% Senior Notes
 294,682  268,221  294,627  273,464 
3.03% borrowings from FHLBI
 60,000  59,158  60,000  58,516 
Subtotal long-term debt 904,132  898,487  504,148  489,694 
Unamortized debt issuance costs (6,262) (2,492)
Finance lease obligations 4,879  6,282 
Total long-term debt $ 902,749  507,938 

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2025, and December 31, 2024:

June 30, 2025   Fair Value Measurements Using
($ in thousands) Assets
 Measured at
 Fair Value		 Quoted Prices in
Active Markets for
Identical Assets/
Liabilities (Level 1)		 Significant Other
 Observable
Inputs
 (Level 2)		 Significant Unobservable
 Inputs
 (Level 3)
Description        
Measured on a recurring basis:        
AFS fixed income securities:
U.S. government and government agencies $ 129,441  38,533  90,908  — 
Foreign government 10,523  —  10,523  — 
Obligations of states and political subdivisions 458,658  —  451,128  7,530 
Corporate securities 3,314,092  —  3,046,271  267,821 
CLO and other ABS 2,276,180  —  1,795,143  481,037 
RMBS 1,943,567  —  1,943,567  — 
CMBS 744,206  —  743,867  339 
Total AFS fixed income securities 8,876,667  38,533  8,081,407  756,727 
Equity securities:
Common stock1
 316,224  99,665  —  — 
Preferred stock 1,835  1,835  —  — 
Total equity securities 318,059  101,500  —  — 
Short-term investments 531,441  521,542  9,899  — 
Total assets measured at fair value $ 9,726,167  661,575  8,091,306  756,727 

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December 31, 2024   Fair Value Measurements Using
($ in thousands) Assets
 Measured at
 Fair Value		 Quoted Prices in
 Active Markets for
Identical Assets/Liabilities
(Level 1)		 Significant
Other Observable Inputs
(Level 2)		 Significant Unobservable
Inputs
 (Level 3)
Description        
Measured on a recurring basis:        
AFS fixed income securities:
U.S. government and government agencies $ 120,155  35,518  84,637  — 
Foreign government 9,302  —  9,302  — 
Obligations of states and political subdivisions 451,230  —  443,804  7,426 
Corporate securities 3,068,180  —  2,825,501  242,679 
CLO and other ABS 2,033,149  —  1,665,155  367,994 
RMBS 1,692,358  —  1,692,358  — 
CMBS 752,960  —  752,620  340 
Total AFS fixed income securities 8,127,334  35,518  7,473,377  618,439 
Equity securities:
Common stock1
 211,767  41,445  —  808 
Preferred stock 1,834  1,834  —  — 
Total equity securities 213,601  43,279  —  808 
Short-term investments 509,318  474,225  35,093  — 
Total assets measured at fair value $ 8,850,253  553,022  7,508,470  619,247 
1Investments amounting to $216.6 million at June 30, 2025, and $169.5 million at December 31, 2024, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable, and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

The following tables provide a summary of Level 3 changes in Six Months 2025 and Six Months 2024:

June 30, 2025
($ in thousands) Obligations of States and Political Subdivisions Corporate Securities CLO and Other ABS RMBS CMBS Common Stock Total
Fair value, December 31, 2024
 $ 7,426  242,679  367,994  —  340  808  619,247 
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI") 59  3,874  228  —  (2) —  4,159 
   Net realized and unrealized gains (losses) 117  141  21  —  —  655  934 
Net investment income earned —  23  28  —  5  —  56 
Purchases —  12,684  62,211  —  —  —  74,895 
Sales —  —  —  —  —  —  — 
Issuances —  —  —  —  —  —  — 
Settlements (72) (9,156) (31,732) —  (4) (1,463) (42,427)
Transfers into Level 3 —  17,576  85,788  —  —  —  103,364 
Transfers out of Level 3 —  —  (3,501) —  —  —  (3,501)
Fair value, June 30, 2025
 $ 7,530  267,821  481,037  —  339  —  756,727 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end 117  140  21  —  —  —  278 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end 59  3,877  (452) —  (2) —  3,482 

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June 30, 2024
($ in thousands) Obligation of state and Political Subdivisions Corporate Securities CLO and Other ABS RMBS CMBS Common Stock Total
Fair value, December 31, 2023
 $ 7,834  297,332  245,313  —  356  854  551,689 
Total net gains (losses) for the period included in:
OCI (112) 1,203  969  —  (2) —  2,058 
   Net realized and unrealized gains (losses) —  218  39  —  —  213  470 
Net investment income earned —  (494) (7) —  (1) —  (502)
Purchases —  5,261  30,119  4,886  —  —  40,266 
Sales —  —  —  —  —  —  — 
Issuances —  —  —  —  —  —  — 
Settlements (68) (7,269) (4,726) —  (4) —  (12,067)
Transfers into Level 3 —  28,896  19,537  —  —  —  48,433 
Transfers out of Level 3 —  (31,434) (27,524) —  —  —  (58,958)
Fair value, June 30, 2024
 $ 7,654  293,713  263,720  4,886  349  1,067  571,389 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end —  226  39  —  —  213  478 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end (112) 850  969  —  (2) —  1,705 

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2025, and December 31, 2024:

June 30, 2025
($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Weighted Average
Internal valuations:
Corporate securities $ 157,700 
Discounted Cash Flow
 Illiquidity Spread
(4.4)% - 5.3%
1.7%
CLO and other ABS 294,694 
Discounted Cash Flow
 Illiquidity Spread
(1.8)% - 19.6%
 1.9%
Total internal valuations 452,394 
Other1
 304,333 
Total Level 3 securities $ 756,727 

December 31, 2024
($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Weighted Average
Internal valuations:
Corporate securities $ 147,294  Discounted Cash Flow Illiquidity Spread
(4.4)% - 5.3%
 1.7%
CLO and other ABS 249,506  Discounted Cash Flow Illiquidity Spread
(0.97)% - 19.6%
 1.9%
Total internal valuations 396,800 
Other1
 222,447 
Total Level 3 securities $ 619,247 
1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in determining fair value. An increase in this assumption would result in a lower fair value measurement.

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The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at June 30, 2025, and December 31, 2024:

June 30, 2025   Fair Value Measurements Using
($ in thousands) Assets/
Liabilities
Disclosed at
Fair Value		 Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		 Significant Other
Observable Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
Financial Assets        
HTM:        
Corporate securities $ 24,457  —  24,457  — 
Total HTM fixed income securities 24,457  —  24,457  — 
CMLs $ 266,197  —  —  266,197 
Financial Liabilities        
Long-term debt:
7.25% Senior Notes
 $ 56,274  —  56,274  — 
5.90% Senior Notes
 408,864  —  408,864  — 
6.70% Senior Notes
 105,970  —  105,970  — 
5.375% Senior Notes
 268,221  —  268,221  — 
3.03% borrowings from FHLBI
 59,158  —  59,158  — 
Total long-term debt $ 898,487  —  898,487  — 

December 31, 2024   Fair Value Measurements Using
($ in thousands) Assets/
Liabilities
Disclosed at
Fair Value		 Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		 Significant Other
Observable Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
Financial Assets        
HTM:        
Corporate securities $ 24,735  —  24,735  — 
Total HTM fixed income securities 24,735  —  24,735  — 
CMLs $ 224,842  —  —  224,842 
Financial Liabilities        
Long-term debt:
7.25% Senior Notes
 $ 54,657  —  54,657  — 
6.70% Senior Notes
 103,057  —  103,057  — 
5.375% Senior Notes
 273,464  —  273,464  — 
3.03% borrowings from FHLBI
 58,516  —  58,516  — 
Total long-term debt $ 489,694  —  489,694  — 

NOTE 6. Allowance for Credit Losses on Premiums Receivable
The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands) 2025 2024 2025 2024
Balance at beginning of period $ 21,600  20,000  $ 20,400  18,900 
Current period change for expected credit losses 1,933  2,488  5,799  4,272 
Write-offs charged against the allowance for credit losses (2,314) (1,720) (5,203) (2,776)
Recoveries 581  332  804  704 
Allowance for credit losses, end of period $ 21,800  21,100  $ 21,800  21,100 

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

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NOTE 7. Reinsurance
We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2025, and December 31, 2024:

June 30, 2025
($ in thousands) Current Past Due Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++ $ 116,797  1,057  117,854 
A+ 499,487  4,408  503,895 
A 122,212  1,066  123,278 
A- 6,342  243  6,585 
Total rated reinsurers 744,838  6,774  751,612 
Non-rated reinsurers
Federal and state pools 122,503  —  122,503 
Other than federal and state pools 9,269  4  9,273 
Total non-rated reinsurers 131,772  4  131,776 
Total reinsurance recoverable, gross $ 876,610  6,778  883,388 
Less: allowance for credit losses (2,000)
Total reinsurance recoverable, net 881,388 

December 31, 2024
($ in thousands) Current Past Due Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++ $ 111,481  225  111,706 
A+ 483,317  5,205  488,522 
A 131,087  819  131,906 
A- 5,421  149  5,570 
Total rated reinsurers 731,306  6,398  737,704 
Non-rated reinsurers
Federal and state pools 318,785  —  318,785 
Other than federal and state pools 6,647  9  6,656 
Total non-rated reinsurers 325,432  9  325,441 
Total reinsurance recoverable, gross $ 1,056,738  6,407  1,063,145 
Less: allowance for credit losses (2,000)
Total reinsurance recoverable, net 1,061,145 

The $196.3 million decrease in "Federal and state pools" as of June 30, 2025, compared to December 31, 2024, primarily relates to claim payments on Hurricane Helene losses reserved for at December 31, 2024. These losses relate to our participation in the NFIP Write Your Own Program, and are 100% ceded to the NFIP.

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands)
 2025 2024 2025 2024
Balance at beginning of period $ 2,000  1,700  $ 2,000  1,700 
Current period change for expected credit losses —  —  —  — 
Write-offs charged against the allowance for credit losses —  —  —  — 
Recoveries —  —  —  — 
Allowance for credit losses, end of period $ 2,000  1,700  $ 2,000  1,700 

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For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. "Reinsurance" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands) 2025 2024 2025 2024
Premiums written:        
Direct $ 1,490,805  1,399,738  $ 2,913,656  2,715,649 
Assumed 5,441  6,413  11,418  12,398 
Ceded (207,617) (180,050) (396,002) (345,325)
Net 1,288,629  1,226,101  2,529,072  2,382,722 
Premiums earned:        
Direct 1,373,080  1,242,696  2,713,526  2,448,064 
Assumed 5,922  5,779  12,073  11,970 
Ceded (190,945) (168,244) (378,785) (328,859)
Net 1,188,057  1,080,231  2,346,814  2,131,175 
Loss and loss expense incurred:
        
Direct 929,929  1,009,819  1,760,601  1,763,386 
Assumed 5,137  5,058  10,635  11,039 
Ceded (111,168) (89,329) (201,013) (144,585)
Net $ 823,898  925,548  $ 1,570,223  1,629,840 

NOTE 8. Reserve for Loss and Loss Expense
The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

Six Months ended
June 30,
($ in thousands) 2025 2024
Gross reserve for loss and loss expense, at beginning of period $ 6,589,801  5,336,911 
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period 1,022,245  618,601 
Net reserve for loss and loss expense, at beginning of period 5,567,556  4,718,310 
Incurred loss and loss expense for claims occurring in the:    
Current year 1,535,575  1,442,719 
Prior years 34,648  187,121 
Total incurred loss and loss expense 1,570,223  1,629,840 
Paid loss and loss expense for claims occurring in the:    
Current year 320,366  347,501 
Prior years 865,344  753,658 
Total paid loss and loss expense 1,185,710  1,101,159 
Net reserve for loss and loss expense, at end of period 5,952,069  5,246,991 
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period 859,087  656,534 
Gross reserve for loss and loss expense, at end of period $ 6,811,156  5,903,525 

Prior year reserve development in Six Months 2025 was unfavorable by $34.6 million, consisting of $50.0 million of unfavorable casualty reserve development, partially offset by $15.4 million of favorable property reserve development. Our Standard Commercial Lines segment drove the unfavorable casualty reserve development consisting of (i) $25.0 million in our commercial automobile line of business, related to increased severities primarily in accident years 2022 through 2024 and (ii) $20.0 million in our general liability line of business, driven by higher severities primarily in accident years 2022 and 2023. We also had unfavorable development of $5.0 million in our personal automobile line of business, primarily related to increased severities in accident year 2024.

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Prior year reserve development in Six Months 2024 was unfavorable by $187.1 million, consisting of $211.0 million of unfavorable casualty reserve development, partially offset by $23.9 million of favorable property reserve development. Our Standard Commercial Lines segment drove the unfavorable casualty reserve development consisting of (i) $216.0 million in our general liability line of business, primarily driven by increased severities in accident years 2020 through 2023, (ii) $10.0 million in our commercial automobile line of business, partially offset by (iii) $15.0 million of favorable casualty reserve development in our workers compensation line of business.

Additionally in Six Months 2024, in our Standard Personal Lines segment, we had unfavorable casualty reserve development of $5.0 million in our personal automobile line of business, offset by favorable development of $5.0 million in our homeowners line of business.

NOTE 9. Segment Information
We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

(a) The following table presents revenues by segments and a reconciliation to consolidated revenue.

Revenue by Segment Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands) 2025 2024 2025 2024
Standard Commercial Lines:    
Net premiums earned:    
General liability $ 305,843  280,097  $ 600,530  553,512 
Commercial automobile 288,759  260,652  572,344  512,372 
Commercial property 191,027  168,511  377,557  330,064 
Workers compensation 82,024  82,316  161,060  170,093 
Businessowners' policies 48,416  41,641  95,309  81,562 
Bonds 13,255  12,468  26,513  24,556 
Other 8,311  7,808  16,532  15,444 
Miscellaneous income 5,920  5,214  10,780  12,348 
Total Standard Commercial Lines revenue 943,555  858,707  1,860,625  1,699,951 
Standard Personal Lines:
Net premiums earned:
Personal automobile 51,287  57,544  104,255  114,504 
Homeowners 48,312  46,055  96,255  90,168 
Other 2,778  2,822  5,522  5,595 
Miscellaneous income 577  594  1,148  1,235 
Total Standard Personal Lines revenue 102,954  107,015  207,180  211,502 
E&S Lines:
Net premiums earned:
Casualty lines 87,400  73,887  172,519  145,525 
Property lines 60,645  46,430  118,418  87,780 
Miscellaneous income 51  27  129  53 
Total E&S Lines revenue 148,096  120,344  291,066  233,358 
Investments:        
Net investment income earned 127,968  108,642  248,659  216,491 
Net realized and unrealized investment gains (losses) 4,172  1,297  4,401  (338)
Total Investments revenue 132,140  109,939  253,060  216,153 
Total revenues $ 1,326,745  1,196,005  $ 2,611,931  2,360,964 
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(b) The following tables present information about our segments' pre- and after-tax income, significant expenses, and reconciliations to consolidated results for the periods indicated.

Quarter Ended June 30, 2025 Standard Commercial Lines Standard Personal Lines E&S Lines Total Insurance Operations Investments Total Reportable Segments
($ in thousands)
Total segment revenues
 $ 943,555  102,954  148,096  1,194,605  132,140  1,326,745 
Loss and loss expense incurred:
Net catastrophe losses 50,881  14,591  14,460  79,932  —  79,932 
Non-catastrophe property loss and loss expense 131,883  28,271  13,085  173,239  —  173,239 
(Favorable)/unfavorable prior year casualty reserve development 45,000  —  —  45,000  —  45,000 
Current year casualty loss costs
 439,002  27,115  59,610  525,727  —  525,727 
Total loss and loss expense incurred 666,766  69,977  87,155  823,898  —  823,898 
Net underwriting expenses incurred:
Commissions to distribution partners 173,406  6,522  33,769  213,697  —  213,697 
Salaries and employee benefits 78,667  8,805  7,498  94,970  —  94,970 
Other segment expenses
 49,709  9,100  4,503  63,312  —  63,312 
Total net underwriting expenses incurred 301,782  24,427  45,770  371,979  —  371,979 
Dividends to policyholders 1,151  —  —  1,151  —  1,151 
Segment income (loss), before federal income tax (26,144) 8,550  15,171  (2,423) 132,140  129,717 
Federal income tax (expense) benefit 509  (27,423) (26,914)
Segment income (loss), after federal income tax (1,914) 104,717  102,803 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss) 129,717 
Interest expense (13,256)
Corporate expenses (7,556)
Income before federal income tax 108,905 
Federal income tax (expense) benefit on segment income (loss) (26,914)
Federal income tax (expense) benefit on interest and corporate expenses 3,952 
Total federal income tax (expense) benefit (22,962)
Net income 85,943 
Preferred stock dividends (2,300)
Net income available to common stockholders 83,643 
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Quarter Ended June 30, 2024 Standard Commercial Lines Standard Personal Lines E&S Lines Total Insurance Operations Investments Total Reportable Segments
($ in thousands)
Total segment revenues
 $ 858,707  107,015  120,344  1,086,066  109,939  1,196,005 
Loss and loss expense incurred:
Net catastrophe losses 50,858  25,396  14,280  90,534  —  90,534 
Non-catastrophe property loss and loss expense 124,505  45,350  15,633  185,488  —  185,488 
(Favorable)/unfavorable prior year casualty reserve development 176,000  —  —  176,000  —  176,000 
Current year casualty loss costs
 396,591  30,694  46,241  473,526  —  473,526 
Total loss and loss expense incurred 747,954  101,440  76,154  925,548  —  925,548 
Net underwriting expenses incurred:
Commissions to distribution partners 157,351  8,124  26,870  192,345  192,345 
Salaries and employee benefits 69,070  8,644  6,533  84,247  84,247 
Other segment expenses
 44,159  8,108  4,286  56,553  56,553 
Total net underwriting expenses incurred 270,580  24,876  37,689  333,145  —  333,145 
Dividends to policyholders 1,054  —  —  1,054  1,054 
Segment income (loss), before federal income tax (160,881) (19,301) 6,501  (173,681) 109,939  (63,742)
Federal income tax (expense) benefit 36,473  (22,652) 13,821 
Segment income (loss), after federal income tax (137,208) 87,287  (49,921)
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss) (63,742)
Interest expense (7,202)
Corporate expenses (9,154)
Income before federal income tax (80,098)
Federal income tax (expense) benefit on segment income (loss) 13,821 
Federal income tax (expense) benefit on interest and corporate expenses 2,958 
Total federal income tax (expense) benefit 16,779 
Net income (63,319)
Preferred stock dividends (2,300)
Net income available to common stockholders (65,619)
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Six Months ended June 30, 2025
($ in thousands) Standard Commercial Lines Standard Personal Lines E&S Lines Total Insurance Operations Investments Total Reportable Segments
Total segment revenues
 $ 1,860,625  207,180  291,066  2,358,871  253,060  2,611,931 
Loss and loss expense incurred:
Net catastrophe losses 70,692  21,704  30,893  123,289  —  123,289 
Non-catastrophe property loss and loss expense 260,675  64,759  26,501  351,935  —  351,935 
(Favorable)/unfavorable prior year casualty reserve development 45,000  5,000  —  50,000  —  50,000 
Current year casualty loss costs
 872,065  55,183  117,751  1,044,999  —  1,044,999 
Total loss and loss expense incurred 1,248,432  146,646  175,145  1,570,223  —  1,570,223 
Net underwriting expenses incurred:
Commissions to distribution partners 343,578  13,873  66,475  423,926  —  423,926 
Salaries and employee benefits 158,258  17,400  15,093  190,751  —  190,751 
Other segment expenses
 101,449  18,674  8,500  128,623  —  128,623 
Total net underwriting expenses incurred 603,285  49,947  90,068  743,300  —  743,300 
Dividends to policyholders 2,134  —  —  2,134  —  2,134 
Segment income (loss), before federal income tax 6,774  10,587  25,853  43,214  253,060  296,274 
Federal income tax (expense) benefit (9,075) (52,541) (61,616)
Segment income (loss), after federal income tax 34,139  200,519  234,658 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss) 296,274 
Interest expense (22,829)
Corporate expenses (25,654)
Income before federal income tax 247,791 
Federal income tax (expense) benefit on segment income (loss) (61,616)
Federal income tax (expense) benefit on interest and corporate expenses 9,664 
Total federal income tax (expense) benefit (51,952)
Net income 195,839 
Preferred stock dividends (4,600)
Net income available to common stockholders 191,239 
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Six Months ended June 30, 2024
($ in thousands) Standard Commercial Lines Standard Personal Lines E&S Lines Total Insurance Operations Investments Total Reportable Segments
Total segment revenues
 $ 1,699,951  211,502  233,358  2,144,811  216,153  2,360,964 
Loss and loss expense incurred:
Net catastrophe losses 89,353  37,241  19,182  145,776  —  145,776 
Non-catastrophe property loss and loss expense 239,546  87,228  29,886  356,660  —  356,660 
(Favorable)/unfavorable prior year casualty reserve development 211,000  —  —  211,000  —  211,000 
Current year casualty loss costs
 763,888  61,315  91,201  916,404  —  916,404 
Total loss and loss expense incurred 1,303,787  185,784  140,269  1,629,840  —  1,629,840 
Net underwriting expenses incurred:
Commissions to distribution partners 311,321  15,623  52,011  378,955  —  378,955 
Salaries and employee benefits 141,344  18,083  12,298  171,725  —  171,725 
Other segment expenses
 89,691  16,648  8,294  114,633  —  114,633 
Total net underwriting expenses incurred 542,356  50,354  72,603  665,313  —  665,313 
Dividends to policyholders 4,308  —  —  4,308  —  4,308 
Segment income (loss), before federal income tax (150,500) (24,636) 20,486  (154,650) 216,153  61,503 
Federal income tax (expense) benefit 32,476  (44,518) (12,042)
Segment income (loss), after federal income tax (122,174) 171,635  49,461 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss) 61,503 
Interest expense (14,383)
Corporate expenses (24,652)
Income before federal income tax 22,468 
Federal income tax (expense) benefit on segment income (loss) (12,042)
Federal income tax (expense) benefit on interest and corporate expenses 8,773 
Total federal income tax (expense) benefit (3,269)
Net income 19,199 
Preferred stock dividends (4,600)
Net income available to common stockholders 14,599 
The "Other segment expenses" primarily consist of (i) fees paid for licenses, (ii) depreciation expense, and (iii) general overhead items to operate our business operations, including travel, postage, telephone, and utility expenses. "Loss and loss expense incurred" includes a portion of salaries and employee benefits related to claims personnel.

(c) The following tables present reconciliations of our segments' ROE contributions and combined ratios to consolidated results.

ROE
 Quarter Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Standard Commercial Lines segment (2.6) % (18.4) 0.4  % (8.6)
Standard Personal Lines segment 0.9  (2.2) 0.5  (1.4)
E&S Lines segment 1.5  0.7  1.3  1.2 
Total insurance operations (0.2) (19.9) 2.2  (8.8)
Net investment income earned
 13.0  12.5  12.9  12.5 
Net realized and unrealized investment gains (losses) 0.4  0.1  0.2  — 
Total investments segment 13.4  12.6  13.1  12.5 
Other (2.5) (2.2) (2.8) (2.6)
ROE 10.7  (9.5) 12.5  1.1 

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Combined Ratio
 Quarter ended June 30, Six Months ended June 30,
2025 2024 2025 2024
Amount Ratio Amount Ratio Amount Ratio Amount Ratio
Standard Commercial Lines:
Net premiums earned
 $ 937,635  853,493  $ 1,849,845  1,687,603 
Loss and loss expense incurred
 666,766  71.1 
%
 747,954  87.6  1,248,432  67.5 
%
 1,303,787  77.2 
Net underwriting expenses incurred1
 295,862  31.6  265,366  31.1  592,505  32.0  530,008  31.4 
Dividends to policyholders
 1,151  0.1  1,054  0.1  2,134  0.1  4,308  0.3 
Underwriting income (loss)
 (26,144) 102.8  (160,881) 118.8  6,774  99.6  (150,500) 108.9 
Standard Personal Lines:
Net premiums earned
 102,377  106,421  206,032  210,267 
Loss and loss expense incurred 69,977  68.3  101,440  95.3  146,646  71.2  185,784  88.3 
Net underwriting expenses incurred1
 23,850  23.3  24,282  22.8  48,799  23.7  49,119  23.4 
Underwriting income (loss)
 8,550  91.6  (19,301) 118.1  10,587  94.9  (24,636) 111.7 
E&S Lines:
Net premiums earned
 148,045  120,317  290,937  233,305 
Loss and loss expense incurred
 87,155  58.9  76,154  63.3  175,145  60.2  140,269  60.1 
Net underwriting expenses incurred1
 45,719  30.9  37,662  31.3  89,939  30.9  72,550  31.1 
Underwriting income (loss)
 15,171  89.8  6,501  94.6  25,853  91.1  20,486  91.2 
Total Insurance Operations:
Net premiums earned
 1,188,057  1,080,231  2,346,814  2,131,175 
Loss and loss expense incurred
 823,898  69.3  925,548  85.7  1,570,223  66.9  1,629,840  76.5 
Net underwriting expenses incurred1
 365,431  30.8  327,310  30.3  731,243  31.2  651,677  30.6 
Dividends to policyholders
 1,151  0.1  1,054  0.1  2,134  0.1  4,308  0.2 
Underwriting income (loss)
 (2,423) 100.2  (173,681) 116.1  43,214  98.2  (154,650) 107.3 
1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.


NOTE 10. Retirement Plans
The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the "Pension Plan"). The Pension Plan is closed to new entrants, and its benefits ceased accruing after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. "Retirement Plans" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

The following tables provide information about the Pension Plan:

Pension Plan
Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands) 2025 2024 2025 2024
Net Periodic Pension Cost (Benefit):
Interest cost $ 3,973  3,888  $ 7,946  7,776 
Expected return on plan assets (5,339) (5,383) (10,678) (10,765)
Amortization of unrecognized net actuarial loss 868  955  1,736  1,910 
Total net periodic pension cost (benefit)1
 $ (498) (540) $ (996) (1,079)
1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

Pension Plan
Six Months ended June 30
2025 2024
Weighted-Average Expense Assumptions:
Discount rate 5.69  % 5.02  %
Effective interest rate for calculation of interest cost 5.42  4.91 
Expected return on plan assets 6.60  6.40 

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NOTE 11. Comprehensive Income (Loss)
The components of comprehensive income (loss), both gross and net of tax, for Second Quarter 2025 and Six Months 2025 and Second Quarter 2024 and Six Months 2024 were as follows:

Second Quarter 2025      
($ in thousands) Gross Tax Net
Net income (loss)
 $ 108,905  22,962  85,943 
Components of OCI:      
Unrealized gains (losses) on investment securities:
      
Unrealized holding gains (losses) during the period 41,864  8,790  33,074 
Unrealized gains (losses) on securities with credit loss recognized in earnings 11,022  2,315  8,707 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities (434) (91) (343)
Credit loss (benefit) expense (887) (186) (701)
    Total unrealized gains (losses) on investment securities 51,565  10,828  40,737 
Defined benefit pension and post-retirement plans:      
Amounts reclassified into net income (loss):
      
Net actuarial (gain) loss 873  184  689 
    Total defined benefit pension and post-retirement plans 873  184  689 
Other comprehensive income (loss) 52,438  11,012  41,426 
Comprehensive income (loss) $ 161,343  33,974  127,369 
Second Quarter 2024      
($ in thousands) Gross Tax Net
Net income (loss)
 $ (80,098) (16,779) (63,319)
Components of OCI:      
Unrealized gains (losses) on investment securities:      
Unrealized holding gains (losses) during the period (8,347) (1,753) (6,594)
Unrealized gains (losses) on securities with credit loss recognized in earnings (3,705) (778) (2,927)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities 43  10  33 
Credit loss (benefit) expense 1,233  258  975 
    Total unrealized gains (losses) on investment securities (10,776) (2,263) (8,513)
Defined benefit pension and post-retirement plans:      
Amounts reclassified into net income (loss):
      
Net actuarial (gain) loss 967  203  764 
    Total defined benefit pension and post-retirement plans 967  203  764 
Other comprehensive income (loss) (9,809) (2,060) (7,749)
Comprehensive income (loss) $ (89,907) (18,839) (71,068)
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Six Months 2025
($ in thousands) Gross Tax Net
Net income (loss)
 $ 247,791  51,952  195,839 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period 111,124  23,335  87,789 
Unrealized gains (losses) on securities with credit loss recognized in earnings 23,788  4,995  18,793 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities (708) (149) (559)
Credit loss (benefit) expense (1,516) (318) (1,198)
Total unrealized gains (losses) on investment securities 132,688  27,863  104,825 
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss 1,745  367  1,378 
Total defined benefit pension and post-retirement plans 1,745  367  1,378 
Other comprehensive income (loss) 134,433  28,230  106,203 
Comprehensive income (loss) $ 382,224  80,182  302,042 
Six Months 2024
($ in thousands) Gross Tax Net
Net income (loss)
 $ 22,468  3,269  19,199 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period (23,907) (5,020) (18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings (6,837) (1,436) (5,401)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities (35) (7) (28)
Credit loss (benefit) expense 3,883  815  3,068 
Total unrealized gains (losses) on investment securities (26,896) (5,648) (21,248)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss 1,934  406  1,528 
Total defined benefit pension and post-retirement plans 1,934  406  1,528 
Other comprehensive income (loss) (24,962) (5,242) (19,720)
Comprehensive income (loss) $ (2,494) (1,973) (521)

The following table shows each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes), including balances and changes, as of June 30, 2025:

June 30, 2025 Net Unrealized Gains (Losses) on Investment Securities Defined Benefit Pension and Post-Retirement Plans Total AOCI
($ in thousands)
Credit Loss Related1
 All
Other		 Investments
Subtotal
Balance, December 31, 2024
 $ (72,206) (178,057) (250,263) (86,582) (336,845)
OCI before reclassifications 18,793  87,789  106,582  —  106,582 
Amounts reclassified from AOCI (1,198) (559) (1,757) 1,378  (379)
Net current period OCI 17,595  87,230  104,825  1,378  106,203 
Balance, June 30, 2025
 $ (54,611) (90,827) (145,438) (85,204) (230,642)
1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.









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The reclassifications out of AOCI were as follows:

Quarter ended
June 30,		 Six Months ended
June 30,		 Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands) 2025 2024 2025 2024
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses
 $ (434) 43  $ (708) (35) Net realized and unrealized investment gains (losses)
Tax (benefit) expense
 91  (10) 149  7  Total federal income tax expense (benefit)
Net of taxes
 (343) 33  (559) (28) Net income (loss)
Credit loss related
Credit loss (benefit) expense (887) 1,233  (1,516) 3,883  Net realized and unrealized investment gains (losses)
Tax (benefit) expense
 186  (258) 318  (815) Total federal income tax expense (benefit)
Net of taxes
 (701) 975  (1,198) 3,068  Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss 200  223  401  445  Loss and loss expense incurred
Net actuarial loss 673  744  1,344  1,489  Other insurance expenses
Total
 873  967  1,745  1,934  Income (loss) before federal income tax
Tax (benefit) expense (184) (203) (367) (406) Total federal income tax expense (benefit)
Net of taxes 689  764  1,378  1,528  Net income (loss)
Total reclassifications for the period $ (355) 1,772  $ (379) 4,568  Net income (loss)

NOTE 12. Indebtedness
The table below provides a summary of our outstanding debt at June 30, 2025, and December 31, 2024:

Outstanding Debt Issuance Date Maturity Date Interest Rate Original Amount 2025 Carry Value
($ in thousands) Unamortized Issuance Costs Debt Discount June 30, 2025 December 31, 2024
Long-term
      FHLBI 12/16/2016 12/16/2026 3.03  % 60,000  —  —  60,000  60,000 
      Senior Notes 11/16/2004 11/15/2034 7.25  % 50,000  92  67  49,841  49,831 
Senior Notes 2/20/2025 4/15/2035 5.90  % 400,000  3,871  86  396,043  — 
      Senior Notes 11/3/2005 11/1/2035 6.70  % 100,000  187  397  99,416  99,391 
Senior Notes 3/1/2019 3/1/2049 5.375  % 300,000  2,112  5,318  292,570  292,434 
Finance lease obligations 4,879  6,282 
Total long-term debt 6,262  5,868  902,749  507,938 

Short-Term Debt Activity
On June 30, 2025, the Parent entered into a Credit Agreement (the "Line of Credit") with the lenders named therein (the "Lenders") and Wells Fargo Bank, National Association, as administrative agent. Under the Line of Credit, the Lenders have agreed to provide the Parent with a $100 million revolving credit facility that can be increased to $200 million with the Lenders' consent. The Line of Credit will mature on June 30, 2028, and has a variable interest rate based on the Parent’s debt ratings. The Parent, as borrower, was a party to a credit agreement dated November 7, 2022, for a $50 million revolving credit facility, which could be increased to $125 million with the consent of the lenders (the "Prior Credit Agreement"). The Prior Credit Agreement was scheduled to mature on November 7, 2025. The Parent terminated the Prior Credit Agreement in conjunction with entering into the Line of Credit. The termination of the Prior Credit Agreement did not result in any penalties to the Parent. There were no borrowings under the Line of Credit or the Prior Credit Agreement during Six Months 2025.

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Our Line of Credit contains representations, warranties, and covenants that are customary for credit facilities of this type, including, without limitation, financial covenants under which we are obligated to maintain a minimum consolidated net worth, a maximum ratio of consolidated debt to total capitalization, and covenants limiting our ability to: (i) merge or liquidate; (ii) incur debt or liens; (iii) dispose of assets; (iv) make investments and acquisitions; and (v) engage in transactions with affiliates.
The table below outlines information regarding certain covenants in the Line of Credit:

Required as of Actual as of
June 30, 2025 June 30, 2025
Consolidated net worth1
 Not less than $2.3 billion $3.6 billion
Debt to total capitalization ratio1
 Not to exceed 35% 20.0%
1Calculated in accordance with the Line of Credit.

In addition to the above requirements, the Line of Credit contains a cross-default provision that provides that the Line of Credit will be in default if we fail to comply with any condition, covenant, or agreement (including payment of principal and interest when due on any debt with an aggregate principal amount of at least $30 million) that causes or permits the acceleration of principal. The Line of Credit also limits borrowings from the FHLBI and the FHLBNY to 10% of the respective member company's admitted assets for the previous year.

Long-Term Debt Activity
In the first quarter of 2025, we issued $400 million of 5.90% Senior Notes due 2035 at a discount of $0.1 million, resulting in $395.9 million of net proceeds after debt issuance costs of approximately $4.1 million. The 5.90% Senior Notes will pay interest on April 15 and October 15 of each year, beginning on October 15, 2025. The proceeds from this debt issuance are being used for general corporate purposes, including supporting organic growth.

For additional information on our indebtedness and debt covenants, see Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

NOTE 13. Equity
On December 2, 2020, we announced that our Board of Directors authorized a $100 million share repurchase program, with no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular common stock amount. The program grants management discretion to determine the timing and amount of any share repurchases under the authorization based on market conditions and other considerations. In Six Months 2025, we repurchased 233,611 shares of our common stock under the program for $19.4 million, including commissions. All repurchases were completed in the first quarter of 2025, and we had $56.1 million of remaining program capacity as of June 30, 2025.

NOTE 14. Earnings per Common Share
The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

Quarter ended
June 30,		 Six Months ended
June 30,
(in thousands, except per share amounts) 2025 2024 2025 2024
Net income (loss) available to common stockholders:
 $ 83,643  (65,619) $ 191,239  14,599 
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic 60,844 60,897 60,855 60,862
Effect of dilutive securities - stock compensation plans 439  —  421 382
Weighted average common shares outstanding - diluted 61,283 60,897 61,276 61,244
EPS:
Basic $ 1.37  (1.08) $ 3.14  0.24 
Diluted 1.36  (1.08) 3.12  0.24 

NOTE 15. Litigation
As of June 30, 2025, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

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In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial condition, results of operations, or cash flows.

From time to time, our Insurance Subsidiaries are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe we have valid defenses to these allegations and account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. Litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate. Adverse outcomes could have a material adverse effect on our consolidated results of operations or cash flows in the quarterly or annual period in which they occur.

NOTE 16. Subsequent Events
On July 4, 2025, the One Big Beautiful Bill Act (the "Act") became law. The legislation extends and modifies multiple tax provisions, some affecting our taxes in current and future years. By rule, we must reflect tax changes in the enactment period, which was July 2025. Accordingly, we are currently analyzing the Act's impact, including provisions that allow 100% bonus depreciation and full expensing of domestic research and development expenses.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements
The terms "Company," "we," "us," and "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10-Q, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve uncertainties and known and unknown risks and other factors that may cause actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "attribute," "confident," "strong," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," "continue," or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason except as may be required by law.

We discuss the factors that could cause our actual results to differ materially from our projections, forecasts, or estimates in forward-looking statements in Item 1A. "Risk Factors." in Part II. "Other Information" of this Form 10-Q. These risk factors may not be exhaustive. We operate in a constantly changing business environment, and new risk factors may emerge at any time. We cannot predict these new risk factors, their impact on our businesses, or the extent to which one or any combination of factors may cause actual results to differ materially from any forward-looking statements. Given these risks, uncertainties, and assumptions, the forward-looking events we discuss might not occur.

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Introduction
We classify our business into four reportable segments:

•Standard Commercial Lines;
•Standard Personal Lines;
•Excess and Surplus Lines ("E&S Lines"); and
•Investments.

For more details about these segments, refer to Note 9. "Segment Information" in Item 1. "Financial Statements." of this Form 10-Q and Note 12. "Segment Information" in Item 8. "Financial Statements and Supplementary Data." of our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report").

We write our Standard Commercial and Standard Personal Lines products and services through nine of our insurance subsidiaries, some of which participate in the federal government's National Flood Insurance Program's ("NFIP") Write Your Own Program. We write our E&S products through another subsidiary, Mesa Underwriters Specialty Insurance Company, a nationally authorized non-admitted carrier for customers who generally cannot obtain coverage in the standard marketplace. Collectively, we refer to our ten insurance subsidiaries as the "Insurance Subsidiaries."

The following is Management’s Discussion and Analysis ("MD&A") of our financial condition and consolidated results of operations, including an evaluation of the amounts and certainty of cash flows from operations and outside sources, trends, and uncertainties that may have a material impact in future periods. Investors should read the MD&A in conjunction with Item 1. "Financial Statements." of this Form 10-Q and the consolidated financial statements in our 2024 Annual Report filed with the United States ("U.S.") Securities and Exchange Commission.

In the MD&A, we will discuss and analyze the following:

•Critical Accounting Policies and Estimates;
•Financial Highlights of Results for the second quarters ended June 30, 2025 ("Second Quarter 2025") and June 30, 2024 ("Second Quarter 2024"); and the six-month periods ended June 30, 2025 ("Six Months 2025") and June 30, 2024 ("Six Months 2024")
•Results of Operations and Related Information by Segment;
•Federal Income Taxes;
•Liquidity and Capital Resources; and
•Ratings.

Critical Accounting Policies and Estimates
Our unaudited interim consolidated financial statements include amounts for which we have made informed estimates and judgments for transactions not yet completed. Such estimates and judgments affect the reported amounts in the consolidated financial statements. As outlined in our 2024 Annual Report, those estimates and judgments most critical to the preparation of the consolidated financial statements involved the following: (i) reserve for loss and loss expense; (ii) investment valuation and the allowance for credit losses on available-for-sale ("AFS") fixed income securities; and (iii) reinsurance. These estimates and judgments require our use of assumptions about highly uncertain matters that make them subject to change as facts and circumstances develop. If we applied different estimates and judgments, the financial statements might have reported materially different amounts. For additional information regarding our critical accounting policies and estimates, refer to pages 38 through 45 of our 2024 Annual Report.

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Financial Highlights of Results for Second Quarter and Six Months 2025 and Second Quarter and Six Months 20241

Quarter ended
June 30,		 Change
% or Points		 Six Months ended
June 30,		 Change
% or Points
($ and shares in thousands, except per share amounts) 2025 2024   2025 2024
Financial Data:
Revenues
$ 1,326,745  1,196,005  11  % $ 2,611,931  2,360,964  11  %
After-tax net investment income 101,421  86,262  18    197,042  171,902  15   
After-tax underwriting income (loss) (1,914) (137,208) (99) 34,139  (122,174) (128)
Net income (loss) before federal income tax 108,905  (80,098) (236) 247,791  22,468  1,003 
Net income (loss) 85,943  (63,319) (236) 195,839  19,199  920 
Net income (loss) available to common stockholders 83,643  (65,619) (227) 191,239  14,599  1,210 
Key Metrics:
Combined ratio 100.2  % 116.1  (15.9) pts 98.2  % 107.3  (9.1) pts
Invested assets per dollar of common stockholders' equity $ 3.33  3.31  1  % $ 3.33  3.31  1  %
Annualized after-tax yield on investment portfolio 3.9  % 3.9  —  pts 3.9 
%
 3.9  —  pts
Return on common equity ("ROE") 10.7  (9.5) 20.2  12.5  1.1  11.4 
Net premiums written ("NPW") to statutory surplus $ 1.45  1.64  (12)
%
 1.45  1.64  (12)
%
Per Common Share Amounts:
Diluted net income (loss) per share $ 1.36  (1.08) (226) % $ 3.12  0.24  1,200  %
Book value per share 52.09  44.74  16  52.09  44.74  16 
Dividends declared per share to common stockholders 0.38  0.35  9  0.76  0.70  9 
Non-GAAP Information:
Non-GAAP operating income (loss)2
 $ 80,348  (66,644) (221) % $ 187,762  14,866  1,163  %
Non-GAAP operating income (loss) per diluted common share2
 1.31  (1.10) (219) 3.06  0.24  1,175 
Non-GAAP operating ROE2
 10.3  % (9.6) 19.9  pts 12.3  % 1.1  11.2  pts
Adjusted book value per common share2
 $ 54.48  49.67  10  % $ 54.48  49.67  10  %
1Refer to the Glossary of Terms attached to our 2024 Annual Report as Exhibit 99.1 for definitions of terms used in this Form 10-Q.
2Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating ROE are comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and ROE, respectively, but exclude after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are important financial measures used by us, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized investment gains and losses on investments could distort the analysis of trends.

The tables below provide reconciliations of our GAAP to non-GAAP measures:

Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
 Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands) 2025 2024 2025 2024
Net income (loss) available to common stockholders
 $ 83,643  (65,619) $ 191,239  14,599 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
 (4,172) (1,297) (4,401) 338 
Tax on reconciling items 877  272  924  (71)
Non-GAAP operating income (loss)
 $ 80,348  (66,644) $ 187,762  $ 14,866 

Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share
 Quarter ended
June 30,		 Six Months ended
June 30,
2025 2024 2025 2024
Net income (loss) available to common stockholders per diluted common share
 $ 1.36  (1.08) $ 3.12  0.24 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
 (0.07) (0.02) (0.07) — 
Tax on reconciling items 0.02  —  0.01  — 
Non-GAAP operating income (loss) per diluted common share
 $ 1.31  (1.10) $ 3.06  0.24 

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Table of Contents
Reconciliation of ROE to non-GAAP operating ROE Quarter ended
June 30,		 Six Months ended
June 30,
2025 2024 2025 2024
ROE 10.7  % (9.5) 12.5  % 1.1 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
 (0.5) (0.2) (0.3) — 
Tax on reconciling items 0.1  0.1  0.1  — 
Non-GAAP operating ROE 10.3  % (9.6) 12.3  % 1.1 

Reconciliation of book value per common share to adjusted book value per common share Quarter ended
June 30,		 Six Months ended
June 30,
2025 2024 2025 2024
Book value per common share $ 52.09  44.74  $ 52.09  44.74 
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax 3.03  6.25  3.03  6.25 
Tax on reconciling items (0.64) (1.32) (0.64) (1.32)
Adjusted book value per common share $ 54.48  49.67  $ 54.48  49.67 

The following table depicts the components of ROE and non-GAAP operating ROE:

ROE and non-GAAP operating ROE Components Quarter ended
June 30,		 Change Points Six Months ended
June 30,		 Change Points
2025 2024 2025 2024
Standard Commercial Lines Segment (2.6) % (18.4) 15.8  0.4  % (8.6) 9.0 
Standard Personal Lines Segment 0.9  (2.2) 3.1  0.5  (1.4) 1.9 
E&S Lines Segment 1.5  0.7  0.8  1.3  1.2  0.1 
Total insurance operations (0.2) (19.9) 19.7  2.2  (8.8) 11.0 
Net investment income earned
 13.0  12.5  0.5  12.9  12.5  0.4 
Net realized and unrealized investment gains (losses) 0.4  0.1  0.3  0.2  —  0.2 
Total investments segment 13.4  12.6  0.8  13.1  12.5  0.6 
Other (2.5) (2.2) (0.3) (2.8) (2.6) (0.2)
ROE 10.7  (9.5) 20.2  12.5  1.1  11.4 
Net realized and unrealized investment (gains) losses, after tax (0.4) (0.1) (0.3) (0.2) —  (0.2)
Non-GAAP operating ROE 10.3  (9.6) 19.9  12.3  1.1  11.2 

In Second Quarter 2025, we delivered an ROE of 10.7% and a non-GAAP operating ROE of 10.3%, driven by strong investment income, which was 18% higher compared to Second Quarter 2024. ROE improved 20.2 points and non-GAAP operating ROE improved by 19.9 points in Second Quarter 2025 compared to Second Quarter 2024. Our overall combined ratio of 100.2% for Second Quarter 2025, which was 15.9 points better than the 116.1% in Second Quarter 2024, drove the higher ROE contributions from each insurance segment. Underwriting results were impacted by unfavorable prior year casualty reserve development, with $45 million in Second Quarter 2025 compared to $176 million in Second Quarter 2024. Higher paid loss emergence, which we largely attribute to the continued impacts of social inflation, drove the unfavorable development in both years.

In Six Months 2025, our ROE was 12.5% and our non-GAAP operating ROE was 12.3%, exceeding our 12% target. The improvement from Six Months 2024 was driven by after-tax underwriting income of $34.1 million this year compared to an underwriting loss of $122.2 million last year, resulting in an 11.0-point higher ROE. All three insurance segments contributed to the higher ROE. Consistent with Second Quarter 2024, the underwriting loss in Six Months 2024 was primarily attributable to unfavorable prior year casualty reserve development of $211 million, and to a lesser extent, an increase in current year loss costs.

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Table of Contents
Outlook
The insurance industry faces significant uncertainty around the macroeconomic environment, including financial market performance, international trade including the ultimate impact of tariffs, and elevated and uncertain loss trends driven by social inflation. Despite this challenging environment, we delivered a 12.3% operating ROE in Six Months 2025 and remain focused on executing our strategy to manage risk while driving long-term, profitable growth by:

•Achieving renewal pure price increases above expected loss trend. We continue to price new and renewal business incorporating our latest view of loss trends and profitability relative to our long-term combined ratio target of 95%. In Six Months 2025, overall renewal pure pricing across our three insurance segments was 10.1%, up 1.5 points from a year ago.

•Deploying granular underwriting refinements. In sectors and jurisdictions where market pricing does not align with our view of rate need, we are taking targeted underwriting actions, including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.

•Seeking to diversify our insurance segments’ mix of business over the long term. Our relatively higher-than-peer casualty premium mix has benefited our results when property lines have been challenged, and our historical catastrophe losses are lower than the industry average. For the same reason, the current social inflationary environment impacts us differently than our peers.

We believe it is prudent to prioritize improving underwriting margins, which will temper NPW growth in the current environment. NPW grew 5% in Second Quarter 2025 compared to Second Quarter 2024, reflecting our disciplined underwriting and pricing strategy in a competitive market. Policy retention declined modestly as we executed these strategies in a granular fashion. We will maintain a balanced approach and make investments to support future growth. As we position ourselves for the future, we have several strategies to profitably grow market share:

•In our existing footprint, we are focused on growing with existing partners and strategically appointing new agency locations. During Six Months 2025, we added sixty agency locations. In full-year 2024, we had a net increase of two hundred agency locations.

•Careful and deliberate geographic expansion continues to provide growth opportunities. Since 2017, we have added thirteen states to our Standard Commercial Lines footprint, with five last year. In 2024, these thirteen states produced $350 million in premium, which represented approximately 8% of total NPW and approximately 1% marginal total premium growth. We expect to write new business in Kansas by the end of 2025, and in Montana and Wyoming by the end of 2026.

•Technology investments are critical to ensure efficiency and scale. We are actively developing and executing artificial intelligence use cases to enhance underwriting scalability and claims outcomes. We have also made considerable progress modernizing our policy acquisition and claims systems. For example, system enhancements in our E&S Lines segment have created significant operational efficiency, with the segment’s premium production up significantly with limited headcount growth.

After contemplating Six Months 2025 results, our full-year 2025 guidance is as follows:

•A GAAP combined ratio between 97% and 98%, up 1 point from prior guidance of 96% to 97%, including net catastrophe losses of 6 points and the impact of prior year casualty reserve development reported through Six Months 2025. Our combined ratio estimate assumes no additional prior year casualty reserve development and no further change in loss cost estimates. We do not make assumptions about future reserve development as we book our best estimate each quarter;
•After-tax net investment income of $415 million, up from prior guidance of $405 million;
•An overall effective tax rate of approximately 21.5%; and
•Weighted average shares of 61.5 million on a fully diluted basis, including the shares repurchased in Six Months 2025 and assuming no additional repurchases under our existing share repurchase authorization.
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Table of Contents
Results of Operations and Related Information by Segment

Insurance Operations
The following table provides quantitative information for analyzing the combined ratio:

All Lines Quarter ended
June 30,		 Change % or Points Six Months ended
June 30,		 Change % or Points
($ in thousands) 2025 2024   2025 2024
Insurance Operations Results:      
NPW
 $ 1,288,629  1,226,101  5  % $ 2,529,072  2,382,722  6  %
Net premiums earned (“NPE”) 1,188,057  1,080,231  10    2,346,814  2,131,175  10   
Less:        
Loss and loss expense incurred 823,898  925,548  (11)   1,570,223  1,629,840  (4)  
Net underwriting expenses incurred 365,431  327,310  12  731,243  651,677  12 
Dividends to policyholders 1,151  1,054  9    2,134  4,308  (50)  
Underwriting income (loss)
 $ (2,423) (173,681) (99) % $ 43,214  (154,650) (128) %
Combined Ratios:        
Loss and loss expense ratio 69.3  % 85.7  (16.4) pts  66.9  % 76.5  (9.6) pts 
Underwriting expense ratio 30.8  30.3  0.5  31.2  30.6  0.6 
Dividends to policyholders ratio 0.1  0.1  —    0.1  0.2  (0.1)  
Combined ratio 100.2  116.1  (15.9)   98.2  107.3  (9.1)  

NPW grew 5% in Second Quarter 2025 and 6% in Six Months 2025 compared to the same prior-year periods, driven by renewal pure price increases that were partially offset by a modest decrease in policy count and lower new business. In addition to the below, NPW also benefited from exposure growth on renewal policies.

Quarter ended
June 30,		 Six Months ended
June 30,
($ in millions) 2025 2024 2025 2024
Direct new business premiums $ 248.1  267.4  $ 499.4  528.2 
Renewal pure price increases 9.9  % 9.1  10.1  % 8.6 

NPE grew 10% in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, reflecting NPW growth over the last 12 months.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		 Change % or Points Six Months ended
June 30,		 Change % or Points
($ in thousands) 2025 2024 2025 2024
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development $ 45,000  176,000  (74) % $ 50,000  211,000  (76) %
Current year casualty loss costs 525,727  473,526  11  1,044,999  916,404  14 
Net catastrophe losses 79,932  90,534  (12) 123,289  145,776  (15)
Non-catastrophe property loss and loss expenses 173,239  185,488  (7) 351,935  356,660  (1)
Total loss and loss expense incurred 823,898  925,548  (11) 1,570,223  1,629,840  (4)
Impact on Loss and Loss Expense Ratio:
      
(Favorable) unfavorable prior year casualty reserve development 3.8 
%
 16.3  (12.5)
pts
 2.1 
%
 9.9  (7.8)
pts
Current year casualty loss costs 44.2  43.8  0.4  44.5  43.1  1.4 
Net catastrophe losses 6.7  8.4  (1.7) 5.3  6.8  (1.5)
Non-catastrophe property loss and loss expenses 14.6  17.2  (2.6) 15.0  16.7  (1.7)
Total impact on loss and loss expense ratio
 69.3  85.7  (16.4) 66.9  76.5  (9.6)
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Table of Contents
Prior Year Casualty Reserve Development and Current Year Casualty Loss Costs
Details of prior year casualty reserve development by line of business follow:

(Favorable)/Unfavorable Prior Year Casualty Reserve Development Quarter ended
June 30,		 Six Months ended
June 30,
($ in millions) 2025 2024 2025 2024
General liability $ 20.0  166.0  $ 20.0  216.0 
Commercial automobile 25.0  10.0  25.0  10.0 
Workers compensation —  —  —  (15.0)
   Total Standard Commercial Lines 45.0  176.0  45.0  211.0 
Homeowners —  —  —  (5.0)
Personal automobile —  —  5.0  5.0 
   Total Standard Personal Lines —  —  5.0  — 
E&S —  —  —  — 
Total (favorable) unfavorable prior year casualty reserve development
 $ 45.0  176.0  $ 50.0  211.0 
(Favorable) unfavorable impact on loss ratio
 3.8  pts 16.3  2.1  pts 9.9 

Paid loss severities in recent prior accident years continued to show higher-than-expected emergence, leading us to record unfavorable prior year casualty reserve development in Second Quarter 2025 of (i) $25 million in our commercial automobile line of business primarily driven by accident years 2022 through 2024, and (ii) $20.0 million in our general liability line of business primarily driven by accident years 2022 and 2023.

The unfavorable prior year casualty reserve development in Second Quarter 2024 and Six Months 2024 was primarily driven by our general liability line of business that experienced increased severities in accident years 2020 through 2023.

The reduction in the prior year casualty reserve development was partially offset by higher current year loss costs in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, driven by elevated severity trend assumptions attributable to social inflation on our general liability and E&S casualty lines of business.

For additional qualitative discussion on prior year casualty reserve development and current year casualty loss costs, refer to the insurance segment sections below.

Property Losses
Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by 4.3 points in Second Quarter 2025 and 3.2 points in Six Months 2025 compared to the same prior-year periods. The net catastrophe loss and loss expense ratio was 1.7 points lower in Second Quarter 2025 and 1.5 points lower in Six Months 2025 compared to the same prior-year periods, as fewer storms impacted our footprint. The non-catastrophe property loss and loss expense ratio was 2.6 points lower in Second Quarter 2025 and 1.7 points lower in Six Months 2025 compared to the same prior-year periods, reflecting (i) the earned impact of higher renewal pure price increases in 2025, (ii) lower claim frequencies, and (iii) normal variability from period to period of non-catastrophe property losses.

For additional qualitative discussion on non-catastrophe property loss and loss expenses, refer to the insurance segment sections below.

Underwriting Expenses
The underwriting expense ratio increased 0.5 points in Second Quarter 2025 and 0.6 points in Six Months 2025 compared to the same prior-year periods, primarily due to higher profit-based compensation to our distribution partners and employees, reflecting comparatively improved results.

34
Table of Contents
Standard Commercial Lines Segment

 Quarter ended
June 30,		 Change
% or
Points		   Six Months ended
June 30,		 Change
% or
Points
($ in thousands) 2025 2024   2025 2024
Insurance Segments Results:        
NPW $ 1,018,004  963,129  6  % $ 2,021,229  1,894,806  7  %
NPE 937,635  853,493  10    1,849,845  1,687,603  10   
Less:            
Loss and loss expense incurred 666,766  747,954  (11)   1,248,432  1,303,787  (4)  
Net underwriting expenses incurred 295,862  265,366  11    592,505  530,008  12   
Dividends to policyholders 1,151  1,054  9    2,134  4,308  (50)  
Underwriting income (loss)
 (26,144) (160,881) (84) $ 6,774  (150,500) (105)
Combined Ratios:            
Loss and loss expense ratio 71.1  % 87.6  (16.5) pts 67.5  % 77.2  (9.7) pts
Underwriting expense ratio 31.6  31.1  0.5    32.0  31.4  0.6   
Dividends to policyholders ratio 0.1  0.1  —    0.1  0.3  (0.2)  
Combined ratio 102.8  118.8  (16.0)   99.6  108.9  (9.3)  

NPW and NPE growth in Second Quarter 2025 and Six Months 2025, compared to the same prior-year periods, primarily reflected renewal pure price increases and strong exposure growth on renewal policies, partially offset by lower new business and lower retention.

Quarter ended
June 30,		 Six Months ended
June 30,
($ in millions) 2025 2024 2025 2024
Direct new business premiums $ 158.2  168.4  $ 330.3  340.4 
Retention 83  % 85  83  % 85 
Renewal pure price increases 8.9  7.9  9.0  7.8 

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		 Change % or Points Six Months ended
June 30,		 Change % or Points
($ in thousands) 2025 2024 2025 2024
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development $ 45,000  176,000  (74) % $ 45,000  211,000  (79) %
Current year casualty loss costs 439,002  396,591  11  872,065  763,888  14 
Net catastrophe losses 50,881  50,858  —  70,692  89,353  (21)
Non-catastrophe property loss and loss expenses 131,883  124,505  6  260,675  239,546  9 
Total loss and loss expense incurred 666,766  747,954  (11) 1,248,432  1,303,787  (4)
Impact on Loss and Loss Expense Ratio:
      
(Favorable) unfavorable prior year casualty reserve development 4.8 
%
 20.6  (15.8)
pts
 2.4 
%
 12.5  (10.1)
pts
Current year casualty loss costs 46.8  46.4  0.4  47.2  45.2  2.0 
Net catastrophe losses 5.4  6.0  (0.6) 3.8  5.3  (1.5)
Non-catastrophe property loss and loss expenses 14.1  14.6  (0.5) 14.1  14.2  (0.1)
Total impact on loss and loss expense ratio
 71.1  87.6  (16.5) 67.5  77.2  (9.7)

Prior Year Casualty Reserve Development and Current Year Casualty Loss Costs
The details of the prior year casualty reserve development by line of business were as follows:

(Favorable)/Unfavorable Prior Year Casualty Reserve Development Quarter ended
June 30,		 Six Months ended
June 30,
($ in millions)
 2025 2024 2025 2024
General liability $ 20.0  166.0  $ 20.0  216.0 
Commercial automobile 25.0  10.0  25.0  10.0 
Workers compensation —  —  —  (15.0)
Total Standard Commercial Lines
 45.0  176.0  45.0  211.0 

35
Table of Contents
The reduction in unfavorable prior year reserve development in Second Quarter 2025 and Six Months 2025 was partially offset by higher current year casualty loss costs. The increase in current year casualty loss costs in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods was primarily driven by higher loss trend expectations and increased claim severities, which we attribute to the continued impacts of social inflation. Prior-year severities developed adversely over the course of 2024 and impacted our view of current year loss costs for 2025, resulting in higher current year casualty loss costs this year compared to last.

Refer to the line of business sections below for qualitative discussion on the significant drivers of unfavorable prior year casualty reserve development and current year casualty loss costs.

Property Losses
Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by an aggregate 1.1 points in Second Quarter 2025 and 1.6 points in Six Months 2025 compared to the same prior-year periods. Net catastrophe losses were 0.6 points lower in Second Quarter 2025 and 1.5 points lower in Six Months 2025 compared to the same periods last year, driven by lower frequency of wind and winter storm events. Non-catastrophe property losses were 0.5 points lower in Second Quarter 2025 and 0.1 points lower in Six Months 2025 compared to the same periods last year, driven by the factors described in the "Insurance Operations" section above.

Underwriting Expenses
The underwriting expense ratio increased 0.5 points in Second Quarter 2025 and 0.6 points Six Months 2025 compared to the same prior-year periods. These increases were primarily due to higher profit-based compensation to our distribution partners and employees, reflecting comparatively improved results.

Information about our most significant Standard Commercial Lines of business follows:

General Liability
  Quarter ended
June 30,
Change
 % or
Points1
 Six Months ended
June 30,
Change
 % or
Points1
($ in thousands) 2025 2024 2025 2024
NPW $ 341,641  319,955  7  % $ 675,537  627,399  8  %
  Direct new business 44,655  50,293  n/a 98,319  100,522  n/a
  Retention 83  % 86  n/a 83  % 86  n/a
  Renewal pure price increases 11.9  7.6  n/a 12.0  7.0  n/a
NPE $ 305,843  280,097  9  % $ 600,530  553,512  8  %
Underwriting income (loss)
 (31,295) (166,109) (81) (47,208) (195,550) (76)
Combined ratio 110.2  % 159.3  (49.1) pts 107.9  % 135.3  (27.4) pts
% of total Standard Commercial Lines NPW 34  33    33  33 
1n/a: not applicable.

NPW grew 7% in Second Quarter 2025 and 8% in Six Months 2025 compared to the same prior-year periods, benefiting from renewal pure price increases and renewal exposure growth.

The combined ratio decreased 49.1 points in Second Quarter 2025 and 27.4 points in Six Months 2025 compared to the same prior-year periods and included the following:

Quarter ended
June 30,		 Change % or Points Six Months ended
June 30,
Change % or Points
($ in thousands) 2025 2024 2025 2024
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development $ 20,000  166,000  (88) % $ 20,000  216,000  (91) %
Current year casualty loss costs 220,610  193,986  14  434,284  359,341  21 
Total loss and loss expense incurred 240,610  359,986  (33) 454,284  575,341  (21)
Impact on Loss and Loss Expense Ratio:
      
(Favorable) unfavorable prior year casualty reserve development 6.5 
%
 59.3  (52.8)
pts
 3.3 
%
 39.0  (35.7)
pts
Current year casualty loss costs 72.2  69.2  3.0  72.4  64.9  7.5 
Total impact on loss and loss expense ratio
 78.7  128.5  (49.8) 75.7  103.9  (28.2)

36
Table of Contents
We recorded $20 million of unfavorable prior year casualty reserve development in Second Quarter 2025 and Six Months 2025, compared to $166 million and $216 million in Second Quarter 2024 and Six Months 2024, respectively. While less this year, we attribute the unfavorable development to the same social inflationary factors that drove reported development in Second Quarter 2024 and Six Months 2024. Specifically, the development in Second Quarter 2025 was primarily driven by increased severities in accident years 2022 and 2023 and the development in Second Quarter 2024 and Six Months 2024 was driven by increased severities in accident years 2023 and prior.

The general liability line of business has experienced a long-term historical trend of meaningful severity increases, partially offset by claim frequency decreases. Prior-year severities developed adversely, which have impacted our view of more recent accident years in 2024 and 2025. We attribute the increased severities to elevated social inflation, which we view as an industry dynamic characterized by higher claimant propensity for attorney representation and litigation, longer settlement times, and higher settlement values. Certain jurisdictions with expanded liability theories and higher damage awards pose increased challenges. We are closely monitoring these jurisdictions and the broader trends across our business.

Partially offsetting the decrease in unfavorable prior year casualty reserve development was a 3.0-point increase in current year casualty loss costs in Second Quarter 2025 and a 7.5-point increase in Six Months 2025 compared to the same prior-year periods, driven by higher social inflation-related severities primarily in accident years 2022 and 2023 than was observed and responded to throughout 2024. These actions produced full-year 2024 casualty loss costs of 67.0%, compared with 69.2% in Second Quarter 2024 and 64.9% in Six Months 2024. The 2025 ratio reflects the increased losses recognized in the 2024 accident year and elevated loss trend expectations.

We believe that social inflation and elevated loss trends continue to support an elevated near-term pricing environment. In response, we have a heightened focus on prudent underwriting and appropriate pricing. Our renewal pure price increase in this line of business was 11.9% in Second Quarter 2025, in line with 12.0% from last quarter and up from 10.6% for the fourth quarter of 2024. In sectors and jurisdictions where market pricing does not align with our view of rate need, we are taking targeted underwriting actions including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.

The underwriting expense ratio increased 0.7 points in Second Quarter 2025 and 1.0 points in Six Months 2025 compared to the same prior-year periods, as discussed in the "Total Standard Commercial Lines" section above.

Commercial Automobile
  Quarter ended
June 30,
Change
 % or
Points1
 Six Months ended
June 30,
Change
 % or
Points1
($ in thousands) 2025 2024 2025 2024
NPW $ 312,966  297,293  5  % $ 625,620  582,894  7  %
  Direct new business 41,996  45,253  n/a 87,866  93,048  n/a
  Retention 83  % 86  n/a 84  % 86  n/a
  Renewal pure price increases
 10.4  10.8  n/a 10.5  10.6  n/a
NPE $ 288,759  260,652  11  % $ 572,344  512,372  12  %
Underwriting income (loss)
 (8,425) (1,196) 604  (781) (934) 16 
Combined ratio 102.9  % 100.5  2.4  pts 100.1  % 100.2  (0.1) pts
% of total Standard Commercial Lines NPW 31  31    31  31   
1n/a: not applicable.

NPW grew 5% in Second Quarter 2025 and 7% in Six Months 2025 compared to the same prior-year periods, primarily benefiting from renewal pure price increases and retention, which was lower this year compared to last.

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Table of Contents
The combined ratio increased 2.4 points in Second Quarter 2025 and decreased 0.1 in Six Months 2025 compared to the same prior-year periods, and included the following:

Quarter ended
June 30,
Change
 % or
Points
 Six Months ended
June 30,
Change % or Points
($ in thousands) 2025 2024 2025 2024
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development $ 25,000  10,000  150  % $ 25,000  10,000  150  %
Current year casualty loss costs 141,819  133,584  6  286,558  263,162  9 
Net catastrophe losses 4,134  2,626  57  5,611  4,045  39 
Non-catastrophe property loss and loss expenses 40,697  39,122  4  83,245  83,459  — 
Total loss and loss expense incurred 211,650  185,332  14  400,414  360,666  11 
Impact on Loss and Loss Expense Ratio:
      
(Favorable) unfavorable prior year casualty reserve development 8.7  % 3.8  4.9 
pts
 4.4  % 2.0  2.4 
pts
Current year casualty loss costs 49.1  51.4  (2.3) 50.0  51.3  (1.3)
Net catastrophe losses 1.4  1.0  0.4  1.0  0.8  0.2 
Non-catastrophe property loss and loss expenses 14.1  15.0  (0.9) 14.5  16.3  (1.8)
Total impact on loss and loss expense ratio
 73.3  71.2  2.1  69.9  70.4  (0.5)

We recorded $25 million of unfavorable prior year casualty reserve development in Second Quarter 2025 and Six Months 2025 due to increased severities primarily in accident years 2022 through 2024. The unfavorable prior year casualty reserve development in Second Quarter 2024 and Six Months 2024 was primarily due to increased severities in accident year 2023. Current year casualty loss costs were lower in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, driven by the mix of property and liability coverages within this line of business.

Non-catastrophe property loss and loss expenses decreased 0.9 points in Second Quarter 2025 and 1.8 points in Six Months 2025 compared to the same prior-year periods, primarily due to (i) the earned impact of higher renewal pure price increases and (ii) period-to-period variability of non-catastrophe property losses.

Commercial Property1
  Quarter ended
June 30,
Change
 % or
Points2
 Six Months ended
June 30,
Change
 % or
Points2
($ in thousands) 2025 2024 2025 2024
NPW $ 207,930  195,440  6  % $ 404,184  369,952  9  %
  Direct new business 43,137  40,756  n/a 84,553  79,296  n/a
  Retention 81  % 84  n/a 82  % 84  n/a
Renewal pure price increases
 7.8  9.8  n/a 8.1  10.3  n/a
NPE $ 191,027  168,511  13  % $ 377,557  330,064  14  %
Underwriting income (loss)
 7,441  (3,029) (346) 37,453  6,538  (473)
Combined ratio 96.1  % 101.8  (5.7) pts 90.1  % 98.0  (7.9) pts
% of total Standard Commercial Lines NPW 20  20    20  20 
1includes Inland Marine.
2n/a: not applicable.

NPW grew 6% in Second Quarter 2025 and 9% in Six Months 2025 compared to the same prior-year periods, primarily benefiting from renewal pure price increases and exposure growth on renewal policies.

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The combined ratio decreased 5.7 points in Second Quarter 2025 and 7.9 points in Six Months 2025 compared to the same prior-year periods and included the following:

Second Quarter 2025 Second Quarter 2024
($ in thousands)
 Loss and Loss Expense Incurred Impact on
Combined Ratio		 Loss and Loss Expense Incurred Impact on
Combined Ratio		 Change in Ratio
Net catastrophe losses $ 33,938  17.8  pts 41,523  24.6  (6.8) pts
Non-catastrophe property loss and loss expenses 83,204  43.6  71,904  42.7  0.9 
Total $ 117,142  61.4  113,427  67.3  (5.9)
Six Months 2025 Six Months 2024
($ in thousands)
 Loss and Loss Expense Incurred Impact on
Combined Ratio		 Loss and Loss Expense Incurred Impact on
Combined Ratio		 Change in Ratio
Net catastrophe losses $ 50,300  13.3  pts 74,387  22.5  (9.2) pts
Non-catastrophe property loss and loss expenses 159,778  42.3  134,294  40.7  1.6 
Total $ 210,078  55.6  208,681  63.2  (7.6)

While non-catastrophe property losses were slightly higher, net catastrophe losses were lower in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

Workers Compensation
  Quarter ended
June 30,
Change
 % or
Points1
 Six Months ended
June 30,
Change
 % or
Points1
($ in thousands) 2025 2024 2025 2024
NPW $ 83,003  84,850  (2) % $ 169,149  183,633  (8) %
Direct new business 12,103  14,222  n/a 25,837  32,706  n/a
Retention 83  % 85  n/a 84  % 85  n/a
Renewal pure price increases (decreases) (4.3) (2.9) n/a (3.7) (2.8) n/a
NPE $ 82,024  82,316  —  % $ 161,060  170,093  (5) %
Underwriting income (2,900) 3,869  (175) (7,578) 22,062  (134)
Combined ratio 103.5  % 95.3  8.2  pts 104.7  % 87.0  17.7  pts
% of total Standard Commercial Lines NPW 8  9    8  10 
1n/a: not applicable.

NPW decreased 2% in Second Quarter 2025 and 8% in Six Months 2025 compared to the same prior-year periods, primarily due to decreases in renewal pure price and direct new business.

The combined ratio increased 8.2 points in Second Quarter 2025 and 17.7 points in Six Months 2025 compared to the same prior-year periods and included the following:

Second Quarter 2025 Second Quarter 2024
($ in thousands)
 Loss and Loss Expense Incurred Impact on
Combined Ratio		 Loss and Loss Expense Incurred Impact on
Combined Ratio		 Change in Ratio
(Favorable) unfavorable prior year casualty reserve development $ —  —  pts —  —  —  pts
Current year casualty loss costs 63,284  77.1  57,189  69.5  7.6 
Total
 $ 63,284  77.1  $ 57,189  69.5  7.6 
Six Months 2025 Six Months 2024
($ in thousands)
 Loss and Loss Expense Incurred Impact on
Combined Ratio		 Loss and Loss Expense Incurred Impact on
Combined Ratio		 Change in Ratio
(Favorable) unfavorable prior year casualty reserve development $ —  —  pts (15,000) (8.8) 8.8  pts
Current year casualty loss costs 124,827  77.5  118,003  69.3  8.2 
Total $ 124,827  77.5  $ 103,003  60.5  17.0 

There was no prior year casualty reserve development in Second Quarter 2025 and Six Months 2025. The favorable prior year casualty reserve development in Six Months 2024 was primarily due to lower loss severities in accident years 2021 and prior.

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Table of Contents
The combined ratio was also adversely impacted by an increase in current year casualty loss costs of 7.6 points in Second Quarter 2025 and 8.2 points in Six Months 2025, primarily driven by negative rate changes combined with positive loss trends. These rate level reductions are driven by continued decreases in workers compensation rating bureau loss costs, which form the basis for our filed rating plans, and heavily influence marketplace pricing for this line of business.

Standard Personal Lines Segment
Quarter ended
June 30,		 Change
% or
Points		   Six Months ended
June 30,		 Change
% or
Points
($ in thousands) 2025 2024   2025 2024
Insurance Segments Results:        
NPW $ 110,456  116,149  (5) % $ 197,969  216,053  (8) %
NPE 102,377  106,421  (4)   206,032  210,267  (2)  
Less:        
Loss and loss expense incurred 69,977  101,440  (31)   146,646  185,784  (21)  
Net underwriting expenses incurred 23,850  24,282  (2) 48,799  49,119  (1)
Underwriting income (loss) $ 8,550  (19,301) (144) $ 10,587  (24,636) 143 
Combined Ratios:        
Loss and loss expense ratio 68.3  % 95.3  (27.0) pts 71.2  % 88.3  (17.1) pts
Underwriting expense ratio 23.3  22.8  0.5  23.7  23.4  0.3 
Combined ratio 91.6  118.1  (26.5)   94.9  111.7  (16.8)  

NPW decreased 5% in Second Quarter 2025 and 8% in Six Months 2025 compared to the same prior-year periods, driven primarily by direct new business reductions. New business decreased 41% in Second Quarter 2025 and 50% in Six Months 2025 compared to the same prior-year periods. New policy counts decreased 54% in Second Quarter 2025 and 61% in Six Months 2025 compared to the same prior-year periods, as we focused on growth in states where our rate levels are adequate and narrowed our appetite to mass affluent market business. We have also significantly curtailed production, including restricting new business in certain states, like New Jersey, our biggest market, where we believe our filed rates do not support profitability. The following table depicts our reductions in direct new business and retention for the Second Quarter 2025 and Six Months 2025:

Quarter ended
June 30,		 Six Months ended
June 30,
($ in millions) 2025 2024 2025 2024
Direct new business premiums1
 $ 12.9  22.0  $ 21.8  43.3 
Retention 79  % 78  77  % 80 
Renewal pure price increases 19.0  20.7  21.3  17.7 
1Excludes our Flood direct premiums written, which are 100% ceded to the NFIP and do not impact NPW.

We are seeing profitability improvements in this line of business, as we are obtaining positive results from the actions we took to refine our pricing factors and prioritize rate filings to mitigate inflationary impacts. Our more significant rate increases began to take effect early in 2023 and increased in number and magnitude throughout 2024. We expect 2025 rate changes to remain above loss trends but moderate compared to our 2024 rate increases. Through our actions, we achieved renewal pure price increases of 19.0% in Second Quarter 2025 and 21.3% in Six Months 2025. We are continuing to seek improved homeowners profitability by expanding the use of new policy terms and conditions, including (i) coverage for roofs based on a depreciated value considering the age of the roof rather than full replacement cost and (ii) where allowed by law, mandatory wind/hail deductibles in states exposed to severe convective storms.

The change in NPE in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods resulted from the same impacts to NPW described above.

40
Table of Contents
Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		 Change % or Points Six Months ended
June 30,		 Change % or Points
($ in thousands) 2025 2024 2025 2024
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development $ —  —  n/a % $ 5,000  —  n/a %
Current year casualty loss costs 27,115  30,694  (12) 55,183  61,315  (10)
Net catastrophe losses 14,591  25,396  (43) 21,704  37,241  (42)
Non-catastrophe property loss and loss expenses 28,271  45,350  (38) 64,759  87,228  (26)
Total loss and loss expense incurred 69,977  101,440  (31) 146,646  185,784  (21)
Impact on Loss and Loss Expense Ratio:
      
(Favorable) unfavorable prior year casualty reserve development —  % —  — 
pts
 2.4  % —  2.4 
pts
Current year casualty loss costs 26.4  28.8  (2.4) 26.9  29.1  (2.2)
Net catastrophe losses 14.3  23.9  (9.6) 10.5  17.7  (7.2)
Non-catastrophe property loss and loss expenses 27.6  42.6  (15.0) 31.4  41.5  (10.1)
Total impact on loss and loss expense ratio
 68.3  95.3  (27.0) 71.2  88.3  (17.1)

Property Losses
Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by an aggregate 24.6 points in Second Quarter 2025 and 17.3 points in Six Months 2025 compared to the same prior-year periods. Non-catastrophe property loss and loss expense ratios were lower in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods due to (i) the earned impact of higher renewal pure price increases in 2025 and (ii) period-to-period variability of catastrophe and non-catastrophe losses. Net catastrophe losses were lower in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods due to lower frequency and severity of weather-related catastrophe events this year compared to last year.

Prior Year Casualty Reserve Development and Current Year Casualty Loss Costs
Details of the prior year casualty reserve development by line of business follow:

(Favorable)/Unfavorable Prior Year Casualty Reserve Development Quarter ended
June 30,		 Six Months ended
June 30,
($ in millions) 2025 2024 2025 2024
Homeowners $ —  —  —  (5.0)
Personal automobile —  —  5.0  5.0 
Total Standard Personal Lines —  —  5.0  — 

Unfavorable prior year casualty reserve development in Six Months 2025 included $5.0 million in personal automobile, primarily driven by increased severities in accident year 2024. In Six Months 2024, prior year casualty reserve development reflected (i) $5.0 million of favorable development in our homeowners line, primarily due to lower loss severities in accident years 2021 and prior, offset by (ii) $5.0 million of unfavorable development on our personal automobile line of business, primarily driven by increased loss severities in accident years 2021 through 2023.

Current year casualty loss costs decreased 2.4 points in Second Quarter 2025 and 2.2 points in Six Months 2025 compared to the same prior-year periods, primarily due to the earned impact of rate increases.


41
Table of Contents
E&S Lines Segment
  Quarter ended
June 30,		 Change % or Points Six Months ended
June 30,		 Change
% or
Points
($ in thousands) 2025 2024 2025 2024
Insurance Segments Results:      
NPW $ 160,169  146,823  9  % $ 309,874  271,863  14  %
NPE 148,045  120,317  23    290,937  233,305  25   
Less:                
Loss and loss expense incurred 87,155  76,154  14    175,145  140,269  25   
Net underwriting expenses incurred 45,719  37,662  21    89,939  72,550  24   
Underwriting income (loss) 15,171  6,501  133  25,853  20,486  26 
Combined Ratios:                
Loss and loss expense ratio 58.9  % 63.3  (4.4) pts 60.2  % 60.1  0.1  pts
Underwriting expense ratio 30.9  31.3  (0.4) 30.9  31.1  (0.2)
Combined ratio 89.8  94.6  (4.8)   91.1  91.2  (0.1)  

NPW and NPE growth in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods included:

Quarter ended
June 30,		 Six Months ended
June 30,
($ in millions) 2025 2024 2025 2024
Direct new business premiums $ 77.0  77.0  $ 147.2  144.5 
Retention 65  64  65  64 
Renewal pure price increases 9.3  % 6.4  9.0  % 5.9 

NPW and NPE growth in Second Quarter 2025 and Six Months 2025 benefited from (i) both property and casualty exposure growth on renewal policies and (ii) higher rates per exposure.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		 Change % or Points Six Months ended
June 30,		 Change % or Points
($ in thousands) 2025 2024 2025 2024
Loss and Loss Expense Incurred:
Current year casualty loss costs $ 59,610  46,241  29 
%
 $ 117,751  91,201  29 
%
Net catastrophe losses 14,460  14,280  1  30,893  19,182  61 
Non-catastrophe property loss and loss expenses 13,085  15,633  (16) 26,501  29,886  (11)
Total loss and loss expense incurred 87,155  76,154  14  175,145  140,269  25 
Impact on Loss and Loss Expense Ratio:
      
Current year casualty loss costs 40.3 
%
 38.4  1.9 
pts
 40.5 
%
 39.1  1.4 
pts
Net catastrophe losses 9.8  11.9  (2.1) 10.6  8.2  2.4 
Non-catastrophe property loss and loss expenses 8.8  13.0  (4.2) 9.1  12.8  (3.7)
Total impact on loss and loss expense ratio
 58.9  63.3  (4.4) 60.2  60.1  0.1 

The loss and loss expense ratio decreased 4.4 points in Second Quarter 2025 compared to Second Quarter 2024, primarily driven by a 2.1-point decrease in catastrophe losses and a 4.2-point decrease in non-catastrophe property losses. The combined ratio impact of these property losses was influenced by (i) the impact of higher rates per exposure and (ii) normal period-to-period variability associated with property losses. Partially offsetting the lower property losses were higher current year loss costs, primarily driven by increased severities due to social inflation.

The loss and loss expense ratio was flat in Six Months 2025 compared to Six Months 2024 as higher net catastrophe losses and current year loss costs were offset by lower non-catastrophe property losses. Our Six Months 2025 catastrophe losses were impacted by the January 2025 California Palisades Fire, which added 1.4 points to our loss and loss expense ratio.


42
Table of Contents

Reinsurance
We successfully completed negotiations of our July 1, 2025 excess of loss treaties that cover Standard Commercial Lines, Standard Personal Lines, and E&S Lines.

We renewed the Casualty Excess of Loss Treaty ("Casualty Treaty") with coverage for $87 million in excess of $3 million retention per loss occurrence, increasing our retention by $1 million. The first layer was modified with an increase in net retention from $2 million to $3 million, and we continue to retain a portion of the layer through a 20% co-participation. The 2025 treaty year deposit premium decreased primarily due to the increased retention and co-participation, partially offset by higher projected subject earned premium due to growth in our book of business.

We also renewed the Property Excess of Loss Treaty ("Property Treaty") with the same retention as the expiring treaty, but with a $30 million increase in limit. The treaty now provides coverage for $95 million in excess of a $5 million retention for losses on a per risk basis. The treaty year deposit premium increased modestly, reflecting higher projected subject earned premium due to growth in our book of business and the increased treaty limit.

The following table summarizes the Casualty Treaty and Property Treaty arrangements covering our Insurance Subsidiaries:

Treaty Name Reinsurance Coverage Terrorism Coverage
Casualty Treaty (covers all insurance operations)
There are six layers covering $87 million in excess of $3 million. Losses other than terrorism losses are subject to the following:

- 80% of $3 million in excess of $3 million layer provides 65 reinstatements, $198 million annual aggregate limit;
- 100% of $6 million in excess of $6 million layer provides 14 reinstatements, $90 million annual aggregate limit;
- 100% of $9 million in excess of $12 million layer provides three reinstatements, $36 million annual aggregate limit;
- 100% of $9 million in excess of $21 million layer provides one reinstatement, $18 million annual aggregate limit;
- 100% of $20 million in excess of $30 million layer provides one reinstatement, $40 million annual aggregate limit; and
- 100% of $40 million in excess of $50 million layer provides one reinstatement, $80 million annual aggregate limit
All NBCR losses are excluded. All other losses stemming from the acts of terrorism are subject to the following:

- 80% of $3 million in excess of $3 million layer with $15 million net annual terrorism aggregate limit;
- 100% of $6 million in excess of $6 million layer with $30 million net annual terrorism aggregate limit;
- 100% of $9 million in excess of $12 million layer with $27 million net annual terrorism aggregate limit;
- 100% of $9 million in excess of $21 million layer with $18 million net annual terrorism aggregate limit;
- 100% of $20 million in excess of $30 million layer with $40 million net annual terrorism aggregate limit; and
- 100% of $40 million in excess of $50 million layer with $80 million net annual terrorism aggregate limit.
Property Treaty (covers all insurance operations)
There are three layers covering 100% of $95 million in excess of $5 million. Losses other than Terrorism Risk Insurance Program Reauthorization Act ("TRIPRA") certified losses are subject to the following reinstatements and annual aggregate limits:

- $5 million in excess of $5 million layer provides 15 reinstatements, $80 million in aggregate limits;
- $20 million in excess of $10 million layer provides four reinstatements, $100 million in aggregate limits; and
- $70 million in excess of $30 million layer provides one reinstatement, $140 million in aggregate limits.
All nuclear, biological, chemical, and radioactive ("NBCR") losses are excluded regardless of whether or not they are certified under the TRIPRA. For non-NBCR losses, the treaty distinguishes between acts committed on behalf of foreign persons or foreign interests ("Foreign Terrorism") and those that are not. The treaty provides annual aggregate limits for Foreign Terrorism (other than NBCR) acts of $15 million for the first layer, $60 million for the second layer, and $70 million for the third layer. Non-Foreign Terrorism losses (other than NBCR) are covered to the same extent as non-terrorism losses.


Investments
Our Investments segment's objectives are to maximize the economic value of our investment portfolio by achieving stable, risk-adjusted after-tax net investment income and generate long-term growth in book value per share, considering prevailing market conditions, our enterprise risk tolerances, and other risk implications. We aim to accomplish this by:

•Maximizing the portfolio's overall total return by investing (i) the premiums from our insurance operations, (ii) amounts generated through our capital management strategies, including debt and equity security issuances, and (iii) profits of our business, and

•Maintaining (i) a well-diversified portfolio across issuers, sectors, and asset classes and (ii) a high credit quality fixed income securities portfolio with a duration and maturity profile at an acceptable risk level that provides ample liquidity.

43
Table of Contents
The effective duration of our fixed income and short-term investments was 4.2 years as of June 30, 2025. We monitor and manage the effective duration to maximize yield while managing interest rate risk at an acceptable level. We buy and sell investments with the intent of maximizing investment returns in the current market environment, while balancing capital preservation and ensuring adequate liquidity to support our insurance business.

Our fixed income and short-term investments represented 92% of invested assets at June 30, 2025 and December 31, 2024. These investments had (i) a weighted average credit rating of "A+" as of both June 30, 2025 and December 31, 2024, and (ii) investment grade holdings representing 96% of the total fixed income and short-term investment portfolio at June 30, 2025, and 97% at December 31, 2024.

For further details on the composition, credit quality, and various risks to which our portfolio is subject, see Item 7A. "Quantitative and Qualitative Disclosures About Market Risk." of our 2024 Annual Report.

Total Invested Assets
($ in thousands) June 30, 2025 December 31, 2024 Change
Total invested assets $ 10,553,552  9,651,297  9  %
Invested assets per dollar of common stockholders' equity 3.33  3.31  1 
Components of unrealized gains (losses) – before tax:
Fixed income securities (184,118) (316,796) (42) %
Equity securities 6,806  2,116  222 
Net unrealized gains (losses) – before tax (177,312) (314,680) (44)
Components of unrealized gains (losses) – after tax:
Fixed income securities (145,453) (250,269) (42)
Equity securities 5,377  1,671  222 
Net unrealized gains (losses) – after tax (140,076) (248,598) (44)

Invested assets increased $902.3 million at June 30, 2025, compared to December 31, 2024, primarily reflecting (i) net proceeds from the issuance of our 5.9% Senior Notes in the first quarter of 2025, (ii) our active investment of operating cash flows, which were 18% of NPW in Six Months 2025, and (iii) a $137.4 million reduction in pre-tax net unrealized losses in our fixed income and equity securities portfolios from lower interest rates and strong performance of U.S. equities during Six Months 2025. For additional information about our 5.9% Senior Notes, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.

Net Investment Income
Net investment income earned components were as follows:

  Quarter ended
June 30,		 Change
% or Points		 Six Months ended
June 30,		 Change
% or Points
($ in thousands) 2025 2024 2025 2024
Fixed income securities $ 115,733  93,935  23  % $ 220,815  188,037  17  %
Commercial mortgage loans ("CMLs") 3,761  3,145  20  7,376  5,939  24 
Equity securities 4,908  1,877  161  8,475  6,785  25 
Short-term investments 5,267  4,680  13  11,500  8,199  40 
Alternative investments 4,004  10,517  (62) 11,083  17,398  (36)
Other investments 163  118  38  394  381  3 
Investment expenses (5,868) (5,630) 4  (10,984) (10,248) 7 
Net investment income earned – before tax 127,968  108,642  18  248,659  216,491  15 
Net investment income tax expense (26,547) (22,380) 19  (51,617) (44,589) 16 
Net investment income earned – after tax $ 101,421  86,262  18  $ 197,042  171,902  15 
Effective tax rate 20.7  % 20.6  0.1  pts 20.8  % 20.6  0.2  pts
Annualized after-tax yield on fixed income investments 4.2  3.9  0.3  4.1  3.9  0.2 
Annualized after-tax yield on investment portfolio 3.9  3.9  —  3.9  3.9  — 

After-tax net investment income earned increased 18% in Second Quarter 2025 and 15% in Six Months 2025 compared to the same prior-year periods, primarily driven by active portfolio management, operating cash flow deployment, and net proceeds from the issuance of our 5.9% Senior Notes in the first quarter of 2025. For additional information about our 5.9% Senior Notes, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.

44
Table of Contents
Realized and Unrealized Gains and Losses
When evaluating securities for sale, our general philosophy is to reduce our exposure to securities and sectors based on economic evaluations of whether (i) the fundamentals for that security or sector have deteriorated or (ii) the timing is appropriate to trade opportunistically for other securities with better economic-return characteristics. Net realized and unrealized gains and losses for the indicated periods were as follows:

  Quarter ended
June 30,		 Change
%		 Six Months ended
June 30,		 Change
%
($ in thousands) 2025 2024 2025 2024
Net realized gains (losses) on disposals $ (240) 3,136  (108) % $ (896) 3,306  (127) %
Net unrealized gains (losses) on equity securities 3,640  (93) (4,014) 4,690  599  683 
Net credit loss benefit (expense) on fixed income securities, AFS 887  (1,233) (172) 1,516  (3,883) (139)
Net credit loss benefit (expense) on CMLs (115) (32) 259  (150) 136  (210)
Losses on securities for which we have the intent to sell —  (481) (100) (759) (496) 53 
Total net realized and unrealized investment gains (losses) $ 4,172  1,297  222  $ 4,401  (338) (1,402)

Federal Income Taxes
The following table provides information about federal income taxes and reconciles federal income tax at the corporate rate to the effective tax rate:

Quarter ended
June 30,		 Six Months ended
June 30,
($ in thousands) 2025 2024 2025 2024
Tax at statutory rate $ 22,870 (16,821) $ 52,036 4,718 
Tax-advantaged interest (275) (354) (500) (756)
Dividends received deduction (53) (79) (103) (117)
Executive compensation 251 634  1,425 1,957 
Stock-based compensation 8 (15) (487) (1,454)
Other 161 (144) (419) (1,079)
Federal income tax expense (benefit)
 $ 22,962 (16,779) $ 51,952 3,269 
Income before federal income tax, less preferred stock dividends $ 106,605 (82,398) $ 243,191 17,868 
Effective tax rate 21.5  % 20.4  21.4  % 18.3 

On July 4, 2025, the One Big Beautiful Bill Act (the "Act") became law. The legislation extends and modifies multiple tax provisions, some affecting current and future years. By rule, we must reflect tax changes in the enactment period, which was July 2025. Accordingly, we are analyzing the Act's impact, including provisions that allow 100% bonus depreciation and full expensing of domestic research and development expenses.

Liquidity and Capital Resources
Capital resources and liquidity reflect our ability to generate cash flows from business operations, borrow funds at competitive rates, and raise new capital to meet our operating and growth needs.

Liquidity
We manage liquidity by generating sufficient cash flows to meet our business operations' short-term and long-term cash requirements. We adjust our liquidity requirements based on economic conditions, market conditions, and future cash flow commitments, as discussed further below.

Sources of Liquidity
The Parent's sources of cash historically have consisted of dividends from the Insurance Subsidiaries, the Parent's investment portfolio, borrowings under third-party lines of credit, intercompany revolving demand loan agreements with certain Insurance Subsidiaries, and the issuance of equity (common or preferred) and debt securities. We continue to monitor these sources, considering our short-term and long-term liquidity and capital preservation strategies.

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The Parent's cash and components of its investment portfolio were as follows:

($ in thousands) June 30, 2025 December 31, 2024
Fixed income securities
 $ 314,050  268,486 
Equity securities
 58,511  53,248 
Short-term investments
 145,681  62,223 
Alternative investments
 20,157  18,443 
Cash
 60  91 
Total investments and cash
 $ 538,459  402,491 

Short-term investments have historically been maintained in "AAA" rated money market funds and fixed income securities are comprised of high-quality, liquid government and corporate securities.

The amount and composition of the Parent's investment portfolio may change over time based on various factors, including the amount and availability of dividends from our Insurance Subsidiaries, investment income, expenses, other Parent cash needs, such as dividends payable to stockholders, asset allocation investment decisions, inorganic growth opportunities, debt retirement, and share repurchases. Our target is for the Parent to maintain liquid investments of at least twice its expected annual net cash outflow needs.

Insurance Subsidiary Dividends
The Insurance Subsidiaries generate liquidity through insurance float, created by collecting premiums and earning investment income before paying claims. Given the long payment patterns of certain claims, the float period can extend over many years. Our investment portfolio consists of securities with maturity dates that continually provide a source of cash flow for claims payments in the ordinary course of business. To protect our Insurance Subsidiaries' capital, we purchase reinsurance coverage for significantly large claims or catastrophes that may occur.

Our Insurance Subsidiaries may pay dividends to the Parent company. The Insurance Subsidiaries did not declare or pay cash dividends to the Parent in Six Months 2025. As of December 31, 2024, our allowable ordinary maximum dividend is $290 million for 2025. All Insurance Subsidiary dividends to the Parent are (i) subject to the approval and/or review of its domiciliary state insurance regulator and (ii) generally payable only from earned statutory surplus reported in its annual statements as of the preceding December 31. Although domiciliary state insurance regulators have historically approved dividends, there is no assurance they will approve future Insurance Subsidiary dividends.

New Jersey corporate law also limits the maximum amount of dividends the Parent can pay our stockholders if either (i) the Parent would be unable to pay its debts as they become due in the usual course of business or (ii) the Parent’s total assets would be less than its total liabilities. The Parent’s ability to pay dividends to stockholders is also impacted by (i) covenants in its credit agreement that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization and (ii) the terms of our preferred stock that prohibit dividends from being declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period.

For additional information regarding dividend restrictions and financial covenants, where applicable, see Note 11. "Indebtedness," Note 17. "Equity," and Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

Line of Credit
On June 30, 2025, the Parent entered into a Credit Agreement with the lenders named therein (the "Lenders") and Wells Fargo Bank, National Association, as administrative agent ("Line of Credit"). Under the Line of Credit, the Lenders have agreed to provide the Parent with a $100 million revolving credit facility that can be increased to $200 million with the Lenders' consent. The Line of Credit will mature on June 30, 2028, and has a variable interest rate based on the Parent’s debt ratings. This agreement replaced a prior credit agreement that the Parent terminated in conjunction with entering into the Line of Credit. No borrowings were made under either credit facility in Six Months 2025. For additional information regarding the Line of Credit and corresponding representations, warranties, and covenants, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.

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Four Insurance Subsidiaries are members of Federal Home Loan Bank ("FHLB") branches, as shown in the following table. Membership requires the ownership of branch stock and includes the right to access liquidity. All Federal Home Loan Bank of Indianapolis ("FHLBI") and Federal Home Loan Bank of New York ("FHLBNY") borrowings are required to be secured by investments pledged as collateral. For additional information regarding collateral outstanding, refer to Note 4. "Investments" in Item 1. "Financial Statements." of this Form 10-Q.

Branch Insurance Subsidiary Member
FHLBI
Selective Insurance Company of South Carolina1
Selective Insurance Company of the Southeast1
FHLBNY
Selective Insurance Company of America
Selective Insurance Company of New York ("SICNY")
1These subsidiaries are jointly referred to as the "Indiana Subsidiaries" because they are domiciled in Indiana.

The Line of Credit permits aggregate borrowings from the FHLBI and the FHLBNY up to 10% of the respective member company’s admitted assets for the previous year. SICNY is domiciled in New York, which limits its FHLBNY borrowings to the lesser of 5% of admitted assets for the most recently completed fiscal quarter or 10% of the previous year-end's admitted assets. As of June 30, 2025, we had remaining capacity of $610.0 million for FHLB borrowings, with a $25.0 million additional stock purchase requirement to allow the member companies to borrow their remaining capacity amounts.

Short-term Borrowings
We made no short-term borrowings from FHLB branches during Six Months 2025.

Intercompany Loan Agreements
The Parent has lending agreements with the Indiana Subsidiaries, approved by the Indiana Department of Insurance, that provide the Parent with additional intercompany liquidity. Like the Line of Credit, these lending agreements limit the Parent’s borrowings from the Indiana Subsidiaries to 10% of the admitted assets of the respective Indiana Subsidiary. The outstanding balance on these intercompany loans was $35.0 million as of both June 30, 2025 and December 31, 2024. The remaining capacity under these intercompany loan agreements was $171.8 million as of both June 30, 2025 and December 31, 2024. We have other insurance regulator-approved intercompany agreements that facilitate liquidity management between the Parent and the Insurance Subsidiaries to enhance flexibility.

Capital Market Activities
In Six Months 2025, the Parent issued $400 million of 5.90% Senior Notes due 2035, resulting in net proceeds of $395.9 million after a $0.1 million discount and debt issuance costs of approximately $4.1 million. The proceeds from this debt issuance are being used for general corporate purposes, including supporting organic growth with a $200 million capital contribution to the Insurance Subsidiaries in March 2025. The Parent had no private or public stock issuances during Six Months 2025.

During Six Months 2025, we repurchased 233,611 shares of our common stock under our existing share repurchase program for $19.4 million, an $82.87 average price per share, excluding commissions paid. We had $56.1 million of remaining capacity under our share repurchase program as of June 30, 2025. For additional information on the share repurchase program, refer to Note 17. "Equity" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

Uses of Liquidity
The Parent uses the liquidity generated from the sources discussed above to pay dividends to our stockholders, among other things. Dividends on shares of the Parent's common and preferred stock are declared and paid at the discretion of the Board of Directors ("Board") based on our operating results, financial condition, capital requirements, contractual restrictions, and other relevant factors. Our Board declared:

•    A quarterly cash dividend on common stock of $0.38 per common share that is payable September 2, 2025, to holders of record on August 15, 2025; and
•    A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on September 15, 2025, to holders of record as of August 29, 2025.

Our ability to meet our interest and principal repayment obligations on our debt and our ability to continue to pay dividends to our stockholders is dependent on (i) liquidity at the Parent, (ii) the ability of the Insurance Subsidiaries to pay dividends, if necessary, and/or (iii) the availability of other sources of liquidity to the Parent. Our next borrowing principal repayment is $60 million to FHLBI due on December 16, 2026.

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Restrictions on the ability of the Insurance Subsidiaries to declare and pay dividends without alternative liquidity options could materially affect our ability to service debt and pay dividends on common and preferred stock.

Capital Resources
Capital resources ensure we can pay policyholder claims, furnish the financial strength to support the business of underwriting insurance risks, and facilitate continued business growth. At June 30, 2025, we had GAAP stockholders' equity of $3.4 billion and statutory surplus of $3.3 billion. With total debt of $902.7 million at June 30, 2025, our debt-to-capital ratio was 21.1%. For additional information on our statutory surplus, see Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

The following table summarizes certain contractual obligations we had at June 30, 2025, that may require us to invest additional amounts into our investment portfolio, which we would fund primarily with operating cash flows.

($ in millions) Amount of Obligation
Alternative and other investments $ 306.1 
Non-publicly traded collateralized loan obligations in our fixed income securities portfolio 188.3 
Non-publicly traded common stock within our equity portfolio 21.1 
CMLs 20.7 
Privately-placed corporate securities 60.1 
Total $ 596.3 

There is no certainty (i) these additional investments will be required or (ii) about the timing of funding. We expect to have the capacity to fund these commitments through our normal operating and investing activities as they come due.

The following table provides future cash payments on our notes payable as of June 30, 2025, including our 5.9% Senior Notes, details about which are included in the "Capital Markets" discussion above and Note 12. "Indebtedness" in Item 1. "Financial Statements." of this Form 10-Q:

Payment Due by Period
    Less than
1 year		 1-3
years		 3-5
years		 More than
5 years
($ in millions) Total
Notes payable $ 910.0  —  60.0  —  850.0 
Interest on debt obligation 733.7  55.2  100.9  100.1  477.5 
Total $ 1,643.7  55.2  160.9  100.1  1,327.5 

Our current and long-term material cash requirements associated with (i) loss and loss expense reserves and (ii) contractual obligations under operating and financing leases for office space and equipment have not materially changed since December 31, 2024. The Insurance Subsidiaries' net loss and loss expense reserves duration was 3.0 years at December 31, 2024.

Our other cash requirements include, without limitation, dividends to stockholders, capital expenditures, and other operating expenses, including commissions to our distribution partners, labor costs, premium taxes, general and administrative expenses, and income taxes.

As of June 30, 2025, and December 31, 2024, we had no (i) material guarantees on behalf of others and trading activities involving non-exchange traded contracts accounted for at fair value, (ii) material transactions with related parties other than those disclosed in Note 18. "Related Party Transactions" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report, and (iii) material relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Consequently, we are not exposed to any material financing, liquidity, market, or credit risk related to off-balance sheet arrangements.

We continually monitor our cash requirements and the capital resources we maintain at the holding company and Insurance Subsidiary levels. As part of our long-term capital strategy, we strive to maintain capital metrics that support our targeted financial strength relative to the macroeconomic environment. Based on our analysis and market conditions, we may take a variety of actions, including, without limitation, contributing capital to the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing existing debt, repurchasing shares of the Parent’s common stock, and adjusting common stockholders’ dividends.
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Our capital management strategy is intended to protect the interests of the policyholders of the Insurance Subsidiaries and our stockholders and enhance our financial strength and underwriting capacity. We have a solid capital base and high-quality underwriting portfolio, positioning us well to leverage potential market opportunities.

Book value per common share increased 9% to $52.09 as of June 30, 2025, from $47.99 as of December 31, 2024, primarily driven by $3.12 in net income (loss) available to common stockholders per diluted common share and a $1.74 decrease in after-tax net unrealized losses on our fixed income securities portfolio, partially offset by $0.76 in dividends to our common stockholders. A decline in benchmark U.S. Treasury rates primarily drove the decrease in net unrealized losses on our fixed income securities. Our adjusted book value per share, which is book value per share excluding total after-tax unrealized gains or losses on investments included in accumulated other comprehensive income (loss), increased to $54.48 as of June 30, 2025, from $52.10 as of December 31, 2024.

Cash Flows
Net cash provided by operating activities increased to $450.9 million in Six Months 2025, compared to $380.3 million in Six Months 2024, primarily driven by higher levels of cash received for premiums. For more information on our underwriting results, refer to "Insurance Operations" above in this MD&A.

Net cash used in investing activities increased to $799.5 million in Six Months 2025, compared to $333.3 million in Six Months 2024, primarily due to the investment of proceeds from our 5.9% Senior Note issuance in Six Months 2025. These proceeds also drove the $323.8 million in net cash provided by financing activities in Six Months 2025, compared to $49.4 million in net cash used in financing activities in Six Months 2024. Partially offsetting cash proceeds from the 5.9% Senior Notes issuance was cash used for share repurchases.

Ratings
Our ratings are as follows:

Nationally Recognized Statistical Rating Organizations
 Financial Strength Rating Outlook
AM Best Company A+ Stable
Moody's Investors Services
 A2 Stable
Fitch Ratings ("Fitch")
 A+ Stable
Standard & Poor's Global Ratings
 A Stable

On May 7, 2025, Fitch reaffirmed our "A+" rating with a "stable" outlook. In taking this rating action, Fitch cited our (i) business profile as having favorable competitive positioning within our core standard lines businesses, driven by strong independent agency relationships and (ii) strong capital position.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes in the information about market risk set forth in our 2024 Annual Report.

ITEM 4. CONTROLS AND PROCEDURES.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this report. In performing this evaluation, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework ("COSO Framework") in 2013. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of the end of such period are (i) effective in recording, processing, summarizing, and reporting information on a timely basis that we are required to disclose in the reports that we file or submit under the Exchange Act, and (ii) effective in ensuring that information that we are required to disclose in the reports that we file or submit under the Exchange Act is appropriately accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions about required disclosure. No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) occurred during Second Quarter 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

Incidental to our insurance operations, we are routinely engaged in legal proceedings with inherently unpredictable outcomes that could have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. For additional information regarding our legal risks, refer to Note 15. "Litigation" in Item 1. "Financial Statements." of this Form 10-Q and Item 1A. "Risk Factors." below in Part II. "Other Information." As of June 30, 2025, we have no material pending legal proceedings that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

ITEM 1A. RISK FACTORS.

Certain risk factors can significantly impact our business, liquidity, capital resources, results of operations, financial condition, and debt ratings. These risk factors might affect, alter, or change our actions in executing our long-term capital strategy. Examples include, without limitation, contributing capital to any or all of the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing our existing debt and/or equity securities, or increasing or decreasing common stockholders' dividends. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge at any time. Consequently, we can neither predict such new risk factors nor assess the potential future impact on our business. Except as discussed below, there have been no material changes from the risk factors disclosed in Item 1A. "Risk Factors." in our 2024 Annual Report.

Changes in international trade policy could adversely and materially affect our business, results of operations, financial condition, and growth.
Changes in international trade policies and tariffs by the United States and other countries, particularly large trading partners like Canada, China, and Mexico, could (i) impact our claims severity across multiple lines of business and cause adverse reserve development by increasing costs for materials and parts used in claims involving real property and personal property, including commercial and personal automobiles and (ii) negatively affect our investments' fair value and/or our level of investment income.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table provides information regarding our purchases of our common stock in Second Quarter 2025:

Period
Total Number of
Shares Purchased1
 Average Price
Paid per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Programs2
Approximate Dollar Value of
Shares that May Yet
Be Purchased Under the Announced Programs
(in millions)2
April 1 – 30, 2025
 1,026  $ 86.67  —  $ — 
May 1 – 31, 2025
 1,271  87.87  —  — 
June 1 – 30, 2025
 672  85.80  —  — 
Total 2,969  $ 86.99  —  $ — 
1Total number of shares purchased includes 2,969 shares purchased from employees to satisfy tax withholding obligations associated with the vesting of their restricted stock units.
2On December 2, 2020, we announced our Board authorized a $100 million share repurchase program with no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our common stock. Management will determine the timing and amount of any share repurchases under the authorization at its discretion based on market conditions and other considerations.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

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ITEM 5. OTHER INFORMATION.

During the three months ended June 30, 2025, no director or officer of the Company adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement") or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K).

ITEM 6. EXHIBITS.

Exhibit No.  
Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**101
The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
**104
The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in iXBRL.
* Filed herewith.
** Furnished and not filed herewith.
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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 thereunto duly authorized.

SELECTIVE INSURANCE GROUP, INC.
Registrant 
Date: July 25, 2025 By: /s/ John J. Marchioni
  John J. Marchioni
  Chairman of the Board, President and Chief Executive Officer
(principal executive officer)
Date: July 25, 2025
By: /s/ Patrick S. Brennan
Patrick S. Brennan
Executive Vice President and Chief Financial Officer
(principal financial officer)

52
EX-31.1 2 sigi-ex311_6302025xq2.htm EX-31.1 Document

Exhibit 31.1
  
Certification pursuant to Rule 13a-14(a), as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
  
I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:
 
1. I have reviewed this quarterly report on Form 10-Q of the Company;
 
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: July 25, 2025 By: /s/ John J. Marchioni
  John J. Marchioni
  President and Chief Executive Officer
 
EX-31.2 3 sigi-ex312_6302025xq2.htm EX-31.2 Document

Exhibit 31.2
  
Certification pursuant to Rule 13a-14(a), as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
  
I, PATRICK S. BRENNAN, Executive Vice President and Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:
 
1. I have reviewed this quarterly report on Form 10-Q of the Company;
 
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: July 25, 2025 By: /s/ Patrick S. Brennan
  Patrick S. Brennan
  Executive Vice President and Chief Financial Officer


EX-32.1 4 sigi-ex321_6302025xq2.htm EX-32.1 Document

Exhibit 32.1
 
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

 
I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended June 30, 2025 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 25, 2025 By: /s/ John J. Marchioni
  John J. Marchioni
  President and Chief Executive Officer


EX-32.2 5 sigi-ex322_6302025xq2.htm EX-32.2 Document

Exhibit 32.2
 
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

 
I, PATRICK S. BRENNAN, Executive Vice President and Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended June 30, 2025 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 25, 2025 By: /s/ Patrick S. Brennan
  Patrick S. Brennan
  Executive Vice President and Chief Financial Officer