What does standard commercial lines — combined ratio mean?

The combined ratio is the sum of the loss ratio and the expense ratio for the Standard Commercial Lines segment, representing the total cost of underwriting per dollar of premium. A ratio below 100% indicates an underwriting profit, while a ratio above 100% indicates an underwriting loss.

Selective Insurance Group (SIGI) Standard Commercial Lines — 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

NOD

NODKNon Standard Auto — Combined Ratio

-64.2%-225pp

EIGCombined Ratio

110.9%+13.0pp

RNRProperty — Combined Ratio

27.1%-0.3pp

AXSInsurance — Combined Ratio

90%+4.7pp

AXSReinsurance — Combined Ratio

94.5%+2.5pp

SPNTReinsurance — Combined Ratio

92.3%+2.5pp

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
Loss and loss expense incurred	652,249	67.8%	666,766	71.1	1,309,083	67.8%	1,248,432	67.5
Net underwriting expenses incurred1	302,100	31.4	295,862	31.6	612,127	31.8	592,505	32.0
Dividends to policyholders	490	0.1	1,151	0.1	1,190	0.1	2,134	0.1
Underwriting income (loss)	7,205	99.3	(26,144)	102.8	5,403	99.7	6,774	99.6
Standard Personal Lines:
Net premiums earned	97,639		102,377		197,667		206,032
Loss and loss expense incurred	69,004	70.7	69,977	68.3	138,303	69.9	146,646	71.2
Net underwriting expenses incurred1	24,207	24.8	23,850	23.3	47,778	24.2	48,799	23.7

ITEM 1. FINANCIAL STATEMENTS.

FAQ

What is Selective Insurance Group's standard commercial lines — combined ratio?: Selective Insurance Group (SIGI) reported standard commercial lines — combined ratio of 99.3% in Q2 2026.
How has Selective Insurance Group's standard commercial lines — combined ratio changed year-over-year?: Selective Insurance Group's standard commercial lines — combined ratio decreased by 3.4% year-over-year, from 102.8% to 99.3%.
What does standard commercial lines — combined ratio mean?: The combined ratio is the sum of the loss ratio and the expense ratio for the Standard Commercial Lines segment, representing the total cost of underwriting per dollar of premium. A ratio below 100% indicates an underwriting profit, while a ratio above 100% indicates an underwriting loss.