SELECTIVE INSURANCE GROUP INC
For the period ended Jun 30, 2024. Filed Jul 26, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 26, 2024
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Federal Income Taxes
The following table provides information regarding federal income taxes and reconciles federal income tax at the corporate rate to the effective tax rate:
| Quarter ended June 30, | Six Months ended June 30, | |||
|---|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2024 | 2023 |
| Tax at statutory rate | $(16,821) | 15,573 | $4,718 | 39,672 |
| Tax-advantaged interest | (354) | (538) | (756) | (1,258) |
| Dividends received deduction | (79) | (68) | (117) | (137) |
| Executive compensation | 634 | 528 | 1,957 | 1,269 |
| Stock-based compensation | (15) | (111) | (1,454) | (1,724) |
| Other | (144) | 165 | (1,079) | (88) |
| Federal income tax expense (benefit) | $(16,779) | 15,549 | $3,269 | 37,734 |
| Income before federal income tax, less preferred stock dividends | $(82,398) | 71,857 | $17,868 | 184,316 |
| Effective tax rate | 20.4% | 21.6 | 18.3% | 20.5 |
The federal income tax expense decrease in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods was primarily due to underwriting losses in both periods, partially offset by an increase in net investment income. Refer to "Insurance Operations" above for more information.
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