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

FORM 8-K

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

Date of Report (Date of earliest event reported)January 29, 2025

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

☐


Section 2 – Financial Information

Item 2.02.    Results of Operations and Financial Condition.

On January 29, 2025, Selective Insurance Group, Inc. (the “Company”) issued a press release announcing results for the fourth quarter ended December 31, 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 January 29, 2025
99.2    Financial Supplement, Fourth Quarter and Full Year 2024
99.3    Selective Insurance Group, Inc. Fourth Quarter 2024 Investor Presentation
104     The cover page from this Current Report on Form 8-K, formatted in Inline XBRL



SIGNATURES

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

SELECTIVE INSURANCE GROUP, INC.
Date:January 29, 2025By:/s/ Michael H. Lanza
Michael H. Lanza
Executive Vice President and General Counsel



Exhibit 99.1
image1a.gif

Selective Reports Fourth Quarter and Year-End 2024 Results

Fourth Quarter Net Income of $1.52 per Diluted Common Share and Non-GAAP Operating Income1 of $1.62 per
Diluted Common Share; Return on Common Equity ("ROE") of 12.7% and Non-GAAP Operating ROE1 of 13.5%

Full Year 2024 ROE of 7.0% and Non-GAAP Operating of ROE1 7.1%

In the fourth quarter of 2024:

•Net premiums written ("NPW") increased 10% from the fourth quarter of 2023;
•The GAAP combined ratio was 98.5%, compared to 93.7% in the fourth quarter of 2023;
•Commercial Lines renewal pure price increases averaged 8.8%, up 1.5 points from 7.3% in the fourth quarter of 2023;
•After-tax net investment income was $97 million, up 24% from the fourth quarter of 2023;
•Book value per common share was $47.99, down 2% from last quarter; and
•Adjusted book value per common share¹ was $52.10, up 3% from last quarter.
    
Branchville, NJ - January 29, 2025 - Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the fourth quarter ended December 31, 2024, with net income per diluted common share of $1.52 and non-GAAP operating income1 per diluted common share of $1.62. Return on common equity was 12.7% and non-GAAP operating ROE1 was 13.5%.

For the quarter, Selective reported a combined ratio of 98.5%. Net unfavorable prior year casualty reserve development of $100 million increased the combined ratio by 8.8 points. NPW increased 10% from a year ago driven by renewal pure price increases of 10.7%. Net investment income generated 13.2 points of annualized ROE in the quarter, increasing to $97 million after-tax, up 24% from a year ago.

For the year, Selective reported net income per diluted common share of $3.23 and non-GAAP operating income1 per diluted common share of $3.27. The 2024 combined ratio was 103.0% including prior year casualty reserve strengthening of $311 million, which increased the combined ratio by 7.1 points. NPW increased 12% with renewal pure price increases of 9.5%. After-tax net investment income was $363 million, up 17% from a year ago, and generated 12.8 points of ROE.

“Despite strong investment results, overall financial performance in 2024 did not meet our expectations. Within insurance operations, we delivered solid underlying profitability but took meaningful actions to strengthen casualty reserves in response to social inflation. We also increased Standard Commercial Lines renewal pure pricing, achieving 8.8% in the fourth quarter and 8.3% for the year. We continue to focus on returning our performance to the combination of growth and profitability investors expect of us and we expect of ourselves. With these pricing actions and our ability to manage renewal pure price and retention at a granular level, we are well positioned to capitalize on our competitive strengths. These include our unique field model, the strength of our distribution partner relationships, and our customer experience focus,” said John J. Marchioni, Chairman, President and Chief Executive Officer.

“In 2024, we advanced important strategic initiatives that position Selective for long-term, profitable growth. We exceeded $500 million of NPW in Excess & Surplus Lines, added five states to our Standard Commercial Lines operating footprint, and took significant actions to reposition and drive our Personal Lines business toward improved profitability,” concluded Mr. Marchioni.







1


Operating Highlights

Consolidated Financial ResultsQuarter ended December 31,ChangeYear-to-Date December 31, Change
$ and shares in millions, except per share data2024202320242023
Net premiums written$1,089.6 991.5 10 %$4,630.0 4,134.5 12 %
Net premiums earned1,133.0 1,001.2 13 4,376.4 3,827.6 14 
Net investment income earned122.8 98.6 25 457.1 388.7 18 
Net realized and unrealized gains (losses), pre-tax(8.0)5.4 (248)(2.9)(3.6)(17)
Total revenues1,256.4 1,110.7 13 4,861.7 4,232.1 15 
Net underwriting income (loss), after-tax13.3 50.2 (74)(104.7)104.9 (200)
Net investment income, after-tax97.3 78.4 24 362.6 309.5 17 
Net income (loss) available to common stockholders
93.2 122.5 (24)197.8 356.0 (44)
Non-GAAP operating income (loss)1
99.6 118.3 (16)200.1 358.8 (44)
Combined ratio98.5 %93.7 4.8 pts103.0 %96.5 6.5 pts
Loss and loss expense ratio67.8 62.4 5.4 72.3 64.9 7.4 
Underwriting expense ratio30.6 31.1 (0.5)30.6 31.4 (0.8)
Dividends to policyholders ratio0.1 0.2 (0.1)0.1 0.2 (0.1)
Net catastrophe losses(0.9)pts2.5 (3.4)6.5 pts6.4 0.1 
Non-catastrophe property losses and loss expenses15.7 17.2 (1.5)15.6 17.0 (1.4)
(Favorable) unfavorable prior year reserve development on casualty lines
8.8 1.0 7.8 7.1 (0.2)7.3 
Current year casualty loss costs
44.2 41.7 2.5 43.1 41.7 1.4 
Net income (loss) available to common stockholders per diluted common share
$1.52 2.01 (24)%$3.23 5.84 (45)%
Non-GAAP operating income (loss) per diluted common share1
1.62 1.94 (16)3.27 5.89 (44)
Weighted average diluted common shares61.361.0— 61.361.01 
Book value per common share$47.99 45.42 6 $47.99 45.42 6 
Adjusted book value per common share1
52.10 50.03 4 52.10 50.03 4 

Overall Insurance Operations

For the fourth quarter, overall NPW increased 10% from a year ago. Average renewal pure price increased 10.7%, up 3.3 points from a year ago. Our 98.5% combined ratio was 4.8 points higher than a year ago. We recorded $100 million of unfavorable prior year casualty reserve development driven by recent accident years in general liability and excess and surplus lines. This was partially offset by lower catastrophe and non-catastrophe property losses and a lower expense ratio. Overall, our insurance segments contributed 1.8 points of ROE in the fourth quarter of 2024.

Standard Commercial Lines Segment

For the fourth quarter, Standard Commercial Lines premiums (representing 76% of total NPW) grew 9% from a year ago. The premium growth reflected average renewal pure price increases of 8.8% and stable retention of 85%. The fourth quarter combined ratio was 100.2%, up 7.1 points from a year ago. This was driven by net unfavorable prior year casualty reserve development of $75 million, partially offset by lower catastrophe and non-catastrophe losses. The fourth quarter 2024 prior year casualty reserve development included unfavorable development of $100 million in general liability. This was partially offset by favorable development of $25 million in workers compensation.
2



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

Standard Commercial Lines SegmentQuarter ended December 31,ChangeYear-to-Date December 31, Change
$ in millions2024202320242023
Net premiums written $833.4 764.3 9 %$3,632.1 3,281.3 11 %
Net premiums earned884.6 792.1 12 3,447.6 3,071.8 12 
Combined ratio100.2 %93.1 7.1 pts104.2 %94.9 9.3 pts
Loss and loss expense ratio68.5 61.0 7.5 72.5 62.5 10.0 
Underwriting expense ratio31.6 31.9 (0.3)31.5 32.2 (0.7)
Dividends to policyholders ratio0.1 0.2 (0.1)0.2 0.2 — 
Net catastrophe losses(0.9)pts2.0 (2.9)5.3 pts4.9 0.4 
Non-catastrophe property losses and loss expenses14.0 15.4 (1.4)13.3 15.0 (1.7)
(Favorable) unfavorable prior year reserve development on casualty lines
8.5 0.6 7.9 8.3 (0.5)8.8 
Current year casualty loss costs
46.9 43.0 3.9 45.6 43.1 2.5 

Standard Personal Lines Segment

For the fourth quarter, Standard Personal Lines premiums (representing 10% of total NPW) decreased 3% from a year ago with renewal pure price of 27.3% and higher average policy sizes. Retention was 75%, down 12 points from a year ago, and new business decreased 49% due to deliberate profit improvement actions. The fourth quarter 2024 combined ratio decreased 25.2 points from a year ago to 91.7%. The improvement reflects the benefit of renewal pure price increases in recent quarters, along with lower catastrophe and non-catastrophe property losses.

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

Standard Personal Lines SegmentQuarter ended December 31,ChangeYear-to-Date December 31, Change
$ in millions2024202320242023
Net premiums written $103.6 107.0 (3)%$430.7 414.6 4 %
Net premiums earned107.1 101.0 6 424.9 365.2 16 
Combined ratio91.7 %116.9 (25.2)pts109.3 %121.7 (12.4)pts
Loss and loss expense ratio67.9 91.7 (23.8)85.8 96.7 (10.9)
Underwriting expense ratio23.8 25.2 (1.4)23.5 25.0 (1.5)
Net catastrophe losses1.0 pts9.1 (8.1)18.8 pts19.0 (0.2)
Non-catastrophe property losses and loss expenses36.3 42.4 (6.1)38.6 43.0 (4.4)
Unfavorable prior year reserve development on casualty lines
4.7 5.0 (0.3)1.2 3.8 (2.6)
Current year casualty loss costs
25.9 35.2 (9.3)27.2 30.9 (3.7)

3


Excess and Surplus Lines Segment

For the fourth quarter, Excess and Surplus Lines premiums (representing 14% of total NPW) increased 27% compared to the prior-year period, driven by new business growth of 29% and average renewal pure price increases of 8.2%. The fourth quarter 2024 combined ratio was 93.1%, up 16.9 points compared to a year ago. Unfavorable prior year casualty reserve development was $20 million, or 14.2 points on the combined ratio, compared to no prior year casualty reserve development a year ago.

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

Excess and Surplus Lines SegmentQuarter ended December 31,ChangeYear-to-Date December 31, Change
$ in millions2024202320242023
Net premiums written $152.6 120.2 27 %$567.2 438.6 29 %
Net premiums earned141.3 108.1 31 504.0 390.6 29 
Combined ratio93.1 %76.2 16.9 pts89.7 %86.0 3.7 pts
Loss and loss expense ratio63.6 45.9 17.7 59.2 54.3 4.9 
Underwriting expense ratio29.5 30.3 (0.8)30.5 31.7 (1.2)
Net catastrophe losses(2.0)pts(0.7)(1.3)4.6 pts6.3 (1.7)
Non-catastrophe property losses and loss expenses10.8 6.8 4.0 11.5 8.2 3.3 
(Favorable) prior year reserve development on casualty lines
14.2 — 14.2 4.0 (1.3)5.3 
Current year casualty loss costs
40.6 39.8 0.8 39.1 41.1 (2.0)

Investments Segment

For the fourth quarter, after-tax net investment income of $97 million was up 24% from a year ago. The after-tax income yield averaged 4.0% for the overall and fixed income securities portfolios. With this and invested assets per dollar of common stockholders' equity of $3.31 as of December 31, 2024, net investment income generated 13.2 points of annualized ROE.

Investments SegmentQuarter ended December 31,ChangeYear-to-Date December 31, Change
$ in millions, except per share data2024202320242023
Net investment income earned, after-tax$97.3 78.4 24 %$362.6 309.5 17 %
Net investment income per common share 1.59 1.29 23 5.92 5.08 17 
Effective tax rate20.7 %20.4 0.3 pts20.7 %20.4 0.3 pts
Average yields:
Portfolio:
Pre-tax5.1 4.7 0.4 5.0 4.7 0.3 
After-tax4.0 3.7 0.3 4.0 3.7 0.3 
Fixed income securities:
Pre-tax5.1 %5.1 — pts5.0 %4.9 0.1 pts
After-tax4.0 4.0 — 4.0 3.9 0.1 
Annualized ROE contribution13.2 12.1 1.1 12.8 12.4 0.4 

Balance Sheet

$ in millions, except per share dataDecember 31, 2024December 31, 2023Change
Total assets$13,514.2 11,802.5 15 %
Total investments 9,651.3 8,693.7 11 
Long-term debt507.9 503.9 1 
Stockholders’ equity3,120.1 2,954.4 6 
Common stockholders' equity2,920.1 2,754.4 6 
Invested assets per dollar of common stockholders’ equity3.31 3.16 5 
Net premiums written to policyholders' surplus1.60 1.51 6 
Book value per common share47.99 45.42 6 
Adjusted book value per common share1
52.10 50.03 4 
Debt to total capitalization14.0 %14.6 %(0.6)pts

Book value per common share increased by $2.57, or 6%, during 2024. The increase was primarily attributable to $3.23 of net income per diluted common share and a $0.47 decrease in after-tax net unrealized losses on our fixed income securities portfolio, partially offset by $1.43 in common stockholder dividends. The decrease in after-tax net unrealized losses on our
4


fixed income securities portfolio was primarily driven by a tightening of credit spreads, partially offset by an increase in interest rates. In the fourth quarter of 2024, the Company did not repurchase any shares of common stock. During 2024, the company repurchased 103,000 shares of common stock at an average price of $84.34 for $8.7 million. Capacity under the existing repurchase authorization was $75.5 million as of December 31, 2024.

Selective's Board of Directors declared:

•    A quarterly cash dividend on common stock of $0.38 per common share that is payable March 3, 2025, to holders of record on February 14, 2025; and
•    A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on March 17, 2025, to holders of record as of February 28, 2025.

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

•A GAAP combined ratio of 96% to 97%, including net catastrophe losses of 6 points. Our combined ratio estimate assumes no prior year casualty reserve development;
•After-tax net investment income of $405 million;
•An overall effective tax rate of 21.5%; 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 will be simulcast at 8:30 AM ET, on Thursday, January 30, 2025, on www.Selective.com. The webcast will be available for rebroadcast until the close of business on February 28, 2025.

About Selective Insurance Group, Inc.
Selective Insurance Group, Inc. (Nasdaq: SIGI) is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard 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.

5


Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss)
$ in millionsQuarter ended December 31,Year-to-Date December 31,
2024202320242023
Net income (loss) available to common stockholders
$93.2 122.5 197.8 356.0 
Net realized and unrealized investment (gains) losses included in net income, before tax8.0 (5.4)2.9 3.6 
Tax on reconciling items(1.7)1.1 (0.6)(0.7)
Non-GAAP operating income (loss)
$99.6 118.3 200.1 358.8 

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 December 31,Year-to-Date December 31,
2024202320242023
Net income (loss) available to common stockholders per diluted common share
$1.52 2.01 3.23 5.84 
Net realized and unrealized investment (gains) losses included in net income, before tax0.13 (0.09)0.05 0.06 
Tax on reconciling items(0.03)0.02 (0.01)(0.01)
Non-GAAP operating income (loss) per diluted common share
$1.62 1.94 3.27 5.89 

Reconciliation of Return on Common Equity to Non-GAAP Operating Return on Common Equity
Quarter ended December 31,Year-to-Date December 31,
2024202320242023
Return on Common Equity12.7 %18.9 7.0 14.3 
Net realized and unrealized investment (gains) losses included in net income, before tax1.1 (0.8)0.1 0.1 
Tax on reconciling items(0.3)0.1 — — 
Non-GAAP Operating Return on Common Equity13.5 %18.2 7.1 14.4 

Reconciliation of Book Value per Common Share to Adjusted Book Value per Common Share
Quarter ended December 31,Year-to-Date December 31,
2024202320242023
Book value per common share$47.99 45.42 47.99 45.42 
Total unrealized investment (gains) losses included in accumulated other comprehensive (loss) income, before tax5.21 5.83 5.21 5.83 
Tax on reconciling items(1.10)(1.22)(1.10)(1.22)
Adjusted book value per common share$52.10 50.03 52.10 50.03 

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 development and 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 rulings, conditions or actions, including the impact of social inflation;
•The significant geographic concentration of our business in the eastern portion of the United States;
•The cost, terms and conditions, and availability of reinsurance;
•Our ability to collect on reinsurance and the solvency of our reinsurers;
•The impact of changes in U.S. trade policies and imposition of tariffs on imports that may lead to higher than anticipated inflationary trends for our loss and loss expenses;
•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
Brad.Wilson@Selective.com
Media Contact:
Jamie M. Beal
973-948-1234
Jamie.Beal@Selective.com
Selective Insurance Group, Inc.
40 Wantage Avenue
Branchville, New Jersey 07890
www.Selective.com
7


Exhibit 99.2















selectiveinsurancergb.jpg


FINANCIAL SUPPLEMENT
FOURTH QUARTER AND FULL YEAR 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 development and 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 rulings, conditions or actions, including the impact of social inflation;
•The significant geographic concentration of our business in the eastern portion of the United States;
•The cost, terms and conditions, and availability of reinsurance;
•Our ability to collect on reinsurance and the solvency of our reinsurers;
•The impact of changes in U.S. trade policies and imposition of tariffs on imports that may lead to higher than anticipated inflationary trends for our loss and loss expenses;
•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
Consolidated Statements of Operations
Consolidated Balance Sheets
Financial Metrics
Consolidated Insurance Operations Statement of Operations
Standard Commercial Lines Statement of Operations and Supplemental Data
Standard Commercial Lines GAAP Line of Business Results
Standard Personal Lines Statement of Operations and Supplemental Data
Standard Personal Lines GAAP Line of Business Results
Excess and Surplus Lines Statement of Operations and Supplemental Data
Excess and Surplus Lines GAAP Line of Business Results
Consolidated Investment Income
Consolidated Composition of Invested Assets
Credit Quality of Invested Assets
Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) and Certain Other Non-GAAP Measures
Ratings and Contact Information




Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)

Quarter endedYear-to-date
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,Dec. 31,Dec. 31,
($ and shares in millions, except per share data)2024202420242024202320242023
For Period Ended
Gross premiums written$1,275.9 1,343.1 1,406.2 1,321.9 1,149.7 5,347.0 4,749.5 
Net premiums written1,089.6 1,157.6 1,226.1 1,156.6 991.5 4,630.0 4,134.5 
Change in net premiums written, from comparable prior year period10 %9 13 16 17 12 16 
Underwriting income (loss), before-tax$16.8 5.3 (173.7)19.0 63.6 (132.6)132.8 
Net investment income earned, before-tax122.8 117.8 108.6 107.8 98.6 457.1 388.7 
Net realized and unrealized investment gains (losses), before-tax(8.0)5.4 1.3 (1.6)5.4 (2.9)(3.6)
Net income (loss)
$95.5 92.3 (63.3)82.5 124.8 207.0 365.2 
Net income (loss) available to common stockholders(1)
93.2 90.0 (65.6)80.2 122.5 197.8 356.0 
Non-GAAP operating income (loss)(2)
99.6 85.7 (66.6)81.5 118.3 200.1 358.8 
At Period End
Total assets13,514.2 13,473.1 12,565.5 12,056.1 11,802.5 13,514.2 11,802.5 
Total invested assets9,651.3 9,635.3 9,021.8 8,745.7 8,693.7 9,651.3 8,693.7 
Stockholders' equity3,120.1 3,167.8 2,922.7 3,006.5 2,954.4 3,120.1 2,954.4 
Common stockholders' equity(3)
2,920.1 2,967.8 2,722.7 2,806.5 2,754.4 2,920.1 2,754.4 
Common shares outstanding60.8 60.8 60.9 60.8 60.6 60.8 60.6 
Per Share and Share Data
Net income (loss) available to common stockholders per common share (diluted)
$1.52 1.47 (1.08)1.31 2.01 3.23 5.84 
Non-GAAP operating income (loss) per common share (diluted)(2)
1.62 1.40 (1.10)1.33 1.94 3.27 5.89 
Weighted average common shares outstanding (diluted)61.3 61.3 60.9 61.2 61.0 61.3 61.0 
Book value per common share$47.99 48.82 44.74 46.17 45.42 47.99 45.42 
Adjusted book value per common share(2)
52.10 50.80 49.67 50.97 50.03 52.10 50.03 
Dividends paid per common share0.38 0.35 0.35 0.35 0.35 1.43 1.25 
Financial Ratios
Loss and loss expense ratio67.8 %68.8 85.7 67.0 62.4 72.3 64.9 
Underwriting expense ratio30.6 30.6 30.3 30.9 31.1 30.6 31.4 
Dividends to policyholders ratio0.1 0.1 0.1 0.3 0.2 0.1 0.2 
GAAP combined ratio98.5 %99.5 116.1 98.2 93.7 103.0 96.5 
Return on common stockholders' equity ("ROE")12.7 12.6 (9.5)11.5 18.9 7.0 14.3 
Non-GAAP operating ROE(2)
13.5 12.1 (9.6)11.7 18.2 7.1 14.4 
Debt to total capitalization14.0 13.8 14.8 14.3 14.6 14.0 14.6 
Net premiums written to policyholders' surplus1.60 1.63 1.64 1.55 1.51 1.60 1.51 
Invested assets per dollar of common stockholders' equity$3.31 3.25 3.31 3.12 3.16 3.31 3.16 
(1)
Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends.
(2)
Non-GAAP measure. Refer to Page 15 for definition.
(3)
Excludes equity related to preferred stock.
Page 1

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Quarter endedYear-to-date
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,Dec. 31,Dec. 31,
($ and shares in millions, except per share data)2024202420242024202320242023
Revenues
Net premiums earned$1,133.0 1,112.2 1,080.2 1,050.9 1,001.2 $4,376.4 3,827.6 
Net investment income earned122.8 117.8 108.6 107.8 98.6 457.1 388.7 
Net realized and unrealized gains (losses)(8.0)5.4 1.3 (1.6)5.4 (2.9)(3.6)
Other income8.5 8.9 5.8 7.8 5.5 31.1 19.4 
Total revenues1,256.4 1,244.3 1,196.0 1,165.0 1,110.7 4,861.7 4,232.1 
Expenses
Loss and loss expense incurred769.0765.7 925.5 704.3 624.8 3,164.5 2,484.3 
Amortization of deferred policy acquisition costs241.0235.6 226.4 219.4 210.5 922.4796.2 
Other insurance expenses114.8114.7 107.8 116.0 107.8 453.2433.7 
Interest expense7.27.3 7.2 7.2 7.2 28.928.8 
Corporate expenses5.34.7 9.2 15.5 3.4 34.630.7 
Total expenses1,137.3 1,127.8 1,276.1 1,062.4 953.7 4,603.6 3,773.7 
Income (loss) before federal income tax
$119.1 116.5 (80.1)102.6 157.0 258.0458.4 
Federal income tax expense (benefit)
23.5 24.2 (16.8)20.0 32.1 51.0 93.2 
Net Income (loss)
$95.5 92.3 (63.3)82.5 124.8 207.0365.2 
Preferred stock dividends2.32.3 2.3 2.3 2.3 9.29.2 
Net income (loss) available to common stockholders
$93.2 90.0 (65.6)80.2 122.5 197.8356.0
Net realized and unrealized investment (gains) losses, after tax(1)
6.3 (4.3)(1.0)1.3 (4.3)2.3 2.8 
Non-GAAP operating income (loss)(2)
$99.6 85.7 (66.6)81.5 118.2 $200.1 358.7 
Weighted average common shares outstanding (diluted)61.361.3 60.9 61.2 61.0 61.361.0 
Net income (loss) available to common stockholders per common share (diluted)
$1.52 1.47 (1.08)1.31 2.01 $3.23 5.84 
Non-GAAP operating income (loss) per common share (diluted)(2)
$1.62 1.40 (1.10)1.33 1.94 $3.27 5.89 
(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)

Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
($ in millions, except per share data)20242024202420242023
ASSETS
Investments
Fixed income securities, held-to-maturity, net of allowance for credit losses$25.4 22.0 19.5 20.3 22.7 
Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses8,127.3 8,088.6 7,669.0 7,583.5 7,499.2 
Commercial mortgage loans, net of allowance for credit losses233.7 223.6 219.5 208.0 188.4 
Equity securities, at fair value213.6 205.6 192.0 194.3 187.2 
Short-term investments509.3 561.0 417.3 247.9 309.3 
Alternative investments440.9 432.0 414.8 402.7 395.8 
Other investments101.1 102.5 89.7 89.0 91.2 
Total investments

9,651.3 9,635.3 9,021.8 8,745.7 8,693.7 
Cash0.1 0.1 0.2 0.1 0.2 
Restricted cash62.9 12.6 10.7 11.7 13.1 
Accrued investment income76.9 73.8 72.3 68.0 66.3 
Premiums receivable, net of allowance for credit losses1,467.8 1,531.9 1,579.7 1,439.1 1,313.1 
Reinsurance recoverable, net of allowance for credit losses1,061.1 1,057.3 685.6 651.4 656.8 
Prepaid reinsurance premiums235.4 230.7 219.8 208.0 203.3 
Current federal income tax— 13.0 38.6 — — 
Deferred federal income tax146.8 100.7 145.9 144.7 140.2 
Property and equipment, net of accumulated depreciation and amortization93.3 92.2 89.2 82.7 83.3 
Deferred policy acquisition costs479.3 488.5 476.5 448.3 424.9 
Goodwill7.8 7.8 7.8 7.8 7.8 
Other assets231.4 229.1 217.4 248.5 199.8 
Total assets$13,514.2 13,473.1 12,565.5 12,056.1 11,802.5 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense$6,589.8 6,452.0 5,903.5 5,501.8 5,336.9 
Unearned premiums2,616.3 2,655.0 2,598.7 2,441.0 2,330.7 
Long-term debt507.9 508.2 508.8 503.3 503.9 
Current federal income tax19.7 — — 26.5 6.3 
Accrued salaries and benefits121.7 113.5 92.6 97.9 122.0 
Other liabilities538.7 576.6 539.2 479.1 548.4 
Total liabilities
$10,394.1 10,305.3 9,642.8 9,049.6 8,848.2 
Stockholders' Equity
Preferred stock of $0 par value per share$200.0 200.0 200.0 200.0 200.0 
Common stock of $2 par value per share211.2 211.1 211.0 210.9 210.4 
Additional paid-in capital557.0 549.8 545.3 534.3 522.7 
Retained earnings3,139.5 3,069.6 3,001.1 3,088.2 3,029.4 
Accumulated other comprehensive income (loss)
(336.8)(211.9)(392.7)(385.0)(373.0)
Treasury stock, at cost(650.8)(650.7)(641.9)(641.9)(635.2)
Total stockholders' equity$3,120.1 3,167.8 2,922.7 3,006.5 2,954.4 
Commitments and contingencies
Total liabilities and stockholders' equity$13,514.2 13,473.1 12,565.5 12,056.1 11,802.5 
Note: Amounts may not foot due to rounding.
Page 3

Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS
(Unaudited)

Quarter endedYear-to-date
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,Dec. 31,Dec. 31,
($ and shares in millions, except per share data)2024202420242024202320242023
Book value per common share
Common stockholders' equity$2,920.1 2,967.8 2,722.7 2,806.5 2,754.4 2,920.1 2,754.4 
Common shares issued and outstanding, at period end60.8 60.8 60.9 60.8 60.6 60.8 60.6 
Book value per common share$47.99 48.82 44.74 46.17 45.42 47.99 45.42 
Adjusted book value per common share(2)
52.10 50.80 49.67 50.97 50.03 52.10 50.03 
Financial results (after-tax)
Underwriting income (loss)13.3 4.1 (137.2)15.0 50.2 (104.7)104.9 
Net investment income97.3 93.4 86.3 85.6 78.4 362.6 309.5 
Interest expense and preferred stock dividends(8.0)(8.0)(8.0)(8.0)(8.0)(32.0)(32.0)
Corporate expense(3.0)(3.8)(7.7)(11.2)(2.4)(25.7)(23.7)
Net realized and unrealized investment gains (losses)(6.3)4.3 1.0 (1.3)4.3 (2.3)(2.8)
Total after-tax net income (loss) available to common stockholders
93.2 90.0 (65.6)80.2 122.5 197.8 356.0 
Return on average equity
Insurance segments1.8 0.6 (19.9)2.2 7.7 (3.7)4.2 
Net investment income13.2 13.1 12.5 12.3 12.1 12.8 12.4 
Interest expense and preferred stock dividends(1.1)(1.1)(1.2)(1.1)(1.2)(1.1)(1.3)
Corporate expense(0.4)(0.5)(1.0)(1.7)(0.4)(0.9)(0.9)
Net realized and unrealized investment gains (losses)(0.8)0.5 0.1 (0.2)0.7 (0.1)(0.1)
ROE12.7 12.6 (9.5)11.5 18.9 7.0 14.3 
Net realized and unrealized (gains) losses(1)
0.8 (0.5)(0.1)0.2 (0.7)0.1 0.1 
Non-GAAP Operating ROE(2)
13.5 12.1 (9.6)11.7 18.2 7.1 14.4 
Debt and total capitalization
Notes payable:
3.03% Borrowings from Federal Home Loan Bank of Indianapolis60.0 60.0 60.0 60.0 60.0 60.0 60.0 
7.25% Senior Notes49.8 49.8 49.8 49.8 49.8 49.8 49.8 
6.70% Senior Notes99.4 99.4 99.4 99.4 99.3 99.4 99.3 
5.375% Senior Notes292.4 292.4 292.3 292.2 292.2 292.4 292.2 
Finance Lease Obligations6.3 6.7 7.3 1.9 2.6 6.3 2.6 
Total debt507.9 508.2 508.8 503.3 503.9 507.9 503.9 
Stockholders' equity3,120.1 3,167.8 2,922.7 3,006.5 2,954.4 3,120.1 2,954.4 
Total capitalization$3,628.0 3,676.0 3,431.5 3,509.8 3,458.3 3,628.0 3,458.3 
Ratio of debt to total capitalization14.0 13.8 14.8 14.3 14.6 14.0 14.6 
Policyholders' surplus$2,902.8 2,787.5 2,698.8 2,777.3 2,742.3 2,902.8 2,742.3 
(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 endedYear-to-date
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,Dec. 31,Dec. 31,
($ in millions)2024202420242024202320242023
Underwriting results
Net premiums written$1,089.6 1,157.6 1,226.1 1,156.6 991.5 4,630.0 4,134.5 
Change in net premiums written, from comparable prior year period10 %9 13 16 17 12 16 
Net premiums earned$1,133.0 1,112.2 1,080.2 1,050.9 1,001.2 4,376.4 3,827.6 
Losses and loss expenses incurred769.0 765.7 925.5 704.3 624.8 3,164.5 2,484.3 
Net underwriting expenses incurred346.4 340.0 327.3 324.4 311.1 1,338.0 1,203.8 
Dividends to policyholders0.8 1.4 1.1 3.3 1.8 6.5 6.8 
GAAP underwriting income (loss)$16.8 5.3 (173.7)19.0 63.6 (132.6)132.8 
Net catastrophe losses$(10.1)148.8 90.5 55.2 24.6 284.5 244.5 
(Favorable) unfavorable prior year casualty reserve development100.0 — 176.0 35.0 10.0 311.0 (6.5)
Underwriting ratios
Loss and loss expense ratio67.8 %68.8 85.7 67.0 62.4 72.3 64.9 
Underwriting expense ratio30.6 30.6 30.3 30.9 31.1 30.6 31.4 
Dividends to policyholders ratio0.1 0.1 0.1 0.3 0.2 0.1 0.2 
Combined ratio98.5 %99.5 116.1 98.2 93.7 103.0 96.5 
Net catastrophe losses(0.9)pts13.4 8.4 5.3 2.5 6.5 6.4 
(Favorable) unfavorable prior year casualty reserve development8.8 — 16.3 3.3 1.0 7.1 (0.2)
Combined ratio before net catastrophe losses99.4 %86.1 107.7 92.9 91.2 96.5 90.1 
Combined ratio before net catastrophe losses and prior year casualty development90.6 %86.1 91.4 89.6 90.2 89.4 90.3 
Other Statistics
Non-catastrophe property loss and loss expenses$178.2 146.7 185.5 171.2 172.1 681.6 650.4 
Non-catastrophe property loss and loss expenses15.7 pts13.2 17.2 16.3 17.2 15.6 17.0 
Direct new business$232.0 234.2 267.4 260.8 232.7 994.3 923.5 
Renewal pure price increases10.7%10.5 9.1 8.1 7.4 9.5 6.8 
Note: Amounts may not foot due to rounding.

Page 5

Selective Insurance Group, Inc. & Consolidated Subsidiaries

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

Quarter endedYear-to-date
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,Dec. 31,Dec. 31,
($ in millions)2024202420242024202320242023
Underwriting results
Net premiums written$833.4 903.9 963.1 931.7 764.3 3,632.1 3,281.3 
Change in net premiums written, from comparable prior year period9 %8 11 15 13 11 13 
Net premiums earned$884.6 875.4 853.5 834.1 792.1 3,447.6 3,071.8 
Losses and loss expenses incurred606.3 591.6 748.0 555.8 482.6 2,501.6 1,919.2 
Net underwriting expenses incurred279.3 275.1 265.4 264.6 252.9 1,084.4 988.5 
Dividends to policyholders0.8 1.4 1.1 3.3 1.8 6.5 6.8 
GAAP underwriting income (loss)$(1.8)7.3 (160.9)10.4 54.9 (145.0)157.3 
Net catastrophe losses$(8.2)100.4 50.9 38.5 16.1 181.5 150.5 
(Favorable) unfavorable prior year casualty reserve development75.0 — 176.0 35.0 5.0 286.0 (15.5)
Underwriting ratios
Loss and loss expense ratio68.5 %67.6 87.6 66.7 61.0 72.5 62.5 
Underwriting expense ratio31.6 31.4 31.1 31.7 31.9 31.5 32.2 
Dividends to policyholders ratio0.1 0.2 0.1 0.4 0.2 0.2 0.2 
Combined ratio100.2 %99.2 118.8 98.8 93.1 104.2 94.9 
Net catastrophe losses(0.9)pts11.5 6.0 4.6 2.0 5.3 4.9 
(Favorable) unfavorable prior year casualty reserve development8.5 — 20.6 4.2 0.6 8.3 (0.5)
Combined ratio before net catastrophe losses101.1 %87.7 112.8 94.2 91.1 98.9 90.0 
Combined ratio before net catastrophe losses and prior year casualty development92.6 %87.7 92.2 90.0 90.5 90.6 90.5 
Other Statistics
Non-catastrophe property loss and loss expenses$124.1 95.9 124.5 115.0 122.0 459.5 461.6 
Non-catastrophe property loss and loss expenses14.0 pts11.0 14.6 13.8 15.4 13.3 15.0 
Direct new business$139.5 139.2 168.4 172.1 145.2 619.1 597.5 
Renewal pure price increases8.8 %9.1 7.9 7.6 7.3 8.3 7.0 
Retention85 86 85 86 86 85 85 
Note: Amounts may not foot due to rounding.

Page 6

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter ended December 31, 2024Quarter ended December 31, 2023
GeneralCommercialCommercialWorkersGeneralCommercialCommercialWorkers
($ in millions)LiabilityAuto
Property(1)
CompensationBOPBondsOtherTotalLiabilityAuto
Property(1)
CompensationBOPBondsOtherTotal
Net premiums written$265.0 257.3 174.6 66.1 50.2 12.2 8.0 833.4 248.2 226.8 154.9 73.5 42.7 10.7 7.4 764.3 
Net premiums earned285.3 276.8 180.6 76.3 44.7 12.7 8.1 884.6 261.0 239.1 157.1 79.1 37.0 11.5 7.4 792.1 
Loss and loss expense ratio108.7 %67.7 23.6 37.1 76.6 27.3 (0.5)68.5 77.4 73.1 48.9 3.7 62.9 25.6 (0.5)61.0 
Underwriting expense ratio31.1 28.9 34.8 26.3 37.3 55.3 49.3 31.6 31.4 29.0 35.4 27.1 38.7 57.6 48.7 31.9 
Dividend ratio— — 0.1 0.6 — — 0.1 0.1 0.1 0.2 0.3 0.5 — — 0.2 0.2 
Combined ratio139.8 %96.6 58.5 64.0 113.9 82.6 48.9 100.2 108.9 102.3 84.6 31.3 101.6 83.2 48.4 93.1 
Underwriting income (loss)$(113.7)9.3 74.9 27.5 (6.2)2.2 4.1 (1.8)(23.3)(5.5)24.1 54.3 (0.6)1.9 3.8 54.9 
Year-to-Date December 31, 2024Year-to-Date December 31, 2023
GeneralCommercialCommercialWorkersGeneralCommercialCommercialWorkers
($ in millions)LiabilityAuto
Property(1)
CompensationBOPBondsOtherTotalLiabilityAuto
Property(1)
CompensationBOPBondsOtherTotal
Net premiums written$1,183.2 1,121.5 739.5 320.6 183.0 51.7 32.6 3,632.1 1,087.1 976.9 648.8 338.1 152.9 47.4 30.2 3,281.3 
Net premiums earned1,125.5 1,058.2 685.6 327.7 169.3 49.7 31.5 3,447.6 1,020.4 916.1 586.3 333.7 140.5 46.2 28.6 3,071.8 
Loss and loss expense ratio95.1 %70.5 57.0 55.7 60.8 17.4 0.3 72.5 61.4 73.8 61.6 43.9 69.5 24.9 (0.1)62.5 
Underwriting expense ratio31.1 29.2 35.0 25.7 34.5 56.3 48.0 31.5 31.6 29.8 36.4 26.3 36.5 56.9 50.8 32.2 
Dividend ratio0.1 0.1 0.2 1.0 — — — 0.2 0.1 0.1 0.2 1.2 — — 0.1 0.2 
Combined ratio126.3 %99.8 92.2 82.4 95.3 73.7 48.3 104.2 93.1 103.7 98.2 71.4 106.0 81.8 50.8 94.9 
Underwriting income (loss)$(295.9)2.5 53.3 57.7 8.0 13.1 16.3 (145.0)70.8 (33.7)10.8 95.4 (8.4)8.4 14.1 157.3 
(1) Includes Inland Marine.
Note: Amounts may not foot due to rounding.

Page 7

Selective Insurance Group, Inc. & Consolidated Subsidiaries

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

Quarter endedYear-to-date
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,Dec. 31,Dec. 31,
($ in millions)2024202420242024202320242023
Underwriting results
Net premiums written$103.6 111.0 116.1 99.9 107.0 430.7 414.6 
Change in net premiums written, from comparable prior year period(3)%(2)6 17 27 4 30 
Net premiums earned$107.1 107.5 106.4 103.8 101.0 424.9 365.2 
Losses and loss expenses incurred72.7 106.1 101.4 84.3 92.5 364.6 353.2 
Net underwriting expenses incurred25.5 25.2 24.3 24.8 25.5 99.8 91.3 
GAAP underwriting income (loss)$8.9 (23.8)(19.3)(5.3)(17.0)(39.5)(79.3)
Net catastrophe losses$1.0 41.7 25.4 11.8 9.2 80.0 69.3 
(Favorable) unfavorable prior year casualty reserve development5.0 — — — 5.0 5.0 14.0 
Underwriting ratios
Loss and loss expense ratio67.9 %98.7 95.3 81.2 91.7 85.8 96.7 
Underwriting expense ratio23.8 23.4 22.8 23.9 25.2 23.5 25.0 
Combined ratio91.7 %122.1 118.1 105.1 116.9 109.3 121.7 
Net catastrophe losses1.0 pts38.8 23.9 11.4 9.1 18.8 19.0 
(Favorable) unfavorable prior year casualty reserve development4.7 — — — 5.0 1.2 3.8 
Combined ratio before net catastrophe losses90.7 %83.3 94.2 93.7 107.8 90.5 102.7 
Combined ratio before net catastrophe losses and prior year casualty development86.0 %83.3 94.2 93.7 102.8 89.3 98.9 
Other Statistics
Non-catastrophe property loss and loss expenses$38.9 38.0 45.4 41.9 42.8 164.0 156.9 
Non-catastrophe property loss and loss expenses36.3 pts35.3 42.6 40.3 42.4 38.6 43.0 
Direct new business$13.3 16.0 22.0 21.3 26.0 72.6 116.5 
Renewal pure price increases27.3 %22.8 20.7 14.3 8.9 20.6 5.2 
Retention75 75 78 83 87 77 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 December 31, 2024Quarter ended December 31, 2023
PersonalPersonal
($ in millions)AutoHomeownersOtherTotalAutoHomeownersOtherTotal
Net premiums written$50.3 49.4 4.0 103.6 56.6 46.7 3.7 107.0 
Net premiums earned55.0 48.2 3.9 107.1 55.0 42.7 3.3 101.0 
Loss and loss expense ratio94.3 %43.8 (7.9)67.9 107.4 75.6 37.0 91.7 
Underwriting expense ratio25.4 28.4 (57.2)23.8 27.1 28.7 (51.1)25.2 
Combined ratio119.7 %72.2 (65.1)91.7 134.5 104.3 (14.1)116.9 
Underwriting income (loss)$(10.8)13.4 6.4 8.9 (18.9)(1.8)3.8 (17.0)
Year-to-Date December 31, 2024Year-to-Date December 31, 2023
PersonalPersonal
($ in millions)AutoHomeownersOtherTotalAutoHomeownersOtherTotal
Net premiums written$219.0 197.9 13.8 430.7 224.9 177.6 12.1 414.6 
Net premiums earned226.1 185.7 13.1 424.9 200.0 154.8 10.4 365.2 
Loss and loss expense ratio89.1 %89.0 (13.9)85.8 97.9 99.7 28.9 96.7 
Underwriting expense ratio25.1 28.1 (70.8)23.5 28.1 28.9 (93.3)25.0 
Combined ratio114.2 %117.1 (84.7)109.3 126.0 128.6 (64.4)121.7 
Underwriting income (loss)$(32.1)(31.7)24.2 (39.5)(52.0)(44.3)17.0 (79.3)
Note: Amounts may not foot due to rounding.

Page 9

Selective Insurance Group, Inc. & Consolidated Subsidiaries

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

Quarter endedYear-to-date
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,Dec. 31,Dec. 31,
($ in millions)2024202420242024202320242023
Underwriting results
Net premiums written$152.6 142.7 146.8 125.0 120.2 567.2 438.6 
Change in net premiums written, from comparable prior year period27 %28 39 24 36 29 24 
Net premiums earned$141.3 129.3 120.3 113.0 108.1 504.0 390.6 
Losses and loss expenses incurred90.0 68.0 76.2 64.1 49.7 298.3 211.9 
Net underwriting expenses incurred41.6 39.6 37.7 34.9 32.7 153.8 124.0 
GAAP underwriting income (loss)$9.7 21.7 6.5 14.0 25.7 51.9 54.8 
Net catastrophe losses$(2.9)6.7 14.3 4.9 (0.7)23.0 24.7 
(Favorable) unfavorable prior year casualty reserve development20.0 — — — — 20.0 (5.0)
Underwriting ratios
Loss and loss expense ratio63.6 %52.5 63.3 56.7 45.9 59.2 54.3 
Underwriting expense ratio29.5 30.7 31.3 30.9 30.3 30.5 31.7 
Combined ratio93.1 %83.2 94.6 87.6 76.2 89.7 86.0 
Net catastrophe losses(2.0)pts5.2 11.9 4.3 (0.7)4.6 6.3 
(Favorable) unfavorable prior year casualty reserve development14.2 — — — — 4.0 (1.3)
Combined ratio before net catastrophe losses95.1 %78.0 82.7 83.3 76.9 85.1 79.7 
Combined ratio before net catastrophe losses and prior year casualty development80.9 %78.0 82.7 83.3 76.9 81.1 81.0 
Other Statistics
Non-catastrophe property loss and loss expenses$15.2 12.9 15.6 14.3 7.3 58.0 31.9 
Non-catastrophe property loss and loss expenses10.8 pts10.0 13.0 12.6 6.8 11.5 8.2 
Direct new business$79.1 79.0 77.0 67.4 61.5 302.6 209.5 
Renewal pure price increases8.2 %8.0 6.4 5.2 6.1 7.2 6.9 
Note: Amounts may not foot due to rounding.

Page 10

Selective Insurance Group, Inc. & Consolidated Subsidiaries

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

Quarter ended December 31, 2024Quarter ended December 31, 2023
($ in millions)CasualtyPropertyTotalCasualtyPropertyTotal
Net premiums written$88.8 63.8 152.6 73.7 46.5 120.2 
Net premiums earned84.9 56.4 141.3 70.5 37.6 108.1 
Loss and loss expense ratio91.5 %21.9 63.6 61.1 17.6 45.9 
Underwriting expense ratio29.5 29.4 29.5 29.6 31.4 30.3 
Combined ratio121.0 %51.3 93.1 90.7 49.0 76.2 
Underwriting income (loss)$(17.8)27.5 9.7 6.5 19.2 25.7 
Year-to-Date December 31, 2024Year-to-Date December 31, 2023
($ in millions)CasualtyPropertyTotalCasualtyPropertyTotal
Net premiums written$335.9 231.3 567.2 280.6 158.0 438.6 
Net premiums earned307.9 196.1 504.0 261.1 129.5 390.6 
Loss and loss expense ratio70.6 %41.3 59.2 59.5 43.7 54.3 
Underwriting expense ratio30.8 30.0 30.5 31.3 32.6 31.7 
Combined ratio101.4 %71.3 89.7 90.8 76.3 86.0 
Underwriting income (loss)$(4.3)56.2 51.9 24.1 30.6 54.8 
Note: Amounts may not foot due to rounding.


Page 11

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INVESTMENT INCOME
(Unaudited)

Quarter endedYear-to-date
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,Dec. 31,Dec. 31,
($ in millions)2024202420242024202320242023
Net investment income
Fixed income securities
Taxable$100.9 96.4 91.5 91.4 88.8 380.2 331.1 
Tax-exempt1.8 2.1 2.4 2.7 3.1 9.0 14.7 
Total fixed income securities102.7 98.5 93.9 94.1 91.9 389.2 345.9 
Commercial mortgage loans3.3 3.2 3.1 2.8 2.7 12.4 9.3 
Equity securities6.1 5.4 1.9 4.9 3.9 18.3 9.4 
Alternative investments10.6 9.0 10.5 6.9 1.1 37.1 26.8 
Other investments0.2 0.3 0.1 0.3 0.1 0.9 0.7 
Short-term investments5.6 6.5 4.7 3.5 3.3 20.3 14.8 
Investment income128.6 122.8 114.3 112.5 103.0 478.1 406.9 
Investment expenses(5.8)(5.0)(5.6)(4.6)(4.4)(21.1)(18.2)
Investment tax expense(25.5)(24.4)(22.4)(22.2)(20.1)(94.4)(79.1)
Total net investment income, after-tax$97.3 93.4 86.3 85.6 78.4 362.6 309.5 
Net realized and unrealized investment gains (losses), pre-tax$(8.0)5.4 1.3 (1.6)5.4 (2.9)(3.6)
Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax$(164.6)228.0 (10.8)(16.1)275.4 36.5 174.6 
Average investment yields
Fixed income investments, pre-tax5.1 5.0 4.9 5.0 5.1 5.0 4.9 
Fixed income investments, after-tax4.0 4.0 3.9 4.0 4.0 4.0 3.9 
Total portfolio, pre-tax5.1 5.0 4.9 4.9 4.7 5.0 4.7 
Total portfolio, after-tax4.0 4.0 3.9 3.9 3.7 4.0 3.7 
Effective tax rate on net investment income20.7 20.7 20.6 20.6 20.4 20.7 20.4 
New money purchase rates for fixed income investments, pre-tax6.1 5.8 6.4 5.8 6.7 6.0 6.0 
New money purchase rates for fixed income investments, after-tax4.8 4.6 5.0 4.6 5.3 4.8 4.7 
Effective duration of fixed income investments including short-term (in years)4.0 3.9 3.9 4.0 4.0 4.0 4.0 
Note: Amounts may not foot due to rounding.
Page 12

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS
(Unaudited)

Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
20242024202420242023
($ in millions)AmountPercentAmountPercentAmountPercentAmountPercentAmountPercent
Fixed income securities, at fair value$8,152.1 85 %8,110.0 84 7,687.6 85 7,602.7 87 7,521.1 87 
Commercial mortgage loans, at fair value224.8 2 218.6 2 209.0 2 197.8 2 178.9 2 
Total fixed income investments8,376.9 87 8,328.7 86 7,896.6 87 7,800.5 89 7,700.0 89 
Short-term investments509.3 5 561.0 6 417.4 5 247.9 3 309.3 4 
Total fixed income and short-term investments8,886.2 92 8,889.7 92 8,314.0 92 8,048.4 92 8,009.3 92 
Equity securities, at fair value213.6 2 205.6 2 192.0 2 194.3 2 187.2 2 
Alternative investments440.9 5 432.0 4 414.8 5 402.7 5 395.8 5 
Other investments101.1 1 102.5 1 89.7 1 89.0 1 91.2 1 
Total investments$9,641.8 100  %9,629.8 100 9,010.5 100 8,734.3 100 8,683.5 100 
Fixed income investments, at carry value
U.S. government obligations$120.2 1 %125.4 2 151.0 2 141.8 2 205.0 2 
Foreign government obligations9.3 — 9.7 — 9.2 — 9.2 — 9.8 — 
Obligations of state and political subdivisions451.2 5 492.9 6 525.4 7 539.0 7 586.0 8 
Corporate securities3,093.6 37 3,048.7 37 2,865.4 36 2,815.3 36 2,733.9 35 
Collateralized loan obligations and other asset-backed securities2,033.1 24 1,946.4 23 1,916.1 24 1,897.1 24 1,834.8 24 
Residential mortgage-backed securities 1,692.4 20 1,740.0 21 1,504.0 19 1,512.0 19 1,477.5 19 
Commercial mortgage-backed securities 753.0 9 747.5 9 717.4 9 689.4 9 674.8 9 
Commercial mortgage loans233.7 3 223.6 3 219.5 3 208.0 3 188.4 2 
Total fixed income investments$8,386.4 100  %8,334.1 100 7,908.0 100 7,811.8 100 7,710.3 100 
Expected maturities of fixed income investments at carry value
Due in one year or less$638.3 8 %670.4 8 634.2 8 607.9 8 526.6 7 
Due after one year through five years3,692.6 44 3,764.6 45 3,622.6 46 3,558.5 45 3,569.2 46 
Due after five years through 10 years3,072.8 37 3,072.6 37 2,872.1 36 2,882.5 37 2,862.5 37 
Due after 10 years982.7 12 826.5 10 779.1 10 762.9 10 751.9 10 
Total fixed income investments$8,386.4 100  %8,334.1 100 7,908.0 100 7,811.8 100 7,710.3 100 
Weighted average credit quality of fixed income and short-term investments
Investment grade credit quality$8,577.3 97 %8,591.0 97 8,002.7 96 7,747.0 96 7,721.4 96 
Non-investment grade credit quality308.9 3 298.7 3 311.3 4 301.4 4 287.9 4 
Total fixed income and short-term investments, at fair value$8,886.2 100  %8,889.7 100 8,314.0 100 8,048.4 100 8,009.3 100 
Weighted average credit quality of fixed income and short-term investments A+  AA-  AA-  A+  AA-
Alternative investmentsDecember 31, 2024
Current
Number ofOriginalRemainingMarket
StrategyFundsCommitmentCommitmentValue
Private equity72 $495.2 182.4 346.0 
Private credit20 167.7 99.2 52.1 
Real assets11 84.5 38.9 42.8 
Total103 $747.4 320.5 440.9 
Note: Amounts may not foot due to rounding.
Page 13

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

At December 31, 2024 Credit Rating
($ in millions)Amortized CostFair
Value		% of Invested AssetsYield to WorstEffective Duration in YearsAverage Life in YearsAAAAAABBBNon-Investment GradeNot Rated
Fixed income investments:
U.S. government obligations140 120 1.2 5.0 6.4 9.9 — 120 — — — — 
Foreign government obligations11 9 0.1 5.4 5.1 6.1 1 2 4 3 — — 
State and municipal obligations484 451 4.7 4.5 5.9 8.6 69 209 156 17 — — 
Corporate securities3,206 3,093 32.1 5.5 4.4 5.7 39 338 1,353 1,174 187 1 
Mortgage-backed securities:
Residential mortgage-backed securities ("RMBS"):
Agency RMBS1,247 1,155 12.0 5.4 5.7 8.3 — 1,155 — — — — 
Non-agency RMBS566 538 5.6 5.8 4.1 5.7 465 45 26 2 — — 
Total RMBS1,813 1,692 17.6 5.5 5.2 7.5 465 1,199 26 2 — — 
Commercial mortgage-backed securities ("CMBS")
Agency CMBS173 164 1.7 4.9 4.6 6.1 20 144 — — — — 
Non-agency CMBS610 589 6.1 6.0 2.9 3.7 495 58 31 — 5 — 
Total CMBS783 753 7.8 5.8 3.3 4.2 514 202 31 — 5 — 
Total mortgage-backed securities2,595 2,445 25.4 5.6 4.6 6.5 980 1,402 57 2 5 — 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
CLOs864 851 8.8 6.3 2.8 5.0 432 267 50 38 33 31 
Commercial ABS524 512 5.3 3.8 2.6 3.1 102 68 278 61 4 — 
Consumer ABS403 396 4.1 2.5 0.9 1.5 264 76 50 6 1 — 
Other ABS275 274 2.8 7.6 7.2 10.5 10 1 140 80 16 27 
Total CLOs and ABS2,066 2,033 21.1 6.5 3.6 5.3 807 412 517 184 54 59 
Total securitized assets4,661 4,478 46.4 6.0 4.1 5.9 1,787 1,814 574 186 59 59 
Commercial mortgage loans234 225 2.3 7.6 2.7 3.6 — 12 87 124 2 — 
Total fixed income investments8,735 8,377 86.9 5.8 4.3 6.0 1,895 2,495 2,175 1,504 248 60 
Short-term investments509 509 5.3 4.3 0.00.0508 — 1 — 1 — 
Total fixed income and short-term investments9,245 8,886 92.2 5.7 4.05.62,403 2,495 2,175 1,504 249 60 
Total fixed income securities and short-term investments by credit rating percentage27.0 %28.1 %24.5 %16.9 %2.8 %0.7 %
Equity securities:
Common stock(1)
210 212 2.2 — — — — — — — — 212 
Preferred stock2 2 — — — — — — — 2 — — 
Total equity securities211 214 2.2 — — — — — — 2 — 212 
Alternative investments
Private equity346 346 3.6 — — — — — — — — 346 
Private credit52 52 0.5 — — — — — — — — 52 
Real assets43 43 0.4 — — — — — — — — 43 
Total alternative investments441 441 4.6 — — — — — — — — 441 
Other investments 101 101 1.0 — — — — — — — — 101 
Total invested assets$9,998 $9,642 100.0 %— — — $2,403 $2,495 $2,175 $1,506 $249 $814 
(1) Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts.
Note: Amounts may not foot due to rounding.
Page 14

Selective Insurance Group, Inc. & Consolidated Subsidiaries

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

Quarter endedYear-to-date
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,Dec. 31,Dec. 31,
($ in millions, except per share data)2024202420242024202320242023
Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Net income (loss) available to common stockholders
$93.2 90.0 (65.6)80.2 122.5 197.8 356.0 
Net realized and unrealized investment (gains) losses included in net income, before tax8.0 (5.4)(1.3)1.6 (5.4)2.9 3.6 
Tax on reconciling items(1.7)1.1 0.3 (0.3)1.1 (0.6)(0.7)
Non-GAAP operating income (loss)
$99.6 85.7 (66.6)81.5 118.3 200.1 358.8 
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
$1.52 1.47 (1.08)1.31 2.01 3.23 5.84 
Net realized and unrealized investment (gains) losses included in net income, before tax0.13 (0.09)(0.02)0.03 (0.09)0.05 0.06 
Tax on reconciling items(0.03)0.02 — (0.01)0.02 (0.01)(0.01)
Non-GAAP operating income (loss) per diluted common share
$1.62 1.40 (1.10)1.33 1.94 3.27 5.89 
Reconciliation of ROE to non-GAAP operating ROE
ROE12.7 12.6 (9.5)11.5 18.9 7.0 14.3 
Net realized and unrealized investment (gains) losses included in net income, before tax1.1 (0.8)(0.2)0.2 (0.8)0.1 0.1 
Tax on reconciling items(0.3)0.3 0.1 — 0.1 — — 
Non-GAAP operating ROE13.5 12.1 (9.6)11.7 18.2 7.1 14.4 
Reconciliation of book value per common share to adjusted book value per common share
Book value per common share$47.99 48.82 44.74 46.17 45.42 47.99 45.42 
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax
5.21 2.50 6.25 6.08 5.83 5.21 5.83 
Tax on reconciling items(1.10)(0.52)(1.32)(1.28)(1.22)(1.10)(1.22)
Adjusted book value per common share$52.10 50.80 49.67 50.97 50.03 52.10 50.03 
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 December 31, 2024
40 Wantage AvenueAM BestStandard & Poor'sMoody'sFitch
Branchville, NJ 07890Financial Strength Ratings:A+AA2A+
Preferred Stock Rating:n/aBB+Ba1BBB-
Corporate Website:Long-Term Debt Credit Rating:a-BBBBaa2BBB+
www.Selective.com
Investor Contact:REGISTRAR AND TRANSFER AGENT
Brad B. WilsonEQ Shareowner Services
Senior Vice PresidentP.O. Box 64854
Investor Relations & TreasurerSt. Paul, MN 55164
Phone: 973-948-1283866-877-6351
Brad.Wilson@Selective.com
Media Contact:
Jamie M. Beal
Vice President
Director of Communications
Phone: 973-948-1234
Jamie.Beal@Selective.com

Page 16
INVESTOR PRESENTATION Fourth Quarter 2024 Copyright © 2025 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3

 
SAFE HARBOR STATEMENT We make certain statements and reference other information in this presentation that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve 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

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

 
A LEADER IN U.S. PROPERTY & CASUALTY INSURANCE Standard Commercial Lines Segment comprises 79% of Net Premiums Written 5 *Based on 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) Investor.Relations@Selective.com A+ (Superior) rating by AM Best ROE: 2024: 7.0% 5-Year average: 11.1% 10-year average: 11.3% 34th largest P&C carrier in the United States* $4.6 billion of net premiums written in 2024 Clear path for continued, profitable growth Expanding geographically with the goal of a near national footprint Combined Ratio: 2024: 103.0% 5-Year average: 96.5% 10-year average: 95.0%

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

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

 
0% 5% 10% 15% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 SIGI Peer Avg. NON-GAAP OPERATING ROE 8 Note: Peer Average includes CINF, CNA, HIG, THG, TRV, and UFCS; 2024 Peer based off 9M24 data Operating ROE 2023 2024 Investments 12.4% 12.8% Underwriting 4.2% (3.7)% Other (2.2)% (2.0)% Total 14.4% 7.1% Generating ROEs exceeding our cost of capital and peer group average over time 100 basis points of combined ratio translates to ~120 basis points of ROE* 100 basis points of pre-tax investment yield translates to ~260 basis points of ROE* SIGI 10-Year Average: 11.9% Peer 10-Year Average: 8.4% 7.1% *Calculated using average equity

 
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 (2 01 4 – 22 03 ) 10-Year Standard Deviation of Combined Ratio (2014 – 2023) 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 (2 01 4 – 20 23 ) 10-Year Average Combined Ratio (2014 – 2023) 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 (’15 – ’24) COMBINED RATIO (AVERAGE & VOLATILITY) Industry Industry SIGI (’15 – ’24) SUSTAINED TRACK RECORD OF PROFITABILITY 9 SIGI SIGI

 
$- $1 $2 $3 $4 $5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 N PW ($ in b ill io ns ) With current market share of ~1.5% in Commercial Lines, Selective has meaningful runway to deliver above-industry growth TRACK RECORD OF DISCIPLINED, PROFITABLE GROWTH *Compound annual growth rate NET PREMIUMS WRITTEN COMBINED RATIO 10 9.4% CAGR* $4.6 95.2% 89.4% 95.8% 103.0% 85% 90% 95% 100% 105% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Underlying Combined Ratio** Reported Combined Ratio ** Underlying GAAP combined ratio excludes catastrophe losses and prior year casualty reserve development

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

 
2025 GUIDANCE 12 GAAP combined ratio 96% to 97% • 6 points of catastrophe losses • Assumes no prior year casualty reserve development After-tax net investment income $405 million Overall effective tax rate 21.5% Weighted average diluted shares 61.5 million *As of January 29, 2025

 
SEGMENT PERFORMANCE

 
STANDARD COMMERCIAL LINES • Account-based approach with granular data and sophisticated tools to support underwriting decisions • Focus on maintaining underwriting discipline and achieving price adequacy • Targeting renewal pure price increases that reflect forward loss trend expectations • Underwriting refinements focused on underperforming areas 85% 8.3% 6.1% 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”) $3.6 104.2% 90.6% 70% 80% 90% 100% 110% $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 C om bi ne d R at io N PW ($ in B ill io ns ) NPW GAAP Combined Ratio Underlying Combined Ratio *Expect to enter over the next two years, subject to regulatory approval CLIPS: Willis Towers Watson Commercial Lines Insurance Pricing Survey; 2024 rate as of 9M24 Footprint Targeted Expansion States* 14

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

 
EXCESS & SURPLUS LINES • Profitable and growing portfolio of commercial risks • Small and middle market focus with $5,300 average premium per policyholder • Modernized technology platform • ~80 wholesale general agents with limited binding authority within prescribed underwriting and pricing guidelines $567.2 89.7% 81.1% 70% 80% 90% 100% 110% $100 $200 $300 $400 $500 $600 C om bi ne d R at io N PW ($ in m ill io ns ) NPW GAAP Combined Ratio Underlying Combined Ratio 12% of Net Premiums Written 7.2% 0% 2% 4% 6% 8% R en ew al P ur e Pr ic e Renewal Pure Price 50 States & D.C. 16

 
• Strategic shift to mass affluent target market well underway • Strong existing product set and servicing capabilities • Aggressive profit improvement plan driven by accelerated pricing and tighter terms and conditions • Decreased policy counts in 2024 due to rate and underwriting actions STANDARD PERSONAL LINES 0.5% 1.0% 1.8% 3.4% 6.1% 8.9% 20.6% 0% 5% 10% 15% 20% 25% R en ew al P ur e Pr ic e 9% of Net Premiums Written $430.7 109.3% 89.3% 70% 80% 90% 100% 110% 120% $100 $200 $300 $400 $500 C om bi ne d R at io N PW ( $ in m ill io ns ) NPW GAAP Combined Ratio Underlying Combined Ratio 15 State Footprint 17

 
CONSERVATIVE INVESTMENT PORTFOLIO • Consistent strategy focused on optimizing the the economic value of our investment portfolio by achieving stable, risk-adjusted after-tax net investment income and generating long-term growth in book value per share • Risk and return objectives balanced against prevailing market conditions and our enterprise risk-taking tolerance • High credit quality and well-diversified portfolio • 92% allocation to fixed income and short-term as of 12/31/24: • 4.0 year duration • A+ average credit rating • Profitable growth within insurance operations drives long-term growth of invested assets Long-term investment philosophy and focus on managing risk $363 12.8% 0% 4% 8% 12% $- $100 $200 $300 $400 After-Tax NII NII ROE Investment Portfolio at 12/31/24 $9.7 4.0% 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 18

 
FINANCIAL OVERVIEW

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

 
PRUDENT REINSURANCE STRUCTURE 21 • 2025 property catastrophe treaty highlights: o $1.4B exhaustion point and $100M retention o Top layer of $600M x $800M is 75% collateralized o 1-in-250 PML = 4% of GAAP equity o Placed 97% of a new $20M x $20M Personal Lines- only layer • Property excess of loss treaty covers losses up to $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 o Co-participation of 17.5% on the first $3 million excess $2 million layer 2025 PROPERTY CATASTROPHE PROGRAM $600M in excess of $800M 54% covered through Catastrophe Bond (3-year risk period ending December 2026) 95% Placed $400M in excess of $400M 100% Placed $200M in excess of $200M 100% Placed $100M in excess of $100M 100% Placed Retention: $100M

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

 
1-YEAR RESERVE DEVELOPMENT (% of prior carried reserve)* 23 -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Selective Cincinnati CNA Hanover Hartford Travelers United Fire P&C Industry Pr io r Y ea rs D ev el op m en t a s % o f P Y C ar ri ed 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 *Loss & Defense Cost Containment Expenses Source: Schedule P; S&P Capital IQ P&C peers: TRV, HIG, CNA, CINF, THG, and UFCS 2024 reserving actions Peer 1 Peer 2 Peer 3 Peer 4 Pe r 5 P er 6

 
STRONG CAPITAL POSITION Generated $1.1 billion of operating cash flow in 2024, up from $759 million in 2023 24 FINANCIAL STRENGTH RATINGS NPW-to-Surplus ratio of 1.60x at December 31, 2024 Investing in organic growth is currently the most attractive capital deployment opportunity Target 20-25% dividend payout ratio over time o Quarterly dividend increased 9%, to $0.38 per common share, in 4Q 2024 Instituted $100 million share repurchase authorization in 2020 o $75.5 million remained as of December 31, 2024 AM Best: A+ Fitch: A+ S&P: A Moody’s: A2

 
33.0% 30.6% 28% 29% 30% 31% 32% 33% 34% 35% 36% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 BALANCING EXPENSE DISCIPLINE WITH STRATEGIC INVESTMENTS 25 • 80 bps improvement year over year driven by growth in premiums and lower profit-based compensation • Recent and current strategic investments include: o New platforms for Small Business and E&S o Claim system modernization o Geographic expansion o Customer experience • Areas for operational enhancements include: o Robotics and artificial intelligence o Talent development o Product innovation

 
$22.54 $47.99 $0 $10 $20 $30 $40 $50 2014 2015 2016 2017 2018 2019 2020 2021 2022* 2023 Bo ok V al ue p er S ha re FOCUS ON ROE AND GROWTH IN BOOK VALUE PER SHARE 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 2024

 
PROGRESS THROUGH IMPACT

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

 
INVESTOR PRESENTATION Fourth Quarter 2024 Copyright © 2025 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3

 
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Entity File Number 001-33067
Entity Registrant Name SELECTIVE INSURANCE GROUP, INC.
Entity Central Index Key 0000230557
Entity Tax Identification Number 22-2168890
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Entity Address, Address Line One 40 Wantage Avenue
Entity Address, City or Town Branchville
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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
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Selective Insurance (NASDAQ:SIGIP)
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