The business behind the dividend
| Measure | SIGI | Median | Formula |
|---|---|---|---|
| Return on equity | 12.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $460.34m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.19bn | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 11.0% | 14.3% | Operating income ÷ revenue |
| Net margin | 8.7% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -5.1% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 12.9% | 6.6% | 12.4% | 8.9% | 13.5% | 9.0% | 12.4% | 10.0% | 9.9% | 10.3% | 10.0% |
| Operating margin | 11.0% | 5.3% | 10.8% | 7.9% | 15.0% | 10.4% | 11.8% | 8.2% | 10.6% | 9.6% | 10.4% |
| Net margin | 8.7% | 4.3% | 8.6% | 6.3% | 12.0% | 8.4% | 9.5% | 6.9% | 6.8% | 6.9% | 6.9% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Selective Insurance Group pays out less than 275 of them. The median for that group is 30.6%, against this company’s 21.0%.
Closest on GAAP earnings
- Oak Valley Bancorp (OVLY) 20.8%
- International Bancshares (IBOC) 21.1%
- Everest Group (EG) 21.2%
- American Express (AXP) 21.3%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →