Selective Insurance Group Inc 8-K, filed Oct 22, 2026
Selective Insurance Group Inc (SIGI)
8-K
2026-10-22
For: 2026-10-22
View Original
Added on
October 26, 2026
About this 8-K
Selective Insurance Group Inc filed this 8-K on October 22, 2026.
Selective Insurance Group, Inc. reported third-quarter 2026 net income per diluted common share of $2.11, a 96.8% combined ratio and $127 million after-tax net investment income, up 16%. Dividend rose 12% to $0.48 and authorized $200 million repurchase program. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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) | |||||
| (Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol (s) | Name of each exchange on which registered | ||||||
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.
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Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition.
On October 22, 2026, Selective Insurance Group, Inc. (the “Company”) issued a press release announcing results for the third quarter ended September 30, 2026. 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.
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 October 22, 2026
99.2 Financial Supplement, Third Quarter 2026
99.3 Selective Insurance Group, Inc. Third Quarter 2026 Investor Presentation
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: | October 22, 2026 | By: | /s/ Michael H. Lanza | ||||||||
| Michael H. Lanza | |||||||||||
| Executive Vice President and General Counsel | |||||||||||
Exhibit 99.1
Selective Reports Third Quarter 2026 Results
Net Income per Diluted Common Share of $2.11 and Non-GAAP Operating Income1 per
Diluted Common Share of $2.37;
Return on Common Equity ("ROE") of 15.1% and Non-GAAP Operating ROE1 of 16.9%
Quarterly Dividend Increased 12%; New $200 Million Share Repurchase Program Authorized
In the third quarter of 2026:
•The GAAP combined ratio was 96.8%, compared to 98.6% in the third quarter of 2025;
•Net premiums written ("NPW") decreased 7% from the third quarter of 2025;
•After-tax net investment income was $127 million, up 16% from the third quarter of 2025;
•Book value per common share was $55.02, down 5% from last quarter, primarily due to higher interest rates; and
•Adjusted book value per common share¹ was $62.00, up 2% from last quarter.
Short Hills, NJ - October 22, 2026 - Selective Insurance Group, Inc. (Nasdaq: SIGI) reported financial results for the third quarter ended September 30, 2026, with net income per diluted common share of $2.11 and non-GAAP operating income1 per diluted common share of $2.37. ROE was 15.1% and non-GAAP operating ROE1 was 16.9%.
“Operating ROE was 16.9% in the quarter, with excellent investment income and improved underwriting performance, led by a lower loss ratio. These results reflect our disciplined underwriting approach and continued progress to improve profitability,” said John J. Marchioni, Chairman, President and Chief Executive Officer.
For the quarter, Selective's combined ratio was 96.8%. Catastrophe losses were 5.4 points, and there was no prior year casualty reserve development at the segment or line of business level. NPW decreased 7% from a year ago driven by an 8% decrease in Standard Commercial Lines. Renewal pure price increases averaged 5.6%. Net investment income increased 16% from a year ago, to $127 million after-tax, generating 15.2 points of annualized ROE in the quarter.
“We remain focused on maintaining underwriting and pricing rigor in a competitive marketplace. This includes executing targeted pricing actions, improving the quality and mix of our portfolio, and remaining disciplined in our approach to new business growth. These actions have affected near-term premium growth, but we believe improving our portfolio's mix and profitability are the foundation for sustainable, profitable growth over time. We are increasingly leveraging data and technology to enhance underwriting and claims decision-making, increase operational effectiveness, and amplify the expertise of our employees. These investments strengthen our ability to consistently deliver value to customers, distribution partners, shareholders, and employees,” continued Mr. Marchioni.
“During the quarter, we returned 63% of after-tax net income through our regular dividend and $55 million of opportunistic share repurchases. Our strong capital position provides the flexibility to invest in attractive growth opportunities, maintain a competitive dividend, and return capital to shareholders. Based on the strength of our balance sheet and operating results, we increased our quarterly dividend by 12% to $0.48 per share, marking our thirteenth consecutive annual increase. The Board of Directors also approved a new $200 million share repurchase authorization, adding to the $53 million remaining on our existing authorization as of September 30, 2026. This reinforces our disciplined approach to capital management and commitment to long-term shareholder value,” concluded Mr. Marchioni.
1
Operating Highlights
| Consolidated Financial Results | Quarter Ended September 30, | Change | Year-to-Date September 30, | Change | ||||||||||||||||||||||||||||
| $ and shares in millions, except per share data | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||
| Net premiums written | $ | 1,122.8 | 1,207.9 | (7) | % | $ | 3,569.0 | 3,737.0 | (4) | % | ||||||||||||||||||||||
| Net premiums earned | 1,180.2 | 1,204.7 | (2) | 3,612.9 | 3,551.5 | 2 | ||||||||||||||||||||||||||
| Net investment income earned | 160.5 | 138.7 | 16 | 453.0 | 387.3 | 17 | ||||||||||||||||||||||||||
| Net realized and unrealized gains (losses), pre-tax | (19.4) | 8.1 | (341) | (15.8) | 12.5 | (227) | ||||||||||||||||||||||||||
| Total revenues | 1,326.3 | 1,360.1 | (2) | 4,072.3 | 3,972.0 | 3 | ||||||||||||||||||||||||||
| Net underwriting income (loss), after-tax | 29.5 | 13.2 | 124 | 65.6 | 47.3 | 39 | ||||||||||||||||||||||||||
| Net investment income, after-tax | 127.3 | 110.0 | 16 | 359.6 | 307.0 | 17 | ||||||||||||||||||||||||||
Net income (loss) available to common stockholders | 126.4 | 113.0 | 12 | 348.8 | 304.3 | 15 | ||||||||||||||||||||||||||
Non-GAAP operating income (loss)1 | 141.7 | 106.7 | 33 | 361.3 | 294.4 | 23 | ||||||||||||||||||||||||||
| Combined ratio | 96.8 | % | 98.6 | (1.8) | pts | 97.7 | % | 98.3 | (0.6) | pts | ||||||||||||||||||||||
| Loss and loss expense ratio | 64.6 | 67.9 | (3.3) | 66.2 | 67.2 | (1.0) | ||||||||||||||||||||||||||
| Underwriting expense ratio | 32.1 | 30.6 | 1.5 | 31.4 | 31.0 | 0.4 | ||||||||||||||||||||||||||
| Dividends to policyholders ratio | 0.1 | 0.1 | — | 0.1 | 0.1 | — | ||||||||||||||||||||||||||
| Net catastrophe losses | 5.4 | pts | 2.1 | 3.3 | 5.8 | pts | 4.2 | 1.6 | ||||||||||||||||||||||||
| Non-catastrophe property losses and loss expenses | 13.1 | 14.1 | (1.0) | 13.9 | 14.7 | (0.8) | ||||||||||||||||||||||||||
(Favorable) unfavorable prior year reserve development on casualty lines | — | 3.3 | (3.3) | — | 2.5 | (2.5) | ||||||||||||||||||||||||||
Current year casualty loss costs | 46.1 | 48.4 | (2.3) | 46.5 | 45.8 | 0.7 | ||||||||||||||||||||||||||
| Net income (loss) available to common stockholders per diluted common share | $ | 2.11 | 1.85 | 14 | % | $ | 5.80 | 4.97 | 17 | % | ||||||||||||||||||||||
Non-GAAP operating income (loss) per diluted common share1 | 2.37 | 1.75 | 35 | 6.01 | 4.81 | 25 | ||||||||||||||||||||||||||
| Weighted average diluted common shares | 59.9 | 61.0 | (2) | 60.2 | 61.2 | (2) | ||||||||||||||||||||||||||
| Book value per common share | $ | 55.02 | 54.46 | 1 | $ | 55.02 | 54.46 | 1 | ||||||||||||||||||||||||
Adjusted book value per common share1 | 62.00 | 55.83 | 11 | 62.00 | 55.83 | 11 | ||||||||||||||||||||||||||
Overall Insurance Operations
In the third quarter, overall NPW decreased 7%, as we continued to implement rate and non-rate actions to enhance underwriting profitability. Average renewal pure price increased 5.6%. Our combined ratio was 96.8%, 1.8 points better than a year ago, primarily due to a lower loss and loss expense ratio, partially offset by a higher underwriting expense ratio. There was no prior year casualty reserve development in the third quarter at the segment or line of business level, compared to 3.3 points of unfavorable prior year reserve development a year ago.
Overall, insurance segment performance generated 3.5 points of ROE in the third quarter of 2026, up 1.9 points from the third quarter of 2025.
Standard Commercial Lines Segment
In the third quarter, Standard Commercial Lines premiums, which account for 77% of total NPW, decreased 8% from a year ago driven by targeted retention actions and lower new business. Average renewal pure price increases were 5.7% and retention was 82%, reflecting granular actions to improve our profitability by driving higher renewal retention on our best-performing business and meaningfully lower retention on poorer-performing business. The third quarter combined ratio was 97.9%, 3.2 points better than a year ago, primarily due to a lower loss and loss expense ratio, partially offset by a higher underwriting expense ratio.
There was no prior year casualty reserve development in the current year quarter.
2
The following table shows the variances in key quarter-to-date and year-to-date measures:
| Standard Commercial Lines Segment | Quarter Ended September 30, | Change | Year-to-Date September 30, | Change | ||||||||||||||||||||||||||||
| $ in millions | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||
| Net premiums written | $ | 867.5 | 940.8 | (8) | % | $ | 2,821.7 | 2,962.0 | (5) | % | ||||||||||||||||||||||
| Net premiums earned | 927.1 | 947.3 | (2) | 2,854.9 | 2,797.1 | 2 | ||||||||||||||||||||||||||
| Combined ratio | 97.9 | % | 101.1 | (3.2) | pts | 99.1 | % | 100.1 | (1.0) | pts | ||||||||||||||||||||||
| Loss and loss expense ratio | 64.7 | 69.5 | (4.8) | 66.8 | 68.1 | (1.3) | ||||||||||||||||||||||||||
| Underwriting expense ratio | 33.1 | 31.5 | 1.6 | 32.2 | 31.9 | 0.3 | ||||||||||||||||||||||||||
| Dividends to policyholders ratio | 0.1 | 0.1 | — | 0.1 | 0.1 | — | ||||||||||||||||||||||||||
| Net catastrophe losses | 4.6 | pts | 1.6 | 3.0 | 5.2 | pts | 3.1 | 2.1 | ||||||||||||||||||||||||
| Non-catastrophe property losses and loss expenses | 11.6 | 12.5 | (0.9) | 12.5 | 13.6 | (1.1) | ||||||||||||||||||||||||||
(Favorable) unfavorable prior year reserve development on casualty lines | — | 3.7 | (3.7) | — | 2.9 | (2.9) | ||||||||||||||||||||||||||
Current year casualty loss costs | 48.5 | 51.7 | (3.2) | 49.1 | 48.5 | 0.6 | ||||||||||||||||||||||||||
Standard Personal Lines Segment
In the third quarter, Standard Personal Lines premiums, which represent 9% of total NPW, declined 8%. Renewal pure price was 8.1% and retention was 80%. The third quarter 2026 combined ratio decreased 6.9 points from a year ago, to 103.2%, driven by a lower loss and loss expense ratio, partially offset by a higher underwriting expense ratio. Higher catastrophe losses in the quarter were offset by lower non-catastrophe property losses.
The following table shows the variances in key quarter-to-date and year-to-date measures:
| Standard Personal Lines Segment | Quarter Ended September 30, | Change | Year-to-Date September 30, | Change | ||||||||||||||||||||||||||||
| $ in millions | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||
| Net premiums written | $ | 96.0 | 104.2 | (8) | % | $ | 280.0 | 302.2 | (7) | % | ||||||||||||||||||||||
| Net premiums earned | 95.3 | 101.5 | (6) | 293.0 | 307.6 | (5) | ||||||||||||||||||||||||||
| Combined ratio | 103.2 | % | 110.1 | (6.9) | pts | 97.1 | % | 99.9 | (2.8) | pts | ||||||||||||||||||||||
| Loss and loss expense ratio | 77.1 | 88.0 | (10.9) | 72.3 | 76.7 | (4.4) | ||||||||||||||||||||||||||
| Underwriting expense ratio | 26.1 | 22.1 | 4.0 | 24.8 | 23.2 | 1.6 | ||||||||||||||||||||||||||
| Net catastrophe losses | 19.2 | pts | 12.0 | 7.2 | 14.8 | pts | 11.0 | 3.8 | ||||||||||||||||||||||||
| Non-catastrophe property losses and loss expenses | 32.2 | 39.3 | (7.1) | 31.1 | 34.0 | (2.9) | ||||||||||||||||||||||||||
Unfavorable prior year reserve development on casualty lines | — | 4.9 | (4.9) | — | 3.3 | (3.3) | ||||||||||||||||||||||||||
Current year casualty loss costs | 25.7 | 31.8 | (6.1) | 26.4 | 28.4 | (2.0) | ||||||||||||||||||||||||||
Excess and Surplus Lines Segment
For the third quarter, Excess and Surplus Lines premiums, which represent 14% of total NPW, declined 2% from the prior-year period, with average renewal pure price increases of 1.5%. The third quarter 2026 combined ratio was 86.5%, compared to 76.2% in the prior-year period, reflecting normal period-to-period variability associated with property losses.
The following table shows the variances in key quarter-to-date and year-to-date measures:
| Excess and Surplus Lines Segment | Quarter Ended September 30, | Change | Year-to-Date September 30, | Change | ||||||||||||||||||||||||||||
| $ in millions | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||
| Net premiums written | $ | 159.3 | 162.9 | (2) | % | $ | 467.3 | 472.8 | (1) | % | ||||||||||||||||||||||
| Net premiums earned | 157.8 | 155.9 | 1 | 465.0 | 446.8 | 4 | ||||||||||||||||||||||||||
| Combined ratio | 86.5 | % | 76.2 | 10.3 | pts | 89.3 | % | 85.9 | 3.4 | pts | ||||||||||||||||||||||
| Loss and loss expense ratio | 56.4 | 46.1 | 10.3 | 58.8 | 55.3 | 3.5 | ||||||||||||||||||||||||||
| Underwriting expense ratio | 30.1 | 30.1 | — | 30.5 | 30.6 | (0.1) | ||||||||||||||||||||||||||
| Net catastrophe losses | 2.1 | pts | (1.5) | 3.6 | 3.5 | pts | 6.5 | (3.0) | ||||||||||||||||||||||||
| Non-catastrophe property losses and loss expenses | 10.6 | 7.0 | 3.6 | 11.6 | 8.4 | 3.2 | ||||||||||||||||||||||||||
(Favorable) prior year reserve development on casualty lines | — | — | — | — | — | — | ||||||||||||||||||||||||||
Current year casualty loss costs | 43.7 | 40.6 | 3.1 | 43.7 | 40.4 | 3.3 | ||||||||||||||||||||||||||
3
Investments Segment
For the third quarter, after-tax net investment income was $127 million, up 16% from a year ago. The after-tax income yield averaged 4.4% for both the fixed income securities portfolio and the overall portfolio. With invested assets per dollar of common stockholders' equity of $3.54 as of September 30, 2026, net investment income generated 15.2 points of annualized ROE.
| Investments Segment | Quarter Ended September 30, | Change | Year-to-Date September 30, | Change | ||||||||||||||||||||||||||||
| $ in millions, except per share data | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||
| Net investment income earned, after-tax | $ | 127.3 | 110.0 | 16 | % | $ | 359.6 | 307.0 | 17 | % | ||||||||||||||||||||||
| Net investment income per common share | 2.13 | 1.80 | 18 | 5.98 | 5.02 | 19 | ||||||||||||||||||||||||||
| Effective tax rate | 20.7 | % | 20.7 | — | pts | 20.6 | % | 20.7 | (0.1) | pts | ||||||||||||||||||||||
| Average yields: | ||||||||||||||||||||||||||||||||
| Portfolio: | ||||||||||||||||||||||||||||||||
| Pre-tax | 5.6 | 5.1 | 0.5 | 5.3 | 5.0 | 0.3 | ||||||||||||||||||||||||||
| After-tax | 4.4 | 4.1 | 0.3 | 4.2 | 4.0 | 0.2 | ||||||||||||||||||||||||||
| Fixed income securities: | ||||||||||||||||||||||||||||||||
| Pre-tax | 5.6 | % | 5.2 | 0.4 | pts | 5.5 | % | 5.2 | 0.3 | pts | ||||||||||||||||||||||
| After-tax | 4.4 | 4.1 | 0.3 | 4.4 | 4.1 | 0.3 | ||||||||||||||||||||||||||
| Annualized ROE contribution | 15.2 | 13.6 | 1.6 | 14.2 | 13.2 | 1.0 | ||||||||||||||||||||||||||
Balance Sheet
| $ in millions, except per share data | September 30, 2026 | December 31, 2025 | Change | |||||||||||||||||||||||
| Total assets | $ | 15,711.1 | 15,155.7 | 4 | % | |||||||||||||||||||||
| Total investments | 11,486.7 | 11,302.4 | 2 | |||||||||||||||||||||||
| Long-term debt | 901.5 | 901.9 | — | |||||||||||||||||||||||
| Stockholders’ equity | 3,445.7 | 3,609.0 | (5) | |||||||||||||||||||||||
| Common stockholders' equity | 3,245.7 | 3,409.0 | (5) | |||||||||||||||||||||||
| Invested assets per dollar of common stockholders’ equity | 3.54 | 3.32 | 7 | |||||||||||||||||||||||
| Net premiums written to policyholders' surplus | 1.25 | 1.36 | (8) | |||||||||||||||||||||||
| Book value per common share | 55.02 | 56.74 | (3) | |||||||||||||||||||||||
Adjusted book value per common share1 | 62.00 | 57.91 | 7 | |||||||||||||||||||||||
| Debt to total capitalization | 20.7 | % | 20.0 | % | 0.7 | pts | ||||||||||||||||||||
During the first nine months of 2026, book value per common share decreased by $1.72, or 3%, primarily due to a $5.80 increase in after-tax net unrealized losses on our fixed income securities portfolio and $1.29 in common stockholder dividends, partially offset by $5.80 of net income per diluted common share. The increase in after-tax net unrealized losses on our fixed income securities portfolio was primarily driven by higher interest rates. In the third quarter of 2026, the Company repurchased $55 million, or 587,229 shares, of common stock at an average price of $93.66.
Selective's Board of Directors also declared:
• A quarterly cash dividend on common stock of $0.48 per common share payable on December 1, 2026, to holders of record as of November 16, 2026; 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 December 15, 2026, to holders of record as of November 30, 2026.
Guidance
For 2026, our full-year expectations are as follows:
•A GAAP combined ratio of 96.5% to 97.5%, including net catastrophe losses of 5.5 points. Our combined ratio estimate assumes no prior year casualty reserve development, as we record our best estimate each quarter. We do not make assumptions about future reserve development;
•After-tax net investment income of $490 million, up from prior guidance of $480 million;
•An overall effective tax rate of 21.5%; and
•Weighted average shares of 59.9 million on a fully diluted basis, reflecting the shares repurchased in the first nine
4
months of 2026 and assuming no additional repurchases under our 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 Friday, October 23, 2026, on www.Selective.com. The webcast will be available for rebroadcast until the close of business on November 20, 2026.
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 seven 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 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 millions | Quarter Ended September 30, | Year-to-Date September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 126.4 | 113.0 | 348.8 | 304.3 | ||||||||||||||||||
| Net realized and unrealized investment (gains) losses included in net income, before tax | 19.4 | (8.1) | 15.8 | (12.5) | |||||||||||||||||||
| Tax on reconciling items | (4.1) | 1.7 | (3.3) | 2.6 | |||||||||||||||||||
Non-GAAP operating income (loss) | $ | 141.7 | 106.7 | 361.3 | 294.4 | ||||||||||||||||||
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 September 30, | Year-to-Date September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Net income (loss) available to common stockholders per diluted common share | $ | 2.11 | 1.85 | 5.80 | 4.97 | ||||||||||||||||||
| Net realized and unrealized investment (gains) losses included in net income, before tax | 0.32 | (0.13) | 0.26 | (0.20) | |||||||||||||||||||
| Tax on reconciling items | (0.06) | 0.03 | (0.05) | 0.04 | |||||||||||||||||||
Non-GAAP operating income (loss) per diluted common share | $ | 2.37 | 1.75 | 6.01 | 4.81 | ||||||||||||||||||
5
Reconciliation of Return on Common Equity to Non-GAAP Operating Return on Common Equity
| Quarter Ended September 30, | Year-to-Date September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Return on Common Equity | 15.1 | % | 14.0 | 13.8 | 13.0 | |||||||||||||||||||||
| Net realized and unrealized investment (gains) losses included in net income, before tax | 2.3 | (1.0) | 0.6 | (0.5) | ||||||||||||||||||||||
| Tax on reconciling items | (0.5) | 0.2 | (0.1) | 0.1 | ||||||||||||||||||||||
| Non-GAAP Operating Return on Common Equity | 16.9 | % | 13.2 | 14.3 | 12.6 | |||||||||||||||||||||
Reconciliation of Book Value per Common Share to Adjusted Book Value per Common Share
| Quarter Ended September 30, | Year-to-Date September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Book value per common share | $ | 55.02 | 54.46 | 55.02 | 54.46 | ||||||||||||||||||
| Total unrealized investment (gains) losses included in accumulated other comprehensive (loss) income, before tax | 8.84 | 1.73 | 8.84 | 1.73 | |||||||||||||||||||
| Tax on reconciling items | (1.86) | (0.36) | (1.86) | (0.36) | |||||||||||||||||||
| Adjusted book value per common share | $ | 62.00 | 55.83 | 62.00 | 55.83 | ||||||||||||||||||
Note: Amounts in the tables above may not foot due to rounding.
6
Forward-Looking Statements
Certain statements in this press release, including information incorporated by reference, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a safe harbor for forward-looking statements under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include our expectations, intentions, beliefs, projections, estimates, or forecasts regarding future events or financial performance. They involve known and unknown risks, uncertainties, and other factors that may cause our actual results, activity levels, or performance to differ materially from those expressed or implied in the forward-looking statements. In some cases, forward-looking statements may be identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “project,” “predict,” “potential,” “pro forma,” “seek,” “target,” “continue,” "outlook," "guidance," "forecast," "goal," "likely," or the negative of such terms or other variations or similar expressions. Our forward-looking statements are only predictions; we cannot guarantee that any stated expectation will occur or 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, 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;
•Geopolitical developments, including ongoing wars and conflicts such as the recent military conflict in the Middle East, which have contributed to volatility in global energy markets, international shipping activity, and financial markets, and may exacerbate inflationary pressures, supply chain disruption, and insurance loss costs;
•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 Brad.Wilson@Selective.com | Media Contact: Jamie M. Beal 973-948-1234 Jamie.Beal@Selective.com | ||||
Selective Insurance Group, Inc. 40 Wantage Avenue Branchville, New Jersey 07890 www.Selective.com | |||||
7
Exhibit 99.2
FINANCIAL SUPPLEMENT
THIRD QUARTER 2026
Forward-Looking Statements
Certain statements in this report, including information incorporated by reference, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a safe harbor for forward-looking statements under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include our expectations, intentions, beliefs, projections, estimates, or forecasts regarding future events or financial performance. They involve known and unknown risks, uncertainties, and other factors that may cause our actual results, activity levels, or performance to differ materially from those expressed or implied in the forward-looking statements. In some cases, forward-looking statements may be identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “project,” “predict,” “potential,” “pro forma,” “seek,” “target,” “continue,” "outlook," "guidance," "forecast," "goal," "likely," or the negative of such terms or other variations or similar expressions. Our forward-looking statements are only predictions; we cannot guarantee that any stated expectation will occur or 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, 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;
•Geopolitical developments, including ongoing wars and conflicts such as the recent military conflict in the Middle East, which have contributed to volatility in global energy markets, international shipping activity, and financial markets, and may exacerbate inflationary pressures, supply chain disruption, and insurance loss costs;
•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 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) | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| For Period Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross premiums written | $ | 1,340.0 | 1,421.9 | 1,422.5 | 1,318.0 | 1,419.3 | 4,184.4 | 4,344.3 | ||||||||||||||||||||||||||||||||||||||||||
| Net premiums written | 1,122.8 | 1,220.7 | 1,225.5 | 1,129.5 | 1,207.9 | 3,569.0 | 3,737.0 | |||||||||||||||||||||||||||||||||||||||||||
| Change in net premiums written, from comparable prior year period | (7) | % | (5) | (1) | 4 | 4 | (4) | 6 | ||||||||||||||||||||||||||||||||||||||||||
| Underwriting income (loss), before-tax | $ | 37.4 | 24.4 | 21.2 | 76.0 | 16.7 | 83.0 | 59.9 | ||||||||||||||||||||||||||||||||||||||||||
| Net investment income earned, before-tax | 160.5 | 150.2 | 142.4 | 143.8 | 138.7 | 453.0 | 387.3 | |||||||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized investment gains (losses), before-tax | (19.4) | 12.0 | (8.3) | (4.1) | 8.1 | (15.8) | 12.5 | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 128.7 | 129.4 | 97.7 | 155.2 | 115.3 | 355.7 | 311.2 | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to common stockholders(1) | 126.4 | 127.1 | 95.4 | 152.9 | 113.0 | 348.8 | 304.3 | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP operating income (loss)(2) | 141.7 | 117.6 | 101.9 | 156.2 | 106.7 | 361.3 | 294.4 | |||||||||||||||||||||||||||||||||||||||||||
| At Period End | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 15,711.1 | 15,615.9 | 15,321.9 | 15,155.7 | 14,980.4 | 15,711.1 | 14,980.4 | ||||||||||||||||||||||||||||||||||||||||||
| Total invested assets | 11,486.7 | 11,576.9 | 11,391.2 | 11,302.4 | 11,051.5 | 11,486.7 | 11,051.5 | |||||||||||||||||||||||||||||||||||||||||||
| Stockholders' equity | 3,445.7 | 3,663.0 | 3,587.4 | 3,609.0 | 3,490.0 | 3,445.7 | 3,490.0 | |||||||||||||||||||||||||||||||||||||||||||
Common stockholders' equity(3) | 3,245.7 | 3,463.0 | 3,387.4 | 3,409.0 | 3,290.0 | 3,245.7 | 3,290.0 | |||||||||||||||||||||||||||||||||||||||||||
| Common shares outstanding | 59.0 | 59.6 | 59.9 | 60.1 | 60.4 | 59.0 | 60.4 | |||||||||||||||||||||||||||||||||||||||||||
| Per Share and Share Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to common stockholders per common share (diluted) | $ | 2.11 | 2.11 | 1.58 | 2.52 | 1.85 | 5.80 | 4.97 | ||||||||||||||||||||||||||||||||||||||||||
Non-GAAP operating income (loss) per common share (diluted)(2) | 2.37 | 1.95 | 1.69 | 2.57 | 1.75 | 6.01 | 4.81 | |||||||||||||||||||||||||||||||||||||||||||
| Weighted average common shares outstanding (diluted) | 59.9 | 60.2 | 60.5 | 60.7 | 61.0 | 60.2 | 61.2 | |||||||||||||||||||||||||||||||||||||||||||
| Book value per common share | $ | 55.02 | 58.13 | 56.58 | 56.74 | 54.46 | 55.02 | 54.46 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted book value per common share(2) | 62.00 | 60.56 | 58.94 | 57.91 | 55.83 | 62.00 | 55.83 | |||||||||||||||||||||||||||||||||||||||||||
| Dividends paid per common share | 0.43 | 0.43 | 0.43 | 0.43 | 0.38 | 1.29 | 1.14 | |||||||||||||||||||||||||||||||||||||||||||
| Financial Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss and loss expense ratio | 64.6 | % | 67.2 | 67.0 | 63.2 | 67.9 | 66.2 | 67.2 | ||||||||||||||||||||||||||||||||||||||||||
| Underwriting expense ratio | 32.1 | 30.8 | 31.2 | 30.5 | 30.6 | 31.4 | 31.0 | |||||||||||||||||||||||||||||||||||||||||||
| Dividends to policyholders ratio | 0.1 | — | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||
| GAAP combined ratio | 96.8 | % | 98.0 | 98.3 | 93.8 | 98.6 | 97.7 | 98.3 | ||||||||||||||||||||||||||||||||||||||||||
| Return on common stockholders' equity ("ROE") | 15.1 | 14.8 | 11.2 | 18.3 | 14.0 | 13.8 | 13.0 | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP operating ROE(2) | 16.9 | 13.7 | 12.0 | 18.7 | 13.2 | 14.3 | 12.6 | |||||||||||||||||||||||||||||||||||||||||||
| Debt to total capitalization | 20.7 | 19.7 | 20.1 | 20.0 | 20.5 | 20.7 | 20.5 | |||||||||||||||||||||||||||||||||||||||||||
| Net premiums written to policyholders' surplus | 1.25 | 1.30 | 1.35 | 1.36 | 1.42 | 1.25 | 1.42 | |||||||||||||||||||||||||||||||||||||||||||
| Invested assets per dollar of common stockholders' equity | $ | 3.54 | 3.34 | 3.36 | 3.32 | 3.36 | 3.54 | 3.36 | ||||||||||||||||||||||||||||||||||||||||||
(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 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) | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||||||||||
| Net premiums earned | $ | 1,180.2 | 1,215.5 | 1,217.2 | 1,216.7 | 1,204.7 | 3,612.9 | 3,551.5 | ||||||||||||||||||||||||||||||||||||
| Net investment income earned | 160.5 | 150.2 | 142.4 | 143.8 | 138.7 | 453.0 | 387.3 | |||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gains (losses) | (19.4) | 12.0 | (8.3) | (4.1) | 8.1 | (15.8) | 12.5 | |||||||||||||||||||||||||||||||||||||
| Other income | 5.1 | 9.4 | 7.6 | 8.5 | 8.7 | 22.1 | 20.8 | |||||||||||||||||||||||||||||||||||||
| Total revenues | 1,326.3 | 1,387.0 | 1,358.9 | 1,364.9 | 1,360.1 | 4,072.3 | 3,972.0 | |||||||||||||||||||||||||||||||||||||
| Expenses | ||||||||||||||||||||||||||||||||||||||||||||
| Loss and loss expense incurred | 762.7 | 816.3 | 815.5 | 768.5 | 819.0 | 2,394.5 | 2,389.3 | |||||||||||||||||||||||||||||||||||||
| Amortization of deferred policy acquisition costs | 241.4 | 248.1 | 253.4 | 254.5 | 250.2 | 742.8 | 747.9 | |||||||||||||||||||||||||||||||||||||
| Other insurance expenses | 143.8 | 136.2 | 134.7 | 126.3 | 127.5 | 414.7 | 375.2 | |||||||||||||||||||||||||||||||||||||
| Interest expense | 13.2 | 13.2 | 13.2 | 13.2 | 13.3 | 39.7 | 36.1 | |||||||||||||||||||||||||||||||||||||
| Corporate expenses | 3.1 | 10.5 | 17.9 | 6.3 | 4.4 | 31.5 | 30.1 | |||||||||||||||||||||||||||||||||||||
| Total expenses | 1,164.2 | 1,224.2 | 1,234.7 | 1,168.8 | 1,214.4 | 3,623.1 | 3,578.5 | |||||||||||||||||||||||||||||||||||||
| Income (loss) before income tax | $ | 162.1 | 162.8 | 124.2 | 196.1 | 145.7 | 449.1 | 393.5 | ||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 33.4 | 33.5 | 26.5 | 40.9 | 30.4 | 93.4 | 82.3 | |||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 128.7 | 129.4 | 97.7 | 155.2 | 115.3 | 355.7 | 311.2 | ||||||||||||||||||||||||||||||||||||
| Preferred stock dividends | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 6.9 | 6.9 | |||||||||||||||||||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 126.4 | 127.1 | 95.4 | 152.9 | 113.0 | 348.8 | 304.3 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized investment (gains) losses, after tax(1) | 15.4 | (9.5) | 6.6 | 3.3 | (6.4) | 12.5 | (9.8) | |||||||||||||||||||||||||||||||||||||
Non-GAAP operating income (loss)(2) | $ | 141.7 | 117.6 | 101.9 | 156.2 | 106.7 | 361.3 | 294.4 | ||||||||||||||||||||||||||||||||||||
| Weighted average common shares outstanding (diluted) | 59.9 | 60.2 | 60.5 | 60.7 | 61.0 | 60.2 | 61.2 | |||||||||||||||||||||||||||||||||||||
Net income (loss) available to common stockholders per common share (diluted) | $ | 2.11 | 2.11 | 1.58 | 2.52 | 1.85 | 5.80 | 4.97 | ||||||||||||||||||||||||||||||||||||
Non-GAAP operating income (loss) per common share (diluted)(2) | $ | 2.37 | 1.95 | 1.69 | 2.57 | 1.75 | 6.01 | 4.81 | ||||||||||||||||||||||||||||||||||||
(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)
| Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | |||||||||||||||||||||||||||||||
| ($ in millions, except per share data) | 2026 | 2026 | 2026 | 2025 | 2025 | ||||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||
| Investments | |||||||||||||||||||||||||||||||||||
| Fixed income securities, held-to-maturity, net of allowance for credit losses | $ | 21.9 | 20.1 | 21.3 | 23.9 | 24.2 | |||||||||||||||||||||||||||||
| Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses | 9,810.1 | 9,909.8 | 9,727.8 | 9,457.2 | 9,275.4 | ||||||||||||||||||||||||||||||
| Commercial mortgage loans, net of allowance for credit losses | 287.6 | 269.7 | 273.7 | 277.7 | 273.5 | ||||||||||||||||||||||||||||||
| Equity securities, at fair value | 359.1 | 413.1 | 388.3 | 384.4 | 380.1 | ||||||||||||||||||||||||||||||
| Short-term investments | 391.7 | 378.9 | 451.8 | 648.5 | 587.9 | ||||||||||||||||||||||||||||||
| Alternative investments | 505.2 | 473.9 | 431.4 | 418.5 | 417.1 | ||||||||||||||||||||||||||||||
| Other investments | 111.1 | 111.4 | 96.9 | 92.2 | 93.3 | ||||||||||||||||||||||||||||||
Total investments | 11,486.7 | 11,576.9 | 11,391.2 | 11,302.4 | 11,051.5 | ||||||||||||||||||||||||||||||
| Cash | 0.9 | 0.6 | 0.2 | 0.3 | 0.4 | ||||||||||||||||||||||||||||||
| Restricted cash | 14.4 | 10.4 | 10.7 | 17.6 | 23.7 | ||||||||||||||||||||||||||||||
| Accrued investment income | 104.3 | 101.6 | 93.7 | 92.0 | 86.8 | ||||||||||||||||||||||||||||||
| Premiums receivable, net of allowance for credit losses | 1,549.7 | 1,637.7 | 1,582.2 | 1,533.9 | 1,616.5 | ||||||||||||||||||||||||||||||
| Reinsurance recoverable, net of allowance for credit losses | 1,126.3 | 952.2 | 907.7 | 915.5 | 947.4 | ||||||||||||||||||||||||||||||
| Prepaid reinsurance premiums | 289.5 | 273.1 | 266.9 | 266.3 | 274.4 | ||||||||||||||||||||||||||||||
| Current federal income tax | — | 1.9 | — | — | 0.6 | ||||||||||||||||||||||||||||||
| Deferred federal income tax | 214.5 | 137.9 | 133.7 | 110.9 | 113.0 | ||||||||||||||||||||||||||||||
| Property and equipment, net of accumulated depreciation and amortization | 130.4 | 116.5 | 109.9 | 106.4 | 102.4 | ||||||||||||||||||||||||||||||
| Deferred policy acquisition costs | 470.7 | 484.6 | 491.2 | 492.3 | 510.3 | ||||||||||||||||||||||||||||||
| Goodwill | 7.8 | 7.8 | 7.8 | 7.8 | 7.8 | ||||||||||||||||||||||||||||||
| Other assets | 315.7 | 314.8 | 326.7 | 310.2 | 245.4 | ||||||||||||||||||||||||||||||
| Total assets | $ | 15,711.1 | 15,615.9 | 15,321.9 | 15,155.7 | 14,980.4 | |||||||||||||||||||||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||
| Reserve for loss and loss expense | $ | 8,006.5 | 7,681.4 | 7,418.4 | 7,225.4 | 7,076.4 | |||||||||||||||||||||||||||||
| Unearned premiums | 2,724.9 | 2,765.7 | 2,754.4 | 2,745.5 | 2,840.8 | ||||||||||||||||||||||||||||||
| Long-term debt | 901.5 | 901.0 | 901.4 | 901.9 | 902.3 | ||||||||||||||||||||||||||||||
| Current federal income tax | 4.2 | — | 44.8 | 16.9 | — | ||||||||||||||||||||||||||||||
| Accrued salaries and benefits | 141.3 | 122.2 | 115.2 | 140.8 | 131.8 | ||||||||||||||||||||||||||||||
| Other liabilities | 487.0 | 482.6 | 500.4 | 516.2 | 539.1 | ||||||||||||||||||||||||||||||
Total liabilities | $ | 12,265.3 | 11,953.0 | 11,734.6 | 11,546.7 | 11,490.4 | |||||||||||||||||||||||||||||
| 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 share | 212.6 | 212.5 | 212.4 | 212.0 | 211.9 | ||||||||||||||||||||||||||||||
| Additional paid-in capital | 619.1 | 614.7 | 605.6 | 591.3 | 584.4 | ||||||||||||||||||||||||||||||
| Retained earnings | 3,772.3 | 3,671.6 | 3,570.5 | 3,500.8 | 3,373.9 | ||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (491.8) | (225.1) | (222.6) | (151.7) | (167.3) | ||||||||||||||||||||||||||||||
| Treasury stock, at cost | (866.4) | (810.8) | (778.5) | (743.4) | (712.9) | ||||||||||||||||||||||||||||||
| Total stockholders' equity | $ | 3,445.7 | 3,663.0 | 3,587.4 | 3,609.0 | 3,490.0 | |||||||||||||||||||||||||||||
| Commitments and contingencies | |||||||||||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 15,711.1 | 15,615.9 | 15,321.9 | 15,155.7 | 14,980.4 | |||||||||||||||||||||||||||||
| 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) | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Book value per common share | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stockholders' equity | $ | 3,245.7 | 3,463.0 | 3,387.4 | 3,409.0 | 3,290.0 | 3,245.7 | 3,290.0 | ||||||||||||||||||||||||||||||||||||||||||
| Common shares issued and outstanding, at period end | 59.0 | 59.6 | 59.9 | 60.1 | 60.4 | 59.0 | 60.4 | |||||||||||||||||||||||||||||||||||||||||||
| Book value per common share | $ | 55.02 | 58.13 | 56.58 | 56.74 | 54.46 | 55.02 | 54.46 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted book value per common share(1) | 62.00 | 60.56 | 58.94 | 57.91 | 55.83 | 62.00 | 55.83 | |||||||||||||||||||||||||||||||||||||||||||
| Financial results (after-tax) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Underwriting income (loss) | 29.5 | 19.3 | 16.8 | 60.0 | 13.2 | 65.6 | 47.3 | |||||||||||||||||||||||||||||||||||||||||||
| Net investment income | 127.3 | 119.2 | 113.1 | 114.2 | 110.0 | 359.6 | 307.0 | |||||||||||||||||||||||||||||||||||||||||||
| Interest expense and preferred stock dividends | (12.7) | (12.7) | (12.7) | (12.8) | (12.8) | (38.2) | (35.4) | |||||||||||||||||||||||||||||||||||||||||||
| Corporate expense | (2.4) | (8.1) | (15.2) | (5.2) | (3.7) | (25.7) | (24.5) | |||||||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized investment gains (losses) | (15.4) | 9.5 | (6.6) | (3.3) | 6.4 | (12.5) | 9.8 | |||||||||||||||||||||||||||||||||||||||||||
| Total after-tax net income (loss) available to common stockholders | 126.4 | 127.1 | 95.4 | 152.9 | 113.0 | 348.8 | 304.3 | |||||||||||||||||||||||||||||||||||||||||||
| Return on average equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance segments | 3.5 | % | 2.3 | 2.0 | 7.2 | 1.6 | 2.6 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||
| Net investment income | 15.2 | 13.9 | 13.3 | 13.6 | 13.6 | 14.2 | 13.2 | |||||||||||||||||||||||||||||||||||||||||||
| Interest expense and preferred stock dividends | (1.5) | (1.5) | (1.5) | (1.5) | (1.6) | (1.5) | (1.5) | |||||||||||||||||||||||||||||||||||||||||||
| Corporate expense | (0.3) | (1.0) | (1.8) | (0.6) | (0.4) | (1.0) | (1.1) | |||||||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized investment gains (losses) | (1.8) | 1.1 | (0.8) | (0.4) | 0.8 | (0.5) | 0.4 | |||||||||||||||||||||||||||||||||||||||||||
| ROE | 15.1 | 14.8 | 11.2 | 18.3 | 14.0 | 13.8 | 13.0 | |||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized (gains) losses(2) | 1.8 | (1.1) | 0.8 | 0.4 | (0.8) | 0.5 | (0.4) | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Operating ROE(1) | 16.9 | % | 13.7 | 12.0 | 18.7 | 13.2 | 14.3 | 12.6 | ||||||||||||||||||||||||||||||||||||||||||
| Debt and total capitalization | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes payable: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 3.03% Borrowings from Federal Home Loan Bank of Indianapolis | $ | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | ||||||||||||||||||||||||||||||||||||||||||
| 7.25% Senior Notes | 49.9 | 49.9 | 49.9 | 49.8 | 49.8 | 49.9 | 49.8 | |||||||||||||||||||||||||||||||||||||||||||
| 5.90% Senior Notes | 396.7 | 396.6 | 396.4 | 396.3 | 396.2 | 396.7 | 396.2 | |||||||||||||||||||||||||||||||||||||||||||
| 6.70% Senior Notes | 99.5 | 99.5 | 99.5 | 99.4 | 99.4 | 99.5 | 99.4 | |||||||||||||||||||||||||||||||||||||||||||
| 5.375% Senior Notes | 292.9 | 292.8 | 292.8 | 292.7 | 292.6 | 292.9 | 292.6 | |||||||||||||||||||||||||||||||||||||||||||
| Finance lease obligations | 2.6 | 2.2 | 2.9 | 3.6 | 4.2 | 2.6 | 4.2 | |||||||||||||||||||||||||||||||||||||||||||
| Total debt | 901.5 | 901.0 | 901.4 | 901.9 | 902.3 | 901.5 | 902.3 | |||||||||||||||||||||||||||||||||||||||||||
| Stockholders' equity | 3,445.7 | 3,663.0 | 3,587.4 | 3,609.0 | 3,490.0 | 3,445.7 | 3,490.0 | |||||||||||||||||||||||||||||||||||||||||||
| Total capitalization | $ | 4,347.2 | 4,563.9 | 4,488.8 | 4,510.8 | 4,392.3 | 4,347.2 | 4,392.3 | ||||||||||||||||||||||||||||||||||||||||||
| Ratio of debt to total capitalization | 20.7 | % | 19.7 | 20.1 | 20.0 | 20.5 | 20.7 | 20.5 | ||||||||||||||||||||||||||||||||||||||||||
| Policyholders' surplus | $ | 3,746.9 | 3,692.1 | 3,601.0 | 3,573.3 | 3,407.4 | 3,746.9 | 3,407.4 | ||||||||||||||||||||||||||||||||||||||||||
(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 ended | Year-to-date | |||||||||||||||||||||||||||||||||||||||||||||||||
| Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, | ||||||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Underwriting results | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net premiums written | $ | 1,122.8 | 1,220.7 | 1,225.5 | 1,129.5 | 1,207.9 | 3,569.0 | 3,737.0 | ||||||||||||||||||||||||||||||||||||||||||
| Change in net premiums written, from comparable prior year period | (7) | % | (5) | (1) | 4 | 4 | (4) | 6 | ||||||||||||||||||||||||||||||||||||||||||
| Net premiums earned | $ | 1,180.2 | 1,215.5 | 1,217.2 | 1,216.7 | 1,204.7 | 3,612.9 | 3,551.5 | ||||||||||||||||||||||||||||||||||||||||||
| Losses and loss expenses incurred | 762.7 | 816.3 | 815.5 | 768.5 | 819.0 | 2,394.5 | 2,389.3 | |||||||||||||||||||||||||||||||||||||||||||
| Net underwriting expenses incurred | 379.2 | 374.4 | 379.7 | 371.6 | 368.1 | 1,133.3 | 1,099.3 | |||||||||||||||||||||||||||||||||||||||||||
| Dividends to policyholders | 0.9 | 0.5 | 0.7 | 0.6 | 0.9 | 2.1 | 3.0 | |||||||||||||||||||||||||||||||||||||||||||
| GAAP underwriting income (loss) | $ | 37.4 | 24.4 | 21.2 | 76.0 | 16.7 | 83.0 | 59.9 | ||||||||||||||||||||||||||||||||||||||||||
| Net catastrophe losses | $ | 64.1 | 68.5 | 75.4 | 21.0 | 24.9 | 208.0 | 148.2 | ||||||||||||||||||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | — | 40.0 | — | 90.0 | |||||||||||||||||||||||||||||||||||||||||||
| Underwriting ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss and loss expense ratio | 64.6 | % | 67.2 | 67.0 | 63.2 | 67.9 | 66.2 | 67.2 | ||||||||||||||||||||||||||||||||||||||||||
| Underwriting expense ratio | 32.1 | 30.8 | 31.2 | 30.5 | 30.6 | 31.4 | 31.0 | |||||||||||||||||||||||||||||||||||||||||||
| Dividends to policyholders ratio | 0.1 | — | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio | 96.8 | % | 98.0 | 98.3 | 93.8 | 98.6 | 97.7 | 98.3 | ||||||||||||||||||||||||||||||||||||||||||
| Net catastrophe losses | 5.4 | pts | 5.6 | 6.2 | 1.7 | 2.1 | 5.8 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | — | 3.3 | — | 2.5 | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses | 91.4 | % | 92.4 | 92.1 | 92.1 | 96.5 | 91.9 | 94.1 | ||||||||||||||||||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses and prior year casualty development | 91.4 | % | 92.4 | 92.1 | 92.1 | 93.2 | 91.9 | 91.6 | ||||||||||||||||||||||||||||||||||||||||||
| Other Statistics | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-catastrophe property loss and loss expenses | $ | 154.5 | 170.5 | 178.1 | 159.6 | 169.6 | 503.1 | 521.6 | ||||||||||||||||||||||||||||||||||||||||||
| Non-catastrophe property loss and loss expenses | 13.1 | pts | 14.0 | 14.6 | 13.1 | 14.1 | 13.9 | 14.7 | ||||||||||||||||||||||||||||||||||||||||||
| Direct new business | $ | 202.8 | 206.1 | 214.0 | 223.7 | 233.2 | 622.8 | 732.3 | ||||||||||||||||||||||||||||||||||||||||||
| Renewal pure price increases | 5.6 | % | 6.5 | 7.2 | 8.3 | 9.6 | 6.4 | 9.9 | ||||||||||||||||||||||||||||||||||||||||||
| 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) | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Underwriting results | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net premiums written | $ | 867.5 | 961.9 | 992.4 | 875.6 | 940.8 | 2,821.7 | 2,962.0 | ||||||||||||||||||||||||||||||||||||||||||
| Change in net premiums written, from comparable prior year period | (8) | % | (6) | (1) | 5 | 4 | (5) | 6 | ||||||||||||||||||||||||||||||||||||||||||
| Net premiums earned | $ | 927.1 | 962.0 | 965.8 | 956.8 | 947.3 | 2,854.9 | 2,797.1 | ||||||||||||||||||||||||||||||||||||||||||
| Losses and loss expenses incurred | 600.3 | 652.2 | 656.8 | 586.9 | 658.0 | 1,909.3 | 1,906.4 | |||||||||||||||||||||||||||||||||||||||||||
| Net underwriting expenses incurred | 306.8 | 302.1 | 310.0 | 301.2 | 298.6 | 918.9 | 891.1 | |||||||||||||||||||||||||||||||||||||||||||
| Dividends to policyholders | 0.9 | 0.5 | 0.7 | 0.6 | 0.9 | 2.1 | 3.0 | |||||||||||||||||||||||||||||||||||||||||||
| GAAP underwriting income (loss) | $ | 19.2 | 7.2 | (1.8) | 68.0 | (10.2) | 24.6 | (3.4) | ||||||||||||||||||||||||||||||||||||||||||
| Net catastrophe losses | $ | 42.4 | 48.7 | 57.2 | 12.8 | 15.0 | 148.3 | 85.7 | ||||||||||||||||||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | (15.0) | 35.0 | — | 80.0 | |||||||||||||||||||||||||||||||||||||||||||
| Underwriting ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss and loss expense ratio | 64.7 | % | 67.8 | 68.0 | 61.3 | 69.5 | 66.8 | 68.1 | ||||||||||||||||||||||||||||||||||||||||||
| Underwriting expense ratio | 33.1 | 31.4 | 32.1 | 31.5 | 31.5 | 32.2 | 31.9 | |||||||||||||||||||||||||||||||||||||||||||
| Dividends to policyholders ratio | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio | 97.9 | % | 99.3 | 100.2 | 92.9 | 101.1 | 99.1 | 100.1 | ||||||||||||||||||||||||||||||||||||||||||
| Net catastrophe losses | 4.6 | pts | 5.1 | 5.9 | 1.3 | 1.6 | 5.2 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | (1.6) | 3.7 | — | 2.9 | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses | 93.3 | % | 94.2 | 94.3 | 91.6 | 99.5 | 93.9 | 97.0 | ||||||||||||||||||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses and prior year casualty development | 93.3 | % | 94.2 | 94.3 | 93.2 | 95.8 | 93.9 | 94.1 | ||||||||||||||||||||||||||||||||||||||||||
| Other Statistics | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-catastrophe property loss and loss expenses | $ | 107.1 | 122.9 | 127.8 | 110.4 | 118.7 | 357.8 | 379.4 | ||||||||||||||||||||||||||||||||||||||||||
| Non-catastrophe property loss and loss expenses | 11.6 | pts | 12.8 | 13.2 | 11.5 | 12.5 | 12.5 | 13.6 | ||||||||||||||||||||||||||||||||||||||||||
| Direct new business | $ | 121.7 | 124.0 | 132.0 | 137.0 | 146.6 | 377.7 | 477.0 | ||||||||||||||||||||||||||||||||||||||||||
| Renewal pure price increases | 5.7 | % | 6.5 | 7.1 | 7.5 | 8.9 | 6.4 | 8.9 | ||||||||||||||||||||||||||||||||||||||||||
| Retention | 82 | 81 | 82 | 82 | 82 | 81 | 82 | |||||||||||||||||||||||||||||||||||||||||||
| 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, 2026 | Quarter ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General | Commercial | Commercial | Workers | General | Commercial | Commercial | Workers | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | Liability | Auto | Property(1) | Compensation | BOP | Bonds | Other | Total | Liability | Auto | Property(1) | Compensation | BOP | Bonds | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
| Net premiums written | $ | 276.3 | 260.1 | 199.9 | 61.8 | 51.2 | 8.9 | 9.3 | 867.5 | 303.5 | 292.9 | 207.7 | 65.7 | 50.1 | 12.6 | 8.3 | 940.8 | ||||||||||||||||||||||||||||||||||||||||||
| Net premiums earned | 302.1 | 281.7 | 197.0 | 73.6 | 52.6 | 10.6 | 9.4 | 927.1 | 312.6 | 294.0 | 194.0 | 75.5 | 49.7 | 13.0 | 8.4 | 947.3 | |||||||||||||||||||||||||||||||||||||||||||
| Underwriting income (loss) | (20.1) | (5.8) | 33.3 | 0.3 | 5.7 | 0.9 | 4.7 | 19.2 | (20.7) | (51.8) | 56.5 | (3.5) | 3.3 | 2.0 | 4.0 | (10.2) | |||||||||||||||||||||||||||||||||||||||||||
| Loss and loss expense ratio | 73.8 | % | 71.0 | 46.5 | 71.8 | 54.7 | 35.2 | 0.6 | 64.7 | 76.3 | 88.1 | 35.5 | 77.3 | 59.6 | 29.8 | 1.0 | 69.5 | ||||||||||||||||||||||||||||||||||||||||||
| Underwriting expense ratio | 32.8 | 31.0 | 36.6 | 26.3 | 34.6 | 55.8 | 49.3 | 33.1 | 30.3 | 29.5 | 35.4 | 26.4 | 33.8 | 54.9 | 51.2 | 31.5 | |||||||||||||||||||||||||||||||||||||||||||
| Dividend ratio | — | — | — | 1.5 | — | — | — | 0.1 | — | — | — | 0.9 | — | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio | 106.6 | % | 102.0 | 83.1 | 99.6 | 89.3 | 91.0 | 49.9 | 97.9 | 106.6 | 117.6 | 70.9 | 104.6 | 93.4 | 84.7 | 52.2 | 101.1 | ||||||||||||||||||||||||||||||||||||||||||
| Net catastrophe losses | — | 0.7 | 18.5 | — | 8.0 | — | — | 4.6 | — | 0.5 | 6.7 | — | 0.8 | — | — | 1.6 | |||||||||||||||||||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | — | — | — | — | — | — | 11.9 | — | — | — | — | — | 3.7 | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses and prior year casualty development | 106.6 | % | 101.3 | 64.6 | 99.6 | 81.3 | 91.0 | 49.9 | 93.3 | 106.6 | 105.2 | 64.2 | 104.6 | 92.6 | 84.7 | 52.2 | 95.8 | ||||||||||||||||||||||||||||||||||||||||||
| Year-to-Date September 30, 2026 | Year-to-Date September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General | Commercial | Commercial | Workers | General | Commercial | Commercial | Workers | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | Liability | Auto | Property(1) | Compensation | BOP | Bonds | Other | Total | Liability | Auto | Property(1) | Compensation | BOP | Bonds | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
| Net premiums written | $ | 938.5 | 851.5 | 597.7 | 221.1 | 155.2 | 28.9 | 28.8 | 2,821.7 | 979.1 | 918.5 | 611.9 | 234.9 | 151.3 | 40.6 | 25.9 | 2,962.0 | ||||||||||||||||||||||||||||||||||||||||||
| Net premiums earned | 935.9 | 869.5 | 597.1 | 235.3 | 156.8 | 32.6 | 27.6 | 2,854.9 | 913.1 | 866.4 | 571.6 | 236.6 | 145.0 | 39.6 | 25.0 | 2,797.1 | |||||||||||||||||||||||||||||||||||||||||||
| Underwriting income (loss) | (63.6) | (5.5) | 60.5 | 2.1 | 15.3 | 1.7 | 14.1 | 24.6 | (68.0) | (52.6) | 94.0 | (11.1) | 15.9 | 5.8 | 12.6 | (3.4) | |||||||||||||||||||||||||||||||||||||||||||
| Loss and loss expense ratio | 74.4 | % | 70.4 | 55.0 | 72.9 | 56.6 | 36.4 | 0.6 | 66.8 | 75.9 | 76.2 | 48.8 | 77.5 | 55.7 | 29.3 | 0.7 | 68.1 | ||||||||||||||||||||||||||||||||||||||||||
| Underwriting expense ratio | 32.4 | 30.3 | 34.9 | 24.9 | 33.6 | 58.4 | 48.4 | 32.2 | 31.5 | 29.9 | 34.8 | 26.2 | 33.4 | 56.2 | 48.9 | 31.9 | |||||||||||||||||||||||||||||||||||||||||||
| Dividend ratio | — | — | — | 1.3 | — | — | — | 0.1 | — | — | — | 1.0 | — | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio | 106.8 | % | 100.6 | 89.9 | 99.1 | 90.2 | 94.8 | 49.0 | 99.1 | 107.4 | 106.1 | 83.6 | 104.7 | 89.1 | 85.5 | 49.6 | 100.1 | ||||||||||||||||||||||||||||||||||||||||||
| Net catastrophe losses | — | 0.5 | 21.4 | — | 10.2 | — | — | 5.2 | — | 0.8 | 11.1 | — | 10.5 | — | — | 3.1 | |||||||||||||||||||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | — | — | — | — | — | 2.2 | 6.9 | — | — | — | — | — | 2.9 | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses and prior year casualty development | 106.8 | % | 100.1 | 68.5 | 99.1 | 80.0 | 94.8 | 49.0 | 93.9 | 105.2 | 98.4 | 72.5 | 104.7 | 78.6 | 85.5 | 49.6 | 94.1 | ||||||||||||||||||||||||||||||||||||||||||
(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 ended | Year-to-date | |||||||||||||||||||||||||||||||||||||||||||||||||
| Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, | ||||||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Underwriting results | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net premiums written | $ | 96.0 | 101.5 | 82.5 | 95.5 | 104.2 | 280.0 | 302.2 | ||||||||||||||||||||||||||||||||||||||||||
| Change in net premiums written, from comparable prior year period | (8) | % | (8) | (6) | (8) | (6) | (7) | (8) | ||||||||||||||||||||||||||||||||||||||||||
| Net premiums earned | $ | 95.3 | 97.6 | 100.0 | 100.6 | 101.5 | 293.0 | 307.6 | ||||||||||||||||||||||||||||||||||||||||||
| Losses and loss expenses incurred | 73.5 | 69.0 | 69.3 | 79.7 | 89.3 | 211.8 | 235.9 | |||||||||||||||||||||||||||||||||||||||||||
| Net underwriting expenses incurred | 24.9 | 24.2 | 23.6 | 23.9 | 22.5 | 72.6 | 71.3 | |||||||||||||||||||||||||||||||||||||||||||
| GAAP underwriting income (loss) | $ | (3.0) | 4.4 | 7.2 | (3.0) | (10.2) | 8.5 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||
| Net catastrophe losses | $ | 18.3 | 11.9 | 13.2 | 7.3 | 12.2 | 43.5 | 33.9 | ||||||||||||||||||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | 5.0 | 5.0 | — | 10.0 | |||||||||||||||||||||||||||||||||||||||||||
| Underwriting ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss and loss expense ratio | 77.1 | % | 70.7 | 69.2 | 79.3 | 88.0 | 72.3 | 76.7 | ||||||||||||||||||||||||||||||||||||||||||
| Underwriting expense ratio | 26.1 | 24.8 | 23.6 | 23.7 | 22.1 | 24.8 | 23.2 | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio | 103.2 | % | 95.5 | 92.8 | 103.0 | 110.1 | 97.1 | 99.9 | ||||||||||||||||||||||||||||||||||||||||||
| Net catastrophe losses | 19.2 | pts | 12.2 | 13.2 | 7.2 | 12.0 | 14.8 | 11.0 | ||||||||||||||||||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | 5.0 | 4.9 | — | 3.3 | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses | 84.0 | % | 83.3 | 79.6 | 95.8 | 98.1 | 82.3 | 88.9 | ||||||||||||||||||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses and prior year casualty development | 84.0 | % | 83.3 | 79.6 | 90.8 | 93.2 | 82.3 | 85.6 | ||||||||||||||||||||||||||||||||||||||||||
| Other Statistics | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-catastrophe property loss and loss expenses | $ | 30.7 | 31.2 | 29.3 | 33.3 | 39.9 | 91.1 | 104.7 | ||||||||||||||||||||||||||||||||||||||||||
| Non-catastrophe property loss and loss expenses | 32.2 | pts | 31.9 | 29.2 | 33.1 | 39.3 | 31.1 | 34.0 | ||||||||||||||||||||||||||||||||||||||||||
| Direct new business | $ | 8.2 | 8.3 | 7.6 | 10.9 | 12.8 | 24.1 | 34.6 | ||||||||||||||||||||||||||||||||||||||||||
| Renewal pure price increases | 8.1 | % | 8.9 | 10.6 | 15.1 | 16.9 | 9.3 | 19.8 | ||||||||||||||||||||||||||||||||||||||||||
| Retention | 80 | 79 | 78 | 80 | 79 | 79 | 77 | |||||||||||||||||||||||||||||||||||||||||||
| 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, 2026 | Quarter ended September 30, 2025 | |||||||||||||||||||||||||||||||
| Personal | Personal | |||||||||||||||||||||||||||||||
| ($ in millions) | Auto | Homeowners | Other | Total | Auto | Homeowners | Other | Total | ||||||||||||||||||||||||
| Net premiums written | $ | 39.3 | 53.7 | 3.0 | 96.0 | 47.9 | 53.3 | 3.0 | 104.2 | |||||||||||||||||||||||
| Net premiums earned | 42.5 | 49.9 | 2.9 | 95.3 | 49.9 | 48.7 | 2.8 | 101.5 | ||||||||||||||||||||||||
| Underwriting income (loss) | (2.7) | (4.6) | 4.2 | (3.0) | (12.3) | (4.4) | 6.4 | (10.2) | ||||||||||||||||||||||||
| Loss and loss expense ratio | 79.0 | % | 78.5 | 26.4 | 77.1 | 99.3 | 80.5 | 15.0 | 88.0 | |||||||||||||||||||||||
| Underwriting expense ratio | 27.4 | 30.7 | (71.4) | 26.1 | 25.3 | 28.4 | (140.4) | 22.1 | ||||||||||||||||||||||||
| Combined ratio | 106.5 | % | 109.2 | (45.0) | 103.2 | 124.6 | 108.9 | (125.4) | 110.1 | |||||||||||||||||||||||
| Net catastrophe losses | 2.3 | 34.9 | — | 19.2 | 0.6 | 24.3 | — | 12.0 | ||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | — | 10.0 | — | — | 4.9 | ||||||||||||||||||||||||
| Combined ratio before net catastrophe losses and prior year casualty development | 104.2 | % | 74.3 | (45.0) | 84.0 | 114.0 | 84.6 | (125.4) | 93.2 | |||||||||||||||||||||||
| Year-to-Date September 30, 2026 | Year-to-Date September 30, 2025 | |||||||||||||||||||||||||||||||
| Personal | Personal | |||||||||||||||||||||||||||||||
| ($ in millions) | Auto | Homeowners | Other | Total | Auto | Homeowners | Other | Total | ||||||||||||||||||||||||
| Net premiums written | $ | 121.1 | 149.6 | 9.2 | 280.0 | 146.0 | 147.7 | 8.6 | 302.2 | |||||||||||||||||||||||
| Net premiums earned | 133.9 | 149.9 | 9.3 | 293.0 | 154.2 | 145.0 | 8.4 | 307.6 | ||||||||||||||||||||||||
| Underwriting income (loss) | (5.1) | 0.8 | 12.8 | 8.5 | (17.8) | 2.0 | 16.1 | 0.3 | ||||||||||||||||||||||||
| Loss and loss expense ratio | 77.1 | % | 70.3 | 36.2 | 72.3 | 86.0 | 70.6 | 11.6 | 76.7 | |||||||||||||||||||||||
| Underwriting expense ratio | 26.7 | 29.2 | (74.1) | 24.8 | 25.5 | 28.0 | (103.8) | 23.2 | ||||||||||||||||||||||||
| Combined ratio | 103.8 | % | 99.4 | (37.9) | 97.1 | 111.5 | 98.6 | (92.2) | 99.9 | |||||||||||||||||||||||
| Net catastrophe losses | 1.2 | 27.9 | — | 14.8 | 0.5 | 22.8 | — | 11.0 | ||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | — | 6.5 | — | — | 3.3 | ||||||||||||||||||||||||
| Combined ratio before net catastrophe losses and prior year casualty development | 102.6 | % | 71.5 | (37.9) | 82.3 | 104.5 | 75.8 | (92.2) | 85.6 | |||||||||||||||||||||||
| 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) | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Underwriting results | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net premiums written | $ | 159.3 | 157.3 | 150.7 | 158.4 | 162.9 | 467.3 | 472.8 | ||||||||||||||||||||||||||||||||||||||||||
| Change in net premiums written, from comparable prior year period | (2) | % | (2) | 1 | 4 | 14 | (1) | 14 | ||||||||||||||||||||||||||||||||||||||||||
| Net premiums earned | $ | 157.8 | 155.8 | 151.4 | 159.3 | 155.9 | 465.0 | 446.8 | ||||||||||||||||||||||||||||||||||||||||||
| Losses and loss expenses incurred | 88.9 | 95.0 | 89.4 | 101.8 | 71.8 | 273.3 | 246.9 | |||||||||||||||||||||||||||||||||||||||||||
| Net underwriting expenses incurred | 47.5 | 48.1 | 46.1 | 46.5 | 47.0 | 141.8 | 136.9 | |||||||||||||||||||||||||||||||||||||||||||
| GAAP underwriting income (loss) | $ | 21.3 | 12.8 | 15.9 | 11.0 | 37.1 | 49.9 | 63.0 | ||||||||||||||||||||||||||||||||||||||||||
| Net catastrophe losses | $ | 3.3 | 7.9 | 5.0 | 0.9 | (2.3) | 16.2 | 28.6 | ||||||||||||||||||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | 10.0 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Underwriting ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss and loss expense ratio | 56.4 | % | 61.0 | 59.0 | 63.9 | 46.1 | 58.8 | 55.3 | ||||||||||||||||||||||||||||||||||||||||||
| Underwriting expense ratio | 30.1 | 30.8 | 30.5 | 29.2 | 30.1 | 30.5 | 30.6 | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio | 86.5 | % | 91.8 | 89.5 | 93.1 | 76.2 | 89.3 | 85.9 | ||||||||||||||||||||||||||||||||||||||||||
| Net catastrophe losses | 2.1 | pts | 5.1 | 3.3 | 0.6 | (1.5) | 3.5 | 6.5 | ||||||||||||||||||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | 6.3 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses | 84.4 | % | 86.7 | 86.2 | 92.5 | 77.7 | 85.8 | 79.4 | ||||||||||||||||||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses and prior year casualty development | 84.4 | % | 86.7 | 86.2 | 86.2 | 77.7 | 85.8 | 79.4 | ||||||||||||||||||||||||||||||||||||||||||
| Other Statistics | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-catastrophe property loss and loss expenses | $ | 16.7 | 16.4 | 21.0 | 15.9 | 11.0 | 54.1 | 37.5 | ||||||||||||||||||||||||||||||||||||||||||
| Non-catastrophe property loss and loss expenses | 10.6 | pts | 10.5 | 13.9 | 10.0 | 7.0 | 11.6 | 8.4 | ||||||||||||||||||||||||||||||||||||||||||
| Direct new business | $ | 72.8 | 73.8 | 74.4 | 75.8 | 73.9 | 221.0 | 220.8 | ||||||||||||||||||||||||||||||||||||||||||
| Renewal pure price increases | 1.5 | % | 3.4 | 4.1 | 7.8 | 8.3 | 2.7 | 8.7 | ||||||||||||||||||||||||||||||||||||||||||
| 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, 2026 | Quarter ended September 30, 2025 | |||||||||||||||||||||||||||||||
| ($ in millions) | Casualty | Property | Total | Casualty | Property | Total | ||||||||||||||||||||||||||
| Net premiums written | $ | 92.9 | 66.4 | 159.3 | 97.2 | 65.7 | 162.9 | |||||||||||||||||||||||||
| Net premiums earned | 93.8 | 63.9 | 157.8 | 92.8 | 63.1 | 155.9 | ||||||||||||||||||||||||||
| Underwriting income (loss) | (2.7) | 23.9 | 21.3 | 1.3 | 35.9 | 37.1 | ||||||||||||||||||||||||||
| Loss and loss expense ratio | 73.4 | % | 31.4 | 56.4 | 68.0 | 13.8 | 46.1 | |||||||||||||||||||||||||
| Underwriting expense ratio | 29.4 | 31.2 | 30.1 | 30.6 | 29.4 | 30.1 | ||||||||||||||||||||||||||
| Combined ratio | 102.8 | % | 62.6 | 86.5 | 98.6 | 43.2 | 76.2 | |||||||||||||||||||||||||
| Net catastrophe losses | — | 5.2 | 2.1 | — | (3.6) | (1.5) | ||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses and prior year casualty development | 102.8 | % | 57.4 | 84.4 | 98.6 | 46.8 | 77.7 | |||||||||||||||||||||||||
| Year-to-Date September 30, 2026 | Year-to-Date September 30, 2025 | |||||||||||||||||||||||||||||||
| ($ in millions) | Casualty | Property | Total | Casualty | Property | Total | ||||||||||||||||||||||||||
| Net premiums written | $ | 276.9 | 190.4 | 467.3 | 281.8 | 190.9 | 472.8 | |||||||||||||||||||||||||
| Net premiums earned | 276.0 | 189.0 | 465.0 | 265.3 | 181.5 | 446.8 | ||||||||||||||||||||||||||
| Underwriting income (loss) | (10.9) | 60.9 | 49.9 | 1.1 | 61.9 | 63.0 | ||||||||||||||||||||||||||
| Loss and loss expense ratio | 73.5 | % | 37.2 | 58.8 | 68.2 | 36.4 | 55.3 | |||||||||||||||||||||||||
| Underwriting expense ratio | 30.4 | 30.6 | 30.5 | 31.4 | 29.5 | 30.6 | ||||||||||||||||||||||||||
| Combined ratio | 104.0 | % | 67.8 | 89.3 | 99.6 | 65.9 | 85.9 | |||||||||||||||||||||||||
| Net catastrophe losses | — | 8.6 | 3.5 | — | 15.8 | 6.5 | ||||||||||||||||||||||||||
| (Favorable) unfavorable prior year casualty reserve development | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Combined ratio before net catastrophe losses and prior year casualty development | 104.0 | % | 59.2 | 85.8 | 99.6 | 50.1 | 79.4 | |||||||||||||||||||||||||
| 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) | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Net investment income | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed income securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable | $ | 134.4 | 131.3 | 123.1 | 118.1 | 114.7 | 388.8 | 332.2 | ||||||||||||||||||||||||||||||||||||||||||
| Tax-exempt | 3.2 | 3.3 | 3.5 | 3.2 | 2.5 | 10.0 | 5.8 | |||||||||||||||||||||||||||||||||||||||||||
| Total fixed income securities | 137.6 | 134.6 | 126.6 | 121.3 | 117.2 | 398.9 | 338.1 | |||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage loans | 4.1 | 4.1 | 4.2 | 4.1 | 4.0 | 12.5 | 11.4 | |||||||||||||||||||||||||||||||||||||||||||
| Equity securities | 5.4 | 5.5 | 4.2 | 10.2 | 5.2 | 15.1 | 13.6 | |||||||||||||||||||||||||||||||||||||||||||
| Alternative investments | 15.2 | 8.6 | 6.9 | 9.5 | 11.8 | 30.7 | 22.9 | |||||||||||||||||||||||||||||||||||||||||||
| Other investments | 0.1 | 0.4 | — | 0.2 | 0.2 | 0.6 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||
| Short-term investments | 3.4 | 3.2 | 5.5 | 5.1 | 5.7 | 12.1 | 17.2 | |||||||||||||||||||||||||||||||||||||||||||
| Investment income | 165.8 | 156.5 | 147.5 | 150.4 | 144.1 | 469.8 | 403.7 | |||||||||||||||||||||||||||||||||||||||||||
| Investment expenses | (5.3) | (6.3) | (5.1) | (6.5) | (5.4) | (16.8) | (16.4) | |||||||||||||||||||||||||||||||||||||||||||
| Investment tax expense | (33.2) | (31.0) | (29.3) | (29.7) | (28.7) | (93.5) | (80.3) | |||||||||||||||||||||||||||||||||||||||||||
| Total net investment income, after-tax | $ | 127.3 | 119.2 | 113.1 | 114.2 | 110.0 | 359.6 | 307.0 | ||||||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized investment gains (losses), pre-tax | $ | (19.4) | 12.0 | (8.3) | (4.1) | 8.1 | (15.8) | 12.5 | ||||||||||||||||||||||||||||||||||||||||||
| Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax | $ | (338.4) | (3.9) | (90.6) | 16.4 | 79.3 | (433.0) | 212.0 | ||||||||||||||||||||||||||||||||||||||||||
| Average investment yields | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed income investments, pre-tax | 5.6 | % | 5.5 | 5.3 | 5.2 | 5.2 | 5.5 | 5.2 | ||||||||||||||||||||||||||||||||||||||||||
| Fixed income investments, after-tax | 4.4 | 4.4 | 4.2 | 4.1 | 4.1 | 4.4 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
| Total portfolio, pre-tax | 5.6 | % | 5.2 | 5.0 | 5.1 | 5.1 | 5.3 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||
| Total portfolio, after-tax | 4.4 | 4.2 | 4.0 | 4.1 | 4.1 | 4.2 | 3.9 | |||||||||||||||||||||||||||||||||||||||||||
| Effective tax rate on net investment income | 20.7 | % | 20.6 | 20.6 | 20.6 | 20.7 | 20.6 | 20.7 | ||||||||||||||||||||||||||||||||||||||||||
| New money purchase rates for fixed income investments, pre-tax | 6.2 | 6.0 | 5.7 | 6.0 | 5.8 | 6.0 | 5.8 | |||||||||||||||||||||||||||||||||||||||||||
| New money purchase rates for fixed income investments, after-tax | 4.9 | 4.7 | 4.5 | 4.7 | 4.6 | 4.7 | 4.7 | |||||||||||||||||||||||||||||||||||||||||||
| Effective duration of fixed income investments including short-term (in years) | 4.5 | 4.3 | 4.3 | 4.1 | 4.1 | 4.5 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
| 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, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||||
| Fixed income securities, at fair value | $ | 9,831.0 | 86 | % | 9,929.3 | 86 | 9,748.6 | 86 | 9,481.1 | 84 | 9,299.7 | 84 | |||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage loans, at fair value | 279.1 | 2 | 267.4 | 2 | 268.3 | 2 | 274.9 | 2 | 269.1 | 2 | |||||||||||||||||||||||||||||||||||||||||||
| Total fixed income investments | 10,110.1 | 88 | 10,196.7 | 88 | 10,016.8 | 88 | 9,756.0 | 86 | 9,568.8 | 87 | |||||||||||||||||||||||||||||||||||||||||||
| Short-term investments | 391.7 | 3 | 378.9 | 3 | 451.8 | 4 | 648.5 | 6 | 587.9 | 5 | |||||||||||||||||||||||||||||||||||||||||||
| Total fixed income and short-term investments | 10,501.8 | 92 | 10,575.6 | 91 | 10,468.6 | 92 | 10,404.6 | 92 | 10,156.7 | 92 | |||||||||||||||||||||||||||||||||||||||||||
| Equity securities, at fair value | 359.1 | 3 | 413.1 | 4 | 388.3 | 3 | 384.4 | 3 | 380.1 | 3 | |||||||||||||||||||||||||||||||||||||||||||
| Alternative investments | 505.2 | 4 | 473.9 | 4 | 431.4 | 4 | 418.5 | 4 | 417.1 | 4 | |||||||||||||||||||||||||||||||||||||||||||
| Other investments | 111.1 | 1 | 111.4 | 1 | 96.9 | 1 | 92.2 | 1 | 93.3 | 1 | |||||||||||||||||||||||||||||||||||||||||||
| Total investments | $ | 11,477.3 | 100 | % | 11,574.0 | 100 | 11,385.2 | 100 | 11,299.7 | 100 | 11,047.2 | 100 | |||||||||||||||||||||||||||||||||||||||||
| Fixed income investments, at carry value | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. government obligations | $ | 182.1 | 2 | % | 159.7 | 2 | 176.8 | 2 | 163.2 | 2 | 143.4 | 1 | |||||||||||||||||||||||||||||||||||||||||
| Foreign government obligations | 15.4 | — | 16.2 | — | 8.8 | — | 10.0 | — | 10.0 | — | |||||||||||||||||||||||||||||||||||||||||||
| Obligations of state and political subdivisions | 491.9 | 5 | 542.7 | 5 | 565.1 | 6 | 550.0 | 6 | 561.0 | 6 | |||||||||||||||||||||||||||||||||||||||||||
| Corporate securities | 3,775.7 | 37 | 3,662.1 | 36 | 3,554.7 | 35 | 3,428.1 | 35 | 3,383.5 | 35 | |||||||||||||||||||||||||||||||||||||||||||
| Collateralized loan obligations and other asset-backed securities | 2,505.4 | 25 | 2,615.4 | 26 | 2,571.2 | 26 | 2,550.3 | 26 | 2,478.7 | 26 | |||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage-backed securities | 2,253.2 | 22 | 2,284.7 | 22 | 2,168.9 | 22 | 2,075.9 | 21 | 1,998.9 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage-backed securities | 608.2 | 6 | 649.2 | 6 | 703.6 | 7 | 703.6 | 7 | 724.1 | 8 | |||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage loans | 287.6 | 3 | 269.7 | 3 | 273.7 | 3 | 277.7 | 3 | 273.5 | 3 | |||||||||||||||||||||||||||||||||||||||||||
| Total fixed income investments | $ | 10,119.5 | 100 | % | 10,199.6 | 100 | 10,022.8 | 100 | 9,758.8 | 100 | 9,573.1 | 100 | |||||||||||||||||||||||||||||||||||||||||
| Expected maturities of fixed income investments at carry value | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due in one year or less | $ | 506.2 | 5 | % | 601.0 | 6 | 587.9 | 6 | 646.0 | 7 | 603.5 | 6 | |||||||||||||||||||||||||||||||||||||||||
| Due after one year through five years | 3,581.5 | 35 | 3,775.6 | 37 | 4,093.5 | 41 | 3,963.9 | 41 | 3,811.7 | 40 | |||||||||||||||||||||||||||||||||||||||||||
| Due after five years through 10 years | 3,918.8 | 39 | 4,160.1 | 41 | 3,835.4 | 38 | 3,932.9 | 40 | 3,959.3 | 41 | |||||||||||||||||||||||||||||||||||||||||||
| Due after 10 years | 2,113.0 | 21 | 1,662.8 | 16 | 1,506.0 | 15 | 1,216.0 | 12 | 1,198.6 | 13 | |||||||||||||||||||||||||||||||||||||||||||
| Total fixed income investments | $ | 10,119.5 | 100 | % | 10,199.6 | 100 | 10,022.8 | 100 | 9,758.8 | 100 | 9,573.1 | 100 | |||||||||||||||||||||||||||||||||||||||||
| Weighted average credit quality of fixed income and short-term investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment grade credit quality | $ | 10,125.3 | 96 | % | 10,220.8 | 97 | 10,105.6 | 97 | 10,047.3 | 97 | 9,809.6 | 97 | |||||||||||||||||||||||||||||||||||||||||
| Non-investment grade credit quality | 376.6 | 4 | 354.8 | 3 | 363.0 | 3 | 357.2 | 3 | 347.1 | 3 | |||||||||||||||||||||||||||||||||||||||||||
| Total fixed income and short-term investments, at fair value | $ | 10,501.8 | 100 | % | 10,575.6 | 100 | 10,468.6 | 100 | 10,404.6 | 100 | 10,156.7 | 100 | |||||||||||||||||||||||||||||||||||||||||
| Weighted average credit quality of fixed income and short-term investments | A+ | A+ | A+ | A+ | A+ | ||||||||||||||||||||||||||||||||||||||||||||||||
| Alternative investments | September 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of | Original | Remaining | Market | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Strategy | Funds | Commitment | Commitment | Value | |||||||||||||||||||||||||||||||||||||||||||||||||
| Private equity | 74 | $ | 579.1 | 222.4 | 410.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Private credit | 24 | 148.3 | 89.4 | 45.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Real assets | 14 | 112.8 | 52.7 | 49.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 112 | $ | 840.2 | 364.5 | 505.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2026 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed income investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. government obligations | $ | 208 | $ | 182 | 1.6 | 5.9 | 6.5 | 12.6 | $ | — | $ | 182 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign government obligations | 17 | 15 | 0.1 | 6.1 | 5.5 | 6.9 | 1 | 2 | 4 | 9 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| State and municipal obligations | 541 | 492 | 4.3 | 5.7 | 8.1 | 14.0 | 62 | 251 | 169 | 10 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate securities | 3,981 | 3,775 | 32.9 | 6.3 | 5.1 | 7.2 | 28 | 474 | 1,722 | 1,386 | 165 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage-backed securities ("RMBS"): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Agency RMBS | 1,821 | 1,666 | 14.5 | 6.1 | 6.2 | 8.9 | — | 1,666 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-agency RMBS | 627 | 588 | 5.1 | 6.2 | 4.3 | 6.3 | 492 | 63 | 27 | 4 | 2 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total RMBS | 2,448 | 2,253 | 19.6 | 6.1 | 5.7 | 8.2 | 492 | 1,728 | 27 | 4 | 2 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage-backed securities ("CMBS") | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Agency CMBS | 121 | 111 | 1.0 | 5.6 | 5.5 | 7.7 | 2 | 109 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-agency CMBS | 512 | 497 | 4.3 | 6.1 | 2.3 | 3.2 | 418 | 56 | 17 | — | 6 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total CMBS | 634 | 608 | 5.3 | 6.0 | 2.9 | 4.1 | 420 | 165 | 17 | — | 6 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total mortgage-backed securities | 3,082 | 2,861 | 24.9 | 6.1 | 5.1 | 7.3 | 912 | 1,893 | 44 | 4 | 8 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CLOs | 771 | 749 | 6.5 | 7.0 | 1.0 | 2.8 | 363 | 189 | 92 | 47 | 18 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial ABS | 675 | 649 | 5.7 | 3.7 | 2.3 | 3.1 | 94 | 98 | 399 | 59 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consumer ABS | 397 | 387 | 3.4 | 2.9 | 1.2 | 1.8 | 222 | 104 | 56 | 5 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other ABS | 733 | 720 | 6.3 | 0.8 | 0.5 | 0.7 | 13 | 64 | 354 | 166 | 55 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total CLOs and ABS | 2,576 | 2,505 | 21.8 | 7.1 | 2.8 | 4.4 | 692 | 454 | 901 | 276 | 73 | 109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total securitized assets | 5,658 | 5,367 | 46.8 | 6.6 | 4.0 | 5.9 | 1,604 | 2,348 | 945 | 280 | 81 | 109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage loans | 290 | 279 | 2.4 | 6.5 | 2.5 | 3.2 | — | 21 | 114 | 123 | 21 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total fixed income investments | 10,695 | 10,110 | 88.1 | 6.4 | 4.6 | 6.8 | 1,694 | 3,277 | 2,954 | 1,809 | 267 | 109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-term investments | 392 | 392 | 3.4 | 3.9 | 0.0 | 0.0 | 392 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total fixed income and short-term investments | 11,087 | 10,502 | 91.5 | 6.3 | 4.5 | 6.6 | 2,086 | 3,277 | 2,954 | 1,809 | 267 | 109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total fixed income securities and short-term investments by credit rating percentage | 19.9 | % | 31.2 | % | 28.1 | % | 17.2 | % | 2.5 | % | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock(1) | 339 | 358 | 3.1 | — | — | — | — | — | — | — | — | 358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock | 2 | 2 | — | — | — | — | — | — | — | 2 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total equity securities | 341 | 359 | 3.1 | — | — | — | — | — | — | 2 | — | 358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alternative investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Private equity | 411 | 411 | 3.6 | — | — | — | — | — | — | — | — | 411 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Private credit | 45 | 45 | 0.4 | — | — | — | — | — | — | — | — | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real assets | 49 | 49 | 0.4 | — | — | — | — | — | — | — | — | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total alternative investments | 505 | 505 | 4.4 | — | — | — | — | — | — | — | — | 505 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other investments | 111 | 111 | 1.0 | — | — | — | — | — | — | — | — | 111 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total invested assets | $ | 12,045 | $ | 11,477 | 100.0 | % | — | — | — | $ | 2,086 | $ | 3,277 | $ | 2,954 | $ | 1,810 | $ | 267 | $ | 1,083 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 ended | Year-to-date | |||||||||||||||||||||||||||||||||||||||||||
| Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | Sept. 30, | Sept. 30, | ||||||||||||||||||||||||||||||||||||||
| ($ in millions, except per share data) | 2026 | 2026 | 2026 | 2025 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 126.4 | 127.1 | 95.4 | 152.9 | 113.0 | 348.8 | 304.3 | ||||||||||||||||||||||||||||||||||||
| Net realized and unrealized investment (gains) losses included in net income, before tax | 19.4 | (12.0) | 8.3 | 4.1 | (8.1) | 15.8 | (12.5) | |||||||||||||||||||||||||||||||||||||
| Tax on reconciling items | (4.1) | 2.5 | (1.7) | (0.8) | 1.7 | (3.3) | 2.6 | |||||||||||||||||||||||||||||||||||||
Non-GAAP operating income (loss) | $ | 141.7 | 117.6 | 101.9 | 156.2 | 106.7 | 361.3 | 294.4 | ||||||||||||||||||||||||||||||||||||
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 | $ | 2.11 | 2.11 | 1.58 | 2.52 | 1.85 | 5.80 | 4.97 | ||||||||||||||||||||||||||||||||||||
| Net realized and unrealized investment (gains) losses included in net income, before tax | 0.32 | (0.20) | 0.14 | 0.07 | (0.13) | 0.26 | (0.20) | |||||||||||||||||||||||||||||||||||||
| Tax on reconciling items | (0.06) | 0.04 | (0.03) | (0.02) | 0.03 | (0.05) | 0.04 | |||||||||||||||||||||||||||||||||||||
Non-GAAP operating income (loss) per diluted common share | $ | 2.37 | 1.95 | 1.69 | 2.57 | 1.75 | 6.01 | 4.81 | ||||||||||||||||||||||||||||||||||||
| Reconciliation of ROE to non-GAAP operating ROE | ||||||||||||||||||||||||||||||||||||||||||||
| ROE | 15.1 | % | 14.8 | 11.2 | 18.3 | 14.0 | 13.8 | 13.0 | ||||||||||||||||||||||||||||||||||||
| Net realized and unrealized investment (gains) losses included in net income, before tax | 2.3 | (1.4) | 1.0 | 0.5 | (1.0) | 0.6 | (0.5) | |||||||||||||||||||||||||||||||||||||
| Tax on reconciling items | (0.5) | 0.3 | (0.2) | (0.1) | 0.2 | (0.1) | 0.1 | |||||||||||||||||||||||||||||||||||||
| Non-GAAP operating ROE | 16.9 | % | 13.7 | 12.0 | 18.7 | 13.2 | 14.3 | 12.6 | ||||||||||||||||||||||||||||||||||||
| Reconciliation of book value per common share to adjusted book value per common share | ||||||||||||||||||||||||||||||||||||||||||||
| Book value per common share | $ | 55.02 | 58.13 | 56.58 | 56.74 | 54.46 | 55.02 | 54.46 | ||||||||||||||||||||||||||||||||||||
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax | 8.84 | 3.07 | 2.99 | 1.47 | 1.73 | 8.84 | 1.73 | |||||||||||||||||||||||||||||||||||||
| Tax on reconciling items | (1.86) | (0.64) | (0.63) | (0.30) | (0.36) | (1.86) | (0.36) | |||||||||||||||||||||||||||||||||||||
| Adjusted book value per common share | $ | 62.00 | 60.56 | 58.94 | 57.91 | 55.83 | 62.00 | 55.83 | ||||||||||||||||||||||||||||||||||||
| 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 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 September 30, 2026 | ||||||||||||||||
| 40 Wantage Avenue | AM Best | Standard & Poor's | Moody's | Fitch | |||||||||||||
| Branchville, NJ 07890 | Financial Strength Ratings: | A+ | A | A2 | A+ | ||||||||||||
| Preferred Stock Rating: | n/a | BB+ | Ba1 | BBB- | |||||||||||||
| Corporate Website: | Long-Term Debt Credit Rating: | a- | BBB | Baa2 | BBB+ | ||||||||||||
| www.Selective.com | |||||||||||||||||
| Investor Contact: | REGISTRAR AND TRANSFER AGENT | ||||||||||||||||
| Brad B. Wilson | EQ Shareowner Services | ||||||||||||||||
| Senior Vice President | P.O. Box 64854 | ||||||||||||||||
| Phone: 973-948-1283 | St. Paul, MN 55164 | ||||||||||||||||
| Brad.Wilson@Selective.com | 866-877-6351 | ||||||||||||||||
| Media Contact: | |||||||||||||||||
| Jamie M. Beal | |||||||||||||||||
| Vice President | |||||||||||||||||
| Director of Communications | |||||||||||||||||
| Phone: 973-948-1234 | |||||||||||||||||
| Jamie.Beal@Selective.com | |||||||||||||||||
Page 16
Copyright © 2026 Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3 THIRD QUARTER
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
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+ (Superior) rating by AM Best ROE: 9M26: 13.8% 2025: 14.4% 5-Year average: 11.9% 10-year average: 11.5% 35th largest P&C carrier in the United States* $4.9B of net premiums written in 2025 Added 120 agency locations in 9M26 Expanding geographically with the goal of a near national footprint Combined Ratio: 9M26: 97.7% 2025: 97.2% 5-Year average: 96.9% 10-year average: 95.4% Standard Commercial Lines Segment comprises 79% of Net Premiums Written 5 A LEADER IN U.S. PROPERTY & CASUALTY INSURANCE *Based on 2025 net premiums written in AM Best’s annual list of “Top 200 U.S. Property/Casualty Writers” NASDAQ: SIGI (Common Stock) NASDAQ: SIGIP (Preferred) INVESTOR.RELATIONS@SELECTIVE.COM
Diversify revenue and income by leveraging our integrated product model to deliver better end-to-end customer experience and profitable growth in priority segments. Relentlessly improve on the fundamentals. Adopt and enhance practices that drive superior individual and portfolio-level outcomes in risk selection, loss prediction, pricing, and claims. Advance our use of data and technology (including AI) to transform raw information into actionable insights that drive better decisions and increase operational efficiency. Build a more connected, accountable, and empowered organization by developing talent and aligning on prioritized goals. 6 ORGANIZATIONAL PRIORITIES
7 DIFFERENTIATED OPERATING MODEL UNIQUE FIELD MODEL • Underwriting, claims, and risk 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 1,680 distribution partners selling our standard lines products and services at about 2,940 office locations* o ~730 of these distribution partners sell our personal lines products o ~80 wholesale agents sell our E&S business o ~6,520 distribution partners sell National Flood Insurance Program products across 50 states 2 0 2 5 N E T P R E M I U M S W R I T T E N $4.9 BILLION 13% Excess and Surplus Lines 8% Standard Personal Lines 79% Standard Commercial Lines *Figures as of year-end 2025
8 0% 5% 10% 15% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9M 2026 SIGI Peer Avg. NON-GAAP OPERATING ROE* Note: Peer Average includes CINF, CNA, HIG, THG, TRV, and UFCS Note: 10-year avg based on 2016-2025 *Refer to “Safe Harbor Statement” on page 2 of this presentation for further detail regarding certain non-GAAP financial measures **Based on average equity OPERATING ROE* 2025 2024 Investments 13.3% 12.8% Underwriting 3.4% (3.7)% Other (2.5)% (2.0)% Total 14.2% 7.1% Generating ROEs exceeding our cost of capital and peer group average over time 100 basis points of combined ratio translates to ~110 basis points of ROE** 100 basis points of pre-tax investment yield translates to ~280 basis points of ROE** SIGI 10-YEAR AVERAGE: 12.1% Peer 10-Year Average: 9.2%14.3%
9 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 94%96%98%100%102%104%106% 1 0 - Y E A R N P W C A G R 1 0 - Y E A R A V E R A G E C O M B I N E D R A T I O 90% 95% 100% 105% 0 1 2 3 4 5 6 7 1 0 - Y E A R A V E R A G E C O M B I N E D R A T I O 1 0 - Y E A R S T A N D A R D D E V I A T I O N O F C O M B I N E D R A T I O N P W C A G R V S . A V E R A G E C O M B I N E D R A T I O Note: White dots represent P&C peers: CINF, CNA, HIG, THG, TRV, and UFCS; 10-year avg based on 2016-2025 Industry Source: © 2025 Conning, Inc. Used with permission. [Statutory data] CAGR = Compound Annual Growth Rate C O M B I N E D R A T I O ( A V E R A G E & V O L A T I L I T Y ) SUSTAINED TRACK RECORD OF PROFITABILITY SIGI Industry Industry SIGI
10 91.9% 97.7% 85% 90% 95% 100% 105% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9M26 $0B $1B $2B $3B $4B $5B 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 N P W $4.9M 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 8.9% CAGR* *Compound annual growth rate **Underlying GAAP combined ratio excludes catastrophe losses and prior year casualty reserve development N E T P R E M I U M S W R I T T E N C O M B I N E D R A T I O Underlying Combined Ratio** Reported GAAP Combined Ratio
11 PATH FOR PROFITABLE GROWTH ADVANCING DIVERSIFICATION THROUGH GEOGRAPHIC AND E&S EXPANSION, ALONG WITH PERSONAL LINES MASS AFFLUENT STRATEGY STANDARD COMMERCIAL LINES FOOTPRINT: Expansion States since 2017 Targeting 3% market share in existing footprint over the long-term • Targeting 12% share of wallet with existing distribution partners • Targeting 25% agent market share in existing markets Disciplined approach to geographic expansion • Added sixteen states to our Standard Commercial Lines footprint since 2017 • Goal of operating our Standard Commercial Lines business with a near national footprint; operating model will vary by market 120 new agency appointments in the first nine months of 2026 • Focused on growing with existing partners and strategically appointing new agency location in our existing footprint STANDARD COMMERCIAL LINES Transition to mass affluent well underway Better aligns our organizational capabilities with a market where we believe we can succeed over the long term STANDARD PERSONAL LINES Opportunistic, profitable growth strategy Expansion of capabilities and products EXCESS & SURPLUS LINES Core Footprint prior to 2017
2026 GUIDANCE* GAAP COMBINED RATIO: 96.5% to 97.5% • 5.5 points of catastrophe losses • Assumes no prior year casualty reserve development AFTER-TAX NET INVESTMENT INCOME: $490M OVERALL EFFECTIVE TAX RATE: 21.5% WEIGHTED AVERAGE DILUTED SHARES: 59.9M *as of October 22, 2026 12
14 STANDARD COMMERCIAL LINES 79% OF 2025 NET PREMIUMS WRITTEN (NPW) • 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 and mix improvement to drive margin improvement • Underwriting refinements focused on underperforming areas 38 STATE & DC FOOTPRINT CLIPS: Willis Towers Watson Commercial Lines Insurance Pricing Survey; 9M26 pricing is as of 1H26 6.4% 1.4% 76% 80% 84% 88% 0% 4% 8% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9M26 R E T E N T I O N P R I C I N G Retention Renewal Pure Price CLIPS Pricing 99.1% 93.9% 80% 90% 100% 110% $0B $2B $4B 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9M2026 NPW GAAP Combined Ratio Underlying Combined Ratio N P W C O M B I N E D R A T I O
15 PORTFOLIO APPROACH DRIVES BUSINESS MIX IMPROVEMENT 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 2025 DPW MIX 1% Bonds 26% Mercantile & Services 43% Contractors 14% Manufacturing & Wholesale 16% Community & Public Services 3 Q 2 6 v s 3 Q 2 5 C O M M E R C I A L L I N E S P R I C I N G B Y R E T E N T I O N G R O U P R e t e n t i o n ( L i n e s ) a n d R e n e w a l P u r e P r i c e ( B a r s ) 50% 60% 70% 80% 90% 0% 4% 8% 12% 16% 20% Excellent Above Average Average Below Average Low & Very Low R E N E W A L P U R E P R I C E P O I N T O F R E N E W A L R E T E N T I O N RETENTION RATE % of 3Q26 Premium 24% 25% 27% 14% 10%
16 EXCESS & SURPLUS LINES 13% OF 2025 NET PREMIUMS WRITTEN • Profitable and growing portfolio of commercial risks • Small and middle market focus with $6,000 average premium per policyholder • Modernized technology platform • ~80 wholesale general agents with limited binding authority within prescribed underwriting and pricing guidelines 50 STATE & DC FOOTPRINT 2.7% 0% 3% 5% 8% 10% 2018 2019 2020 2021 2022 2023 2024 2025 9M2026 R E N E W A L P U R E P R I C E 89.3% 85.8% 70% 80% 90% 100% 110% 120% $0M $100M $200M $300M $400M $500M $600M 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9M2026 NPW GAAP Combined Ratio Underlying Combined Ratio N P W C O M B I N E D R A T I O
17 STANDARD PERSONAL LINES 8% OF 2025 NET PREMIUMS WRITTEN • Strategic shift to mass affluent target market well underway • Strong existing product set and servicing capabilities • Profitability improvement driven by pricing and tighter terms and conditions • Expected future growth in states where pricing aligns with profitability objectives 15 STATE FOOTPRINT 9.3% 0% 5% 10% 15% 20% 25% 2021 2022 2023 2024 2025 9M 2026 R E N E W A L P U R E P R I C E 97.1% 82.3% 70% 80% 90% 100% 110% 120% $0M $100M $200M $300M $400M $500M 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9M 2026 NPW GAAP Combined Ratio Underlying Combined Ratio N P W C O M B I N E D R A T I O
18 CONSERVATIVE INVESTMENT PORTFOLIO $11.5 B 4.2% 0% 1% 2% 3% 4% $4B $6B $8B $10B $12B 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9M 2026 Invested Assets After-Tax Portfolio Yield 14.2% 0% 5% 10% 15% $0M $100M $200M $300M $400M 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9M 2026 After-Tax NII NII ROE I N V E S T E D A S S E T S A F T E R - T A X P O R T F O L I O Y I E L D A F T E R - T A X N E T I N V E S T M E N T I N C O M E O P E R A T I N G R E T U R N O N E Q U I T Y 3% Equities 3% Short-Term 5% Alts & Other 89% Fixed Income LONG-TERM INVESTMENT APPROACH SUPPORTING BALANCE SHEET STRENGTH • Disciplined, insurance-aligned portfolio designed to generate durable income, protect capital, and deliver attractive long-term returns • High credit quality, well-diversified portfolio constructed to perform across market cycles • 92% allocation to fixed income and short-term as of 9/30/26: o 97% rated investment grade o 4.5-year effective duration o A+ average credit rating • Growth in invested assets driven by profitable insurance operations and strong investment yields INVESTMENT PORTFOLIO, 9/30/26
20 Industry Source: © 2026 AM Best. Used with permission. ENTERPRISE RISK MANAGEMENT STRONG BALANCE SHEET AND UNDERWRITING CONTROLS WITH PRUDENT RESERVING PRACTICES CATASTROPHE LOSS MITIGATION INITIATIVES INCLUDE: • Exposure management, including strict coastal guidelines • Focus on geographic diversification and growth that minimizes peak peril aggregations • Prudent reinsurance program 1-IN-250 PROBABLE MAXIMUM LOSS* AS A % OF GAAP EQUITY I M P A C T O F C A T A S T R O P H E L O S S E S O N C O M B I N E D R A T I O 3.5 7.6 0 2 4 6 8 10 C O M B I N E D R A T I O P O I N T S SIGI Industry Average 7% 4% 5% 0% 10% 2023 2024 2025 *Single event hurricane losses are net of reinsurance, after tax, and reinstatement premiums as of 1/1/26; GAAP equity as of 12/31/25 A V E R A G E P R E M I U M P E R P O L I C Y H O L D E R STANDARD COMMERCIAL EXCESS & SURPLUS PERSONAL LINES $20.6K $6.0K $4.1K
21 PRUDENT REINSURANCE STRUCTURE 2026 PROPERTY CATASTROPHE TREATY HIGHLIGHTS: • $1.5B exhaustion point and $100M retention • Top layer of $700M x $800M is 71% collateralized • 1-in-250 PML = 5% of GAAP equity PROPERTY EXCESS OF LOSS TREATY COVERS LOSSES UP TO $115M 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 2 0 2 6 P R O P E R T Y C A T A S T R O P H E P R O G R A M $700M IN EXCESS OF $800M 46% covered through Catastrophe Bond (3-year risk period ending December 2026) 93% 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 QUARTERLY RESERVE REVIEW Strong reserve discipline facilitated by in-depth quarterly reserve reviews, semi-annual independent reviews, and independent year- end opinion 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 RIGOROUS RESULTS MONITORING Extensive pricing, underwriting, and claims results monitoring provides on-going feedback 22
23 OTHER LIABILITY OCCURRENCE ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) 71.7% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *DCC = Defense & Cost Containment **Data sourced from Schedule P Initial: initial loss ratio booked for each accident year** @ 36 Months: loss ratio at third year-end evaluation** YE-25: loss ratio as of year-end 2025** S E L E C T I V E P & C I N D U S T R Y 67.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025). 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. Based on preliminary Schedule P information
24 COMMERCIAL AUTO LIABILITY ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) 74.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *DCC = Defense & Cost Containment **Data sourced from Schedule P Initial: initial loss ratio booked for each accident year** @ 36 Months: loss ratio at third year-end evaluation** YE-25: loss ratio as of year-end 2025** S E L E C T I V E P & C I N D U S T R Y 73.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025) for Selective versus the industry. Based on preliminary Schedule P information
25 WORKERS COMPENSATION ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) 66.1% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *DCC = Defense & Cost Containment **Data sourced from Schedule P Initial: initial loss ratio booked for each accident year** @ 36 Months: loss ratio at third year-end evaluation** YE-25: loss ratio as of year-end 2025** S E L E C T I V E P & C I N D U S T R Y 71.3% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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. Based on preliminary Schedule P information
Operating cash flow of $818M in 9M26, compared to $1.2B in full-year 2025 Issued $400M of Senior Notes in February 2025 NPW-to-Surplus ratio of 1.25x as of 9/30/26 We believe investing in profitable, organic growth is the most attractive long-term capital deployment opportunity Target 20-25% dividend payout ratio over time Quarterly dividend increased 12%, to $0.48 per common share, in 4Q 2026 Repurchased $86M of common stock in 2025 and $117M in 9M26 $53M of capacity remained on existing authorization at 9/30/26 Board approved a new $200M share repurchase authorization* in 4Q26 26 STRONG CAPITAL POSITION AM BEST: A+ FITCH: A+ S&P: A MOODY’S: A2 FINANCIAL STRENGTH RATINGS *effective following completion of prior authorization
27 31.4% 28% 29% 30% 31% 32% 33% 34% 35% 36% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9M2026 G A A P E X P E N S E R A T I O BALANCING EXPENSE DISCIPLINE WITH STRATEGIC INVESTMENTS STRATEGIC INVESTMENTS INCLUDE: • Small Business and E&S platforms • Claim system modernization • Geographic expansion • Customer experience AREAS FOR OPERATIONAL ENHANCEMENTS INCLUDE: • Further leveraging our use of data, analytics, and technology, including artificial intelligence • AI claims tools • Automation of Contractual Risk Transfers
28 RESPONSIBLY SCALING AI ACROSS THE ORGANIZATION AI assembles, prefills, applies rules, and recommends. Accountable people make material decisions. Investing with Discipline More than doubled strategic technology spend since 2023 AI Steering Committee provides oversight to priorities and funding Strengthening Execution UNDERWRITING Improved segmentation and decision consistency CLAIMS Better outcomes and broader quality visibility CAPACITY More time for higher-value work EXPENSES A more scalable operating model Enhancing Capabilities In Claims, AI now reviews all closed auto bodily injury and general liability files In Commercial Lines, AI assistants deliver citation-backed underwriting guidance across eight lines of business in seconds AI-assisted submission intake in E&S has meaningfully cut triage and response times AI contributes to improved underwriting segmentation, better claim outcomes, increased employee capacity, and a more scalable expense base. Over the longer term, AI supports lowering the expense ratio while improving underwriting and claims performance.
29 FOCUS ON ROE* AND GROWTH IN BOOK VALUE PER SHARE $55.02 $62.00 $0 $10 $20 $30 $40 $50 $60 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9/30/2026 B O O K V A L U E P E R S H A R E Book Value per Share Adjusted Book Value per Share* GENERATING NON-GAAP OPERATING ROE* IN LINE WITH OUR LONG-TERM TARGET SUPERIOR GROWTH IN BOOK VALUE PER SHARE EXPECT HIGHER TOTAL SHAREHOLDER RETURNS OVER TIME *Refer to “Safe Harbor Statement” on page 2 of this presentation for further detail regarding certain non-GAAP financial measures
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 “A” rating from MSCI Solar facility generated approximately 3.3M kWh of energy in 2025 that we sell to others Continue sharing our approach to climate-related risks and opportunities through the publication of our Task Force on Climate- related Financial Disclosures 31 OUR APPROACH TO SUSTAINABILITY SUSTAINABILITY INITIATIVES ARE EMBEDDED INTO SELECTIVE’S BUSINESS. WE AIM TO DELIVER SIGNIFICANT VALUE OVER TIME TO OUR CUSTOMERS, DISTRIBUTION PARTNERS, EMPLOYEES, AND SHAREHOLDERS. OUR PRIMARY OBJECTIVES ARE TO: KEY SUSTAINABILITY ACCOMPLISHMENTS:
Copyright © 2026 Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3 THIRD QUARTER