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Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
Selective Insurance reported revenue of $5.3B in the fiscal year ended Dec 2025, up 9.8% from the year before. Operating income was $639M, an operating margin of 12.0%, and net income was $466M. Operating cash flow of $1.2B less capital expenditure of $39M left free cash flow of $1.2B.
Ranks among the 30 insurance - property & casualty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,379 | 3,558 | 4,232 | 4,862 | 5,337 |
| Operating incomederived: pre-tax income + interest | 534 | 309 | 487 | 287 | 639 |
| Interest expense | 29.2 | 28.8 | 28.8 | 28.9 | 49.3 |
| Pre-tax income | 505 | 280 | 458 | 258 | 590 |
| Income tax | 101 | 55.3 | 93.2 | 51.0 | 123 |
| Net income | 404 | 225 | 365 | 207 | 466 |
| Diluted EPS | 6.50 | 3.54 | 5.84 | 3.23 | 7.49 |
| Diluted shares | 60.7 | 60.9 | 61.0 | 61.3 | 61.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 45.1 | 25.2 | 13.3 | 63.0 | 18.0 |
| Net PP&E | 82.1 | 84.3 | 83.3 | 93.3 | 106 |
| Goodwill | 7.8 | 7.8 | 7.8 | 7.8 | 7.8 |
| Total assets | 10,461 | 10,802 | 11,803 | 13,514 | 15,156 |
| Long-term debt | 506 | 505 | 504 | 508 | – |
| Total liabilities | 7,479 | 8,275 | 8,848 | 10,394 | 11,547 |
| Shareholders' equity | 2,983 | 2,528 | 2,954 | 3,120 | 3,609 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 771 | 802 | 759 | 1,100 | 1,233 |
| Capital expenditure | 22.2 | 26.0 | 22.6 | 30.8 | 38.7 |
| Free cash flow | 749 | 776 | 736 | 1,069 | 1,194 |
| Depreciation & amortisation | 55.1 | 42.3 | 30.0 | 34.8 | 32.7 |
| Stock-based compensation | 15.9 | 18.4 | 18.3 | 22.8 | 23.1 |
| Share buybacks | 9.1 | 18.3 | 7.9 | 15.6 | 92.6 |
| Dividends paid | 60.1 | 66.9 | 73.8 | 84.9 | 92.9 |
| Dividend per share | 1.03 | 1.14 | 1.25 | 1.43 | 1.57 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.3% | 18.9% | 14.9% | 9.8% |
| Operating income growth (YoY) | – | −42.2% | 57.7% | −41.1% | 122.7% |
| EPS growth (YoY) | – | −45.5% | 65.0% | −44.7% | 131.9% |
| Operating margin | 15.8% | 8.7% | 11.5% | 5.9% | 12.0% |
| Net margin | 12.0% | 6.3% | 8.6% | 4.3% | 8.7% |
| Return on equityBlank when equity is negative | 13.5% | 8.9% | 12.4% | 6.6% | 12.9% |
| Free cash flow margin | 22.2% | 21.8% | 17.4% | 22.0% | 22.4% |
| Cash conversion (CFO ÷ net income) | 1.91x | 3.57x | 2.08x | 5.31x | 2.64x |
| Interest cover | 18.3x | 10.7x | 16.9x | 9.94x | 13.0x |
| Debt ÷ equity | 0.17x | 0.20x | 0.17x | 0.16x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 461 | 479 | 491 | 445 | – |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.