Sep 2026 (Q3 FY26) — Oct 23, 2026
Selective Insurance Group Q3 FY26 — Strong Operating ROE and Underwriting Margin Improvement
Read the full callSelective Insurance Group earnings: last reported Fri, 23 Oct 2026, for the quarter ended Sep 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,326 | −2.5% YoY | Quarterly, as filed | Quarter to Sep 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Sep 2026 | Not in the filed figures for the quarter to sep 2026. No older figure is substituted. | ||
| Net profit | 129 | +11.5% YoY | Quarterly, as filed | Quarter to Sep 2026 | Profit after tax as filed. |
Guidance
6 of 8 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Standard Commercial Lines new-state expansion (Kansas, Montana, Wyoming) | enter Kansas, Montana and Wyoming as Standard Commercial Lines states within the next 2 years | Sep 2024 | On July 1, we opened for business in Montana and Wyoming and are pleased with the early traction and agency engagement. | Achieved |
| Full-year after-tax net investment income | $465 million | Dec 2025 | We now expect after-tax net investment income of $480 million, up from our original expectation of $465 million. | Revised Up |
| Full-year effective tax rate | approximately 21.5% | Dec 2025 | Our guidance assumes an effective tax rate of 21.5% | On Track |
2 of SELECTIVE INSURANCE GROUP INC's 16 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 13 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $81.18 on 22 Oct 2025 → $96.61. High $100.15 (2 Jul 2026), low $73.72 (25 Mar 2026).
Overview
Guidance
6 of 8 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Standard Commercial Lines new-state expansion (Kansas, Montana, Wyoming) | enter Kansas, Montana and Wyoming as Standard Commercial Lines states within the next 2 years | Sep 2024 | On July 1, we opened for business in Montana and Wyoming and are pleased with the early traction and agency engagement. | Achieved |
| Full-year after-tax net investment income | $465 million | Dec 2025 | We now expect after-tax net investment income of $480 million, up from our original expectation of $465 million. | Revised Up |
| Full-year effective tax rate | approximately 21.5% | Dec 2025 | Our guidance assumes an effective tax rate of 21.5% | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 16 tracked commitments, with each call’s wording and source.
Call summaries
Selective Insurance Group Q3 FY26 — Strong Operating ROE and Underwriting Margin Improvement
Read the full callSelective Insurance Group Q2 FY26 — Strong Underwriting Profitability and Investment Income
Read the full callSelective Q1 FY26 — Solid Start with Underwriting Discipline Amid Competitive Casualty Market
Read the full callEvery analysed call
Financials
Net profit, year on year: +12% (quarter to sep 2026 against sep 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,256 | 1,285 | 1,327 | 1,360 | 1,365 | 1,359 | 1,387 | 1,326 |
| Profit before tax | 119 | 139 | 109 | 146 | 196 | 124 | 163 | 162 |
| Tax rate | 19.8% | 20.9% | 21.1% | 20.8% | 20.8% | 21.4% | 20.6% | 20.6% |
| Net profit | 96 | 110 | 86 | 115 | 155 | 98 | 129 | 129 |
| EPS ($ per share) | — | 1.77 | 1.37 | 1.87 | — | 1.59 | 2.13 | 2.13 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 206 | 207 | 208 | 209 | 210 | 210 | 211 | 212 |
| Reserves | 1,858 | 2,081 | 2,272 | 2,603 | 2,750 | 3,029 | 3,139 | 3,501 |
| Total liabilities | 6,161 | 6,602 | 6,949 | 7,479 | 8,275 | 8,848 | 10,394 | 11,547 |
| Fixed assets | 65 | 77 | 78 | 82 | 84 | 83 | 93 | 106 |
| Total assets | 7,953 | 8,797 | 9,688 | 10,461 | 10,802 | 11,803 | 13,514 | 15,156 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 455 | 477 | 554 | 771 | 802 | 759 | 1,100 | 1,233 |
| Cash from investing | -436 | -544 | -688 | -619 | -734 | -686 | -947 | -1,486 |
| Cash from financing | -47 | 57 | 141 | -123 | -88 | -84 | -103 | 207 |
| Capital expenditure | -16 | -31 | -22 | -22 | -26 | -23 | -31 | -39 |
| Free cash flow | 439 | 447 | 532 | 749 | 776 | 736 | 1,069 | 1,194 |
Standard Commercial Lines shrank from 71% to 70% of revenue over the last two years.
| Segment | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Standard Commercial Lines | 71% | 71% | 71% | 70% | 69% | 71% | 69% | 70% | -3.0% |
| ES Lines | 11% | 11% | 11% | 11% | 12% | 11% | 11% | 12% | +1.2% |
| Investment | — | 9% | 10% | 11% | 10% | 10% | 12% | 11% | -3.9% |
| Standard Personal Lines | 9% | 8% | 8% | 8% | 7% | 7% | 7% | 7% | -6.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Combined ratio | 98.3%Our GAAP combined ratio was 98.3%, including 6.2 points of catastrophe losses.Source: earnings call transcript | 98%Each insurance segment produced an underwriting profit, and our 98% combined ratio improved 2.2 points from a year ago.Source: earnings call transcript | -0.3 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
28 filings between Nov 25, 2025 and Jul 28, 2026.
Purchases
$50.9K
1 purchase by 1 insider
Sales
$1.78M
3 sales by 2 insiders
Also filed: 3 gifts.
| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Lanza Michael H | — | $1.61M | Jul 28, 2026 |
| Harnett Anthony D. | — | $174.4K | Feb 17, 2026 |
| Bacus Lisa R | $50.9K | — | Feb 2, 2026 |
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jul 28, 2026 | Lanza Michael H EVP and General Counsel | Gift | 1,100 | $0 |
| Jul 28, 2026 | Lanza Michael H EVP and General Counsel | Sale | 17,100 | $1.61M |
| May 1, 2026 | Bacus Lisa R Director | Award | 1,767 | $0 |
| May 1, 2026 | DOHERTY ROBERT KELLY Director | Award | 1,767 | $0 |
| May 1, 2026 | Mills Stephen Director | Award | 1,767 | $0 |
| May 1, 2026 | Mitchell H Elizabeth Director | Award | 1,767 | $0 |
| May 1, 2026 | Nicholson Cynthia S Director | Award | 1,767 | $0 |
| May 1, 2026 | Sampson Kate Director | Award | 1,767 | $0 |
| May 1, 2026 | SCHEID JOHN STEPHEN Director | Award | 1,767 | $0 |
| May 1, 2026 | Cavanaugh Terrence W Director | Award | 3,047 | $0 |
| May 1, 2026 | McCarthy Thomas A Director | Award | 3,047 | $0 |
| May 1, 2026 | Parsons Julie Director | Award | 1,767 | $0 |
| May 1, 2026 | Aijala Ainar D JR Director | Award | 1,767 | $0 |
| Feb 17, 2026 | Harnett Anthony D. SVP, Chief Accounting Officer | Sale | 1,064 | $92.9K |
| Feb 6, 2026 | Lanza Michael H EVP and General Counsel | Award | 4,260 | $0 |
| Feb 6, 2026 | Lanza Michael H EVP and General Counsel | Tax withheld | 1,595 | $143.7K |
| Feb 6, 2026 | Marchioni John J. President and CEO | Award | 21,686 | $0 |
| Feb 6, 2026 | Marchioni John J. President and CEO | Tax withheld | 9,452 | $851.6K |
| Feb 6, 2026 | Harnett Anthony D. SVP, Chief Accounting Officer | Award | 1,775 | $0 |
| Feb 6, 2026 | Harnett Anthony D. SVP, Chief Accounting Officer | Tax withheld | 711 | $64.1K |
| Feb 6, 2026 | Eppers Joseph EVP, Chief Investment Officer | Award | 2,711 | $0 |
| Feb 6, 2026 | Eppers Joseph EVP, Chief Investment Officer | Tax withheld | 938 | $84.5K |
| Feb 6, 2026 | Kamrowski Jeffrey F. EVP, MUSIC | Award | 2,905 | $0 |
| Feb 6, 2026 | Kamrowski Jeffrey F. EVP, MUSIC | Tax withheld | 1,128 | $101.6K |
| Feb 2, 2026 | Harnett Anthony D. SVP, Chief Accounting Officer | Sale | 955 | $81.5K |
| Feb 2, 2026 | Bacus Lisa R Director | Purchase | 600 | $50.9K |
| Nov 25, 2025 | Marchioni John J. President and CEO | Gift | 15,089 | $0 |
| Nov 25, 2025 | Marchioni John J. President and CEO | Gift | 15,089 | $0 |
| Oct 24, 2025 | Brennan Patrick Sean EVP, Chief Financial Officer | Purchase | 2,700 | $205.7K |
| Aug 1, 2025 | DOHERTY ROBERT KELLY Director | Purchase | 1,500 | $115.5K |
| Jul 28, 2025 | Marchioni John J. President and CEO | Purchase | 3,200 | $249.2K |
| Jul 28, 2025 | McCarthy Thomas A Director | Purchase | 2,500 | $193.6K |
| Jul 25, 2025 | Cavanaugh Terrence W Director | Purchase | 2,000 | $151.4K |
| Jul 25, 2025 | Eppers Joseph EVP, Chief Investment Officer | Purchase | 1,402 | $107.7K |
| May 2, 2025 | Bacus Lisa R Director | Award | 1,666 | $0 |
| May 2, 2025 | Coaxum Wole C Director | Award | 1,606 | $0 |
| May 2, 2025 | DOHERTY ROBERT KELLY Director | Award | 1,426 | $0 |
| May 2, 2025 | McCarthy Thomas A Director | Award | 1,426 | $0 |
| May 2, 2025 | Mills Stephen Director | Award | 2,025 | $0 |
| May 2, 2025 | Mitchell H Elizabeth Director | Award | 1,426 | $0 |
| May 2, 2025 | SCHEID JOHN STEPHEN Director | Award | 1,426 | $0 |
| May 2, 2025 | Nicholson Cynthia S Director | Award | 1,426 | $0 |
| May 2, 2025 | Sampson Kate Director | Award | 1,426 | $0 |
| May 2, 2025 | Cavanaugh Terrence W Director | Award | 2,624 | $0 |
| May 2, 2025 | Aijala Ainar D JR Director | Award | 2,624 | $0 |
| Apr 25, 2025 | Harnett Anthony D. SVP, Chief Accounting Officer | Sale | 1,352 | $117.7K |
| Mar 3, 2025 | Marchioni John J. President and CEO | Purchase | 1,180 | $102.3K |
| Feb 27, 2025 | Brennan Patrick Sean EVP, Chief Financial Officer | Purchase | 3,000 | $249.5K |
| Feb 24, 2025 | DOHERTY ROBERT KELLY Director | Purchase | 1,500 | $120.4K |
| Feb 7, 2025 | Hall Brenda M EVP, COO, Standard Lines | Award | 6,073 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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