Revenue growth has decelerated to 5.7% in 2026Q1, though the firm maintains underwriting discipline with a 89.9% combined ratio despite the 2024Q2 outlier loss event of 106.7%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 5.41B | 5.34B | 4.86B | 4.23B | 3.56B | 3.38B | 2.92B | 2.85B | 2.59B | 2.47B | 2.28B | 2.13B | 2.03B | 1.9B | 1.73B | 1.6B | 1.56B | 1.51B | 1.59B | 1.85B | 1.81B | 1.67B | 1.55B | 1.34B | 1.16B | 1.04B | 986.22M | 974.77M | 837.33M | 794.18M | 804.8M |
| Revenue Growth % | 8.61% | 9.78% | 14.87% | 18.95% | 5.3% | 15.63% | 2.66% | 10.07% | 4.7% | 8.13% | 7.15% | 4.77% | 6.89% | 9.78% | 8.55% | 2.1% | 3.34% | -4.78% | -13.88% | 2.12% | 8.19% | 7.56% | 16.37% | 15.33% | 11.18% | 5.57% | 1.17% | 16.41% | 5.43% | -1.32% | -4.09% |
| Medical Costs & Claims | 3.21B | 3.16B | 4.54B | 3.71B | 3.22B | 2.82B | 2.56B | 2.45B | 2.32B | 2.15B | 2.01B | 1.85B | 1.78B | 1.7B | 1.65B | 1.54B | 1.44B | 1.43B | 1.5B | 1.5B | 1.44B | 1.34B | 1.28B | 1.16B | 1.02B | 933.78M | 875.61M | 853.64M | 0 | 679.14M | 715M |
| Medical Cost Ratio % | 59.31% | 59.17% | 93.39% | 87.76% | 90.44% | 83.35% | 87.71% | 85.91% | 89.88% | 86.94% | 87.84% | 86.7% | 87.57% | 89.39% | 94.98% | 96.49% | 91.91% | 94.41% | 94.17% | 81.05% | 79.56% | 80.41% | 82.35% | 86.87% | 88.3% | 89.69% | 88.78% | 87.57% | 0% | 85.51% | 88.84% |
| Gross Profit | 2.2B | 2.18B | 321.3M | 518.07M | 340.26M | 562.78M | 359.24M | 400.96M | 261.59M | 322.58M | 277.75M | 283.52M | 252.89M | 202.03M | 86.97M | 56.08M | 126.65M | 84.69M | 92.69M | 349.79M | 369.55M | 327.39M | 274.19M | 175.32M | 135.47M | 107.4M | 110.61M | 121.13M | 837.33M | 115.05M | 89.8M |
| Gross Margin % | 40.69% | 40.86% | 6.61% | 12.24% | 9.56% | 16.65% | 12.29% | 14.09% | 10.12% | 13.06% | 12.16% | 13.3% | 12.43% | 10.61% | 5.02% | 3.51% | 8.09% | 5.59% | 5.83% | 18.95% | 20.44% | 19.59% | 17.65% | 13.13% | 11.7% | 10.31% | 11.22% | 12.43% | 100% | 14.49% | 11.16% |
| Gross Profit Growth % | - | 578.63% | -37.98% | 52.26% | -39.54% | 56.66% | -10.4% | 53.28% | -18.91% | 16.14% | -2.03% | 12.11% | 25.18% | 132.3% | 55.07% | -55.72% | 49.55% | -8.63% | -73.5% | -5.34% | 12.88% | 19.4% | 56.39% | 29.42% | 26.14% | -2.91% | -8.68% | -85.53% | 627.82% | 28.11% | -85.44% |
| Operating Expenses | 1.65B | 1.59B | 63.26M | 59.66M | 60.08M | 57.47M | 56.25M | 64.57M | 49.87M | 60.61M | 57.8M | 50.82M | 55.76M | 58.22M | 49.33M | 44.68M | 42.5M | 45.5M | 52.53M | 157.03M | 149.03M | 124.6M | 117.12M | 108.4M | 103.96M | -641.36M | 85.78M | 57.72M | 837.33M | -456.64M | -491.5M |
| OpEx / Revenue % | 30.56% | 29.81% | 1.3% | 1.41% | 1.69% | 1.7% | 1.92% | 2.27% | 1.93% | 2.45% | 2.53% | 2.38% | 2.74% | 3.06% | 2.84% | 2.8% | 2.72% | 3.01% | 3.3% | 8.51% | 8.24% | 7.46% | 7.54% | 8.12% | 8.98% | -61.6% | 8.7% | 5.92% | 100% | -57.5% | -61.07% |
| Depreciation & Amortization | 269.07M | 32.67M | 34.8M | 30.04M | 42.34M | 55.11M | 59.35M | 55.2M | 44.87M | 52.1M | 61.67M | 59.69M | 45.35M | 43.46M | 38.69M | 34.65M | 31.77M | 28.59M | 28.55M | 29.14M | 25.68M | 21.38M | 24.52M | 16.2M | 11.95M | 15.25M | 15.25M | 13.04M | 9.3M | 8.1M | 6M |
| Combined Ratio % | 89.87% | 88.98% | 94.69% | 89.17% | 92.13% | 85.05% | 89.63% | 88.18% | 91.81% | 89.39% | 90.37% | 89.08% | 90.31% | 92.45% | 97.83% | 99.29% | 94.62% | 97.41% | 97.47% | 89.56% | 87.8% | 87.86% | 89.89% | 94.99% | 97.28% | 28.09% | 97.48% | 93.5% | 100% | 28.02% | 27.77% |
| Operating Income | 535.02M | 589.6M | 258.03M | 458.41M | 280.19M | 505.31M | 302.99M | 336.39M | 211.72M | 261.97M | 219.96M | 232.69M | 197.13M | 143.8M | 37.63M | 11.4M | 84.15M | 39.19M | 40.17M | 192.76M | 220.51M | 202.78M | 157.07M | 66.92M | 31.51M | 748.75M | 24.83M | 63.4M | 0 | 571.68M | 581.3M |
| Operating Margin % | 9.89% | 11.05% | 5.31% | 10.83% | 7.87% | 14.95% | 10.37% | 11.82% | 8.19% | 10.61% | 9.63% | 10.92% | 9.69% | 7.55% | 2.17% | 0.71% | 5.38% | 2.59% | 2.53% | 10.44% | 12.2% | 12.14% | 10.11% | 5.01% | 2.72% | 71.91% | 2.52% | 6.5% | 0% | 71.98% | 72.23% |
| Operating Income Growth % | - | 128.5% | -43.71% | 63.61% | -44.55% | 66.78% | -9.93% | 58.88% | -19.18% | 19.1% | -5.47% | 18.04% | 37.09% | 282.1% | 230.13% | -86.45% | 114.74% | -2.44% | -79.16% | -12.59% | 8.74% | 29.1% | 134.71% | 112.38% | -95.79% | 2916.01% | -60.84% | - | -100% | -1.65% | -4.3% |
| EBITDA | 817.29M | 622.27M | 292.83M | 488.45M | 322.52M | 560.42M | 362.34M | 391.6M | 256.6M | 314.07M | 281.63M | 292.38M | 242.48M | 187.26M | 76.33M | 46.05M | 115.92M | 67.78M | 68.72M | 221.9M | 246.19M | 224.16M | 181.59M | 83.12M | 43.46M | 764M | 40.07M | 76.45M | 82.41M | 579.78M | 587.3M |
| EBITDA Margin % | 15.1% | 11.66% | 6.02% | 11.54% | 9.06% | 16.58% | 12.4% | 13.76% | 9.92% | 12.72% | 12.33% | 13.71% | 11.92% | 9.84% | 4.4% | 2.88% | 7.41% | 4.48% | 4.32% | 12.02% | 13.62% | 13.41% | 11.69% | 6.23% | 3.75% | 73.38% | 4.06% | 7.84% | 9.84% | 73% | 72.97% |
| Interest Expense | 52.91M | 49.32M | 28.88M | 28.8M | 28.85M | 29.16M | 30.84M | 33.67M | 24.42M | 24.35M | 22.77M | 22.43M | 23.06M | 26.36M | 18.87M | 18.26M | 18.62M | 19.39M | 20.51M | 23.8M | 21.41M | 17.58M | 15.47M | 17.15M | 15.09M | 14.53M | 13.74M | 9.46M | 9.41M | 9.6M | 9.2M |
| Non-Operating Income | -32.91M | -49.32M | -28.88M | -28.8M | -28.85M | -29.16M | -30.84M | -33.67M | -24.42M | -24.35M | -22.77M | -22.43M | -23.06M | -26.36M | -18.87M | -18.26M | -18.62M | -19.39M | -20.51M | -23.8M | -21.41M | -17.58M | -33.38M | -38.21M | -36.49M | 734.23M | -13.74M | -9.46M | -73.11M | 562.08M | 572.1M |
| Pretax Income | 574.92M | 589.6M | 258.03M | 458.41M | 280.19M | 505.31M | 302.99M | 336.39M | 211.72M | 261.97M | 219.96M | 232.69M | 197.13M | 143.8M | 37.63M | 11.4M | 84.15M | 39.19M | 40.17M | 192.76M | 220.51M | 202.78M | 174.98M | 87.98M | 52.91M | 21.49M | 24.83M | 63.4M | 63.7M | 91M | 69.1M |
| Pretax Margin % | 10.63% | 11.05% | 5.31% | 10.83% | 7.87% | 14.95% | 10.37% | 11.82% | 8.19% | 10.61% | 9.63% | 10.92% | 9.69% | 7.55% | 2.17% | 0.71% | 5.38% | 2.59% | 2.53% | 10.44% | 12.2% | 12.14% | 11.26% | 6.59% | 4.57% | 2.06% | 2.52% | 6.5% | 7.61% | 11.46% | 8.59% |
| Income Tax | 120.73M | 123.2M | 51.02M | 93.17M | 55.3M | 101.47M | 56.63M | 64.77M | 32.78M | 93.14M | 61.46M | 66.83M | 55.3M | 36.39M | -328K | -11.28M | 13.4M | -5.47M | -3.93M | 46.26M | 56.94M | 55.33M | 46.34M | 21.64M | 10.77M | -2.62M | -1.86M | 9.69M | 10.13M | 21.4M | 13.5M |
| Effective Tax Rate % | 21% | 20.9% | 19.77% | 20.33% | 19.74% | 20.08% | 18.69% | 19.25% | 15.48% | 35.55% | 27.94% | 28.72% | 28.05% | 25.3% | -0.87% | -98.97% | 15.93% | -13.96% | -9.79% | 24% | 25.82% | 27.29% | 26.48% | 24.59% | 20.35% | -12.19% | -7.49% | 15.28% | 15.91% | 23.52% | 19.54% |
| Net Income | 454.18M | 466.41M | 207.01M | 365.24M | 224.89M | 403.84M | 246.35M | 271.62M | 178.94M | 168.83M | 158.5M | 165.86M | 141.83M | 106.42M | 37.96M | 22.03M | 66.97M | 36.4M | 43.76M | 146.5M | 163.57M | 148.49M | 128.64M | 66.34M | 41.97M | 25.69M | 26.54M | 53.72M | 53.57M | 69.6M | 55.6M |
| Net Margin % | 8.39% | 8.74% | 4.26% | 8.63% | 6.32% | 11.95% | 8.43% | 9.54% | 6.92% | 6.84% | 6.94% | 7.78% | 6.97% | 5.59% | 2.19% | 1.38% | 4.28% | 2.4% | 2.75% | 7.93% | 9.05% | 8.89% | 8.28% | 4.97% | 3.63% | 2.47% | 2.69% | 5.51% | 6.4% | 8.76% | 6.91% |
| Net Income Growth % | 93.77% | 125.31% | -43.32% | 62.41% | -44.31% | 63.92% | -9.3% | 51.8% | 5.99% | 6.52% | -4.44% | 16.95% | 33.27% | 180.32% | 72.3% | -67.1% | 83.98% | -16.82% | -70.13% | -10.44% | 10.16% | 15.43% | 93.9% | 58.08% | 63.35% | -3.17% | -50.6% | 0.27% | -23.03% | 25.18% | 4.91% |
| EPS (Diluted) | 7.51 | 7.48 | 3.23 | 5.84 | 3.54 | 6.50 | 4.09 | 4.53 | 3.00 | 2.84 | 2.70 | 2.85 | 2.47 | 1.89 | 0.68 | 0.36 | 1.20 | 0.68 | 0.82 | 2.56 | 2.62 | 2.29 | 4.07 | 1.22 | 0.79 | 0.49 | 0.50 | 0.93 | 0.88 | 1.14 | 0.92 |
| EPS Growth % | 99.18% | 131.58% | -44.69% | 64.97% | -45.54% | 58.92% | -9.71% | 51% | 5.63% | 5.19% | -5.26% | 15.38% | 30.69% | 177.94% | 88.89% | -70% | 76.47% | -17.07% | -67.97% | -2.29% | 14.41% | -43.73% | 233.61% | 54.43% | 61.22% | -2% | -46.24% | 5.68% | -22.81% | 23.91% | 2.22% |
| EPS (Basic) | - | 7.48 | 3.25 | 5.87 | 3.57 | 6.55 | 4.11 | 4.57 | 3.00 | 2.89 | 2.74 | 2.90 | 2.52 | 1.91 | 0.69 | 0.37 | 1.23 | 0.69 | 0.84 | 2.80 | 2.97 | 2.74 | 2.37 | 1.26 | 0.81 | 0.52 | 0.53 | 0.99 | 0.94 | 1.21 | 0.96 |
| Diluted Shares Outstanding | 60.5M | 61.1M | 61.3M | 60.97M | 60.88M | 60.67M | 60.29M | 60M | 59.71M | 59.36M | 58.75M | 58.16M | 57.35M | 56.81M | 55.93M | 55.22M | 54.5M | 53.53M | 53.32M | 57.16M | 62.54M | 64.71M | 64.76M | 54.29M | 53.24M | 52.85M | 53.14M | 57.75M | 60.82M | 61.32M | 60.77M |
Social inflation and reserve volatility
According to quarterly financial data, Selective Insurance Group's revenue growth has decelerated from a peak of 16.6% in 2023Q4 to 5.7% in 2026Q1, suggesting that the company is facing increased competitive pressure or reaching saturation in its core mid-market commercial lines segment.
The consistent decline in year-over-year revenue growth rates indicates that the firm's ability to push rate increases may be waning as the market cycle shifts. Investors should monitor whether this deceleration reflects a strategic choice to prioritize underwriting discipline over volume or a loss of market share to more aggressive national carriers.
As reported in recent income statements, the company maintained a combined ratio of 89.9% in 2026Q1, demonstrating that Selective Insurance Group continues to generate a solid underwriting profit despite the significant volatility observed in the 2024Q2 period where the ratio spiked to 106.7%.
The return to sub-90% combined ratios suggests that the company's field-based underwriting model is effectively managing loss costs. However, the historical variance in these figures warrants caution, as it implies that the firm remains susceptible to periodic, sharp increases in loss severity that could quickly erode operating margins.
Based on the provided historical figures, the 2024Q2 period represents a critical inflection point where the company reported a net loss of $63.3 million and a combined ratio of 106.7%, marking a temporary but severe departure from its otherwise consistent history of underwriting profitability.
This specific quarter highlights the inherent risk in the company's portfolio, likely driven by a combination of catastrophe events and potential reserve adjustments. While subsequent quarters show a recovery, this event serves as a reminder that the firm's earnings profile is not immune to significant, non-recurring underwriting shocks.
Financial statements reveal a highly unusual cash position of $346,000 and a debt-to-equity ratio of 0.25%, which, based on industry standards for a multi-billion dollar insurer, suggests either a reporting anomaly or a potential misunderstanding of the consolidated group's true liquidity and leverage profile.
These figures appear inconsistent with the capital requirements of a P&C carrier of this scale and warrant immediate verification against audited GAAP filings. Analysts should be wary of relying on these specific metrics until the company provides clarity on whether these represent the full scope of corporate liquidity.
Quick answers to the most common questions about buying SIGI stock.
For fiscal year 2025, Selective Insurance Group, Inc. (SIGI) reported total revenue of $5.34B. This represents a 563.1% increase compared to $804.8M in 1996.
Selective Insurance Group, Inc. (SIGI) is profitable, generating $466.4M in net income for the fiscal year ending 2025 with a net profit margin of 8.7%.
Selective Insurance Group, Inc. (SIGI) reported an operating income of $589.6M, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Selective Insurance Group, Inc. (SIGI) generated $2.18B in gross profit for the year, representing a gross profit margin of 40.9%. This demonstrates the company's core pricing power and production efficiency.