Form 8-K - Current report

false000023055700002305572024-07-182024-07-180000230557us-gaap:CommonStockMember2024-07-182024-07-180000230557us-gaap:NoncumulativePreferredStockMember2024-07-182024-07-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)			July 18, 2024

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

New Jersey

001-33067

22-2168890

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code [phone]

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

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol (s)			Name of each exchange on which registered
Common Stock, par value $2 per share			SIGI			The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value			SIGIP			The Nasdaq Stock Market LLC

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

Emerging growth company ☐

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

☐

---

Section 2 – Financial Information

Item 2.02.    Results of Operations and Financial Condition.

On July 18, 2024, Selective Insurance Group, Inc. (the “Company”) issued a press release announcing results for the second quarter ended June 30, 2024. 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 July 18, 2024

99.2    Financial Supplement, Second Quarter 2024

99.3    Selective Insurance Group, Inc. Investor Presentation dated July 18, 2024

104     The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

---

SIGNATURES

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

						SELECTIVE INSURANCE GROUP, INC.
Date:			July 18, 2024			By:			/s/ Michael H. Lanza
									Michael H. Lanza
									Executive Vice President and General Counsel

Exhibit 99.1

Selective Reports Second Quarter 2024 Results

Net Loss of $1.08 per Diluted Common Share and Non-GAAP Operating Loss1 of $1.10 per

Diluted Common Share; Return on Common Equity ("ROE") of (9.5)% and Non-GAAP Operating ROE1 of (9.6)%

Quarterly Analyst Conference Call Rescheduled for Friday, July 19, 2024, at 8:00 AM ET

In the second quarter of 2024:

•Net premiums written ("NPW") increased 13% compared to the second quarter of 2023;

•The GAAP combined ratio was 116.1%, compared to 100.2% in the second quarter of 2023;

•Commercial Lines renewal pure price increases averaged 7.9%, up 1.2 points from 6.7% in the second quarter of 2023;

•After-tax net investment income was $86 million, up 11% from the second quarter of 2023;

•Book value per common share was $44.74, down 3% from last quarter; and

•Adjusted book value per common share¹ was $49.67, down 3% from last quarter.

    

Branchville, NJ - July 18, 2024 - Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the second quarter ended June 30, 2024, with a net loss per diluted common share of $1.08 and a non-GAAP operating loss1 per diluted common share of $1.10.

For the quarter, Selective reported a combined ratio of 116.1%. Net unfavorable prior year casualty reserve development of $176 million increased the combined ratio by 16.3 points. Catastrophe losses of $91 million increased the combined ratio by 8.4 points. NPW increased 13% from a year ago, with growth across all three insurance segments. After-tax net investment income was $86 million, up 11% from a year ago. Non-GAAP operating ROE1 was (9.6)%.

“This was a challenging quarter. We did not meet our high standard as underwriting performance fell below our target. The unfavorable prior year casualty reserve development was driven by elevated loss emergence in the quarter reflecting higher severity that we attribute to social inflation. Our reserving action is predicated on our in-depth quarterly reserve review and further strengthening to address elevated and uncertain loss trends,” said John J. Marchioni, Chairman, President and Chief Executive Officer.

“We have a very stable underwriting portfolio. To address our updated view of loss costs, we are responding with additional price increases. Our renewal pure price increase across all insurance segments was 9.1% in the quarter, including 7.9% for Standard Commercial Lines. General liability renewal pure pricing increased to 7.6%, up over a point from the first quarter. We expect Standard Commercial Lines renewal pure price will trend higher in the second half of 2024.”

“We maintain our disciplined focus and execution in the areas of risk selection, pricing, and claims management in the face of this challenging and dynamic loss trend environment. Our capital position remains strong and our underlying combined ratio of 91.4% positions us well moving forward. We are confident that we will quickly re-establish our strong earnings profile, consistently meeting or exceeding our 12% operating ROE target,” concluded Mr. Marchioni.

1

---

Operating Highlights

Consolidated Financial Results			Quarter ended June 30,									Change						Year-to-Date June 30,									Change
$ and shares in millions, except per share data			2024						2023									2024						2023
Net premiums written			$	1,226.1					1,084.9			13			%			$	2,382.7					2,084.7			14			%
Net premiums earned			1,080.2						942.2			15						2,131.2						1,844.5			16
Net investment income earned			108.6						97.7			11						216.5						189.2			14
Net realized and unrealized gains (losses), pre-tax			1.3						(5.4)			(124)						(0.3)						(2.1)			(84)
Total revenues			1,196.0						1,040.5			15						2,361.0						2,040.3			16
Net underwriting income (loss), after-tax			(137.2)						(1.2)			NM						(122.2)						29.7			(511)
Net investment income, after-tax			86.3						77.8			11						171.9						150.9			14
Net income (loss) available to common stockholders			(65.6)						56.3			(217)						14.6						146.6			(90)
Non-GAAP operating income (loss)1			(66.6)						60.6			(210)						14.9						148.2			(90)
Combined ratio			116.1			%			100.2			15.9			pts			107.3			%			98.0			9.3			pts
Loss and loss expense ratio			85.7						68.6			17.1						76.5						65.8			10.7
Underwriting expense ratio			30.3						31.4			(1.1)						30.6						32.0			(1.4)
Dividends to policyholders ratio			0.1						0.2			(0.1)						0.2						0.2			—
Net catastrophe losses			8.4			pts			10.6			(2.2)						6.8			pts			8.4			(1.6)
Non-catastrophe property losses and loss expenses			17.2						16.7			0.5						16.7						16.6			0.1
(Favorable) unfavorable prior year reserve development on casualty lines			16.3						(0.4)			16.7						9.9						(0.9)			10.8
Net income (loss) available to common stockholders per diluted common share			$	(1.08)					0.92			(217)			%			$	0.24					2.41			(90)			%
Non-GAAP operating income (loss) per diluted common share1			(1.10)						0.99			(211)						0.24						2.44			(90)
Weighted average diluted common shares			60.9						60.9			—						61.2						60.9			1
Book value per common share			$	44.74					40.81			10						44.74						40.81			10
Adjusted book value per common share1			49.67						47.34			5						49.67						47.34			5

NM = not meaningful

Overall Insurance Operations

For the second quarter, overall NPW increased 13%, or $141 million, from a year ago, reflecting new business growth and effective management of our renewal portfolio. Average renewal pure price increased 9.1%, up 2.7 points from a year ago. Selective's 116.1% combined ratio in the quarter was 15.9 points higher than a year ago, primarily due to prior year casualty reserve development. Net unfavorable prior year casualty reserve development totaled $176 million, increasing the combined ratio by 16.3 points. A year ago, prior year casualty reserve development was a favorable $3.5 million, reducing the combined ratio by 0.4 points. The combined ratio, excluding net catastrophe losses and prior year casualty reserve development, was 91.4%, 1.4 points higher than a year ago.

Overall, our insurance segments reduced ROE by 19.9 points in the second quarter of 2024.

Standard Commercial Lines Segment

For the second quarter, Standard Commercial Lines premiums (representing 79% of total NPW) grew 11% from a year ago. The premium growth reflected average renewal pure price increases of 7.9%, new business growth of 6%, strong exposure growth, and stable retention of 85%. The second quarter combined ratio was 118.8%, up 21.7 points from a year ago, primarily due to prior year casualty reserve development.

Prior year casualty reserve development in the quarter was an unfavorable $176 million, or 20.6 points, compared to $7.5 million, or 1.0 point, of favorable development a year ago. This quarter's prior year casualty reserve development included unfavorable general liability development of $166 million, primarily from increased severities in accident years 2020 through 2023 and $10 million of unfavorable commercial auto development. A year ago, workers compensation was the source of the favorable prior year casualty reserve development.

2

---

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

Standard Commercial Lines Segment			Quarter ended June 30,									Change						Year-to-Date June 30,									Change
$ in millions			2024						2023									2024						2023
Net premiums written			$	963.1					870.1			11			%			$	1,894.8					1,683.5			13			%
Net premiums earned			853.5						762.7			12						1,687.6						1,494.3			13
Combined ratio			118.8			%			97.1			21.7			pts			108.9			%			95.9			13.0			pts
Loss and loss expense ratio			87.6						65.0			22.6						77.2						63.1			14.1
Underwriting expense ratio			31.1						31.9			(0.8)						31.4						32.6			(1.2)
Dividends to policyholders ratio			0.1						0.2			(0.1)						0.3						0.2			0.1
Net catastrophe losses			6.0			pts			8.2			(2.2)						5.3			pts			6.5			(1.2)
Non-catastrophe property losses and loss expenses			14.6						14.6			—						14.2						14.5			(0.3)
(Favorable) unfavorable prior year reserve development on casualty lines			20.6						(1.0)			21.6						12.5						(1.2)			13.7

Standard Personal Lines Segment

For the second quarter, Standard Personal Lines premiums (representing 9% of total NPW) increased 6% from a year ago with renewal pure price of 20.7% and higher average policy sizes. Retention was 78%, down 10 points from a year ago, and new business decreased 32% due to deliberate profit improvement actions. The second quarter 2024 combined ratio improved by 8.4 points from a year ago to 118.1%. The loss ratio improved 5.7 points, with no prior year casualty reserve development in the quarter. A year ago personal auto had $4 million in unfavorable prior year casualty reserve development. The underwriting expense ratio also improved by 2.7 points.

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

Standard Personal Lines Segment			Quarter ended June 30,									Change						Year-to-Date June 30,									Change
$ in millions			2024						2023									2024						2023
Net premiums written			$	116.1					109.1			6			%			$	216.1					194.4			11			%
Net premiums earned			106.4						87.2			22						210.3						169.0			24
Combined ratio			118.1			%			126.5			(8.4)			pts			111.7			%			121.4			(9.7)			pts
Loss and loss expense ratio			95.3						101.0			(5.7)						88.3						95.4			(7.1)
Underwriting expense ratio			22.8						25.5			(2.7)						23.4						26.0			(2.6)
Net catastrophe losses			23.9			pts			24.3			(0.4)						17.7			pts			21.2			(3.5)
Non-catastrophe property losses and loss expenses			42.6						43.3			(0.7)						41.5						42.4			(0.9)
Unfavorable prior year reserve development on casualty lines			—						4.6			(4.6)						—						3.5			(3.5)

Excess and Surplus Lines Segment

For the second quarter, Excess and Surplus Lines premiums (representing 12% of total NPW) increased 39% compared to the prior-year period, driven by new business growth of 54% and average renewal pure price increases of 6.4%. The second quarter 2024 combined ratio was 94.6%, down 6.1 points compared to a year ago primarily due to lower catastrophe losses.

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

Excess and Surplus Lines Segment			Quarter ended June 30,									Change						Year-to-Date June 30,									Change
$ in millions			2024						2023									2024						2023
Net premiums written			$	146.8					105.7			39			%			$	271.9					206.8			31			%
Net premiums earned			120.3						92.3			30						233.3						181.1			29
Combined ratio			94.6			%			100.7			(6.1)			pts			91.2			%			93.0			(1.8)			pts
Loss and loss expense ratio			63.3						67.9			(4.6)						60.1						60.5			(0.4)
Underwriting expense ratio			31.3						32.8			(1.5)						31.1						32.5			(1.4)
Net catastrophe losses			11.9			pts			17.6			(5.7)						8.2			pts			12.1			(3.9)
Non-catastrophe property losses and loss expenses			13.0						8.8			4.2						12.8						9.4			3.4
(Favorable) prior year reserve development on casualty lines			—						—			—						—						(2.8)			2.8

3

---

Investments Segment

For the second quarter, after-tax net investment income of $86 million was up 11% from a year ago, primarily from the fixed income securities portfolio. For the quarter, the after-tax income yield averaged 3.9% for the overall and the fixed income securities portfolios. With the increased portfolio yield and invested assets per dollar of common stockholders' equity of $3.31 as of June 30, 2024, the Investments segment generated 12.5 points of non-GAAP operating ROE in the quarter.

Investments Segment			Quarter ended June 30,									Change						Year-to-Date June 30,									Change
$ in millions, except per share data			2024						2023									2024						2023
Net investment income earned, after-tax			$	86.3					77.8			11			%			$	171.9					150.9			14			%
Net investment income per common share			1.42						1.28			11						2.81						2.48			13
Effective tax rate			20.6			%			20.4			0.2			pts			20.6			%			20.3			0.3			pts
Average yields:
Portfolio:
Pre-tax			4.9						4.9			—						4.9						4.7			0.2
After-tax			3.9						3.9			—						3.9						3.8			0.1
Fixed income securities:
Pre-tax			4.9			%			4.9			—			pts			5.0			%			4.8			0.2			pts
After-tax			3.9						3.9			—						3.9						3.8			0.1
Annualized ROE contribution			12.5						12.6			(0.1)						12.5						12.5			—

Balance Sheet

$ in millions, except per share data			June 30, 2024									December 31, 2023									Change
Total assets			$	12,565.5								11,802.5									6		%
Total investments			9,021.8									8,693.7									4
Long-term debt			508.8									503.9									1
Stockholders’ equity			2,922.7									2,954.4									(1)
Common stockholders' equity			2,722.7									2,754.4									(1)
Invested assets per dollar of common stockholders’ equity			3.31									3.16									5
Net premiums written to policyholders' surplus			1.64									1.51									9
Book value per common share			44.74									45.42									(1)
Adjusted book value per common share1			49.67									50.03									(1)
Debt to total capitalization			14.8			%						14.6			%						0.2			pts

Book value per common share decreased by $0.68, or 1% during the first half of 2024. The decrease was primarily attributable to $0.70 in common stockholder dividends and a $0.36 increase in after-tax net unrealized losses on our fixed income securities portfolio, partially offset by $0.24 of net income per diluted common share. The increase in after-tax net unrealized losses on our fixed income securities portfolio primarily related to higher interest rates. During the first half of 2024, the Company did not repurchase any shares of common stock. Capacity under the existing repurchase authorization was $84.2 million as of June 30, 2024.

Selective's Board of Directors declared:

•    A quarterly cash dividend on common stock of $0.35 per common share that is payable September 3, 2024, to holders of record on August 15, 2024; and

•    A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on September 16, 2024, to holders of record as of August 30, 2024.

Guidance

For 2024, we increased our expected GAAP combined ratio to 101.5%. The change reflects unfavorable prior year casualty reserve development, elevated catastrophe losses in the first half of the year, and increased current year loss costs. Full-year expectations are as follows:

•A GAAP combined ratio of 101.5%, up five points from our prior guidance of 96.5%. Our combined ratio estimate includes net catastrophe losses of 5.5 points, up from prior guidance of 5.0 points. Our combined ratio estimate assumes no additional prior year casualty reserve development;

•After-tax net investment income of $360 million that includes $32 million from alternative investments;

4

---

•An overall effective tax rate of approximately 21.0%, which assumes an effective tax rate of 20.5% for net investment income and 21% for all other items; and

•Weighted average shares of 61.5 million on a fully diluted basis.

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 has been brought forward and will now be simulcast at 8:00 AM ET, on Friday, July 19, 2024, on www.Selective.com. The webcast will be available for rebroadcast until the close of business on August 16, 2024.

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 and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in Forbes Best Midsize Employers in 2024 and certification as a Great Place to Work® in 2024 for the fifth consecutive year. For more information about Selective, visit www.Selective.com.

1Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) and Certain Other Non-GAAP Measures

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

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

Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss)

$ in millions			Quarter ended June 30,												Year-to-Date June 30,
			2024						2023						2024						2023
Net income (loss) available to common stockholders			$	(65.6)					56.3						14.6						146.6
Net realized and unrealized investment (gains) losses included in net income, before tax			(1.3)						5.4						0.3						2.1
Tax on reconciling items			0.3						(1.1)						(0.1)						(0.4)
Non-GAAP operating income (loss)			$	(66.6)					60.6						14.9						148.2

Reconciliation of Net Income (Loss) Available to Common Stockholders per Diluted Common Share to Non-GAAP Operating Income (Loss) per Diluted Common Share

			Quarter ended June 30,												Year-to-Date June 30,
			2024						2023						2024						2023
Net income (loss) available to common stockholders per diluted common share			$	(1.08)					0.92						0.24						2.41
Net realized and unrealized investment (gains) losses included in net income, before tax			(0.02)						0.09						—						0.04
Tax on reconciling items			—						(0.02)						—						(0.01)
Non-GAAP operating income (loss) per diluted common share			$	(1.10)					0.99						0.24						2.44

5

---

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

			Quarter ended June 30,															Year-to-Date June 30,
			2024									2023						2024						2023
Return on Common Equity			(9.5)			%						9.1						1.1						12.1
Net realized and unrealized investment (gains) losses included in net income, before tax			(0.2)									0.9						—						0.1
Tax on reconciling items			0.1									(0.2)						—						—
Non-GAAP Operating Return on Common Equity			(9.6)			%						9.8						1.1						12.2

Reconciliation of Book Value per Common Share to Adjusted Book Value per Common Share

			Quarter ended June 30,												Year-to-Date June 30,
			2024						2023						2024						2023
Book value per common share			$	44.74					40.81						44.74						40.81
Total unrealized investment (gains) losses included in accumulated other comprehensive (loss) income, before tax			6.25						8.27						6.25						8.27
Tax on reconciling items			(1.32)						(1.74)						(1.32)						(1.74)
Adjusted book value per common share			$	49.67					47.34						49.67						47.34

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

6

---

Forward-Looking Statements

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

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

•Challenging conditions in the economy, global capital markets, the banking sector, and commercial real estate, including prolonged higher inflation, could increase loss costs and negatively impact investment portfolios;

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

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

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

•Frequency and severity of catastrophic events, including natural events that may be impacted by climate change, 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 conditions or actions, including social inflation;

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

•The cost, terms and conditions, and availability of reinsurance;

•Our ability to collect on reinsurance and the solvency of our reinsurers;

•The impact of changes in U.S. trade policies and imposition of tariffs on imports that may lead to higher than anticipated inflationary trends for our loss and loss expenses;

•Related to COVID-19, we have successfully defended against payment of COVID-19-related business interruption losses based on our policies' terms, conditions, and exclusions. However, should the highest courts determine otherwise, our loss and loss expenses may increase, our related reserves may not be adequate, and our financial condition and liquidity may be materially impacted.

•Ongoing wars and conflicts impacting global economic, banking, commodity, and financial markets, exacerbating ongoing economic challenges, including inflation and supply chain disruption, which influences insurance loss costs, premiums, and investment valuations;

•Uncertainties related to insurance premium rate increases and business retention;

•Changes in insurance regulations that impact our ability to write and/or cease writing insurance policies in one or more states;

•The effects of data privacy or cyber security laws and regulations on our operations;

•Major defect or failure in our internal controls or information technology and application systems that result in harm to our brand in the marketplace, increased senior executive focus on crisis and reputational management issues, and/or increased expenses, particularly if we experience a significant privacy breach;

•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 [e-mail]			Media Contact: Jamie M. Beal 973-948-1234 [e-mail]
Selective Insurance Group, Inc. 40 Wantage Avenue Branchville, New Jersey 07890 www.Selective.com

7

Exhibit 99.2

FINANCIAL SUPPLEMENT

SECOND QUARTER 2024

---

Forward-Looking Statements

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

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

•Challenging conditions in the economy, global capital markets, the banking sector, and commercial real estate, including prolonged higher inflation, could increase loss costs and negatively impact investment portfolios;

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

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

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

•Frequency and severity of catastrophic events, including natural events that may be impacted by climate change, 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 conditions or actions, including social inflation;

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

•The cost, terms and conditions, and availability of reinsurance;

•Our ability to collect on reinsurance and the solvency of our reinsurers;

•The impact of changes in U.S. trade policies and imposition of tariffs on imports that may lead to higher than anticipated inflationary trends for our loss and loss expenses;

•Related to COVID-19, we have successfully defended against payment of COVID-19-related business interruption losses based on our policies' terms, conditions, and exclusions. However, should the highest courts determine otherwise, our loss and loss expenses may increase, our related reserves may not be adequate, and our financial condition and liquidity may be materially impacted.

•Ongoing wars and conflicts impacting global economic, banking, commodity, and financial markets, exacerbating ongoing economic challenges, including inflation and supply chain disruption, which influences insurance loss costs, premiums, and investment valuations;

•Uncertainties related to insurance premium rate increases and business retention;

•Changes in insurance regulations that impact our ability to write and/or cease writing insurance policies in one or more states;

•The effects of data privacy or cyber security laws and regulations on our operations;

•Major defect or failure in our internal controls or information technology and application systems that result in harm to our brand in the marketplace, increased senior executive focus on crisis and reputational management issues, and/or increased expenses, particularly if we experience a significant privacy breach;

•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			1
Consolidated Statements of Operations			2
Consolidated Balance Sheets			3
Financial Metrics			4
Consolidated Insurance Operations Statement of Operations			5
Standard Commercial Lines Statement of Operations and Supplemental Data			6
Standard Commercial Lines GAAP Line of Business Results			7
Standard Personal Lines Statement of Operations and Supplemental Data			8
Standard Personal Lines GAAP Line of Business Results			9
Excess and Surplus Lines Statement of Operations and Supplemental Data			10
Excess and Surplus Lines GAAP Line of Business Results			11
Consolidated Investment Income			12
Consolidated Composition of Invested Assets			13
Credit Quality of Invested Assets			14
Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) and Certain Other Non-GAAP Measures			15
Ratings and Contact Information			16

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

						Quarter ended																																	Year-to-date
						June 30,									Mar. 31,						Dec. 31,						Sept. 30,						June 30,						June 30,									June 30,
($ and shares in millions, except per share data)						2024									2024						2023						2023						2023						2024									2023
For Period Ended
			Gross premiums written			$	1,406.2								1,321.9						1,149.7						1,223.5						1,238.1						2,728.0									2,376.2
			Net premiums written			1,226.1									1,156.6						991.5						1,058.3						1,084.9						2,382.7									2,084.7
			Change in net premiums written, from comparable prior year period			13			%						16						17						17						17						14									15
			Underwriting income (loss), before-tax			$	(173.7)								19.0						63.6						31.6						(1.5)						(154.7)									37.7
			Net investment income earned, before-tax			108.6									107.8						98.6						100.9						97.7						216.5									189.2
			Net realized and unrealized investment gains (losses), before-tax			1.3									(1.6)						5.4						(6.9)						(5.4)						(0.3)									(2.1)
			Net income (loss)			$	(63.3)								82.5						124.8						89.2						58.6						19.2									151.2
			Net income (loss) available to common stockholders(1)			(65.6)									80.2						122.5						86.9						56.3						14.6									146.6
			Non-GAAP operating income (loss)(2)			(66.6)									81.5						118.3						92.3						60.6						14.9									148.2
At Period End
			Total assets			12,565.5									12,056.1						11,802.5						11,428.0						11,217.2						12,565.5									11,217.2
			Total invested assets			9,021.8									8,745.7						8,693.7						8,195.9						8,133.2						9,021.8									8,133.2
			Stockholders' equity			2,922.7									3,006.5						2,954.4						2,644.4						2,671.4						2,922.7									2,671.4
			Common stockholders' equity(3)			2,722.7									2,806.5						2,754.4						2,444.4						2,471.4						2,722.7									2,471.4
			Common shares outstanding			60.9									60.8						60.6						60.6						60.6						60.9									60.6
Per Share and Share Data
			Net income (loss) available to common stockholders per common share (diluted)			$	(1.08)								1.31						2.01						1.42						0.92						0.24									2.41
			Non-GAAP operating income (loss) per common share (diluted)(2)			(1.10)									1.33						1.94						1.51						0.99						0.24									2.44
			Weighted average common shares outstanding (diluted)			60.9									61.2						61.0						61.0						60.9						61.2									60.9
			Book value per common share			$	44.74								46.17						45.42						40.35						40.81						44.74									40.81
			Adjusted book value per common share(2)			49.67									50.97						50.03						48.54						47.34						49.67									47.34
			Dividends paid per common share			0.35									0.35						0.35						0.30						0.30						0.70									0.60
Financial Ratios
			Loss and loss expense ratio			85.7			%						67.0						62.4						65.8						68.6						76.5									65.8
			Underwriting expense ratio			30.3									30.9						31.1						30.9						31.4						30.6									32.0
			Dividends to policyholders ratio			0.1									0.3						0.2						0.1						0.2						0.2									0.2
			GAAP combined ratio			116.1			%						98.2						93.7						96.8						100.2						107.3									98.0
			Return on common stockholders' equity ("ROE")			(9.5)									11.5						18.9						14.1						9.1						1.1									12.1
			Non-GAAP operating ROE(2)			(9.6)									11.7						18.2						15.0						9.8						1.1									12.2
			Debt to total capitalization			14.8									14.3						14.6						16.0						15.9						14.8									15.9
			Net premiums written to policyholders' surplus			1.64									1.55						1.51						1.53						1.52						1.64									1.52
			Invested assets per dollar of common stockholders' equity			$	3.31								3.12						3.16						3.35						3.29						3.31									3.29
(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
						June 30,						Mar. 31,						Dec. 31,						Sept. 30,						June 30,						June 30,						June 30,
($ and shares in millions, except per share data)						2024						2024						2023						2023						2023						2024						2023
Revenues
			Net premiums earned			$	1,080.2					1,050.9						1,001.2						981.9						942.2						$	2,131.2					1,844.5
			Net investment income earned			108.6						107.8						98.6						100.9						97.7						216.5						189.2
			Net realized and unrealized gains (losses)			1.3						(1.6)						5.4						(6.9)						(5.4)						(0.3)						(2.1)
			Other income			5.8						7.8						5.5						5.2						6.1						13.6						8.7
			Total revenues			1,196.0						1,165.0						1,110.7						1,081.1						1,040.5						2,361.0						2,040.3
Expenses
			Loss and loss expense incurred			925.5						704.3						624.8						645.9						646.1						1,629.8						1,213.6
			Amortization of deferred policy acquisition costs			226.4						219.4						210.5						201.1						194.8						445.9						384.6
			Other insurance expenses			107.8						116.0						107.8						108.5						108.9						223.8						217.4
			Interest expense			7.2						7.2						7.2						7.2						7.3						14.4						14.4
			Corporate expenses			9.2						15.5						3.4						5.9						9.3						24.7						21.4
			Total expenses			1,276.1						1,062.4						953.7						968.6						966.4						2,338.5						1,851.4
Income (loss) before federal income tax						$	(80.1)					102.6						157.0						112.5						74.2						22.5						188.9
Federal income tax expense (benefit)						(16.8)						20.0						32.1						23.3						15.5						3.3						37.7
Net Income (loss)						$	(63.3)					82.5						124.8						89.2						58.6						19.2						151.2
Preferred stock dividends						2.3						2.3						2.3						2.3						2.3						4.6						4.6
Net income (loss) available to common stockholders						$	(65.6)					80.2						122.5						86.9						56.3						14.6						146.6
Net realized and unrealized investment (gains) losses, after tax(1)						(1.0)						1.3						(4.3)						5.4						4.3						0.3						1.6
Non-GAAP operating income (loss)(2)						$	(66.6)					81.5						118.2						92.3						60.6						$	14.9					148.2
Weighted average common shares outstanding (diluted)						60.9						61.2						61.0						61.0						60.9						61.2						60.9
Net income (loss) available to common stockholders per common share (diluted)						$	(1.08)					1.31						2.01						1.42						0.92						$	0.24					2.41
Non-GAAP operating income (loss) per common share (diluted)(2)						$	(1.10)					1.33						1.94						1.51						0.99						$	0.24					2.44
(1)			Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).
(2)			Non-GAAP measure. Refer to Page 15 for definition.
			Note: Amounts may not foot due to rounding.

Page 2

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

									June 30,						Mar. 31,						Dec. 31,						Sept. 30,						June 30,
($ in millions, except per share data)									2024						2024						2023						2023						2023
ASSETS
Investments
			Fixed income securities, held-to-maturity, net of allowance for credit losses						$	19.5					20.3						22.7						23.2						23.7
			Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses						7,669.0						7,583.5						7,499.2						7,027.1						7,032.3
			Commercial mortgage loans, net of allowance for credit losses						219.5						208.0						188.4						185.9						175.4
			Equity securities, at fair value						192.0						194.3						187.2						125.6						121.6
			Short-term investments						417.3						247.9						309.3						315.0						319.5
			Alternative investments						414.8						402.7						395.8						446.8						389.2
			Other investments						89.7						89.0						91.2						72.2						71.5
			Total investments						9,021.8						8,745.7						8,693.7						8,195.9						8,133.2
Cash									0.2						0.1						0.2						0.1						0.4
Restricted cash									10.7						11.7						13.1						13.2						20.9
Accrued investment income									72.3						68.0						66.3						62.2						59.4
Premiums receivable, net of allowance for credit losses									1,579.7						1,439.1						1,313.1						1,330.0						1,286.5
Reinsurance recoverable, net of allowance for credit losses									685.6						651.4						656.8						685.3						646.8
Prepaid reinsurance premiums									219.8						208.0						203.3						205.2						190.4
Current federal income tax									38.6						—						—						—						—
Deferred federal income tax									145.9						144.7						140.2						199.3						171.9
Property and equipment, net of accumulated depreciation and amortization									89.2						82.7						83.3						81.4						81.3
Deferred policy acquisition costs									476.5						448.3						424.9						425.8						413.8
Goodwill									7.8						7.8						7.8						7.8						7.8
Other assets									217.4						248.5						199.8						221.7						204.8
			Total assets						$	12,565.5					12,056.1						11,802.5						11,428.0						11,217.2
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense									$	5,903.5					5,501.8						5,336.9						5,301.4						5,177.0
Unearned premiums									2,598.7						2,441.0						2,330.7						2,342.2						2,251.0
Long-term debt									508.8						503.3						503.9						504.6						503.6
Current federal income tax									—						26.5						6.3						2.5						2.6
Accrued salaries and benefits									92.6						97.9						122.0						114.2						92.0
Other liabilities									539.2						479.1						548.4						518.6						519.6
			Total liabilities						$	9,642.8					9,049.6						8,848.2						8,783.5						8,545.8
Stockholders' Equity
Preferred stock of $0 par value per share									$	200.0					200.0						200.0						200.0						200.0
Common stock of $2 par value per share									211.0						210.9						210.4						210.3						210.3
Additional paid-in capital									545.3						534.3						522.7						516.9						512.0
Retained earnings									3,001.1						3,088.2						3,029.4						2,928.2						2,859.6
Accumulated other comprehensive income (loss)									(392.7)						(385.0)						(373.0)						(575.9)						(475.7)
Treasury stock, at cost									(641.9)						(641.9)						(635.2)						(635.1)						(634.8)
			Total stockholders' equity						$	2,922.7					3,006.5						2,954.4						2,644.4						2,671.4
Commitments and contingencies
			Total liabilities and stockholders' equity						$	12,565.5					12,056.1						11,802.5						11,428.0						11,217.2
Note: Amounts may not foot due to rounding.

Page 3

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS

(Unaudited)

									Quarter ended																														Year-to-date
									June 30,						Mar. 31,						Dec. 31,						Sept. 30,						June 30,						June 30,						June 30,
($ and shares in millions, except per share data)									2024						2024						2023						2023						2023						2024						2023
Book value per common share
						Common stockholders' equity			$	2,722.7								2,806.5						2,754.4						2,444.4						2,471.4						2,722.7						2,471.4
						Common shares issued and outstanding, at period end			60.9									60.8						60.6						60.6						60.6						60.9						60.6
						Book value per common share			$	44.74								46.17						45.42						40.35						40.81						44.74						40.81
						Adjusted book value per common share(2)			49.67									50.97						50.03						48.54						47.34						49.67						47.34
Financial results (after-tax)
						Underwriting income (loss)			(137.2)									15.0						50.2						25.0						(1.2)						(122.2)						29.7
						Net investment income			86.3									85.6						78.4						80.2						77.8						171.9						150.9
						Interest expense and preferred stock dividends			(8.0)									(8.0)						(8.0)						(8.0)						(8.0)						(16.0)						(16.0)
						Corporate expense			(7.7)									(11.2)						(2.4)						(4.9)						(8.0)						(18.9)						(16.4)
						Net realized and unrealized investment gains (losses)			1.0									(1.3)						4.3						(5.4)						(4.3)						(0.3)						(1.6)
						Total after-tax net income (loss) available to common stockholders			(65.6)									80.2						122.5						86.9						56.3						14.6						146.6
Return on average equity
						Insurance segments			(19.9)									2.2						7.7						4.1						(0.2)						(8.8)						2.5
						Net investment income			12.5									12.3						12.1						13.1						12.6						12.5						12.5
						Interest expense and preferred stock dividends			(1.2)									(1.1)						(1.2)						(1.3)						(1.3)						(1.2)						(1.3)
						Corporate expense			(1.0)									(1.7)						(0.4)						(0.9)						(1.3)						(1.4)						(1.5)
						Net realized and unrealized investment gains (losses)			0.1									(0.2)						0.7						(0.9)						(0.7)						—						(0.1)
						ROE			(9.5)									11.5						18.9						14.1						9.1						1.1						12.1
						Net realized and unrealized (gains) losses(1)			(0.1)									0.2						(0.7)						0.9						0.7						—						0.1
						Non-GAAP Operating ROE(2)			(9.6)									11.7						18.2						15.0						9.8						1.1						12.2
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			49.8									49.8						49.8						49.8						49.8						49.8						49.8
						6.70% Senior Notes			99.4									99.4						99.3						99.3						99.3						99.4						99.3
						5.375% Senior Notes			292.3									292.2						292.2						292.1						292.0						292.3						292.0
						Finance Lease Obligations			7.3									1.9						2.6						3.4						2.5						7.3						2.5
			Total debt						508.8									503.3						503.9						504.6						503.6						508.8						503.6
			Stockholders' equity						2,922.7									3,006.5						2,954.4						2,644.4						2,671.4						2,922.7						2,671.4
			Total capitalization						$	3,431.5								3,509.8						3,458.3						3,149.0						3,175.0						3,431.5						3,175.0
			Ratio of debt to total capitalization						14.8									14.3						14.6						16.0						15.9						14.8						15.9
Policyholders' surplus									$	2,698.8								2,777.3						2,742.3						2,612.5						2,525.2						2,698.8						2,525.2
(1)						Amounts are provided to reconcile ROE to non-GAAP operating ROE.
(2)						Non-GAAP measure. Refer to Page 15 for definition.
						Note: Amounts may not foot due to rounding.

Page 4

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INSURANCE OPERATIONS

STATEMENT OF OPERATIONS

(Unaudited)

									Quarter ended																																	Year-to-date
									June 30,									Mar. 31,						Dec. 31,						Sept. 30,						June 30,						June 30,						June 30,
($ in millions)									2024									2024						2023						2023						2023						2024						2023
Underwriting results
Net premiums written									$	1,226.1								1,156.6						991.5						1,058.3						1,084.9						2,382.7						2,084.7
Change in net premiums written, from comparable prior year period									13			%						16						17						17						17						14						15
Net premiums earned									$	1,080.2								1,050.9						1,001.2						981.9						942.2						2,131.2						1,844.5
Losses and loss expenses incurred									925.5									704.3						624.8						645.9						646.1						1,629.8						1,213.6
Net underwriting expenses incurred									327.3									324.4						311.1						303.1						295.7						651.7						589.6
Dividends to policyholders									1.1									3.3						1.8						1.4						1.8						4.3						3.6
GAAP underwriting income (loss)									$	(173.7)								19.0						63.6						31.6						(1.5)						(154.7)						37.7
Net catastrophe losses									$	90.5								55.2						24.6						64.6						100.0						145.8						155.3
(Favorable) unfavorable prior year casualty reserve development									176.0									35.0						10.0						—						(3.5)						211.0						(16.5)
Underwriting ratios
Loss and loss expense ratio									85.7			%						67.0						62.4						65.8						68.6						76.5						65.8
Underwriting expense ratio									30.3									30.9						31.1						30.9						31.4						30.6						32.0
Dividends to policyholders ratio									0.1									0.3						0.2						0.1						0.2						0.2						0.2
						Combined ratio			116.1			%						98.2						93.7						96.8						100.2						107.3						98.0
Net catastrophe losses									8.4			pts						5.3						2.5						6.6						10.6						6.8						8.4
(Favorable) unfavorable prior year casualty reserve development									16.3									3.3						1.0						—						(0.4)						9.9						(0.9)
						Combined ratio before net catastrophe losses			107.7			%						92.9						91.2						90.2						89.6						100.5						89.6
						Combined ratio before net catastrophe losses and prior year casualty development			91.4			%						89.6						90.2						90.2						90.0						90.6						90.5
Other Statistics
Non-catastrophe property loss and loss expenses									$	185.5								171.2						172.1						172.8						157.2						356.7						305.4
Non-catastrophe property loss and loss expenses									17.2			pts						16.3						17.2						17.6						16.7						16.7						16.6
Direct new business									$	267.4								260.8						232.7						232.3						241.6						528.2						458.5
Renewal pure price increases									9.1			%						8.1						7.4						7.0						6.4						8.6						6.6
Note: Amounts may not foot due to rounding.

Page 5

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

									Quarter ended																																	Year-to-date
									June 30,									Mar. 31,						Dec. 31,						Sept. 30,						June 30,						June 30,						June 30,
($ in millions)									2024									2024						2023						2023						2023						2024						2023
Underwriting results
Net premiums written									$	963.1								931.7						764.3						833.6						870.1						1,894.8						1,683.5
Change in net premiums written, from comparable prior year period									11			%						15						13						15						14						13						12
Net premiums earned									$	853.5								834.1						792.1						785.3						762.7						1,687.6						1,494.3
Losses and loss expenses incurred									748.0									555.8						482.6						493.8						495.5						1,303.8						942.8
Net underwriting expenses incurred									265.4									264.6						252.9						248.9						243.2						530.0						486.8
Dividends to policyholders									1.1									3.3						1.8						1.4						1.8						4.3						3.6
GAAP underwriting income (loss)									$	(160.9)								10.4						54.9						41.3						22.1						(150.5)						61.1
Net catastrophe losses									$	50.9								38.5						16.1						36.7						62.6						89.4						97.7
(Favorable) unfavorable prior year casualty reserve development									176.0									35.0						5.0						(3.0)						(7.5)						211.0						(17.5)
Underwriting ratios
Loss and loss expense ratio									87.6			%						66.7						61.0						62.8						65.0						77.2						63.1
Underwriting expense ratio									31.1									31.7						31.9						31.7						31.9						31.4						32.6
Dividends to policyholders ratio									0.1									0.4						0.2						0.2						0.2						0.3						0.2
						Combined ratio			118.8			%						98.8						93.1						94.7						97.1						108.9						95.9
Net catastrophe losses									6.0			pts						4.6						2.0						4.7						8.2						5.3						6.5
(Favorable) unfavorable prior year casualty reserve development									20.6									4.2						0.6						(0.4)						(1.0)						12.5						(1.2)
						Combined ratio before net catastrophe losses			112.8			%						94.2						91.1						90.0						88.9						103.6						89.4
						Combined ratio before net catastrophe losses and prior year casualty development			92.2			%						90.0						90.5						90.4						89.9						91.1						90.6
Other Statistics
Non-catastrophe property loss and loss expenses									$	124.5								115.0						122.0						122.8						111.4						239.5						216.8
Non-catastrophe property loss and loss expenses									14.6			pts						13.8						15.4						15.6						14.6						14.2						14.5
Direct new business									$	168.4								172.1						145.2						145.5						159.1						340.4						306.8
Renewal pure price increases									7.9			%						7.6						7.3						7.1						6.7						7.8						6.9
Retention									85									86						86						86						85						85						84
Note: Amounts may not foot due to rounding.

Page 6

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

						Quarter ended June 30, 2024																														Quarter ended June 30, 2023
						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						$	320.0					297.3			195.4			84.9			43.3			13.9			8.4			963.1						292.8			257.3			167.7			95.6			35.7			13.4			7.7			870.1
Net premiums earned						280.1						260.7			168.5			82.3			41.6			12.5			7.8			853.5						254.5			225.1			141.3			88.7			34.4			11.6			7.0			762.7
Loss and loss expense ratio						128.5			%			71.2			67.4			69.5			68.6			27.2			1.2			87.6						55.8			72.3			80.4			58.2			67.0			24.4			0.1			65.0
Underwriting expense ratio						30.8						29.3			34.4			24.8			31.6			56.8			51.9			31.1						31.4			29.6			36.9			25.6			33.7			57.6			47.4			31.9
Dividend ratio						—						—			—			1.0			—			—			—			0.1						—			—			—			2.0			—			—			—			0.2
Combined ratio						159.3			%			100.5			101.8			95.3			100.2			84.0			53.1			118.8						87.2			101.9			117.3			85.8			100.7			82.0			47.5			97.1
Underwriting income (loss)						$	(166.1)					(1.2)			(3.0)			3.9			(0.1)			2.0			3.7			(160.9)						32.6			(4.2)			(24.4)			12.6			(0.3)			2.1			3.7			22.1
						Year-to-Date June 30, 2024																														Year-to-Date June 30, 2023
						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						$	627.4					582.9			370.0			183.6			88.0			26.4			16.6			1,894.8						565.0			497.4			319.3			189.0			72.3			25.2			15.2			1,683.5
Net premiums earned						553.5						512.4			330.1			170.1			81.6			24.6			15.4			1,687.6						497.9			442.4			276.6			172.9			67.6			23.0			13.9			1,494.3
Loss and loss expense ratio						103.9			%			70.4			63.2			60.5			60.3			27.4			0.9			77.2						55.9			73.3			68.0			56.1			73.6			24.6			—			63.1
Underwriting expense ratio						31.2						29.6			34.5			25.5			33.1			56.0			47.7			31.4						32.1			30.3			37.1			26.5			36.1			57.5			50.9			32.6
Dividend ratio						0.2						0.2			0.3			1.0			—			—			—			0.3						—			—			0.1			1.7			—			—			—			0.2
Combined ratio						135.3			%			100.2			98.0			87.0			93.4			83.4			48.6			108.9						88.0			103.6			105.2			84.3			109.7			82.1			50.9			95.9
Underwriting income (loss)						$	(195.6)					(0.9)			6.5			22.1			5.4			4.1			7.9			(150.5)						59.8			(15.9)			(14.3)			27.2			(6.5)			4.1			6.8			61.1
(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
									June 30,									Mar. 31,						Dec. 31,						Sept. 30,						June 30,						June 30,						June 30,
($ in millions)									2024									2024						2023						2023						2023						2024						2023
Underwriting results
Net premiums written									$	116.1								99.9						107.0						113.2						109.1						216.1						194.4
Change in net premiums written, from comparable prior year period									6			%						17						27						30						32						11						32
Net premiums earned									$	106.4								103.8						101.0						95.2						87.2						210.3						169.0
Losses and loss expenses incurred									101.4									84.3						92.5						99.5						88.0						185.8						161.2
Net underwriting expenses incurred									24.3									24.8						25.5						21.8						22.2						49.1						44.0
GAAP underwriting income (loss)									$	(19.3)								(5.3)						(17.0)						(26.1)						(23.1)						(24.6)						(36.1)
Net catastrophe losses									$	25.4								11.8						9.2						24.4						21.2						37.2						35.8
(Favorable) unfavorable prior year casualty reserve development									—									—						5.0						3.0						4.0						—						6.0
Underwriting ratios
Loss and loss expense ratio									95.3			%						81.2						91.7						104.5						101.0						88.3						95.4
Underwriting expense ratio									22.8									23.9						25.2						22.9						25.5						23.4						26.0
						Combined ratio			118.1			%						105.1						116.9						127.4						126.5						111.7						121.4
Net catastrophe losses									23.9			pts						11.4						9.1						25.6						24.3						17.7						21.2
(Favorable) unfavorable prior year casualty reserve development									—									—						5.0						3.2						4.6						—						3.5
						Combined ratio before net catastrophe losses			94.2			%						93.7						107.8						101.8						102.2						94.0						100.2
						Combined ratio before net catastrophe losses and prior year casualty development			94.2			%						93.7						102.8						98.6						97.6						94.0						96.7
Other Statistics
Non-catastrophe property loss and loss expenses									$	45.4								41.9						42.8						42.5						37.8						87.2						71.6
Non-catastrophe property loss and loss expenses									42.6			pts						40.3						42.4						44.7						43.3						41.5						42.4
Direct new business									$	22.0								21.3						26.0						31.6						32.5						43.3						58.8
Renewal pure price increases									20.7			%						14.3						8.9						6.1						3.4						17.7						2.7
Retention									78									83						87						88						88						80						87
Note: Amounts may not foot due to rounding.

Page 8

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

			Quarter ended June 30, 2024																		Quarter ended June 30, 2023
			Personal																		Personal
($ in millions)			Auto						Homeowners			Other			Total						Auto			Homeowners			Other			Total
Net premiums written			$	59.6					53.4			3.2			116.1						59.9			46.5			2.7			109.1
Net premiums earned			57.5						46.1			2.8			106.4						48.2			36.9			2.0			87.2
Loss and loss expense ratio			86.6			%			110.9			17.8			95.3						94.8			113.4			21.6			101.0
Underwriting expense ratio			24.3						27.5			(82.6)			22.8						28.6			29.8			(125.9)			25.5
Combined ratio			110.9			%			138.4			(64.8)			118.1						123.4			143.2			(104.3)			126.5
Underwriting income (loss)			$	(6.3)					(17.7)			4.7			(19.3)						(11.3)			(16.0)			4.2			(23.1)
			Year-to-Date June 30, 2024																		Year-to-Date June 30, 2023
			Personal																		Personal
($ in millions)			Auto						Homeowners			Other			Total						Auto			Homeowners			Other			Total
Net premiums written			$	114.6					95.6			5.9			216.1						108.8			80.8			4.7			194.4
Net premiums earned			114.5						90.2			5.6			210.3						93.1			71.9			4.0			169.0
Loss and loss expense ratio			90.4			%			90.0			18.9			88.3						91.2			104.7			22.6			95.4
Underwriting expense ratio			25.1						27.8			(84.2)			23.4						29.3			29.8			(118.4)			26.0
Combined ratio			115.5			%			117.8			(65.3)			111.7						120.5			134.5			(95.8)			121.4
Underwriting income (loss)			$	(17.8)					(16.1)			9.3			(24.6)						(19.1)			(24.8)			7.8			(36.1)
Note: Amounts may not foot due to rounding.

Page 9

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS AND SURPLUS LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

									Quarter ended																																	Year-to-date
									June 30,									Mar. 31,						Dec. 31,						Sept. 30,						June 30,						June 30,						June 30,
($ in millions)									2024									2024						2023						2023						2023						2024						2023
Underwriting results
Net premiums written									$	146.8								125.0						120.2						111.6						105.7						271.9						206.8
Change in net premiums written, from comparable prior year period									39			%						24						36						25						20						31						18
Net premiums earned									$	120.3								113.0						108.1						101.4						92.3						233.3						181.1
Losses and loss expenses incurred									76.2									64.1						49.7						52.6						62.6						140.3						109.6
Net underwriting expenses incurred									37.7									34.9						32.7						32.4						30.2						72.6						58.8
GAAP underwriting income (loss)									$	6.5								14.0						25.7						16.4						(0.6)						20.5						12.7
Net catastrophe losses									$	14.3								4.9						(0.7)						3.5						16.3						19.2						21.9
(Favorable) unfavorable prior year casualty reserve development									—									—						—						—						—						—						(5.0)
Underwriting ratios
Loss and loss expense ratio									63.3			%						56.7						45.9						51.9						67.9						60.1						60.5
Underwriting expense ratio									31.3									30.9						30.3						32.0						32.8						31.1						32.5
						Combined ratio			94.6			%						87.6						76.2						83.9						100.7						91.2						93.0
Net catastrophe losses									11.9			pts						4.3						(0.7)						3.5						17.6						8.2						12.1
(Favorable) unfavorable prior year casualty reserve development									—									—						—						—						—						—						(2.8)
						Combined ratio before net catastrophe losses			82.7			%						83.3						76.9						80.4						83.1						83.0						80.9
						Combined ratio before net catastrophe losses and prior year casualty development			82.7			%						83.3						76.9						80.4						83.1						83.0						83.7
Other Statistics
Non-catastrophe property loss and loss expenses									$	15.6								14.3						7.3						7.5						8.1						29.9						17.0
Non-catastrophe property loss and loss expenses									13.0			pts						12.6						6.8						7.4						8.8						12.8						9.4
Direct new business									$	77.0								67.4						61.5						55.2						50.0						144.5						92.9
Renewal pure price increases									6.4			%						5.2						6.1						6.6						7.5						5.9						7.4
Note: Amounts may not foot due to rounding.

Page 10

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS & SURPLUS LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

			Quarter ended June 30, 2024															Quarter ended June 30, 2023
($ in millions)			Casualty						Property			Total						Casualty			Property			Total
Net premiums written			$	86.6					60.3			146.8						68.3			37.3			105.7
Net premiums earned			73.9						46.4			120.3						62.2			30.1			92.3
Loss and loss expense ratio			62.6			%			64.4			63.3						61.6			80.8			67.9
Underwriting expense ratio			31.4						31.1			31.3						32.4			33.6			32.8
Combined ratio			94.0			%			95.5			94.6						94.0			114.4			100.7
Underwriting income (loss)			$	4.4					2.1			6.5						3.7			(4.3)			(0.6)
			Year-to-Date June 30, 2024															Year-to-Date June 30, 2023
($ in millions)			Casualty						Property			Total						Casualty			Property			Total
Net premiums written			$	163.7					108.2			271.9						137.0			69.8			206.8
Net premiums earned			145.5						87.8			233.3						123.0			58.2			181.1
Loss and loss expense ratio			62.7			%			55.9			60.1						57.5			66.8			60.5
Underwriting expense ratio			31.2						30.9			31.1						32.3			32.8			32.5
Combined ratio			93.9			%			86.8			91.2						89.8			99.6			93.0
Underwriting income (loss)			$	8.9					11.6			20.5						12.5			0.2			12.7
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
									June 30,						Mar. 31,						Dec. 31,						Sept. 30,						June 30,						June 30,						June 30,
($ in millions)									2024						2024						2023						2023						2023						2024						2023
Net investment income
Fixed income securities
						Taxable			$	91.5								91.4						88.8						86.7						80.4						183.0						155.7
						Tax-exempt			2.4									2.7						3.1						3.4						3.6						5.1						8.3
Total fixed income securities									93.9									94.1						91.9						90.0						83.9						188.0						164.0
Commercial mortgage loans									3.1									2.8						2.7						2.5						2.2						5.9						4.2
Equity securities									1.9									4.9						3.9						2.1						2.2						6.8						3.4
Alternative investments									10.5									6.9						1.1						6.5						11.4						17.4						19.2
Other investments									0.1									0.3						0.1						0.3						0.2						0.4						0.2
Short-term investments									4.7									3.5						3.3						3.9						2.9						8.2						7.5
Investment income									114.3									112.5						103.0						105.3						102.8						226.7						198.5
Investment expenses									(5.6)									(4.6)						(4.4)						(4.4)						(5.1)						(10.2)						(9.3)
Investment tax expense									(22.4)									(22.2)						(20.1)						(20.6)						(19.9)						(44.6)						(38.3)
Total net investment income, after-tax									$	86.3								85.6						78.4						80.2						77.8						171.9						150.9
Net realized and unrealized investment gains (losses), pre-tax									$	1.3								(1.6)						5.4						(6.9)						(5.4)						(0.3)						(2.1)
Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax									$	(10.8)								(16.1)						275.4						(127.5)						(58.2)						(26.9)						26.7
Average investment yields
						Fixed income investments, pre-tax			4.9									5.0						5.1						5.1						4.9						5.0						4.8
						Fixed income investments, after-tax			3.9									4.0						4.0						4.1						3.9						3.9						3.8
						Total portfolio, pre-tax			4.9									4.9						4.7						4.9						4.9						4.9						4.7
						Total portfolio, after-tax			3.9									3.9						3.7						3.9						3.9						3.9						3.8
Effective tax rate on net investment income									20.6									20.6						20.4						20.5						20.4						20.6						20.3
New money purchase rates for fixed income investments, pre-tax									6.4									5.8						6.7						6.4						5.9						6.1						5.6
New money purchase rates for fixed income investments, after-tax									5.0									4.6						5.3						5.0						4.6						4.8						4.4
Effective duration of fixed income investments including short-term (in years)									3.9									4.0						4.0						4.1						4.0						3.9						4.0
Note: Amounts may not foot due to rounding.

Page 12

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS

(Unaudited)

									June 30,												Mar. 31,									Dec. 31,									Sept. 30,									June 30,
									2024												2024									2023									2023									2023
($ in millions)									Amount			Percent									Amount			Percent						Amount			Percent						Amount			Percent						Amount			Percent
Fixed income securities, at fair value									$	7,687.6		85			%						7,602.7			87						7,521.1			87						7,049.0			86						7,054.7			87
Commercial mortgage loans, at fair value									209.0			2									197.8			2						178.9			2						171.4			2						163.1			2
Total fixed income investments									7,896.6			87									7,800.5			89						7,700.0			89						7,220.4			88						7,217.8			89
Short-term investments									417.4			5									247.9			3						309.3			4						315.0			4						319.5			4
Total fixed income and short-term investments									8,314.0			92									8,048.4			92						8,009.3			92						7,535.4			92						7,537.2			93
Equity securities, at fair value									192.0			2									194.3			2						187.2			2						125.6			2						121.6			1
Alternative investments									414.8			5									402.7			5						395.8			5						446.8			5						389.2			5
Other investments									89.7			1									89.0			1						91.2			1						72.2			1						71.5			1
Total investments									$	9,010.5		100			%						8,734.3			100						8,683.5			100						8,180.0			100						8,119.6			100
Fixed income investments, at carry value
U.S. government obligations									$	151.0		2			%						141.8			2						205.0			2						226.7			3						293.0			4
Foreign government obligations									9.2			—									9.2			—						9.8			—						9.3			—						9.8			—
Obligations of state and political subdivisions									525.4			7									539.0			7						586.0			8						614.8			8						658.0			9
Corporate securities									2,865.4			36									2,815.3			36						2,733.9			35						2,463.4			34						2,408.6			33
Collateralized loan obligations and other asset-backed securities									1,916.1			24									1,897.1			24						1,834.8			24						1,713.7			24						1,634.3			23
Residential mortgage-backed securities									1,504.0			19									1,512.0			19						1,477.5			19						1,384.5			19						1,407.8			19
Commercial mortgage-backed securities									717.4			9									689.4			9						674.8			9						638.0			9						644.4			9
Commercial mortgage loans									219.5			3									208.0			3						188.4			2						185.9			3						175.5			2
Total fixed income investments									$	7,908.0		100			%						7,811.8			100						7,710.3			100						7,236.3			100						7,231.4			100
Expected maturities of fixed income investments at carry value
Due in one year or less									$	634.2		8			%						607.9			8						526.6			7						446.4			6						385.6			5
Due after one year through five years									3,622.6			46									3,558.5			45						3,569.2			46						3,308.7			46						3,163.1			44
Due after five years through 10 years									2,872.1			36									2,882.5			37						2,862.5			37						2,511.0			35						2,956.0			41
Due after 10 years									779.1			10									762.9			10						751.9			10						970.1			13						726.7			10
Total fixed income investments									$	7,908.0		100			%						7,811.8			100						7,710.3			100						7,236.3			100						7,231.4			100
Weighted average credit quality of fixed income and short-term investments
Investment grade credit quality									$	8,002.7		96			%						7,747.0			96						7,721.4			96						7,250.8			96						7,257.9			96
Non-investment grade credit quality									311.3			4									301.4			4						287.9			4						284.6			4						279.3			4
Total fixed income and short-term investments, at fair value									$	8,314.0		100			%						8,048.4			100						8,009.3			100						7,535.4			100						7,537.2			100
Weighted average credit quality of fixed income and short-term investments									AA-												A+									AA-									A+									AA-
Alternative investments									June 30, 2024
																								Current
									Number of			Original									Remaining			Market
Strategy									Funds			Commitment									Commitment			Value
Private equity									63			$	434.2								148.6			319.2
Private credit									19			163.7									98.4			52.1
Real assets									11			84.5									42.3			43.4
Total									93			$	682.4								289.3			414.8
Note: Amounts may not foot due to rounding.

Page 13

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CREDIT QUALITY OF INVESTED ASSETS

(Unaudited)

At June 30, 2024																																													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						171						151						1.7						5.2						5.6						9.4						—						151						—						—						—						—
			Foreign government obligations						11						9						0.1						5.4						5.5						6.6						1						2						4						3						—						—
			State and municipal obligations						558						525						5.8						4.5						5.4						7.5						80						242						186						17						—						—
			Corporate securities						3,007						2,865						31.8						5.8						4.3						5.7						51						315						1,276						1,020						200						1
			Mortgage-backed securities:
						Residential mortgage-backed securities ("RMBS"):
						Agency RMBS			1,079						990						11.0						5.3						5.4						8.1						—						990						—						—						—						—
						Non-agency RMBS			545						514						5.7						6.0						4.0						6.0						446						39						28						1						—						—
						Total RMBS			1,624						1,504						16.7						5.5						4.9						7.4						446						1,029						28						1						—						—
						Commercial mortgage-backed securities ("CMBS")
						Agency CMBS			190						181						2.0						5.3						4.1						5.3						35						146						—						—						—						—
						Non-agency CMBS			566						536						6.0						6.6						2.9						3.6						469						43						25						—						—						—
						Total CMBS			756						717						8.0						6.2						3.2						4.0						504						189						25						—						—						—
						Total mortgage-backed securities			2,380						2,221						24.7						5.8						4.4						6.3						950						1,218						53						1						—						—
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
						Auto			148						149						1.6						6.0						1.8						2.0						143						4						1						—						—						—
						Aircraft			51						48						0.5						7.9						2.9						3.4						—						—						27						16						5						—
						CLOs			899						875						9.7						7.0						2.5						4.7						414						297						43						44						54						22
						Credit cards			24						24						0.3						5.3						2.3						2.5						20						4						—						—						—						—
						Other ABS			851						821						9.1						6.6						4.4						5.8						236						111						370						80						8						17
						Total CLOs and ABS			1,973						1,916						21.3						6.8						3.3						4.9						812						417						441						140						67						40
Total securitized assets									4,353						4,137						45.9						6.2						3.9						5.7						1,762						1,634						494						141						67						40
						Commercial mortgage loans			220						209						2.3						8.6						2.8						3.7						—						11						79						116						2						—
Total fixed income investments									8,320						7,897						87.6						6.0						4.1						5.8						1,895						2,355						2,039						1,297						270						41
						Short-term investments			417						417						4.6						5.3						0.0						0.0						416						1						1						—						—						—
						Total fixed income and short-term investments			8,737						8,314						92.3						6.0						3.9						5.5						2,310						2,356						2,040						1,297						270						41
Total fixed income securities and short-term investments by credit rating percentage																																													27.8		%				28.3		%				24.5		%				15.6		%				3.2		%				—		%
Equity securities:
			Common stock(1)						185						190						2.1						—						—						—						—						—						—						—						—						190
			Preferred stock						2						2						—						—						—						—						—						—						—						2						—						—
						Total equity securities			187						192						2.1						—						—						—						—						—						—						2						—						190
Alternative investments
						Private equity			319						319						3.5						—						—						—						—						—						—						—						—						319
						Private credit			52						52						0.6						—						—						—						—						—						—						—						—						52
						Real assets			43						43						0.5						—						—						—						—						—						—						—						—						43
						Total alternative investments			415						415						4.6						—						—						—						—						—						—						—						—						415
Other investments									90						90						1.0						—						—						—						—						—						—						—						—						90
Total invested assets									$	9,429					$	9,010					100.0		%				—						—						—						$	2,310					$	2,356					$	2,040					$	1,299					$	270					$	736
(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
			June 30,						Mar. 31,						Dec. 31,						Sept. 30,						June 30,						June 30,						June 30,
($ in millions, except per share data)			2024						2024						2023						2023						2023						2024						2023
Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Net income (loss) available to common stockholders			$	(65.6)								80.2						122.5						86.9						56.3						14.6						146.6
Net realized and unrealized investment (gains) losses included in net income, before tax			(1.3)									1.6						(5.4)						6.9						5.4						0.3						2.1
Tax on reconciling items			0.3									(0.3)						1.1						(1.4)						(1.1)						(0.1)						(0.4)
Non-GAAP operating income (loss)			$	(66.6)								81.5						118.3						92.3						60.6						14.9						148.2
Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share
Net income (loss) available to common stockholders per diluted common share			$	(1.08)								1.31						2.01						1.42						0.92						0.24						2.41
Net realized and unrealized investment (gains) losses included in net income, before tax			(0.02)									0.03						(0.09)						0.11						0.09						—						0.04
Tax on reconciling items			—									(0.01)						0.02						(0.02)						(0.02)						—						(0.01)
Non-GAAP operating income (loss) per diluted common share			$	(1.10)								1.33						1.94						1.51						0.99						0.24						2.44
Reconciliation of ROE to non-GAAP operating ROE
ROE			(9.5)									11.5						18.9						14.1						9.1						1.1						12.1
Net realized and unrealized investment (gains) losses included in net income, before tax			(0.2)									0.2						(0.8)						1.1						0.9						—						0.1
Tax on reconciling items			0.1									—						0.1						(0.2)						(0.2)						—						—
Non-GAAP operating ROE			(9.6)									11.7						18.2						15.0						9.8						1.1						12.2
Reconciliation of book value per common share to adjusted book value per common share
Book value per common share			$	44.74								46.17						45.42						40.35						40.81						44.74						40.81
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax			6.25									6.08						5.83						10.38						8.27						6.25						8.27
Tax on reconciling items			(1.32)									(1.28)						(1.22)						(2.19)						(1.74)						(1.32)						(1.74)
Adjusted book value per common share			$	49.67								50.97						50.03						48.54						47.34						49.67						47.34
Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above.
Note: Amounts may not foot due to rounding.

Page 15

---

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION

Address:

As of June 30, 2024

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

Investor Relations & Treasurer

St. Paul, MN 55164

Phone: [phone]

866-877-6351

[e-mail]

Media Contact:

Jamie M. Beal

Vice President

Director of Communications

Phone: [phone]

[e-mail]

Page 16

INVESTOR PRESENTATION July 18, 2024 Copyright © 2024 by Selective Insurance. All rights reserved. Exhibit 99.3

---

 

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

---

 

INTRODUCTION 3

---

 

4 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.

---

 

A Leader in U.S. Property & Casualty Insurance 5*Based on 2023 net premiums written in AM Best’s annual list of “Top 200 U.S. Property/Casualty Writers” NASDAQ: SIGI (common stock) NASDAQ: SIGIP (preferred) [e-mail] Superior track record driven by disciplined execution 10 consecutive years of double-digit Operating Return on Equity A+ (Superior) rating by A.M. Best $4.1 billion of net premiums written in 2023 34th largest P&C carrier in the United Stated States* Clear path for continued, profitable growth 5

---

 

Sustainable Competitive Advantages 6 Our success is based on a unique combination of competitive advantages. Taken together, they create a winning formula for Selective. Our unique field model, placing empowered underwriting staff in proximity to our distribution partners and customers Our ability to develop and integrate sophisticated tools for risk selection, pricing, and claims management Our franchise value distribution model, defined by meaningful and close business relationships with a group of top-notch independent agents Our commitment to delivering a superior omni-channel customer experience, enhanced by digital platforms and value-added services Our highly engaged and aligned team of skilled and committed employees

---

 

Differentiated Operating Model 7 2023 Net Premiums Written $4 Billion • Approximately 1,550 distribution partners selling our standard lines products and services through approximately 2,650 office locations • ~850 of these distribution partners sell our personal lines products • ~90 wholesale agents sell our E&S business • ~6,400 distribution partners sell National Flood Insurance Program products across 50 states • Locally based underwriting, claims, and safety management specialists • Proven ability to develop and integrate actionable tools • Enables effective portfolio management in an uncertain loss trend environment Unique, locally based field model Franchise value distribution model with high-quality partners "Everyone with Selective makes our customers feel like the #1 priority. The ease of working with Selective is unmatched." - Selective Agent Standard Commercial Lines 79% Standard Personal Lines 10% Excess and Surplus Lines 11%

---

 

Ten Consecutive Years of Double-Digit Non-GAAP Operating ROEs Between 2014 – 2023 generated ROEs exceeding our cost of capital and peer group average 100 basis points of combined ratio translates to ~120 basis points of ROE* 100 basis points of pre-tax investment yield translates to ~260 basis points of ROE* Non-GAAP Operating ROE *Calculated using average equity Operating ROE 2022 2023 Investments 9.4% 12.4% Underwriting 5.4% 4.2% Other (2.4)% (2.2)% Total 12.4% 14.4% 14.4% 1.1% 0% 5% 10% 15% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1H24 SIGI Peer Avg. average from 2014 to 2023 12.2% Note: Peer Average includes CINF, CNA, HIG, THG, TRV, and UFCS 8

---

 

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 92%94%96%98%100%102%104% 10 -Y ea r N PW C AG R 10-Year Average Combined Ratio Excellent Operating Results with Low Historical Volatility NPW CAGR vs. Average Combined Ratio Note: White dots represent P&C peers: CINF, CNA, HIG, THG, TRV, and UFCS; 10-year avg based on 2014-2023 Industry Source: © 2024 Conning, Inc. Used with permission. [Statutory data] CAGR = Compound Annual Growth Rate SIGI Combined Ratio (Average & Volatility) Industry 90% 95% 100% 105% 0 2 4 6 8 10 -Y ea r A ve ra ge C om bi ne d R at io 10-Year Standard Deviation of Combined Ratio (σ) Industry SIGI 9

---

 

Track Record of Disciplined, Profitable Growth 10 $4.1 $- $1 $2 $3 $4 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 N PW ($ in b ill io ns ) $5.89 $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 *Compound annual growth rate Net Premiums Written Operating Earnings per Share With current market share of ~1% in Commercial Lines, Selective has meaningful runway to deliver above-industry growth 12% CAGR* 9% CAGR*

---

 

Path for Profitable Growth *Subject to regulatory approval • Targeting 3% market share in existing footprint over the long-term • 12% share of wallet target with existing distribution partners • 25% agent market share target in existing markets • Additional long-term premium opportunity of ~$3 billion • Disciplined approach to geographic expansion • Added ten states to our Standard Commercial Lines footprint since 2017 • Introducing three additional states later in 2024 and three more in 2025* • Plan to write business in most of the contiguous U.S.; operating model will vary depending on the market Standard Commercial Lines Core Footprint prior to 2017 Expansion States since 2017 2024 Targeted Expansion States* Excess and Surplus Lines • Opportunistic, profitable growth strategy • Expansion of capabilities and products Standard Personal Lines • Transition to mass-affluent well underway • Focusing where we believe our strong coverage and servicing capabilities will be more competitive • Better aligns our organizational capabilities with a market where we believe we can succeed over the long term Standard Commercial Lines Footprint 11 2025 Targeted Expansion States*

---

 

2024 Guidance 12 *As of July 18, 2024 101.5% GAAP combined ratio • 5.5 points of catastrophe losses • Assumes no additional prior year casualty reserve development After-tax net investment income of $360 million • Including $32 million of after-tax income from alternative investments Overall effective tax rate of approx. 21.0% • 20.5% effective tax rate on investments • 21.0% effective tax rate on all other items Weighted average diluted shares • 61.5 million

---

 

SEGMENT PERFORMANCE 13

---

 

Standard Commercial Lines 14 • Account-based approach with granular data and sophisticated tools to support underwriting decisions • Focus on maintaining underwriting discipline and price adequacy • Targeting renewal pure price increases in line with expected loss trend • Underwriting actions focused on underperforming areas 85% 7.8% 76% 80% 84% 88% 0% 4% 8% R et en ti on Pr ic in g Retention Renewal Pure Price CLIPS Pricing 79% of Net Premiums Written (“NPW”) $3.3 94.9% 70% 80% 90% 100% $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 C om bi ne d R at io N PW ($ in B ill io ns ) NPW GAAP Combined Ratio *Subject to regulatory approval CLIPS: Willis Towers Watson Commercial Lines Insurance Pricing Survey; 1H24 rate as of 1Q24 Footprint 2024 Targeted Expansion States* 2025 Targeted Expansion States* 108.9% Combined Ratio 13% NPW Growth 1H24

---

 

80% 85% 90% 95% 0% 4% 8% 12% 16% Excellent Above Average Average Below Average Low & Very Low Re ne w al P ur e Pr ic e Renewal Pure Price Point of Renewal Retention Po in t o f R en ew al R et en tio n Portfolio Approach Drives Business Mix Improvements 15 • Portfolio management approach yields higher retention and rate • Account-specific pricing, including: • Predictive modeling • Relative loss frequency and severity • Pricing deviation • Hazard and segment considerations Strong focus on providing our employees tools and technologies that enable more effective underwriting decision making Standard Commercial Lines Pricing by Retention Group % of Premium As of June 30, 2024 17% 16% 43% 17% 7% 16% 14% 44% Contractors 1% Bonds Manufacturing & Wholesale Community & Public Services 25% Mercantile & Services 2023 DPW Mix* *Standard Commercial Lines as of December 31, 2023

---

 

16 Excess & Surplus Lines • Profitable and growing portfolio of commercial risks • Small and middle market focus with $4,600 average premium per policyholder • Modernized technology platform • Approximately 2/3 casualty and 1/3 property • ~90 wholesale general agents with limited binding authority within prescribed underwriting and pricing guidelines $439 86.0% 70% 80% 90% 100% 110% $100 $200 $300 $400 $500 C om bi ne d R at io N PW ($ in m ill io ns ) NPW GAAP Combined Ratio 11% of Net Premiums Written 5.9% 0% 2% 4% 6% 8% R en ew al P ur e Pr ic e Renewal Pure Price 50 States & D.C. 91.2% Combined Ratio 31% NPW Growth 1H24

---

 

17 • Strategic shift to mass affluent target market underway • Strong existing product set and servicing capabilities • Aggressive profit improvement plan driven by accelerated pricing and tighter terms and conditions • Expect pressure on policy counts in 2024 due to rate and underwriting actions Standard Personal Lines 0.5% 1.0% 1.8% 3.4% 6.1% 8.9% 17.7% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% R en ew al P ur e Pr ic e 10% of Net Premiums Written $415 121.7% 70% 80% 90% 100% 110% 120% $100 $200 $300 $400 $500 C om bi ne d R at io N PW ( $ in m ill io ns ) NPW GAAP Combined Ratio 15 State Footprint 111.7% Combined Ratio 11% NPW Growth 1H24

---

 

Conservative Investment Portfolio 18 • Maximize risk-adjusted after-tax income and generate long-term growth in book value • Objectives balanced against prevailing market conditions and enterprise risk-taking capacity • Consistent strategy and risk appetite focused on increasing book yield as interest rates rose • 92% allocation to fixed income and short-term as of 6/30/24: • 3.9 year duration • AA- average credit rating • 10-14% target allocation for risk assets • Profitable growth within insurance operations drives long-term growth of invested assets Long-term investment philosophy and focus on managing risk $104 $310 8.6% 12.4% 0% 4% 8% 12% $- $100 $200 $300 $400 After-Tax NII Investment Operating ROE Investment Portfolio at 6/30/24 $4.8 $9.0 2.2% 3.9% 0% 1% 2% 3% 4% $4 $6 $8 $10 Th ou sa nd s Invested Assets After-Tax Portfolio Yield In ve st ed A ss et s ($ in b ill io ns ) Fixed Income 87% Short-Term 5%Equities 2% Alts & Other 6% A ft er -T ax P or tf ol io Y ie ld A ft er -T ax N et In ve st m en t In co m e ($ in m ill io ns ) O pe ra ti ng R et ur n on E qu it y $172M After-tax NII 12.5% ROE 1H24

---

 

FINANCIAL OVERVIEW 19

---

 

0 2 4 6 8 10 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F Po in ts o n th e C om bi ne d R at io 6.8% 5.5% Enterprise Risk Management 20 7% 4% 0% 10% 2023 2024 1-in-250 Probable Maximum Loss* as a % of GAAP Equity • Predominantly write low to medium hazard risks • 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 Impact of Catastrophe Losses on Combined Ratio *Single event hurricane losses are net of reinsurance, after tax, and reinstatement premiums as of 1/1/24; GAAP equity as of 12/31/23 Industry Source: © 2024 AM Best. Used with permission. SIGI Catastrophe Guidance as of July 18, 2024 Average premium per policyholder: Industry Average SIGI $17KStandard Commercial $4.6KExcess & Surplus $3KPersonal Lines

---

 

Prudent Reinsurance Structure 21 • 2024 property catastrophe treaty highlights: • $1.1B in excess of $100M retention • $417.5M in collateralized limit, all in the top layer of the program • 1-in-250 PML = 4% of GAAP equity • Property excess of loss treaty covers losses up to $65M in excess of $5M retention on a per risk basis • Casualty excess of loss treaty covers losses up to $88M in excess of $2M retention on a per occurrence basis • Co-participation of 17.5% on the first $3 million excess $2 million layer 2024 Property Catastrophe Program Retention: $100M $100M in excess of $100M $200M in excess of $200M $300M in excess of $400M $500M in excess of $700M 65% covered through Catastrophe Bond (3-year risk period) 100% Placed 100% Placed 100% Placed 100% Placed

---

 

Quarterly Reserve Review Strong reserve discipline facilitated by in- depth quarterly reserve reviews, semi-annual independent reviews, and independent year- end opinion 22 Disciplined Financial Planning and Reserving Practices 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

---

 

-20% -15% -10% -5% 0% 5% 10% 15% 20% 25% Selective Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 P&C Industry Pr io r Y ea rs D ev el op m en t a s % o f P Y C ar rie d R es er ve s 1997-2023 90%th Percentile 10%th Percentile Average Selective has exhibited less reserve development volatility than peers and the industry 2024 reserving actions 1-Year Reserve Development (% of Prior Carried Reserve)* 23 *Loss & Defense Cost Containment Expenses Source: Schedule P; S&P Capital IQ P&C peers: TRV, HIG, CNA, CINF, THG, and UFCS

---

 

Strong Capital Position 24 • Instituted $100 million share repurchase authorization in 2020 ̶ $84.2 million remained as of June 30, 2024 S&P: A Moody’s: A2Fitch: A+AM Best: A+ Financial Strength Ratings • Generated $759 million of operating cash flow in 2023 • Investing in organic growth is currently the most attractive capital deployment opportunity • NPW-to-Surplus ratio of 1.64x at June 30, 2024 • Target 20-25% dividend payout ratio over time ̶ Quarterly dividend increased 17%, to $0.35 per common share, as of Sept 30, 2023

---

 

Balancing Expense Discipline with Strategic Investments • Expect the expense ratio to finish the year about one point better than full year 2023. • Recent and current strategic investments include: • New platforms for Small Business and E&S • Claim system modernization • Geographic expansion • Customer experience • Areas for operational enhancements include: • Robotics and artificial intelligence • Talent development • Product innovation 25 33.0% 30.6% 28% 29% 30% 31% 32% 33% 34% 35% 36% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1H24

---

 

$22.54 $44.74 $0 $10 $20 $30 $40 $50 2014 2015 2016 2017 2018 2019 2020 2021 2022* 2023 B oo k Va lu e pe r S ha re Focus on ROE and Growth in Book Value Per Share* 26*Book value per share decreased 17% for 2022 compared to 2021 primarily due to increased net unrealized losses. Adjusted book value per share** increased 5% for 2022 compared to 2021. **Refer to “Safe Harbor Statement” on page 2 of this presentation for further detail regarding certain non-GAAP financial measures Generating non-GAAP operating ROE** in line with our long-term target Superior growth in book value per share Expected higher total shareholder returns over time 2Q24

---

 

-13.7% -5.0% -0.9% 6.1% 16.0% -2.4% 20.0% 40.8% 15.2% 15.6% 4.3% 15.3% 24.7% 15.0% 12.9% -20% -10% 0% 10% 20% 30% 40% 50% SIGI S&P Prop/Cas S&P 500 Long-Term Total Shareholder Return 27Note: Total shareholder return calculations are as of June 30, 2024 1 Year 5 Years 10 Years2Q 2024 YTD

---

 

PROGRESS THROUGH IMPACT 28

---

 

Our Approach to Sustainability 29 Our primary objectives are to: • 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 Sustainability initiatives are embedded into Selective's business. We aim to deliver significant value over time to our customers, distribution partners, employees, and shareholders. Key sustainability accomplishments: • Achieved an “AA” rating from MSCI • Completed a solar facility at corporate headquarters that can generate approximately 5M kWh of energy that we sell to others • Continue sharing our approach to climate-related risks and opportunities through the publication of our second Task Force on Climate-related Financial Disclosures

---

 

INVESTOR PRESENTATION July 18, 2024 Copyright © 2024 by Selective Insurance. All rights reserved.

---

 

Cover Document	Jul. 18, 2024
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 18, 2024
Entity File Number	001-33067
Entity Registrant Name	SELECTIVE INSURANCE GROUP, INC.
Entity Central Index Key	0000230557
Entity Tax Identification Number	22-2168890
Entity Incorporation, State or Country Code	NJ
Entity Address, Address Line One	40 Wantage Avenue
Entity Address, City or Town	Branchville
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07890
City Area Code	973
Local Phone Number	948-3000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $2 per share
Trading Symbol	SIGI
Security Exchange Name	NASDAQ
Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value
Trading Symbol	SIGIP
Security Exchange Name	NASDAQ

---