Selective Insurance Group Inc.

04/24/2026 | Press release | Distributed by Public on 04/24/2026 11:50

Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Forward-Looking Statements
The terms "Company," "we," "us," and "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10-Q, including information incorporated by reference, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a safe harbor for forward-looking statements under the Securities Act of 1933 and the Securities Exchange Act of 1934.
Forward-looking statements include our expectations, intentions, beliefs, projections, estimates, or forecasts regarding future events or financial performance. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, activity levels, or performance to differ materially from those expressed or implied in the forward-looking statements. In some cases, forward-looking statements may be identified by words such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "believe," "intend," "estimate," "project," "predict," "potential," "pro forma," "seek," "target," "continue," or similar terms.
Forward-looking statements are predictions only, and we cannot guarantee that the expectations expressed in such statements will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements, except as required by law.
We discuss factors that could cause actual results to differ materially from those expressed in forward-looking statements in Item 1A, "Risk Factors," of this Form 10-Q. These risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors may emerge at any time. We cannot predict these new factors, their potential impact on our business, or the extent to which any factor - or combination of factors - may cause actual results to differ materially from those expressed in forward-looking statements. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this report may not occur.
Introduction
We classify our business into four reportable segments:
•Standard Commercial Lines;
•Standard Personal Lines;
•Excess and Surplus Lines ("E&S Lines"); and
•Investments.
For more details about these segments, refer to Note 9. "Segment Information" in Item 1. "Financial Statements." of this Form 10-Q and Note 12. "Segment Information" in Item 8. "Financial Statements and Supplementary Data." of our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report").
We write our Standard Commercial and Standard Personal Lines products and services through nine of our insurance subsidiaries, some of which participate in the federal government's National Flood Insurance Program's ("NFIP") Write Your Own Program. We write our E&S products through another subsidiary, Mesa Underwriters Specialty Insurance Company, a nationally authorized non-admitted carrier for customers who generally cannot obtain coverage in the standard marketplace. Collectively, we refer to our ten insurance subsidiaries as the "Insurance Subsidiaries."
The following is Management's Discussion and Analysis ("MD&A") of our financial condition and consolidated results of operations, including an evaluation of the amounts and certainty of cash flows from operations and outside sources, trends, and uncertainties that may have a material impact in future periods. Investors should read the MD&A in conjunction with Item 1. "Financial Statements." of this Form 10-Q and the consolidated financial statements in our 2025 Annual Report filed with the United States ("U.S.") Securities and Exchange Commission.
In the MD&A, we will discuss and analyze the following:
•Critical Accounting Policies and Estimates;
•Financial Highlights of Results for the first quarters ended March 31, 2026 ("First Quarter 2026") and March 31, 2025 ("First Quarter 2025")
•Results of Operations and Related Information by Segment;
•Federal Income Taxes;
•Liquidity and Capital Resources; and
•Ratings.
Critical Accounting Policies and Estimates
Our unaudited interim consolidated financial statements include amounts for which we have made informed estimates and judgments for transactions not yet completed. Such estimates and judgments affect the reported amounts in the consolidated financial statements. As outlined in our 2025 Annual Report, those estimates and judgments most critical to the preparation of the consolidated financial statements involved the following: (i) reserve for loss and loss expense; (ii) investment valuation and the allowance for credit losses on available-for-sale ("AFS") fixed income securities; and (iii) reinsurance. These estimates and judgments require our use of assumptions about highly uncertain matters that make them subject to change as facts and circumstances develop. If we applied different estimates and judgments, the financial statements might have reported materially different amounts. For additional information regarding our critical accounting policies and estimates, refer to pages 38 through 45 of our 2025 Annual Report.
Financial Highlights of Results for First Quarter 2026 and 20251
Quarter ended March 31, Change
% or Points
($ and shares in thousands, except per share amounts) 2026 2025
Financial Data:
Revenues
$ 1,358,925 1,285,186 6 %
After-tax net investment income 113,065 95,621 18
After-tax underwriting income (loss) 16,784 36,053 (53)
Net income (loss) before federal income tax 124,202 138,886 (11)
Net income (loss) 97,676 109,896 (11)
Net income (loss) available to common stockholders 95,376 107,596 (11)
Key Metrics:
Combined ratio 98.3 % 96.1 2.2 pts
Invested assets per dollar of common stockholders' equity $ 3.36 3.37 - %
Annualized after-tax yield on investment portfolio 4.0 % 3.8 0.2 pts
Return on common equity ("ROE") 11.2 14.4 (3.2)
Net premiums written ("NPW") to statutory surplus $ 1.35 1.47 (8) %
Per Common Share Amounts:
Diluted net income (loss) per share $ 1.58 1.76 (10) %
Book value per share 56.58 50.33 12
Dividends declared per share to common stockholders 0.43 0.38 13
Non-GAAP Information:
Non-GAAP operating income (loss)2
$ 101,933 107,414 (5) %
Non-GAAP operating income (loss) per diluted common share2
1.69 1.76 (4)
Non-GAAP operating ROE2
12.0 % 14.4 (2.4) pts
Adjusted book value per common share2
$ 58.94 53.39 10 %
1Refer to the Glossary of Terms attached to our 2025 Annual Report as Exhibit 99.1 for definitions of terms used in this Form 10-Q.
2Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating ROE are comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and ROE, respectively, but exclude after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are important financial measures used by us, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized investment gains and losses on investments could distort the analysis of trends.
The tables below provide reconciliations of our GAAP to non-GAAP measures:
Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Quarter ended March 31,
($ in thousands) 2026 2025
Net income (loss) available to common stockholders
$ 95,376 107,596
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
8,301 (229)
Tax on reconciling items (1,744) 47
Non-GAAP operating income (loss)
$ 101,933 107,414
Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share
Quarter ended March 31,
2026 2025
Net income (loss) available to common stockholders per diluted common share
$ 1.58 1.76
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
0.14 -
Tax on reconciling items (0.03) -
Non-GAAP operating income (loss) per diluted common share
$ 1.69 1.76
Reconciliation of ROE to non-GAAP operating ROE Quarter ended March 31,
2026 2025
ROE 11.2 % 14.4
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
1.0 -
Tax on reconciling items (0.2) -
Non-GAAP operating ROE 12.0 % 14.4
Reconciliation of book value per common share to adjusted book value per common share Quarter ended March 31,
2026 2025
Book value per common share $ 56.58 50.33
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax 2.99 3.88
Tax on reconciling items (0.63) (0.82)
Adjusted book value per common share $ 58.94 53.39
The following table depicts the components of ROE and non-GAAP operating ROE:
ROE and non-GAAP operating ROE Components Quarter ended March 31, Change Points
2026 2025
Standard Commercial Lines Segment (0.2) % 3.5 (3.7)
Standard Personal Lines Segment 0.7 0.2 0.5
E&S Lines Segment 1.5 1.1 0.4
Total insurance operations 2.0 4.8 (2.8)
Net investment income earned
13.3 12.8 0.5
Net realized and unrealized investment gains (losses) (0.8) - (0.8)
Total investments segment 12.5 12.8 (0.3)
Other (3.3) (3.2) (0.1)
ROE 11.2 14.4 (3.2)
Net realized and unrealized investment (gains) losses, after tax 0.8 - 0.8
Non-GAAP operating ROE 12.0 14.4 (2.4)
In First Quarter 2026, we delivered an ROE of 11.2% and a non-GAAP operating ROE of 12.0%, driven by strong after-tax investment income of $113 million.
On a relative basis compared to last year, ROE declined 3.2 points and non-GAAP operating ROE declined 2.4 points in First Quarter 2026 compared to First Quarter 2025. This decline was driven by our insurance operations. Our overall combined ratio of 98.3% for First Quarter 2026 was 2.2 points higher than the 96.1% in First Quarter 2025, primarily driven by higher catastrophe losses and current year loss costs. The increased loss trend assumptions that we recognized over the course of 2025 are included in our expectations for 2026, which is the driver behind the increase in current year loss costs this year compared to last. The insurance segments contributed 2.0 points of ROE in First Quarter 2026, down 2.8 points from prior-year quarter.
Outlook
In First Quarter 2026, we delivered a double-digit operating ROE of 12.0% and returned $56 million to common stockholders through regular dividends and opportunistic share repurchases, reinforcing our commitment to delivering long-term value. As Selective celebrates its 100th anniversary in 2026, we are proud of our history, the work our employees do, and the value we deliver our policyholders, distribution partners, and shareholders. To ensure our continued success, we remain focused on a set of key priorities across the company to drive future success, including:
•Relentlessly improving on the fundamentals across risk selection, individual policy pricing, and claims outcomes. Risk selection, granular and accurate risk pricing, and prompt, fair claims adjudication are foundational capabilities we have built over many decades and remain focused on today.
•Diversifying revenue and income within and across our three insurance segments. Growth levers include achieving greater market share and segment diversification in Standard Commercial Lines, potential geographic expansion in Standard Personal Lines, and increasing our product and distribution capabilities in E&S Lines and other specialty lines.
•Further leveraging the use of data analytics and technology, including general-purpose, industry-trained, and agentic artificial intelligence ("AI") solutions, to drive operational efficiency and improved underwriting and claim outcomes. Early AI successes in claims, underwriting, and risk management are delivering measurable outcomes in accuracy, speed, and productivity, positioning us to responsibly scale AI across the organization. We have also made considerable progress in modernizing our policy acquisition and claims systems. For example, system enhancements in our E&S Lines segment have created significant operational efficiency, with the segment's premium production increasing significantly despite limited headcount growth.
•Building a connected, accountable, and empowered organization by developing talent and aligning on prioritized goals.
We remain committed to making strategic investments that fuel continued growth, innovation, and performance excellence. As we position ourselves for the future, we have several strategies to grow market share profitably:
•In our existing footprint, we are focused on growing with existing partners and strategically appointing new agency locations. In First Quarter 2026, we had a net increase of approximately thirty agency locations, and we had a net increase of 100 agency locations in 2025.
•Careful and deliberate geographic expansion. Since 2017, we have added fourteen states to our Standard Commercial Lines footprint, including Kansas in 2025. In First Quarter 2026, these expansion states produced $125 million in premium, representing approximately 9% of total direct premiums written and 1% marginal total premium growth. We expect to write new business in Montana and Wyoming by the end of 2026.
Our full-year expectations for 2026 are as follows:
•A GAAP combined ratio of 96.5% to 97.5%, including net catastrophe losses of 6 points. Our combined ratio estimate assumes no prior year casualty reserve development, as we record our best estimate each quarter. We do not make assumptions about future reserve development;
•After-tax net investment income of $465 million;
•An overall effective tax rate of 21.5%; and
•Weighted average shares of 60.5 million on a fully diluted basis, down from 61 million in our initial guidance. This reflects share repurchases in First Quarter 2026, but does not make assumptions about future share repurchases under our existing authorization.
Results of Operations and Related Information by Segment
Insurance Operations
The following table provides quantitative information for analyzing the combined ratio:
All Lines Quarter ended March 31, Change % or Points
($ in thousands) 2026 2025
Insurance Operations Results:
NPW
$ 1,225,508 1,240,443 (1) %
Net premiums earned ("NPE") 1,217,196 1,158,757 5
Less:
Loss and loss expense incurred 815,504 746,325 9
Net underwriting expenses incurred 379,747 365,812 4
Dividends to policyholders 700 983 (29)
Underwriting income (loss)
$ 21,245 45,637 (53) %
Combined Ratios:
Loss and loss expense ratio 67.0 % 64.4 2.6 pts
Underwriting expense ratio 31.2 31.6 (0.4)
Dividends to policyholders ratio 0.1 0.1 -
Combined ratio 98.3 96.1 2.2
NPW decreased modestly in First Quarter 2026 compared to First Quarter 2025, reflecting lower new business in a competitive environment and deliberate actions to enhance underwriting profitability. While this is a primary focus of ours, we are also executing strategies to support future growth opportunities, including expanding our geographic footprint and broadening our E&S distribution capabilities with retail access.
Quarter ended March 31,
($ in millions) 2026 2025
Direct new business premiums $ 214.0 251.3
Renewal pure price increases 7.2 % 10.3
NPE grew 5% in First Quarter 2026 compared to the First Quarter 2025, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.
Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:
Quarter ended March 31, Change % or Points
($ in thousands) 2026 2025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development $ - 5,000 (100) %
Current year casualty loss costs 562,095 519,272 8
Net catastrophe losses 75,350 43,357 74
Non-catastrophe property loss and loss expenses 178,059 178,696 -
Total loss and loss expense incurred 815,504 746,325 9
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development -
%
0.4 (0.4)
pts
Current year casualty loss costs 46.2 44.9 1.3
Net catastrophe losses 6.2 3.7 2.5
Non-catastrophe property loss and loss expenses 14.6 15.4 (0.8)
Total impact on loss and loss expense ratio
67.0 64.4 2.6
The loss and loss expense ratio increased 2.6 points in First Quarter 2026 compared to First Quarter 2025, driven by higher net catastrophe losses and current year casualty loss costs. Net catastrophe losses were 2.5 points higher in First Quarter 2026 compared to First Quarter 2025, due to a higher frequency and severity of winter storms and thunderstorm events that impacted our footprint this year compared to last.
Current year casualty loss costs were higher in First Quarter 2026 compared to the same prior-year period, as the increased loss trend assumptions that we recognized over the course of 2025 are included in our expectations for 2026.
Standard Commercial Lines Segment
Quarter ended March 31,
Change % or Points
($ in thousands) 2026 2025
Insurance Segments Results:
NPW $ 992,387 1,003,225 (1) %
NPE 965,759 912,210 6
Less:
Loss and loss expense incurred 656,834 581,666 13
Net underwriting expenses incurred 310,027 296,643 5
Dividends to policyholders 700 983 (29)
Underwriting income (loss)
(1,802) 32,918 (105)
Combined Ratios:
Loss and loss expense ratio 68.0 % 63.8 4.2 pts
Underwriting expense ratio 32.1 32.5 (0.4)
Dividends to policyholders ratio 0.1 0.1 -
Combined ratio 100.2 96.4 3.8
NPW decreased modestly in First Quarter 2026 compared to First Quarter 2025, reflecting lower new business and retention in a competitive environment and deliberate actions to strengthen underwriting profitability. Retention is flat with year-end 2025, but down three-points compared to First Quarter 2025 due to pricing and underwriting actions aimed at improving profitability.
Quarter ended March 31,
($ in millions) 2026 2025
Direct new business premiums $ 132.0 172.2
Retention 82 % 85 %
Renewal pure price increases 7.1 9.1
NPE grew 6% in First Quarter 2026 compared to First Quarter 2025, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.
Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:
Quarter ended March 31, Change % or Points
($ in thousands) 2026 2025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development $ - - - %
Current year casualty loss costs 471,876 433,064 9
Net catastrophe losses 57,184 19,811 189
Non-catastrophe property loss and loss expenses 127,774 128,791 (1)
Total loss and loss expense incurred 656,834 581,666 13
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development -
%
- -
pts
Current year casualty loss costs 48.9 47.5 1.4
Net catastrophe losses 5.9 2.2 3.7
Non-catastrophe property loss and loss expenses 13.2 14.1 (0.9)
Total impact on loss and loss expense ratio
68.0 63.8 4.2
The loss and loss expense ratio increased 4.2 points in First Quarter 2026 compared to First Quarter 2025, driven by higher net catastrophe losses and current year casualty loss costs. Net catastrophe property losses increased the loss and loss expense ratio by 3.7 points in First Quarter 2026 compared to the same prior-year period, driven by a higher frequency and severity of winter storms and thunderstorm events that impacted our footprint this year compared to last.
Current year casualty loss costs were higher in First Quarter 2026 compared to the same prior-year period as the increased loss trend assumptions that we recognized over the course of 2025 are included in our expectations for 2026. Elevated severity trend assumptions attributable to social inflation on our general liability and commercial automobile liability lines of business drove the increased loss trend assumptions. Lower workers compensation loss trends provided a partial offset due to decreasing claim frequencies in our 2026 expectations.
Refer to the line of business sections below for qualitative discussion on the significant drivers of changes in current year casualty loss costs.
Information about our most significant Standard Commercial Lines of business follows:
General Liability
Quarter ended March 31,
Change % or Points1
($ in thousands) 2026 2025
NPW $ 334,057 333,896 - %
Direct new business 37,757 53,665 n/a
Retention 83 % 85 n/a
Renewal pure price increases 9.2 12.0 n/a
NPE $ 315,102 294,687 7 %
Underwriting income (loss)
(23,802) (15,913) 50
Combined ratio 107.6 % 105.4 2.2 pts
% of total Standard Commercial Lines NPW 34 33
1n/a: not applicable.
NPW growth was flat in First Quarter 2026 compared to the same prior-year period, reflecting deliberate actions to enhance underwriting profitability. In sectors and markets where pricing does not align with our view of rate need, we are taking targeted underwriting actions, including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.
NPE grew 7% in First Quarter 2026 compared to First Quarter 2025, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.
The combined ratio increased 2.2 points in First Quarter 2026 compared to First Quarter 2025, primarily driven by the following:
Quarter ended March 31, Change % or Points
($ in thousands) 2026 2025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development $ - - - %
Current year casualty loss costs 235,005 213,674 10
Total loss and loss expense incurred 235,005 213,674 10
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development -
%
- -
pts
Current year casualty loss costs 74.6 72.5 2.1
Total impact on loss and loss expense ratio
74.6 72.5 2.1
The general liability line of business has experienced a long-term historical trend of meaningful severity increases, partially offset by claim frequency decreases. We attribute the increased severities to elevated social inflation, which we view as an industry dynamic characterized by higher claimant propensity for attorney representation and litigation, longer settlement times, and higher settlement values. Certain jurisdictions with expanded liability theories and higher damage awards pose increased challenges. We are closely monitoring these jurisdictions and the broader trends across our business.
These dynamics have impacted our view of current year loss costs. We embedded a 2.1-point increase in current year casualty loss costs in First Quarter 2026 compared to First Quarter 2025, driven by higher social inflation-related severity assumptions.
Commercial Automobile
Quarter ended March 31,
Change % or Points1
($ in thousands) 2026 2025
NPW $ 301,516 312,654 (4) %
Direct new business 28,467 45,871 n/a
Retention 82 % 85 n/a
Renewal pure price increases
9.1 10.6 n/a
NPE $ 296,380 283,585 5 %
Underwriting income (loss)
5,564 7,644 (27)
Combined ratio 98.1 % 97.3 0.8 pts
% of total Standard Commercial Lines NPW 30 31
1n/a: not applicable.
NPW decreased 4% in First Quarter 2026 compared to the same prior-year period, driven by underwriting actions to improve profitability, such as achieving renewal pure price increases and tightening underwriting guidelines for fleet exposures. Lower renewal pure price increases this year compared to last were driven by a reduction in rates for physical damage that were partially offset by higher commercial automobile liability rates.
NPE grew 5% in First Quarter 2026 compared to the First Quarter 2025, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.
The combined ratio increased 0.8 points in First Quarter 2026 compared to the same prior-year period, and included the following:
Quarter ended March 31,
Change % or Points
($ in thousands) 2026 2025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development $ - - - %
Current year casualty loss costs 162,718 144,739 12
Net catastrophe losses 394 1,477 (73)
Non-catastrophe property loss and loss expenses 38,288 42,548 (10)
Total loss and loss expense incurred 201,400 188,764 7
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development - % - -
pts
Current year casualty loss costs 55.0 51.1 3.9
Net catastrophe losses 0.1 0.5 (0.4)
Non-catastrophe property loss and loss expenses 12.9 15.0 (2.1)
Total impact on loss and loss expense ratio
68.0 66.6 1.4
We did not record any prior year casualty reserve development in First Quarter 2026 or First Quarter 2025. Current year casualty loss costs were higher in First Quarter 2026 compared to the same prior-year period, as the increased loss trend assumptions we recognized over the course of 2025 are included in our expectations for 2026.
Non-catastrophe property losses were 2.1 points lower in First Quarter 2026 compared First Quarter 2025 and provided a partial offset to the increase in current year loss costs. This reduction was driven by (i) the earned impact of higher renewal pure price increases and (ii) period-to-period variability of non-catastrophe property losses.
Commercial Property1
Quarter ended March 31,
Change % or Points2
($ in thousands) 2026 2025
NPW $ 198,835 196,254 1 %
Direct new business 42,026 41,416 n/a
Retention 81 % 84 n/a
Renewal pure price increases
5.1 8.5 n/a
NPE $ 201,634 186,530 8 %
Underwriting income (loss)
6,966 30,012 (77)
Combined ratio 96.5 % 83.9 12.6 pts
% of total Standard Commercial Lines NPW 20 20
1Includes Inland Marine.
2n/a: not applicable.
NPW grew a modest 1% in First Quarter 2026 compared to the same prior-year period, benefiting from direct new business, renewal pure price increases, and exposure growth on renewal policies.
The combined ratio increased 12.6 points in First Quarter 2026 compared to First Quarter 2025 and included the following:
First Quarter 2026 First Quarter 2025
($ in thousands)
Loss and Loss Expense Incurred Impact on
Combined Ratio 		Loss and Loss Expense Incurred Impact on
Combined Ratio 		Change in Ratio
Net catastrophe losses $ 49,877 24.7 pts 16,362 8.8 15.9 pts
Non-catastrophe property loss and loss expenses 76,979 38.2 76,572 41.1 (2.9)
Total $ 126,856 62.9 92,934 49.9 13.0
Net catastrophe and non-catastrophe property losses increased the loss and loss expense ratio by an aggregate 13.0 points in First Quarter 2026 compared to First Quarter 2025. The increase in net catastrophe losses was driven by higher frequency and severity of winter storms and thunderstorm events that impacted our footprint this year compared to last.
Workers Compensation
Quarter ended March 31,
Change % or Points1
($ in thousands) 2026 2025
NPW $ 82,694 86,146 (4) %
Direct new business 8,829 13,734 n/a
Retention 83 % 84 n/a
Renewal pure price increases (decreases) (2.8) (3.2) n/a
NPE $ 79,821 79,036 1 %
Underwriting income (loss)
(1,091) (4,678) (77)
Combined ratio 101.4 % 105.9 (4.5) pts
% of total Standard Commercial Lines NPW 8 9
1n/a: not applicable.
NPW decreased 4% in First Quarter 2026 compared to First Quarter 2025, primarily due to decreases in renewal pure price and a reduction in direct new business.
The combined ratio decreased 4.5 points in First Quarter 2026 compared to the same prior-year period and included the following:
First Quarter 2026 First Quarter 2025
($ in thousands)
Loss and Loss Expense Incurred Impact on
Combined Ratio 		Loss and Loss Expense Incurred Impact on
Combined Ratio 		Change in Ratio
(Favorable) unfavorable prior year casualty reserve development $ - - pts - - - pts
Current year casualty loss costs 60,050 75.2 61,543 77.8 (2.6)
Total
$ 60,050 75.2 $ 61,543 77.8 (2.6)
The combined ratio was favorably impacted by a decrease in current year casualty loss costs of 2.6 points in First Quarter 2026 compared to First Quarter 2025, primarily driven by decreasing claim frequencies leading to improved loss trends. In addition, the combined ratio benefited from a 1.6-point reduction in underwriting expenses in First Quarter 2026 compared to First Quarter 2025, which was primarily driven by lower commissions on this line of business.
Standard Personal Lines Segment
Quarter ended March 31,
Change % or Points
($ in thousands) 2026 2025
Insurance Segments Results:
NPW $ 82,469 87,513 (6) %
NPE 100,028 103,655 (3)
Less:
Loss and loss expense incurred 69,299 76,669 (10)
Net underwriting expenses incurred 23,571 24,949 (6)
Underwriting income (loss) $ 7,158 2,037 251
Combined Ratios:
Loss and loss expense ratio 69.2 % 73.9 (4.7) pts
Underwriting expense ratio 23.6 24.1 (0.5)
Combined ratio 92.8 98.0 (5.2)
NPW decreased 6% in First Quarter 2026 compared to First Quarter 2025, primarily due to lower direct new business. New business decreased 15% in First Quarter 2026 compared to the same prior-year period, driven by (i) market conditions, including an increasingly competitive market for auto insurance, (ii) restrictions we have in place to manage overall growth in the State of New Jersey, and (iii) competition in other states due to our recent rate activity. We have received regulatory approvals for increased rate levels in most of our footprint states and are focused on growth where we believe our rates are adequate.
The following table depicts direct new business, retention,and renewal pure price increases for the First Quarter 2026:
Quarter ended March 31,
($ in millions) 2026 2025
Direct new business premiums1
$ 7.6 8.9
Retention 78 % 75
Renewal pure price increases 10.6 24.1
1Excludes our Flood direct premiums written, which are 100% ceded to the NFIP and do not impact NPW.
The change in NPE in First Quarter 2026 compared to First Quarter 2025 resulted from the same impacts to NPW described above.
Underwriting results for this segment improved in First Quarter 2026 compared to the same prior-year period as we are obtaining positive results from the actions we took to refine our pricing factors and prioritize rate filings. We expect 2026 rate changes to remain above loss trends and in First Quarter 2026, we achieved renewal pure price increases of 10.6%. Additionally, we continue to focus our efforts on our target mass affluent market, with 98% of new business in First Quarter 2026 being in our target market.
Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:
Quarter ended March 31, Change % or Points
($ in thousands) 2026 2025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development $ - 5,000 (100) %
Current year casualty loss costs 26,843 28,067 (4)
Net catastrophe losses 13,200 7,113 86
Non-catastrophe property loss and loss expenses 29,256 36,489 (20)
Total loss and loss expense incurred 69,299 76,669 (10)
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development - % 4.8 (4.8)
pts
Current year casualty loss costs 26.8 27.0 (0.2)
Net catastrophe losses 13.2 6.9 6.3
Non-catastrophe property loss and loss expenses 29.2 35.2 (6.0)
Total impact on loss and loss expense ratio
69.2 73.9 (4.7)
The loss and loss expense ratio decreased 4.7 points in First Quarter 2026 compared to First Quarter 2025, driven primarily by the absence of prior year casualty reserve development this quarter. First Quarter 2025 results included unfavorable development of $5 million, or 4.8 points, for our personal automobile line of business. This development was primarily driven by increased severities related to our New Jersey portfolio in accident year 2024.
Net catastrophe and non-catastrophe property losses slightly increased the loss and loss expense ratio by an aggregate 0.3 points in First Quarter 2026 compared to the same prior-year period. Net catastrophe losses were higher by 6.3 points and reflected higher frequency and severity of weather-related catastrophe events in First Quarter 2026 compared to First Quarter 2025. Non-catastrophe property losses were lower by 6.0 points, driven by (i) the earned impact of renewal pure price increases, and (ii) variability from period to period of non-catastrophe losses.
E&S Lines Segment
Quarter ended March 31, Change % or Points
($ in thousands) 2026 2025
Insurance Segments Results:
NPW $ 150,652 149,705 1 %
NPE 151,409 142,892 6
Less:
Loss and loss expense incurred 89,371 87,990 2
Net underwriting expenses incurred 46,149 44,220 4
Underwriting income (loss) 15,889 10,682 49
Combined Ratios:
Loss and loss expense ratio 59.0 % 61.6 (2.6) pts
Underwriting expense ratio 30.5 30.9 (0.4)
Combined ratio 89.5 92.5 (3.0)
Increased competition in the marketplace moderated our NPW growth rate to 1% in First Quarter 2026 compared to First Quarter 2025, primarily due to more capacity entering the E&S marketplace and the admitted markets' appetite for business previously written by E&S companies. NPW includes the impact of the following:
Quarter ended March 31,
($ in millions) 2026 2025
Direct new business premiums $ 74.4 70.2
Renewal pure price increases 4.1 8.7
NPE grew 6% in First Quarter 2026 compared to the First Quarter 2025, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.
Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:
Quarter ended March 31, Change % or Points
($ in thousands) 2026 2025
Loss and Loss Expense Incurred:
Current year casualty loss costs $ 63,376 58,141 9
%
Net catastrophe losses 4,966 16,433 (70)
Non-catastrophe property loss and loss expenses 21,029 13,416 57
Total loss and loss expense incurred 89,371 87,990 2
Impact on Loss and Loss Expense Ratio:
Current year casualty loss costs 41.8
%
40.7 1.1
pts
Net catastrophe losses 3.3 11.5 (8.2)
Non-catastrophe property loss and loss expenses 13.9 9.4 4.5
Total impact on loss and loss expense ratio
59.0 61.6 (2.6)
The loss and loss expense ratio decreased 2.6 points in First Quarter 2026 compared to the same prior-year period. This decrease was primarily driven by lower catastrophe losses in First Quarter 2026, as the January 2025 California Palisades Fire and several severe wind and thunderstorm events impacted First Quarter 2025. Partially offsetting the lower catastrophe losses were (i) higher non-catastrophe property loss and loss expenses in First Quarter 2026 compared to First Quarter 2025, due to normal period-to-period variability associated with property losses and (ii) higher current year casualty loss costs, primarily driven by higher embedded severity assumptions due to social inflation.
Investments
Our Investments segment's objectives are to maximize the economic value of our investment portfolio by achieving stable, risk-adjusted after-tax net investment income and generating long-term growth in book value per share. Our strategies consider prevailing market conditions, our enterprise risk tolerances, and other risk implications by:
•Maximizing the portfolio's overall total return by investing (i) the premiums from our insurance operations, (ii) amounts generated through our capital management strategies, including debt and equity security issuances, and (iii) profits of our business, and
•Maintaining (i) a well-diversified portfolio across issuers, sectors, and asset classes and (ii) a fixed income securities portfolio with high credit quality and acceptable duration and maturity profiles to provide ample liquidity.
The effective duration of our fixed income and short-term investments was 4.3 years as of March 31, 2026. We monitor and manage the effective duration to maximize yield while managing interest rate risk at an acceptable level. We buy and sell investments with the intent of maximizing investment returns in the current market environment, while balancing capital preservation and ensuring adequate liquidity to support our insurance business.
At both March 31, 2026 and December 31, 2025, our fixed income and short-term investments (i) represented 92% of invested assets, (ii) had a weighted average credit rating of "A+", and (iii) had investment grade holdings representing 97% of the total fixed income and short-term investment portfolio.
For further details on the composition, credit quality, and various risks to which our portfolio is subject, see Item 7A. "Quantitative and Qualitative Disclosures About Market Risk." of our 2025 Annual Report.
Total Invested Assets
($ in thousands) March 31, 2026 December 31, 2025 Change
Total invested assets $ 11,391,193 11,302,440 1 %
Invested assets per dollar of common stockholders' equity 3.36 3.32 1
Components of unrealized gains (losses) - before tax:
Fixed income securities (179,042) (88,415) 103 %
Equity securities 15,782 14,311 10
Net unrealized gains (losses) - before tax (163,260) (74,104) 120
Components of unrealized gains (losses) - after tax:
Fixed income securities (141,444) (69,848) 103
Equity securities 12,467 11,306 10
Net unrealized gains (losses) - after tax (128,977) (58,542) 120
Invested assets increased $88.8 million at March 31, 2026, compared to December 31, 2025, primarily reflecting our active investment of operating cash flows, which were 18% of NPW in First Quarter 2026, partially offset by a $90.6 million increase in pre-tax net unrealized losses in our fixed income portfolio primarily due to higher interest rates during First Quarter 2026.
Net Investment Income
Net investment income earned components were as follows:
Quarter ended March 31, Change
% or Points
($ in thousands) 2026 2025
Fixed income securities $ 126,627 105,082 21 %
Commercial mortgage loans ("CMLs") 4,229 3,615 17
Equity securities 4,202 3,567 18
Short-term investments 5,540 6,233 (11)
Alternative investments 6,875 7,079 (3)
Other investments 40 231 (83)
Investment expenses (5,130) (5,116) -
Net investment income earned - before tax 142,383 120,691 18
Net investment income tax expense (29,318) (25,070) 17
Net investment income earned - after tax $ 113,065 95,621 18
Effective tax rate 20.6 % 20.8 (0.2) pts
Annualized after-tax yield on fixed income investments 4.2 4.0 0.2
Annualized after-tax yield on investment portfolio 4.0 3.8 0.2
After-tax net investment income earned increased 18% in First Quarter 2026 compared to First Quarter 2025, primarily driven by active portfolio management and operating cash flow deployment.
Realized and Unrealized Gains and Losses
When evaluating securities for sale, our general philosophy is to reduce our exposure to securities and sectors based on economic evaluations of whether (i) the fundamentals for that security or sector have deteriorated or (ii) the timing is appropriate to trade opportunistically for other securities with better economic-return characteristics. Net realized and unrealized gains and losses for the indicated periods were as follows:
Quarter ended March 31, Change
%
($ in thousands) 2026 2025
Net realized gains (losses) on disposals $ (1,233) (656) 88 %
Net unrealized gains (losses) on equity securities 1,470 1,050 40
Net credit loss benefit (expense) on fixed income investments
(8,154) 594 (1,473)
Losses on securities for which we have the intent to sell (384) (759) (49)
Total net realized and unrealized investment gains (losses) $ (8,301) 229 (3,725)
Net credit loss expense on fixed income investments was $8.2 million in First Quarter 2026 compared to a benefit of $0.6 million in First Quarter 2025. The First Quarter 2026 expense was driven by higher interest rates in the quarter, which increased unrealized losses on our AFS securities, thereby increasing the amount of recognized credit losses.
Income Taxes
The following table provides information regarding income taxes.
Quarter ended March 31,
($ in millions) 2026 2025
Income tax expense
$ 26.5 29.0
Effective tax rate1
21.8 % 21.2
1The effective tax rate is calculated by taking "Total income tax expense (benefit)" divided by "Income (loss) before income tax" less "Preferred stock dividends" on our Consolidated Statements of Income.
Liquidity and Capital Resources
Capital resources and liquidity reflect our ability to generate cash flows from business operations, borrow funds at competitive rates, and raise new capital to meet our operating and growth needs.
Liquidity
We manage liquidity by generating sufficient cash flows to meet our business operations' short-term and long-term cash requirements. We adjust our liquidity requirements based on economic conditions, market conditions, and future cash flow commitments, as discussed further below.
Sources of Liquidity
The Parent's sources of cash historically have consisted of dividends from the Insurance Subsidiaries, the Parent's investment portfolio, borrowings under third-party lines of credit, intercompany revolving demand loan agreements with certain Insurance Subsidiaries, and the issuance of equity (common or preferred) and debt securities. We continue to monitor these sources, considering our short-term and long-term liquidity and capital preservation strategies.
The Parent's cash and components of its investment portfolio were as follows:
($ in thousands) March 31, 2026 December 31, 2025
Fixed income securities $ 244,827 254,851
Equity securities 49,091 49,978
Short-term investments 82,585 78,973
Alternative investments 19,609 21,603
Cash 82 248
Total investments and cash $ 396,194 405,653
Short-term investments have historically been maintained in "AAA" rated money market funds and fixed income securities are comprised of high-quality, liquid government and corporate securities.
The amount and composition of the Parent's investment portfolio may change over time based on various factors, including the amount and availability of dividends from our Insurance Subsidiaries, investment income, expenses, other Parent cash needs, such as dividends payable to stockholders, asset allocation investment decisions, inorganic growth opportunities, debt retirement, and share repurchases. We have an established target for the Parent to maintain liquid investments of at least twice its expected annual net cash outflow needs.
Insurance Subsidiary Dividends
The Insurance Subsidiaries generate liquidity through insurance float, created by collecting premiums and earning investment income before paying claims. The float period can extend over many years. Our investment portfolio consists of securities with maturity dates that continually provide a source of cash flow for claims payments in the ordinary course of business. To protect our Insurance Subsidiaries' capital, we purchase reinsurance coverage for significantly large claims or catastrophes that may occur.
The Insurance Subsidiaries paid $75 million in total dividends to the Parent in First Quarter 2026. As of December 31, 2025, our allowable ordinary maximum dividend is $466 million for 2026. All Insurance Subsidiary dividends to the Parent are (i) subject to the approval and/or review of its domiciliary state insurance regulator and (ii) generally payable only from earned statutory surplus reported in its annual statements as of the preceding December 31. Although domiciliary state insurance regulators have historically approved Insurance Subsidiary dividends, there is no assurance they will approve future dividends.
New Jersey corporate law also limits the maximum amount of dividends the Parent can pay our stockholders if either (i) the Parent would be unable to pay its debts as they become due in the usual course of business or (ii) the Parent's total assets would be less than its total liabilities. The Parent's ability to pay dividends to stockholders is also impacted by (i) covenants in its credit agreement that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization, and (ii) the terms of our preferred stock that prohibit dividends from being declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period.
For additional information regarding dividend restrictions and financial covenants, where applicable, see Note 11. "Indebtedness," Note 17. "Equity," and Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.
Line of Credit
On June 30, 2025, the Parent entered into a Credit Agreement with the lenders named therein (the "Lenders") and Wells Fargo Bank, National Association, as administrative agent ("Line of Credit"). Under the Line of Credit, the Lenders have agreed to provide the Parent with a $100 million revolving credit facility that can be increased to $200 million with the Lenders' consent. The Line of Credit will mature on June 30, 2028, and has a variable interest rate based on the Parent's debt ratings. No borrowings were made under the Line of Credit in First Quarter 2026. For additional information regarding the Line of Credit and corresponding representations, warranties, and covenants, see Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.
Four Insurance Subsidiaries are members of Federal Home Loan Bank ("FHLB") branches, as shown in the following table. Membership requires the ownership of branch stock and includes the right to access liquidity. All Federal Home Loan Bank of Indianapolis ("FHLBI") and Federal Home Loan Bank of New York ("FHLBNY") borrowings are required to be secured by investments pledged as collateral. For additional information regarding collateral outstanding, refer to Note 4. "Investments" in Item 1. "Financial Statements." of this Form 10-Q.
Branch Insurance Subsidiary Member
FHLBI
Selective Insurance Company of South Carolina1
Selective Insurance Company of the Southeast1
FHLBNY
Selective Insurance Company of America
Selective Insurance Company of New York ("SICNY")
1These subsidiaries are jointly referred to as the "Indiana Subsidiaries" because they are domiciled in Indiana.
The Line of Credit permits aggregate borrowings from the FHLBI and the FHLBNY up to 10% of the respective member company's admitted assets for the previous year. SICNY is domiciled in New York, which limits its FHLBNY borrowings to the lesser of 5% of admitted assets for the most recently completed fiscal quarter or 10% of the previous year-end's admitted assets. As of March 31, 2026, we had remaining capacity of $689.8 million for FHLB borrowings, with a $28.6 million additional stock purchase requirement to allow the member companies to borrow their remaining capacity amounts.
Short-term Borrowings
We made no short-term borrowings from FHLB branches during First Quarter 2026.
Intercompany Loan Agreements
The Parent has lending agreements with the Indiana Subsidiaries, approved by the Indiana Department of Insurance, that provide the Parent with additional intercompany liquidity. Like the Line of Credit, these lending agreements limit the Parent's borrowings from the Indiana Subsidiaries to 10% of the admitted assets of the respective Indiana Subsidiary. The outstanding balance on these intercompany loans was $35.0 million as of both March 31, 2026 and December 31, 2025. The remaining capacity under these intercompany loan agreements was $198.0 million as of both March 31, 2026 and December 31, 2025. We have other insurance regulator-approved intercompany agreements that facilitate liquidity management between the Parent and the Insurance Subsidiaries to enhance flexibility.
Capital Market Activities
The Parent had no private or public stock issuances during First Quarter 2026.
During First Quarter 2026, we repurchased 337,303 shares of our common stock under our existing share repurchase program for $30.0 million, excluding commissions paid and estimated excise tax. We had $140.0 million of remaining capacity under our share repurchase program as of March 31, 2026. For additional information on this share repurchase program, refer to Note 17. "Equity" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.
Uses of Liquidity
The Parent uses the liquidity generated from the sources discussed above to pay dividends to our stockholders, among other things. Dividends on shares of the Parent's common and preferred stock are declared and paid at the discretion of the Board of Directors ("Board") based on our operating results, financial condition, capital requirements, contractual restrictions, and other relevant factors. Our Board declared:
• A quarterly cash dividend on common stock of $0.43 per common share payable on June 1, 2026, to holders of record on May 15, 2026; and
• A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on June 15, 2026, to holders of record as of May 29, 2026.
Our ability to meet our interest and principal repayment obligations on our debt and our ability to continue to pay dividends to our stockholders is dependent on (i) liquidity at the Parent, (ii) the ability of the Insurance Subsidiaries to pay dividends, if necessary, and/or (iii) the availability of other sources of liquidity to the Parent. Our next borrowing principal repayment is $60 million to FHLBI due on December 16, 2026.
Restrictions on the Insurance Subsidiaries' ability to declare and pay dividends without alternative liquidity options, could materially affect our ability to service debt and pay dividends on common and preferred stock.
Capital Resources
Capital resources ensure we can pay policyholder claims, furnish the financial strength to support underwriting insurance risks, and facilitate continued business growth. At March 31, 2026, we had GAAP stockholders' equity and statutory surplus of $3.6 billion. With total debt of $901 million at March 31, 2026, our debt-to-capital ratio was 20.1%. For additional information on our statutory surplus, see Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.
Our current and long-term material cash requirements associated with (i) loss and loss expense reserves, (ii) contractual obligations under operating and financing leases for office space and equipment, and (iii) notes payable, funded primarily with operating cash flows, have not materially changed since December 31, 2025. The Insurance Subsidiaries' net loss and loss expense reserves duration was 3.0 years at December 31, 2025.
The following table summarizes certain contractual obligations we had at March 31, 2026, that may require us to invest additional amounts into our investment portfolio, which we would fund primarily with operating cash flows.
($ in millions) Amount of Obligation
Fixed income securities $ 535.0
Alternative investments 399.3
Equity securities 17.8
CMLs 13.2
Total $ 965.3
There is no certainty (i) these additional investments will be required or (ii) about the timing of funding. We expect to have the capacity to fund these commitments through our normal operating and investing activities as they come due.
Our other cash requirements include, without limitation, dividends to stockholders, capital expenditures, and other operating expenses, including commissions to our distribution partners, labor costs, premium taxes, general and administrative expenses, and income taxes.
As of March 31, 2026 and December 31, 2025, we had no (i) material guarantees on behalf of others and trading activities involving non-exchange traded contracts accounted for at fair value, (ii) material transactions with related parties other than those disclosed in Note 18. "Related Party Transactions" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report and Note 14. "Related Party Transactions" in Item 1. "Financial Statements." of this Form 10-Q, and (iii) material relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Consequently, we are not exposed to any material financing, liquidity, market, or credit risk related to off-balance sheet arrangements.
We continually monitor our cash requirements and the capital resources we maintain at the holding company and Insurance Subsidiary levels. As part of our long-term capital strategy, we strive to maintain capital metrics that support our targeted financial strength relative to the macroeconomic environment. Based on our analysis and market conditions, we may take a variety of actions, including, without limitation, contributing capital to the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing existing debt, repurchasing shares of the Parent's common stock, and adjusting common stockholders' dividends.
Our capital management strategy is intended to protect the interests of the Insurance Subsidiaries' policyholders and our stockholders, and to enhance our financial strength and underwriting capacity. We have a strong capital base and high-quality underwriting portfolio, positioning us well to capitalize on potential market opportunities.
Book value per common share decreased to $56.58 as of March 31, 2026, from $56.74 as of December 31, 2025. This decrease was primarily attributable to a $1.20 increase in after-tax net unrealized losses on our fixed income securities portfolio and $0.43 in common stockholder dividends, partially offset by $1.58 of net income per diluted common share. The increase in after-tax unrealized losses on our fixed income securities portfolio was primarily driven by an increase in benchmark U.S. Treasury rates during the quarter. Our adjusted book value per share, which is book value per share excluding total after-tax unrealized gains or losses on investments included in accumulated other comprehensive income (loss), increased to $58.94 as of March 31, 2026, from $57.91 as of December 31, 2025.
Cash Flows
Net cash provided by operating activities decreased to $221 million in First Quarter 2026, compared to $284 million in First Quarter 2025, primarily driven by reduced underwriting results in our insurance operations. For more information on our underwriting results, refer to "Insurance Operations" above in this MD&A.
Net cash used in investing activities decreased to $166 million in First Quarter 2026, compared to $585 million in First Quarter 2025. First Quarter 2025 was elevated as a result of investing proceeds from our $400 million, 5.9% Senior Note issuance in February 2025. These proceeds also drove the $346.2 million in net cash provided by financing activities in First Quarter 2025, compared to net cash used in financing activities in First Quarter 2026 of $62.4 million.
Ratings
Our ratings remain the same as reported in our "Overview" section of Item 1. "Business." of our 2025 Annual Report and are as follows:
Nationally Recognized Statistical Rating Organizations
Financial Strength Rating Outlook
AM Best Company A+ Stable
Moody's Investors Services
A2 Stable
Fitch Ratings
A+ Stable
Standard & Poor's Global Ratings
A Stable
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