选择性保险集团公司2025年季度报告

For the transition period from_____________________________to_____________________________ Commission File Number:001-33067 SELECTIVE INSURANCE GROUP, INC. 40 WantageAvenue,Branchville,New Jersey07890(Address of Principal Executive Offices) (Zip Code) Large accelerated filer☒Accelerated filer☐Emerging growth company☐Non-accelerated filer☐Smaller reporting company☐ 5 NOTE 1.Basis of PresentationThe words "Company," "we," "us," or "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except asexpressly 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 assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions areeliminated in consolidation.Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of ourresults of operations and financial condition. Our Financial Statements cover the second quarters ended June 30, 2025 ("SecondQuarter 2025") and June30, 2024 ("Second Quarter 2024"), and the six-month periods ended June 30, 2025 ("Six Months 2025") andJune30, 2024 ("Six Months 2024"). Our Financial Statements do not include all information and disclosures required by GAAP and NOTE 2.Adoption of Accounting Pronouncements Pronouncements to be effective in the futureIn December 2023, the FASB issued ASU 2023-09,Improvements to Income Tax Disclosures("ASU 2023-09"). ASU 2023-09 amendsdisclosure 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 quantitativethreshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from In November 2024, the FASB issued ASU 2024-03,Disaggregation of Income Statement Expenses("ASU 2024-03"). ASU 2024-03requires disaggregated disclosure of income statement expenses. This ASU does not change the expense captions on the incomestatement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes tothe financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interimperiods within annual reporting periods beginning after December 15, 2027. This ASU can be applied prospectively. Retrospectiveapplication and early adoption are permitted. As ASU 2024-03 only requires additional disclosure, it will not have a material impact on Corporate actions related to equity securitiesCorporate actions related to fixed income securities, available-for-sale ("AFS")11 The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets to theamount reported in the Consolidated Statements of Cash Flows: Restricted cash December 31, 2024Less than 12 months12 months or longerTotalFairUnrealizedFairUnrealizedFair We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provideany non-contractual financial support during 2025 or 2024. ($ in millions)Net investment income (loss) $251.4242.4$652.1Realized gains950.61,554.21,562.6Net change in unrealized appreciation (depreciation)975.92,850.22,855.3$2,177.94,646.8$5,070.0 Net investment income earned$127,968108,642$248,659The increase in net investment income earned in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods Quarter endedJune 30, June 30, 2025Fair Value Measurements Using Other comprehensive income (loss) ("OCI")593,874Net realized and unrealized gains (losses)117141 5.90% Senior Notes408,864—408,8646.70% Senior Notes105,970—105,9705.375% Senior Notes268,221—268,221 December 31, 2024Fair Value Measurements UsingQuoted Prices in The $196.3million decrease in "Federal and state pools" as of June 30, 2025, compared to December31, 2024, primarily relates toclaim 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 are100% 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 Total incurred loss and loss expense1,570,223Paid loss and loss expense for claims occurring in the:Current year320,366865,344 Net reserve for loss and loss expense, at end of periodAdd: Reinsurance recoverable on unpaid loss and loss expense, at end of period Bonds13,255Other8,311 Total segment revenues$943,555102,954148,0961,194,605132,140Loss and loss expense incurred:Net catast