EXHIBIT 99.2

 

 

 

Supplemental Investor Package   First Quarter 2016                       Investor Contact: Dale Thatcher Tel: 973-948-3000 Investor.Relations@selective.com

 

 

  

 

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Selected Balance Sheet Data

(unaudited)

 

		March 31,												March 31,												December 31,
($ in thousands, except per share data)		2016												2015												2015
										Unrecognized/												Unrecognized/												Unrecognized/
		Balance				Market				Unrealized				Balance				Market				Unrealized				Balance				Market				Unrealized
		Sheet				Value				Gain				Sheet				Value				Gain				Sheet				Value				Gain
Invested Assets:
Corporate bonds 1		$	3,073,489				3,076,144				53,348			$	2,757,212				2,761,191				69,590			$	2,955,001				2,957,427				8,276
Government and Municipal bonds			1,690,552				1,695,583				70,315				1,713,587				1,724,144				60,852				1,654,556				1,660,320				55,901
Total fixed income securities			4,764,041				4,771,727				123,663				4,470,799				4,485,335				130,442				4,609,557				4,617,747				64,177
Equities			215,789				215,789				21,611				211,571				211,571				11,954				207,051				207,051				13,235
Short-term investments			103,132				103,132				-				124,376				124,376				-				194,819				194,819				-
Other investments			80,916				80,916				-				95,020				95,020				-				77,842				77,842				-
Total invested assets		$	5,163,878				5,171,564				145,274			$	4,901,766				4,916,302				142,396			$	5,089,269				5,097,459				77,412
Invested assets per $ of stockholders' equity			3.50												3.72												3.64
Total assets			7,022,492												6,694,662												6,904,433
Liabilities:
Reserve for loss and loss expenses			3,575,496												3,516,268												3,517,728
Unearned premium reserve			1,209,377												1,132,733												1,169,710
Total liabilities			5,546,527												5,378,724												5,506,392
Stockholders' equity			1,475,965												1,315,938												1,398,041
Total debt to capitalization ratio			20.8	%											22.8	%											21.7	%
Book value per share			25.61												23.11												24.37
Book value per share excluding unrealized gain or loss on fixed income portfolio			24.30												21.78												23.74
NPW per insurance segment employee			999												926												979
Statutory premiums to surplus ratio			1.4	x											1.5	x											1.5	x
Statutory surplus			1,461,326												1,322,422												1,426,320

 

 

¹ Includes mortgage-backed and asset-backed securities.

 

 

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Selected Income Statement Data

(unaudited)

 

			Quarter Ended March 31,
($ in thousands, except per share amounts)			2016								2015
							Per diluted share								Per diluted share
Consolidated
Revenue			$	551,474							$	523,892
Operating income				38,790				0.66				27,434				0.48
Net realized (losses) gains, after tax				(1,758	)			(0.03	)			12,274				0.21
Net income				37,032				0.63				39,708				0.69
Operating return on equity				10.8	%							8.5	%
Total Insurance Operations
Gross premiums written				652,598								604,864
Net premiums written				565,359								518,088
Net premiums earned				522,458								476,123
Underwriting gain	- before tax			40,955								26,021
	- after tax			26,621				0.46				16,914				0.29
GAAP combined ratio				92.2	%							94.5	%
Standard Commercial Lines
Net premiums earned				402,889								365,533
GAAP combined ratio				92.3	%							91.8	%
Standard Personal Lines
Net premiums earned				70,205								72,479
GAAP combined ratio				87.7	%							103.4	%
Excess and Surplus Lines
Net premiums earned				49,364								38,111
GAAP combined ratio				97.1	%							104.1	%
Investments
Net investment income	- before tax			30,769								26,917
	- after tax			23,560				0.40				21,208				0.37
Effective tax rate				23.4	%							21.2	%
Annualized after-tax yield on investment portfolio				1.8	%							1.7	%
Annualized after-tax, after-interest expense yield				1.6	%							1.5	%
Invested assets per $ of stockholders' equity				3.50								3.72
Other expenses (net of other income)
Interest expense	- before tax			(5,606	)							(5,604	)
	- after tax			(3,644	)			(0.06	)			(3,642	)			(0.06	)
Other expense - after tax			$	(7,747	)			(0.14	)		$	(7,046	)			(0.12	)
Diluted weighted avg shares outstanding				58,507								57,720

 

 

 

Selective Insurance Group, Inc. & Consolidated Subsidiaries

GAAP Insurance Operations Results

(unaudited)

 

 

Year-to-Date ($ in thousands)		Year-to-Date March 31, 2016																Year-to-Date March 31, 2015
		Standard Commercial Lines				Standard Personal Lines				Excess & Surplus Lines				Grand Total				Standard Commercial Lines				Standard Personal Lines				Excess & Surplus Lines				Grand Total
Net Premiums Written			455,063				61,969				48,327				565,359				415,258				65,024				37,806				518,088
Net Premiums Earned			402,889				70,205				49,364				522,458				365,533				72,479				38,111				476,123
Loss and Loss Expense Incurred			223,350				39,695				34,099				297,144				206,148				52,969				25,882				284,999
Net Underwriting Expenses Incurred			146,954				21,905				13,847				182,706				127,824				21,976				13,778				163,578
Dividends to Policyholders			1,653				-				-				1,653				1,525				-				-				1,525
GAAP Underwriting Gain (Loss)			30,932				8,605				1,418				40,955				30,036				(2,466	)			(1,549	)			26,021
GAAP Ratios
Loss and Loss Expense Ratio			55.4	%			56.5	%			69.1	%			56.9	%			56.4	%			73.1	%			67.9	%			59.9	%
Underwriting Expense Ratio			36.5	%			31.2	%			28.0	%			35.0	%			35.0	%			30.3	%			36.2	%			34.3	%
Dividends to Policyholders Ratio			0.4	%			0.0	%			0.0	%			0.3	%			0.4	%			0.0	%			0.0	%			0.3	%
Combined Ratio			92.3	%			87.7	%			97.1	%			92.2	%			91.8	%			103.4	%			104.1	%			94.5	%

 

 

 

 

 

Selective Insurance Group, Inc. and Consolidated Subsidiaries

GAAP Investment Income

March 2016 (unaudited)

 

 

		Quarter Ended								%
		March				March				Increase
($ in thousands, except per share data)		2016				2015				(Decrease)
Investment Income:
Interest:
Fixed Income Securities		$	31,644				30,967				2
Short-term			159				25				536
Other Investments			(1,066	)			(3,540	)			70
Dividends			2,230				1,792				24
			32,967				29,244				13
Investment Expense			2,198				2,327				(6	)
Net Investment Income Before Tax			30,769				26,917				14
Tax			7,209				5,709				26
Net Investment Income After Tax		$	23,560				21,208				11
Net Investment Income per Share		$	0.40				0.37				8
Effective Tax Rate			23.4	%			21.2	%
Average Yields:
Fixed Income Securities:
Pre Tax			2.70	%			2.80	%
After Tax			2.02	%			2.12	%
Portfolio:
Pre Tax			2.40	%			2.22	%
After Tax			1.84	%			1.75	%
			Quarter Ended
			March				March
Net Realized Gains (Losses)			2016				2015
Fixed Income Securities			(390	)			379
Equity Securities			(2,310	)			19,158
Other Investments			(4	)			(654	)
Total			(2,704	)			18,883
Net of Tax			(1,758	)			12,274

 

 

As of March 31, 2016 year-to-date new money rates for fixed income securities were 2.7% on a pre-tax basis and 1.9% on an after-tax basis.

 

 

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2016 Statutory Results by Line of Business

Year-to-date March 2016 (unaudited)

 

($ in thousands)		Net Premiums Written				Percent Change				Net Premiums Earned				Percent Change				Loss Ratio				LAE Ratio				Underwriting Expense Ratio				Dividends to Policyholders Ratio				Combined Ratio 2016				Combined Ratio 2015				Underwriting Gain (Loss)
Standard Personal Lines:
Homeowners		$	26,573				(5.4	)%		$	32,900				(2.4	)%			36.9	%			8.1	%			41.5	%			0.0	%			86.5	%			113.7	%		$	7,072
Auto			34,024				(4.4	)%			35,780				(3.3	)%			57.7	%			11.1	%			36.1	%			0.0	%			104.9	%			106.7	%			(1,121	)
Other (including flood)			1,372				0.4	%			1,525				(12.8	)%			60.4	%			(39.7	)%			(162.7	)%			0.0	%			(142.0	)%			(118.4	)%			3,443
Total		$	61,969				(4.7	)%		$	70,205				(3.1	)%			48.0	%			8.5	%			34.1	%			0.0	%			90.6	%			105.1	%		$	9,394
Standard Commercial Lines:
Commercial property		$	75,644				6.7	%		$	70,178				8.7	%			47.6	%			4.7	%			39.1	%			0.4	%			91.8	%			98.5	%		$	3,600
Workers compensation			91,312				9.0	%			76,000				11.0	%			40.0	%			14.0	%			26.2	%			0.9	%			81.1	%			90.7	%			10,364
General liability			144,706				10.9	%			128,085				11.4	%			36.7	%			11.4	%			35.1	%			0.2	%			83.4	%			73.0	%			15,410
Auto			108,208				12.0	%			95,419				10.5	%			63.4	%			8.8	%			32.3	%			0.4	%			104.9	%			99.4	%			(8,829	)
Businessowners' policies			24,794				2.2	%			23,904				5.3	%			43.2	%			11.5	%			40.3	%			0.0	%			95.0	%			118.8	%			847
Bonds			5,925				13.7	%			5,464				9.3	%			12.8	%			7.5	%			61.3	%			0.0	%			81.6	%			84.6	%			726
Other			4,474				11.2	%			3,839				10.7	%			(1.2	)%			0.2	%			54.8	%			0.0	%			53.8	%			52.4	%			1,425
Total		$	455,063				9.6	%		$	402,889				10.2	%			45.3	%			9.9	%			34.1	%			0.4	%			89.7	%			89.7	%		$	23,543
E&S		$	48,327				27.8	%		$	49,364				29.5	%			49.4	%			19.5	%			29.5	%			0.0	%			98.4	%			102.1	%		$	1,095
Total Insurance Operations		$	565,359				9.1	%		$	522,458				9.7	%			46.0	%			10.7	%			33.7	%			0.3	%			90.7	%			93.0	%		$	34,032
Note: Some amounts may not foot due to rounding.
							2016				2015
			Losses Paid			$	210,673			$	194,366
			LAE Paid				46,124				44,994
			Total Paid			$	256,797			$	239,360

 

 

 

 

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2016 Net Catastrophe Losses and Prior Year Casualty Reserve Development

Statutory Results by Line of Business

(unaudited)

 

		Year-to-Date
Net Catastrophe Losses Incurred		March 31, 2016								March 31, 2015
($ in thousands)		Loss and Loss Expense Incurred				Impact on Loss and Loss Expense Ratio				Loss and Loss Expense Incurred				Impact on Loss and Loss Expense Ratio
Standard Personal Lines		$	2,225				3.2	%		$	6,318				8.7	%
Standard Commercial Lines		$	11,649				2.9	%		$	18,650				5.1	%
E&S		$	495				1.0	%		$	352				0.9	%
Total Insurance Operations		$	14,369				2.8	%		$	25,320				5.3	%
Prior Year Casualty Reserve Development			Year-to-Date
(Favorable) / Unfavorable			March 31, 2016								March 31, 2015
($ in thousands)			Loss and Loss Expense Incurred				Impact on Loss and Loss Expense Ratio				Loss and Loss Expense Incurred				Impact on Loss and Loss Expense Ratio
Standard Personal Lines		$	-				0.0	%		$	-				0.0	%
Standard Commercial Lines		$	(18,000	)			(4.5	)%		$	(21,000	)			(5.7	)%
E&S		$	1,000				2.0	%		$	1,000				2.6	%
Total Insurance Operations		$	(17,000	)			(3.3	)%		$	(20,000	)			(4.2	)%

 

 

Note: Some amounts may not foot due to rounding.

 

 

 

 

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Consolidated Balance Sheets
		Unaudited
($ in thousands, except share amounts)		March 31, 2016				December 31, 2015
ASSETS
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value:  $171,259 – 2016; $209,544 – 2015)		$	163,573				201,354
Fixed income securities, available-for-sale – at fair value (amortized cost: $4,484,719 – 2016; $4,352,514 – 2015)			4,600,468				4,408,203
Equity securities, available-for-sale – at fair value (cost:  $194,178 – 2016; $193,816 – 2015)			215,789				207,051
Short-term investments (at cost which approximates fair value)			103,132				194,819
Other investments			80,916				77,842
Total investments			5,163,878				5,089,269
Cash			683				898
Interest and dividends due or accrued			37,959				38,501
Premiums receivable, net of allowance for uncollectible accounts of:  $4,063 – 2016; $4,422 – 2015			654,344				615,164
Reinsurance recoverables, net of allowance for uncollectible accounts of: $6,000 – 2016; $5,700 – 2015			577,346				561,968
Prepaid reinsurance premiums			137,655				140,889
Deferred federal income tax			67,479				92,696
Property and equipment – at cost, net of accumulated depreciation and amortization of: $192,675 – 2016; $188,548 – 2015			65,164				65,701
Deferred policy acquisition costs			220,948				213,159
Goodwill			7,849				7,849
Other assets			89,187				78,339
Total assets		$	7,022,492				6,904,433
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserve for loss and loss expenses		$	3,575,496				3,517,728
Unearned premiums			1,209,377				1,169,710
Short-term debt			60,000				60,000
Long-term debt			328,313				328,192
Current federal income tax			11,979				7,442
Accrued salaries and benefits			140,221				167,336
Other liabilities			221,141				255,984
Total liabilities		$	5,546,527				5,506,392
Stockholders’ Equity:
Preferred stock of $0 par value per share:		$	—				—
Authorized shares 5,000,000; no shares issued or outstanding
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 101,258,870 – 2016; 100,861,372 – 2015			202,518				201,723
Additional paid-in capital			333,965				326,656
Retained earnings			1,474,435				1,446,192
Accumulated other comprehensive income (loss)			35,997				(9,425	)
Treasury stock – at cost (shares:  43,622,892 – 2016; 43,500,642 – 2015)			(570,950	)			(567,105	)
Total stockholders’ equity		$	1,475,965				1,398,041
Commitments and contingencies
Total liabilities and stockholders’ equity		$	7,022,492				6,904,433

 

 

 

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Income
		Quarter Ended March 31,
($ in thousands, except per share amounts)		2016				2015
Revenues:
Net premiums earned		$	522,458				476,123
Net investment income earned			30,769				26,917
Net realized (losses) gains:
Net realized investment gains			889				20,977
Other-than-temporary impairments			(3,593	)			(2,094	)
Total net realized (losses) gains			(2,704	)			18,883
Other income			951				1,969
Total revenues			551,474				523,892
Expenses:
Loss and loss expense incurred			297,144				284,999
Policy acquisition costs			183,227				164,723
Interest expense			5,606				5,604
Other expenses			13,622				12,276
Total expenses			499,599				467,602
Income before federal income tax			51,875				56,290
Federal income tax expense:
Current			14,084				12,254
Deferred			759				4,328
Total federal income tax expense			14,843				16,582
Net income		$	37,032				39,708
Earnings per share:
Basic net income		$	0.64				0.70
Diluted net income		$	0.63				0.69
Dividends to stockholders		$	0.15				0.14

 

 

 

 

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Comprehensive Income
		Quarter Ended March 31,
($ in thousands)		2016				2015
Net income		$	37,032				39,708
Other comprehensive income, net of tax:
Unrealized gains on investment securities:
Unrealized holding gains arising during period			42,729				15,586
Amount reclassified into net income:
Held-to-maturity securities			(47	)			(170	)
Non-credit other-than-temporary impairments			—				232
Realized losses (gains) on available-for-sale securities			1,754				(12,932	)
Total unrealized gains on investment securities			44,436				2,716
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss			986				1,111
Total defined benefit pension and post-retirement plans			986				1,111
Other comprehensive income			45,422				3,827
Comprehensive income		$	82,454				43,535

 

 

 

 

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Stockholders’ Equity
		Quarter Ended March 31,
($ in thousands)		2016				2015
Common stock:
Beginning of year		$	201,723				199,896
Dividend reinvestment plan (shares:  10,931 – 2016; 13,533 – 2015)			22				27
Stock purchase and compensation plans (shares:  386,567 – 2016; 469,014 – 2015)			773				938
End of period			202,518				200,861
Additional paid-in capital:
Beginning of year			326,656				305,385
Dividend reinvestment plan			351				346
Stock purchase and compensation plans			6,958				7,199
End of period			333,965				312,930
Retained earnings:
Beginning of year			1,446,192				1,313,440
Net income			37,032				39,708
Dividends to stockholders ($0.15 per share – 2016; $0.14 per share – 2015)			(8,789	)			(8,113	)
End of period			1,474,435				1,345,035
Accumulated other comprehensive income:
Beginning of year			(9,425	)			19,788
Other comprehensive income			45,422				3,827
End of period			35,997				23,615
Treasury stock:
Beginning of year			(567,105	)			(562,923	)
Acquisition of treasury stock (shares: 122,250 – 2016; 129,257 – 2015)			(3,845	)			(3,580	)
End of period			(570,950	)			(566,503	)
Total stockholders’ equity		$	1,475,965				1,315,938

 

 

 

 

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Cash Flow
		Quarter Ended March 31,
($ in thousands)		2016				2015
Operating Activities
Net income		$	37,032				39,708
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			14,627				14,041
Stock-based compensation expense			4,377				3,681
Undistributed losses of equity method investments			1,066				3,541
Net realized gains			2,704				(18,883	)
Changes in assets and liabilities:
Increase in reserve for loss and loss expenses, net of reinsurance recoverables			42,390				44,964
Increase in unearned premiums, net of prepaid reinsurance			42,901				41,966
Decrease in net federal income taxes			5,296				11,034
Increase in premiums receivable			(39,180	)			(38,110	)
Increase in deferred policy acquisition costs			(7,789	)			(6,348	)
Decrease in interest and dividends due or accrued			528				510
Decrease in accrued salaries and benefits			(27,115	)			(16,290	)
Increase in other assets			(10,128	)			(5,578	)
Decrease in other liabilities			(52,902	)			(13,662	)
Net adjustments			(23,225	)			20,866
Net cash provided by operating activities			13,807				60,574
Investing Activities
Purchase of fixed income securities, available-for-sale			(264,828	)			(238,000	)
Purchase of equity securities, available-for-sale			(7,574	)			(150,500	)
Purchase of other investments			(12,723	)			(1,724	)
Purchase of short-term investments			(303,228	)			(333,550	)
Sale of fixed income securities, available-for-sale			12,905				9,305
Sale of short-term investments			394,915				341,146
Redemption and maturities of fixed income securities, held-to-maturity			37,400				20,720
Redemption and maturities of fixed income securities, available-for-sale			130,641				145,661
Sale of equity securities, available-for-sale			4,285				129,052
Distributions from other investments			7,994				5,845
Purchase of property and equipment			(3,439	)			(4,064	)
Net cash used in investing activities			(3,652	)			(76,109	)
Financing Activities
Dividends to stockholders			(8,270	)			(7,591	)
Acquisition of treasury stock			(3,845	)			(3,580	)
Net proceeds from stock purchase and compensation plans			1,478				2,271
Proceeds from borrowings			25,000				15,000
Repayments of borrowings			(25,000	)			—
Excess tax benefits from share-based payment arrangements			1,361				1,398
Repayments of capital lease obligations			(1,094	)			(1,118	)
Net cash (used in) provided by financing activities			(10,370	)			6,380
Net decrease in cash			(215	)			(9,155	)
Cash, beginning of year			898				23,959
Cash, end of period		$	683				14,804

 

 

 

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

Statutory Balance Sheets

(unaudited)

 

		March 31,				March 31,				December 31,
($ in thousands)		2016				2015				2015
ASSETS
Bonds		$	4,583,540				4,299,029				4,491,136
Common stocks			202,619				190,937				194,789
Preferred stocks			12,807				20,521				11,856
Affiliated mortgage loan			34,957				35,765				35,163
Other investments			130,365				147,468				128,788
Short-term investments			81,011				113,117				165,678
Total investments			5,045,299				4,806,837				5,027,410
Cash on hand and in banks			(12,429	)			1,538				(34,378	)
Interest and dividends due and accrued			37,891				38,376				38,466
Premiums receivable			649,660				593,248				609,146
Reinsurance recoverable on paid losses and expenses			9,025				10,919				10,949
Deferred tax recoverable			144,761				143,060				142,066
EDP equipment			397				460				390
Equities and deposits in pools and associations			10,864				10,373				10,920
Receivable for sold securities			647				8				17
Other assets			28,245				27,206				28,300
Total assets		$	5,914,360				5,632,025				5,833,286
LIABILITIES
Reserve for losses		$	2,456,286				2,432,544				2,426,583
Reinsurance payable on paid loss and loss expense			3,057				3,297				2,841
Reserve for loss expenses			534,949				505,752				525,322
Unearned premiums			1,071,722				990,791				1,028,820
Reserve for commissions payable			50,382				46,691				89,740
Ceded balances payable			41,112				29,303				37,222
Federal income tax payable			34,247				23,786				25,644
Premium and other taxes payable			19,411				19,450				23,998
Borrowed money			60,031				60,031				60,031
Reserve for dividends to policyholders			6,439				4,486				5,805
Reserves for unauthorized reinsurance			2,030				7,661				2,030
Payable for securities			25,563				31,790				6,204
Funds withheld on account of others			7,928				7,485				6,806
Accrued salaries and benefits			52,230				48,287				77,933
Other liabilities			87,647				98,249				87,987
Total liabilities			4,453,034				4,309,603				4,406,966
POLICYHOLDERS' SURPLUS
Capital			42,725				42,725				42,725
Paid in surplus			492,869				492,869				492,869
Unassigned surplus			925,732				786,828				890,726
Total policyholders' surplus			1,461,326				1,322,422				1,426,320
Total liabilities and policyholders' surplus		$	5,914,360				5,632,025				5,833,286

 

 

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

Statutory Statements Of Income

(unaudited)

 

		Quarter Ended March
($ in thousands)		2016								2015
UNDERWRITING
Net premiums written		$	565,359								518,088
Net premiums earned			522,458								476,123
Net losses paid			210,673								194,366
Change in reserve for losses			29,703								34,014
Net losses incurred			240,376				46.0	%			228,380				48.0	%
Net loss expenses paid			46,124								44,994
Change in reserve for loss expenses			9,627								12,243
Net loss expenses incurred			55,751				10.7	%			57,237				12.0	%
Net underwriting expenses incurred			190,917				33.7	%			170,938				33.0	%
Total deductions			487,044								456,555
Statutory underwriting gain			35,414								19,568
Net loss from premium balances charged off			(691	)							(610	)
Finance charges and other income			962								1,994
Total other income			271				0.0	%			1,384				-0.3	%
Policyholders' dividends incurred			(1,653	)			0.3	%			(1,525	)			0.3	%
Total underwriting gain			34,032				90.7	%			19,427				93.0	%
INVESTMENT
Net investment income earned			30,623								27,127
Net realized gain			(2,704	)							18,883
Total income before income tax			61,951								65,437
Federal income tax expense			16,603								7,261
Net income		$	45,348								58,176
Policyholders' Surplus
Surplus, beginning of period		$	1,426,320								1,307,842
Net income			45,348								58,176
Change in deferred taxes			352								(10,194	)
Change in net unrealized capital gains (losses)			5,311								(12,910	)
Dividends to stockholders			(15,254	)							(14,438	)
Change in non-admitted assets			(2,182	)							(7,669	)
Change in Overfunded Contra Asset			(1,047	)							(281	)
Qual Pen Trans Liab			2,456								1,846
Excess Plan Trans Liab			19								43
PRL Plan Trans Liab			3								7
Net change in surplus for period			35,006								14,580
Surplus, end of period		$	1,461,326								1,322,422
Statutory underwriting gain		$	34,032								19,427
Adjustments under GAAP:
Deferred policy acquisition costs			7,789								6,348
Other, net			(866	)							246
GAAP underwriting gain		$	40,955								26,021

 

Note: Some amounts or ratios may not foot due to rounding

 

 

Selective Insurance Group, Inc. and Consolidated Subsidiaries

Alternative Investments

March 31, 2016

(unaudited)

 

	Number	Original	Remaining	Current
Strategy	of Funds	Commitment	Commitment	Market Value
Private Equity	9	111,498,351	28,750,146	32,478,105
Private Credit	7	80,000,000	25,129,467	21,938,463
Real Assets	7	100,000,000	28,558,441	16,792,100
TOTAL - ALTERNATIVE INVESTMENTS	23	291,498,351	82,438,054	71,208,668

 

 

 

 

 

 

 

Exhibit may not foot due to rounding