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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)July 23, 2025

SELECTIVE INSURANCE GROUP, INC.
(Exact name of registrant as specified in its charter)

New Jersey001-3306722-2168890
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (973) 948-3000

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, par value $2 per shareSIGIThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par valueSIGIPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐


Section 2 – Financial Information

Item 2.02.    Results of Operations and Financial Condition.

On July 23, 2025, Selective Insurance Group, Inc. (the “Company”) issued a press release announcing results for the second quarter ended June 30, 2025. The press release is attached hereto as Exhibit 99.1.


Section 7 – Regulation FD

Item 7.01.    Regulation FD Disclosure.

Attached as Exhibit 99.2 is supplemental financial information about the Company.

The Company may present to various investors and stockholders using the presentation materials, which include supplemental financial information about the Company, that are furnished as Exhibit 99.3 hereto and incorporated herein by reference.

Attached as Exhibit 99.4 is supplemental information regarding the Company’s generally accepted accounting principles (GAAP) line of business results for the quarterly and year-to-date periods beginning January 1, 2023 through March 31, 2025.

The information contained in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. The Company makes no admission as to the materiality of any information in this report or the exhibits attached hereto.

Important information may be disseminated initially or exclusively via the Company’s corporate website, www.selective.com/investors. Investors should consult the site to access this information. Any website addresses included herein are inactive textual references only. The information contained on any such website referenced herein is not incorporated into this Current Report on Form 8-K.

Section 9 – Financial Statements and Exhibits

Item 9.01.    Financial Statements and Exhibits.

(d)    Exhibits

Exhibit No.    Description of Exhibit

99.1    Press Release of Selective Insurance Group, Inc. dated July 23, 2025
99.2    Financial Supplement, Second Quarter 2025
99.3    Selective Insurance Group, Inc. Second Quarter 2025 Investor Presentation
99.4    GAAP Line of Business Supplement, Historical Information, March 2023 through March 2025
104     The cover page from this Current Report on Form 8-K, formatted in Inline XBRL



SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SELECTIVE INSURANCE GROUP, INC.
Date:July 23, 2025By:/s/ Michael H. Lanza
Michael H. Lanza
Executive Vice President and General Counsel



Exhibit 99.1
image1.gif

Selective Reports Second Quarter 2025 Results

Net Income per Diluted Common Share of $1.36 and Non-GAAP Operating Income1 per
Diluted Common Share of $1.31;
Return on Common Equity ("ROE") of 10.7% and Non-GAAP Operating ROE1 of 10.3%

In the second quarter of 2025:

•Net premiums written ("NPW") increased 5% from the second quarter of 2024;
•The GAAP combined ratio was 100.2%, compared to 116.1% in the second quarter of 2024;
•Commercial Lines renewal pure price increases averaged 8.9%, up 1.0 point from 7.9% in the second quarter of 2024;
•After-tax net investment income was $101 million, up 18% from the second quarter of 2024;
•Book value per common share was $52.09, up 3% from last quarter; and
•Adjusted book value per common share¹ was $54.48, up 2% from last quarter.
    
Branchville, NJ - July 23, 2025 - Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the second quarter ended June 30, 2025, with net income per diluted common share of $1.36 and non-GAAP operating income1 per diluted common share of $1.31. ROE was 10.7% and non-GAAP operating ROE1 was 10.3%.

For the quarter, Selective's combined ratio was 100.2%. Catastrophe losses were 6.7 points, and net unfavorable prior year casualty reserve development was 3.8 points, driven by $45 million of reserve strengthening in commercial lines. NPW grew 5% from a year ago driven by renewal pure price increases of 9.9%. Net investment income increased 18% from a year ago, to $101 million after-tax, and generated 13.0 points of annualized ROE in the quarter.

“The combined ratio of 100.2% reflects continued pressures from elevated severities due to social inflation, which drove unfavorable prior year casualty reserve development in the quarter,” said John J. Marchioni, Chairman, President and Chief Executive Officer.

“To address the continued elevated level of loss costs, we are diligently working to improve profitability through pricing and underwriting actions. Our unique operating model and franchise value distribution enable us to focus on appropriate risk selection and granular pricing. This quarter, our disciplined approach contributed to slowing top-line growth."

“We believe that strong execution of our strategic initiatives will position us to deliver profitable growth in the current market environment,” concluded Mr. Marchioni.







1


Operating Highlights

Consolidated Financial ResultsQuarter ended June 30,ChangeYear-to-Date June 30, Change
$ and shares in millions, except per share data2025202420252024
Net premiums written$1,288.6 1,226.1 5 %$2,529.1 2,382.7 6 %
Net premiums earned1,188.1 1,080.2 10 2,346.8 2,131.2 10 
Net investment income earned128.0 108.6 18 248.7 216.5 15 
Net realized and unrealized gains (losses), pre-tax4.2 1.3 222 4.4 (0.3)(1,402)
Total revenues1,326.7 1,196.0 11 2,611.9 2,361.0 11 
Net underwriting income (loss), after-tax(1.9)(137.2)(99)34.1 (122.2)(128)
Net investment income, after-tax101.4 86.3 18 197.0 171.9 15 
Net income (loss) available to common stockholders
83.6 (65.6)(227)191.2 14.6 1,210 
Non-GAAP operating income (loss)1
80.3 (66.6)(221)187.8 14.9 1,163 
Combined ratio100.2 %116.1 (15.9)pts98.2 %107.3 (9.1)pts
Loss and loss expense ratio69.3 85.7 (16.4)66.9 76.5 (9.6)
Underwriting expense ratio30.8 30.3 0.5 31.2 30.6 0.6 
Dividends to policyholders ratio0.1 0.1 — 0.1 0.2 (0.1)
Net catastrophe losses6.7 pts8.4 (1.7)5.3 pts6.8 (1.5)
Non-catastrophe property losses and loss expenses14.6 17.2 (2.6)15.0 16.7 (1.7)
(Favorable) unfavorable prior year reserve development on casualty lines
3.8 16.3 (12.5)2.1 9.9 (7.8)
Current year casualty loss costs
44.2 43.8 0.4 44.5 43.1 1.4 
Net income (loss) available to common stockholders per diluted common share
$1.36 (1.08)(226)%$3.12 0.24 1,200 %
Non-GAAP operating income (loss) per diluted common share1
1.31 (1.10)(219)3.06 0.24 1,175 
Weighted average diluted common shares61.360.91 61.361.2— 
Book value per common share$52.09 44.74 16 $52.09 44.74 16 
Adjusted book value per common share1
54.48 49.67 10 54.48 49.67 10 

Overall Insurance Operations

For the second quarter, overall NPW increased 5%, as we focused on rate and non-rate actions to improve profitability while prudently growing the business. Average renewal pure price increased 9.9%, up 0.8 points from a year ago. Our 100.2% combined ratio included 3.8 points, or $45 million, of unfavorable prior year casualty reserve development. The combined ratio was 15.9 points better than a year ago, driven by lower unfavorable prior year casualty reserve development, net catastrophe losses, and non-catastrophe property losses.

Overall, insurance segment performance reduced ROE by 0.2 points in the second quarter of 2025.

Standard Commercial Lines Segment

For the second quarter, Standard Commercial Lines premiums (representing 79% of total NPW) grew 6% from a year ago. The premium growth reflected average renewal pure price increases of 8.9% and lower retention of 83%. The second quarter combined ratio was 102.8%, down 16.0 points from a year ago. Lower unfavorable prior year casualty reserve development, net catastrophe losses, and non-catastrophe property losses drove the improvement.
2



The following table shows the variances in key quarter-to-date and year-to-date measures:

Standard Commercial Lines SegmentQuarter ended June 30,ChangeYear-to-Date June 30, Change
$ in millions2025202420252024
Net premiums written $1,018.0 963.1 6 %$2,021.2 1,894.8 7 %
Net premiums earned937.6 853.5 10 1,849.8 1,687.6 10 
Combined ratio102.8 %118.8 (16.0)pts99.6 %108.9 (9.3)pts
Loss and loss expense ratio71.1 87.6 (16.5)67.5 77.2 (9.7)
Underwriting expense ratio31.6 31.1 0.5 32.0 31.4 0.6 
Dividends to policyholders ratio0.1 0.1 — 0.1 0.3 (0.2)
Net catastrophe losses5.4 pts6.0 (0.6)3.8 pts5.3 (1.5)
Non-catastrophe property losses and loss expenses14.1 14.6 (0.5)14.1 14.2 (0.1)
(Favorable) unfavorable prior year reserve development on casualty lines
4.8 20.6 (15.8)2.4 12.5 (10.1)
Current year casualty loss costs
46.8 46.4 0.4 47.2 45.2 2.0 

Standard Personal Lines Segment

For the second quarter, our deliberate profit improvement actions caused Standard Personal Lines premiums (representing 9% of total NPW) to decline 5% from a year ago and new business to fall 41%. We continue to focus on growth in states where we have filed and obtained adequate rate approvals. Renewal pure price was 19.0% and retention was 79%. The second quarter 2025 combined ratio improved 26.5 points from a year ago to 91.6%, benefiting from renewal pure price increases, lower catastrophe losses, non-catastrophe property losses, and current year casualty loss costs.

The following table shows the variances in key quarter-to-date and year-to-date measures:

Standard Personal Lines SegmentQuarter ended June 30,ChangeYear-to-Date June 30, Change
$ in millions2025202420252024
Net premiums written $110.5 116.1 (5)%$198.0 216.1 (8)%
Net premiums earned102.4 106.4 (4)206.0 210.3 (2)
Combined ratio91.6 %118.1 (26.5)pts94.9 %111.7 (16.8)pts
Loss and loss expense ratio68.3 95.3 (27.0)71.2 88.3 (17.1)
Underwriting expense ratio23.3 22.8 0.5 23.7 23.4 0.3 
Net catastrophe losses14.3 pts23.9 (9.6)10.5 pts17.7 (7.2)
Non-catastrophe property losses and loss expenses27.6 42.6 (15.0)31.4 41.5 (10.1)
Unfavorable prior year reserve development on casualty lines
— — — 2.4 — 2.4 
Current year casualty loss costs
26.4 28.8 (2.4)26.9 29.1 (2.2)

Excess and Surplus Lines Segment

For the second quarter, Excess and Surplus Lines premiums (representing 12% of total NPW) increased 9% from the prior-year period, driven by average renewal pure price increases of 9.3%. The second quarter 2025 combined ratio was 89.8%, 4.8 points better than a year ago driven by lower catastrophe losses and non-catastrophe property losses. This was partially offset by higher current year casualty loss costs.

The following table shows the variances in key quarter-to-date and year-to-date measures:

Excess and Surplus Lines SegmentQuarter ended June 30,ChangeYear-to-Date June 30, Change
$ in millions2025202420252024
Net premiums written $160.2 146.8 9 %$309.9 271.9 14 %
Net premiums earned148.0 120.3 23 290.9 233.3 25 
Combined ratio89.8 %94.6 (4.8)pts91.1 %91.2 (0.1)pts
Loss and loss expense ratio58.9 63.3 (4.4)60.2 60.1 0.1 
Underwriting expense ratio30.9 31.3 (0.4)30.9 31.1 (0.2)
Net catastrophe losses9.8 pts11.9 (2.1)10.6 pts8.2 2.4 
Non-catastrophe property losses and loss expenses8.8 13.0 (4.2)9.1 12.8 (3.7)
(Favorable) prior year reserve development on casualty lines
— — — — — — 
Current year casualty loss costs
40.3 38.4 1.9 40.5 39.1 1.4 
3



Investments Segment

For the second quarter, after-tax net investment income of $101 million was up 18% from a year ago. The after-tax income yield averaged 4.2% for the fixed income securities portfolio and 3.9% for the overall portfolio. With invested assets per dollar of common stockholders' equity of $3.33 as of June 30, 2025, net investment income generated 13.0 points of annualized ROE.

Investments SegmentQuarter ended June 30,ChangeYear-to-Date June 30, Change
$ in millions, except per share data2025202420252024
Net investment income earned, after-tax$101.4 86.3 18 %$197.0 171.9 15 %
Net investment income per common share 1.65 1.42 16 3.22 2.81 15 
Effective tax rate20.7 %20.6 0.1 pts20.8 %20.6 0.2 pts
Average yields:
Portfolio:
Pre-tax4.9 4.9 — 4.9 4.9 — 
After-tax3.9 3.9 — 3.9 3.9 — 
Fixed income securities:
Pre-tax5.3 %4.9 0.4 pts5.2 %5.0 0.2 pts
After-tax4.2 3.9 0.3 4.1 3.9 0.2 
Annualized ROE contribution13.0 12.5 0.5 12.9 12.5 0.4 

Balance Sheet

$ in millions, except per share dataJune 30, 2025December 31, 2024Change
Total assets$14,468.4 13,514.2 7 %
Total investments 10,553.6 9,651.3 9 
Long-term debt902.7 507.9 78 
Stockholders’ equity3,369.4 3,120.1 8 
Common stockholders' equity3,169.4 2,920.1 9 
Invested assets per dollar of common stockholders’ equity3.33 3.31 1 
Net premiums written to policyholders' surplus1.45 1.60 (9)
Book value per common share52.09 47.99 9 
Adjusted book value per common share1
54.48 52.10 5 
Debt to total capitalization21.1 %14.0 %7.1 pts

Book value per common share increased by $4.10, or 9%, during the first half of 2025. The increase was primarily attributable to $3.12 of net income per diluted common share and a $1.74 decrease in after-tax net unrealized losses on our fixed income securities portfolio, partially offset by $0.76 in common stockholder dividends. The decrease in after-tax net unrealized losses on our fixed income securities portfolio was primarily driven by lower interest rates. In the second quarter of 2025, the Company did not repurchase any shares of common stock. Capacity under the existing repurchase authorization was $56.1 million as of June 30, 2025.

Selective's Board of Directors declared:

•    A quarterly cash dividend on common stock of $0.38 per common share that is payable September 2, 2025, to holders of record on August 15, 2025; and
•    A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on September 15, 2025, to holders of record as of August 29, 2025.

Guidance
For 2025, our full-year expectations are updated as follows:

•A GAAP combined ratio of 97% to 98%, up 1 point from prior guidance of 96% to 97%, including net catastrophe losses of 6 points and the impact of prior year casualty reserve development reported through the second quarter. Our combined ratio estimate assumes no additional prior year casualty reserve development and no further change in loss cost estimates. We do not make assumptions about future reserve development, as we book our best estimate each quarter;
•After-tax net investment income of $415 million, up from prior guidance of $405 million;
4


•An overall effective tax rate of 21.5%; and
•Weighted average shares of 61.5 million on a fully diluted basis, including the shares repurchased in the first half of 2025 and assuming no additional repurchases under our existing share repurchase authorization.

The supplemental investor package, with financial information not included in this press release, is available on the Investors page of Selective’s website at www.Selective.com.

Selective’s quarterly analyst conference call will be simulcast at 8:00 AM ET, on Thursday, July 24, 2025, on www.Selective.com. The webcast will be available for rebroadcast until the close of business on August 22, 2025.

About Selective Insurance Group, Inc.
Selective Insurance Group, Inc. (Nasdaq: SIGI) is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard insurance for commercial and personal risks and specialty insurance for commercial risks. Selective also offers flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and employer of choice is widely recognized, with awards and honors including listing in Forbes Best Midsize Employers and certification for six consecutive years as a Great Place to Work®.

1Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) and Certain Other Non-GAAP Measures
Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity differ from net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, by the exclusion of after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share differs from book value per common share by excluding total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended to be a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables below.

Note: All amounts included in this release exclude intercompany transactions.

Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss)
$ in millionsQuarter ended June 30,Year-to-Date June 30,
2025202420252024
Net income (loss) available to common stockholders
$83.6 (65.6)191.2 14.6 
Net realized and unrealized investment (gains) losses included in net income, before tax(4.2)(1.3)(4.4)0.3 
Tax on reconciling items0.9 0.3 0.9 (0.1)
Non-GAAP operating income (loss)
$80.3 (66.6)187.8 14.9 

Reconciliation of Net Income (Loss) Available to Common Stockholders per Diluted Common Share to Non-GAAP Operating Income (Loss) per Diluted Common Share
Quarter ended June 30,Year-to-Date June 30,
2025202420252024
Net income (loss) available to common stockholders per diluted common share
$1.36 (1.08)3.12 0.24 
Net realized and unrealized investment (gains) losses included in net income, before tax(0.07)(0.02)(0.07)— 
Tax on reconciling items0.02 — 0.01 — 
Non-GAAP operating income (loss) per diluted common share
$1.31 (1.10)3.06 0.24 

5


Reconciliation of Return on Common Equity to Non-GAAP Operating Return on Common Equity
Quarter ended June 30,Year-to-Date June 30,
2025202420252024
Return on Common Equity10.7 %(9.5)12.5 1.1 
Net realized and unrealized investment (gains) losses included in net income, before tax(0.5)(0.2)(0.3)— 
Tax on reconciling items0.1 0.1 0.1 — 
Non-GAAP Operating Return on Common Equity10.3 %(9.6)12.3 1.1 

Reconciliation of Book Value per Common Share to Adjusted Book Value per Common Share
Quarter ended June 30,Year-to-Date June 30,
2025202420252024
Book value per common share$52.09 44.74 52.09 44.74 
Total unrealized investment (gains) losses included in accumulated other comprehensive (loss) income, before tax3.03 6.25 3.03 6.25 
Tax on reconciling items(0.64)(1.32)(0.64)(1.32)
Adjusted book value per common share$54.48 49.67 54.48 49.67 

Note: Amounts in the tables above may not foot due to rounding.
6


Forward-Looking Statements

Certain statements in this report, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve uncertainties and known and unknown risks and other factors that may cause actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “attribute,” “confident,” “strong,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” “continue,” or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, except as may be required by law.

Factors that could cause our actual results to differ materially from what we project, forecast, or estimate in forward-looking statements include, without limitation:
•Challenging conditions in the economy, global capital markets, the banking sector, and commercial real estate, including prolonged higher inflation, could increase loss costs and negatively impact investment portfolios;
•Deterioration in the public debt, public equity, or private investment markets that could lead to investment losses and interest rate fluctuations;
•Ratings downgrades on individual securities we own could negatively affect investment values, impacting statutory surplus;
•The development and adequacy of our loss reserves and loss expense reserves;
•Frequency and severity of catastrophic events, including natural events that climate change may impact, such as hurricanes, severe convective storms, tornadoes, windstorms, earthquakes, hail, severe winter weather, floods, and fires, and man-made events such as criminal and terrorist acts, including cyber-attacks, explosions, and civil unrest;
•Adverse market, governmental, regulatory, legal, political, or judicial rulings, conditions or actions, including the impact of social inflation;
•The significant geographic concentration of our business in the eastern portion of the United States;
•The cost, terms and conditions, and availability of reinsurance;
•Our ability to collect on reinsurance and the solvency of our reinsurers;
•The impact of changes in U.S. trade policies and imposition of tariffs on imports that may lead to higher than anticipated inflationary trends for our loss and loss expenses;
•Ongoing wars and conflicts impacting global economic, banking, commodity, and financial markets, exacerbating ongoing economic challenges, including inflation and supply chain disruption, all of which can influence insurance loss costs, premiums, and investment valuations;
•Uncertainties related to insurance premium rate increases and business retention;
•Changes in insurance regulations that impact our ability to write and/or cease writing insurance policies in one or more states;
•The effects of data privacy or cyber security laws and regulations on our operations;
•Major defect or failure in our internal controls or information technology and application systems that result in marketplace brand damage, increased senior executive focus on crisis and reputational management issues, and/or increased expenses, particularly if we experience a significant privacy breach;
•Potential tax or federal financial regulatory reform provisions that could pose certain risks to our operations;
•Our ability to maintain favorable financial ratings, which may include sustainability considerations, from rating agencies, including AM Best, Standard & Poor’s, Moody’s, and Fitch;
•Our entry into new markets and businesses; and
•Other risks and uncertainties we identify in filings with the United States Securities and Exchange Commission, including our Annual Report on Form 10-K and other periodic reports.

Investor Contact:
Brad B. Wilson
973-948-1283
Media Contact:
Jamie M. Beal
973-948-1234
Selective Insurance Group, Inc.
40 Wantage Avenue
Branchville, New Jersey 07890
www.Selective.com
7


Exhibit 99.2















selectiveinsurancergb.jpg


FINANCIAL SUPPLEMENT
SECOND QUARTER 2025


Forward-Looking Statements

Certain statements in this report, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve uncertainties and known and unknown risks and other factors that may cause actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “attribute,” “confident,” “strong,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” “continue,” or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, except as may be required by law.

Factors that could cause our actual results to differ materially from what we project, forecast, or estimate in forward-looking statements include, without limitation:
•Challenging conditions in the economy, global capital markets, the banking sector, and commercial real estate, including prolonged higher inflation, could increase loss costs and negatively impact investment portfolios;
•Deterioration in the public debt, public equity, or private investment markets that could lead to investment losses and interest rate fluctuations;
•Ratings downgrades on individual securities we own could negatively affect investment values, impacting statutory surplus;
•The development and adequacy of our loss reserves and loss expense reserves;
•Frequency and severity of catastrophic events, including natural events that climate change may impact, such as hurricanes, severe convective storms, tornadoes, windstorms, earthquakes, hail, severe winter weather, floods, and fires, and man-made events such as criminal and terrorist acts, including cyber-attacks, explosions, and civil unrest;
•Adverse market, governmental, regulatory, legal, political, or judicial rulings, conditions or actions, including the impact of social inflation;
•The significant geographic concentration of our business in the eastern portion of the United States;
•The cost, terms and conditions, and availability of reinsurance;
•Our ability to collect on reinsurance and the solvency of our reinsurers;
•The impact of changes in U.S. trade policies and imposition of tariffs on imports that may lead to higher than anticipated inflationary trends for our loss and loss expenses;
•Ongoing wars and conflicts impacting global economic, banking, commodity, and financial markets, exacerbating ongoing economic challenges, including inflation and supply chain disruption, all of which can influence insurance loss costs, premiums, and investment valuations;
•Uncertainties related to insurance premium rate increases and business retention;
•Changes in insurance regulations that impact our ability to write and/or cease writing insurance policies in one or more states;
•The effects of data privacy or cyber security laws and regulations on our operations;
•Major defect or failure in our internal controls or information technology and application systems that result in marketplace brand damage, increased senior executive focus on crisis and reputational management issues, and/or increased expenses, particularly if we experience a significant privacy breach;
•Potential tax or federal financial regulatory reform provisions that could pose certain risks to our operations;
•Our ability to maintain favorable financial ratings, which may include sustainability considerations, from rating agencies, including AM Best, Standard & Poor’s, Moody’s, and Fitch;
•Our entry into new markets and businesses; and
•Other risks and uncertainties we identify in filings with the United States Securities and Exchange Commission, including our Annual Report on Form 10-K and other periodic reports.


Selective Insurance Group, Inc. & Consolidated Subsidiaries

TABLE OF CONTENTS

Page
Consolidated Financial Highlights
Consolidated Statements of Operations
Consolidated Balance Sheets
Financial Metrics
Consolidated Insurance Operations Statement of Operations
Standard Commercial Lines Statement of Operations and Supplemental Data
Standard Commercial Lines GAAP Line of Business Results
Standard Personal Lines Statement of Operations and Supplemental Data
Standard Personal Lines GAAP Line of Business Results
Excess and Surplus Lines Statement of Operations and Supplemental Data
Excess and Surplus Lines GAAP Line of Business Results
Consolidated Investment Income
Consolidated Composition of Invested Assets
Credit Quality of Invested Assets
Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) and Certain Other Non-GAAP Measures
Ratings and Contact Information




Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ and shares in millions, except per share data)2025202520242024202420252024
For Period Ended
Gross premiums written$1,496.2 1,428.8 1,275.9 1,343.1 1,406.2 2,925.1 2,728.0 
Net premiums written1,288.6 1,240.4 1,089.6 1,157.6 1,226.1 2,529.1 2,382.7 
Change in net premiums written, from comparable prior year period5 %7 10 9 13 6 14 
Underwriting income (loss), before-tax$(2.4)45.6 16.8 5.3 (173.7)43.2 (154.7)
Net investment income earned, before-tax128.0 120.7 122.8 117.8 108.6 248.7 216.5 
Net realized and unrealized investment gains (losses), before-tax4.2 0.2 (8.0)5.4 1.3 4.4 (0.3)
Net income (loss)
$85.9 109.9 95.5 92.3 (63.3)195.8 19.2 
Net income (loss) available to common stockholders(1)
83.6 107.6 93.2 90.0 (65.6)191.2 14.6 
Non-GAAP operating income (loss)(2)
80.3 107.4 99.6 85.7 (66.6)187.8 14.9 
At Period End
Total assets14,468.4 14,197.6 13,514.2 13,473.1 12,565.5 14,468.4 12,565.5 
Total invested assets10,553.6 10,295.3 9,651.3 9,635.3 9,021.8 10,553.6 9,021.8 
Stockholders' equity3,369.4 3,258.5 3,120.1 3,167.8 2,922.7 3,369.4 2,922.7 
Common stockholders' equity(3)
3,169.4 3,058.5 2,920.1 2,967.8 2,722.7 3,169.4 2,722.7 
Common shares outstanding60.8 60.8 60.8 60.8 60.9 60.8 60.9 
Per Share and Share Data
Net income (loss) available to common stockholders per common share (diluted)
$1.36 1.76 1.52 1.47 (1.08)3.12 0.24 
Non-GAAP operating income (loss) per common share (diluted)(2)
1.31 1.76 1.62 1.40 (1.10)3.06 0.24 
Weighted average common shares outstanding (diluted)61.3 61.3 61.3 61.3 60.9 61.3 61.2 
Book value per common share$52.09 50.33 47.99 48.82 44.74 52.09 44.74 
Adjusted book value per common share(2)
54.48 53.39 52.10 50.80 49.67 54.48 49.67 
Dividends paid per common share0.38 0.38 0.38 0.35 0.35 0.76 0.70 
Financial Ratios
Loss and loss expense ratio69.3 %64.4 67.8 68.8 85.7 66.9 76.5 
Underwriting expense ratio30.8 31.6 30.6 30.6 30.3 31.2 30.6 
Dividends to policyholders ratio0.1 0.1 0.1 0.1 0.1 0.1 0.2 
GAAP combined ratio100.2 %96.1 98.5 99.5 116.1 98.2 107.3 
Return on common stockholders' equity ("ROE")10.7 14.4 12.7 12.6 (9.5)12.5 1.1 
Non-GAAP operating ROE(2)
10.3 14.4 13.5 12.1 (9.6)12.3 1.1 
Debt to total capitalization21.1 21.7 14.0 13.8 14.8 21.1 14.8 
Net premiums written to policyholders' surplus1.45 1.47 1.60 1.63 1.64 1.45 1.64 
Invested assets per dollar of common stockholders' equity$3.33 3.37 3.31 3.25 3.31 3.33 3.31 
(1)
Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends.
(2)
Non-GAAP measure. Refer to Page 15 for definition.
(3)
Excludes equity related to preferred stock.
Page 1

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ and shares in millions, except per share data)2025202520242024202420252024
Revenues
Net premiums earned$1,188.1 1,158.8 1,133.0 1,112.2 1,080.2 $2,346.8 2,131.2 
Net investment income earned128.0 120.7 122.8 117.8 108.6 248.7 216.5 
Net realized and unrealized gains (losses)4.2 0.2 (8.0)5.4 1.3 4.4 (0.3)
Other income6.5 5.5 8.5 8.9 5.8 12.1 13.6 
Total revenues1,326.7 1,285.2 1,256.4 1,244.3 1,196.0 2,611.9 2,361.0 
Expenses
Loss and loss expense incurred823.9746.3 769.0 765.7 925.5 1,570.2 1,629.8 
Amortization of deferred policy acquisition costs250.3247.4 241.0 235.6 226.4 497.7445.9 
Other insurance expenses122.8124.9 114.8 114.7 107.8 247.7223.8 
Interest expense13.39.6 7.2 7.3 7.2 22.814.4 
Corporate expenses7.618.1 5.3 4.7 9.2 25.724.7 
Total expenses1,217.8 1,146.3 1,137.3 1,127.8 1,276.1 2,364.1 2,338.5 
Income (loss) before federal income tax
$108.9 138.9 119.1 116.5 (80.1)247.822.5 
Federal income tax expense (benefit)
23.0 29.0 23.5 24.2 (16.8)52.0 3.3 
Net Income (loss)
$85.9 109.9 95.5 92.3 (63.3)195.819.2 
Preferred stock dividends2.32.3 2.3 2.3 2.3 4.64.6 
Net income (loss) available to common stockholders
$83.6 107.6 93.2 90.0 (65.6)191.214.6
Net realized and unrealized investment (gains) losses, after tax(1)
(3.3)(0.2)6.3 (4.3)(1.0)(3.5)0.3 
Non-GAAP operating income (loss)(2)
$80.3 107.4 99.6 85.7 (66.6)$187.8 14.9 
Weighted average common shares outstanding (diluted)61.361.3 61.3 61.3 60.9 61.361.2 
Net income (loss) available to common stockholders per common share (diluted)
$1.36 1.76 1.52 1.47 (1.08)$3.12 0.24 
Non-GAAP operating income (loss) per common share (diluted)(2)
$1.31 1.76 1.62 1.40 (1.10)$3.06 0.24 
(1)
Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).
(2)
Non-GAAP measure. Refer to Page 15 for definition.
Note: Amounts may not foot due to rounding.
Page 2

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS
(Unaudited)

June 30,Mar. 31,Dec. 31,Sept. 30,June 30,
($ in millions, except per share data)20252025202420242024
ASSETS
Investments
Fixed income securities, held-to-maturity, net of allowance for credit losses$24.6 25.3 25.4 22.0 19.5 
Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses8,876.7 8,605.2 8,127.3 8,088.6 7,669.0 
Commercial mortgage loans, net of allowance for credit losses271.9 257.7 233.7 223.6 219.5 
Equity securities, at fair value318.1 266.5 213.6 205.6 192.0 
Short-term investments531.4 631.1 509.3 561.0 417.3 
Alternative investments435.0 411.1 440.9 432.0 414.8 
Other investments96.0 98.4 101.1 102.5 89.7 
Total investments

10,553.6 10,295.3 9,651.3 9,635.3 9,021.8 
Cash0.4 0.1 0.1 0.1 0.2 
Restricted cash37.9 108.2 62.9 12.6 10.7 
Accrued investment income86.9 77.1 76.9 73.8 72.3 
Premiums receivable, net of allowance for credit losses1,662.6 1,539.7 1,467.8 1,531.9 1,579.7 
Reinsurance recoverable, net of allowance for credit losses881.4 924.9 1,061.1 1,057.3 685.6 
Prepaid reinsurance premiums252.6 235.9 235.4 230.7 219.8 
Current federal income tax13.2 — — 13.0 38.6 
Deferred federal income tax120.7 134.2 146.8 100.7 145.9 
Property and equipment, net of accumulated depreciation and amortization100.0 100.1 93.3 92.2 89.2 
Deferred policy acquisition costs510.4 492.5 479.3 488.5 476.5 
Goodwill7.8 7.8 7.8 7.8 7.8 
Other assets241.1 281.6 231.4 229.1 217.4 
Total assets$14,468.4 14,197.6 13,514.2 13,473.1 12,565.5 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense$6,811.2 6,610.9 6,589.8 6,452.0 5,903.5 
Unearned premiums2,815.7 2,698.5 2,616.3 2,655.0 2,598.7 
Long-term debt902.7 903.2 507.9 508.2 508.8 
Current federal income tax— 56.1 19.7 — — 
Accrued salaries and benefits107.7 105.6 121.7 113.5 92.6 
Other liabilities461.7 564.7 538.7 576.6 539.2 
Total liabilities
$11,099.1 10,939.0 10,394.1 10,305.3 9,642.8 
Stockholders' Equity
Preferred stock of $0 par value per share$200.0 200.0 200.0 200.0 200.0 
Common stock of $2 par value per share211.8 211.7 211.2 211.1 211.0 
Additional paid-in capital580.4 571.3 557.0 549.8 545.3 
Retained earnings3,284.0 3,223.7 3,139.5 3,069.6 3,001.1 
Accumulated other comprehensive income (loss)
(230.6)(272.1)(336.8)(211.9)(392.7)
Treasury stock, at cost(676.3)(676.1)(650.8)(650.7)(641.9)
Total stockholders' equity$3,369.4 3,258.5 3,120.1 3,167.8 2,922.7 
Commitments and contingencies
Total liabilities and stockholders' equity$14,468.4 14,197.6 13,514.2 13,473.1 12,565.5 
Note: Amounts may not foot due to rounding.
Page 3

Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ and shares in millions, except per share data)2025202520242024202420252024
Book value per common share
Common stockholders' equity$3,169.4 3,058.5 2,920.1 2,967.8 2,722.7 3,169.4 2,722.7 
Common shares issued and outstanding, at period end60.8 60.8 60.8 60.8 60.9 60.8 60.9 
Book value per common share$52.09 50.33 47.99 48.82 44.74 52.09 44.74 
Adjusted book value per common share(1)
54.48 53.39 52.10 50.80 49.67 54.48 49.67 
Financial results (after-tax)
Underwriting income (loss)(1.9)36.1 13.3 4.1 (137.2)34.1 (122.2)
Net investment income101.4 95.6 97.3 93.4 86.3 197.0 171.9 
Interest expense and preferred stock dividends(12.8)(9.9)(8.0)(8.0)(8.0)(22.6)(16.0)
Corporate expense(6.4)(14.4)(3.0)(3.8)(7.7)(20.8)(18.9)
Net realized and unrealized investment gains (losses)3.3 0.2 (6.3)4.3 1.0 3.5 (0.3)
Total after-tax net income (loss) available to common stockholders
83.6 107.6 93.2 90.0 (65.6)191.2 14.6 
Return on average equity
Insurance segments(0.2)4.8 1.8 0.6 (19.9)2.2 (8.8)
Net investment income13.0 12.8 13.2 13.1 12.5 12.9 12.5 
Interest expense and preferred stock dividends(1.6)(1.3)(1.1)(1.1)(1.2)(1.5)(1.2)
Corporate expense(0.9)(1.9)(0.4)(0.5)(1.0)(1.3)(1.4)
Net realized and unrealized investment gains (losses)0.4 — (0.8)0.5 0.1 0.2 — 
ROE10.7 14.4 12.7 12.6 (9.5)12.5 1.1 
Net realized and unrealized (gains) losses(2)
(0.4)— 0.8 (0.5)(0.1)(0.2)— 
Non-GAAP Operating ROE(1)
10.3 14.4 13.5 12.1 (9.6)12.3 1.1 
Debt and total capitalization
Notes payable:
3.03% Borrowings from Federal Home Loan Bank of Indianapolis60.0 60.0 60.0 60.0 60.0 60.0 60.0 
7.25% Senior Notes49.8 49.8 49.8 49.8 49.8 49.8 49.8 
5.90% Senior Notes396.0 395.9 — — — 396.0 — 
6.70% Senior Notes99.4 99.4 99.4 99.4 99.4 99.4 99.4 
5.375% Senior Notes292.6 292.5 292.4 292.4 292.3 292.6 292.3 
Finance Lease Obligations4.9 5.6 6.3 6.7 7.3 4.9 7.3 
Total debt902.7 903.2 507.9 508.2 508.8 902.7 508.8 
Stockholders' equity3,369.4 3,258.5 3,120.1 3,167.8 2,922.7 3,369.4 2,922.7 
Total capitalization$4,272.1 4,161.8 3,628.0 3,676.0 3,431.5 4,272.1 3,431.5 
Ratio of debt to total capitalization21.1 21.7 14.0 13.8 14.8 21.1 14.8 
Policyholders' surplus$3,288.5 3,204.2 2,902.8 2,787.5 2,698.8 3,288.5 2,698.8 
(1)
Non-GAAP measure. Refer to Page 15 for definition.
(2)
Amounts are provided to reconcile ROE to non-GAAP operating ROE.
Note: Amounts may not foot due to rounding.
Page 4

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INSURANCE OPERATIONS
STATEMENT OF OPERATIONS
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions)2025202520242024202420252024
Underwriting results
Net premiums written$1,288.6 1,240.4 1,089.6 1,157.6 1,226.1 2,529.1 2,382.7 
Change in net premiums written, from comparable prior year period5 %7 10 9 13 6 14 
Net premiums earned$1,188.1 1,158.8 1,133.0 1,112.2 1,080.2 2,346.8 2,131.2 
Losses and loss expenses incurred823.9 746.3 769.0 765.7 925.5 1,570.2 1,629.8 
Net underwriting expenses incurred365.4 365.8 346.4 340.0 327.3 731.2 651.7 
Dividends to policyholders1.2 1.0 0.8 1.4 1.1 2.1 4.3 
GAAP underwriting income (loss)$(2.4)45.6 16.8 5.3 (173.7)43.2 (154.7)
Net catastrophe losses$79.9 43.4 (10.1)148.8 90.5 123.3 145.8 
(Favorable) unfavorable prior year casualty reserve development45.0 5.0 100.0 — 176.0 50.0 211.0 
Underwriting ratios
Loss and loss expense ratio69.3 %64.4 67.8 68.8 85.7 66.9 76.5 
Underwriting expense ratio30.8 31.6 30.6 30.6 30.3 31.2 30.6 
Dividends to policyholders ratio0.1 0.1 0.1 0.1 0.1 0.1 0.2 
Combined ratio100.2 %96.1 98.5 99.5 116.1 98.2 107.3 
Net catastrophe losses6.7 pts3.7 (0.9)13.4 8.4 5.3 6.8 
(Favorable) unfavorable prior year casualty reserve development3.8 0.4 8.8 — 16.3 2.1 9.9 
Combined ratio before net catastrophe losses93.5 %92.4 99.4 86.1 107.7 92.9 100.5 
Combined ratio before net catastrophe losses and prior year casualty development89.7 %92.0 90.6 86.1 91.4 90.8 90.6 
Other Statistics
Non-catastrophe property loss and loss expenses$173.2 178.7 178.2 146.7 185.5 351.9 356.7 
Non-catastrophe property loss and loss expenses14.6 pts15.4 15.7 13.2 17.2 15.0 16.7 
Direct new business$248.1 251.3 232.0 234.2 267.4 499.4 528.2 
Renewal pure price increases9.9%10.3 10.7 10.5 9.1 10.1 8.6 
Note: Amounts may not foot due to rounding.

Page 5

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions)2025202520242024202420252024
Underwriting results
Net premiums written$1,018.0 1,003.2 833.4 903.9 963.1 2,021.2 1,894.8 
Change in net premiums written, from comparable prior year period6 %8 9 8 11 7 13 
Net premiums earned$937.6 912.2 884.6 875.4 853.5 1,849.8 1,687.6 
Losses and loss expenses incurred666.8 581.7 606.3 591.6 748.0 1,248.4 1,303.8 
Net underwriting expenses incurred295.9 296.6 279.3 275.1 265.4 592.5 530.0 
Dividends to policyholders1.2 1.0 0.8 1.4 1.1 2.1 4.3 
GAAP underwriting income (loss)$(26.1)32.9 (1.8)7.3 (160.9)6.8 (150.5)
Net catastrophe losses$50.9 19.8 (8.2)100.4 50.9 70.7 89.4 
(Favorable) unfavorable prior year casualty reserve development45.0 — 75.0 — 176.0 45.0 211.0 
Underwriting ratios
Loss and loss expense ratio71.1 %63.8 68.5 67.6 87.6 67.5 77.2 
Underwriting expense ratio31.6 32.5 31.6 31.4 31.1 32.0 31.4 
Dividends to policyholders ratio0.1 0.1 0.1 0.2 0.1 0.1 0.3 
Combined ratio102.8 %96.4 100.2 99.2 118.8 99.6 108.9 
Net catastrophe losses5.4 pts2.2 (0.9)11.5 6.0 3.8 5.3 
(Favorable) unfavorable prior year casualty reserve development4.8 — 8.5 — 20.6 2.4 12.5 
Combined ratio before net catastrophe losses97.4 %94.2 101.1 87.7 112.8 95.8 103.6 
Combined ratio before net catastrophe losses and prior year casualty development92.6 %94.2 92.6 87.7 92.2 93.4 91.1 
Other Statistics
Non-catastrophe property loss and loss expenses$131.9 128.8 124.1 95.9 124.5 260.7 239.5 
Non-catastrophe property loss and loss expenses14.1 pts14.1 14.0 11.0 14.6 14.1 14.2 
Direct new business$158.2 172.2 139.5 139.2 168.4 330.3 340.4 
Renewal pure price increases8.9 %9.1 8.8 9.1 7.9 9.0 7.8 
Retention83 85 85 86 85 83 85 
Note: Amounts may not foot due to rounding.

Page 6

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter ended June 30, 2025Quarter ended June 30, 2024
GeneralCommercialCommercialWorkersGeneralCommercialCommercialWorkers
($ in millions)LiabilityAuto
Property(1)
CompensationBOPBondsOtherTotalLiabilityAuto
Property(1)
CompensationBOPBondsOtherTotal
Net premiums written$341.6 313.0 207.9 83.0 50.3 13.6 8.6 1,018.0 320.0 297.3 195.4 84.9 43.3 13.9 8.4 963.1 
Net premiums earned305.8 288.8 191.0 82.0 48.4 13.3 8.3 937.6 280.1 260.7 168.5 82.3 41.6 12.5 7.8 853.5 
Underwriting income (loss)(31.3)(8.4)7.4 (2.9)2.5 2.0 4.5 (26.1)(166.1)(1.2)(3.0)3.9 (0.1)2.0 3.7 (160.9)
Loss and loss expense ratio78.7 %73.3 61.4 77.1 62.7 29.1 (2.1)71.1 128.5 71.2 67.4 69.5 68.6 27.2 1.2 87.6 
Underwriting expense ratio31.5 29.6 34.7 25.2 32.1 55.5 48.0 31.6 30.8 29.3 34.4 24.8 31.6 56.8 51.9 31.1 
Dividend ratio— — — 1.2 — — — 0.1 — — — 1.0 — — — 0.1 
Combined ratio110.2 %102.9 96.1 103.5 94.8 84.6 45.9 102.8 159.3 100.5 101.8 95.3 100.2 84.0 53.1 118.8 
Net catastrophe losses— %1.4 17.8 — 26.5 — — 5.4 — 1.0 24.6 — 16.1 — 0.1 6.0 
(Favorable) unfavorable prior year casualty reserve development6.5 8.7 — — — — — 4.8 59.3 3.8 — — — — — 20.6 
Combined ratio before net catastrophe losses and prior year casualty development103.7 %92.8 78.3 103.5 68.3 84.6 45.9 92.6 100.0 95.7 77.2 95.3 84.1 84.0 53.0 92.2 
Year-to-Date June 30, 2025Year-to-Date June 30, 2024
GeneralCommercialCommercialWorkersGeneralCommercialCommercialWorkers
($ in millions)LiabilityAuto
Property(1)
CompensationBOPBondsOtherTotalLiabilityAuto
Property(1)
CompensationBOPBondsOtherTotal
Net premiums written$675.5 625.6 404.2 169.1 101.2 28.0 17.6 2,021.2 627.4 582.9 370.0 183.6 88.0 26.4 16.6 1,894.8 
Net premiums earned600.5 572.3 377.6 161.1 95.3 26.5 16.5 1,849.8 553.5 512.4 330.1 170.1 81.6 24.6 15.4 1,687.6 
Underwriting income (loss)(47.2)(0.8)37.5 (7.6)12.6 3.8 8.6 6.8 (195.6)(0.9)6.5 22.1 5.4 4.1 7.9 (150.5)
Loss and loss expense ratio75.7 %69.9 55.7 77.5 53.6 29.1 0.5 67.5 103.9 70.4 63.2 60.5 60.3 27.4 0.9 77.2 
Underwriting expense ratio32.2 30.2 34.4 26.1 33.2 56.8 47.7 32.0 31.2 29.6 34.5 25.5 33.1 56.0 47.7 31.4 
Dividend ratio— — — 1.1 — — — 0.1 0.2 0.2 0.3 1.0 — — — 0.3 
Combined ratio107.9 %100.1 90.1 104.7 86.8 85.9 48.2 99.6 135.3 100.2 98.0 87.0 93.4 83.4 48.6 108.9 
Net catastrophe losses— 1.0 13.3 — 15.5 — — 3.8 — 0.8 22.5 — 13.4 — — 5.3 
(Favorable) unfavorable prior year casualty reserve development3.3 4.4 — — — — — 2.4 39.0 2.0 — (8.8)— — — 12.5 
Combined ratio before net catastrophe losses and prior year casualty development104.6 %94.7 76.8 104.7 71.3 85.9 48.2 93.4 96.3 97.4 75.5 95.8 80.0 83.4 48.6 91.1 
(1) Includes Inland Marine.
Note: Amounts may not foot due to rounding.

Page 7

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES
STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions)2025202520242024202420252024
Underwriting results
Net premiums written$110.5 87.5 103.6 111.0 116.1 198.0 216.1 
Change in net premiums written, from comparable prior year period(5)%(12)(3)(2)6 (8)11 
Net premiums earned$102.4 103.7 107.1 107.5 106.4 206.0 210.3 
Losses and loss expenses incurred70.0 76.7 72.7 106.1 101.4 146.6 185.8 
Net underwriting expenses incurred23.9 24.9 25.5 25.2 24.3 48.8 49.1 
GAAP underwriting income (loss)$8.6 2.0 8.9 (23.8)(19.3)10.6 (24.6)
Net catastrophe losses$14.6 7.1 1.0 41.7 25.4 21.7 37.2 
(Favorable) unfavorable prior year casualty reserve development— 5.0 5.0 — — 5.0 — 
Underwriting ratios
Loss and loss expense ratio68.3 %73.9 67.9 98.7 95.3 71.2 88.3 
Underwriting expense ratio23.3 24.1 23.8 23.4 22.8 23.7 23.4 
Combined ratio91.6 %98.0 91.7 122.1 118.1 94.9 111.7 
Net catastrophe losses14.3 pts6.9 1.0 38.8 23.9 10.5 17.7 
(Favorable) unfavorable prior year casualty reserve development— 4.8 4.7 — — 2.4 — 
Combined ratio before net catastrophe losses77.3 %91.1 90.7 83.3 94.2 84.4 94.0 
Combined ratio before net catastrophe losses and prior year casualty development77.3 %86.3 86.0 83.3 94.2 82.0 94.0 
Other Statistics
Non-catastrophe property loss and loss expenses$28.3 36.5 38.9 38.0 45.4 64.8 87.2 
Non-catastrophe property loss and loss expenses27.6 pts35.2 36.3 35.3 42.6 31.4 41.5 
Direct new business$12.9 8.9 13.3 16.0 22.0 21.8 43.3 
Renewal pure price increases19.0 %24.1 27.3 22.8 20.7 21.3 17.7 
Retention79 75 75 75 78 77 80 
Note: Amounts may not foot due to rounding.

Page 8

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter ended June 30, 2025Quarter ended June 30, 2024
PersonalPersonal
($ in millions)AutoHomeownersOtherTotalAutoHomeownersOtherTotal
Net premiums written$52.7 54.6 3.2 110.5 59.6 53.4 3.2 116.1 
Net premiums earned51.3 48.3 2.8 102.4 57.5 46.1 2.8 106.4 
Underwriting income (loss)0.4 3.0 5.2 8.6 (6.3)(17.7)4.7 (19.3)
Loss and loss expense ratio74.1 %66.0 4.1 68.3 86.6 110.9 17.8 95.3 
Underwriting expense ratio25.1 27.8 (89.6)23.3 24.3 27.5 (82.6)22.8 
Combined ratio99.2 %93.8 (85.5)91.6 110.9 138.4 (64.8)118.1 
Net catastrophe losses0.8 %29.3 — 14.3 4.1 50.0 — 23.9 
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development98.4 %64.5 (85.5)77.3 106.8 88.4 (64.8)94.2 
Year-to-Date June 30, 2025Year-to-Date June 30, 2024
PersonalPersonal
($ in millions)AutoHomeownersOtherTotalAutoHomeownersOtherTotal
Net premiums written$98.1 94.4 5.6 198.0 114.6 95.6 5.9 216.1 
Net premiums earned104.3 96.3 5.5 206.0 114.5 90.2 5.6 210.3 
Underwriting income (loss)(5.5)6.4 9.7 10.6 (17.8)(16.1)9.3 (24.6)
Loss and loss expense ratio79.7 %65.5 9.8 71.2 90.4 90.0 18.9 88.3 
Underwriting expense ratio25.6 27.8 (85.0)23.7 25.1 27.8 (84.2)23.4 
Combined ratio105.3 %93.3 (75.2)94.9 115.5 117.8 (65.3)111.7 
Net catastrophe losses0.5 %22.0 — 10.5 2.6 37.9 — 17.7 
(Favorable) unfavorable prior year casualty reserve development4.8 %— — 2.4 4.4 (5.5)— — 
Combined ratio before net catastrophe losses and prior year casualty development100.0 %71.3 (75.2)82.0 108.5 85.4 (65.3)94.0 
Note: Amounts may not foot due to rounding.

Page 9

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS AND SURPLUS LINES
STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions)2025202520242024202420252024
Underwriting results
Net premiums written$160.2 149.7 152.6 142.7 146.8 309.9 271.9 
Change in net premiums written, from comparable prior year period9 %20 27 28 39 14 31 
Net premiums earned$148.0 142.9 141.3 129.3 120.3 290.9 233.3 
Losses and loss expenses incurred87.2 88.0 90.0 68.0 76.2 175.1 140.3 
Net underwriting expenses incurred45.7 44.2 41.6 39.6 37.7 89.9 72.6 
GAAP underwriting income (loss)$15.2 10.7 9.7 21.7 6.5 25.9 20.5 
Net catastrophe losses$14.5 16.4 (2.9)6.7 14.3 30.9 19.2 
(Favorable) unfavorable prior year casualty reserve development— — 20.0 — — — — 
Underwriting ratios
Loss and loss expense ratio58.9 %61.6 63.6 52.5 63.3 60.2 60.1 
Underwriting expense ratio30.9 30.9 29.5 30.7 31.3 30.9 31.1 
Combined ratio89.8 %92.5 93.1 83.2 94.6 91.1 91.2 
Net catastrophe losses9.8 pts11.5 (2.0)5.2 11.9 10.6 8.2 
(Favorable) unfavorable prior year casualty reserve development— — 14.2 — — — — 
Combined ratio before net catastrophe losses80.0 %81.0 95.1 78.0 82.7 80.5 83.0 
Combined ratio before net catastrophe losses and prior year casualty development80.0 %81.0 80.9 78.0 82.7 80.5 83.0 
Other Statistics
Non-catastrophe property loss and loss expenses$13.1 13.4 15.2 12.9 15.6 26.5 29.9 
Non-catastrophe property loss and loss expenses8.8 pts9.4 10.8 10.0 13.0 9.1 12.8 
Direct new business$77.0 70.2 79.1 79.0 77.0 147.2 144.5 
Renewal pure price increases9.3 %8.7 8.2 8.0 6.4 9.0 5.9 
Note: Amounts may not foot due to rounding.

Page 10

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS & SURPLUS LINES
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter ended June 30, 2025Quarter ended June 30, 2024
($ in millions)CasualtyPropertyTotalCasualtyPropertyTotal
Net premiums written$93.9 66.2 160.2 86.6 60.3 146.8 
Net premiums earned87.4 60.6 148.0 73.9 46.4 120.3 
Underwriting income (loss)0.3 14.9 15.2 4.4 2.1 6.5 
Loss and loss expense ratio68.2 %45.5 58.9 62.6 64.4 63.3 
Underwriting expense ratio31.5 30.0 30.9 31.4 31.1 31.3 
Combined ratio99.7 %75.5 89.8 94.0 95.5 94.6 
Net catastrophe losses— %23.8 9.8 — 30.8 11.9 
(Favorable) unfavorable prior year casualty reserve development— pts— — — — — 
Combined ratio before net catastrophe losses and prior year casualty development99.7 %51.7 80.0 94.0 64.7 82.7 
Year-to-Date June 30, 2025Year-to-Date June 30, 2024
($ in millions)CasualtyPropertyTotalCasualtyPropertyTotal
Net premiums written$184.6 125.2 309.9 163.7 108.2 271.9 
Net premiums earned172.5 118.4 290.9 145.5 87.8 233.3 
Underwriting income (loss)(0.1)26.0 25.9 8.9 11.6 20.5 
Loss and loss expense ratio68.3 %48.4 60.2 62.7 55.9 60.1 
Underwriting expense ratio31.8 29.6 30.9 31.2 30.9 31.1 
Combined ratio100.1 %78.0 91.1 93.9 86.8 91.2 
Net catastrophe losses— 26.1 10.6 — 21.9 8.2 
(Favorable) unfavorable prior year casualty reserve development— %— — — — — 
Combined ratio before net catastrophe losses and prior year casualty development100.1 %51.9 80.5 93.9 64.9 83.0 
Note: Amounts may not foot due to rounding.


Page 11

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INVESTMENT INCOME
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions)2025202520242024202420252024
Net investment income
Fixed income securities
Taxable$113.9 103.6 100.9 96.4 91.5 217.5 183.0 
Tax-exempt1.8 1.5 1.8 2.1 2.4 3.3 5.1 
Total fixed income securities115.7 105.1 102.7 98.5 93.9 220.8 188.0 
Commercial mortgage loans3.8 3.6 3.3 3.2 3.1 7.4 5.9 
Equity securities4.9 3.6 6.1 5.4 1.9 8.5 6.8 
Alternative investments4.0 7.1 10.6 9.0 10.5 11.1 17.4 
Other investments0.2 0.2 0.2 0.3 0.1 0.4 0.4 
Short-term investments5.3 6.2 5.6 6.5 4.7 11.5 8.2 
Investment income133.8 125.8 128.6 122.8 114.3 259.6 226.7 
Investment expenses(5.9)(5.1)(5.8)(5.0)(5.6)(11.0)(10.2)
Investment tax expense(26.5)(25.1)(25.5)(24.4)(22.4)(51.6)(44.6)
Total net investment income, after-tax$101.4 95.6 97.3 93.4 86.3 197.0 171.9 
Net realized and unrealized investment gains (losses), pre-tax$4.2 0.2 (8.0)5.4 1.3 4.4 (0.3)
Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax$51.6 81.1 (164.6)228.0 (10.8)132.7 (26.9)
Average investment yields
Fixed income investments, pre-tax5.3 5.0 5.1 5.0 4.9 5.2 5.0 
Fixed income investments, after-tax4.2 4.0 4.0 4.0 3.9 4.1 3.9 
Total portfolio, pre-tax4.9 4.8 5.1 5.0 4.9 4.9 4.9 
Total portfolio, after-tax3.9 3.8 4.0 4.0 3.9 3.9 3.9 
Effective tax rate on net investment income20.7 20.8 20.7 20.7 20.6 20.8 20.6 
New money purchase rates for fixed income investments, pre-tax5.7 6.0 6.1 5.8 6.4 5.9 6.1 
New money purchase rates for fixed income investments, after-tax4.6 4.7 4.8 4.6 5.0 4.7 4.8 
Effective duration of fixed income investments including short-term (in years)4.2 4.1 4.0 3.9 3.9 4.2 3.9 
Note: Amounts may not foot due to rounding.
Page 12

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS
(Unaudited)

June 30,Mar. 31,Dec. 31,Sept. 30,June 30,
20252025202420242024
($ in millions)AmountPercentAmountPercentAmountPercentAmountPercentAmountPercent
Fixed income securities, at fair value$8,901.1 84 %8,630.0 84 8,152.1 85 8,110.0 84 7,687.6 85 
Commercial mortgage loans, at fair value266.2 3 251.5 2 224.8 2 218.6 2 209.0 2 
Total fixed income investments9,167.3 87 8,881.5 86 8,376.9 87 8,328.7 86 7,896.6 87 
Short-term investments531.4 5 631.1 6 509.3 5 561.0 6 417.4 5 
Total fixed income and short-term investments9,698.8 92 9,512.6 92 8,886.2 92 8,889.7 92 8,314.0 92 
Equity securities, at fair value318.1 3 266.5 3 213.6 2 205.6 2 192.0 2 
Alternative investments435.0 4 411.1 4 440.9 5 432.0 4 414.8 5 
Other investments96.0 1 98.4 1 101.1 1 102.5 1 89.7 1 
Total investments$10,547.8 100  %10,288.6 100 9,641.8 100 9,629.8 100 9,010.5 100 
Fixed income investments, at carry value
U.S. government obligations$129.4 1 %134.5 2 120.2 1 125.4 2 151.0 2 
Foreign government obligations10.5 — 10.4 — 9.3 — 9.7 — 9.2 — 
Obligations of state and political subdivisions458.7 5 432.9 5 451.2 5 492.9 6 525.4 7 
Corporate securities3,338.6 36 3,262.5 37 3,093.6 37 3,048.7 37 2,865.4 36 
Collateralized loan obligations and other asset-backed securities2,276.2 25 2,197.2 25 2,033.1 24 1,946.4 23 1,916.1 24 
Residential mortgage-backed securities 1,943.6 21 1,852.1 21 1,692.4 20 1,740.0 21 1,504.0 19 
Commercial mortgage-backed securities 744.2 8 740.9 8 753.0 9 747.5 9 717.4 9 
Commercial mortgage loans271.9 3 257.7 3 233.7 3 223.6 3 219.5 3 
Total fixed income investments$9,173.1 100  %8,888.2 100 8,386.4 100 8,334.1 100 7,908.0 100 
Expected maturities of fixed income investments at carry value
Due in one year or less$587.8 6 %622.8 7 638.3 8 670.4 8 634.2 8 
Due after one year through five years3,802.7 41 3,723.8 42 3,692.6 44 3,764.6 45 3,622.6 46 
Due after five years through 10 years3,712.8 40 3,442.5 39 3,072.8 37 3,072.6 37 2,872.1 36 
Due after 10 years1,069.8 12 1,099.3 12 982.7 12 826.5 10 779.1 10 
Total fixed income investments$9,173.1 100  %8,888.2 100 8,386.4 100 8,334.1 100 7,908.0 100 
Weighted average credit quality of fixed income and short-term investments
Investment grade credit quality$9,351.7 96 %9,188.2 97 8,577.3 97 8,591.0 97 8,002.7 96 
Non-investment grade credit quality347.1 4 324.3 3 308.9 3 298.7 3 311.3 4 
Total fixed income and short-term investments, at fair value$9,698.8 100  %9,512.6 100 8,886.2 100 8,889.7 100 8,314.0 100 
Weighted average credit quality of fixed income and short-term investments A+ A+A+AA-AA-
Alternative investmentsJune 30, 2025
Current
Number ofOriginalRemainingMarket
StrategyFundsCommitmentCommitmentValue
Private equity69 $471.2 170.7 325.8 
Private credit20 169.5 99.1 62.1 
Real assets12 87.8 36.3 47.0 
Total101 $728.6 306.1 435.0 
Note: Amounts may not foot due to rounding.
Page 13

Selective Insurance Group, Inc. & Consolidated Subsidiaries
CREDIT QUALITY OF INVESTED ASSETS
(Unaudited)

At June 30, 2025 Credit Rating
($ in millions)Amortized CostFair
Value		% of Invested AssetsYield to WorstEffective Duration in YearsAverage Life in YearsAAAAAABBBNon-Investment GradeNot Rated
Fixed income investments:
U.S. government obligations146 129 1.2 4.6 5.9 8.4 — 129 — — — — 
Foreign government obligations12 11 0.1 4.8 4.7 5.5 1 2 5 4 — — 
State and municipal obligations491 459 4.3 4.8 7.4 10.5 77 222 150 10 — — 
Corporate securities3,381 3,339 31.7 5.2 4.7 6.2 12 357 1,445 1,330 195 — 
Mortgage-backed securities:
Residential mortgage-backed securities ("RMBS"):
Agency RMBS1,499 1,435 13.6 5.1 5.9 7.9 — 1,435 — — — — 
Non-agency RMBS530 508 4.8 5.6 3.9 5.3 443 37 21 8 — — 
Total RMBS2,029 1,944 18.4 5.3 5.3 7.2 443 1,472 21 8 — — 
Commercial mortgage-backed securities ("CMBS")
Agency CMBS157 151 1.4 4.6 4.5 5.8 5 145 — — — — 
Non-agency CMBS603 593 5.6 5.9 2.7 3.5 507 51 29 — 6 — 
Total CMBS760 744 7.1 5.6 3.1 3.9 513 197 29 — 6 — 
Total mortgage-backed securities2,790 2,688 25.5 5.4 4.7 6.3 956 1,668 50 8 6 — 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
CLOs952 942 8.9 6.2 2.3 4.6 562 226 48 46 31 28 
Commercial ABS491 485 4.6 3.4 2.4 3.0 83 68 278 54 2 — 
Consumer ABS410 408 3.9 2.0 0.9 1.4 269 87 47 5 — — 
Other ABS441 441 4.2 7.7 5.8 8.8 15 26 251 90 18 42 
Total CLOs and ABS2,295 2,276 21.6 6.2 3.3 5.2 929 406 624 195 52 70 
Total securitized assets5,085 4,964 47.1 5.7 4.1 5.8 1,884 2,075 674 203 57 70 
Commercial mortgage loans272 266 2.5 6.3 2.6 3.7 — 21 96 125 24 — 
Total fixed income investments9,386 9,167 86.9 5.5 4.4 6.1 1,973 2,806 2,370 1,672 276 71 
Short-term investments531 531 5.0 4.3 0.00.0531 — — — — — 
Total fixed income and short-term investments9,918 9,699 92.0 5.4 4.25.82,504 2,806 2,370 1,672 277 71 
Total fixed income securities and short-term investments by credit rating percentage25.8 %28.9 %24.4 %17.2 %2.9 %0.7 %
Equity securities:
Common stock(1)
309 316 3.0 — — — — — — — — 316 
Preferred stock2 2 — — — — — — — 2 — — 
Total equity securities311 318 3.0 — — — — — — 2 — 316 
Alternative investments
Private equity326 326 3.1 — — — — — — — — 326 
Private credit62 62 0.6 — — — — — — — — 62 
Real assets47 47 0.4 — — — — — — — — 47 
Total alternative investments435 435 4.1 — — — — — — — — 435 
Other investments 96 96 0.9 — — — — — — — — 96 
Total invested assets$10,760 $10,548 100.0 %— — — $2,504 $2,806 $2,370 $1,674 $277 $918 
(1) Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts.
Note: Amounts may not foot due to rounding.
Page 14

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS TO NON-GAAP OPERATING INCOME (LOSS) AND CERTAIN OTHER NON-GAAP MEASURES
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions, except per share data)2025202520242024202420252024
Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Net income (loss) available to common stockholders
$83.6 107.6 93.2 90.0 (65.6)191.2 14.6 
Net realized and unrealized investment (gains) losses included in net income, before tax(4.2)(0.2)8.0 (5.4)(1.3)(4.4)0.3 
Tax on reconciling items0.9 — (1.7)1.1 0.3 0.9 (0.1)
Non-GAAP operating income (loss)
$80.3 107.4 99.6 85.7 (66.6)187.8 14.9 
Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share
Net income (loss) available to common stockholders per diluted common share
$1.36 1.76 1.52 1.47 (1.08)3.12 0.24 
Net realized and unrealized investment (gains) losses included in net income, before tax(0.07)— 0.13 (0.09)(0.02)(0.07)— 
Tax on reconciling items0.02 — (0.03)0.02 — 0.01 — 
Non-GAAP operating income (loss) per diluted common share
$1.31 1.76 1.62 1.40 (1.10)3.06 0.24 
Reconciliation of ROE to non-GAAP operating ROE
ROE10.7 14.4 12.7 12.6 (9.5)12.5 1.1 
Net realized and unrealized investment (gains) losses included in net income, before tax(0.5)— 1.1 (0.8)(0.2)(0.3)— 
Tax on reconciling items0.1 — (0.3)0.3 0.1 0.1 — 
Non-GAAP operating ROE10.3 14.4 13.5 12.1 (9.6)12.3 1.1 
Reconciliation of book value per common share to adjusted book value per common share
Book value per common share$52.09 50.33 47.99 48.82 44.74 52.09 44.74 
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax
3.03 3.88 5.21 2.50 6.25 3.03 6.25 
Tax on reconciling items(0.64)(0.82)(1.10)(0.52)(1.32)(0.64)(1.32)
Adjusted book value per common share$54.48 53.39 52.10 50.80 49.67 54.48 49.67 
Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above.
Note: Amounts may not foot due to rounding.
Page 15

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION

Address:As of June 30, 2025
40 Wantage AvenueAM BestStandard & Poor'sMoody'sFitch
Branchville, NJ 07890Financial Strength Ratings:A+AA2A+
Preferred Stock Rating:n/aBB+Ba1BBB-
Corporate Website:Long-Term Debt Credit Rating:a-BBBBaa2BBB+
www.Selective.com
Investor Contact:REGISTRAR AND TRANSFER AGENT
Brad B. WilsonEQ Shareowner Services
Senior Vice PresidentP.O. Box 64854
Investor Relations & TreasurerSt. Paul, MN 55164
Phone: 973-948-1283866-877-6351
[email protected]
Media Contact:
Jamie M. Beal
Vice President
Director of Communications
Phone: 973-948-1234
[email protected]

Page 16
INVESTOR PRESENTATION Second Quarter 2025 Copyright © 2025 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3

 
SAFE HARBOR STATEMENT We make certain statements and reference other information in this presentation that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve uncertainties and known and unknown risks and other factors that may cause actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. We discuss factors that could cause our actual results to differ materially from those we project, forecast, or estimate in forward-looking statements in further detail in Selective’s public filings with the United States Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements – whether as a result of new information, future events or otherwise – other than as the federal securities laws may require. This presentation also includes certain non-GAAP financial measures within the meaning of Regulation G, including “non-GAAP operating earnings per share,” “non-GAAP operating income,” “non-GAAP operating return on equity,” and “adjusted book value per share.” Definitions of these non-GAAP measures and a reconciliation to the most comparable GAAP figures are available in our Annual Report on Form 10-K and our Supplemental Investor Package, both found on our website www.selective.com under “Investors/Reports & Earnings.” Our commentary references non-GAAP measures we and the investment community use to make it easier to evaluate our insurance business. These non-GAAP measures, however, may not be comparable to similarly titled measures used outside of the insurance industry. Investors are cautioned not to unduly rely on these non-GAAP measures in assessing our overall financial performance. 2

 
INTRODUCTION

 
Every day, our interactions with our customers and distribution partners reinforce the importance of our role in rebuilding lives and businesses, making communities safer, and supporting economic expansion. 4

 
A LEADER IN U.S. PROPERTY & CASUALTY INSURANCE Standard Commercial Lines Segment comprises 79% of Net Premiums Written 5 *Based on 2024 net premiums written in AM Best’s annual list of “Top 200 U.S. Property/Casualty Writers” NASDAQ: SIGI (common stock) NASDAQ: SIGIP (preferred) [email protected] A+ (Superior) rating by AM Best ROE: 1H25: 12.5% 2024: 7.0% 5-Year average: 11.1% 10-year average: 11.3% 34th largest P&C carrier in the United States* $4.6 billion of net premiums written in 2024 Clear path for continued, profitable growth Expanding geographically with the goal of a near national footprint Combined Ratio: 1H25: 98.2% 2024: 103.0% 5-Year average: 96.5% 10-year average: 95.0%

 
SUSTAINABLE COMPETITIVE ADVANTAGES 6 NASDAQ: SIGIP (preferred) Our unique operating model that places empowered decision-makers alongside our customers and distribution partners Our ability to develop and integrate sophisticated tools that our front-line employees use to inform risk selection, pricing, and claims decisions Our franchise value distribution model, defined by meaningful and close business relationships with a group of high-quality distribution partners Our commitment to delivering a superior omni-channel customer experience, enhanced by people and technology Our highly engaged and aligned team of extremely talented employees Our success is based on a unique combination of competitive advantages. Taken together, they create a winning formula for Selective.

 
DIFFERENTIATED OPERATING MODEL 7 Unique field model • Underwriting, claims, and safety management specialists placed alongside our customers and distribution partners • Proven ability to develop and integrate actionable tools • Enables effective portfolio management in balancing rate and retention Franchise value distribution model with high-quality partners • Approximately 1,640 distribution partners selling our standard lines products and services at about 2,840 office locations o ~850 of these distribution partners sell our personal lines products o ~80 wholesale agents sell our E&S business o ~6,420 distribution partners sell National Flood Insurance Program products across 50 states 2024 NET PREMIUMS WRITTEN $4.6 BILLION 12% Excess and Surplus Lines 9% Standard Personal Lines 79% Standard Commercial Lines Everyone with Selective makes our customers feel like the #1 priority. The ease of working with Selective is unmatched. - Selective Agent

 
0% 5% 10% 15% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 SIGI Peer Avg. NON-GAAP OPERATING ROE 8 Note: Peer Average includes CINF, CNA, HIG, THG, TRV, and UFCS Operating ROE 1H25 2024 Investments 12.9% 12.8% Underwriting 2.2% (3.7)% Other (2.8)% (2.0)% Total 12.3% 7.1% Generating ROEs exceeding our cost of capital and peer group average over time 100 basis points of combined ratio translates to ~120 basis points of ROE* 100 basis points of pre-tax investment yield translates to ~260 basis points of ROE* SIGI 10-Year Average: 11.9% Peer 10-Year Average: 8.6%12.3% *Calculated using average equityNote: 10-year avg based on 2015-2024

 
90% 95% 100% 105% 0 2 4 6 8 10 -Y ea r A ve ra ge C om bi ne d R at io 10-Year Standard Deviation of Combined Ratio 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 94%96%98%100%102%104% 10 -Y ea r N PW C AG R 10-Year Average Combined Ratio NPW CAGR VS. AVERAGE COMBINED RATIO Note: White dots represent P&C peers: CINF, CNA, HIG, THG, TRV, and UFCS; 10-year avg based on 2015-2024 Industry Source: © 2025 Conning, Inc. Used with permission. [Statutory data] CAGR = Compound Annual Growth Rate COMBINED RATIO (AVERAGE & VOLATILITY) Industry Industry SIGI SUSTAINED TRACK RECORD OF PROFITABILITY 9 SIGI

 
$- $1 $2 $3 $4 $5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 N PW ($ in b ill io ns ) With current market share of ~1.5% in Commercial Lines, Selective has meaningful runway to deliver above-industry growth TRACK RECORD OF DISCIPLINED, PROFITABLE GROWTH *Compound annual growth rate NET PREMIUMS WRITTEN COMBINED RATIO 10 9.4% CAGR* $4.6 ** Underlying GAAP combined ratio excludes catastrophe losses and prior year casualty reserve development 95.2% 90.8% 95.8% 98.2% 85% 90% 95% 100% 105% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 Underlying Combined Ratio** Reported Combined Ratio

 
11 Transition to mass-affluent well underway Focusing where we believe our strong coverage and servicing capabilities will be more competitive Better aligns our organizational capabilities with a market where we believe we can succeed over the long term PATH FOR PROFITABLE GROWTH Targeting 3% market share in existing footprint over the long-term o Targeting 12% share of wallet with existing distribution partners o Targeting 25% agent market share in existing markets Disciplined approach to geographic expansion o Added thirteen states to our Standard Commercial Lines footprint since 2017 o Goal of operating our Standard Commercial Lines business with a near national footprint; operating model will vary by market Opportunistic, profitable growth strategy Expansion of capabilities and products STANDARD COMMERCIAL LINES EXCESS AND SURPLUS LINESSTANDARD PERSONAL LINES STANDARD COMMERCIAL LINES FOOTPRINT Core Footprint prior to 2017 Expansion States since 2017 Targeted Expansion States* *Expect to enter by the end of 2026, subject to regulatory approval Advancing diversification through geographic and E&S expansion, along with Personal Lines mass affluent strategy

 
2025 REVISED GUIDANCE* 12 GAAP combined ratio 97% to 98% • 6 points of catastrophe losses • Assumes no additional prior year casualty reserve development After-tax net investment income $415 million Overall effective tax rate 21.5% Weighted average diluted shares 61.5 million *As of July 24, 2025

 
SEGMENT PERFORMANCE

 
STANDARD COMMERCIAL LINES • Account-based approach with granular data and sophisticated tools to support underwriting decisions • Focus on maintaining underwriting discipline and achieving price adequacy • Targeting renewal pure price increases that reflect forward loss trend expectations • Underwriting refinements focused on underperforming areas 83% 9.0% 5.3% 76% 80% 84% 88% 0% 4% 8% R et en ti on Pr ic in g Retention Renewal Pure Price CLIPS Pricing 79% of 2024 Net Premiums Written (“NPW”) $3.6 104.2% 90.6% 70% 80% 90% 100% 110% $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 C om bi ne d R at io N PW ($ in B ill io ns ) NPW GAAP Combined Ratio Underlying Combined Ratio *Expect to enter by the end of 2026, subject to regulatory approval CLIPS: Willis Towers Watson Commercial Lines Insurance Pricing Survey; 1H25 data as of 1Q25 Footprint Targeted Expansion States* 141H25 99.6% Combined Ratio 7% Growth

 
80% 85% 90% 95% 0% 4% 8% 12% 16% Excellent Above Average Average Below Average Low & Very Low Re ne w al P ur e Pr ic e Renewal Pure Price Point of Renewal Retention Po in t o f R en ew al R et en tio n PORTFOLIO APPROACH DRIVES BUSINESS MIX IMPROVEMENTS • Portfolio management approach yields higher retention and rate • Account-specific pricing, including: • Predictive modeling • Relative loss frequency and severity • Pricing deviation • Hazard and segment considerations Strong focus on providing our employees tools and technologies that enable more effective underwriting decision making First Half 2025 Standard Commercial Lines Pricing by Retention Group % of Premium 17% 16% 44% 16% 7% 15% 14% 44% Contractors 1% Bonds Manufacturing & Wholesale Community & Public Services 26% Mercantile & Services 2024 DPW Mix 15

 
EXCESS & SURPLUS LINES • Profitable and growing portfolio of commercial risks • Small and middle market focus with $5,300 average premium per policyholder • Modernized technology platform • ~80 wholesale general agents with limited binding authority within prescribed underwriting and pricing guidelines $567.2 89.7% 81.1% 70% 80% 90% 100% 110% $100 $200 $300 $400 $500 $600 C om bi ne d R at io N PW ($ in m ill io ns ) NPW GAAP Combined Ratio Underlying Combined Ratio 12% of 2024 Net Premiums Written 9.0% 0% 2% 4% 6% 8% 10% R en ew al P ur e Pr ic e Renewal Pure Price 50 States & D.C. 161H25 91.1% Combined Ratio 14% Growth

 
• Strategic shift to mass affluent target market well underway • Strong existing product set and servicing capabilities • Aggressive profit improvement plan driven by accelerated pricing and tighter terms and conditions • Decreased policy counts in 2024 and year-to-date 2025 due to rate and underwriting actions STANDARD PERSONAL LINES 1.0% 0.7% 5.2% 20.6% 21.3% 0% 5% 10% 15% 20% 25% R en ew al P ur e Pr ic e 9% of 2024 Net Premiums Written $430.7 109.3% 89.3% 70% 80% 90% 100% 110% 120% $100 $200 $300 $400 $500 C om bi ne d R at io N PW ( $ in m ill io ns ) NPW GAAP Combined Ratio Underlying Combined Ratio 15 State Footprint 171H25 94.9% Combined Ratio (8)% Growth

 
CONSERVATIVE INVESTMENT PORTFOLIO • Consistent strategy focused on optimizing the economic value of our investment portfolio by achieving stable, risk-adjusted after-tax net investment income and generating long-term growth in book value per share • Risk and return objectives balanced against prevailing market conditions and our enterprise risk-taking tolerance • High credit quality and well-diversified portfolio • 92% allocation to fixed income and short-term as of 6/30/25: • 4.2 year duration • A+ average credit rating • Profitable growth within insurance operations drives long-term growth of invested assets Long-term investment philosophy and focus on managing risk $363 12.8% 0% 4% 8% 12% $- $100 $200 $300 $400 After-Tax NII NII ROE Investment Portfolio at 6/30/25 3.9% 0% 1% 2% 3% 4% $4 $6 $8 $10 Th ou sa nd s Invested Assets After-Tax Portfolio Yield In ve st ed A ss et s ($ in b ill io ns ) Fixed Income 87% Short-Term 5%Equities 3% Alts & Other 5% A ft er -T ax P or tf ol io Y ie ld A ft er -T ax N et In ve st m en t In co m e ($ in m ill io ns ) O pe ra ti ng R et ur n on E qu it y 181H25 $197M After-Tax NII 12.9% ROE $10.6

 
FINANCIAL OVERVIEW

 
6.5 0 2 4 6 8 10 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Po in ts o n th e C om bi ne d R at io ENTERPRISE RISK MANAGEMENT 20 7% 4% 4% 0% 10% 2023 2024 2025 1-IN-250 PROBABLE MAXIMUM LOSS* AS A % OF GAAP EQUITY • Strong balance sheet and underwriting controls with prudent reserving practices • Catastrophe loss mitigation initiatives include: o Exposure management, including strict coastal guidelines o Focus on geographic diversification and growth that minimizes peak peril aggregations o Prudent reinsurance program IMPACT OF CATASTROPHE LOSSES ON COMBINED RATIO *Single event hurricane losses are net of reinsurance, after tax, and reinstatement premiums as of 1/1/25; GAAP equity as of 12/31/24 Industry Source: © 2025 AM Best. Used with permission. Industry Average SIGI Standard Commercial $18.7K Excess & Surplus $5.3K Personal Lines $3.7K AVERAGE PREMIUM PER POLICYHOLDER:

 
PRUDENT REINSURANCE STRUCTURE 21 • 2025 property catastrophe treaty highlights: o $1.4B exhaustion point and $100M retention o Top layer of $600M x $800M is 75% collateralized o 1-in-250 PML = 4% of GAAP equity o Placed 97% of a new $20M x $20M Personal Lines-only layer • Property excess of loss treaty covers losses up to $95M in excess of $5M retention on a per risk basis • Casualty excess of loss treaty covers losses up to $87M in excess of $3M retention on a per occurrence basis o Co-participation of 20% on the first $3M x $3M layer 2025 PROPERTY CATASTROPHE PROGRAM $600M in excess of $800M 54% covered through Catastrophe Bond (3-year risk period ending December 2026) 95% Placed $400M in excess of $400M 100% Placed $200M in excess of $200M 100% Placed $100M in excess of $100M 100% Placed Retention: $100M

 
DISCIPLINED FINANCIAL PLANNING & RESERVING PRACTICES 22 Rigorous Results Monitoring Extensive pricing, underwriting, and claims results monitoring provides on-going feedback Detailed Planning Process Detailed ground up premium, expense, and loss planning, with monthly forecasts Specific Underwriting & Pricing Actions Rate analyses, predictive modeling, and policy level guidance facilitate specific pricing and underwriting actions Quarterly Reserve Review Strong reserve discipline facilitated by in-depth quarterly reserve reviews, semi-annual independent reviews, and independent year-end opinion

 
68.9% 72.2% 75.4% 77.4% 78.4% 73.3% 69.8% 68.7% 70.5% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 Initial @ 36 Mos YE-24 50.4% 50.4% 56.2% 53.8% 54.1% 52.0% 56.2% 65.2% 58.7% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 Initial @ 36 Mos YE-24 23 OTHER LIABILITY OCCURRENCE ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) Selective P&C Industry Key Initial = initial loss ratio booked for each accident year @ 36 Months = loss ratio at third year-end evaluation YE-24 = loss ratio as of year-end 2024 Data sourced from Schedule P • For more mature accident years, Selective’s booked loss ratio at 36 months is similar to the loss ratio at the most recent report (year-end 2024). For the industry, there has been a more meaningful amount of unfavorable development after 36 months. • We believe this points to the quality of our reserving process. *DCC = Defense & Cost Containment

 
77.1% 80.0% 80.8% 81.1% 82.3% 66.7% 72.9% 75.4% 75.9% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 Initial @ 36 Mos YE-24 75.6% 76.1% 78.2% 75.4% 80.9% 64.1% 70.9% 69.2% 72.4% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 Initial @ 36 Mos YE-24 24 COMMERCIAL AUTO LIABILITY ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) Selective P&C Industry Similar to Other Liability Occurrence, Commercial Auto liability loss ratios in more mature accident years at 36 months are closer to the loss ratio at the most recent report (year-end 2024) for Selective versus the industry. Key Initial = initial loss ratio booked for each accident year @ 36 Months = loss ratio at third year-end evaluation YE-24 = loss ratio as of year-end 2024 Data sourced from Schedule P *DCC = Defense & Cost Containment

 
53.5% 52.1% 52.9% 54.6% 58.8% 60.3% 63.5% 62.4% 63.5% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 Initial @ 36 Mos YE-24 53.2% 47.3% 46.9% 51.2% 51.8% 50.9% 49.9% 58.8% 61.2% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 Initial @ 36 Mos YE-24 25 WORKERS COMPENSATION ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) Selective P&C Industry For Workers Compensation, both Selective and Industry have reported favorable development within the first 36 months of an accident year, with additional favorable development after 36 months. Key Initial = initial loss ratio booked for each accident year @ 36 Months = loss ratio at third year-end evaluation YE-24 = loss ratio as of year-end 2024 Data sourced from Schedule P *DCC = Defense & Cost Containment

 
STRONG CAPITAL POSITION Generated $1.1 billion of operating cash flow in 2024, up from $759 million in 2023 Year-to-date operating cash flow of $451 million, compared to $380 million in 1H24 26 FINANCIAL STRENGTH RATINGS NPW-to-Surplus ratio of 1.45x at June 30, 2025 We believe investing in organic growth is currently the most attractive capital deployment opportunity Target 20-25% dividend payout ratio over time o Quarterly dividend increased 9%, to $0.38 per common share, in 4Q 2024 Instituted $100 million share repurchase authorization in 2020 o $56.1 million remained as of June 30, 2025 Issued $400M of Senior Notes in February 2025 AM Best: A+ Fitch: A+ S&P: A Moody’s: A2

 
33.0% 31.2% 28% 29% 30% 31% 32% 33% 34% 35% 36% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 G AA P Ex pe ns e R at io BALANCING EXPENSE DISCIPLINE WITH STRATEGIC INVESTMENTS 27 • Recent and current strategic investments include: o New platforms for Small Business and E&S o Claim system modernization o Geographic expansion o Customer experience • Areas for operational enhancements include: o Robotics and artificial intelligence o Talent development o Product innovation

 
$22.54 $52.09 $0 $10 $20 $30 $40 $50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Bo ok V al ue p er S ha re FOCUS ON ROE AND GROWTH IN BOOK VALUE PER SHARE 28 *Refer to “Safe Harbor Statement” on page 2 of this presentation for further detail regarding certain non-GAAP financial measures Generating non-GAAP operating ROE* in line with our long-term target Superior growth in book value per share Expected higher total shareholder returns over time 2024 1H25

 
PROGRESS THROUGH IMPACT

 
30 Sustainability initiatives are embedded into Selective’ business. We aim to deliver significant value over time to our customers, distribution partners, employees, and shareholders. OUR APPROACH TO SUSTAINABILITY Help our customers put their lives and businesses back together after experiencing a covered loss Help make our customers and communities safer Support economic growth by providing capital that protects against covered losses and allows businesses to invest confidently in their operations Achieved an “AA” rating from MSCI Built a solar facility at corporate headquarters that can generate approximately 5M kWh of energy that we sell to others Continue sharing our approach to climate-related risks and opportunities through the publication of our third Task Force on Climate-related Financial Disclosures. OUR PRIMARY OBJECTIVES ARE TO: KEY SUSTAINABILITY ACCOMPLISHMENTS:

 
INVESTOR PRESENTATION Second Quarter 2025 Copyright © 2025 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3

 

Exhibit 99.4












selectiveinsurancergb1.jpg

GAAP LINE OF BUSINESS SUPPLEMENT
HISTORICAL INFORMATION
MARCH 2023 THROUGH MARCH 2025






TABLE OF CONTENTS
Page
General Liability
Commercial Automobile
Commercial Property
Workers Compensation
Businessowners’ Policies (BOP)
Bonds
Commercial Other
Total Standard Commercial Lines
Personal Automobile
Personal Homeowners
Personal Other
Total Standard Personal Lines
E&S Casualty......................................................................................................................................................
E&S Property
Total Excess & Surplus Lines

2

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
GENERAL LIABILITY
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$333.9 $265.0 $290.7 $320.0 $307.4 $248.2 $273.9 $292.8 $272.1 
Net premiums earned294.7 285.3 286.6 280.1 273.4 261.0 261.6 254.5 243.3 
Underwriting income (loss)(15.9)(113.7)13.3 (166.1)(29.4)(23.3)34.3 32.6 27.1 
Loss and loss expense ratio72.5 %108.7 %64.6 %128.5 %78.8 %77.4 %55.8 %55.8 %56.0 %
Underwriting expense ratio32.9 31.1 30.7 30.8 31.7 31.4 31.0 31.4 32.8 
Dividend ratio— — — — 0.3 0.1 0.1 — 0.1 
Combined ratio105.4 %139.8 %95.3 %159.3 %110.8 %108.9 %86.9 %87.2 %88.9 %
Net catastrophe losses— %— %— %— %— %— %— %— %— %
(Favorable) unfavorable prior year casualty reserve development— 35.0 — 59.3 18.3 21.1 — — — 
Combined ratio before net catastrophe losses and prior year casualty development105.4 %104.8 %95.3 %100.0 %92.5 %87.8 %86.9 %87.2 %88.9 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$333.9 $1,183.2 $918.1 $627.4 $307.4 $1,087.1 $838.9 $565.0 $272.1 
Net premiums earned294.7 1,125.5 840.2 553.5 273.4 1,020.4 759.4 497.9 243.3 
Underwriting income (loss)(15.9)(295.9)(182.2)(195.6)(29.4)70.8 94.1 59.8 27.1 
Loss and loss expense ratio72.5 %95.1 %90.5 %103.9 %78.8 %61.4 %55.9 %55.9 %56.0 %
Underwriting expense ratio32.9 31.1 31.1 31.2 31.7 31.6 31.7 32.1 32.8 
Dividend ratio— 0.1 0.1 0.2 0.3 0.1 — — 0.1 
Combined ratio105.4 %126.3 %121.7 %135.3 %110.8 %93.1 %87.6 %88.0 %88.9 %
Net catastrophe losses— %— %— %— %— %— %— %— %— %
(Favorable) unfavorable prior year casualty reserve development— 28.1 25.7 39.0 18.3 5.4 — — — 
Combined ratio before net catastrophe losses and prior year casualty development105.4 %98.2 %96.0 %96.3 %92.5 %87.7 %87.6 %88.0 %88.9 %
Note: Amounts may not foot due to rounding.

3

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
COMMERCIAL AUTOMOBILE
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$312.7 $257.3 $281.3 $297.3 $285.6 $226.8 $252.7 $257.3 $240.2 
Net premiums earned283.6 276.8 269.0 260.7 251.7 239.1 234.6 225.1 217.4 
Underwriting income (loss)7.6 9.3 (5.9)(1.2)0.3 (5.5)(12.3)(4.2)(11.7)
Loss and loss expense ratio66.6 %67.7 %73.4 %71.2 %69.7 %73.1 %75.7 %72.3 %74.3 %
Underwriting expense ratio30.7 28.9 28.8 29.3 29.9 29.0 29.6 29.6 31.0 
Dividend ratio— — — — 0.3 0.2 — — 0.1 
Combined ratio97.3 %96.6 %102.2 %100.5 %99.9 %102.3 %105.3 %101.9 %105.4 %
Net catastrophe losses0.5 %0.8 %0.9 %1.0 %0.6 %0.4 %0.9 %0.8 %0.1 %
(Favorable) unfavorable prior year casualty reserve development— — 3.7 3.8 — — 1.7 — — 
Combined ratio before net catastrophe losses and prior year casualty development96.8 %95.8 %97.6 %95.7 %99.3 %101.9 %102.7 %101.1 %105.3 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$312.7 $1,121.5 $864.2 $582.9 $285.6 $976.9 $750.1 $497.4 $240.2 
Net premiums earned283.6 1,058.2 781.4 512.4 251.7 916.1 677.1 442.4 217.4 
Underwriting income (loss)7.6 2.5 (6.8)(0.9)0.3 (33.7)(28.3)(15.9)(11.7)
Loss and loss expense ratio66.6 %70.5 %71.5 %70.4 %69.7 %73.8 %74.2 %73.3 %74.3 %
Underwriting expense ratio30.7 29.2 29.3 29.6 29.9 29.8 30.0 30.3 31.0 
Dividend ratio— 0.1 0.1 0.2 0.3 0.1 — — 0.1 
Combined ratio97.3 %99.8 %100.9 %100.2 %99.9 %103.7 %104.2 %103.6 %105.4 %
Net catastrophe losses0.5 %0.8 %0.8 %0.8 %0.6 %0.5 %0.6 %0.5 %0.1 %
(Favorable) unfavorable prior year casualty reserve development— 1.9 2.6 2.0 — 0.4 0.6 — — 
Combined ratio before net catastrophe losses and prior year casualty development96.8 %97.1 %97.5 %97.4 %99.3 %102.8 %103.0 %103.1 %105.3 %
Note: Amounts may not foot due to rounding.
4


Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
COMMERCIAL PROPERTY
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$196.3 $174.6 $194.9 $195.4 $174.5 $154.9 $174.6 $167.7 $151.6 
Net premiums earned186.5 180.6 174.9 168.5 161.6 157.1 152.5 141.3 135.3 
Underwriting income (loss)30.0 74.9 (28.1)(3.0)9.6 24.1 1.0 (24.4)10.1 
Loss and loss expense ratio49.8 %23.6 %80.0 %67.4 %59.0 %48.9 %63.3 %80.4 %55.1 %
Underwriting expense ratio34.1 34.8 36.0 34.4 34.6 35.4 36.0 36.9 37.3 
Dividend ratio— 0.1 0.1 — 0.5 0.3 0.1 — 0.2 
Combined ratio83.9 %58.5 %116.1 %101.8 %94.1 %84.6 %99.4 %117.3 %92.6 %
Net catastrophe losses8.8 %(12.0)%53.6 %24.6 %20.3 %8.8 %19.8 %39.7 %20.5 %
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development75.1 %70.5 %62.5 %77.2 %73.8 %75.8 %79.6 %77.6 %72.1 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$196.3 $739.5 $564.9 $370.0 $174.5 $648.8 $493.8 $319.3 $151.6 
Net premiums earned186.5 685.6 504.9 330.1 161.6 586.3 429.1 276.6 135.3 
Underwriting income (loss)30.0 53.3 (21.6)6.5 9.6 10.8 (13.4)(14.3)10.1 
Loss and loss expense ratio49.8 %57.0 %69.1 %63.2 %59.0 %61.6 %66.3 %68.0 %55.1 %
Underwriting expense ratio34.1 35.0 35.0 34.5 34.6 36.4 36.7 37.1 37.3 
Dividend ratio— 0.2 0.2 0.3 0.5 0.2 0.1 0.1 0.2 
Combined ratio83.9 %92.2 %104.3 %98.0 %94.1 %98.2 %103.1 %105.2 %92.6 %
Net catastrophe losses8.8 %21.3 %33.3 %22.5 %20.3 %21.8 %26.6 %30.3 %20.5 %
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development75.1 %70.9 %71.0 %75.5 %73.8 %76.4 %76.5 %74.9 %72.1 %
Note: Amounts may not foot due to rounding.
5


Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
WORKERS COMPENSATION
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$86.1 $66.1 $70.9 $84.9 $98.8 $73.5 $75.6 $95.6 $93.4 
Net premiums earned79.0 76.3 81.3 82.3 87.8 79.1 81.7 88.7 84.2 
Underwriting income (loss)(4.7)27.5 8.2 3.9 18.2 54.3 13.9 12.6 14.6 
Loss and loss expense ratio77.8 %37.1 %63.0 %69.5 %52.2 %3.7 %56.7 %58.2 %54.0 %
Underwriting expense ratio27.1 26.3 25.5 24.8 26.2 27.1 25.2 25.6 27.4 
Dividend ratio1.0 0.6 1.4 1.0 0.9 0.5 1.1 2.0 1.3 
Combined ratio105.9 %64.0 %89.9 %95.3 %79.3 %31.3 %83.0 %85.8 %82.7 %
Net catastrophe losses— %— %— %— %— %— %— %— %— %
(Favorable) unfavorable prior year casualty reserve development— (32.7)(6.2)— (17.1)(63.2)(8.6)(8.5)(11.9)
Combined ratio before net catastrophe losses and prior year casualty development105.9 %96.7 %96.1 %95.3 %96.4 %94.5 %91.6 %94.3 %94.6 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$86.1 $320.6 $254.5 $183.6 $98.8 $338.1 $264.6 $189.0 $93.4 
Net premiums earned79.0 327.7 251.4 170.1 87.8 333.7 254.6 172.9 84.2 
Underwriting income (loss)(4.7)57.7 30.2 22.1 18.2 95.4 41.1 27.2 14.6 
Loss and loss expense ratio77.8 %55.7 %61.4 %60.5 %52.2 %43.9 %56.3 %56.1 %54.0 %
Underwriting expense ratio27.1 25.7 25.5 25.5 26.2 26.3 26.1 26.5 27.4 
Dividend ratio1.0 1.0 1.1 1.0 0.9 1.2 1.5 1.7 1.3 
Combined ratio105.9 %82.4 %88.0 %87.0 %79.3 %71.4 %83.9 %84.3 %82.7 %
Net catastrophe losses— %— %— %— %— %— %— %— %— %
(Favorable) unfavorable prior year casualty reserve development— (13.7)(8.0)(8.8)(17.1)(22.3)(9.6)(10.1)(11.9)
Combined ratio before net catastrophe losses and prior year casualty development105.9 %96.1 %96.0 %95.8 %96.4 %93.7 %93.5 %94.4 %94.6 %
Note: Amounts may not foot due to rounding.

6

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
BUSINESSOWNERS’ POLICIES (BOP)
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$51.0 $50.2 $44.9 $43.3 $44.7 $42.7 $37.9 $35.7 $36.6 
Net premiums earned46.9 44.7 43.1 41.6 39.9 37.0 36.0 34.4 33.2 
Underwriting income (loss)10.1 (6.2)8.8 (0.1)5.4 (0.6)(1.3)(0.3)(6.3)
Loss and loss expense ratio44.0 %76.6 %45.2 %68.6 %51.9 %62.9 %68.4 %67.0 %80.3 %
Underwriting expense ratio34.5 37.3 34.3 31.6 34.5 38.7 35.2 33.7 38.6 
Dividend ratio— — — — — — — — — 
Combined ratio78.5 %113.9 %79.5 %100.2 %86.4 %101.6 %103.6 %100.7 %118.9 %
Net catastrophe losses4.2 %25.1 %10.2 %16.1 %10.6 %4.1 %12.2 %13.3 %21.7 %
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development74.3 %88.8 %69.3 %84.1 %75.8 %97.5 %91.4 %87.4 %97.2 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$51.0 $183.0 $132.9 $88.0 $44.7 $152.9 $110.2 $72.3 $36.6 
Net premiums earned46.9 169.3 124.7 81.6 39.9 140.5 103.6 67.6 33.2 
Underwriting income (loss)10.1 8.0 14.2 5.4 5.4 (8.4)(7.8)(6.5)(6.3)
Loss and loss expense ratio44.0 %60.8 %55.1 %60.3 %51.9 %69.5 %71.8 %73.6 %80.3 %
Underwriting expense ratio34.5 34.5 33.5 33.1 34.5 36.5 35.8 36.1 38.6 
Dividend ratio— — — — — — — — — 
Combined ratio78.5 %95.3 %88.6 %93.4 %86.4 %106.0 %107.6 %109.7 %118.9 %
Net catastrophe losses4.2 %15.7 %12.3 %13.4 %10.6 %12.6 %15.6 %17.4 %21.7 %
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development74.3 %79.6 %76.3 %80.0 %75.8 %93.4 %92.0 %92.3 %97.2 %
Note: Amounts may not foot due to rounding.

7

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
BONDS
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$14.4 $12.2 $13.2 $13.9 $12.4 $10.7 $11.4 $13.4 $11.8 
Net premiums earned13.3 12.7 12.5 12.5 12.1 11.5 11.7 11.6 11.4 
Underwriting income (loss)1.7 2.2 6.8 2.0 2.1 1.9 2.4 2.1 2.0 
Loss and loss expense ratio28.9 %27.3 %(12.7)%27.2 %27.6 %25.6 %24.7 %24.4 %24.8 %
Underwriting expense ratio58.2 55.3 58.1 56.8 55.2 57.6 54.9 57.6 57.4 
Dividend ratio— — — — — — — — — 
Combined ratio87.1 %82.6 %45.4 %84.0 %82.8 %83.2 %79.6 %82.0 %82.2 %
Net catastrophe losses— %— %— %— %— %— %— %— %— %
(Favorable) unfavorable prior year casualty reserve development— — (40.0)— — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development87.1 %82.6 %85.4 %84.0 %82.8 %83.2 %79.6 %82.0 %82.2 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$14.4 $51.7 $39.5 $26.4 $12.4 $47.4 $36.6 $25.2 $11.8 
Net premiums earned13.3 49.7 37.1 24.6 12.1 46.2 34.7 23.0 11.4 
Underwriting income (loss)1.7 13.1 10.9 4.1 2.1 8.4 6.5 4.1 2.0 
Loss and loss expense ratio28.9 %17.4 %13.9 %27.4 %27.6 %24.9 %24.7 %24.6 %24.8 %
Underwriting expense ratio58.2 56.3 56.7 56.0 55.2 56.9 56.6 57.5 57.4 
Dividend ratio— — — — — — — — — 
Combined ratio87.1 %73.7 %70.6 %83.4 %82.8 %81.8 %81.3 %82.1 %82.2 %
Net catastrophe losses— %— %— %— %— %— %— %— %— %
(Favorable) unfavorable prior year casualty reserve development— (10.1)(13.5)— — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development87.1 %83.8 %84.1 %83.4 %82.8 %81.8 %81.3 %82.1 %82.2 %
Note: Amounts may not foot due to rounding.

8

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
COMMERCIAL OTHER
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$8.9 $8.0 $8.0 $8.4 $8.2 $7.4 $7.6 $7.7 $7.6 
Net premiums earned8.2 8.1 7.9 7.8 7.6 7.4 7.3 7.0 6.9 
Underwriting income (loss)4.1 4.1 4.2 3.7 4.3 3.8 3.4 3.7 3.1 
Loss and loss expense ratio3.2 %(0.5)%(0.2)%1.2 %0.7 %(0.5)%0.2 %0.1 %(0.3)%
Underwriting expense ratio47.4 49.3 47.4 51.9 43.4 48.7 52.6 47.4 54.6 
Dividend ratio(0.1)0.1 — — (0.1)0.2 — — 0.1 
Combined ratio50.5 %48.9 %47.2 %53.1 %44.0 %48.4 %52.8 %47.5 %54.4 %
Net catastrophe losses— %— %— %0.1 %— %— %— %0.1 %— %
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development50.5 %48.9 %47.2 %53.0 %44.0 %48.4 %52.8 %47.4 %54.4 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$8.9 $32.6 $24.6 $16.6 $8.2 $30.2 $22.8 $15.2 $7.6 
Net premiums earned8.2 31.5 23.4 15.4 7.6 28.6 21.1 13.9 6.9 
Underwriting income (loss)4.1 16.3 12.1 7.9 4.3 14.1 10.2 6.8 3.1 
Loss and loss expense ratio3.2 %0.3 %0.5 %0.9 %0.7 %(0.1)%0.1 %— %(0.3)%
Underwriting expense ratio47.4 48.0 47.6 47.7 43.4 50.8 51.5 50.9 54.6 
Dividend ratio(0.1)— — — (0.1)0.1 — — 0.1 
Combined ratio50.5 %48.3 %48.1 %48.6 %44.0 %50.8 %51.6 %50.9 %54.4 %
Net catastrophe losses— %— %— %— %— %— %— %— %— %
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development50.5 %48.3 %48.1 %48.6 %44.0 %50.8 %51.6 %50.9 %54.4 %
Note: Amounts may not foot due to rounding.

9

Selective Insurance Group, Inc. & Consolidated Subsidiaries

TOTAL STANDARD COMMERCIAL LINES
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$1,003.2 $833.4 $903.9 $963.1 $931.7 $764.3 $833.6 $870.1 $813.3 
Net premiums earned912.2 884.6 875.4 853.5 834.1 792.1 785.3 762.7 731.6 
Underwriting income (loss)32.9 (1.8)7.3 (160.9)10.4 54.9 41.3 22.1 38.9 
Loss and loss expense ratio63.8 %68.5 %67.6 %87.6 %66.7 %61.0 %62.8 %65.0 %61.2 %
Underwriting expense ratio32.5 31.6 31.4 31.1 31.7 31.9 31.7 31.9 33.3 
Dividend ratio0.1 0.1 0.2 0.1 0.4 0.2 0.2 0.2 0.2 
Combined ratio96.4 %100.2 %99.2 %118.8 %98.8 %93.1 %94.7 %97.1 %94.7 %
Net catastrophe losses2.2 %(0.9)%11.5 %6.0 %4.6 %2.0 %4.7 %8.2 %4.8 %
(Favorable) unfavorable prior year casualty reserve development— 8.5 — 20.6 4.2 0.6 (0.4)(1.0)(1.4)
Combined ratio before net catastrophe losses and prior year casualty development94.2 %92.6 %87.7 %92.2 %90.0 %90.5 %90.4 %89.9 %91.3 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$1,003.2 $3,632.1 $2,798.7 $1,894.8 $931.7 $3,281.3 $2,517.0 $1,683.5 $813.3 
Net premiums earned912.2 3,447.6 2,563.0 1,687.6 834.1 3,071.8 2,279.7 1,494.3 731.6 
Underwriting income (loss)32.9 (145.0)(143.2)(150.5)10.4 157.3 102.4 61.1 38.9 
Loss and loss expense ratio63.8 %72.5 %74.0 %77.2 %66.7 %62.5 %63.0 %63.1 %61.2 %
Underwriting expense ratio32.5 31.5 31.4 31.4 31.7 32.2 32.3 32.6 33.3 
Dividend ratio0.1 0.2 0.2 0.3 0.4 0.2 0.2 0.2 0.2 
Combined ratio96.4 %104.2 %105.6 %108.9 %98.8 %94.9 %95.5 %95.9 %94.7 %
Net catastrophe losses2.2 %5.3 %7.4 %5.3 %4.6 %4.9 %5.9 %6.5 %4.8 %
(Favorable) unfavorable prior year casualty reserve development— 8.3 8.2 12.5 4.2 (0.5)(0.9)(1.2)(1.4)
Combined ratio before net catastrophe losses and prior year casualty development94.2 %90.6 %90.0 %91.1 %90.0 %90.5 %90.5 %90.6 %91.3 %
Note: Amounts may not foot due to rounding.

10

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES
PERSONAL AUTOMOBILE
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$45.3 $50.3 $54.1 $59.6 $55.0 $56.6 $59.5 $59.9 $49.0 
Net premiums earned53.0 55.0 56.6 57.5 57.0 55.0 51.9 48.2 44.9 
Underwriting income (loss)(5.9)(10.8)(3.4)(6.3)(11.5)(18.9)(14.0)(11.3)(7.8)
Loss and loss expense ratio85.1 %94.3 %81.2 %86.6 %94.2 %107.4 %100.1 %94.8 %87.3 %
Underwriting expense ratio26.1 25.4 24.9 24.3 26.0 27.1 26.8 28.6 30.1 
Combined ratio111.2 %119.7 %106.1 %110.9 %120.2 %134.5 %126.9 %123.4 %117.4 %
Net catastrophe losses0.2 %1.7 %2.5 %4.1 %1.2 %1.8 %3.4 %2.5 %(0.4)%
(Favorable) unfavorable prior year casualty reserve development9.4 9.1 — — 8.8 9.1 5.8 8.3 4.5 
Combined ratio before net catastrophe losses and prior year casualty development101.6 %108.9 %103.6 %106.8 %110.2 %123.6 %117.7 %112.6 %113.3 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$45.3 $219.0 $168.7 $114.6 $55.0 $224.9 $168.3 $108.8 $49.0 
Net premiums earned53.0 226.1 171.1 114.5 57.0 200.0 145.1 93.1 44.9 
Underwriting income (loss)(5.9)(32.1)(21.2)(17.8)(11.5)(52.0)(33.0)(19.1)(7.8)
Loss and loss expense ratio85.1 %89.1 %87.3 %90.4 %94.2 %97.9 %94.4 %91.2 %87.3 %
Underwriting expense ratio26.1 25.1 25.1 25.1 26.0 28.1 28.4 29.3 30.1 
Combined ratio111.2 %114.2 %112.4 %115.5 %120.2 %126.0 %122.8 %120.5 %117.4 %
Net catastrophe losses0.2 %2.4 %2.6 %2.6 %1.2 %1.9 %1.9 %1.1 %(0.4)%
(Favorable) unfavorable prior year casualty reserve development9.4 4.4 2.9 4.4 8.8 7.0 6.2 6.4 4.5 
Combined ratio before net catastrophe losses and prior year casualty development101.6 %107.4 %106.9 %108.5 %110.2 %117.1 %114.7 %113.0 %113.3 %
Note: Amounts may not foot due to rounding.

11

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES
HOMEOWNERS
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$39.8 $49.4 $53.0 $53.4 $42.2 $46.7 $50.0 $46.5 $34.3 
Net premiums earned47.9 48.2 47.3 46.1 44.1 42.7 40.2 36.9 35.0 
Underwriting income (loss)3.4 13.4 (29.0)(17.7)1.6 (1.8)(17.6)(16.0)(8.9)
Loss and loss expense ratio65.0 %43.8 %132.9 %110.9 %68.2 %75.6 %116.1 %113.4 %95.7 %
Underwriting expense ratio27.8 28.4 28.4 27.5 28.2 28.7 27.7 29.8 29.7 
Combined ratio92.8 %72.2 %161.3 %138.4 %96.4 %104.3 %143.8 %143.2 %125.4 %
Net catastrophe losses14.6 %0.2 %85.2 %50.0 %25.3 %19.0 %56.2 %54.1 %42.3 %
(Favorable) unfavorable prior year casualty reserve development— — — — (11.3)— — — — 
Combined ratio before net catastrophe losses and prior year casualty development78.2 %72.0 %76.1 %88.4 %82.4 %85.3 %87.6 %89.1 %83.1 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$39.8 $197.9 $148.5 $95.6 $42.2 $177.6 $130.8 $80.8 $34.3 
Net premiums earned47.9 185.7 137.4 90.2 44.1 154.8 112.1 71.9 35.0 
Underwriting income (loss)3.4 (31.7)(45.1)(16.1)1.6 (44.3)(42.5)(24.8)(8.9)
Loss and loss expense ratio65.0 %89.0 %104.8 %90.0 %68.2 %99.7 %108.9 %104.7 %95.7 %
Underwriting expense ratio27.8 28.1 28.0 27.8 28.2 28.9 29.0 29.8 29.7 
Combined ratio92.8 %117.1 %132.8 %117.8 %96.4 %128.6 %137.9 %134.5 %125.4 %
Net catastrophe losses14.6 %40.2 %54.2 %37.9 %25.3 %42.3 %51.2 %48.3 %42.3 %
(Favorable) unfavorable prior year casualty reserve development— (2.7)(3.6)(5.5)(11.3)— — — — 
Combined ratio before net catastrophe losses and prior year casualty development78.2 %79.6 %82.2 %85.4 %82.4 %86.3 %86.7 %86.2 %83.1 %
Note: Amounts may not foot due to rounding.

12

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES
PERSONAL OTHER
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$2.4 $4.0 $3.9 $3.2 $2.8 $3.7 $3.7 $2.7 $2.0 
Net premiums earned2.7 3.9 3.7 2.8 2.8 3.3 3.1 2.0 1.9 
Underwriting income (loss)4.5 6.4 8.6 4.7 4.6 3.8 5.5 4.2 3.6 
Loss and loss expense ratio15.5 %(7.9)%(70.0)%17.8 %20.0 %37.0 %28.7 %21.6 %23.8 %
Underwriting expense ratio(80.3)(57.2)(64.7)(82.6)(85.9)(51.1)(106.0)(125.9)(110.6)
Combined ratio(64.8)%(65.1)%(134.7)%(64.8)%(65.9)%(14.1)%(77.3)%(104.3)%(86.8)%
Net catastrophe losses— %— %— %— %— %— %— %— %— %
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development(64.8)%(65.1)%(134.7)%(64.8)%(65.9)%(14.1)%(77.3)%(104.3)%(86.8)%
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$2.4 $13.8 $9.8 $5.9 $2.8 $12.1 $8.4 $4.7 $2.0 
Net premiums earned2.7 13.1 9.3 5.6 2.8 10.4 7.1 4.0 1.9 
Underwriting income (loss)4.5 24.2 17.9 9.3 4.6 17.0 13.3 7.8 3.6 
Loss and loss expense ratio15.5 %(13.9)%(16.3)%18.9 %20.0 %28.9 %25.3 %22.6 %23.8 %
Underwriting expense ratio(80.3)(70.8)(76.5)(84.2)(85.9)(93.3)(113.0)(118.4)(110.6)
Combined ratio(64.8)%(84.7)%(92.8)%(65.3)%(65.9)%(64.4)%(87.7)%(95.8)%(86.8)%
Net catastrophe losses— %— %— %— %— %— %— %— %— %
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development(64.8)%(84.7)%(92.8)%(65.3)%(65.9)%(64.4)%(87.7)%(95.8)%(86.8)%
Note: Amounts may not foot due to rounding.

13

Selective Insurance Group, Inc. & Consolidated Subsidiaries

TOTAL STANDARD PERSONAL LINES
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$87.5 $103.6 $111.0 $116.1 $99.9 $107.0 $113.2 $109.1 $85.3 
Net premiums earned103.7 107.1 107.5 106.4 103.8 101.0 95.2 87.2 81.9 
Underwriting income (loss)2.0 8.9 (23.8)(19.3)(5.3)(17.0)(26.1)(23.1)(13.1)
Loss and loss expense ratio73.9 %67.9 %98.7 %95.3 %81.2 %91.7 %104.5 %101.0 %89.4 %
Underwriting expense ratio24.1 23.8 23.4 22.8 23.9 25.2 22.9 25.5 26.6 
Combined ratio98.0 %91.7 %122.1 %118.1 %105.1 %116.9 %127.4 %126.5 %116.0 %
Net catastrophe losses6.9 %1.0 %38.8 %23.9 %11.4 %9.1 %25.6 %24.3 %17.9 %
(Favorable) unfavorable prior year casualty reserve development4.8 4.7 — — — 5.0 3.2 4.6 2.4 
Combined ratio before net catastrophe losses and prior year casualty development86.3 %86.0 %83.3 %94.2 %93.7 %102.8 %98.6 %97.6 %95.7 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$87.5 $430.7 $327.1 $216.1 $99.9 $414.6 $307.5 $194.4 $85.3 
Net premiums earned103.7 424.9 317.8 210.3 103.8 365.2 264.2 169.0 81.9 
Underwriting income (loss)2.0 (39.5)(48.4)(24.6)(5.3)(79.3)(62.2)(36.1)(13.1)
Loss and loss expense ratio73.9 %85.8 %91.8 %88.3 %81.2 %96.7 %98.7 %95.4 %89.4 %
Underwriting expense ratio24.1 23.5 23.4 23.4 23.9 25.0 24.9 26.0 26.6 
Combined ratio98.0 %109.3 %115.2 %111.7 %105.1 %121.7 %123.6 %121.4 %116.0 %
Net catastrophe losses6.9 %18.8 %24.8 %17.7 %11.4 %19.0 %22.8 %21.2 %17.9 %
(Favorable) unfavorable prior year casualty reserve development4.8 1.2 — — — 3.8 3.4 3.5 2.4 
Combined ratio before net catastrophe losses and prior year casualty development86.3 %89.3 %90.4 %94.0 %93.7 %98.9 %97.4 %96.7 %95.7 %
Note: Amounts may not foot due to rounding.

14

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS & SURPLUS
CASUALTY
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$90.7 $88.8 $83.3 $86.6 $77.1 $73.7 $69.8 $68.3 $68.7 
Net premiums earned85.1 84.9 77.5 73.9 71.6 70.5 67.7 62.2 60.8 
Underwriting income (loss)(0.4)(17.8)4.6 4.4 4.5 6.5 5.1 3.7 8.8 
Loss and loss expense ratio68.3 %91.5 %62.4 %62.6 %62.7 %61.1 %61.4 %61.6 %53.3 %
Underwriting expense ratio32.2 29.5 31.7 31.4 31.0 29.6 31.1 32.4 32.3 
Combined ratio100.5 %121.0 %94.1 %94.0 %93.7 %90.7 %92.5 %94.0 %85.6 %
Net catastrophe losses— %— %— %— %— %— %— %— %— %
(Favorable) unfavorable prior year casualty reserve development— 23.6 — — — — — — (8.2)
Combined ratio before net catastrophe losses and prior year casualty development100.5 %97.4 %94.1 %94.0 %93.7 %90.7 %92.5 %94.0 %93.8 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$90.7 $335.9 $247.0 $163.7 $77.1 $280.6 $206.9 $137.0 $68.7 
Net premiums earned85.1 307.9 223.0 145.5 71.6 261.1 190.7 123.0 60.8 
Underwriting income (loss)(0.4)(4.3)13.5 8.9 4.5 24.1 17.6 12.5 8.8 
Loss and loss expense ratio68.3 %70.6 %62.6 %62.7 %62.7 %59.5 %58.9 %57.5 %53.3 %
Underwriting expense ratio32.2 30.8 31.4 31.2 31.0 31.3 31.9 32.3 32.3 
Combined ratio100.5 %101.4 %94.0 %93.9 %93.7 %90.8 %90.8 %89.8 %85.6 %
Net catastrophe losses— %— %— %— %— %— %— %— %— %
(Favorable) unfavorable prior year casualty reserve development— 6.5 — — — (1.9)(2.6)(4.1)(8.2)
Combined ratio before net catastrophe losses and prior year casualty development100.5 %94.9 %94.0 %93.9 %93.7 %92.7 %93.4 %93.9 %93.8 %
Note: Amounts may not foot due to rounding.

15

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS & SURPLUS
PROPERTY
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$59.0 $63.8 $59.3 $60.3 $47.9 $46.5 $41.8 $37.3 $32.5 
Net premiums earned57.8 56.4 51.9 46.4 41.4 37.6 33.7 30.1 28.0 
Underwriting income (loss)11.1 27.5 17.2 2.1 9.5 19.2 11.3 (4.3)4.6 
Loss and loss expense ratio51.6 %21.9 %37.8 %64.4 %46.4 %17.6 %32.9 %80.8 %51.8 %
Underwriting expense ratio29.1 29.4 29.1 31.1 30.7 31.4 33.7 33.6 31.9 
Combined ratio80.7 %51.3 %66.9 %95.5 %77.1 %49.0 %66.6 %114.4 %83.7 %
Net catastrophe losses28.4 %(5.1)%12.9 %30.8 %11.9 %(1.9)%10.5 %54.1 %19.9 %
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development52.3 %56.4 %54.0 %64.7 %65.2 %50.9 %56.1 %60.3 %63.8 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$59.0 $231.3 $167.5 $108.2 $47.9 $158.0 $111.6 $69.8 $32.5 
Net premiums earned57.8 196.1 139.6 87.8 41.4 129.5 91.9 58.2 28.0 
Underwriting income (loss)11.1 56.2 28.7 11.6 9.5 30.6 11.5 0.2 4.6 
Loss and loss expense ratio51.6 %41.3 %49.1 %55.9 %46.4 %43.7 %54.4 %66.8 %51.8 %
Underwriting expense ratio29.1 30.0 30.3 30.9 30.7 32.6 33.1 32.8 31.9 
Combined ratio80.7 %71.3 %79.4 %86.8 %77.1 %76.3 %87.5 %99.6 %83.7 %
Net catastrophe losses28.4 %11.7 %18.5 %21.9 %11.9 %19.1 %27.6 %37.6 %19.9 %
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development52.3 %59.6 %60.9 %64.9 %65.2 %57.2 %59.9 %62.0 %63.8 %
Note: Amounts may not foot due to rounding.

16

Selective Insurance Group, Inc. & Consolidated Subsidiaries

TOTAL EXCESS & SURPLUS LINES
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter-Ended
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$149.7 $152.6 $142.7 $146.8 $125.0 $120.2 $111.6 $105.7 $101.2 
Net premiums earned142.9 141.3 129.3 120.3 113.0 108.1 101.4 92.3 88.9 
Underwriting income (loss)10.7 9.7 21.7 6.5 14.0 25.7 16.4 (0.6)13.3 
Loss and loss expense ratio61.6 %63.6 %52.5 %63.3 %56.7 %45.9 %51.9 %67.9 %52.8 %
Underwriting expense ratio30.9 29.5 30.7 31.3 30.9 30.3 32.0 32.8 32.2 
Combined ratio92.5 %93.1 %83.2 %94.6 %87.6 %76.2 %83.9 %100.7 %85.0 %
Net catastrophe losses11.5 %(2.0)%5.2 %11.9 %4.3 %(0.7)%3.5 %17.6 %6.3 %
(Favorable) unfavorable prior year casualty reserve development— 14.2 — — — — — — (5.6)
Combined ratio before net catastrophe losses and prior year casualty development81.0 %80.9 %78.0 %82.7 %83.3 %76.9 %80.4 %83.1 %84.3 %
Year-to-Date
Mar. 31Dec. 31Sept. 30June 30Mar. 31Dec. 31Sept. 30June 30Mar. 31
($ in millions)202520242024202420242023202320232023
Net premiums written$149.7 $567.2 $414.5 $271.9 $125.0 $438.6 $318.4 $206.8 $101.2 
Net premiums earned142.9 504.0 362.6 233.3 113.0 390.6 282.5 181.1 88.9 
Underwriting income (loss)10.7 51.9 42.2 20.5 14.0 54.8 29.1 12.7 13.3 
Loss and loss expense ratio61.6 %59.2 %57.5 %60.1 %56.7 %54.3 %57.4 %60.5 %52.8 %
Underwriting expense ratio30.9 30.5 30.9 31.1 30.9 31.7 32.3 32.5 32.2 
Combined ratio92.5 %89.7 %88.4 %91.2 %87.6 %86.0 %89.7 %93.0 %85.0 %
Net catastrophe losses11.5 %4.6 %7.1 %8.2 %4.3 %6.3 %9.0 %12.1 %6.3 %
(Favorable) unfavorable prior year casualty reserve development— 4.0 — — — (1.3)(1.8)(2.8)(5.6)
Combined ratio before net catastrophe losses and prior year casualty development81.0 %81.1 %81.3 %83.0 %83.3 %81.0 %82.5 %83.7 %84.3 %
Note: Amounts may not foot due to rounding.

17