In This Story
Selective Insurance Group Inc. (SIGI-0.95%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements and disclosures for the year, highlighting a 15% increase in revenues to $4,861,664,000 from $4,232,106,000 in 2023. The company reported a net income of $207,012,000, down from $365,238,000 in the previous year.
Net premiums written increased by 12% to $4,630,001,000, with growth attributed to higher renewal pure price increases and exposure growth on renewal policies.
The loss and loss expense ratio rose to 72.3% from 64.9% in 2023, primarily due to unfavorable prior year casualty reserve development and increased current year casualty loss costs.
Net investment income grew by 17% to $457,051,000, driven by higher interest rates and active portfolio management.
The company recorded $311,000,000 in unfavorable prior year casualty reserve development, mainly in the general liability line of business, reflecting increased loss severities due to social inflation.
Selective's combined ratio increased to 103.0% from 96.5% in 2023, indicating an underwriting loss for the year.
The company's capital resources remain strong, with a debt-to-capital ratio of 14.0% and statutory surplus of $2.9 billion.
Selective plans to continue its strategy of disciplined growth, focusing on rate and non-rate actions to drive underwriting profitability while expanding its geographic footprint.
The company expects a GAAP combined ratio of 96% to 97% for 2025, including net catastrophe losses of 6 points, and after-tax net investment income of $405 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Selective Insurance Group Inc. annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.