Retirement Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plans

The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). The plan is closed to new entrants, and benefits ceased accruing under the Pension Plan after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2023 Annual Report.

The following tables provide information about the Pension Plan:

	Pension Plan
	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,888	3,866	$	7,776	7,732
Expected return on plan assets	(5,383)		(5,772)	(10,765)		(11,545)
Amortization of unrecognized net actuarial loss	955		750	1,910		1,501
Total net periodic pension cost (benefit)1	$	(540)	(1,156)	$	(1,079)	(2,312)

1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

	Pension Plan
	Six Months ended June 30,
	2024		2023
Weighted-Average Expense Assumptions:
Discount rate	5.02	%	5.21	%
Effective interest rate for calculation of interest cost	4.91		5.09
Expected return on plan assets	6.40		6.90