8-K

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 28, 2021

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 (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 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 28, 2021, Selective Insurance Group, Inc. (the “Company”) issued a press release announcing results for the second quarter ended June 30, 2021. 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 information contained in Item 2.02 and Item 7.01 of this 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.

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 28, 2021

    99.2     Financial Supplement, Second Quarter 2021

    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 28, 2021	By:	/s/ Michael H. Lanza
			Michael H. Lanza
			Executive Vice President and General Counsel

EX-99.1

Exhibit 99.1

Selective Reports Excellent Second Quarter 2021 Results, Including Net Income of $1.98 per Diluted Common Share, Annualized Return on Common Equity ("ROE") of 18.3%, Non-GAAP Operating Income1 of $1.85 per Diluted Common Share, and a Non-GAAP Operating ROE1 of 17.1%

In the second quarter of 2021, we reported:

•Net premiums written ("NPW") increased 15% compared to the second quarter of 2020;

•GAAP combined ratio of 89.8%;

•After-tax net investment income of $67 million, up 136% compared to the second quarter of 2020; and

•Book value per common share of $44.78

Branchville, NJ - July 28, 2021 - Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported financial results for the second quarter ended June 30, 2021, with net income per diluted common share of $1.98 and non-GAAP operating income1 per diluted common share of $1.85. The annualized non-GAAP operating ROE was 17.1% for the quarter and 16.4% for the first half of the year. The second quarter combined ratio was a solid 89.8%, with all insurance segments delivering profitable results. Overall NPW increased 15% from a year ago during the second quarter, driven by strong new business growth of 16%, renewal pure price increases of 5.1%, and continued solid retention. The Investments segment contributed 10.3 points of annualized ROE, led by alternative investment returns.

"Selective again reported excellent financial results, driven by superior underwriting and investment performance. Our capital position is the strongest in our history. I am proud of our standout execution in delivering disciplined and profitable growth. By focusing on customer service and operational excellence, and delivering value to our various stakeholders, we have built a unique franchise and culture. As we look to the remainder of 2021, I remain confident about our ability to continue to generate consistent long-term financial outperformance,” said John Marchioni, President and CEO.

Operating Highlights

Consolidated Financial Results	Quarter ended June 30,				Change		Year-to-Date June 30,				Change
$ and shares in millions, except per share data	2021			2020			2021			2020
Net premiums written	$	833.2		724.8	15	%	$	1,631.4		1,372.1	19	%
Net premiums earned	740.5			630.7	17		1,465.5			1,282.4	14
Net investment income earned	83.7			34.4	143		153.4			90.4	70
Net realized and unrealized gains (losses), pre-tax	10.1			12.6	(20)		15.2			(32.0)	(147)
Total revenues	840.5			682.4	23		1,644.4			1,347.3	22
Net underwriting income, after-tax	60.0			7.8	669		121.3			24.7	392
Net investment income, after-tax	67.4			28.5	136		123.8			74.0	67
Net income available to common stockholders	119.6			34.2	250		226.4			49.4	358
Non-GAAP operating income1	111.6			24.2	362		214.4			74.7	187
Combined ratio	89.8		%	98.4	(8.6)	pts	89.5		%	97.6	(8.1)	pts
Loss and loss expense ratio	56.9			64.0	(7.1)		56.9			62.8	(5.9)
Underwriting expense ratio	32.7			34.3	(1.6)		32.4			34.7	(2.3)
Dividends to policyholders ratio	0.2			0.1	0.1		0.2			0.1	0.1
Catastrophe losses	3.1		pts	13.2	(10.1)		3.6		pts	9.1	(5.5)
Non-catastrophe property losses and loss expenses	14.5			13.0	1.5		15.2			14.8	0.4
(Favorable) prior year reserve development on casualty lines	(2.3)			(2.4)	0.1		(3.5)			(1.9)	(1.6)
Net income available to common stockholders per diluted common share	$	1.98		0.57	247	%	$	3.74		0.82	356	%
Non-GAAP operating income per diluted common share1	1.85			0.40	363		3.54			1.24	185
Weighted average diluted common shares	60.5			60.2	—		60.5			60.2	—
Book value per common share	$	44.78		38.43	17		44.78			38.43	17

1

Overall Insurance Operations

For the second quarter, overall NPW increased 15% from a year ago. The increase in NPW reflected new business growth of 16%, stable retention, and overall renewal pure price increases averaging 5.1%. In addition, NPW included three points due to COVID-19-related personal and commercial automobile credits offered to our customers in 2020, which reduced NPW by $19.7 million in the year-ago period. Our combined ratio was 89.8% in the quarter, compared to 98.4% in the prior-year period, benefiting from lower catastrophe losses and a lower expense ratio. Our Insurance Operations generated 9.2 points of annualized ROE in the quarter.

Standard Commercial Lines Segment

For the second quarter, Standard Commercial Lines premiums, which were 82% of total NPW, increased 16% compared to a year ago. NPW growth was driven by renewal pure price increases that averaged 5.5%, new business growth of 17%, and retention of 85%. Additionally, NPW included three points due to COVID-19-related commercial automobile credits offered to our customers in 2020, which reduced NPW by $15.4 million in the year-ago period. The second quarter combined ratio was 88.7%, down 8.0 points from a year ago, driven by the items outlined in the table below.

Standard Commercial Lines Segment	Quarter ended June 30,				Change		Year-to-Date June 30,				Change
$ in millions	2021			2020			2021			2020
Net premiums written	$	677.1		583.3	16	%	$	1,342.7		1,101.8	22	%
Net premiums earned	599.8			501.0	20		1,188.9			1,017.6	17
Combined ratio	88.7		%	96.7	(8.0)	pts	88.4		%	96.7	(8.3)	pts
Loss and loss expense ratio	55.0			61.4	(6.4)		55.0			60.9	(5.9)
Underwriting expense ratio	33.5			35.2	(1.7)		33.2			35.7	(2.5)
Dividends to policyholders ratio	0.2			0.1	0.1		0.2			0.1	0.1
Catastrophe losses	1.9		pts	10.1	(8.2)		2.3		pts	7.0	(4.7)
Non-catastrophe property losses and loss expenses	12.4			12.2	0.2		13.3			13.8	(0.5)
(Favorable) prior-year reserve development on casualty lines	(2.5)			(3.0)	0.5		(3.8)			(2.5)	(1.3)

Standard Personal Lines Segment

For the second quarter, Standard Personal Lines premiums, which represented 9% of total NPW, were flat compared to the prior-year period. Renewal pure price increases averaged 1.1%, retention was 84%, and new business was down 8% compared to the prior year. Additionally, the change in NPW included five points of growth due to COVID-19-related personal automobile credits offered to our customers in 2020, which reduced NPW by $4.3 million in the year-ago period. The second quarter combined ratio was 92.3%, down 16.5 points from a year ago, driven by the items outlined in the table below.

Standard Personal Lines Segment	Quarter ended June 30,				Change		Year-to-Date June 30,				Change
$ in millions	2021			2020			2021			2020
Net premiums written	$	78.6		78.2	—	%	$	143.6		145.8	(1)	%
Net premiums earned	73.3			71.6	2		147.1			147.8	—
Combined ratio	92.3		%	108.8	(16.5)	pts	90.9		%	104.0	(13.1)	pts
Loss and loss expense ratio	65.5			81.1	(15.6)		64.6			76.1	(11.5)
Underwriting expense ratio	26.8			27.7	(0.9)		26.3			27.9	(1.6)
Catastrophe losses	6.8		pts	36.2	(29.4)		7.2		pts	25.7	(18.5)
Non-catastrophe property losses and loss expenses	34.0			21.4	12.6		32.6			25.8	6.8
(Favorable) prior-year reserve development on casualty lines	—			—	—		—			—	—

2

Excess and Surplus Lines Segment

For the second quarter, Excess and Surplus Lines premiums, which represented 9% of total NPW, were up 23% compared to the prior-year period, driven by new business growth of 19% and renewal pure price increases that averaged 6.9%. The second quarter combined ratio was 96.6%, down 4.3 points from a year ago, driven by the items outlined in the table below.

Excess and Surplus Lines Segment	Quarter ended June 30,				Change		Year-to-Date June 30,				Change
$ in millions	2021			2020			2021			2020
Net premiums written	$	77.5		63.2	23	%	$	145.1		124.5	17	%
Net premiums earned	67.5			58.0	16		129.5			117.0	11
Combined ratio	96.6		%	100.9	(4.3)	pts	97.8		%	97.2	0.6	pts
Loss and loss expense ratio	65.0			66.8	(1.8)		65.8			62.1	3.7
Underwriting expense ratio	31.6			34.1	(2.5)		32.0			35.1	(3.1)
Catastrophe losses	9.5		pts	11.3	(1.8)		11.3		pts	6.0	5.3
Non-catastrophe property losses and loss expenses	11.5			9.6	1.9		12.9			9.7	3.2
(Favorable) prior year reserve development on casualty lines	(3.0)			—	(3.0)		(5.4)			—	(5.4)

Investments Segment

For the second quarter, net investment income, after-tax, of $67 million was up $39 million, or 136%, compared to second quarter 2020. The increase was driven by alternative investment gains of $24 million after-tax, which are reported on a one-quarter lag, and compared to a $13 million loss in the year-ago period. For the quarter, the after-tax earned income yield on the overall portfolio averaged 3.5%, and the after-tax earned income yield on the fixed income securities portfolio averaged 2.6%. For the quarter, the investment portfolio generated 10.3 points of annualized ROE. For the first half of the year, operating cash flow of $292 million equated to 18% of NPW and contributed to the growth in invested assets. Invested assets per dollar of common stockholders' equity was $2.88 at June 30, 2021.

Investments Segment	Quarter ended June 30,				Change		Year-to-Date June 30,				Change
$ in millions, except per share data	2021			2020			2021			2020
Net investment income earned, after-tax	$	67.4		28.5	136	%	$	123.8		74.0	67	%
Net investment income per common share	1.11			0.47	136		2.05			1.23	67
Effective tax rate	19.5		%	17.1	2.4	pts	19.3		%	18.1	1.2	pts
Average yields:
Portfolio:
Pre-tax	4.4			2.0	2.4		4.0			2.6	1.4
After-tax	3.5			1.6	1.9		3.2			2.1	1.1
Fixed income securities:
Pre-tax	3.2		%	3.3	(0.1)	pts	3.2		%	3.2	—	pts
After-tax	2.6			2.7	(0.1)		2.6			2.6	—
Annualized ROE contribution	10.3			5.2	5.1		9.5			6.6	2.9

3

Balance Sheet

$ in millions, except per share data	June 30, 2021			December 31, 2020		Change
Total assets	$	10,167.9		9,687.9		5	%
Total investments	7,755.4			7,505.6		3
Long-term debt	550.9			550.7		—
Stockholders’ equity	2,891.4			2,738.9		6
Common stockholders' equity	2,691.4			2,538.9		6
Invested assets per dollar of common stockholders’ equity	2.88			2.96		(3)
Net premiums written to policyholders' surplus	1.33x			1.30x		0.3x
Book value per common share	44.78			42.38		6
Debt to total capitalization	16.0		%	16.7	%	(0.7)		pts

Book value per common share was up 6% in the first half of 2021. The increase was driven by $3.74 of net income per diluted common share that was partially offset by (i) a $0.86 reduction in net unrealized gains on our fixed income securities portfolio from higher long-term interest rates in 2021, and (ii) $0.50 of dividends on our common stock paid to shareholders. During the first half of 2021, the Company repurchased 52,781 shares at an average price of $64.49 per share for a total of $3.4 million, with all share repurchases made in the first quarter. Capacity remaining under our existing repurchase authorization was $96.6 million at June 30, 2021.

Selective's Board of Directors declared:

•A cash dividend of $0.25 per common share payable September 1, 2021, to holders of record on August 13, 2021; and

•A cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depository share) payable on September 15, 2021, to holders of record as of August 31, 2021.

Guidance

For 2021, Selective has revised its full-year guidance as follows:

•A GAAP combined ratio, excluding catastrophe losses, of 89% (prior guidance 90%) that assumes no additional prior-year casualty reserve development;

•Catastrophe losses of 4.0 points on the combined ratio;

•After-tax net investment income of $220 million (prior guidance $195 million) that includes $55 million (prior guidance of $31 million) in after-tax net investment income from our alternative investments;

•An overall effective tax rate of approximately 20.5% that includes an effective tax rate of 19.0% for net investment income and 21.0% for all other items; and

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

The supplemental investor package, including financial information that is not part of this press release, is available on the Investors page of Selective’s website at www.Selective.com. Selective’s quarterly analyst conference call will be simulcast at 10:00 a.m. ET, on Thursday, July 29, 2021, at www.Selective.com. The webcast will be available for rebroadcast until the close of business on August 28, 2021.

About Selective Insurance Group, Inc.

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

4

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

Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity differ from net income available to common stockholders, net income 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. They are used as important financial measures by management, analysts, and investors, because the timing of realized investment gains and losses on sales of securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments that are charged to earnings could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity to non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity, respectively, are provided in the tables below.

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

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

$ in millions	Quarter ended June 30,			Year-to-Date June 30,
	2021		2020	2021	2020
Net income available to common stockholders	$	119.6	34.2	226.4	49.4
Net realized and unrealized (gains) losses, before tax	(10.1)		(12.6)	(15.2)	32.0
Tax on reconciling items	2.1		2.7	3.2	(6.7)
Non-GAAP operating income	$	111.6	24.2	214.4	74.7

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

	Quarter ended June 30,			Year-to-Date June 30,
	2021		2020	2021	2020
Net income available to common stockholders per diluted common share	$	1.98	0.57	3.74	0.82
Net realized and unrealized (gains) losses, before tax	(0.17)		(0.21)	(0.25)	0.53
Tax on reconciling items	0.04		0.04	0.05	(0.11)
Non-GAAP operating income per diluted common share	$	1.85	0.40	3.54	1.24

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

	Quarter ended June 30,			Year-to-Date June 30,
	2021		2020	2021	2020
Annualized Return on Equity	18.3	%	6.2	17.3	4.4
Net realized and unrealized (gains) losses, before tax	(1.5)		(2.3)	(1.1)	2.9
Tax on reconciling items	0.3		0.5	0.2	(0.6)
Annualized Non-GAAP Operating Return on Equity	17.1	%	4.4	16.4	6.7

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

5

Forward-Looking Statements

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

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

•Related to COVID-19:

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

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

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

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

•Difficult conditions in global capital markets and the economy;

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

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

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

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

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

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

•The cost, 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;

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

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

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

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

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

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

•Our entry into new markets and businesses; and

6

•Other risks and uncertainties we identify in filings with the United States Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K and other periodic reports.

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

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

Investor Contact: Rohan Pai 973-948-1364 Rohan.Pai@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

EX-99.2

Exhibit 99.2

FINANCIAL SUPPLEMENT

SECOND QUARTER 2021

Forward-Looking Statements

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

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

•Related to COVID-19:

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

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

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

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

•Difficult conditions in global capital markets and the economy;

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

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

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

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

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

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

•The cost, 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;

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

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

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

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

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

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

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

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

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 Available to Common Stockholders to Non-GAAP Operating Income and Certain Other Non-GAAP Measures	15
Ratings and Contact Information	16

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

		Quarter ended							Year-to-date
		June 30,			Mar. 31,	Dec. 31,	Sept. 30,	June 30,	June 30,	June 30,
($ and shares in millions, except per share data)		2021			2021	2020	2020	2020	2021	2020
For Period Ended
	Gross premiums written	$	959.6		914.3	790.5	844.7	841.1	1,873.9	1,593.5
	Net premiums written	833.2			798.2	681.5	719.5	724.8	1,631.4	1,372.1
	Change in net premiums written, from comparable prior year period	15		%	23	8	6	3	19	—
	Underwriting income, before-tax	$	75.9		77.7	84.1	21.0	9.9	153.6	31.2
	Net investment income earned, before-tax	83.7			69.7	68.5	68.2	34.4	153.4	90.4
	Net realized and unrealized investment gains (losses), before-tax	10.1			5.1	20.1	7.7	12.6	15.2	(32.0)
	Net income	$	121.9		109.3	127.1	69.9	34.2	231.2	49.4
	Net income available to common stockholders(1)	119.6			106.8	127.1	69.9	34.2	226.4	49.4
	Non-GAAP operating income(2)	111.6			102.8	111.2	63.8	24.2	214.4	74.7
At Period End
	Total assets	10,167.9			9,848.6	9,687.9	9,514.9	9,306.0	10,167.9	9,306.0
	Total invested assets	7,755.4			7,559.3	7,505.6	7,277.5	7,130.3	7,755.4	7,130.3
	Stockholders' equity	2,891.4			2,744.0	2,738.9	2,393.6	2,298.7	2,891.4	2,298.7
	Common stockholders' equity(3)	2,691.4			2,544.0	2,538.9	2,393.6	2,298.7	2,691.4	2,298.7
	Common shares outstanding	60.1			60.0	59.9	59.8	59.8	60.1	59.8
Per Share and Share Data
	Net income available to common stockholders per common share (diluted)	$	1.98		1.77	2.10	1.16	0.57	3.74	0.82
	Non-GAAP operating income per common share (diluted)(2)	1.85			1.70	1.84	1.06	0.40	3.54	1.24
	Weighted average common shares outstanding (diluted)	60.5			60.5	60.4	60.4	60.2	60.5	60.2
	Book value per common share	$	44.78		42.38	42.38	40.00	38.43	44.78	38.43
	Dividends paid per common share	0.25			0.25	0.25	0.23	0.23	0.50	0.46
Financial Ratios
	Loss and loss expense ratio	56.9		%	57.0	54.4	64.5	64.0	56.9	62.8
	Underwriting expense ratio	32.7			32.1	33.4	32.4	34.3	32.4	34.7
	Dividends to policyholders ratio	0.2			0.2	0.3	0.1	0.1	0.2	0.1
	GAAP combined ratio	89.8		%	89.3	88.1	97.0	98.4	89.5	97.6
	Annualized return on common stockholders' equity ("ROE")	18.3			16.8	20.6	11.9	6.2	17.3	4.4
	Annualized non-GAAP operating ROE(2)	17.1			16.2	18.0	10.9	4.4	16.4	6.7
	Debt to total capitalization	16.0			16.7	16.7	23.1	25.9	16.0	25.9
	Long-term debt to total capitalization	16.0			16.7	16.7	18.7	19.3	16.0	19.3
	Net premiums written to policyholders' surplus	1.33x			1.33x	1.30x	1.39x	1.39x	1.33x	1.39x
	Invested assets per dollar of common stockholders' equity	$	2.88		2.97	2.96	3.04	3.10	2.88	3.10
(1)	Net income available to common stockholders is net income 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)		2021		2021	2020	2020	2020	2021	2020
Revenues
	Net premiums earned	$	740.5	725.0	704.9	694.5	630.7	1,465.5	1,282.4
	Net investment income earned	83.7		69.7	68.5	68.2	34.4	153.4	90.4
	Net realized and unrealized gains (losses)	10.1		5.1	20.1	7.7	12.6	15.2	(32.0)
	Other income	6.2		4.1	4.9	6.1	4.7	10.3	6.5
	Total revenues	840.5		803.9	798.4	776.6	682.4	1,644.4	1,347.3
Expenses
	Loss and loss expense incurred	421.6		413.4	383.7	447.8	403.9	835.0	804.3
	Amortization of deferred policy acquisition costs	154.4		149.1	144.5	142.3	136.9	303.4	273.4
	Other insurance expenses	94.9		88.9	97.5	89.5	84.6	183.8	179.9
	Interest expense	7.4		7.4	7.5	7.8	7.9	14.7	15.5
	Corporate expenses	9.1		9.6	6.1	3.9	6.3	18.7	15.4
	Total expenses	687.3		668.3	639.4	691.3	639.8	1,355.6	1,288.6
Income before federal income tax		153.2		135.6	159.0	85.3	42.7	288.8	58.7
Federal income tax expense		31.3		26.4	32.0	15.4	8.5	57.7	9.3
Net Income		121.9		109.3	127.1	69.9	34.2	231.2	49.4
Preferred stock dividends		2.3		2.5	—	—	—	4.8	—
Net income available to common stockholders		119.6		106.8	127.1	69.9	34.2	226.4	49.4
Net realized and unrealized investment (gains) losses, after tax(1)		(7.9)		(4.0)	(15.9)	(6.1)	(10.0)	(12.0)	25.3
Non-GAAP operating income(2)		$	111.6	102.8	111.2	63.8	24.2	214.4	74.7
Weighted average common shares outstanding (diluted)		60.5		60.5	60.4	60.4	60.2	60.5	60.2
	Net income available to common stockholders per common share (diluted)	$	1.98	1.77	2.10	1.16	0.57	3.74	0.82
	Non-GAAP operating income per common share (diluted)(2)	$	1.85	1.70	1.84	1.06	0.40	3.54	1.24
(1)	Amounts are provided to reconcile net income available to common stockholders to non-GAAP operating income.
(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)			2021		2021	2020	2020	2020
ASSETS
Investments
	Fixed income securities, held-to-maturity, net of allowance for credit losses		$	27.0	24.3	16.8	19.1	19.5
	Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses		6,626.4		6,521.6	6,455.9	6,437.5	6,358.2
	Commercial mortgage loans, net of allowance for credit losses		72.0		61.1	46.3	29.5	17.7
	Equity securities, at fair value		348.3		324.3	310.4	151.8	134.1
	Short-term investments		351.2		337.8	409.9	380.9	370.4
	Other investments		330.5		290.2	266.3	258.6	230.5
		Total investments	7,755.4		7,559.3	7,505.6	7,277.5	7,130.3
Cash			0.5		0.5	0.4	0.8	0.7
Restricted cash			8.8		8.4	14.8	15.1	5.0
Interest and dividends due or accrued			46.1		46.1	45.0	46.4	45.8
Premiums receivable, net of allowance for credit losses			988.0		895.2	836.0	851.1	866.9
Reinsurance recoverable, net of allowance for credit losses			596.9		580.9	587.5	611.5	584.7
Prepaid reinsurance premiums			177.7		168.6	170.5	179.4	169.8
Current federal income tax			—		—	—	6.6	—
Property and equipment, net of accumulated depreciation and amortization			75.1		76.1	77.7	78.4	78.8
Deferred policy acquisition costs			323.2		302.7	288.6	292.7	285.5
Goodwill			7.8		7.8	7.8	7.8	7.8
Other assets			188.5		203.1	153.9	147.7	130.7
		Total assets	$	10,167.9	9,848.6	9,687.9	9,514.9	9,306.0
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense			$	4,437.3	4,360.2	4,260.4	4,293.3	4,176.9
Unearned premiums			1,791.3		1,689.5	1,618.3	1,650.5	1,615.9
Short-term debt			—		—	—	167.0	252.0
Long-term debt			550.9		550.9	550.7	550.6	550.6
Current federal income tax			18.3		42.0	14.0	—	10.6
Deferred federal income tax			0.1		2.3	27.1	20.4	13.1
Accrued salaries and benefits			103.4		83.7	114.9	93.1	82.7
Other liabilities			375.3		376.0	363.7	346.4	305.6
		Total liabilities	$	7,276.5	7,104.6	6,949.0	7,121.3	7,007.3
Stockholders' Equity
Preferred stock of $0 par value per share			$	200.0	200.0	200.0	—	—
Common stock of $2 par value per share			208.7		208.6	208.1	207.9	207.9
Additional paid-in capital			454.5		446.4	439.0	438.9	435.0
Retained earnings			2,467.6		2,363.2	2,271.5	2,159.6	2,103.6
Accumulated other comprehensive income (loss)			169.4		134.6	220.2	187.1	152.0
Treasury stock, at cost			(608.8)		(608.7)	(599.9)	(599.9)	(599.8)
		Total stockholders' equity	$	2,891.4	2,744.0	2,738.9	2,393.6	2,298.7
Commitments and contingencies
		Total liabilities and stockholders' equity	$	10,167.9	9,848.6	9,687.9	9,514.9	9,306.0
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)			2021			2021	2020	2020	2020	2021	2020
Book value per common share
		Common stockholders' equity	$	2,691.4		2,544.0	2,538.9	2,393.6	2,298.7	2,691.4	2,298.7
		Common shares issued and outstanding, at period end	60.1			60.0	59.9	59.8	59.8	60.1	59.8
		Book value per common share	$	44.78		42.38	42.38	40.00	38.43	44.78	38.43
		Book value per common share excluding unrealized gain or loss on fixed income securities	40.56			38.73	37.29	35.43	34.43	40.56	34.43
Financial results (after-tax)
		Underwriting income	60.0			61.4	66.4	16.6	7.8	121.3	24.7
		Net investment income	67.4			56.3	55.5	55.1	28.5	123.8	74.0
		Interest expense and preferred stock dividends	(8.1)			(8.3)	(5.9)	(6.1)	(6.3)	(16.4)	(12.3)
		Corporate expense	(7.6)			(6.7)	(4.7)	(1.8)	(5.9)	(14.3)	(11.7)
		Net realized and unrealized investment gains (losses)	7.9			4.0	15.9	6.1	10.0	12.0	(25.3)
		Total after-tax net income available to common stockholders	119.6			106.8	127.1	69.9	34.2	226.4	49.4
Return on average equity
		Insurance segments	9.2		%	9.7	10.8	2.8	1.4	9.3	2.2
		Net investment income	10.3			8.9	9.0	9.4	5.2	9.5	6.6
		Interest expense and preferred stock dividends	(1.2)			(1.3)	(1.0)	(1.0)	(1.1)	(1.3)	(1.1)
		Corporate expense	(1.2)			(1.1)	(0.8)	(0.3)	(1.1)	(1.1)	(1.0)
		Net realized and unrealized investment gains (losses)	1.2			0.6	2.6	1.0	1.8	0.9	(2.3)
		Annualized ROE	18.3			16.8	20.6	11.9	6.2	17.3	4.4
		Net realized and unrealized (gains) losses(1)	(1.2)			(0.6)	(2.6)	(1.0)	(1.8)	(0.9)	2.3
		Annualized Non-GAAP Operating ROE(2)	17.1		%	16.2	18.0	10.9	4.4	16.4	6.7
Debt and total capitalization
	Notes payable:
		1.61% Borrowings from FHLBNY	$	25.0		25.0	25.0	25.0	25.0	25.0	25.0
		1.56% Borrowings from FHLBNY	25.0			25.0	25.0	25.0	25.0	25.0	25.0
		3.03% Borrowings from FHLBI	60.0			60.0	60.0	60.0	60.0	60.0	60.0
		0.78% Borrowings from FHLBNY	—			—	—	—	100.0	—	100.0
		0.68% Borrowings from FHLBNY	—			—	—	—	85.0	—	85.0
		0.58% Borrowings from FHLBI	—			—	—	67.0	67.0	—	67.0
		0.36% Borrowings from FHLBNY	—			—	—	100.0	—	—	—
		7.25% Senior Notes	49.8			49.8	49.7	49.7	49.7	49.8	49.7
		6.70% Senior Notes	99.2			99.2	99.2	99.2	99.2	99.2	99.2
		5.375% Senior Notes	291.5			291.4	291.3	291.2	291.2	291.5	291.2
		Finance Lease Obligations	0.5			0.6	0.5	0.4	0.5	0.5	0.5
	Total debt		550.9			550.9	550.7	717.6	802.6	550.9	802.6
	Stockholders' equity		2,891.4			2,744.0	2,738.9	2,393.6	2,298.7	2,891.4	2,298.7
	Total capitalization		$	3,442.2		3,294.9	3,289.6	3,111.2	3,101.3	3,442.2	3,101.3
	Ratio of debt to total capitalization		16.0		%	16.7	16.7	23.1	25.9	16.0	25.9
	Ratio of long-term debt to total capitalization		16.0			16.7	16.7	18.7	19.3	16.0	19.3
Policyholders' surplus			$	2,275.4		2,204.7	2,124.7	1,962.3	1,922.5	2,275.4	1,922.5
(1)		Amounts are provided to reconcile annualized ROE to annualized 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)		2021			2021	2020	2020	2020	2021	2020
Underwriting results
Net premiums written		$	833.2		798.2	681.5	719.5	724.8	1,631.4	1,372.1
Change in net premiums written, from comparable prior year period		15		%	23	8	6	3	19	—
Net premiums earned		$	740.5		725.0	704.9	694.5	630.7	1,465.5	1,282.4
Losses and loss expenses incurred		421.6			413.4	383.7	447.8	403.9	835.0	804.3
Net underwriting expenses incurred		241.8			232.6	235.3	225.1	216.2	474.5	445.4
Dividends to policyholders		1.2			1.2	1.8	0.6	0.7	2.4	1.4
GAAP underwriting gain		$	75.9		77.7	84.1	21.0	9.9	153.6	31.2
Catastrophe losses		$	22.6		29.9	19.5	79.5	83.2	52.6	116.4
(Favorable) prior year casualty reserve development		(17.0)			(35.0)	(35.0)	(25.0)	(15.0)	(52.0)	(25.0)
Underwriting ratios
Loss and loss expense ratio		56.9		%	57.0	54.4	64.5	64.0	56.9	62.8
Underwriting expense ratio		32.7			32.1	33.4	32.4	34.3	32.4	34.7
Dividends to policyholders ratio		0.2			0.2	0.3	0.1	0.1	0.2	0.1
	Combined ratio	89.8		%	89.3	88.1	97.0	98.4	89.5	97.6
Catastrophe losses		3.1		pts	4.1	2.8	11.4	13.2	3.6	9.1
(Favorable) prior year casualty reserve development		(2.3)		pts	(4.8)	(5.0)	(3.6)	(2.4)	(3.5)	(1.9)
	Combined ratio before catastrophe losses	86.7		%	85.2	85.3	85.6	85.2	85.9	88.5
	Combined ratio before catastrophe losses and prior year casualty development	89.0			90.0	90.3	89.2	87.6	89.4	90.4
Other Statistics
Non-catastrophe property loss and loss expenses		$	107.3		115.6	114.5	105.6	81.8	222.9	189.9
Non-catastrophe property loss and loss expenses		14.5		pts	15.9	16.2	15.2	13.0	15.2	14.8
Direct new business		$	173.3		155.6	136.1	140.8	150.1	329.0	302.9
Renewal pure price increases		5.1		%	5.2	4.8	4.4	3.9	5.2	4.0
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)		2021			2021	2020	2020	2020	2021	2020
Underwriting results
Net premiums written		$	677.1		665.6	551.1	577.8	583.3	1,342.7	1,101.8
Change in net premiums written, from comparable prior year period		16		%	28	10	8	5	22	—
Net premiums earned		$	599.8		589.1	567.5	558.1	501.0	1,188.9	1,017.6
Losses and loss expenses incurred		329.8			324.9	295.4	331.0	307.0	654.7	619.2
Net underwriting expenses incurred		200.8			193.6	195.2	183.7	176.6	394.4	363.1
Dividends to policyholders		1.2			1.2	1.8	0.6	0.7	2.4	1.4
GAAP underwriting gain		$	67.9		69.5	75.2	42.7	16.7	137.4	33.9
Catastrophe losses		$	11.3		16.1	7.1	39.3	50.7	27.3	71.4
(Favorable) prior year casualty reserve development		(15.0)			(30.0)	(35.0)	(25.0)	(15.0)	(45.0)	(25.0)
Underwriting ratios
Loss and loss expense ratio		55.0		%	55.1	52.1	59.3	61.4	55.0	60.9
Underwriting expense ratio		33.5			32.9	34.4	32.9	35.2	33.2	35.7
Dividends to policyholders ratio		0.2			0.2	0.3	0.1	0.1	0.2	0.1
	Combined ratio	88.7		%	88.2	86.8	92.3	96.7	88.4	96.7
Catastrophe losses		1.9		pts	2.7	1.3	7.0	10.1	2.3	7.0
(Favorable) prior year casualty reserve development		(2.5)			(5.1)	(6.2)	(4.5)	(3.0)	(3.8)	(2.5)
	Combined ratio before catastrophe losses	86.8		%	85.5	85.5	85.3	86.6	86.1	89.7
	Combined ratio before catastrophe losses and prior year casualty development	89.3			90.6	91.7	89.8	89.6	89.9	92.2
Other Statistics
Non-catastrophe property loss and loss expenses		$	74.6		83.6	80.5	75.3	60.9	158.3	140.5
Non-catastrophe property loss and loss expenses		12.4		pts	14.2	14.2	13.5	12.2	13.3	13.8
Direct new business		$	128.7		114.5	96.8	99.0	109.9	243.2	225.3
Renewal pure price increases		5.5		%	5.5	5.1	4.6	3.9	5.5	4.0
Retention		85		%	86	86	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 June 30, 2021										Quarter ended June 30, 2020
	Commercial			Workers	General	Commercial					Commercial	Workers	General	Commercial
($ in millions)	Property			Compensation	Liability	Auto	BOP	Bonds	Other	Total	Property	Compensation	Liability	Auto	BOP	Bonds	Other	Total
Net premiums written	$	119.1		80.5	225.5	205.9	30.0	10.0	6.0	677.1	104.1	75.0	200.9	160.7	28.1	9.2	5.3	583.3
Net premiums earned	106.1			74.3	197.3	178.0	29.3	9.0	5.7	599.8	95.4	61.9	163.3	138.5	27.5	9.2	5.2	501.0
Loss and loss expense ratio	46.5		%	59.3	50.5	66.1	56.4	30.5	0.1	55.0	77.1	43.6	49.4	69.8	93.0	39.4	—	61.4
Underwriting expense ratio	37.5			27.7	33.8	31.5	34.5	57.3	40.1	33.5	37.8	30.2	35.2	35.8	33.8	54.6	7.2	35.2
Dividend ratio	0.1			1.3	—	—	—	—	—	0.2	0.1	0.8	—	—	—	—	—	0.1
Combined ratio	84.1		%	88.3	84.3	97.6	90.9	87.8	40.2	88.7	115.0	74.6	84.6	105.6	126.8	94.0	7.2	96.7
Underwriting gain (loss)	$	16.8		8.7	31.0	4.2	2.7	1.1	3.4	67.9	(14.3)	15.7	25.1	(7.7)	(7.4)	0.6	4.8	16.7
	Year-to-Date June 30, 2021										Year-to-Date June 30, 2020
	Commercial			Workers	General	Commercial					Commercial	Workers	General	Commercial
($ in millions)	Property			Compensation	Liability	Auto	BOP	Bonds	Other	Total	Property	Compensation	Liability	Auto	BOP	Bonds	Other	Total
Net premiums written	$	232.5		172.8	447.6	396.6	61.4	19.5	12.3	1,342.7	207.2	126.2	351.7	329.0	57.3	19.4	11.0	1,101.8
Net premiums earned	208.9			152.5	390.8	349.9	57.9	17.6	11.2	1,188.9	189.3	128.6	327.9	288.2	54.6	18.8	10.2	1,017.6
Loss and loss expense ratio	51.6		%	52.5	49.0	67.1	60.9	30.4	0.1	55.0	73.5	48.1	52.4	68.1	78.7	38.9	0.1	60.9
Underwriting expense ratio	37.1			27.0	33.7	30.9	35.5	58.7	45.5	33.2	38.6	30.1	36.0	34.8	36.1	54.5	30.3	35.7
Dividend ratio	—			1.4	—	—	—	—	—	0.2	—	1.0	—	—	—	—	—	0.1
Combined ratio	88.7		%	80.9	82.7	98.0	96.4	89.1	45.6	88.4	112.1	79.2	88.4	102.9	114.8	93.4	30.4	96.7
Underwriting (loss) gain	$	23.6		29.1	67.6	7.0	2.1	1.9	6.1	137.4	(22.9)	26.8	38.2	(8.5)	(8.1)	1.3	7.1	33.9
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)		2021			2021	2020	2020	2020	2021	2020
Underwriting results
Net premiums written		$	78.6		65.1	69.7	79.7	78.2	143.6	145.8
Change in net premiums written, from comparable prior year period		—		%	(4)	(2)	(2)	(5)	(1)	(4)
Net premiums earned		$	73.3		73.8	75.4	76.0	71.6	147.1	147.8
Losses and loss expenses incurred		48.0			47.2	51.1	69.7	58.2	95.2	112.5
Net underwriting expenses incurred		19.7			19.0	19.5	20.7	19.8	38.6	41.2
GAAP underwriting gain (loss)		$	5.6		7.7	4.8	(14.4)	(6.3)	13.3	(5.9)
Catastrophe losses		$	5.0		5.6	11.2	28.4	26.0	10.6	37.9
Prior year casualty reserve development		—			—	—	—	—	—	—
Underwriting ratios
Loss and loss expense ratio		65.5		%	63.9	67.8	91.7	81.1	64.6	76.1
Underwriting expense ratio		26.8			25.7	25.8	27.3	27.7	26.3	27.9
	Combined ratio	92.3		%	89.6	93.6	119.0	108.8	90.9	104.0
Catastrophe losses		6.8		pts	7.6	14.8	37.4	36.2	7.2	25.7
Prior year casualty reserve development		—			—	—	—	—	—	—
	Combined ratio before catastrophe losses	85.5		%	82.0	78.8	81.6	72.6	83.7	78.3
	Combined ratio before catastrophe losses and prior year casualty development	85.5			82.0	78.8	81.6	72.6	83.7	78.3
Other Statistics
Non-catastrophe property loss and loss expenses		$	24.9		23.1	25.4	22.4	15.3	48.0	38.1
Non-catastrophe property loss and loss expenses		34.0		pts	31.3	33.7	29.5	21.4	32.6	25.8
Direct new business		$	10.9		9.8	10.9	12.1	11.8	20.8	21.8
Renewal pure price increases		1.1		%	0.8	1.1	1.8	3.1	0.9	3.4
Retention		84		%	83	84	83	84	83	83
Note: Amounts may not foot due to rounding.

Page 8

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

	Quarter ended June 30, 2021						Quarter ended June 30, 2020
	Personal						Personal
($ in millions)	Auto			Homeowners	Other	Total	Auto	Homeowners	Other	Total
Net premiums written	$	43.5		33.1	2.0	78.6	41.8	34.4	2.0	78.2
Net premiums earned	41.0			30.6	1.7	73.3	38.2	31.7	1.8	71.6
Loss and loss expense ratio	65.4		%	68.0	22.5	65.5	56.7	113.8	25.7	81.1
Underwriting expense ratio	30.4			30.9	(130.4)	26.8	33.3	30.3	(139.8)	27.7
Combined ratio	95.8		%	98.9	(107.9)	92.3	90.0	144.1	(114.1)	108.8
Underwriting gain (loss)	$	1.7		0.3	3.6	5.6	3.8	(14.0)	3.8	(6.3)
	Year-to-Date June 30, 2021						Year-to-Date June 30, 2020
	Personal						Personal
($ in millions)	Auto			Homeowners	Other	Total	Auto	Homeowners	Other	Total
Net premiums written	$	81.4		58.7	3.6	143.6	81.8	60.0	4.0	145.8
Net premiums earned	82.4			61.2	3.5	147.1	80.7	63.1	3.9	147.8
Loss and loss expense ratio	64.7		%	66.7	30.7	64.6	60.6	96.1	74.6	76.1
Underwriting expense ratio	30.4			30.2	(139.9)	26.3	33.5	30.6	(131.2)	27.9
Combined ratio	95.1		%	96.9	(109.2)	90.9	94.1	126.7	(56.6)	104.0
Underwriting gain (loss)	$	4.1		1.9	7.4	13.3	4.8	(16.9)	6.2	(5.9)
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)		2021			2021	2020	2020	2020	2021	2020
Underwriting results
Net premiums written		$	77.5		67.5	60.7	62.1	63.2	145.1	124.5
Change in net premiums written, from comparable prior year period		23		%	10	6	—	3	17	5
Net premiums earned		$	67.5		62.0	62.0	60.5	58.0	129.5	117.0
Losses and loss expenses incurred		43.8			41.4	37.3	47.1	38.8	85.2	72.6
Net underwriting expenses incurred		21.3			20.1	20.6	20.7	19.8	41.4	41.1
GAAP underwriting gain (loss)		$	2.3		0.5	4.1	(7.3)	(0.5)	2.8	3.3
Catastrophe losses		$	6.4		8.3	1.2	11.8	6.5	14.7	7.0
(Favorable) prior year casualty reserve development		(2.0)			(5.0)	—	—	—	(7.0)	—
Underwriting ratios
Loss and loss expense ratio		65.0		%	66.8	60.1	77.8	66.8	65.8	62.1
Underwriting expense ratio		31.6			32.4	33.3	34.2	34.1	32.0	35.1
	Combined ratio	96.6		%	99.2	93.4	112.0	100.9	97.8	97.2
Catastrophe losses		9.5		pts	13.3	1.9	19.5	11.3	11.3	6.0
(Favorable) prior year casualty reserve development		(3.0)			(8.1)	—	—	—	(5.4)	—
	Combined ratio before catastrophe losses	87.1		%	85.9	91.5	92.5	89.6	86.5	91.2
	Combined ratio before catastrophe losses and prior year casualty development	90.1			94.0	91.5	92.5	89.6	91.9	91.2
Other Statistics
Non-catastrophe property loss and loss expenses		$	7.8		8.9	8.6	8.0	5.6	16.6	11.3
Non-catastrophe property loss and loss expenses		11.5		pts	14.3	13.8	13.2	9.6	12.9	9.7
Direct new business		$	33.7		31.3	28.4	29.7	28.3	65.0	55.8
Renewal pure price increases		6.9		%	7.3	7.4	7.0	5.5	7.1	4.8
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, 2021					Quarter ended June 30, 2020
($ in millions)	Casualty			Property	Total	Casualty	Property	Total
Net premiums written	$	53.9		23.6	77.5	44.4	18.8	63.2
Net premiums earned	47.6			19.8	67.5	42.7	15.3	58.0
Loss and loss expense ratio	62.2		%	71.5	65.0	62.3	79.3	66.8
Underwriting expense ratio	32.3			30.0	31.6	33.4	36.2	34.1
Combined ratio	94.5		%	101.5	96.6	95.7	115.5	100.9
Underwriting gain (loss)	$	2.6		(0.3)	2.3	1.8	(2.4)	(0.5)
	Year-to-Date June 30, 2021					Year-to-Date June 30, 2020
($ in millions)	Casualty			Property	Total	Casualty	Property	Total
Net premiums written	$	102.1		43.0	145.1	90.1	34.4	124.5
Net premiums earned	91.5			38.0	129.5	86.8	30.2	117.0
Loss and loss expense ratio	58.9		%	82.4	65.8	62.5	60.7	62.1
Underwriting expense ratio	32.7			30.4	32.0	34.8	36.2	35.1
Combined ratio	91.6		%	112.8	97.8	97.3	96.9	97.2
Underwriting gain (loss)	$	7.7		(4.9)	2.8	2.4	0.9	3.3
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)		2021			2021	2020	2020	2020	2021	2020
Net investment income
Fixed income securities
	Taxable	$	45.3		45.3	43.9	43.7	43.6	90.6	86.0
	Tax-exempt	7.3			7.6	7.4	7.6	7.5	14.9	15.3
Total fixed income securities		52.6			52.8	51.3	51.3	51.1	105.4	101.3
Commercial mortgage loans		0.7			0.5	0.4	0.2	0.2	1.2	0.2
Equity securities		3.0			2.5	3.8	1.9	2.0	5.5	3.6
Other investments		32.9			17.4	17.8	18.7	(15.8)	50.3	(9.5)
Short-term investments		0.1			—	—	0.2	0.4	0.1	1.6
Investment income		89.2			73.3	73.2	72.4	37.8	162.5	97.2
Investment expenses		(5.5)			(3.6)	(4.7)	(4.2)	(3.4)	(9.1)	(6.8)
Investment tax expense		(16.3)			(13.4)	(13.1)	(13.1)	(5.9)	(29.7)	(16.4)
Total net investment income, after-tax		$	67.4		56.3	55.5	55.1	28.5	123.8	74.0
Net realized and unrealized investment gains (losses), pre-tax		$	10.1		5.1	20.1	7.7	12.6	15.2	(32.0)
Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax		$	43.3		(109.0)	39.6	43.7	219.6	(65.7)	87.4
Average investment yields
	Fixed income investments, pre-tax	3.2		%	3.3	3.2	3.2	3.3	3.2	3.2
	Fixed income investments, after-tax	2.6			2.6	2.6	2.6	2.7	2.6	2.6
	Total portfolio, pre-tax	4.4		%	3.7	3.7	3.8	2.0	4.0	2.6
	Total portfolio, after-tax	3.5			3.0	3.0	3.1	1.6	3.2	2.1
Effective tax rate on net investment income		19.5		%	19.2	19.1	19.1	17.1	19.3	18.1
New money purchase rates for fixed income investments, pre-tax		2.4			2.1	2.7	2.8	3.5	2.2	3.3
New money purchase rates for fixed income investments, after-tax		1.8			1.7	2.2	2.2	2.7	1.7	2.6
Effective duration of fixed income investments including short-term (in years)		3.9			3.9	3.7	3.7	3.6	3.9	3.6
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,
	2021					2021		2020		2020		2020
($ in millions)	Amount		Percent			Amount	Percent	Amount	Percent	Amount	Percent	Amount	Percent
Fixed income securities, at fair value	$	6,654.3	86		%	6,546.8	87	6,473.9	86	6,457.8	89	6,378.9	89
Commercial mortgage loans, at fair value	73.6		1			62.2	1	47.3	1	30.6	—	17.9	—
Total fixed income investments	6,727.9		87			6,609.1	88	6,521.2	87	6,488.3	89	6,396.8	89
Short-term investments	351.2		5			337.8	4	409.9	5	380.9	5	370.4	5
Total fixed income and short-term investments	7,079.1		91			6,946.9	92	6,931.1	92	6,869.2	94	6,767.2	94
Equity securities, at fair value	348.3		4			324.3	4	310.4	4	151.8	2	134.1	2
Other investments	330.5		4			290.2	4	266.3	4	258.6	4	230.5	4
Total investments	$	7,757.9	100		%	7,561.3	100	7,507.8	100	7,279.7	100	7,131.8	100
Fixed income investments, at carry value
U.S. government obligations	$	136.2	2		%	136.3	2	116.1	2	117.5	2	119.7	2
Foreign government obligations	15.3		—			19.7	—	18.4	—	17.0	—	17.9	—
Obligations of state and political subdivisions	1,204.4		18			1,218.6	19	1,251.6	19	1,236.0	19	1,207.9	19
Corporate securities	2,489.5		37			2,365.6	36	2,340.4	36	2,313.4	36	2,271.0	36
Collateralized loan obligations and other asset-backed securities	1,282.2		19			1,202.1	18	1,026.6	16	945.6	15	839.5	13
Residential mortgage-backed securities	854.5		13			947.5	14	1,051.8	16	1,183.0	18	1,318.4	21
Commercial mortgage-backed securities	671.4		10			656.2	10	667.9	10	644.2	10	603.2	9
Commercial mortgage loans	72.0		1			61.1	1	46.3	1	29.5	—	17.7	—
Total fixed income investments	$	6,725.5	100		%	6,607.1	100	6,519.1	100	6,486.1	100	6,395.4	100
Expected maturities of fixed income investments at carry value
Due in one year or less	$	538.2	8		%	454.8	7	434.4	7	337.6	5	315.8	5
Due after one year through five years	3,415.8		51			3,444.4	52	3,679.2	56	3,742.7	58	3,661.7	57
Due after five years through 10 years	2,139.3		32			2,071.6	31	1,920.7	30	1,972.9	30	2,061.5	32
Due after 10 years	632.2		9			636.2	10	484.7	7	432.9	7	356.4	6
Total fixed income investments	$	6,725.5	100		%	6,607.1	100	6,519.1	100	6,486.1	100	6,395.4	100
Weighted average credit quality of fixed income and short-term investments
Investment grade credit quality	$	6,803.5	96		%	6,687.7	96	6,635.0	96	6,594.2	96	6,489.4	96
Non-investment grade credit quality	275.6		4			259.1	4	296.1	4	275.1	4	277.8	4
Total fixed income and short-term investments, at fair value	$	7,079.1	100		%	6,946.9	100	6,931.1	100	6,869.2	100	6,767.2	100
Weighted average credit quality of fixed income and short-term investments	A+					AA-		AA-		AA-		AA-
Alternative investments	June 30, 2021
							Current
	Number of		Original			Remaining	Market
Strategy	Funds		Commitment			Commitment	Value
Private equity	50		$	293.8		111.0	218.4
Private credit	17		189.9			96.1	58.7
Real assets	7		37.5			15.8	20.0
Total	74		$	521.3		222.9	297.0
Note: Amounts may not foot due to rounding.

Page 13

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CREDIT QUALITY OF INVESTED ASSETS

(Unaudited)

At June 30, 2021												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		133		136		1.8		1.2	5.2	6.8	132		4		—		—		—		—
	Foreign government obligations		15		15		0.2		1.8	5.9	7.4	—		3		10		3		—		—
	State and municipal obligations		1,123		1,205		15.5		0.9	5.1	4.6	233		551		363		58		—		—
	Corporate securities		2,348		2,490		32.1		1.9	4.9	6.2	16		156		974		1,142		202		—
	Mortgage-backed securities:
		Residential mortgage-backed securities ("RMBS"):
		Agency RMBS	694		726		9.4		1.6	3.6	4.2	726		—		—		—		—		—
		Non-agency RMBS	126		128		1.7		1.7	1.5	4.1	49		13		63		—		3		—
		Total RMBS	821		854		11.0		1.6	3.3	4.2	775		13		63		—		3		—
		Commercial mortgage-backed securities	633		671		8.7		1.6	4.2	5.3	585		40		35		11		—		—
		Total mortgage-backed securities	1,454		1,526		19.7		1.6	3.7	4.7	1,360		53		98		11		3		—
	Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
		Auto	34		35		0.4		0.6	2.2	2.1	30		3		2		—		—		—
		Aircraft	74		74		1.0		4.1	3.7	4.1	—		1		38		33		2		—
		CLOs	835		838		10.8		2.6	1.2	5.2	402		306		52		19		53		6
		Credit cards	14		14		0.2		0.2	1.2	1.2	14		—		—		—		—		—
		Other ABS	310		322		4.1		2.3	3.8	5.5	76		39		169		29		8		1
		Total CLOs and ABS	1,266		1,282		16.5		2.6	2.1	5.1	521		350		261		80		64		7
Total securitized assets			2,720		2,808		36.2		2.1	2.9	4.9	1,881		403		358		92		67		7
		Commercial mortgage loans	72		74		0.9		3.7	3.9	7.5	—		—		32		41		—		—
Total fixed income investments			6,411		6,728		86.7		1.8	4.1	5.4	2,262		1,117		1,738		1,335		269		7
		Short-term investments	351		351		4.5		0.1	0.0	0.0	339		12		—		—		—		—
		Total fixed income and short-term investments	6,762		7,079		91.2		1.7	3.9	5.1	2,601		1,129		1,738		1,335		269		7
Total fixed income securities and short-term investments by credit rating percentage												36.7	%	15.9	%	24.6	%	18.9	%	3.8	%	—	%
Equity Securities:
	Common Stock(1)		319		346		4.5		—	—	—	—		—		—		—		—		346
	Preferred stock		2		2		—		—	—	—	—		—		—		2		—		—
		Total equity securities	321		348		4.5		—	—	—	—		—		—		2		—		346
Other investments:
	Alternative investments
		Private equity	218		218		2.8		—	—	—	—		—		—		—		—		218
		Private credit	59		59		0.8		—	—	—	—		—		—		—		—		59
		Real assets	20		20		0.3		—	—	—	—		—		—		—		—		20
		Total alternative investments	297		297		3.8		—	—	—	—		—		—		—		—		297
	Other investments		33		33		0.4		—	—	—	—		—		—		—		—		33
	Total other investments		330		330		4.3		—	—	—	—		—		—		—		—		330
Total invested assets			$	7,413	$	7,758	100.0	%	—	—	—	$2,601		$1,129		$1,738		$1,337		$269		$683
(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 AVAILABLE TO COMMON STOCKHOLDERS TO NON-GAAP OPERATING INCOME 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)	2021			2021	2020	2020	2020	2021	2020
Reconciliation of net income available to common stockholders to non-GAAP operating income
Net income available to common stockholders	$	119.6		106.8	127.1	69.9	34.2	226.4	49.4
Net realized and unrealized (gains) losses, before tax	(10.1)			(5.1)	(20.1)	(7.7)	(12.6)	(15.2)	32.0
Tax on reconciling items	2.1			1.1	4.2	1.6	2.7	3.2	(6.7)
Non-GAAP operating income	$	111.6		102.8	111.2	63.8	24.2	214.4	74.7
Reconciliation of net income available to common stockholders per diluted common share to non-GAAP operating income per diluted common share
Net income available to common stockholders per diluted common share	$	1.98		1.77	2.10	1.16	0.57	3.74	0.82
Net realized and unrealized (gains) losses, before tax	(0.17)			(0.08)	(0.33)	(0.13)	(0.21)	(0.25)	0.53
Tax on reconciling items	0.04			0.01	0.07	0.03	0.04	0.05	(0.11)
Non-GAAP operating income per diluted common share	$	1.85		1.70	1.84	1.06	0.40	3.54	1.24
Reconciliation of annualized ROE to annualized non-GAAP operating ROE
Annualized ROE	18.3		%	16.8	20.6	11.9	6.2	17.3	4.4
Net realized and unrealized (gains) losses, before tax	(1.5)			(0.8)	(3.3)	(1.3)	(2.3)	(1.1)	2.9
Tax on reconciling items	0.3			0.2	0.7	0.3	0.5	0.2	(0.6)
Annualized non-GAAP operating ROE	17.1		%	16.2	18.0	10.9	4.4	16.4	6.7
Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income 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. They are used as important financial measures by management, analysts, and investors, because the timing of realized investment gains and losses on sales of securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments that are charged to earnings could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity to non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity, 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, 2021
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:	bbb+	BBB	Baa2	BBB+
www.Selective.com
Investor Contact:	REGISTRAR AND TRANSFER AGENT
Rohan Pai	EQ Shareowner Services
Senior Vice President	P.O. Box 64854
Investor Relations & Treasurer	St. Paul, MN 55164
Phone: 973-948-1364	866-877-6351
Rohan.Pai@Selective.com
Media Contact:
Jamie M. Beal
Vice President
Director of Communications
Phone: 973-948-1234
Jamie.Beal@Selective.com

Page 16

XML

Cover Document	Jul. 28, 2021
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 28, 2021
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