SELECTIVE INSURANCE GROUP INC
For the period ended Dec 31, 2024. Filed Feb 10, 2025.
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FY2024 · Filed Feb 10, 2025
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Federal Income Taxes
The following table provides information regarding federal income taxes.
| ($ in millions) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Federal income tax expense | $51.0 | 93.2 | 55.3 |
| Effective tax rate1 | 20.5% | 20.7 | 20.4 |
1 The effective tax rate is calculated by taking "Total federal income tax expense" divided by "Income before federal income tax" less "Preferred stock dividends" on our Consolidated Statements of Income.
Federal income tax expense decreased $42.2 million in 2024 compared to 2023, primarily due to an underwriting loss from our Insurance Operations this year compared to underwriting income last year. Higher net investment income earned provided a partial offset to the impact of the underwriting loss, driven by increased income from our fixed income securities portfolio. Refer to "Insurance Operations" and "Investments Segment" above for more information.
See Note 14. "Federal Income Taxes" in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K for (i) a reconciliation of our effective tax rate to the statutory rate of 21% and (ii) details regarding our net deferred tax asset and liability.
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