sigi-20201028

Exhibit 99.1

Selective Reports Strong Third Quarter 2020 Net Income of $1.16 per Diluted Share and

Non-GAAP Operating Income1 of $1.06 per Diluted Share;

Dividend Increased 9%, to $0.25 per share

In the third quarter of 2020:

•Strong net premiums written ("NPW") growth of 6% compared to the third quarter of 2019;

•Profitable GAAP combined ratio of 97.0% despite 11.4 percentage points of catastrophe losses in the quarter;

•Annualized return on equity ("ROE") was 11.9% and non-GAAP operating ROE1 was 10.9%;

•Overall renewal pure price increased 4.4%; and

•After-tax net investment income of $55 million, up 22% compared to the third quarter of 2019.

Branchville, NJ - October 28, 2020 - Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported financial results for the third quarter ended September 30, 2020, with net income per diluted share of $1.16 and non-GAAP operating income1 per diluted share of $1.06.

“We delivered strong results despite a quarter of unusually high weather-related catastrophe losses for Selective and the industry. We produced a 97.0% combined ratio, an excellent 10.9% non-GAAP operating ROE, and $1.06 of non-GAAP operating income per share, despite experiencing $80 million, or 11.4 points on the combined ratio, of catastrophe losses in the quarter. The Midwest derecho and Hurricane Isaias accounted for a combined $50 million of the catastrophe losses, with 19 smaller events accounting for the remainder,” said John Marchioni, President and CEO.

“We grew NPW 6% in the quarter, driven by excellent results in our core business, standard commercial lines. With an average account size of approximately $12,000, this segment produced healthy growth of 8% as renewal pure price increased to 4.6% and retention improved to 86%. Our consistent multi-year track record of generating strong renewal pure price relative to expected claims trend has us well positioned to deliver continued profitable growth. Investment income also was a strong contributor to the results, increasing 22% to $55 million after-tax, as it benefited from a rebound in the value of alternative investments.”

“Our solid growth and profitability in a challenging environment reflects our strong relationships with best-in-class distribution partners, our sophisticated underwriting and pricing tools, and excellent customer servicing capabilities,” continued Mr. Marchioni. “We are extremely proud of our Claims team for their prompt response and excellent customer service, demonstrating the value we provide to our customers in the most challenging times.”

Operating Highlights


Consolidated Financial Results	Quarter ended September 30,				Change		Year-to-Date September 30,				Change
$ and shares in millions, except per share data	2020			2019			2020			2019
Net premiums written	$	719.5		676.9	6	%	$	2,091.6		2,051.3	2	%
Net premiums earned	694.5			653.6	6		1,976.9			1,928.8	2
Net investment income earned	68.2			55.8	22		158.6			164.9	(4)
Net realized and unrealized gains (losses), pre-tax	7.7			(2.2)	(454)		(24.3)			15.3	(259)
Total revenues	776.6			710.4	9		2,123.8			2,117.6	—
Net underwriting income, after-tax	16.6			24.7	(33)		41.3			86.5	(52)
Net investment income, after-tax	55.1			45.4	22		129.2			134.3	(4)
Net income	69.9			56.2	24		119.3			189.8	(37)
Non-GAAP operating income1	63.8			58.8	9		138.5			181.9	(24)
Combined ratio	97.0		%	95.2	1.8	pts	97.4		%	94.3	3.1	pts
Loss and loss expense ratio	64.5			60.9	3.6		63.4			60.5	2.9
Underwriting expense ratio	32.4			34.1	(1.7)		33.9			33.6	0.3
Dividends to policyholders ratio	0.1			0.2	(0.1)		0.1			0.2	(0.1)
Catastrophe losses	11.4		pts	3.7	7.7		9.9		pts	3.9	6.0
Non-catastrophe property losses and loss expenses	15.2			16.7	(1.5)		14.9			16.1	(1.2)
(Favorable) prior year reserve development on casualty lines	(3.6)			(2.1)	(1.5)		(2.5)			(2.1)	(0.4)
Net income per diluted share	$	1.16		0.93	25	%	$	1.98		3.16	(37)	%
Non-GAAP operating income per diluted share1	1.06			0.97	9		2.30			3.02	(24)
Weighted average diluted shares	60.4			60.1	—		60.3			60.0	—
Book value per share	$	40.00		35.98	11		40.00			35.98	11

Overall Insurance Operations

For the quarter, overall NPW increased 6% compared to the third quarter of 2019, due to increased retention and 4.4% in overall renewal pure price increases. The 97.0% combined ratio reflects the elevated catastrophe losses that were offset partially by (i) the impact of favorable prior year casualty reserve development, (ii) lower non-catastrophe property losses compared to a year ago, and (iii) our on-going expense management initiatives. Insurance operations generated 2.8 points of non-GAAP operating ROE in the quarter.

Standard Commercial Lines Segment

Standard Commercial Lines premiums, which are 80% of total NPW, were up a very strong 8%, driven by (i) 4.6% in renewal pure price increases, (ii) a 3% increase in new business from a year ago, to $99 million, and (iii) strong retention at 86%. The third quarter 92.3% combined ratio included 7.0 points of catastrophe losses. The items in the following table drove the changes in the combined ratio between third quarter 2020 and 2019:


Standard Commercial Lines Segment	Quarter ended September 30,				Change		Year-to-Date September 30,				Change
$ in millions	2020			2019			2020			2019
Net premiums written	$	577.8		532.9	8	%	$	1,679.5		1,637.0	3	%
Net premiums earned	558.1			515.2	8		1,575.7			1,519.0	4
Combined ratio	92.3		%	94.2	(1.9)	pts	95.1		%	93.9	1.2	pts
Loss and loss expense ratio	59.3			59.0	0.3		60.3			59.0	1.3
Underwriting expense ratio	32.9			35.0	(2.1)		34.7			34.6	0.1
Dividends to policyholders ratio	0.1			0.2	(0.1)		0.1			0.3	(0.2)
Catastrophe losses	7.0		pts	2.9	4.1		7.0		pts	3.4	3.6
Non-catastrophe property losses and loss expenses	13.5			14.9	(1.4)		13.7			14.1	(0.4)
(Favorable) prior year reserve development on casualty lines	(4.5)			(3.1)	(1.4)		(3.2)			(2.8)	(0.4)

Standard Personal Lines Segment

Standard Personal Lines premiums, which are 11% of total NPW, were down 2% in the quarter compared to 2019. Renewal pure price increases were 1.8%, retention was 83%, and new business was up 18% compared to last year. The third quarter combined ratio was 119.0%, up 18.2 points from a year ago, driven by elevated catastrophe losses, which were 27.1 points higher than the third quarter of 2019. A 3.3 point reduction in non-catastrophe property losses was a partial offset.


Standard Personal Lines Segment	Quarter ended September 30,				Change		Year-to-Date September 30,				Change
$ in millions	2020			2019			2020			2019
Net premiums written	$	79.7		81.6	(2)	%	$	225.5		233.7	(4)	%
Net premiums earned	76.0			76.7	(1)		223.7			231.2	(3)
Combined ratio	119.0		%	100.8	18.2	pts	109.1		%	96.9	12.2	pts
Loss and loss expense ratio	91.7			71.4	20.3		81.4			68.5	12.9
Underwriting expense ratio	27.3			29.4	(2.1)		27.7			28.4	(0.7)
Catastrophe losses	37.4		pts	10.3	27.1		29.7		pts	7.8	21.9
Non-catastrophe property losses and loss expenses	29.5			32.8	(3.3)		27.1			34.1	(7.0)
Unfavorable prior year reserve development on casualty lines	—			2.6	(2.6)		—			0.9	(0.9)

Excess and Surplus Lines Segment

Excess and Surplus Lines premiums, which represented 9% of total NPW, were stable compared to the third quarter of 2019. Strong new business growth of 29% and renewal pure price increases of 7.0% were offset by a reduction in renewal and endorsement activity. The combined ratio was 112.0%, a 15.1-point increase compared to a year ago, driven by elevated catastrophe losses that were 17.1 points higher than a year ago.


Excess and Surplus Lines Segment	Quarter ended September 30,				Change		Year-to-Date September 30,				Change
$ in millions	2020			2019			2020			2019
Net premiums written	$	62.1		62.4	—	%	$	186.6		180.6	3	%
Net premiums earned	60.5			61.7	(2)		177.5			178.7	(1)
Combined ratio	112.0		%	96.9	15.1	pts	102.2		%	94.7	7.5	pts
Loss and loss expense ratio	77.8			64.5	13.3		67.4			62.5	4.9
Underwriting expense ratio	34.2			32.4	1.8		34.8			32.2	2.6
Catastrophe losses	19.5		pts	2.4	17.1		10.6		pts	2.4	8.2
Non-catastrophe property losses and loss expenses	13.2			11.4	1.8		10.9			9.6	1.3

Investments Segment

Net investment income, after-tax, was up a very strong 22% in the quarter, to $55.1 million. The increase was driven by alternative investment gains of $19 million pre-tax, or $15 million after-tax, which are reported on a one-quarter lag and reflect the market rebound during second quarter 2020. The after-tax earned income yield on the portfolio averaged 3.1%. Invested assets per dollar of stockholders' equity was $3.04 at September 30, 2020, and the investment portfolio generated 9.4 points of non-GAAP operating ROE in the quarter.


Investments Segment	Quarter ended September 30,				Change		Year-to-Date September 30,				Change
$ in millions, except per share data	2020			2019			2020			2019
Net investment income earned, after-tax	$	55.1		45.4	22	%	$	129.2		134.3	(4)	%
Net investment income per share	0.91			0.76	20		2.14			2.24	(4)

Effective tax rate	19.1		%	18.7	0.4	pts	18.6		%	18.6	—	pts
Average yields:
Fixed income securities:
Pre-tax	3.2		%	3.5	(0.3)	pts	3.2		%	3.6	(0.4)	pts
After-tax	2.6			2.8	(0.2)		2.6			2.9	(0.3)
Portfolio:
Pre-tax	3.8			3.4	0.4		3.0			3.5	(0.5)
After-tax	3.1			2.8	0.3		2.5			2.9	(0.4)
Annualized ROE contribution	9.4			8.6	0.8		7.5			9.1	(1.6)

Balance Sheet


$ in millions, except per share data	September 30, 2020		December 31, 2019	Change
Total assets	$	9,514.9	8,797.2	8	%
Total investments	7,277.5		6,688.7	9

Short-term debt	167.0		—	NA
Long-term debt	550.6		550.6	—
Stockholders’ equity	2,393.6		2,194.9	9
Invested assets per dollar of stockholders’ equity	3.04		3.05	—
Net premiums written to policyholders' surplus	1.4x		1.4x	—
Book value per share	40.00		36.91	8

Our long-term debt balance did not change from December 31, 2019. We, however, increased our short-term debt by $302 million during the first quarter of 2020 as a contingency in light of the COVID-19-related volatility and uncertainty in the financial markets. We repaid the $50 million borrowing on our line of credit in May and $85 million in Federal Home Loan Bank short-term borrowings in September. We currently expect the remaining short-term borrowings to be repaid by year-end 2020.

Book value per share increased 8% for the first nine months of the year, driven by $1.73 of net unrealized gains on our fixed income securities portfolio and $1.98 of net income per diluted share, partially offset by $0.69 of dividends paid to shareholders. Selective's Board of Directors declared a 9% increase in the quarterly cash dividend on common stock, to $0.25 per share, that is payable December 1, 2020, to stockholders of record as of November 13, 2020.

Guidance

For 2020, our revised full-year guidance to reflect our current estimated full-year impact of COVID-19, is as follows:

•A GAAP combined ratio, excluding catastrophe losses, between 88% and 89%. Our combined ratio estimate assumes no additional prior-year casualty reserve development in the fourth quarter;

•Catastrophe losses of 8.0 points on the combined ratio. As COVID-19 has not been designated a catastrophe event by the Insurance Services Office's Property Claims Services unit, such losses are not included as catastrophes;

•After-tax net investment income of $175 million, that includes between $10 million and $15 million in after-tax net investment income from our alternative investments;

•An overall effective tax rate of approximately 18.5%, which includes an effective tax rate of 18.5% for net investment income, 5.25% for tax-advantaged municipal bonds, and 21% for all other items; and

•Weighted average shares of 60.5 million on a diluted basis.

The supplemental investor package, including financial information that is not part of 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 10:00 a.m. ET, on Thursday, October 29, 2020 at www.Selective.com. The webcast will be available for rebroadcast until the close of business on November 28, 2020.

About Selective Insurance Group, Inc.

Selective Insurance Group, Inc. is a holding company for 10 property and casualty insurance companies rated "A" (Excellent) by AM Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program’s Write Your Own Program. Selective’s unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in the Fortune 1000 and being named one of "America's Best Mid-Size Employers" by Forbes Magazine. For more information about Selective, visit www.Selective.com.

1Reconciliation of Net Income to Non-GAAP Operating Income and Certain Other Non-GAAP Measures

Non-GAAP operating income, non-GAAP operating income per diluted share, and non-GAAP operating return on equity differ from net income, net income per diluted share, and return on equity, respectively, by the exclusion of: (i) after-tax net realized and unrealized gains and losses on investments; and (ii) after-tax debt retirement costs. They are used as important financial measures by management, analysts, and investors, because the realization of net investment gains and losses on sales of securities in any given period is largely discretionary as to

timing. In addition, these net realized investment gains and losses, other-than-temporary investment impairments that are charged to earnings, unrealized gains and losses on equity securities, and the debt retirement costs could distort the analysis of trends. These operating measurements are not intended as a substitute for net income, income per share, or return on equity prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income, net income per diluted share, and return on equity to non-GAAP operating income, non-GAAP operating income per diluted share, and non-GAAP operating return on equity, respectively, are provided in the tables below.

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

Reconciliation of Net Income to Non-GAAP Operating Income


$ in millions	Quarter ended September 30,			Year-to-Date September 30,
	2020		2019	2020	2019
Net income	$	69.9	56.2	119.3	189.8
Net realized and unrealized (gains) losses, before tax	(7.7)		2.2	24.3	(15.3)
Debt retirement costs, before tax	—		—	—	4.2
Tax on reconciling items	1.6		0.4	(5.1)	3.2

Non-GAAP operating income	$	63.8	58.8	138.5	181.9

Reconciliation of Net Income per Diluted Share to Non-GAAP Operating Income per Diluted Share


	Quarter ended September 30,			Year-to-Date September 30,
	2020		2019	2020	2019
Net income per diluted share	$	1.16	0.93	1.98	3.16
Net realized and unrealized (gains) losses, before tax	(0.13)		0.04	0.40	(0.26)
Debt retirement costs, before tax	—		—	—	0.07
Tax on reconciling items	0.03		—	(0.08)	0.05

Non-GAAP operating income per diluted share	$	1.06	0.97	2.30	3.02

Reconciliation of Return on Equity to Non-GAAP Operating Return on Equity


	Quarter ended September 30,			Year-to-Date September 30,
	2020		2019	2020	2019
Annualized Return on Equity	11.9	%	10.7	6.9	12.9
Net realized and unrealized (gains) losses, before tax	(1.3)		0.4	1.4	(1.0)
Debt retirement costs, before tax	—		—	—	0.3
Tax on reconciling items	0.3		0.1	(0.3)	0.1

Annualized Non-GAAP Operating Return on Equity	10.9	%	11.2	8.0	12.3

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

Forward-Looking Statements

In this press release, Selective and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections regarding Selective's future operations and performance.

Certain statements and information incorporated by reference in this press release are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements about our intentions, beliefs, projections, estimations, or forecasts of future events or our future financial performance involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, or performance to differ materially from what we indicated or implied. In many cases, forward-looking statements contain words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue” or other like terms. These statements are not guarantees of future performance. We undertake no obligation, other than as may be required under the federal securities laws, to publicly update or revise any forward-looking statements for any reason.

Factors that could cause our actual results to differ materially from what we project, forecast, or estimate in forward-looking statements, include without limitation:

•Related to COVID-19:

◦Governmental directives to contain or delay the spread of the COVID-19 pandemic have disrupted ordinary business commerce and impacted financial markets. These governmental actions, the extent, duration, and possible alteration based on future COVID-19-related developments that we cannot predict, could materially and adversely affect our results of operations, net investment income, financial position, and liquidity.

◦The amount of premium we record may be reduced and our underwriting results may be adversely impacted by (i) voluntary premium credits on in-force commercial and personal automobile policies, (ii) state insurance commissioner or other regulatory directives to implement premium-based credit in lines other than commercial and personal automobile, and we may be required to return more premium than warranted by our filed rating plans and actual loss experience, (iii) the effects of our voluntary efforts or the directives from various state insurance regulators to extend individualized payment flexibility and suspend policy cancellations, late payment notices, and late or reinstatement fees, (iv) return premiums that could be significant because our general liability and workers compensation policies provide for premium audit of revenues and payrolls, and (v) collectability of premiums, which may be impacted by policyholder financial distress and insolvency.

◦Our loss and loss expenses may increase, our related reserves may not be adequate, and our financial condition and liquidity may be materially impacted if litigation or changes in statutory or common law (i) require payment of COVID-19-related business interruption losses despite contrary terms, conditions, and exclusions in our policies or (ii) presume that COVID-19 is a work-related illness compensable under workers compensation policies for employees who contract the virus, regardless of whether they worked in industries defined as essential in various COVID-19-related governmental directives or interacted with the public as part of their job duties.

◦Our net investment income may be impacted by the significant equity and debt financial market volatility resulting from the COVID-19 pandemic and the related governmental orders because (i) financial market volatility is reflected in our alternative investments’ performance, (ii) increased spreads on fixed income securities may create mark-to-market investment valuation losses that reduce unrealized capital gains and impact GAAP equity, and (iii) OTTI losses may increase if we intend to sell more securities, particularly in asset classes that are more significantly impacted by COVID-19-related governmental directives and to which the Federal Reserve Board is providing liquidity and structural support.

•Difficult conditions in global capital markets and the economy;

•Deterioration in the public debt and equity markets and private investment marketplace that could lead to investment losses and interest rate fluctuations;

•Ratings downgrades on individual securities we own could affect investment values and, therefore, statutory surplus;

•The adequacy of our loss reserves and loss expense reserves;

•Frequency and severity of natural and man-made catastrophic events, including without limitation hurricanes, tornadoes, windstorms, earthquakes, hail, terrorism, including cyber-attacks, explosions, severe winter weather, floods, and fires;

•Adverse market, governmental, regulatory, legal, or judicial conditions or actions;

•The geographic concentration of our business in the eastern portion of the United States;

•The cost 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;

•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 harm to our brand in the marketplace, increased senior executive focus on crisis and reputational management issues and/or increased expenses, particularly if we experience a significant privacy breach;

•Recent federal financial regulatory reform provisions that could pose certain risks to our operations;

•Our ability to maintain favorable ratings from rating agencies, including A.M. 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, but not limited to, our Annual Report on Form 10-K and other periodic reports.

These risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge from time-to-time.

Selective’s SEC filings can be accessed through the Investors page of Selective’s website, www.Selective.com, or through the SEC’s EDGAR Database at www.sec.gov (Selective EDGAR CIK No. 0000230557).


Investor Contact: Rohan Pai 973-948-1364 [email protected]			Media Contact: Jamie M. Beal 973-948-1234 [email protected]

Selective Insurance Group, Inc. 40 Wantage Avenue Branchville, New Jersey 07890 www.Selective.com

Exhibit 99.2

FINANCIAL SUPPLEMENT

THIRD QUARTER 2020

Forward-Looking Statements

Certain statements in this report, including information incorporated by reference, are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. These statements relate to our intentions, beliefs, projections, estimations, or forecasts of future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels of activity, or performance to be materially different from those expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by use of words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue” or other comparable terminology. These statements are only predictions, and we can give no assurance that such expectations will prove to be correct. We undertake no obligation, other than as may be required under the federal securities laws, to publicly update or revise any forward-looking statements for any reason.

Factors that could cause our actual results to differ materially from what we project, forecast, or estimate in forward-looking statements, include without limitation:

•Related to COVID-19:

•Difficult conditions in global capital markets and the economy;

•Deterioration in the public debt and equity markets and private investment marketplace that could lead to investment losses and interest rate fluctuations;

•Ratings downgrades on individual securities we own could affect investment values and, therefore, statutory surplus;

•The adequacy of our loss reserves and loss expense reserves;

•Adverse market, governmental, regulatory, legal, or judicial conditions or actions;

•The geographic concentration of our business in the eastern portion of the United States;

•The cost 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;

•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;

•Recent federal financial regulatory reform provisions that could pose certain risks to our operations;

•Our ability to maintain favorable ratings from rating agencies, including AM Best, Standard & Poor’s, Moody’s, and Fitch;

•Our entry into new markets and businesses; and

These risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge from time-to-time.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

TABLE OF CONTENTS


			Page
Consolidated Financial Highlights			1
Consolidated Statements of Operations			2
Consolidated Balance Sheets			3
Financial Metrics			4

Consolidated Insurance Operations Statement of Operations			5
Standard Commercial Lines Statement of Operations and Supplemental Data			6
Standard Commercial Lines GAAP Line of Business Results			7
Standard Personal Lines Statement of Operations and Supplemental Data			8
Standard Personal Lines GAAP Line of Business Results			9
Excess and Surplus Lines Statement of Operations and Supplemental Data			10
Excess and Surplus Lines GAAP Line of Business Results			11

Consolidated Investment Income			12
Consolidated Composition of Invested Assets			13



Credit Quality of Invested Assets			14

Reconciliation of Net Income to Non-GAAP Operating Income and Certain Other Non-GAAP Measures			15

Ratings and Contact Information			16

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)


		Quarter ended							Year-to-date
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ and shares in millions, except per share data)		2020			2020	2020	2019	2019	2020	2019

For Period Ended
	Gross premiums written	$	844.7		841.1	752.5	730.6	792.6	2,438.3	2,378.2
	Net premiums written	719.5			724.8	647.3	628.2	676.9	2,091.6	2,051.3
	Change in net premiums written, from comparable prior year period	6		%	3	(4)	8	4	2	6

	Underwriting income, before-tax	$	21.0		9.9	21.4	54.5	31.3	52.3	109.5
	Net investment income earned, before-tax	68.2			34.4	56.0	57.6	55.8	158.6	164.9
	Net realized and unrealized investment gains (losses), before-tax*	7.7			12.6	(44.7)	(0.9)	(2.2)	(24.3)	15.3

	Net income	$	69.9		34.2	15.2	81.9	56.2	119.3	189.8
	Non-GAAP operating income**	63.8			24.2	50.5	82.5	58.8	138.5	181.9

At Period End
	Total assets	9,514.9			9,306.0	8,975.1	8,797.2	8,719.4	9,514.9	8,719.4
	Total invested assets	7,277.5			7,130.3	6,842.1	6,688.7	6,551.7	7,277.5	6,551.7
	Stockholders' equity	2,393.6			2,298.7	2,096.5	2,194.9	2,137.4	2,393.6	2,137.4
	Shares outstanding	59.8			59.8	59.7	59.5	59.4	59.8	59.4

Per Share and Share Data
	Net income per diluted share	$	1.16		0.57	0.25	1.36	0.93	1.98	3.16
	Non-GAAP operating income per diluted share**	1.06			0.40	0.84	1.37	0.97	2.30	3.02

	Weighted average diluted shares outstanding	60.4			60.2	60.2	60.1	60.1	60.3	60.0

	Book value per share	$	40.00		38.43	35.11	36.91	35.98	40.00	35.98

	Dividends paid per share	0.23			0.23	0.23	0.23	0.20	0.69	0.60

Financial Ratios
	Loss and loss expense ratio	64.5		%	64.0	61.4	57.6	60.9	63.4	60.5
	Underwriting expense ratio	32.4			34.3	35.2	34.1	34.1	33.9	33.6
	Dividends to policyholders ratio	0.1			0.1	0.1	0.1	0.2	0.1	0.2
	GAAP combined ratio	97.0		%	98.4	96.7	91.8	95.2	97.4	94.3

	Annualized ROE	11.9			6.2	2.8	15.1	10.7	6.9	12.9

	Annualized non-GAAP operating ROE**	10.9			4.4	9.4	15.2	11.2	8.0	12.3

	Debt to total capitalization	23.1			25.9	28.9	20.1	20.5	23.1	20.5

	Long-term debt to total capitalization	18.7			19.3	20.8	20.1	20.5	18.7	20.5

	Net premiums written to policyholders' surplus	1.4x			1.4x	1.4x	1.4x	1.4x	1.4x	1.4x

	Invested assets per dollar of stockholders' equity	$	3.04		3.10	3.26	3.05	3.07	3.04	3.07

*	Refer to Page 2 for components of realized and unrealized investment losses and gains.
**	Non-GAAP measure. Refer to Page 15 for definition.

Page 1

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


		Quarter ended						Year-to-date
		Sept. 30,		June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ and shares in millions, except per share data)		2020		2020	2020	2019	2019	2020	2019

Revenues
	Net premiums earned	$	694.5	630.7	651.7	668.4	653.6	1,976.9	1,928.8
	Net investment income earned	68.2		34.4	56.0	57.6	55.8	158.6	164.9
	Net realized and unrealized gains (losses):
	Net realized investment gains (losses) on disposals	0.6		2.6	4.1	—	20.4	7.3	26.8
	Unrealized gains (losses) on equity securities	4.3		5.7	(17.1)	(0.6)	(20.3)	(7.1)	(8.1)
	Other-than-temporary impairment benefit (expense)	2.8		4.3	(31.6)	(0.3)	(2.3)	(24.5)	(3.4)
	Total net realized and unrealized gains (losses)	7.7		12.6	(44.7)	(0.9)	(2.2)	(24.3)	15.3
	Other income	6.1		4.7	1.8	3.8	3.2	12.6	8.5
	Total revenues	776.6		682.4	664.8	728.9	710.4	2,123.8	2,117.6

Expenses
	Loss and loss expense incurred	447.8		403.9	400.3	385.3	398.7	1,252.1	1,166.2
	Amortization of deferred policy acquisition costs	142.3		136.9	136.5	136.3	136.6	415.7	399.6
	Other insurance expenses	89.5		84.6	95.3	96.1	90.2	269.5	262.0
	Interest expense	7.8		7.9	7.6	7.4	7.4	23.3	26.3
	Corporate expenses	3.9		6.3	9.1	2.6	6.4	19.3	28.3
	Total expenses	691.3		639.8	648.8	627.6	639.2	1,979.9	1,882.5

Income before federal income tax		85.3		42.7	16.0	101.3	71.2	143.9	235.1
Federal income tax expense		15.4		8.5	0.8	19.4	15.0	24.7	45.3

Net Income		$	69.9	34.2	15.2	81.9	56.2	119.3	189.8

Net realized and unrealized investment (gains) losses, after tax*		(6.1)		(10.0)	35.3	0.7	2.6	19.2	(11.2)

Debt retirement costs, after tax*		—		—	—	—	—	—	3.3

Non-GAAP operating income**		$	63.8	24.2	50.5	82.5	58.8	138.5	181.9

Weighted average shares outstanding (diluted)		60.4		60.2	60.2	60.1	60.1	60.3	60.0

	Net income per share (diluted)	$	1.16	0.57	0.25	1.36	0.93	1.98	3.16

	Non-GAAP operating income per share (diluted)**	$	1.06	0.40	0.84	1.37	0.97	2.30	3.02

*	Amounts are provided to reconcile net income to non-GAAP operating income.
**	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)


			Sept. 30,		June 30,	Mar. 31,	Dec. 31,	Sept. 30,
($ in millions, except per share data)			2020		2020	2020	2019	2019

ASSETS
Investments


	Fixed income securities, held-to-maturity, net of allowance for credit losses		$	19.1	19.5	20.4	20.8	26.9
	Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses		6,437.5		6,358.2	5,945.4	6,095.6	5,930.2


	Commercial mortgage loans, net of allowance for credit losses		29.5		17.7	13.9	—	—
	Equity securities, at fair value		151.8		134.1	100.0	72.9	79.2
	Short-term investments		380.9		370.4	517.6	282.5	326.1
	Other investments		258.6		230.5	244.9	216.8	189.2
		Total investments	7,277.5		7,130.3	6,842.1	6,688.7	6,551.7
Cash			0.8		0.7	9.4	0.3	0.5
Restricted cash			15.1		5.0	5.2	7.7	9.6
Interest and dividends due or accrued			46.4		45.8	43.9	44.8	43.0


Premiums receivable, net of allowance for credit losses			851.1		866.9	797.3	823.9	860.5


Reinsurance recoverable, net of allowance for credit losses			611.5		584.7	563.5	573.2	576.0
Prepaid reinsurance premiums			179.4		169.8	162.5	166.7	173.6
Current federal income tax			6.6		—	—	—	—
Deferred federal income tax			—		—	43.1	6.8	5.5
Property and equipment, net of accumulated depreciation and amortization			78.4		78.8	80.1	77.4	76.4
Deferred policy acquisition costs			292.7		285.5	269.6	271.2	279.2
Goodwill			7.8		7.8	7.8	7.8	7.8
Other assets			147.7		130.7	150.6	128.6	135.5
		Total assets	$	9,514.9	9,306.0	8,975.1	8,797.2	8,719.4

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense			$	4,293.3	4,176.9	4,103.6	4,067.2	4,055.6
Unearned premiums			1,650.5		1,615.9	1,514.6	1,523.2	1,570.2
Short-term debt			167.0		252.0	302.0	—	—
Long-term debt			550.6		550.6	550.6	550.6	550.7
Current federal income tax			—		10.6	12.4	3.0	2.7
Deferred federal income tax			20.4		13.1	—	—	—
Accrued salaries and benefits			93.1		82.7	74.0	126.8	100.4
Other liabilities			346.4		305.6	321.4	331.5	302.4
		Total liabilities	$	7,121.3	7,007.3	6,878.6	6,602.2	6,582.0

Stockholders' Equity
Preferred stock of $0 par value per share			$	—	—	—	—	—
Common stock of $2 par value per share			207.9		207.9	207.7	207.0	206.8
Additional paid-in capital			438.9		435.0	427.3	418.5	412.3
Retained earnings			2,159.6		2,103.6	2,083.3	2,080.5	2,012.5
Accumulated other comprehensive income (loss)			187.1		152.0	(22.1)	81.8	98.4
Treasury stock, at cost			(599.9)		(599.8)	(599.8)	(592.8)	(592.7)
		Total stockholders' equity	$	2,393.6	2,298.7	2,096.5	2,194.9	2,137.4
Commitments and contingencies

		Total liabilities and stockholders' equity	$	9,514.9	9,306.0	8,975.1	8,797.2	8,719.4




Note: Amounts may not foot due to rounding.

Page 3

Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS

(Unaudited)


			Quarter ended							Year-to-date
			Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ and shares in millions, except per share data)			2020			2020	2020	2019	2019	2020	2019

Book value per share
		Stockholders' equity	$	2,393.6		2,298.7	2,096.5	2,194.9	2,137.4	2,393.6	2,137.4
		Common shares issued and outstanding, at period end	59.8			59.8	59.7	59.5	59.4	59.8	59.4
		Book value per share	$	40.00		38.43	35.11	36.91	35.98	40.00	35.98
		Book value per share excluding unrealized gain or loss on fixed income securities	35.43			34.43	34.01	34.05	33.01	35.43	33.01
Financial results (after-tax)
		Underwriting income	16.6			7.8	16.9	43.1	24.7	41.3	86.5
		Net investment income	55.1			28.5	45.5	46.8	45.4	129.2	134.3
		Interest expense	(6.1)			(6.3)	(6.0)	(5.8)	(5.8)	(18.4)	(17.5)
		Corporate expense	(1.8)			(5.9)	(5.8)	(1.5)	(5.5)	(13.5)	(21.5)
		Net realized and unrealized investment gains (losses)*	6.1			10.0	(35.3)	(0.7)	(2.6)	(19.2)	11.2
		Debt retirement costs	—			—	—	—	—	—	(3.3)
		Total after-tax net income	69.9			34.2	15.2	81.9	56.2	119.3	189.8
Return on average equity
		Insurance segments	2.8		%	1.4	3.1	8.0	4.7	2.4	5.9
		Net investment income	9.4			5.2	8.5	8.6	8.6	7.5	9.1
		Interest expense	(1.0)			(1.1)	(1.1)	(1.1)	(1.1)	(1.1)	(1.2)
		Corporate expense	(0.3)			(1.1)	(1.1)	(0.3)	(1.0)	(0.8)	(1.5)
		Net realized and unrealized investment gains (losses)	1.0			1.8	(6.6)	(0.1)	(0.5)	(1.1)	0.8
		Debt retirement costs	—			—	—	—	—	—	(0.2)
		Annualized ROE	11.9			6.2	2.8	15.1	10.7	6.9	12.9
		Net realized and unrealized (gains) losses**	(1.0)			(1.8)	6.6	0.1	0.5	1.1	(0.8)
		Debt retirement costs**	—			—	—	—	—	—	0.2
		Annualized Non-GAAP Operating ROE***	10.9		%	4.4	9.4	15.2	11.2	8.0	12.3
Debt and total capitalization
	Notes payable:
		1.61% Borrowings from FHLBNY	$	25.0		25.0	25.0	25.0	25.0	25.0	25.0
		1.56% Borrowings from FHLBNY	25.0			25.0	25.0	25.0	25.0	25.0	25.0
		3.03% Borrowings from FHLBI	60.0			60.0	60.0	60.0	60.0	60.0	60.0
		0.78% Borrowings from FHLBNY	—			100.0	100.0	—	—	—	—
		0.68% Borrowings from FHLBNY	—			85.0	85.0	—	—	—	—
		0.58% Borrowings from FHLBI	67.0			67.0	67.0	—	—	67.0	—
		0.36% Borrowings from FHLBNY	100.0			—	—	—	—	100.0	—
		2.244% Borrowings on Line of Credit	—			—	50.0	—	—	—	—
		7.25% Senior Notes	49.7			49.7	49.7	49.7	49.7	49.7	49.7
		6.70% Senior Notes	99.2			99.2	99.1	99.1	99.1	99.2	99.1
		5.375% Senior Notes	291.2			291.2	291.1	291.0	290.9	291.2	290.9
		Finance Lease Obligations	0.4			0.5	0.6	0.7	0.9	0.4	0.9
	Total debt		717.6			802.6	852.6	550.6	550.7	717.6	550.7
	Stockholders' equity		2,393.6			2,298.7	2,096.5	2,194.9	2,137.4	2,393.6	2,137.4
	Total capitalization		$	3,111.2		3,101.3	2,949.1	2,745.5	2,688.1	3,111.2	2,688.1
	Ratio of debt to total capitalization		23.1		%	25.9	28.9	20.1	20.5	23.1	20.5
	Ratio of long-term debt to total capitalization		18.7			19.3	20.8	20.1	20.5	18.7	20.5
Policyholders' surplus			$	1,962.3		1,922.5	1,924.9	1,932.4	1,883.1	1,962.3	1,883.1
*		Refer to Page 2 for components of realized and unrealized investment losses and gains.
**		Amounts are provided to reconcile annualized ROE to annualized non-GAAP operating ROE.
***		Non-GAAP measure. Refer to Page 15 for definition.
		Note: Amounts may not foot due to rounding.

Page 4

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INSURANCE OPERATIONS

STATEMENT OF OPERATIONS

(Unaudited)


		Quarter ended							Year-to-date
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions)		2020			2020	2020	2019	2019	2020	2019

Underwriting results
Net premiums written		$	719.5		724.8	647.3	628.2	676.9	2,091.6	2,051.3
Change in net premiums written, from comparable prior year period		6		%	3	(4)	8	4	2	6

Net premiums earned		$	694.5		630.7	651.7	668.4	653.6	1,976.9	1,928.8
Losses and loss expenses incurred		447.8			403.9	400.3	385.3	398.7	1,252.1	1,166.2
Net underwriting expenses incurred		225.1			216.2	229.2	227.9	222.6	670.5	648.7
Dividends to policyholders		0.6			0.7	0.8	0.7	1.0	2.0	4.4
GAAP underwriting gain		$	21.0		9.9	21.4	54.5	31.3	52.3	109.5


Catastrophe losses		$	79.5		83.2	33.2	6.5	24.2	195.9	74.5
(Favorable) prior year casualty reserve development		(25.0)			(15.0)	(10.0)	(20.0)	(14.0)	(50.0)	(41.0)

Underwriting ratios
Loss and loss expense ratio		64.5		%	64.0	61.4	57.6	60.9	63.4	60.5
Underwriting expense ratio		32.4			34.3	35.2	34.1	34.1	33.9	33.6
Dividends to policyholders ratio		0.1			0.1	0.1	0.1	0.2	0.1	0.2
	Combined ratio	97.0		%	98.4	96.7	91.8	95.2	97.4	94.3


Catastrophe losses		11.4		pts	13.2	5.1	1.0	3.7	9.9	3.9
(Favorable) prior year casualty reserve development		(3.6)		pts	(2.4)	(1.5)	(3.0)	(2.1)	(2.5)	(2.1)
	Combined ratio before catastrophe losses	85.6		%	85.2	91.6	90.8	91.5	87.5	90.4

	Combined ratio before catastrophe losses and prior year casualty development	89.2			87.6	93.1	93.8	93.6	90.0	92.5

Other Statistics
Non-catastrophe property loss and loss expenses		$	105.6		81.8	108.1	100.9	108.8	295.5	309.6
Non-catastrophe property loss and loss expenses		15.2		pts	13.0	16.6	15.1	16.7	14.9	16.1
Direct new business		$	140.8		150.1	152.8	127.7	129.8	443.6	421.0
Renewal pure price increases		4.4		%	3.9	4.0	4.2	3.8	4.1	3.6



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 ended							Year-to-date
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions)		2020			2020	2020	2019	2019	2020	2019

Underwriting results
Net premiums written		$	577.8		583.3	518.4	500.1	532.9	1,679.5	1,637.0
Change in net premiums written, from comparable prior year period		8		%	5	(5)	11	6	3	7

Net premiums earned		$	558.1		501.0	516.6	530.6	515.2	1,575.7	1,519.0
Losses and loss expenses incurred		331.0			307.0	312.2	291.9	304.0	950.2	896.0
Net underwriting expenses incurred		183.7			176.6	186.5	185.0	180.1	546.8	525.6
Dividends to policyholders		0.6			0.7	0.8	0.7	1.0	2.0	4.4
GAAP underwriting gain		$	42.7		16.7	17.1	53.0	30.0	76.6	93.0


Catastrophe losses		$	39.3		50.7	20.7	2.1	14.8	110.7	52.1
(Favorable) prior year casualty reserve development		(25.0)			(15.0)	(10.0)	(26.0)	(16.0)	(50.0)	(43.0)

Underwriting ratios
Loss and loss expense ratio		59.3		%	61.4	60.4	55.0	59.0	60.3	59.0
Underwriting expense ratio		32.9			35.2	36.1	34.9	35.0	34.7	34.6
Dividends to policyholders ratio		0.1			0.1	0.2	0.1	0.2	0.1	0.3
	Combined ratio	92.3		%	96.7	96.7	90.0	94.2	95.1	93.9


Catastrophe losses		7.0		pts	10.1	4.0	0.4	2.9	7.0	3.4
(Favorable) prior year casualty reserve development		(4.5)			(3.0)	(1.9)	(4.9)	(3.1)	(3.2)	(2.8)
	Combined ratio before catastrophe losses	85.3		%	86.6	92.7	89.6	91.3	88.1	90.5

	Combined ratio before catastrophe losses and prior year casualty development	89.8			89.6	94.6	94.5	94.4	91.3	93.3

Other Statistics
Non-catastrophe property loss and loss expenses		$	75.3		60.9	79.6	69.8	76.7	215.7	213.8
Non-catastrophe property loss and loss expenses		13.5		pts	12.2	15.4	13.2	14.9	13.7	14.1
Direct new business		$	99.0		109.9	115.4	95.0	96.5	324.3	316.2
Renewal pure price increases		4.6		%	3.9	4.0	3.8	3.5	4.2	3.3
Retention		86		%	86	85	84	84	85	83


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 September 30, 2020										Quarter Ended September 30, 2019
	Commercial			Workers	General	Commercial					Commercial	Workers	General	Commercial
($ in millions)	Property			Compensation	Liability	Auto	BOP	Bonds	Other	Total	Property	Compensation	Liability	Auto	BOP	Bonds	Other	Total
Net premiums written	$	106.2		73.0	186.9	169.9	27.0	9.4	5.3	577.8	97.4	71.5	172.5	150.8	25.9	9.9	4.9	532.9
Net premiums earned	98.0			75.6	181.5	160.9	27.6	9.2	5.3	558.1	89.2	75.5	169.1	141.2	26.4	9.0	4.8	515.2

Loss and loss expense ratio	73.9		%	45.7	49.7	67.1	81.2	38.3	—	59.3	60.4	48.8	51.9	74.7	60.5	46.8	0.4	59.0
Underwriting expense ratio	38.2			25.1	32.6	31.3	35.9	56.8	51.7	32.9	40.1	26.8	34.9	33.4	37.5	59.4	55.8	35.0
Dividend ratio	—			0.7	—	—	—	—	—	0.1	—	1.4	—	—	—	—	—	0.2
Combined ratio	112.1		%	71.5	82.3	98.4	117.1	95.1	51.7	92.3	100.5	77.0	86.8	108.1	98.0	106.2	56.2	94.2

Underwriting (loss) gain	$	(11.9)		21.6	32.2	2.6	(4.7)	0.5	2.5	42.7	(0.4)	17.3	22.4	(11.4)	0.5	(0.6)	2.1	30.0


	Year-to-Date September 30, 2020										Year-to-Date September 30, 2019
	Commercial			Workers	General	Commercial					Commercial	Workers	General	Commercial
($ in millions)	Property			Compensation	Liability	Auto	BOP	Bonds	Other	Total	Property	Compensation	Liability	Auto	BOP	Bonds	Other	Total
Net premiums written	$	313.4		199.2	538.6	498.9	84.3	28.8	16.3	1,679.5	284.9	238.0	536.4	453.2	79.3	30.0	15.1	1,637.0
Net premiums earned	287.3			204.2	509.3	449.2	82.2	28.1	15.5	1,575.7	262.4	232.7	495.4	408.7	78.6	26.9	14.3	1,519.0

Loss and loss expense ratio	73.6		%	47.2	51.4	67.8	79.5	38.7	0.1	60.3	60.4	52.1	52.5	74.0	58.5	26.8	0.7	59.0
Underwriting expense ratio	38.5			28.2	34.8	33.5	36.1	55.2	37.6	34.7	38.5	27.7	34.9	33.1	36.6	57.4	56.3	34.6
Dividend ratio	—			0.9	—	—	—	—	—	0.1	—	1.9	—	—	—	—	—	0.3
Combined ratio	112.1		%	76.3	86.2	101.3	115.6	93.9	37.7	95.1	98.9	81.7	87.4	107.1	95.1	84.2	57.0	93.9

Underwriting (loss) gain	$	(34.8)		48.3	70.4	(5.9)	(12.8)	1.7	9.6	76.6	2.9	42.6	62.2	(28.9)	3.8	4.2	6.2	93.0



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 ended							Year-to-date
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions)		2020			2020	2020	2019	2019	2020	2019

Underwriting results
Net premiums written		$	79.7		78.2	67.6	70.9	81.6	225.5	233.7
Change in net premiums written, from comparable prior year period		(2)		%	(5)	(2)	(3)	(4)	(4)	(1)

Net premiums earned		$	76.0		71.6	76.1	76.6	76.7	223.7	231.2
Losses and loss expenses incurred		69.7			58.2	54.3	52.8	54.8	182.2	158.5
Net underwriting expenses incurred		20.7			19.8	21.4	22.6	22.5	61.9	65.6
GAAP underwriting (loss) gain		$	(14.4)		(6.3)	0.4	1.2	(0.6)	(20.3)	7.1


Catastrophe losses		$	28.4		26.0	12.0	3.0	7.9	66.4	18.1
Unfavorable prior year casualty reserve development		—			—	—	4.0	2.0	—	2.0

Underwriting ratios
Loss and loss expense ratio		91.7		%	81.1	71.4	69.0	71.4	81.4	68.5
Underwriting expense ratio		27.3			27.7	28.1	29.5	29.4	27.7	28.4
	Combined ratio	119.0		%	108.8	99.5	98.5	100.8	109.1	96.9


Catastrophe losses		37.4		pts	36.2	15.7	3.9	10.3	29.7	7.8
Unfavorable prior year casualty reserve development		—			—	—	5.2	2.6	—	0.9
	Combined ratio before catastrophe losses	81.6		%	72.6	83.8	94.6	90.5	79.4	89.1

	Combined ratio before catastrophe losses and prior year casualty development	81.6			72.6	83.8	89.4	87.9	79.4	88.2

Other Statistics
Non-catastrophe property loss and loss expenses		$	22.4		15.3	22.8	25.9	25.2	60.5	78.7
Non-catastrophe property loss and loss expenses		29.5		pts	21.4	30.0	33.9	32.8	27.1	34.1
Direct new business		$	12.1		11.8	9.9	9.7	10.2	33.8	31.1
Renewal pure price increases		1.8		%	3.1	3.7	4.2	5.0	2.9	5.3
Retention		83		%	84	83	83	83	83	83



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 September 30, 2020						Quarter Ended September 30, 2019
	Personal						Personal
($ in millions)	Auto			Homeowners	Other	Total	Auto	Homeowners	Other	Total
Net premiums written	$	43.4		34.1	2.2	79.7	44.6	35.0	2.1	81.6
Net premiums earned	42.5			31.4	2.1	76.0	43.2	31.5	2.0	76.7

Loss and loss expense ratio	67.0		%	131.3	0.8	91.7	76.4	69.7	(6.1)	71.4
Underwriting expense ratio	31.8			32.6	(143.3)	27.3	31.8	34.1	(100.3)	29.4

Combined ratio	98.8		%	163.9	(142.5)	119.0	108.2	103.8	(106.4)	100.8

Underwriting gain (loss)	$	0.5		(20.0)	5.1	(14.4)	(3.5)	(1.2)	4.1	(0.6)


	Year-to-Date September 30, 2020						Year-to-Date September 30, 2019
	Personal						Personal
($ in millions)	Auto			Homeowners	Other	Total	Auto	Homeowners	Other	Total
Net premiums written	$	125.2		94.1	6.2	225.5	131.8	96.0	5.9	233.7
Net premiums earned	123.1			94.5	6.1	223.7	129.8	95.7	5.7	231.2

Loss and loss expense ratio	62.8		%	107.8	48.7	81.4	71.2	67.1	32.6	68.5
Underwriting expense ratio	32.9			31.3	(135.4)	27.7	31.8	32.4	(116.5)	28.4

Combined ratio	95.7		%	139.1	(86.7)	109.1	103.0	99.5	(83.9)	96.9

Underwriting gain (loss)	$	5.3		(36.9)	11.3	(20.3)	(3.9)	0.5	10.5	7.1



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 ended							Year-to-date
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions)		2020			2020	2020	2019	2019	2020	2019

Underwriting results
Net premiums written		$	62.1		63.2	61.3	57.2	62.4	186.6	180.6
Change in net premiums written, from comparable prior year period		—		%	3	8	(6)	(3)	3	7

Net premiums earned		$	60.5		58.0	59.0	61.2	61.7	177.5	178.7
Losses and loss expenses incurred		47.1			38.8	33.8	40.6	39.8	119.7	111.8
Net underwriting expenses incurred		20.7			19.8	21.3	20.3	20.0	61.8	57.4
GAAP underwriting (loss) gain		$	(7.3)		(0.5)	3.8	0.3	1.9	(4.0)	9.4


Catastrophe losses		$	11.8		6.5	0.5	1.4	1.5	18.8	4.3
Unfavorable prior year casualty reserve development		—			—	—	2.0	—	—	—

Underwriting ratios
Loss and loss expense ratio		77.8		%	66.8	57.4	66.3	64.5	67.4	62.5
Underwriting expense ratio		34.2			34.1	36.1	33.2	32.4	34.8	32.2
	Combined ratio	112.0		%	100.9	93.5	99.5	96.9	102.2	94.7


Catastrophe losses		19.5		pts	11.3	0.8	2.3	2.4	10.6	2.4
Unfavorable prior year casualty reserve development		—			—	—	3.3	—	—	—
	Combined ratio before catastrophe losses	92.5		%	89.6	92.7	97.2	94.5	91.6	92.3

	Combined ratio before catastrophe losses and prior year casualty development	92.5			89.6	92.7	93.9	94.5	91.6	92.3

Other Statistics
Non-catastrophe property loss and loss expenses		$	8.0		5.6	5.7	5.1	7.0	19.3	17.1
Non-catastrophe property loss and loss expenses		13.2		pts	9.6	9.7	8.4	11.4	10.9	9.6
Direct new business		$	29.7		28.3	27.5	23.0	23.1	85.5	73.8
Renewal pure price increases		7.0		%	5.5	3.9	9.4	5.8	5.8	5.0



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 September 30, 2020					Quarter Ended September 30, 2019
($ in millions)	Casualty			Property	Total	Casualty	Property	Total
Net premiums written	$	43.5		18.6	62.1	47.4	15.0	62.4
Net premiums earned	43.7			16.8	60.5	47.2	14.6	61.7

Loss and loss expense ratio	62.6		%	117.5	77.8	66.3	58.7	64.5
Underwriting expense ratio	34.0			34.5	34.2	32.2	33.1	32.4

Combined ratio	96.6		%	152.0	112.0	98.5	91.8	96.9

Underwriting gain (loss)	$	1.5		(8.8)	(7.3)	0.7	1.2	1.9


	Year-to-Date September 30, 2020					Year-to-Date September 30, 2019
($ in millions)	Casualty			Property	Total	Casualty	Property	Total
Net premiums written	$	133.5		53.0	186.6	136.0	44.5	180.6
Net premiums earned	130.4			47.1	177.5	136.5	42.2	178.7

Loss and loss expense ratio	62.5		%	81.0	67.4	66.2	50.7	62.5
Underwriting expense ratio	34.5			35.6	34.8	31.8	33.4	32.2

Combined ratio	97.0		%	116.6	102.2	98.0	84.1	94.7

Underwriting gain (loss)	$	3.9		(7.8)	(4.0)	2.7	6.7	9.4



Note: Amounts may not foot due to rounding.

Page 11

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INVESTMENT INCOME

(Unaudited)


		Quarter ended							Year-to-date
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions)		2020			2020	2020	2019	2019	2020	2019

Net investment income
Fixed income securities
	Taxable	$	43.7		43.6	42.5	44.7	42.9	129.7	127.2
	Tax-exempt	7.6			7.5	7.8	7.8	7.8	22.9	23.5
Total fixed income securities		51.3			51.1	50.3	52.6	50.7	152.6	150.7
Commercial mortgage loans		0.2			0.2	0.1	—	—	0.5	—
Equity securities		1.9			2.0	1.6	1.7	1.9	5.5	5.3
Other investments		18.7			(15.8)	6.3	5.4	5.3	9.2	13.4
Short-term investments		0.2			0.4	1.2	1.4	1.4	1.8	5.2
Investment income		72.4			37.8	59.4	61.1	59.3	169.6	174.6
Investment expenses		(4.2)			(3.4)	(3.4)	(3.5)	(3.5)	(11.0)	(9.6)
Investment tax expense		(13.1)			(5.9)	(10.5)	(10.8)	(10.5)	(29.4)	(30.6)
Total net investment income, after-tax		$	55.1		28.5	45.5	46.8	45.4	129.2	134.3

Net realized and unrealized capital gains (losses)
	Fixed income securities	$	0.6		2.3	4.3	(0.2)	(1.1)	7.1	2.1

	Equity securities	—			—	—	0.1	21.6	—	24.7
	Short-term investments	—			0.3	(0.2)	—	—	0.2	—

Realized net gains on disposals		0.6			2.6	4.1	—	20.4	7.3	26.8
Other-than-temporary impairment recoveries losses		2.8			4.3	(31.6)	(0.3)	(2.3)	(24.5)	(3.4)
Unrealized gains (losses) on equity securities		4.3			5.7	(17.1)	(0.6)	(20.3)	(7.1)	(8.1)
Total net realized capital gains (losses), pre-tax		$	7.7		12.6	(44.7)	(0.9)	(2.2)	(24.3)	15.3

Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax		$	43.7		219.6	(132.2)	(8.0)	37.2	131.1	221.3


Average investment yields
	Fixed income securities, pre-tax	3.2		%	3.3	3.3	3.5	3.5	3.2	3.6
	Fixed income securities, after-tax	2.6			2.7	2.7	2.8	2.8	2.6	2.9

	Total portfolio, pre-tax	3.8		%	2.0	3.3	3.5	3.4	3.0	3.5
	Total portfolio, after-tax	3.1			1.6	2.7	2.8	2.8	2.5	2.9


Effective tax rate on net investment income		19.1		%	17.1	18.7	18.7	18.7	18.6	18.6
New money purchase rates for fixed income securities, pre-tax		2.8			3.5	3.1	3.1	3.1	3.1	3.5
New money purchase rates for fixed income securities, after-tax		2.2			2.7	2.5	2.4	2.5	2.5	2.8
Effective duration of fixed income portfolio including short-term (in years)		3.7			3.6	3.3	3.6	3.3	3.7	3.3

Note: Amounts may not foot due to rounding.

Page 12

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS

(Unaudited)


	Sept. 30,					June 30,		Mar. 31,		Dec. 31,		Sept. 30,
	2020					2020		2019		2019		2019
($ in millions)	Amount		Percent			Amount	Percent	Amount	Percent	Amount	Percent	Amount	Percent

Fixed income securities, at fair value	$	6,457.8	89		%	6,378.9	89	5,967.3	87	6,117.6	91	5,958.6	91
Commercial mortgage loans, at fair value	30.6		—			17.9	—	13.9	—	—	—	—	—
Equity securities, at fair value	151.8		2			134.1	2	100.0	1	72.9	1	79.2	1
Other investments	258.6		4			230.5	4	244.9	4	216.8	3	189.2	3
Short-term investments	380.9		5			370.4	5	517.6	8	282.5	4	326.1	5
Total investments	$	7,279.7	100		%	7,131.8	100	6,843.6	100	6,689.8	100	6,553.2	100

Fixed income portfolio, at carry value
U.S. government obligations	$	117.5	2		%	119.7	2	142.2	2	116.2	2	120.9	2
Foreign government obligations	17.0		—			17.9	—	12.9	—	18.5	—	21.5	—
Obligations of state and political subdivisions	1,236.0		19			1,207.9	19	1,201.8	20	1,234.7	20	1,199.7	20
Corporate securities	2,313.4		36			2,271.0	36	1,925.3	32	1,963.7	32	1,856.8	31
Collateralized loan obligations and other asset-backed securities	945.6		15			839.5	13	722.3	12	793.0	13	768.4	13
Residential mortgage-backed securities	1,183.0		18			1,318.4	21	1,430.2	24	1,452.0	24	1,434.2	24
Commercial mortgage-backed securities	644.2		10			603.2	9	531.0	9	538.3	9	555.7	9
Total fixed income securities	$	6,456.6	100		%	6,377.7	100	5,965.7	100	6,116.4	100	5,957.2	100

Weighted average credit quality
Investment grade credit quality	$	6,183.4	96		%	6,101.9	96	5,760.3	97	5,899.0	96	5,792.6	97
Non-investment grade credit quality	274.4		4			277.0	4	207.0	3	218.6	4	166.0	3
Total fixed income securities, at fair value	$	6,457.8	100		%	6,378.9	100	5,967.3	100	6,117.6	100	5,958.6	100

Weighted average credit quality of fixed income portfolio	AA-					AA-		AA-		AA-		AA-


Expected maturities of fixed income securities at carry value
Due in one year or less	$	337.6	5		%	315.8	5	296.8	5	395.2	6	315.2	5
Due after one year through five years	3,729.6		58			3,656.1	57	3,485.4	58	3,015.5	49	3,312.5	56
Due after five years through 10 years	1,962.6		30			2,055.6	32	1,931.5	32	2,536.9	41	2,197.5	37
Due after 10 years	426.8		7			350.3	6	252.0	4	168.8	3	132.1	2
Total fixed income securities	$	6,456.6	100		%	6,377.7	100	5,965.7	100	6,116.4	100	5,957.2	100


Alternative investments	Sept. 30, 2020
							Current
	Number of		Original			Remaining	Market
Strategy	Funds		Commitment			Commitment	Value
Private equity	41		$	252.5		110.2	146.8
Private credit	14		184.3			96.1	49.3
Real assets	7		44.0			19.1	21.9
Total	62		$	480.8		225.4	217.9

Note: Amounts may not foot due to rounding.

Page 13

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CREDIT QUALITY OF INVESTED ASSETS

(Unaudited)


At September 30, 2020													Credit Rating
($ in millions)			Amortized Cost		Fair Value		% of Invested Assets		Yield to Worst		Effective Duration in Years	Average Life in Years	AAA			AA			A			BBB			Non-Investment Grade			Not Rated
Short-term investments			$	381	$	381	5.2	%	0.2	%	0.00	0.00	$	377		$	2		$	—		$	1		$	1		$	—
Fixed income securities:
	U.S. government obligations		110		118		1.6		0.4		4.2	5.6	117			—			—			—			—			—
	Foreign government obligations		16		17		0.2		1.7		5.1	6.0	—			2			8			7			—			—
	State and municipal obligations		1,157		1,236		17.0		1.1		5.5	5.1	220			619			342			55			—			—
	Corporate securities		2,169		2,314		31.8		2.2		4.7	6.4	14			128			893			1,049			231			—
	Mortgage-backed securities:
		Residential mortgage-backed securities ("RMBS"):
		Agency RMBS	1,032		1,090		15.0		1.0		2.2	3.1	1,090			—			—			—			—			—
		Non-agency RMBS	91		93		1.3		2.5		1.3	3.2	44			6			34			—			10			—
		Total RMBS	1,123		1,183		16.3		1.1		2.1	3.1	1,134			6			34			—			10			—
		Commercial mortgage-backed securities	600		644		8.8		1.8		4.8	6.0	570			32			32			10			—			—
		Total mortgage-backed securities	1,722		1,827		25.1		1.3		3.0	4.2	1,704			37			66			10			10			—
	Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
		Auto	45		47		0.6		0.7		2.2	2.1	37			6			3			—			1			—
		Aircraft	54		50		0.7		7.2		3.3	3.8	—			1			26			19			3			—
		CLOs	610		607		8.3		3.1		1.1	4.7	330			182			31			44			19			1
		Credit cards	17		17		0.2		0.3		1.6	1.7	17			—			—			—			—			—
		Other ABS	217		225		3.1		2.7		3.3	5.4	51			3			132			28			9			1
		Total CLOs and ABS	943		946		13.0		3.1		1.8	4.6	435			192			193			92			32			1
Total securitized assets			2,665		2,773		38.1		1.9		2.6	4.3	2,140			229			259			102			42			1
Total fixed income securities and short-term investments			6,498		6,839		93.9		1.7		3.7	5.0	2,868			980			1,502			1,213			274			1
Total fixed income securities and short-term investments by credit rating percentage													41.9		%	14.3		%	22.0		%	17.7		%	4.0		%	—		%
Commercial mortgage loans			30		31		0.4		3.5		2.5	5.7	—			—			21			9			—			—
Equity Securities:
	Common Stock1		156		150		2.1		0.3		—	—	—			—			—			—			—			150
	Preferred stock		2		2		—		3.1		—	—	—			—			—			—			2			—
		Total equity securities	158		152		2.1		0.4		—	—	—			—			—			—			2			150
Other investments:
	Alternative investments
		Private equity	147		147		2.0		—		—	—	—			—			—			—			—			147
		Private credit	49		49		0.7		—		—	—	—			—			—			—			—			49
		Real assets	22		22		0.3		—		—	—	—			—			—			—			—			22
		Total alternative investments	218		218		3.0		—		—	—	—			—			—			—			—			218
	Other investments		41		41		0.6		—		—	—	—			—			—			—			—			41
	Total other investments		259		259		3.6		—		—	—	—			—			—			—			—			259
Total invested assets			$	6,944	$	7,280	100.0	%	—		—	—	$	2,868		$	980		$	1,523		$	1,223		$	275		$	410

1Includes 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 TO NON-GAAP OPERATING INCOME AND CERTAIN OTHER NON-GAAP MEASURES

(Unaudited)


	Quarter ended							Year-to-date
	Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions, except per share data)	2020			2020	2020	2019	2019	2020	2019

Reconciliation of net income to non-GAAP operating income
Net income	$	69.9		34.2	15.2	81.9	56.2	119.3	189.8
Net realized and unrealized (gains) losses, before tax*	(7.7)			(12.6)	44.7	0.9	2.2	24.3	(15.3)
Debt retirement costs, before tax	—			—	—	—	—	—	4.2
Tax on reconciling items	1.6			2.7	(9.4)	(0.2)	0.4	(5.1)	3.2


Non-GAAP operating income	$	63.8		24.2	50.5	82.5	58.8	138.5	181.9

Reconciliation of net income per diluted share to non-GAAP operating income per diluted share
Net income per diluted share	$	1.16		0.57	0.25	1.36	0.93	1.98	3.16
Net realized and unrealized (gains) losses, before tax	(0.13)			(0.21)	0.74	0.01	0.04	0.40	(0.26)
Debt retirement costs, before tax	—			—	—	—	—	—	0.07
Tax on reconciling items	0.03			0.04	(0.15)	—	—	(0.08)	0.05


Non-GAAP operating income per diluted share	$	1.06		0.40	0.84	1.37	0.97	2.30	3.02

Reconciliation of annualized ROE to annualized non-GAAP operating ROE
Annualized ROE	11.9		%	6.2	2.8	15.1	10.7	6.9	12.9
Net realized and unrealized (gains) losses, before tax	(1.3)			(2.3)	8.3	0.2	0.4	1.4	(1.0)
Debt retirement costs, before tax	—			—	—	—	—	—	0.3
Tax on reconciling items	0.3			0.5	(1.7)	(0.1)	0.1	(0.3)	0.1


Annualized non-GAAP operating ROE	10.9		%	4.4	9.4	15.2	11.2	8.0	12.3
Non-GAAP operating income, non-GAAP operating income per diluted share, and non-GAAP operating return on equity differ from net income, income per diluted share, and return on equity, respectively, by the exclusion of: (i) after-tax net realized and unrealized gains and losses on investments; and (ii) after-tax debt retirement costs. They are used as important financial measures by management, analysts, and investors, because the realization of investment gains and losses on sales of securities in any given period is largely discretionary as to timing. In addition, these net realized investment gains and losses, other-than-temporary investment impairments that are charged to earnings, unrealized gains and losses on equity securities, and the debt retirement costs could distort the analysis of trends. These operating measurements are not intended as a substitute for net income, income per share, or return on equity prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income, net income per diluted share, and return on equity to non-GAAP operating income, non-GAAP operating income per diluted share, and non-GAAP operating return on equity, respectively, are provided in the tables above.






* Refer to Page 2 for components of realized and unrealized investment losses and gains.

Note: Amounts may not foot due to rounding.

Page 15

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION

Address:

As of September 30, 2020

40 Wantage Avenue

AM Best

Standard & Poor's

Moody's

Fitch

Branchville, NJ 07890

Financial Strength Ratings:

A+

Corporate Website:

Long-Term Debt Credit Rating:

bbb+

BBB

Baa2

BBB+

www.Selective.com

Investor Contact:

REGISTRAR AND TRANSFER AGENT

Rohan Pai

EQ Shareowner Services

Senior Vice President

P.O. Box 64854

Investor Relations & Treasurer

St. Paul, MN 55164

Phone: 973-948-1364

866-877-6351

[email protected]

Media Contact:

Jamie M. Beal

Vice President

Director of Communications

Phone: 973-948-1234

[email protected]

Page 16


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $2 per share	SIGI	NASDAQ Global Select Market


		SELECTIVE INSURANCE GROUP, INC.

Date:	October 28, 2020	By:	/s/ Michael H. Lanza
			Michael H. Lanza
			Executive Vice President and General Counsel


Date of Report (Date of earliest event reported)			October 28, 2020


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


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