Selective Insurance Group Annual Report 2024

FY2024 Annual Report · Selective Insurance Group
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2024
ANNUAL  
REPORT

Expanding our Differentiated 
Operating Model
Our Competitive 
Advantages
THE 
SELECTIVE 
DIFFERENCE 
Selective Insurance Group, Inc. (NASDAQ: SIGI) is 
a New Jersey holding company for ten property 
and casualty insurance companies rated “A+” 
(Superior) by AM Best. Through independent 
agents, the insurance companies offer standard 
insurance for commercial and personal risks, and 
specialty insurance for commercial risks. We also 
offer flood insurance through the National Flood 
Insurance Program’s Write Your Own Program.  
We are dedicated to serving our customers’ unique 
needs through customized risk management 
solutions and value-added services.
•	 Our unique operating model 
places empowered decision-
makers alongside our customers 
and distribution partners
•	 Our ability to develop and 
integrate sophisticated tools for 
our front-line employees that 
inform risk selection, pricing,  
and claims decisions
•	 Our franchise value distribution 
model defined by close 
and meaningful business 
relationships with a group of 
high-quality distribution partners
In 2024, we added five states to 
our Standard Commercial Lines 
operating footprint. This expansion 
brings us closer to our stated 
goal of operating our Standard 
Commercial Lines business with  
a near-national footprint.
The unique combination of 
our competitive advantages 
differentiates us in the 
marketplace, delivering 
value for our stakeholders:
•	 Our commitment to delivering a 
superior omni-channel customer 
experience, enhanced by people 
and technology
•	 Our highly engaged and  
aligned team of extremely 
talented employees
Standard Commercial
35 states and the District of 
Columbia, including Maine, 
Nevada, Oregon, Washington, 
and West Virginia, which 
opened in 2024
Flood and Excess & Surplus
50 states
Standard Personal + Commercial
15 states

*Non-GAAP (U.S. Generally Accepted 
Accounting Priciples) operating income, non-
GAAP operating income per diluted common 
share, and non-GAAP operating return on 
common equity are non-GAAP measures. Refer 
to the “Financial Highlights of Results for Years 
Ended December 31, 2024, 2023, and 2022” 
section in Item 7: “Management’s Discussion 
and Analysis of Financial Conditions and 
Results of Operations” in our Annual Report on 
Form 10-K for the fiscal year ended December 
31, 2024, for a reconciliation of the non-GAAP 
measures to the equilvalent GAAP measures.
($ in millions, except per share data)
2024
2023
% or Point 
Change 
Better/(Worse)
Insurance Operations
Net premiums written
$4,630.0
$4,134.5
12%
Combined ratio
103.0%
96.5%
(6.5)
Underwriting income (loss) after-tax
($104.7)
$104.9
(200%)
Return on common equity from insurance operations, after-tax
(3.7%)
4.2%
(7.9)
Investments
Net investment income after-tax
$362.6
$309.5
17%
Net realized and unrealized investment (losses) after tax
($2.3)
($2.8)
(17%)
Total invested assets
$9,651.3 
$8,693.7 
11%
Invested assets per dollar of common stockholders' equity
$3.31
$3.16
5%
Annual after-tax yield on investment portfolio
4.0%
3.7%
0.3
Return on common equity from net investment income, after-tax
12.8%
12.4%
0.4
Summary Data
Total revenues
$4,861.7
$4,232.1
15%
Net income available to common stockholders
$197.8
$356.0
(44%)
Return on common equity
7.0%
14.3%
(7.3%)
Non-GAAP operating income*
$200.1
$358.8
(44%)
Non-GAAP operating return on common equity (“operating ROE”)*
7.1%
14.4%
(7.3)
Operating cash flow as % of net premiums written
23.8%
18.4%
5.4
Total assets
$13,514.2 
$11,802.5 
15%
Stockholders' equity
$3,120.1
$2,954.4
6%
Common stockholders' equity
$2,920.1
$2,754.4
6%
Per Common Share Data
Diluted net income available to common stockholders
$3.23
$5.84
(45%)
Diluted non-GAAP operating income*
$3.27
$5.89
(44%)
Dividends to common stockholders
$1.43
$1.25
14%
Book value
$47.99
$45.42
6%
2024 GAAP Financial Highlights
AVERAGE ANNUAL RETURN
 SIGI
 S&P 500
 S&P Prop/Cas
2015
2016
2017
2020
2022
2023
2018
2019
2021
$0
$10,000
$20,000
$30,000
$40,000
2024
2024 ANNUAL REPORT  |  1

2  |  SELECTIVE
2024 was challenging, but we ended the 
year with a strong foundation. I am proud of 
our team’s strategic progress and resilience 
in addressing economic uncertainty, 
elevated loss trends, and frequent and 
severe weather events. 
Financial results fell short of our 
expectations. Elevated catastrophe losses 
and our social inflation-related reserving 
actions drove the 103% combined ratio. 
However, book value per share increased 
6% and non-GAAP return on equity (ROE) 
was 7.1%, benefiting from after-tax net 
investment income of $363 million. 
As we look to 2025, creating long-term 
value for our stockholders while making 
a meaningful difference for our customers 
during moments that matter remains our 
focus. We pride ourselves on our long track 
record of delivering a target operating 
ROE of 12% or better and are committed to 
returning to that in the year ahead. 
Executing Across Our Three Segments
Success in a competitive market requires focus, 
commitment, and ongoing investment. In 2024, we 
advanced several key strategic initiatives that position 
us well for long-term, profitable growth across our three 
insurance segments – each providing significant value 
to our distribution partners and the flexibility we need to 
succeed in the market.
•	 In Standard Commercial Lines, which represents 
79% of our business, we added five states to our 
geographic footprint in 2024. This segment now 
operates in 35 states that extend across the 
country. Over the next two years, we expect to add 
Kansas, Wyoming, and Montana, bringing us closer 
to our goal of writing Standard Commercial Lines 
in nearly every state. We continue to view organic 
growth – through geographic expansion and 
increased market share in our existing states  
– as a key value-creation lever.
•	 Excess and Surplus Lines, representing 12%  
of our business, also presents profitable growth 
opportunities. We are further investing in this 
50-state-capable business to improve process 
efficiency, develop new products, and increase 
scalability.
•	 In Standard Personal Lines, representing 9% of net 
premiums written, we are successfully repositioning 
our business to the mass affluent market, where our 
strong coverage and servicing capabilities allow us 
to create value for our customers and distribution 
partners. In 2024, we took targeted repositioning 
actions on our book. In some cases, this required 
tempering new business and lowering retention 
rates, but these actions resulted in meaningfully 
improved underwriting profitability. To further 
enhance results, we are increasing rate levels 
and refining pricing factors and policy terms and 
conditions, which drive appropriate risk-sharing. 
Growth will come in states where pricing adequately 
supports our profitability objectives.
TO OUR STOCKHOLDERS
N ET PR E M I U M S WR IT TE N 
$4.6
2015
2016
2017
2020
2022 2023
2018
2019
2021
$1
NPW ($ in billions)
$-
$2
$3
$4
$5
9.4% CAGR*
*compound annual growth rate
2024

2024 ANNUAL REPORT  |  3
CO M B I N E D R ATI O
 GAAP Combined Ratio  
 Underlying Combined Ratio* 
Helping Customers and Each Other 
Is Core to What We Do
I am proud of our Selective team for delivering superior 
claims service and supporting customers and claimants 
during 2024’s elevated catastrophe losses. Their efforts 
reflect our commitment to our customers, distribution 
partners, and communities. The increased frequency and 
severity of weather events underscore our essential role in 
helping customers re-establish their lives and businesses 
after experiencing a covered loss.
To help prevent customer losses and build on our existing 
suite of value-added services, in 2024, we launched our 
online Risk Management Center. This information center 
provides our Standard Commercial Lines customers 
seamless, on-demand access to a curated selection of 
self-service risk management resources. We will continue 
exploring other avenues to help our customers decrease 
their exposure while they increase their resiliency to  
evolving risks.
In addition, our investments in technology across 
our portfolio have enhanced our effectiveness and 
efficiency, increasing decision-making speed, customer 
experience, and agency satisfaction. We are leveraging 
general-purpose and industry-trained generative 
artificial intelligence solutions to improve internal 
processes. In Claims, a multi-year modernization and 
process transformation strategy is underway. 
Key objectives include (i) providing our adjusters with 
increased quality real-time data to enhance decision-
making, (ii) efficiently monitoring adjusting team 
workflows, (iii) optimizing processes, and (iv) delivering 
an exceptional customer experience. 
Driving Financial Progress
Non-GAAP operating ROE for the year was 7.1% with 
strong after-tax net investment income contributing 
12.8 points. 
Our 2024 combined ratio of 103% included 6.5 points  
of catastrophe losses and 7.1 points of unfavorable 
prior-year casualty reserve development, primarily due 
to higher-than-expected severity trends in the general 
liability line of business. Social inflation, which drives 
higher severity trends, and elevated catastrophe losses 
are impacting Selective and the insurance industry. 
Each quarter, we perform in-depth reserve reviews for 
all of our major lines of business, and we adjust our best 
estimates accordingly. This process informs the pricing 
goals and underwriting actions we execute across the 
organization. Our disciplined approach ensures we 
take the actions needed to ensure the profitability of 
our underwriting portfolio, and provides us the ability to 
effectively balance rate, retention, and growth across 
our segments while refining our book of business. 
2016
2017
2020
2022
2023
2018
2019
2021
89.4%
103.0%
92.9%
92.5%
2024
2015
90%
85%
100%
95%
105%
* Underlying Combined Ratio excludes catastrophe losses and prior year casualty reserve development

4  |  SELECTIVE
Based on this history, I am confident we have the team 
and tools to achieve our target profitability across our 
portfolio, including the general liability line. We have 
increased general liability pricing in recent quarters to 
address the elevated loss trend environment. As we 
seek stronger pricing, we have naturally seen new 
business moderate somewhat. This is a trade-off we are 
comfortable with in the current environment.
Even with these actions, our total 2024 net premiums 
written were $4.6 billion, up 12% from last year. With 
our outlook for continued, profitable growth, our Board 
of Directors declared a 9% increase in our quarterly 
dividend to $0.38 per common share in October 2024.
Board of Directors Update
We are pleased to have welcomed Kate E. R. Sampson 
to our Board of Directors in July 2024. Kate is an 
insurance industry and technology specialist with over 
25 years of experience in financial, operational, and 
management roles who brings valuable perspectives to 
the Board. Her appointment reflects our commitment to 
building a culture of innovation and delivering a superior 
insurance customer experience.
We would like to acknowledge and thank Philip H. Urban 
for his 10 years of Board service, and the guidance 
and insights he provided over this time. Phil, who most 
recently served as a member of the Audit Committee and 
Compensation and Human Capital Committee, which he 
chaired, will be retiring at the 2025 Annual Meeting of 
Stockholders. We wish him and his family the best.
2025 Annual Meeting 
of Stockholders
On behalf of the Selective Board and management 
team, thank you for your investment in Selective and 
your continuing support. We look forward to keeping 
you updated throughout the year as we capitalize on 
our competitive strengths – our unique field model, our 
distribution partner relationships, and our customer-
experience focus – to deliver enhanced value.
Our 2025 Annual Meeting of Stockholders will be held 
virtually on April 30. We hope you will join us.
John J. Marchioni
Chairman of the Board, President  
and Chief Executive Officer
I am proud of our team’s strategic progress and resilience in 
addressing economic uncertainty, elevated loss trends, and 
frequent and severe weather events. As we look to 2025, 
creating long-term value for our stockholders while making a 
meaningful difference for our customers during moments that 
matter remains our focus.”
John J. Marchioni
Chairman of the Board, President and Chief Executive Officer
“

2024 ANNUAL REPORT  |  5
At Selective, our vision is to make a 
meaningful difference for our customers 
during moments that matter with a unique 
blend of exceptional insurance solutions 
delivered by talented people.
As a customer-centric insurance organization, we take 
pride in helping our policyholders after a covered loss.
In 2024, we expanded our suite of value-added services 
to make it easier for our customers to mitigate and 
manage their risks:
•	 Our Risk Management Center, accessible through the 
MySelective mobile app and website, gives business 
policyholders unique, curated tools and resources 
for identifying and lowering business risks. 
•	 Two different options for water monitoring and leak 
detection devices can alert interested homeowner 
policyholders of small or hidden leaks early so they 
can be addressed before a bigger problem develops.
•	 A smart device plugged into an electrical outlet 
helps homeowner policyholders monitor voltage to 
detect, reduce, and avoid electrical fire risk.
Our Unwavering 
Commitment to Service
Our Claims team works diligently throughout the year 
to deliver responsive and professional claims handling. 
One of the important times for us to make a meaningful 
difference in moments that matter is in the wake of severe 
weather events. These events, which are increasing in 
frequency and severity, can affect many of our customers 
across a broad geographic area.
In September 2024, Hurricane Helene devastated the 
Southeast. To help our impacted customers and agents, 
we immediately deployed our emergency response 
team. Our expert claims professionals traveled 
throughout the area demonstrating our commitment to 
service excellence, including conducting on-the-spot 
field inspections for our Commercial and Personal 
Lines customers, helping them file claims, and issuing 
hundreds of payments daily. Our Catastrophe Van also 
served as a makeshift community relief hub, providing 
essential utilities and communication channels to those 
who needed them.
MAKING A 
DIFFERENCE

6  |  SELECTIVE
Our Talented Team 
At Selective, we make a concerted effort to engage 
across every stage of the talent lifecycle, helping our 
2,800+ employees recognize how their contributions 
shape our collective achievements now and in the 
future. We encourage our employees to express their 
authentic selves, bringing their unique experiences, 
skills, and perspectives to our table. We are pleased to 
report that in 2024:
Our unique position as a leading insurance 
group and employer of choice was 
recognized in various awards and honors, 
including listing in Forbes Best Midsize 
Employers and certification as a Great Place 
to Work® for the fifth consecutive year.
We offered thousands of learning, training, 
and professional development 
opportunities to enhance employees’ 
individual and team strengths and help 
prepare them for future growth and 
leadership roles.
We continued to enable hybrid work, 
providing employees the flexibility to 
balance their work and home commitments. 
Our employees had regular opportunities  
to join cross-functional project teams that 
advance corporate initiatives, strengthen 
their business acumen and leadership 
skills, and build a collaborative culture.  
LEADING  
WITH 
PURPOSE 
We are committed to promoting a welcoming culture  
that celebrates talent, individualism, unique backgrounds 
and experiences, and positively impacts the communities 
where we – and our customers and agents – live  
and work.
We also strive to make a positive philanthropic difference 
in the moments that matter. The Selective Insurance 
Group Foundation coordinates donations of time, 
money, and resources to important causes. Our 2024 
contributions included:
$978,900
Donated to non-profit 
organizations throughout our 
geographic footprint.
76%
Portion of our philanthropic 
giving direct to community-
based charities that support 
local residents.
$135,750 
Matched gifts increasing the 
impact of donations made by 
employees and President’s 
Club-level agents.
5,300
Hours our employees 
volunteered. We provide 
employees one paid day off 
a year to do social good in 
their communities.

2024 FINANCIALS
2024 ANNUAL REPORT
FORM 10-K

(This page has been left blank intentionally.)

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Lucinda (Cyndi) Bennett2
Chief Human Resources Officer
Patrick S. Brennan1,2
Chief Financial Officer
John P. Bresney2
Chief Information Officer
Joseph O. Eppers1,2
Chief Investment Officer
Brenda M. Hall2
Chief Operating Officer  
Standard Lines
Jeffrey F. Kamrowski2
MUSIC
Paul Kush2
Chief Claims Officer
Michael H. Lanza1,2
General Counsel and 
Chief Compliance Officer
Rohit G. Mull2
Chief Marketing and 
Innovation Officer
Vincent M. Senia2
Chief Actuary
John J. Marchioni1,2
Chairman of the Board, President 
and Chief Executive Officer
Senior Vice Presidents
Charles C. Adams2
Regional President 
Mid-Atlantic Region
Allen H. Anderson2
Chief Underwriting Officer 
Personal Lines
Jeffrey F. Beck2
Government and  
Regulatory Affairs
Sarita G. Chakravarthi1,2
Tax and Assistant Treasurer
Christopher G. Cunniff1,2
Chief Risk Officer
Kevin P. Forrey2
Enterprise Delivery Services
Joshua S. Grunin2
Commercial Lines Pricing 
and Research
Anthony D. Harnett1,2
Chief Accounting Officer
Martin Hollander1,2
Chief Audit Executive
Craig Levitz2
E&S Chief Underwriting Officer
Robert J. McKenna, Jr.2
IT Enterprise Strategy  
and Execution
Ryan T. Miller2
Chief Field Operations Officer
Maria Orecchio2
Deputy General Counsel
Thomas S. Purnell2
Regional President  
Northeast Region
Erik A. Reidenbach2
Regional President  
Heartland Region
Wesley Riley2
Regional President 
Southern Region
Nathan C. Rugge2
Chief Corporate Actuary
Brian C. Sarisky2
Chief Underwriting Officer 
Commercial Lines
Tricia Scully2
E&S National Operations 
Manager
Kelly W. Sims2
Regional President  
New Jersey Region
Valerie Sparks2
Regional President  
West Region
Robyn P. Turner1
Assistant General Counsel  
and Corporate Secretary
Brad B. Wilson1,2
Investor Relations  
and Treasurer
MANAGEMENT TEAM
Executive Vice Presidents
1   Selective Insurance Group, Inc.
2  Selective Insurance Company of America
OFFICERS

John J. Marchioni 2019
Chairman of the Board, President  
and Chief Executive Officer,  
Selective Insurance Group, Inc.
Ainar D. Aijala, Jr. 2020
Former Senior Advisor,  
Deloitte & Touche LLP
Lisa Rojas Bacus 2020
Former Executive Vice President and Global 
Chief Marketing Officer, Cigna Corporation
Terrence W. Cavanaugh 2018
Founding Partner, Accretive Consulting LLC 
Former President and Chief Executive 
Officer, Erie Indemnity Company
Wole C. Coaxum 2020
Chief Executive Officer,  
Mobility Capital Finance (MoCaFi)
Robert Kelly Doherty 2015
Lead Independent Director,  
Selective Insurance Group, Inc.  
Managing Partner, Caymen Partners
Thomas A. McCarthy 2018
Former Executive Vice President  
and Chief Financial Officer,  
Cigna Corporation
BOARD OF  
DIRECTORS
*Retiring 2025
Stephen C. Mills 2020
Former President and General 
Manager, New York Knicks
H. Elizabeth Mitchell 2018
Former President and Chief Executive 
Officer, Renaissance Reinsurance U.S., Inc.
Cynthia (Cie) S. Nicholson 2009
Managing Member,  
Band of Sisters, LLC
Kate E. R. Sampson 2024
Owner, Merrin Advisors, LLC  
Former Manging Director,  
Marsh McLennan
John S. Scheid, CPA 2014
Owner, Scheid Investment Group, LLC 
Former Senior Partner, 
PricewaterhouseCoopers LLP
Philip H. Urban 2014*
Former President and Chief Executive 
Officer, Grange Insurance

Annual Meeting
Wednesday, April 30 – 8:30 AM ET 
Virtual format via live audiocast at 
www.virtualshareholdermeeting.com/SIGI2025
Investor Relations
Brad B. Wilson
Senior Vice President 
Investor Relations and Treasurer 
(973) 948.1283 
Investor.Relations@Selective.com
Dividend Reinvestment Plan
Selective Insurance Group, Inc. makes available to 
holders of its common stock an automatic dividend 
reinvestment and stock purchase plan.
For information contact:
EQ Shareowner Services
P.O. Box 64854 
St. Paul, Minnesota 55164-0854 
(866) 877.6351
Registrar and Transfer Agent
EQ Shareowner Services
P.O. Box 64854 
St. Paul, Minnesota 55164 
(866) 877.6351
Auditors
KPMG LLP 
345 Park Avenue 
New York, New York 10154
Internal Audit Department
Martin Hollander
Senior Vice President 
Chief Audit Executive 
Internal.Audit@Selective.com
Executive Office
40 Wantage Avenue 
Branchville, New Jersey 07890 
(973) 948.3000
Shareholder Relations
Selective will provide by mail, free of charge, a copy 
of its Annual Report on Form 10-K for the year ended 
December 31, 2024 (not including exhibits and documents 
incorporated by reference), the Proxy Statement for the 
2025 Annual Meeting, and the annual report and proxy 
materials for future Annual Meetings (once available) at 
your request. Please direct all requests to:
Robyn P. Turner
Senior Vice President 
Assistant General Counsel  
and Corporate Secretary 
(973) 948.1766 
Shareholder.Relations@Selective.com
Common Stock Information
Selective Insurance Group, Inc.’s common stock trades on 
the Nasdaq Global Select Market under the symbol: SIGI.
Form 10-K
Selective’s Form 10-K, as filed with the U.S. Securities  
and Exchange Commission, is provided as part of this  
2024 Annual Report.
Website
Visit us at www.Selective.com 
for information about Selective,  
including our latest financial news.
INVESTOR  
INFORMATION

WWW.SELECTIVE.COM
© 2025 Selective Insurance Group, Inc.
Other annual reports

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