Selective Insurance Group Business Model Canvas
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Business Model Canvas for specialty insurers: risk, distribution and value drivers
Unlock the full strategic blueprint behind Selective Insurance Group’s Business Model Canvas — a concise, section-by-section guide revealing how the firm creates value, manages risk, and scales distribution. Ideal for investors, consultants, and executives, the downloadable Word/Excel pack accelerates competitive analysis and planning. Purchase the complete canvas to apply proven insurance-sector strategies to your work.
Partnerships
Independent insurance agents
Selective distributes exclusively via independent agents, making them core go-to-market partners; the company reported roughly 4,300 agency partners in 2024 and $4.6 billion of net written premiums. Agents supply local market access, tailored advice, and ongoing client servicing, driving quality submissions and retention. Selective supports agents with training, underwriting support, and co-marketing to boost placement and renewal rates.
Reinsurers and retrocession partners
Partnerships with global reinsurers allow Selective to manage catastrophe and large-loss volatility, with cessions of roughly 18% of 2024 written premiums and multi-year treaty layers supporting capital efficiency. Structured treaties and facultative placements optimize capital and stabilize earnings through layered loss protection. Collaborative modeling and data sharing have improved pricing and tightened coverage terms. These relationships enable prudent growth in higher-severity lines.
Catastrophe modeling and data providers
Vendors supplying hazard, exposure, and climate analytics improve Selective’s underwriting accuracy and scenario testing; 2023 saw 28 U.S. billion-dollar weather disasters totaling about 57 billion dollars per NOAA, underscoring model importance. Wind, flood and convective-storm tools inform accumulation control and stress testing. Integrations with geospatial and third-party data tighten risk selection and pricing, reducing loss-ratio variability and improving portfolio quality.
Claims service networks and TPAs
Claims service networks and specialty TPAs (preferred repair networks, field adjusters) accelerate resolution—Selective reported 2024 net premiums written of $3.6 billion and emphasized network-driven claims efficiency that reduced cycle times and improved settlements, lowering loss adjustment expense versus prior years.
- Preferred repair networks: faster turnarounds
- Adjusters & TPAs: consistent, fair settlements
- Forensic/medical/subrogation experts: higher recoveries
- Outcome: stronger satisfaction, reduced LAE
Regulators, rating agencies, and NFIP partners
Compliance with state regulators and engagement with rating agencies supports Selective Insurance Group market access and credibility; Selective held an A (Excellent) financial strength rating from A.M. Best in 2024. Collaboration with NFIP vendors augments flood solutions where applicable, while transparent reporting sustains ratings and underpins trust with agents and insureds.
- Regulatory compliance: market access
- Rating agencies: A (Excellent) — A.M. Best 2024
- NFIP partners: flood solution capabilities
- Transparent reporting: sustains financial strength and agent/insured trust
Agency-led: 4,300, $4.6B NWP, 18% ceded
Selective sells exclusively via ~4,300 independent agents (2024), producing $4.6B net written premiums; agents drive local placement and retention. Reinsurance cessions were ~18% of 2024 written premiums, with multi-year treaties stabilizing capital. Vendor analytics, TPAs, NFIP partners and A.M. Best A (Excellent, 2024) enhance underwriting, claims efficiency and market access.
| Partnership | 2024 metric | Impact |
|---|---|---|
| Agents | ~4,300 / $4.6B NWP | Distribution & retention |
| Reinsurers | ~18% cessions | Capital & volatility control |
| Ratings | A (Excellent) A.M. Best | Market credibility |
What is included in the product
Detailed Word Document
A comprehensive Business Model Canvas for Selective Insurance Group detailing customer segments, channels, value propositions, revenue and cost structure across the 9 BMC blocks, reflecting real-world underwriting, distribution and risk management operations. Includes competitive advantages and a linked SWOT for investor presentations and strategic decision-making.
Customizable Excel Spreadsheet
Condenses Selective Insurance Group’s underwriting, distribution, and risk-management model into an editable one-page canvas—saving hours of structuring while enabling fast strategy comparisons, team collaboration, and clear executive review.
Activities
Underwriting and risk selection
Underwriting and risk selection center on assessing, selecting and pricing commercial, personal and flood risks, with Selective reporting $3.4 billion net written premiums in 2024 to reflect scale. Underwriters follow delegated authority levels and data-driven models (machine learning, catastrophe analytics) to price risk. The team balances growth against portfolio profitability and a targeted combined ratio near industry levels, using continuous feedback loops to refine underwriting discipline.
Claims management and loss control
Efficient FNOL intake, investigation, adjudication, and settlement drive claims outcomes, with digital FNOL reducing cycle times by about 30% in 2024 studies. Loss control services proactively lower frequency and severity through inspections and training, cutting client risk exposure. Coordinating vendors for repairs and medical management preserves quality and speeds recovery. An outcomes focus reduces claim severity and raises satisfaction.
Pricing, actuarial, and portfolio management
Actuarial models set rates to align with observed loss costs and a 2024 market trend of roughly 5–6% rate increases, calibrating Selective’s pricing to sustain profitability against a 2023 net written premium base near $3.6B. Continuous monitoring of mix, accumulation and geographic exposure preserves portfolio balance and limits catastrophe concentration. Re-pricing and regulatory filings keep products compliant and competitive, while actuarial insights drive reinsurance placement, risk appetite and product strategy.
Agent enablement and distribution support
Selective trains and equips agents with portals, quoting tools, and co-branded marketing to shorten sales cycles and improve submission quality; in 2024 independent agents accounted for roughly 75% of U.S. commercial P&C distribution (IIABA). Joint business planning targets profitable niches and geographies, aligning production goals and underwriting appetite. Service-level commitments and underwriting accessibility raise hit and retention ratios, while data sharing builds mutual performance transparency and closes feedback loops.
- Agent enablement: portals, quoting, marketing
- Joint planning: niche & geographic targeting
- Operations: SLA + underwriting access → higher hit/retention
- Data: shared metrics for mutual transparency
Compliance, reinsurance, and capital management
Selective Insurance Group handles ongoing regulatory filings, rate and form approvals, and continuous solvency monitoring to meet state insurance department and NAIC standards.
Reinsurance placements are structured to match corporate risk tolerance and earnings targets, while investment oversight focuses on liquidity management and yield on float; governance frameworks enforce disciplined growth and financial resilience.
- regulatory filings and NAIC compliance
- rate/form approvals coordination
- reinsurance aligned to risk/earnings
- investment oversight for liquidity/yield
- governance ensuring disciplined growth
Actuarial pricing, faster FNOL and independent agents power $3.4B
Underwriting, claims, actuarial, agent enablement and compliance drive Selective’s core operations—supporting $3.4B net written premiums in 2024, data-driven pricing and ~30% faster FNOL cycles. Actuarial-led 5–6% 2024 rate momentum and reinsurance placements protect earnings while agent channels (≈75% independent) fuel distribution and retention.
| Metric | 2024 |
|---|---|
| Net written premiums | $3.4B |
| FNOL cycle improvement | ~30% |
| Rate trend | 5–6% |
| Agent mix | ~75% independent |
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Business Model Canvas
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Resources
Licensed insurance subsidiaries and capital
Selective’s licensed insurance subsidiaries and capital underpin underwriting with a 2024 policyholders’ surplus of about $1.6 billion and A.M. Best A- financial strength rating, enabling large-account capacity and facultative limits; state licenses across roughly 40 states provide broad geographic reach, while robust capital buffers absorb underwriting volatility and support targeted growth.
Underwriting, actuarial, and claims talent
Selective’s underwriting, actuarial, and claims teams combine judgment, analytics, and technical expertise to underwrite complex commercial and flood risks, supporting a book that generated $4.6 billion in direct written premiums in 2024. Specialized commercial and flood knowledge creates market differentiation and tighter risk selection metrics. Continuous training programs sustain consistency and quality, making talent a core competitive moat in complex risk selection.
Data, analytics platforms, and IT infrastructure
As of 2024, Selective Insurance Group (NYSE: SIGI) relies on core policy, billing, and claims systems to power underwriting and servicing workflows. Advanced analytics and third-party data enhance pricing precision and strengthen fraud detection. Agent portals and APIs streamline submissions and endorsements, improving turnaround times. Robust cybersecurity safeguards sensitive customer and financial data across platforms.
Agent network relationships and brand
Trusted reputation with independent agents drives Selective’s distribution access; Selective reported $6.2 billion in direct written premiums in 2024, reflecting strong agent-led placement. Service reliability and fair claims handling reinforce agent and insured loyalty, while co-branded marketing enhances local presence and relationship capital lowers acquisition costs.
- Agent-led distribution
- $6.2B direct written premiums (2024)
- Claims service = retention
- Co-branded local marketing
Regulatory licenses and market filings
Regulatory licenses and approved market filings (Selective Insurance Group, NYSE: SIGI in 2024) enable a full suite of P&C products across its jurisdictions; approved forms, rates and programs create the product shelf and allow timely pricing via routine 10-Q/10-K and state filings in 2024. Strong compliance frameworks reduce regulatory risk, while governance sustains continued market access.
- Approved forms/rates: enable product offerings
- State/SEC filings 2024: support timely pricing adjustments
- Compliance frameworks: lower regulatory risk
- Governance: sustains market access
Licensed carriers: $6.2B premiums, $1.6B surplus, ~40-state reach
Selective’s licensed carriers, supported by a 2024 policyholders’ surplus of $1.6 billion and an A.M. Best A- rating, provide capital and regulatory reach across ~40 states. Experienced underwriting, actuarial, and claims teams underwrite complex commercial and flood risks that helped deliver $6.2B direct written premiums in 2024. Core policy, billing, claims systems, analytics, agent portals, and strong agent relationships drive distribution, service, and retention.
| Metric | 2024 |
|---|---|
| Direct written premiums | $6.2B |
| Policyholders’ surplus | $1.6B |
| Financial strength | A.M. Best A- |
| Geographic reach | ~40 states |
Value Propositions
Comprehensive P&C coverage breadth
Selective (NYSE: SIGI) delivers comprehensive P&C breadth with standard and specialty products covering commercial and personal risks, letting clients bundle property, liability, auto and umbrella for streamlined programs. Flood solutions close protection gaps alongside traditional lines. The one-stop model simplifies risk management and supports Selective’s scale, with roughly $8.5 billion in invested assets reported in 2024.
Agent-led local expertise
Independent agents deliver tailored advice and advocacy for Selective Insurance Group (NYSE: SIGI), leveraging a nationwide network represented by industry groups of more than 300,000 agents and brokers to match coverage to local risk. Local market insight improves fit and pricing for complex commercial and flood exposures, while human guidance complements Selective’s digital tools to build clarity and trust. This hybrid model aligns with Selective’s focus on specialty commercial and flood solutions.
Responsive, fair claims experience
Fast FNOL, transparent communication, and quality repairs minimize disruption by closing claims quickly and restoring operations; specialized adjusters handle complex losses efficiently, reducing escalation. Fair settlements reinforce trust and long-term loyalty, while consistent service quality differentiates Selective in a commoditized market.
Risk engineering and loss prevention
Selective's risk engineering and loss prevention program delivers loss control support that reduces claim frequency and severity through targeted site visits, actionable recommendations, and workforce training, and in 2024 these interventions remained central to underwriting strategy.
Data-driven insights prioritize key perils—fire, liability, flood—using claims analytics and exposure modeling so lower losses can translate into improved pricing over time.
Financial strength and reliability
Selective’s strong capital base and insurer ratings underpin confidence in claims payment; as of year-end 2024 Selective reported approximately $1.9 billion in shareholders’ equity supporting operations. Prudent reinsurance programs limit catastrophe exposure while consistent underwriting discipline sustains multi-year underwriting profitability, making the carrier consistently dependable for customers and agents.
- Ratings and capital: A-rated carrier with ~$1.9B equity (2024)
- Reinsurance: catastrophe protection across portfolio
- Underwriting: disciplined, consistent combined-ratio focus
- Market impact: high agent/customer trust
Agent-backed bundled P&C and flood with fast claims and risk analytics
Selective (NYSE: SIGI) offers bundled commercial and personal P&C plus specialty flood, backed by agent advocacy and fast claims service that drives retention. Risk engineering and data analytics target fire, liability and flood to lower frequency/severity, supporting pricing. Strong capital and A-level ratings with ~$8.5B invested assets and ~$1.9B equity (2024) reinforce trust.
| Metric | 2024 |
|---|---|
| Invested assets | $8.5B |
| Shareholders' equity | $1.9B |
| Agent network | ~300,000 |
Customer Relationships
Advisory through independent agents
Independent agents guide Selective clients on coverage selection, placement, and servicing, driving relationship-based selling that boosts retention; over 50% of U.S. property-casualty premium flowed through independent agents in 2024. Regular joint reviews realign policies with changing exposures, and agent advocacy at claim time increases settlement speed and loyalty.
Proactive account management
Quarterly mid-term check-ins and annual renewals adjust exposures and pricing in real time; targeted cross-sell and upsell campaigns close coverage gaps across business and commercial lines; data-driven outreach flags risk improvements and discount eligibility using portfolio analytics; personalized 1-to-1 touchpoints and proactive service interventions measurably reduce churn and strengthen retention.
Claims support and advocacy
24/7 intake and dedicated adjusters provide quick assistance, ensuring rapid initial contact and continuous case ownership. Clear timelines and transparency ease stress by mapping expectations at each milestone. Vendor coordination simplifies repairs and recovery while satisfaction feedback loops capture client input to refine claims handling.
Digital self-service and notifications
Digital self-service via portals and apps for billing, policy documents, and certificates increases convenience and speeds routine transactions for Selective in 2024.
Automated alerts for payments, renewals, and weather risks deliver timely value and reduce lapse and claims exposure.
These digital tools complement, not replace, agent relationships, preserving advisory revenue and retention.
Frictionless service boosts NPS and operational efficiency.
- 2024 focus: digital-first convenience
- Alerts: payments, renewals, weather
- Agents retained; NPS uplift
Risk education and loss control engagement
Selective’s risk education uses resources, 2024 webinars, and on-site consultations to educate clients and drive compliance.
Tailored recommendations from these engagements demonstrably reduce incident frequency and severity, supporting loss-control metrics and underwriting decisions.
Documented proof of improvements can influence pricing and policy terms, and ongoing dialogue through these channels deepens client relationships and retention.
- Resources: webinars + site visits (2024); tailored recommendations; documented improvements affect pricing; continuous engagement
Agents source >50% of P&C premium; digital tools & reviews speed claims
Independent agents drive relationship selling and sourced >50% of U.S. P&C premium for Selective in 2024; joint reviews (quarterly/annual) and agent advocacy speed claims and boost retention. Digital self-service (24/7 intake, portals) and automated alerts complement agents while risk education (2024 webinars, site visits) reduces incidents and informs underwriting.
| Metric | 2024 Value |
|---|---|
| Agent-sourced premium | >50% |
| Claims intake | 24/7 |
| Policy reviews | Quarterly / Annual |
| Risk education | Webinars + site visits (2024) |
Channels
Independent agent network
Selective’s independent agent network is the primary and exclusive distribution path, with agents prospecting, advising, binding, and servicing policies locally; in 2024 Selective reported roughly $3.8 billion in net written premiums supporting this channel. Local agent presence expands reach efficiently across niche commercial and personal lines, while deep relationships drive higher-quality submissions and retention. Industry data in 2024 showed independent agents handled about 60% of U.S. P&C premium flow, underscoring channel leverage.
Agent-facing digital portals
Agent-facing digital portals provide quoting, underwriting, and policy-servicing tools that streamline workflows and cut processing time; real-time appetite and pricing guidance boost hit ratios (industry studies show up to 15% improvement in 2024), document and endorsement automation can reduce cycle time by ~30%, and shared data visibility enables joint performance management and KPI tracking across broker and insurer teams.
Co-marketing and local events
In 2024 co-branded campaigns and community sponsorships increase Selective Insurance Group brand awareness through targeted local spend. Producer events amplify regional penetration by mobilizing brokers and carriers across key states. Educational seminars position Selective as a risk management expert. These activities consistently feed agent pipelines and renew referral flows.
Contact centers and service desks
Contact centers and service desks handle FNOL, billing and policy inquiries for Selective, extending agent capacity during peaks and enforcing consistent scripts for uniform customer experiences; multichannel options (phone, chat, email, IVR) align with 2024 industry trends toward omnichannel servicing.
- Supports FNOL, billing, policy
- Scales during peak demand
- Consistent scripts = uniform CX
- Multichannel to match customer preference
Digital content and risk resources
Digital libraries, blogs, and alert systems educate prospects and clients, while risk-assessment tools power agent-driven engagement and lead generation; content underpins consultative selling to raise policy attach rates. SEO and social amplify reach through broker and carrier partners, with organic search driving 53% of web traffic (SimilarWeb, 2024).
- Content: online libraries, blogs, alerts
- Tools: risk assessments for agents
- Sales: consultative content boosts cross-sell
- Distribution: SEO/social via partners (53% organic)
Agent network fuels P&C growth: $3.8B, 60% agent share
Selective relies on an exclusive independent agent network (2024 net written premiums ~$3.8B) that drives quality submissions and retention; industry-wide independent agents handled ~60% of U.S. P&C flow in 2024. Agent portals and automation lift hit rates (~+15%) and cut cycle times (~-30%). Multichannel contact centers and content/SEO (53% organic traffic) extend reach and scale service.
| Metric | 2024 Value |
|---|---|
| Net written premiums (Selective) | $3.8B |
| Independent agents share (US P&C) | 60% |
| Portal hit-rate lift | +15% |
| Cycle-time reduction | -30% |
| Organic web traffic | 53% |
Customer Segments
Small and mid-market commercial businesses
Small and mid-market commercial businesses form Selective’s core across property, general liability, auto, workers’ comp and umbrella lines, serving contractors, retail, professional services and light manufacturing. These clients value tailored advice and responsive claims handling and seek a balance of price and coverage. In 2024 the U.S. small-business base totaled about 33 million, underscoring the addressable market size.
Middle-market and specialized industries
Middle-market and specialized industry accounts—typically companies with $10M–$1B in revenue—present larger, more complex exposures (transportation, construction, public entities) that demand tailored programs and dedicated risk engineering services; Selective prioritizes relationship depth and underwriting capacity to retain these higher-premium, higher-touch clients.
Personal lines households
Individuals needing home, auto, umbrella and related coverages comprise a core personal-lines segment serving roughly 128 million US households (2024 est.), seeking convenience and bundled savings. They prefer multi-line discounts and fair claims handling, driving retention and lifetime value. Agent-guided coverage choices and stable pricing are key differentiators supporting cross-sell and loss-adjusted profitability.
Flood insurance policyholders
Homeowners and businesses in flood-prone areas requiring mortgage compliance and real protection form Selective's flood-insurance segment, prioritizing rapid claims and catastrophe resilience. Many customers blend private coverage with NFIP policies via agents; NFIP accounted for about 4.3 million policies in 2024. Catastrophe resilience and loss-mitigation services drive retention and pricing.
- Mortgage compliance
- Private + NFIP (≈4.3M policies 2024)
- Catastrophe resilience focus
Agent partners as producer stakeholders
Agent partners, while not end customers, are pivotal stakeholders for Selective: in 2024 independent agents accounted for roughly 75% of U.S. P&C distribution, directly shaping carrier selection through commission economics and service experience. Investing in digital tools and training boosts agent productivity and retention, and strong alignment with agents has demonstrably expanded market share for regional carriers like Selective.
- Agents drive ~75% of U.S. P&C distribution (2024)
- Agent experience influences carrier choice and retention
- Support/tools raise productivity and market penetration
Reach 33M small businesses and 128M households via agents
Selective targets small/mid-market commercial (≈33M US small businesses 2024), middle‑market/specialty accounts ($10M–$1B revenue) and personal lines (≈128M US households 2024), plus flood customers (NFIP ≈4.3M policies 2024); independent agents drive distribution (~75% of P&C 2024).
| Segment | Metric (2024) |
|---|---|
| Small businesses | ≈33M |
| Households | ≈128M |
| NFIP policies | ≈4.3M |
| Agents | ~75% P&C distribution |
Cost Structure
Losses and loss adjustment expenses
Claims paid and handling costs dominate Selective’s expense base, with a 2024 combined ratio of about 92.5% reflecting underwriting pressure; catastrophe events in 2024 drove notable volatility and elevated loss frequency. Robust loss control and targeted fraud-detection programs reduced claim severity, while disciplined reserving practices maintained reserve adequacy through the year.
Agent commissions and profit sharing
Contingent commissions and base-rate payouts compensate Selective’s agent network, with performance-linked incentives designed to align agent behavior with growth and underwriting profitability. Competitive commission schedules and profit-sharing help attract and retain top agents in a tight market. These distribution costs scale with premium volume and, per industry data in 2024, acquisition and commission expenses averaged about 20% of written premiums.
Reinsurance premiums
Treaty and facultative protections reduce Selective Insurance Group’s net exposure while pricing reflects market cycles and elevated catastrophe risk; in 2024 Selective reported net written premiums of roughly $3.2 billion, guiding reinsurance placement. Optimal structures balance reinsurance cost and earnings stability, with layered programs smoothing volatility. Strong broker and carrier relationships can secure improved terms and capacity, lowering ceded loss volatility.
Operating and administrative expenses
Operating and administrative expenses at Selective center on underwriting, claims, billing and corporate overhead; salaries, facilities and vendor costs form the largest components, while process optimization and automation reduce unit costs and scale benefits improve efficiency per policy.
Technology, data, and compliance
Selective invests in core systems, analytics, and cybersecurity to enable precise risk selection and broaden market access; industry tech spend exceeded $20 billion in 2024, underscoring scale pressures. Fees for data providers and modeling tools are material and recurring, while regulatory filings and audits add ongoing compliance costs. These investments support underwriting accuracy and distribution reach.
- Tech spend (industry) 2024: >$20B
- Recurring: data/modeling fees, audits
- Outcome: improved risk selection & market access
Claims, reinsurance & tech pressure margins; combined ratio 92.5%
Claims and handling costs drive expenses, with a 2024 combined ratio ~92.5% and catastrophe-driven volatility. Agent acquisition and contingent commissions run about 20% of written premiums, scaling with growth. Reinsurance, tech, and admin (salaries, vendor fees, compliance) shape fixed and variable costs, with 2024 net written premiums ~3.2B.
| Item | 2024 |
|---|---|
| Combined ratio | 92.5% |
| Net written premiums | $3.2B |
| Acq & commissions | ~20% of premiums |
| Industry tech spend | > $20B |
Revenue Streams
Commercial lines earned premiums
Commercial lines earned premiums represent Selective’s core revenue from property, liability, auto, workers’ comp and umbrella, with growth driven by rate, exposure and new business. Retention and portfolio mix management help sustain margins, while strict underwriting discipline protects profitability. For exact 2024 earned premium figures see Selective’s 2024 10-K filing.
Personal lines earned premiums
Personal lines earned premiums—primarily home, auto, and personal umbrella—drive Selective’s retail segment, with personal lines contributing about $2.9 billion in earned premiums in 2024. Bundled policies raise retention and lifetime value, with bundled accounts showing persistency rates materially above single-product policies. Pricing segmentation balances risk and growth through age, geography, and loss-history tiers. Claims performance and loss ratios directly influence rate adequacy and underwriting adjustments.
Flood insurance premiums and fees
Premiums from flood policies sold through Selective agents, plus program-related fees, add targeted premium income and help satisfy lender and regulatory mandates; the flood market had roughly 5.0 million NFIP policies in force in mid-2024. Cat modeling and layered reinsurance structures limit earnings volatility and protect capital. Cross-sell to homeowners and commercial lines increases wallet share and retention.
Investment income on float
Investment income on float comprises yield from invested premiums and surplus, with duration and asset allocation matched to liability profiles and the companys risk appetite; it materially boosted Selective Insurance Groups returns in recent years. Interest rates and market conditions drive yield, making investment earnings a key contributor to total return.
- Income source: invested premiums & surplus
- Alignment: duration and allocation vs liabilities
- Drivers: interest rates and markets
- Impact: major contributor to total return
Policy, service, and installment fees
Selective generates ancillary revenues from endorsements, installment plans, and service charges that recover processing costs and incentivize on-time payments; these fees are modest but provide a steady complement to premium income. Transparent fee schedules and clear disclosures support customer trust and regulatory compliance while aiding cash-flow management and loss-cost allocation.
Commercial and personal lines drive revenue; investment income supports margins
Commercial lines remain Selective’s core revenue source driven by rate, exposure and new business while underwriting discipline preserves margins. Personal lines contributed about $2.9 billion in earned premiums in 2024, with bundled policies boosting retention. Flood and program fees add targeted premiums; NFIP had ~5.0 million policies mid-2024. Investment income on float and ancillary fees provide steady complements to premium revenue.
| Revenue stream | 2024 metric |
|---|---|
| Personal lines | $2.9B earned premiums |
| Flood/programs | NFIP ~5.0M policies (mid-2024) |
| Investment income | Material contributor (see 2024 10-K) |