SELECTIVE INSURANCE GROUP, INC SGZA Cash Flow

Selective insurance group, inc (SGZA)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Operating Activities
Net Income (Loss) Attributable to Parent
15,236	81,859	56,150	72,266	61,348	45,760	55,435	58,819	18,925	30,242	46,718	41,426	50,440	39,360	38,502	43,601	37,032	45,389	46,996	33,768	39,708	41,350	53,162	29,341	17,974	25,335	32,653	27,122	21,308	1,308	18,274	288	18,093	18,034	-17,968	1,467	20,500	25,200	17,197	18,766	5,803
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization
15,415	12,859	14,019	12,049	16,278	9,913	13,190	10,571	11,200	13,937	12,754	12,527	12,882	16,108	15,408	15,528	14,627	15,820	14,783	15,044	14,041	14,287	12,147	8,334	10,578	10,600	9,758	9,955	13,148	9,307	9,836	9,802	9,748	9,385	8,999	8,260	8,001	8,595	8,370	7,354	7,451
Sale of renewal rights
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	8,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposal of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-997	0	0	0	0	-	-	-	-	-31	-1,634	-1,325	-790
Stock-based compensation expense
7,038	3,220	4,203	4,977	6,677	2,357	2,514	3,816	5,820	1,950	1,767	3,099	5,273	1,499	1,747	2,826	4,377	1,347	1,577	2,368	3,681	1,281	1,319	1,926	4,176	1,202	1,239	2,497	3,692	676	1,103	1,831	3,329	1,039	1,097	2,151	3,135	1,142	1,113	-407	6,169
Undistributed gains of equity method investments
5,602	3,941	3,898	3,963	971	4,098	2,615	747	881	1,115	663	2,899	685	-269	1,628	-611	-1,066	-1,108	1,336	1,424	-3,541	22	-7	105	33	46	171	7	-426	-561	-594	268	-764	-1,470	1,067	-1,756	2,482	2,374	1,497	946	3,895
Proceeds from equity investments, in excess of current year earnings
614	-	-	-	1,771	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain (Loss) on Investments
-44,666	-873	-2,183	4,027	13,451	-37,935	-4,787	-1,652	-10,549	-1,128	6,798	1,734	-1,045	-7,686	3,688	1,765	-2,704	-2,600	308	-3,420	18,883	-389	15,231	4,539	7,218	-1,208	13,431	5,154	3,355	5,540	-1,088	178	4,358	-3,621	-2,045	2,146	5,760	-3,812	57	-3,264	-64
Distributions in excess of current year income of equity method investments
-	-	-	-	-	-286	1,760	104	1,346	0	0	87	465	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposal of fixed assets
-14	-	21	0	0	-	-33	0	-29	-	0	0	-998	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income tax expense (benefit)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-7,790
Retirement income plan curtailment expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-16	0	0	0	0	-	-	-	-	-	-	-	-
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable
49,077	14,281	29,869	36,475	68,607	23,368	61,942	28,212	54,766	1,797	45,277	30,249	28,903	23,608	48,828	-404	42,390	-627	-6,544	21,645	44,964	10,562	-6,788	34,737	58,938	38,161	43,086	31,234	38,556	27,300	17,661	13,491	6,311	-43,679	51,420	26,968	22,196	8,614	-15,958	14,352	34,518
(Decrease) increase in unearned premiums, net of prepaid reinsurance
-4,376	-40,207	23,308	58,778	40,374	-42,477	37,392	50,411	32,732	-36,241	32,222	45,783	37,850	-37,737	36,344	46,208	42,901	-41,429	37,635	41,823	41,966	-36,264	32,482	16,199	20,254	-46,202	55,063	35,119	30,106	-36,505	44,097	33,403	41,769	-21,482	37,633	18,886	11,297	-51,784	11,871	1,605	11,647
Decrease in net federal income taxes
276	5,313	710	-10,346	12,044	-15,911	8,452	6,271	3,616	15,244	8,411	-9,683	16,946	-384	9,154	-2,916	5,296	-2,976	8,748	8,198	11,034	-2,273	20,962	8,302	4,332	5,844	5,819	-2,119	5,290	-6,762	2,008	-7,285	4,227	9,798	-10,027	-5,062	5,663	23,091	2,866	-1,682	-7,698
Decrease (increase) in premiums receivable
-25,572	-36,579	-17,228	62,794	44,396	-56,405	5,750	54,860	19,284	-22,757	5,446	56,663	26,066	-29,978	5,034	52,211	39,180	-38,802	6,375	50,703	38,110	-32,908	2,069	35,705	29,042	-44,344	691	47,933	36,202	-35,565	-3,635	32,187	25,107	-18,648	10,747	37,059	15,958	-46,289	-8,702	11,976	10,543
Decrease (increase) in deferred policy acquisition costs
-1,605	-	6,111	12,374	8,142	-	9,566	9,175	4,237	-	7,253	7,281	5,058	-32,180	7,380	7,606	7,789	-55,609	10,442	11,268	6,348	-29,327	7,594	4,409	4,697	-39,146	12,133	6,592	2,963	5,982	-9,106	-8,068	-8,570	3,051	-7,204	-4,620	996	6,770	-390	-623	1,024
Decrease (increase) in interest and dividends due or accrued
-880	1,766	61	908	491	612	-70	-866	864	0	884	-14	218	117	326	1,558	-528	572	-584	115	-510	1,454	-279	775	-414	1,327	-1,021	1,450	-384	253	-1,221	1,608	-1,108	1,310	-1,429	-159	-355	870	1,285	-524	730
Decrease in accrued salaries and benefits
-52,722	12,513	12,863	9,405	-38,529	10,080	9,980	-5,115	-41,363	14,090	9,899	6,855	-36,558	17,217	-15,150	-21,488	-27,115	11,730	17,833	-1,881	-16,290	6,776	12,599	-4,688	-21,869	10,399	14,459	-1,645	-4,528	1,168	11,064	-343	-5,356	3,969	-1,893	4,421	-4,976	-15,063	230	7,020	-7,100
Decrease (increase) in other assets
-4,583	3,527	13,490	13,609	8,711	-13,509	7,331	-3,122	9,672	-3,661	2,442	-2,649	6,511	-11,301	12,403	-6,251	10,128	-2,365	13,145	-4,835	5,578	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in other liabilities
-62,959	34,584	13,997	32,186	-45,769	21,094	29,935	6,015	-70,387	14,676	61,305	6,491	-55,175	29,877	13,973	18,243	-52,902	48,483	3,430	39,313	-13,662	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase (decrease) in accrued insurance expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,327	10,085	-26,957	7,549	12,373	6,900	-12,378	8,532	4,799	8,976	-13,476	6,136	273	10,037	-17,082	2,402	3,131	7,184	-17,187
Increase (decrease) in other assets and other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20,155	21,795	-16,914	3,162	8,954	-21,831	26,357	-17,606	-9,321	1,550	-7,373	12,283	-12,123	-6,589	-2,105	-46	-9,146	13,038	-5,176
Net adjustments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	46,440	71,255	20,866	-	32,285	7,567	17,790	72,800	107,438	42,636	6,832	57,637	97,321	16,016	17,762	-21,637	84,731	30,340	7,490	30,701	27,876	6,350	27,292
Net cash provided by operating activities
39,317	161,296	151,059	118,501	46,639	162,459	200,228	99,962	-7,705	89,227	194,867	70,920	24,531	152,035	118,347	45,320	13,807	122,547	93,436	105,023	60,574	74,644	85,447	36,908	35,764	98,135	140,091	69,758	28,140	58,945	115,595	16,304	35,855	-3,603	66,763	31,807	27,990	55,901	45,073	25,116	33,095
Investing Activities
Purchase of fixed income securities, available-for-sale
319,539	525,298	439,586	416,279	474,962	943,950	642,646	456,591	875,016	612,888	323,332	469,262	724,880	1,139,770	430,715	146,710	264,828	310,762	267,396	225,758	238,000	283,123	221,131	156,553	182,809	230,753	308,232	222,113	308,289	208,503	250,062	199,821	226,525	137,673	97,611	138,209	114,320	308,546	303,057	254,009	142,067
Purchase of commercial mortgage loans
-14,096	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of equity securities
45,511	6,164	15,534	17,997	6,702	36,510	11,432	8,129	38,273	17,451	22,365	8,032	14,083	10,743	7,951	9,222	7,574	3,003	15,331	26,886	150,500	490	73,643	50,526	61,360	5,330	70,196	42,544	2	42,829	574	706	39,724	2,447	24,963	63,361	59,780	23,262	16,956	7,059	23,915
Purchase of other investments
27,433	23,660	15,426	13,644	12,178	21,340	21,206	12,561	13,471	21,244	12,465	10,910	11,211	31,170	17,260	5,011	12,723	5,581	3,642	1,223	1,724	2,119	2,459	1,424	4,615	1,468	3,471	2,064	2,329	3,940	2,695	3,365	2,990	4,255	4,063	2,707	5,008	6,325	3,198	3,436	7,714
Purchase of short-term investments
2,086,599	1,979,495	849,562	842,567	2,416,285	1,548,374	1,249,122	707,714	754,524	1,254,729	766,519	1,231,420	1,027,885	2,192,356	615,528	388,268	303,228	517,533	352,516	398,728	333,550	327,931	317,500	366,344	398,348	436,628	503,075	472,599	644,274	504,172	435,812	427,497	368,210	417,948	336,070	377,995	316,769	331,767	453,067	653,236	303,668
Purchase of subsidiary, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-255	51,728	0	0	0	-	-	-	-
Sale of subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,000	225	151	155	158	287	233	249	255	415	297	-107	-56	844
Sale of fixed income securities, available-for-sale
101,671	132,900	89,600	153,789	218,411	648,000	444,400	262,900	675,400	385,909	94,919	122,267	594,805	893,022	11,334	9,209	12,905	39,248	0	13,018	9,305	15,503	15,942	18,255	1,302	13,275	0	0	6,851	11,402	54,471	23,391	14,308	60,662	21,669	49,197	14,907	32,615	29,713	88,478	39,632
Sale of short-term investments
1,851,532	2,023,242	814,765	842,153	2,449,725	1,529,131	1,108,673	726,629	737,097	1,305,516	683,910	1,337,975	1,010,917	2,137,783	651,374	285,950	394,915	448,569	395,010	354,755	341,146	377,552	302,395	337,590	434,865	434,465	517,487	449,540	695,313	474,571	386,756	466,148	410,780	404,263	316,067	391,624	321,487	435,655	531,926	591,467	235,386
Redemption and maturities of fixed income securities, held-to-maturity
405	6,087	5,419	4,064	579	8,183	269	3,170	484	22,740	7,362	12,203	16,527	28,682	29,571	7,215	37,400	26,649	11,268	47,984	20,720	17,040	27,780	19,199	9,396	28,632	39,766	19,542	28,644	26,595	34,513	18,273	38,879	38,443	39,347	61,077	38,483	80,912	67,023	90,937	80,963
Redemption and maturities of fixed income securities, available-for-sale
227,686	213,466	176,515	150,133	86,572	182,879	144,447	151,076	160,514	115,600	139,186	184,073	116,357	157,647	219,633	133,603	130,641	163,935	148,515	109,334	145,661	145,877	114,371	118,210	104,358	100,082	126,817	161,930	124,975	141,977	100,781	113,075	84,124	66,845	29,146	47,034	19,771	46,296	86,362	99,391	66,122
Sale of equity securities
1,320	12,000	95,200	26,379	3,721	33,600	36,100	2,900	40,700	18,993	12,718	786	5,503	20,197	15,627	79,508	4,285	24,333	12,680	6,496	129,052	22,007	74,005	50,473	61,523	6,383	67,193	42,206	0	42,991	573	663	57,513	80	328	2,827	56,836	21,738	20,030	39,828	16,419
Sale of other investments
0	-52	5,407	7,614	4,995	0	0	0	3,497	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	16,357	0	0	-13,337	13,337
Distributions from other investments
3,152	918	4,565	3,139	11,350	4,959	7,493	9,706	6,221	4,802	7,741	3,317	5,983	5,690	5,132	5,386	7,994	10,419	4,198	11,995	5,845	7,260	5,788	2,022	5,704	1,493	4,469	2,630	3,447	10,891	5,467	3,144	5,299	9,956	1,620	4,924	9,122	3,938	3,316	15,152	0
Purchase of property and equipment
8,416	6,562	7,439	9,030	7,955	4,960	4,417	4,613	2,120	2,265	4,759	2,110	4,937	4,726	5,234	4,748	3,439	4,360	4,278	3,527	4,064	6,332	2,550	929	5,699	3,530	3,732	3,088	3,673	3,497	2,589	4,530	2,263	2,892	6,089	1,477	1,366	2,460	1,492	1,704	866
Sale of renewal rights
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	8,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-315,828	-152,634	-135,967	-112,293	-142,729	-148,332	-190,954	-36,947	-59,455	-55,037	-183,604	-61,113	-32,904	-135,744	-144,017	-37,323	-3,652	-131,402	-71,492	-112,540	-76,109	-34,756	-77,002	-30,027	-27,683	-93,379	-132,974	-65,560	-99,112	-54,363	-109,015	-11,067	-28,267	-36,461	-60,370	-26,811	-19,865	-50,909	-39,507	-7,584	-25,527
Financing Activities
Dividends to stockholders
13,313	13,235	11,500	11,478	11,462	11,403	10,257	10,234	10,203	10,130	8,993	8,967	8,955	8,873	8,316	8,299	8,270	8,204	7,637	7,620	7,591	7,529	6,985	6,966	6,948	6,884	6,864	6,844	6,824	6,756	6,746	6,729	6,713	6,650	6,638	6,620	6,605	6,540	6,517	6,507	6,492
Acquisition of treasury stock
6,928	93	1,356	130	6,585	133	178	129	6,116	10	57	376	5,572	7	566	574	3,845	295	304	3	3,580	643	134	133	2,653	421	10	109	3,176	341	52	87	3,015	204	11	30	2,496	158	10	5	1,513
Net proceeds from stock purchase and compensation plans
1,525	2,644	499	3,340	1,760	2,251	1,071	2,495	1,435	2,855	699	2,482	1,563	2,905	538	2,890	1,478	4,073	1,979	1,766	2,271	3,729	463	1,830	1,261	2,814	536	2,605	1,164	2,254	361	1,456	769	2,293	363	1,347	1,008	1,878	774	1,685	625
Proceeds from borrowings
387,000	-	15,000	-499	341,256	-	0	0	130,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of borrowings
85,000	-	15,000	0	235,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of notes payable, net of debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-188	178,623	0	0	0	0	-	-	-	-	-	-	-	-
Proceeds from borrowings
-	-	-	-	-	-	-	-	-	-	0	0	64,000	-	50,000	30,000	25,000	-	0	0	15,000	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of borrowings
-	-	-	-	-	-	-	-	75,000	20,000	0	0	64,000	45,000	15,000	30,000	25,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Finance Lease, Principal Payments
142	166	215	312	284	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	100,000	0	0	0	0	-	-	-	-	-	-	-	-
Excess tax benefits from share-based payment arrangements
-	-	-	-	-	-	-	-	-	-	-	-	-	-98	156	400	1,361	238	-51	151	1,398	-4	69	185	770	66	12	196	1,271	156	31	3	870	100	-5	-4	-181	51	18	43	-856
Repayments of Long-term Capital Lease Obligations
-	-	-	-	-	-	-	-	734	-	1,013	1,107	1,147	1,162	1,179	1,567	1,094	1,172	1,186	1,213	1,118	983	904	495	459	315	768	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
283,142	-10,850	-12,572	-9,079	89,685	-10,040	-12,922	-63,467	39,382	-8,139	-9,364	-7,968	-14,111	7,765	25,633	-7,150	-10,370	-5,360	-7,199	-6,919	6,380	-18,430	-7,491	-5,579	-8,029	-4,740	-7,094	-4,340	71,058	-4,687	-6,406	-5,357	-8,089	40,539	-6,291	-5,307	-8,274	-4,769	-5,735	-17,084	-8,236
Net decrease in cash and restricted cash
-	-	-	-	-	-	-	-	-27,778	-	1,899	1,839	-22,484	-	-37	847	-215	-	14,745	-14,436	-9,155	-	954	1,302	52	-	23	-142	86	-	174	-120	-501	-	102	-311	-149	-	-	448	-668
Net increase (decrease) in cash and restricted cash
6,631	-	-	-	-6,405	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-