Detailed financial statements for Selective Insurance Group, Inc. (SIGI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Selective Insurance Group, Inc. (SIGI) is a U.S.-based company that delivers a wide array of insurance products and services. Its business operations are structured across four primary divisions: Standard Commercial Lines, Standard Personal Lines, Excess & Surplus Lines (E&S), and Investments.
Analysis Summary
Selective Insurance Group, Inc. reported revenue of $5.34B in the most recent fiscal year, growing at a 5-year CAGR of 12.8%. Net income reached $466.4M, with a 13.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 48.2%, operating margin 11.0%, net margin 9.1%. Free cash flow grew at 17.6% CAGR over 5 years.
At the current price of $85.25, SIGI trades at a P/E of 10.62 and an ROE of 13.87%. Market capitalisation stands at $5.1B.
Balance sheet quality for SIGI: current ratio of 0.6, net debt of $989.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.19B represents 256% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.28B | $2.47B | $2.59B | $2.85B | $2.92B | $3.38B | $3.56B | $4.23B | $4.86B | $5.34B |
| Cost of Revenue | $2.01B | $2.15B | $2.32B | $2.45B | $2.56B | $2.82B | $3.22B | $3.71B | $4.54B | $3.16B |
| Gross Profit | $277.8M | $322.6M | $261.6M | $401.0M | $359.2M | $562.8M | $340.3M | $518.1M | $321.3M | $2.18B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $35.0M | $36.3M | $25.4M | $30.9M | $25.4M | $28.3M | $31.1M | 0 | 0 | $36.4M |
| Operating Expenses | $57.8M | $60.6M | $49.9M | $64.6M | $56.3M | $57.5M | $60.1M | $59.7M | $63.3M | $1.59B |
| Operating Income | $220.0M | $262.0M | $211.7M | $336.4M | $303.0M | $505.3M | $280.2M | $458.4M | $258.0M | $589.6M |
| EBITDA | $304.4M | $338.4M | $281.0M | $425.3M | $393.2M | $589.6M | $351.4M | $517.3M | $321.7M | $671.6M |
| Interest Expense | $22.8M | $24.4M | $24.4M | $33.7M | $30.8M | $29.2M | $28.8M | $28.8M | $28.9M | $49.3M |
| Pre-tax Income | $220.0M | $262.0M | $211.7M | $336.4M | $303.0M | $505.3M | $280.2M | $458.4M | $258.0M | $589.6M |
| Income Tax | $61.5M | $93.1M | $32.8M | $64.8M | $56.6M | $101.5M | $55.3M | $93.2M | $51.0M | $123.2M |
| Net Income | $158.5M | $168.8M | $178.9M | $271.6M | $246.4M | $403.8M | $224.9M | $365.2M | $207.0M | $466.4M |
| EPS | $2.74 | $2.89 | $3.00 | $4.57 | $4.11 | $6.50 | $3.54 | $5.84 | $3.25 | $7.48 |
| EPS (Diluted) | $2.70 | $2.84 | $3.00 | $4.53 | $4.09 | $6.50 | $3.54 | $5.84 | $3.23 | $7.48 |
| Shares Outstanding (Diluted) | $58.7M | $59.4M | $59.7M | $60.0M | $60.3M | $60.7M | $60.9M | $61.0M | $61.3M | $61.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.36B | $1.36B | $1.35B | $1.39B |
| Gross Profit | $163.4M | $1.36B | $535.8M | $570.8M |
| Operating Income | $145.7M | $156.2M | $124.2M | $176.1M |
| EBITDA | $166.9M | $403.9M | $147.0M | $183.9M |
| Net Income | $115.3M | $155.2M | $97.7M | $129.4M |
| EPS | $1.85 | $2.52 | $1.58 | $2.11 |
| EPS (Diluted) | $1.85 | $2.52 | $1.58 | $2.11 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $37.4M | $44.7M | $16.9M | $8.0M | $15.2M | $45.1M | $25.2M | $13.3M | $63.0M | $18.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $681.6M | $747.0M | $770.5M | $823.9M | $836.0M | $945.2M | $1.09B | $1.31B | $1.47B | $1.53B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $719.0M | $791.8M | $787.4M | $831.9M | $851.2M | $990.2M | $1.11B | $1.33B | $1.53B | $1.55B |
| Property, Plant & Equipment | $69.6M | $64.0M | $65.2M | $103.9M | $117.9M | $117.7M | $126.7M | $124.5M | $138.4M | $208.2M |
| Goodwill | $7.8M | $7.8M | $7.8M | $7.8M | $7.8M | $7.8M | $7.8M | $7.8M | $7.8M | $7.8M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $6.70B | $7.02B | $7.31B | $8.18B | $9.07B | $9.82B | $9.96B | $11.08B | $12.36B | $14.13B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $63.1M | $54.6M | $58.5M | $58.7M | $58.7M | $9.6M | $9.8M | $10.6M | $12.6M | $13.1M |
| Total Current Liabilities | $1.18B | $1.25B | $1.33B | $1.42B | $1.51B | $1.63B | $1.83B | $2.14B | $2.39B | $2.49B |
| Long-term Debt | $379.6M | $386.8M | $381.7M | $499.9M | $500.2M | $500.6M | $501.0M | $501.3M | $501.7M | $898.3M |
| Total Liabilities | $5.17B | $5.31B | $5.52B | $5.98B | $6.33B | $6.84B | $7.44B | $8.12B | $9.24B | $10.52B |
| Retained Earnings | $1.57B | $1.70B | $1.86B | $2.08B | $2.27B | $2.60B | $2.75B | $3.03B | $3.14B | $3.50B |
| Total Equity | $1.53B | $1.71B | $1.79B | $2.19B | $2.74B | $2.98B | $2.53B | $2.95B | $3.12B | $3.61B |
| Total Debt | $429.6M | $436.8M | $431.7M | $578.1M | $592.4M | $543.3M | $549.2M | $547.6M | $555.7M | $1.01B |
| Net Debt | $392.2M | $392.1M | $414.8M | $570.1M | $577.2M | $498.3M | $524.0M | $534.3M | $492.6M | $989.3M |
| Working Capital | -$460.7M | -$459.0M | -$545.3M | -$583.3M | -$655.2M | -$639.5M | -$719.3M | -$811.6M | -$862.7M | -$940.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $24.2M | $18.0M | $176,000 | $557,000 |
| Total Assets | $13.76B | $14.13B | $15.32B | $15.62B |
| Total Liabilities | $10.27B | $10.52B | $11.73B | $11.95B |
| Total Equity | $3.49B | $3.61B | $3.59B | $3.66B |
| Total Debt | $902.3M | $1.01B | $901.4M | $901.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $158.5M | $168.8M | $178.9M | $271.6M | $246.4M | $403.8M | $224.9M | $365.2M | $207.0M | $466.4M |
| Depreciation & Amortization | $61.7M | $52.1M | $44.9M | $55.2M | $59.4M | $55.1M | $42.3M | $30.0M | $34.8M | $32.7M |
| Stock-based Compensation | $30.3M | $31.2M | $19.3M | $19.1M | $16.2M | $15.9M | $18.4M | $18.3M | $22.8M | $23.1M |
| Change in Working Capital | -$5.2M | $46.2M | $86.6M | $155.9M | $236.8M | $209.2M | $371.5M | $342.8M | $833.1M | $715.4M |
| Operating Cash Flow | $329.5M | $379.5M | $454.9M | $477.5M | $554.0M | $771.4M | $802.4M | $758.9M | $1.10B | $1.23B |
| Capital Expenditure | -$18.1M | -$14.1M | -$16.1M | -$31.0M | -$22.1M | -$22.2M | -$26.0M | -$22.6M | -$30.8M | -$38.7M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$5.0M | -$6.0M | -$6.6M | -$8.2M | -$7.1M | -$9.1M | -$18.3M | -$7.9M | -$15.6M | -$92.6M |
| Dividends Paid | -$33.8M | -$37.0M | -$42.1M | -$47.7M | -$54.5M | -$69.5M | -$76.1M | -$83.0M | -$94.1M | -$102.1M |
| Free Cash Flow | $311.4M | $365.5M | $438.8M | $446.5M | $532.0M | $749.3M | $776.4M | $736.3M | $1.07B | $1.19B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $405.8M | $376.3M | $221.4M | $229.0M |
| Capital Expenditure | -$8.5M | -$10.0M | -$10.9M | -$14.1M |
| Free Cash Flow | $397.3M | $366.3M | $210.5M | $214.9M |
| Dividends Paid | -$24.8M | -$27.5M | -$27.1M | -$27.3M |
| Stock-based Compensation | $2.8M | $2.7M | $13.1M | $5.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.1% | +4.7% | +10.1% | +2.7% | +15.6% | +5.3% | +18.9% | +14.9% | +9.8% | |
| Net Income Growth (YoY) | +6.5% | +6.0% | +51.8% | -9.3% | +63.9% | -44.3% | +62.4% | -43.3% | +125.3% | |
| EPS Growth (YoY) | +5.5% | +3.8% | +52.3% | -10.1% | +58.2% | -45.5% | +65.0% | -44.3% | +130.2% | |
| Shares Change (YoY) | +1.0% | +0.6% | +0.5% | +0.5% | +0.6% | +0.3% | +0.2% | +0.5% | -0.3% | |
| FCF Growth (YoY) | +17.4% | +20.1% | +1.7% | +19.1% | +40.8% | +3.6% | -5.2% | +45.2% | +11.7% | |
| Gross Margin | 12.2% | 13.1% | 10.1% | 14.1% | 12.3% | 16.7% | 9.6% | 12.2% | 6.6% | 40.9% |
| Operating Margin | 9.6% | 10.6% | 8.2% | 11.8% | 10.4% | 15.0% | 7.9% | 10.8% | 5.3% | 11.0% |
| EBITDA Margin | 13.3% | 13.7% | 10.9% | 14.9% | 13.5% | 17.4% | 9.9% | 12.2% | 6.6% | 12.6% |
| Net Margin | 6.9% | 6.8% | 6.9% | 9.5% | 8.4% | 12.0% | 6.3% | 8.6% | 4.3% | 8.7% |
| FCF Margin | 13.6% | 14.8% | 17.0% | 15.7% | 18.2% | 22.2% | 21.8% | 17.4% | 22.0% | 22.4% |
| Effective Tax Rate | 27.9% | 35.6% | 15.5% | 19.3% | 18.7% | 20.1% | 19.7% | 20.3% | 19.8% | 20.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.30 | $6.16 | $7.35 | $7.44 | $8.82 | $12.35 | $12.75 | $12.08 | $17.44 | $19.55 |
| Dividends Per Share | $0.57 | $0.62 | $0.70 | $0.79 | $0.90 | $1.15 | $1.25 | $1.36 | $1.54 | $1.67 |
| Shares Outstanding (Basic) | $58.7M | $58.5M | $59.6M | $59.4M | $59.9M | $60.7M | $60.9M | $61.0M | $60.9M | $61.1M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 13.87% |
| Return on Invested Capital | 11.94% |
| Return on Assets | 3.19% |
| Gross Margin | 48.23% |
| Operating Margin | 11.02% |
| Net Margin | 9.11% |
Financial Health
| Debt / Equity | 0.25 |
| Current Ratio | 0.22 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.07 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.71 | 20.31 | 20.31 | 14.26 | 16.30 | 12.61 | 25.03 | 17.03 | 28.78 | 11.19 |
| P/B | 1.65 | 2.00 | 2.03 | 1.76 | 1.47 | 1.67 | 2.13 | 2.05 | 1.82 | 1.42 |
| P/S | 1.11 | 1.39 | 1.41 | 1.36 | 1.37 | 1.47 | 1.52 | 1.43 | 1.17 | 0.96 |
| Gross Margin | 12.2% | 13.1% | 10.1% | 14.1% | 12.3% | 16.7% | 9.6% | 12.2% | 6.6% | 40.9% |
| Operating Margin | 9.6% | 10.6% | 8.2% | 11.8% | 10.4% | 15.0% | 7.9% | 10.8% | 5.3% | 11.0% |
| Net Margin | 6.9% | 6.8% | 6.9% | 9.5% | 8.4% | 12.0% | 6.3% | 8.6% | 4.3% | 8.7% |
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Explore sector: Financial Services · Insurance - Property & Casualty
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