What does insurance operations — combined ratio mean?

The combined ratio is the sum of the loss ratio and the expense ratio, representing the total underwriting profitability of the insurance segment. A ratio below 100% indicates an underwriting profit, while a ratio above 100% indicates an underwriting loss.

Selective Insurance Group (SIGI) Insurance Operations — Combined Ratio

Screener

Other segment segments

Standard Personal Lines

95.5%+4.3%

E&S Lines

91.8%+2.2%

Similar metrics at other companies

EIGInsurance Operations — Combined Ratio

107.1%+5.1pp

AXSInsurance — Combined Ratio

90%+4.7pp

AXSReinsurance — Combined Ratio

94.5%+2.5pp

SPNTReinsurance — Combined Ratio

92.3%+2.5pp

ORITitle Insurance — Combined Ratio

100.1%-2.0pp

SPNTInsurance & Services — Combined Ratio

90.7%+1.4pp

Other financials

Income statement

See full

Revenue$1.4B+4.5%

Net income$129.4M+50.5%

EPS (diluted)$2.11+55.1%

Balance sheet

See full

Cash & equivalents$557.0K+56.0%

Total debt$903.2M-0.5%

Total equity$3.7B+8.7%

Total assets$15.6B+7.9%

Cash flow

See full

Operating cash flow$229.0M+37.2%

CapEx$14.1M+94.6%

Free cash flow$214.9M+34.6%

Valuation

See full

Market cap$5.77B+19.9%

Enterprise value$6.67B+16.6%

P/E11.6×-1.0×

P/S1.1×+0.1×

Profitability

See full

Net margin9.1%+1.6pp

FCF margin21.7%-0.4pp

Returns & leverage

See full

Return on equity14.2%+2.0pp

Debt / equity0.2×0.0×

Where this comes from

Reported directly by Selective Insurance Group in its filing.

Tagged under the XBRL concept us-gaap:CombinedRatio.

The source filing: Selective Insurance Group’s 10-Q, filed July 24, 2026.

Filed: Jul 24, 2026, 2:18 PM EDT
Fiscal quarter: Q2 FY2026
Calendar quarter: Q2 2026
Accession: 0000230557-26-000020

Combined Ratio	Quarter ended June 30, 2026 / Amount	Quarter ended June 30, 2026 / Ratio	Quarter ended June 30, 2025 / Amount	Quarter ended June 30, 2025 / Ratio	Six Months ended June 30, 2026 / Amount	Six Months ended June 30, 2026 / Ratio	Six Months ended June 30, 2025 / Amount	Six Months ended June 30, 2025 / Ratio
Net underwriting expenses incurred1	48,056	30.8	45,719	30.9	94,205	30.7	89,939	30.9
Underwriting income (loss)	12,756	91.8	15,171	89.8	28,645	90.7	25,853	91.1
Total Insurance Operations:
Net premiums earned	1,215,508		1,188,057		2,432,704		2,346,814
Loss and loss expense incurred	816,266	67.2	823,898	69.3	1,631,770	67.1	1,570,223	66.9
Net underwriting expenses incurred1	374,363	30.8	365,431	30.8	754,110	31.0	731,243	31.2
Dividends to policyholders	490	—	1,151	0.1	1,190	—	2,134	0.1
Underwriting income (loss)	24,389	98.0	(2,423)	100.2	45,634	98.1	43,214	98.2

ITEM 1. FINANCIAL STATEMENTS.

FAQ

What is Selective Insurance Group's insurance operations — combined ratio?: Selective Insurance Group (SIGI) reported insurance operations — combined ratio of 98% in Q2 2026.
How has Selective Insurance Group's insurance operations — combined ratio changed year-over-year?: Selective Insurance Group's insurance operations — combined ratio decreased by 2.2% year-over-year, from 100.2% to 98%.
What does insurance operations — combined ratio mean?: The combined ratio is the sum of the loss ratio and the expense ratio, representing the total underwriting profitability of the insurance segment. A ratio below 100% indicates an underwriting profit, while a ratio above 100% indicates an underwriting loss.