2014 Q1 Form 10-Q Financial Statement

#000023055714000006 Filed on April 24, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $509.1M $459.9M
YoY Change 10.68% 9.68%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.60M $13.10M
YoY Change -19.08% 1090.91%
% of Gross Profit
Operating Expenses $478.4M $425.3M
YoY Change 12.49% 8.63%
Operating Profit
YoY Change
Interest Expense -$5.600M -$5.800M
YoY Change -3.45% 23.4%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $25.08M $28.87M
YoY Change -13.11% 24.48%
Income Tax $7.110M $6.563M
% Of Pretax Income 28.34% 22.73%
Net Earnings $17.97M $21.31M
YoY Change -15.65% 17.77%
Net Earnings / Revenue 3.53% 4.63%
Basic Earnings Per Share $0.32 $0.38
Diluted Earnings Per Share $0.31 $0.38
COMMON SHARES
Basic Shares Outstanding 56.22M shares 55.53M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $134.2M
YoY Change -2.26%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $169.5M
YoY Change -1.85%
LONG-TERM ASSETS
Property, Plant & Equipment $53.73M $48.33M
YoY Change 11.17% 10.08%
Goodwill $7.849M $7.849M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $4.640B $4.422B
YoY Change 4.93% 6.44%
Other Assets $113.1M $105.0M
YoY Change 7.71% -9.79%
Total Long-Term Assets $6.175B
YoY Change 13.15%
TOTAL ASSETS
Total Short-Term Assets $169.5M
Total Long-Term Assets $6.175B
Total Assets $6.370B $6.344B
YoY Change 0.41% 12.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $89.60M $103.9M
YoY Change -13.76% -8.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $92.80M $107.0M
YoY Change -13.27% -10.46%
LONG-TERM LIABILITIES
Long-Term Debt $392.4M $392.4M
YoY Change 0.0% 27.65%
Other Long-Term Liabilities $189.0M $228.5M
YoY Change -17.29% 56.4%
Total Long-Term Liabilities $581.4M $620.9M
YoY Change -6.36% 36.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.80M $107.0M
Total Long-Term Liabilities $581.4M $620.9M
Total Liabilities $5.185B $5.208B
YoY Change -0.44% 14.54%
SHAREHOLDERS EQUITY
Retained Earnings $1.213B $1.139B
YoY Change 6.45%
Common Stock $493.4M $474.1M
YoY Change 4.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $562.0M $558.8M
YoY Change 0.57%
Treasury Stock Shares 43.32M shares 43.18M shares
Shareholders Equity $1.186B $1.136B
YoY Change
Total Liabilities & Shareholders Equity $6.370B $6.344B
YoY Change 0.41% 12.69%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $17.97M $21.31M
YoY Change -15.65% 17.77%
Depreciation, Depletion And Amortization $10.60M $13.10M
YoY Change -19.08% 1090.91%
Cash From Operating Activities $35.80M $28.14M
YoY Change 27.22% -21.52%
INVESTING ACTIVITIES
Capital Expenditures -$5.700M -$3.700M
YoY Change 54.05% 60.87%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$22.00M -$95.40M
YoY Change -76.94% 266.92%
Cash From Investing Activities -$27.70M -$99.11M
YoY Change -72.05% 250.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.653M $3.176M
YoY Change -16.47% 5.34%
Debt Paid & Issued, Net $0.00 $100.0M
YoY Change -100.0%
Cash From Financing Activities -8.000M $71.06M
YoY Change -111.26% -978.45%
NET CHANGE
Cash From Operating Activities 35.80M $28.14M
Cash From Investing Activities -27.70M -$99.11M
Cash From Financing Activities -8.000M $71.06M
Net Change In Cash 100.0K $86.00K
YoY Change 16.28% -117.17%
FREE CASH FLOW
Cash From Operating Activities $35.80M $28.14M
Capital Expenditures -$5.700M -$3.700M
Free Cash Flow $41.50M $31.84M
YoY Change 30.34% -16.55%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2014Q1 us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These interim unaudited consolidated financial statements (&#8220;Financial Statements&#8221;) include the accounts of the Parent and its subsidiaries, and have been prepared in conformity with: (i) U.S. generally accepted accounting principles (&#8220;GAAP&#8221;); and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) regarding interim financial reporting. The preparation of the Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported financial statement balances, as well as the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions between the Parent and its subsidiaries are eliminated in consolidation.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in our prior years' Financial Statements and related notes have been reclassified to conform to the 2014 presentation. Such reclassifications had no effect on our net income, stockholders' equity, or cash flows. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. The Financial Statements cover the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">first</font><font style="font-family:inherit;font-size:10pt;"> quarters ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">First Quarter 2014</font><font style="font-family:inherit;font-size:10pt;">&#8221;) and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">First Quarter 2013</font><font style="font-family:inherit;font-size:10pt;">&#8221;). The Financial Statements do not include all of the information and disclosures required by GAAP and the SEC for audited annual financial statements. Results of operations for any interim period are not necessarily indicative of results for a full year. Consequently, the Financial Statements should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2013 Annual Report</font><font style="font-family:inherit;font-size:10pt;">&#8221;) filed with the SEC.</font></div></div>
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CY2013Q4 us-gaap Goodwill
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CY2013Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2014Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> Organization</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Selective Insurance Group, Inc., through its subsidiaries, (collectively referred to as &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221;) offers standard and excess and surplus lines (&#8220;E&amp;S&#8221;) property and casualty insurance products. Selective Insurance Group, Inc. (referred to as the &#8220;Parent&#8221;) was incorporated in New Jersey in 1977 and its main offices are located in Branchville, New Jersey. The Parent&#8217;s common stock is publicly traded on the NASDAQ Global Select Market under the symbol &#8220;SIGI.&#8221; </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We classify our business into </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> operating segments: </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our Standard Insurance Operations segment, which is comprised of both commercial lines ("Commercial Lines") and personal lines ("Personal Lines") business, sells property and casualty insurance products and services in the standard market, including flood insurance through the National Flood Insurance Program's ("NFIPs") write-your-own ("WYO") program;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our E&amp;S Insurance Operations segment sells Commercial Lines property and casualty insurance products and services to insureds who have not obtained coverage in the standard market; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our Investments segment, which invests the premiums collected by our Standard and E&amp;S Insurance Operations and amounts generated through our capital management strategies, which may include the issuance of debt and equity securities.</font></div></td></tr></table></div>
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-247000 USD
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-1196000 USD
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CY2014Q1 sigi Held To Maturity Securities Unrecognized Gains Losses Aggregate Continuous Unrealized Loss Position Less Than Twelve Months
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CY2013Q4 sigi Held To Maturity Securities Unrecognized Gains Losses Aggregate Continuous Unrealized Loss Position Twelve Monthsor Longer
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CY2014Q1 sigi Held To Maturity Securities Unrecognized Gains Losses Aggregate Continuous Unrealized Loss Position Twelve Monthsor Longer
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0 USD
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CY2013Q1 sigi Other Comprehensive Income Loss Amortization Pension And Other Postretirement Benefit Plans Curtailment Expense Recognized In Net Periodic Benefit Cost Before Tax
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CY2013Q1 sigi Other Comprehensive Income Loss Amortization Pension And Other Postretirement Benefit Plans Curtailment Expense Recognized In Net Periodic Benefit Cost Tax
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CY2013Q1 sigi Other Investments Realized Gains
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CY2014Q1 sigi Repayments Capital Lease Obligations
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CY2014Q1 sigi Segment Reporting Revenue
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CY2013Q1 sigi Taxfree Exchange Of Fixed Maturity Security Afs
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8470000 USD
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0 USD
CY2014Q1 sigi Taxfree Exchange Of Fixed Maturity Security Htm
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1932000 USD
CY2014Q1 sigi Totalinvestmentincomeafterfederalincometax
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31177000 USD
CY2013Q1 sigi Totalinvestmentincomeafterfederalincometax
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CY2014Q1 sigi Unrecoginzed Holding Losses
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CY2013Q4 sigi Unrecoginzed Holding Losses
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CY2014Q1 dei Amendment Flag
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CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
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CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
56219199 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
SELECTIVE INSURANCE GROUP INC

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