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) November 1, 2023

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 November 1, 2023, Selective Insurance Group, Inc. (the “Company”) issued a press release announcing results for the third quarter ended September 30, 2023. 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 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 November 1, 2023

    99.2     Financial Supplement, Third Quarter 2023

    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:	November 1, 2023	By:	/s/ Michael H. Lanza
			Michael H. Lanza
			Executive Vice President and General Counsel

EX-99.1

Exhibit 99.1

Selective Reports Third Quarter 2023 Results

Net Income of $1.42 per Diluted Common Share and Non-GAAP Operating Income1 of $1.51 per

Diluted Common Share

Return on Common Equity ("ROE") of 14.1% and Non-GAAP Operating ROE1 of 15.0%

Quarterly Dividend Increased 17%, to $0.35 per Common Share

In the third quarter of 2023:

•Net premiums written ("NPW") increased 17% compared to the third quarter of 2022;

•GAAP combined ratio was 96.8%, in line with the third quarter of 2022;

•Commercial Lines renewal pure price increases averaged 7.1%, compared to 5.8% in the third quarter of 2022;

•After-tax net investment income was $80 million, up 56% compared to the third quarter of 2022;

•Book value per common share was $40.35, down 1% in the third quarter; and

•Adjusted book value per common share¹ was $48.54, up 3% in the third quarter.

Branchville, NJ - November 1, 2023 - Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the third quarter ended September 30, 2023, with net income per diluted common share of $1.42 and non-GAAP operating income1 per diluted common share of $1.51. The third quarter combined ratio was 96.8%, including 6.6 points of catastrophe losses.

In the quarter, NPW grew 17% compared to a year ago from renewal pure price increases, exposure growth, stable retention, and strong new business. After-tax net investment income in the quarter generated 13.1 points of annualized ROE, benefiting from higher interest rates, active portfolio management, and operating and investing cash flow deployment. Within our Insurance Operations, Standard Commercial Lines grew 15% and Excess and Surplus Lines increased 25% with profitable combined ratios. In Standard Personal Lines, initiatives to improve profitability continue to be executed as we transition to the mass affluent market.

"With a non-GAAP operating ROE of 15.0% in the quarter and 13.2% year to date, we are well positioned to achieve our 10th consecutive year of double-digit operating ROEs. Our disciplined underwriting strategy and commitment to uniquely servicing our customers continue to drive our performance in a challenging external environment with uncertain loss trends and elevated inflation," said John J. Marchioni, Chairman, President and Chief Executive Officer.

“We have a strong and flexible capital position and are actively focused on long-term, profitable growth. This includes continuing our deliberate growth strategy, with the expectation to extend our Commercial Lines footprint into West Virginia and Maine in early 2024, then Washington, Oregon, and Nevada later in the year,” added Mr. Marchioni.

Mr. Marchioni concluded, "Our unique, field-based operating model, deep distribution partner relationships, and sophisticated tools for risk selection, pricing, and claims management differentiate us in the marketplace. We have excellent prospects for continued strong performance."

1

Operating Highlights

Consolidated Financial Results	Quarter ended September 30,				Change		Year-to-Date September 30,				Change
$ and shares in millions, except per share data	2023			2022			2023			2022
Net premiums written	$	1,058.3		903.4	17	%	$	3,143.0		2,723.9	15	%
Net premiums earned	981.9			853.9	15		2,826.4			2,500.6	13
Net investment income earned	100.9			63.9	58		290.1			206.7	40
Net realized and unrealized gains (losses), pre-tax	(6.9)			(25.7)	(73)		(9.0)			(108.9)	(92)
Total revenues	1,081.1			895.0	21		3,121.4			2,605.9	20
Net underwriting income (loss), after-tax	25.0			21.4	16		54.7			95.3	(43)
Net investment income, after-tax	80.2			51.5	56		231.1			166.7	39
Net income available to common stockholders	86.9			40.2	116		233.5			131.5	78
Non-GAAP operating income1	92.3			60.5	53		240.6			217.5	11
Combined ratio	96.8		%	96.8	—	pts	97.5		%	95.2	2.3	pts
Loss and loss expense ratio	65.8			64.1	1.7		65.7			62.7	3.0
Underwriting expense ratio	30.9			32.6	(1.7)		31.6			32.4	(0.8)
Dividends to policyholders ratio	0.1			0.1	—		0.2			0.1	0.1
Net catastrophe losses	6.6		pts	4.0	2.6		7.8		pts	4.0	3.8
Non-catastrophe property losses and loss expenses	17.6			19.6	(2.0)		16.9			18.3	(1.4)
(Favorable) prior year reserve development on casualty lines	—			(1.9)	1.9		(0.6)			(1.9)	1.3
Net income available to common stockholders per diluted common share	$	1.42		0.66	115	%	$	3.83		2.16	77	%
Non-GAAP operating income per diluted common share1	1.51			0.99	53		3.95			3.57	11
Weighted average diluted common shares	61.0			60.8	—		60.9			60.8	—
Book value per common share	$	40.35		36.96	9		40.35			36.96	9
Adjusted book value per common share1	48.54			44.59	9		48.54			44.59	9

Overall Insurance Operations

For the third quarter, overall NPW increased 17%, or $155 million, from a year ago, reflecting new business growth and effective management of our renewal portfolio. Average renewal pure price increased 7.0%, with stable retention and increased exposure. Our 96.8% combined ratio in the quarter was in line with the 96.8% reported a year ago, with excellent improvement in our underlying combined ratio offset by higher catastrophe losses and no net prior year casualty reserve development. Catastrophe losses totaled $64.6 million pre-tax in the quarter, up from $34.1 million in the third quarter of 2022. There was no prior year casualty reserve development as workers compensation favorable development of $7.0 million was offset by unfavorable development of $4.0 million in commercial auto and $3.0 million in personal auto. In the third quarter of 2022, prior year favorable casualty reserve development totaled $16.0 million.

Standard Commercial Lines Segment

For the third quarter, Standard Commercial Lines premiums (representing 79% of total NPW) increased 15% compared to a year ago. The premium growth reflected average renewal pure price increases of 7.1%, new business growth of 13%, strong exposure growth, and consistent retention of 86%. The third quarter combined ratio was 94.7%, reflecting lower non-catastrophe property losses and an improved expense ratio compared to the prior period. The following table shows the variances relative to the 96.8% combined ratio a year ago:

Standard Commercial Lines Segment	Quarter ended September 30,				Change		Year-to-Date September 30,				Change
$ in millions	2023			2022			2023			2022
Net premiums written	$	833.6		727.5	15	%	$	2,517.0		2,225.4	13	%
Net premiums earned	785.3			692.4	13		2,279.7			2,034.1	12
Combined ratio	94.7		%	96.8	(2.1)	pts	95.5		%	94.5	1.0	pts
Loss and loss expense ratio	62.8			63.4	(0.6)		63.0			61.1	1.9
Underwriting expense ratio	31.7			33.3	(1.6)		32.3			33.2	(0.9)
Dividends to policyholders ratio	0.2			0.1	0.1		0.2			0.2	—
Net catastrophe losses	4.7		pts	2.6	2.1		5.9		pts	2.7	3.2
Non-catastrophe property losses and loss expenses	15.6			18.7	(3.1)		14.9			16.9	(2.0)
(Favorable) prior year reserve development on casualty lines	(0.4)			(2.3)	1.9		(0.9)			(2.4)	1.5

2

Standard Personal Lines Segment

For the third quarter, Standard Personal Lines premiums (representing 11% of total NPW) increased 30% compared to a year ago. Renewal pure price increases averaged 6.1%, retention was 88%, and new business was up $14.3 million compared to last year as we continued our transition to the mass affluent market. The third quarter combined ratio was 127.4%, including 25.6 points of catastrophe losses and 3.2 points of unfavorable casualty reserve development from the personal auto line of business. The following table shows the variances relative to the 101.8% combined ratio a year ago:

Standard Personal Lines Segment	Quarter ended September 30,				Change		Year-to-Date September 30,				Change
$ in millions	2023			2022			2023			2022
Net premiums written	$	113.2		86.8	30	%	$	307.5		234.5	31	%
Net premiums earned	95.2			75.6	26		264.2			221.6	19
Combined ratio	127.4		%	101.8	25.6	pts	123.6		%	103.3	20.3	pts
Loss and loss expense ratio	104.5			75.7	28.8		98.7			77.8	20.9
Underwriting expense ratio	22.9			26.1	(3.2)		24.9			25.5	(0.6)
Net catastrophe losses	25.6		pts	14.9	10.7		22.8		pts	16.5	6.3
Non-catastrophe property losses and loss expenses	44.7			38.4	6.3		43.2			36.8	6.4
Unfavorable prior year reserve development on casualty lines	3.2			—	3.2		3.4			—	3.4

Excess and Surplus Lines Segment

For the third quarter, Excess and Surplus Lines premiums (representing 10% of total NPW) increased 25% compared to the prior-year period, driven by average renewal pure price increases of 6.6% and new business growth of 43%. The third quarter combined ratio improved 9.1 points from a year ago to 83.9%, including 3.5 points of catastrophe losses. Both catastrophe and non-catastrophe property losses were lower than the same period last year. The following table shows the variances relative to the 93.0% combined ratio a year ago:

Excess and Surplus Lines Segment	Quarter ended September 30,				Change		Year-to-Date September 30,				Change
$ in millions	2023			2022			2023			2022
Net premiums written	$	111.6		89.1	25	%	$	318.4		264.1	21	%
Net premiums earned	101.4			85.8	18		282.5			244.8	15
Combined ratio	83.9		%	93.0	(9.1)	pts	89.7		%	93.3	(3.6)	pts
Loss and loss expense ratio	51.9			61.0	(9.1)		57.4			61.2	(3.8)
Underwriting expense ratio	32.0			32.0	—		32.3			32.1	0.2
Net catastrophe losses	3.5		pts	5.4	(1.9)		9.0		pts	3.3	5.7
Non-catastrophe property losses and loss expenses	7.4			10.1	(2.7)		8.7			12.4	(3.7)
(Favorable) prior year reserve development on casualty lines	—			—	—		(1.8)			—	(1.8)

3

Investments Segment

For the third quarter, after-tax net investment income of $80 million was 56% higher than the prior-year period. Pre-tax investment income from our fixed-income securities portfolio was up 32% compared to the third quarter of 2022, driven by higher book yields and the deployment of operating and investing cash flows over the past year. Pre-tax alternative investment income of $6 million was $12 million higher than the $6 million loss in the prior-year period. With the increased yield of our portfolio and invested assets per dollar of common stockholders' equity of $3.35 on September 30, 2023, the investment portfolio generated 13.1 points of non-GAAP operating ROE for the quarter.

Investments Segment	Quarter ended September 30,				Change		Year-to-Date September 30,				Change
$ in millions, except per share data	2023			2022			2023			2022
Net investment income earned, after-tax	$	80.2		51.5	56	%	$	231.1		166.7	39	%
Net investment income per common share	1.31			0.85	54		3.79			2.74	38
Effective tax rate	20.5		%	19.3	1.2	pts	20.3		%	19.4	0.9	pts
Average yields:
Portfolio:
Pre-tax	4.9			3.4	1.5		4.8			3.5	1.3
After-tax	3.9			2.7	1.2		3.8			2.9	0.9
Fixed income securities:
Pre-tax	5.1		%	4.2	0.9	pts	5.0		%	3.7	1.3	pts
After-tax	4.1			3.4	0.7		4.0			3.0	1.0
Annualized ROE contribution	13.1			8.9	4.2		12.7			8.9	3.8

Balance Sheet

$ in millions, except per share data	September 30, 2023			December 31, 2022		Change
Total assets	$	11,428.0		10,802.3		6	%
Total investments	8,195.9			7,837.5		5
Long-term debt	504.6			504.7		—
Stockholders’ equity	2,644.4			2,527.6		5
Common stockholders' equity	2,444.4			2,327.6		5
Invested assets per dollar of common stockholders’ equity	3.35			3.37		(1)
Net premiums written to policyholders' surplus	1.53			1.44		0.09
Book value per common share	$	40.35		38.57		5
Adjusted book value per common share1	48.54			45.49		7
Debt to total capitalization	16.0		%	16.6	%	(0.6)		pts

During the first nine months of 2023, book value per common share increased by $1.78, or 5%. The increase was primarily driven by $3.83 of net income per diluted common share, partially offset by a $1.31 increase in after-tax net unrealized losses on our fixed income securities portfolio and $0.90 of dividends on our common stock paid to shareholders. The increase in after-tax net unrealized losses on our fixed-income portfolio was primarily driven by the rise in interest rates during the third quarter. Through the first nine months of 2023, the Company did not repurchase any shares of common stock. Capacity under our existing repurchase authorization was $84.2 million as of September 30, 2023.

Selective's Board of Directors declared:

•    A 17% increase in the quarterly cash dividend on common stock, to $0.35 per common share, that is payable December 1, 2023, to holders of record on November 15, 2023; and

•    A cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on December 15, 2023, to holders of record as of November 30, 2023.

Guidance

For 2023, our full-year expectations are as follows:

•A GAAP combined ratio of 96.5%, unchanged from last quarter, including net catastrophe losses of 6.5 points, up from prior guidance of 6.0 points. Our combined ratio estimate assumes no additional prior-year casualty reserve development;

4

•After-tax net investment income of $310 million, up from prior guidance of $300 million. After-tax net investment income includes $20 million of after-tax net investment income from our alternative investments, down from our $30 million prior guidance;

•An overall effective tax rate of approximately 21%, which assumes an effective tax rate of 20% for net investment income and 21% for all other items; and

•Weighted average shares of 61 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 11:00 AM ET, on Thursday, November 2, 2023, on www.Selective.com. The webcast will be available for rebroadcast until the close of business on December 1, 2023.

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 2023 and certification as a Great Place to Work® in 2023 for the fourth consecutive year. For more information about Selective, visit www.Selective.com.

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 included in net income. 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 (loss) income. 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 available to common stockholders, net income 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 available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables below.

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

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

$ in millions	Quarter ended September 30,			Year-to-Date September 30,
	2023		2022	2023	2022
Net income available to common stockholders	$	86.9	40.2	233.5	131.5
Net realized and unrealized investment (gains) losses included in net income, before tax	6.9		25.7	9.0	108.9
Tax on reconciling items	(1.4)		(5.4)	(1.9)	(22.9)
Non-GAAP operating income	$	92.3	60.5	240.6	217.5

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

	Quarter ended September 30,			Year-to-Date September 30,
	2023		2022	2023	2022
Net income available to common stockholders per diluted common share	$	1.42	0.66	3.83	2.16
Net realized and unrealized investment (gains) losses included in net income, before tax	0.11		0.42	0.15	1.79
Tax on reconciling items	(0.02)		(0.09)	(0.03)	(0.38)
Non-GAAP operating income per diluted common share	$	1.51	0.99	3.95	3.57

5

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

	Quarter ended September 30,			Year-to-Date September 30,
	2023		2022	2023	2022
Return on Common Equity	14.1	%	7.0	12.8	7.0
Net realized and unrealized investment (gains) losses included in net income, before tax	1.1		4.4	0.5	5.8
Tax on reconciling items	(0.2)		(0.9)	(0.1)	(1.2)
Non-GAAP Operating Return on Common Equity	15.0	%	10.5	13.2	11.6

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

	Quarter ended September 30,			Year-to-Date September 30,
	2023		2022	2023	2022
Book value per common share	$	40.35	36.96	40.35	36.96
Total unrealized investment (gains) losses included in accumulated other comprehensive (loss) income, before tax	10.38		9.67	10.38	9.67
Tax on reconciling items	(2.19)		(2.04)	(2.19)	(2.04)
Adjusted book value per common share	48.54		44.59	48.54	44.59

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,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” “continue,” or comparable terms. Our forward-looking statements are only predictions, and 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 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 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, or judicial conditions or actions;

•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 been successful in defending 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.

◦We cannot predict the amount our premiums may be reduced, or the impact on our underwriting results, from any future (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, (iii) voluntary efforts or directives from various state insurance regulators to extend individualized payment flexibility or suspend policy cancellation, late payment notices, and late or reinstatement fees, or (iv) litigation brought by policyholders to recover premiums they allege were excessive during the period of any governmental directive.

•The ongoing Russian war against Ukraine is 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

EX-99.2

Exhibit 99.2

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

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,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” “continue,” or comparable terms. Our forward-looking statements are only predictions, and 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 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 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, or judicial conditions or actions;

•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 been successful in defending 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.

◦We cannot predict the amount our premiums may be reduced, or the impact on our underwriting results, from any future (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, (iii) voluntary efforts or directives from various state insurance regulators to extend individualized payment flexibility or suspend policy cancellation, late payment notices, and late or reinstatement fees, or (iv) litigation brought by policyholders to recover premiums they allege were excessive during the period of any governmental directive.

•The ongoing Russian war against Ukraine is impacting global economic, banking, commodity, and financial markets, exacerbating ongoing economic challenges, including inflation and supply chain disruption, which influences insurance loss costs, premiums, and investment valuations;

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

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

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

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

•Potential tax or federal financial regulatory reform provisions that could pose certain risks to our operations;

•Our ability to maintain favorable financial ratings, which may include sustainability considerations, from rating agencies, including AM Best, Standard & Poor’s, Moody’s, and Fitch;

•Our entry into new markets and businesses; and

•Other risks and uncertainties we identify in filings with the United States Securities and Exchange Commission, including our Annual Report on Form 10-K and other periodic reports.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

TABLE OF CONTENTS

	Page
Consolidated Financial Highlights	1
Consolidated Statements of Operations	2
Consolidated Balance Sheets	3
Financial Metrics	4
Consolidated Insurance Operations Statement of Operations	5
Standard Commercial Lines Statement of Operations and Supplemental Data	6
Standard Commercial Lines GAAP Line of Business Results	7
Standard Personal Lines Statement of Operations and Supplemental Data	8
Standard Personal Lines GAAP Line of Business Results	9
Excess and Surplus Lines Statement of Operations and Supplemental Data	10
Excess and Surplus Lines GAAP Line of Business Results	11
Consolidated Investment Income	12
Consolidated Composition of Invested Assets	13
Credit Quality of Invested Assets	14
Reconciliation of Net Income 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
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ and shares in millions, except per share data)		2023			2023	2023	2022	2022	2023	2022
For Period Ended
	Gross premiums written	$	1,223.5		1,238.1	1,138.2	988.3	1,047.1	3,599.8	3,112.6
	Net premiums written	1,058.3			1,084.9	999.8	849.7	903.4	3,143.0	2,723.9
	Change in net premiums written, from comparable prior year period	17		%	17	12	14	11	15	11
	Underwriting income (loss), before-tax	$	31.6		(1.5)	39.2	46.1	27.1	69.2	120.7
	Net investment income earned, before-tax	100.9			97.7	91.5	81.4	63.9	290.1	206.7
	Net realized and unrealized investment gains (losses), before-tax	(6.9)			(5.4)	3.3	(5.9)	(25.7)	(9.0)	(108.9)
	Net income	$	89.2		58.6	92.6	86.5	42.5	240.4	138.4
	Net income available to common stockholders(1)	86.9			56.3	90.3	84.2	40.2	233.5	131.5
	Non-GAAP operating income(2)	92.3			60.6	87.6	88.9	60.5	240.6	217.5
At Period End
	Total assets	11,428.0			11,217.2	11,015.0	10,802.3	10,520.5	11,428.0	10,520.5
	Total invested assets	8,195.9			8,133.2	8,029.4	7,837.5	7,536.1	8,195.9	7,536.1
	Stockholders' equity	2,644.4			2,671.4	2,669.4	2,527.6	2,427.5	2,644.4	2,427.5
	Common stockholders' equity(3)	2,444.4			2,471.4	2,469.4	2,327.6	2,227.5	2,444.4	2,227.5
	Common shares outstanding	60.6			60.6	60.5	60.3	60.3	60.6	60.3
Per Share and Share Data
	Net income available to common stockholders per common share (diluted)	$	1.42		0.92	1.48	1.38	0.66	3.83	2.16
	Non-GAAP operating income per common share (diluted)(2)	1.51			0.99	1.44	1.46	0.99	3.95	3.57
	Weighted average common shares outstanding (diluted)	61.0			60.9	60.9	60.9	60.8	60.9	60.8
	Book value per common share	$	40.35		40.81	40.82	38.57	36.96	40.35	36.96
	Adjusted book value per common share(2)	48.54			47.34	46.61	45.49	44.59	48.54	44.59
	Dividends paid per common share	0.30			0.30	0.30	0.30	0.28	0.90	0.84
Financial Ratios
	Loss and loss expense ratio	65.8		%	68.6	62.9	62.4	64.1	65.7	62.7
	Underwriting expense ratio	30.9			31.4	32.6	32.1	32.6	31.6	32.4
	Dividends to policyholders ratio	0.1			0.2	0.2	0.2	0.1	0.2	0.1
	GAAP combined ratio	96.8		%	100.2	95.7	94.7	96.8	97.5	95.2
	Return on common stockholders' equity ("ROE")	14.1			9.1	15.1	14.8	7.0	12.8	7.0
	Non-GAAP operating ROE(2)	15.0			9.8	14.6	15.6	10.5	13.2	11.6
	Debt to total capitalization	16.0			15.9	15.9	16.6	17.2	16.0	17.2
	Net premiums written to policyholders' surplus	1.53			1.52	1.46	1.44	1.45	1.53	1.45
	Invested assets per dollar of common stockholders' equity	$	3.35		3.29	3.25	3.37	3.38	3.35	3.38
(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
		Sept. 30,		June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,		Sept. 30,
($ and shares in millions, except per share data)		2023		2023	2023	2022	2022	2023		2022
Revenues
	Net premiums earned	$	981.9	942.2	902.3	872.8	853.9	$	2,826.4	2,500.6
	Net investment income earned	100.9		97.7	91.5	81.4	63.9	290.1		206.7
	Net realized and unrealized gains (losses)	(6.9)		(5.4)	3.3	(5.9)	(25.7)	(9.0)		(108.9)
	Other income	5.2		6.1	2.6	3.8	2.9	13.9		7.5
	Total revenues	1,081.1		1,040.5	999.8	952.2	895.0	3,121.4		2,605.9
Expenses
	Loss and loss expense incurred	645.9		646.1	567.4	544.8	547.8	1,859.5		1,566.9
	Amortization of deferred policy acquisition costs	201.1		194.8	189.8	183.6	179.0	585.7		522.2
	Other insurance expenses	108.5		108.9	108.6	102.0	102.8	325.9		298.3
	Interest expense	7.2		7.3	7.2	7.2	7.2	21.6		21.6
	Corporate expenses	5.9		9.3	12.1	6.7	5.5	27.3		24.4
	Total expenses	968.6		966.4	885.1	844.4	842.4	2,820.0		2,433.5
Income before federal income tax		112.5		74.2	114.8	107.8	52.6	301.4		172.4
Federal income tax expense		23.3		15.5	22.2	21.2	10.1	61.0		34.1
Net Income		89.2		58.6	92.6	86.5	42.5	240.4		138.4
Preferred stock dividends		2.3		2.3	2.3	2.3	2.3	6.9		6.9
Net income available to common stockholders		86.9		56.3	90.3	84.2	40.2	233.5		131.5
Net realized and unrealized investment (gains) losses, after tax(1)		5.4		4.3	(2.6)	4.7	20.3	7.1		86.0
Non-GAAP operating income(2)		$	92.3	60.6	87.6	88.9	60.5	$	240.6	217.5
Weighted average common shares outstanding (diluted)		61.0		60.9	60.9	60.9	60.8	60.9		60.8
Net income available to common stockholders per common share (diluted)		$	1.42	0.92	1.48	1.38	0.66	$	3.83	2.16
Non-GAAP operating income per common share (diluted)(2)		$	1.51	0.99	1.44	1.46	0.99	$	3.95	3.57
(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)

			Sept. 30,		June 30,	Mar. 31,	Dec. 31,	Sept. 30,
($ in millions, except per share data)			2023		2023	2023	2022	2022
ASSETS
Investments
	Fixed income securities, held-to-maturity, net of allowance for credit losses		$	23.2	23.7	24.7	31.2	33.0
	Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses		7,027.1		7,032.3	6,964.5	6,612.1	6,472.1
	Commercial mortgage loans, net of allowance for credit losses		185.9		175.4	157.2	149.2	145.2
	Equity securities, at fair value		125.6		121.6	132.2	162.0	183.9
	Short-term investments		315.0		319.5	302.8	440.5	269.3
	Alternative investments		446.8		389.2	380.0	371.3	367.8
	Other investments		72.2		71.5	68.1	71.2	64.8
		Total investments	8,195.9		8,133.2	8,029.4	7,837.5	7,536.1
Cash			0.1		0.4	0.1	—	0.5
Restricted cash			13.2		20.9	35.5	25.2	8.5
Accrued investment income			62.2		59.4	57.3	59.2	54.0
Premiums receivable, net of allowance for credit losses			1,330.0		1,286.5	1,154.2	1,085.7	1,113.5
Reinsurance recoverable, net of allowance for credit losses			685.3		646.8	667.0	782.8	713.1
Prepaid reinsurance premiums			205.2		190.4	174.6	172.4	178.7
Current federal income tax			—		—	—	3.5	24.6
Deferred federal income tax			199.3		171.9	158.1	172.7	164.6
Property and equipment, net of accumulated depreciation and amortization			81.4		81.3	83.4	84.3	85.3
Deferred policy acquisition costs			425.8		413.8	387.9	368.6	370.9
Goodwill			7.8		7.8	7.8	7.8	7.8
Other assets			221.7		204.8	259.5	202.5	262.8
		Total assets	$	11,428.0	11,217.2	11,015.0	10,802.3	10,520.5
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense			$	5,301.4	5,177.0	5,099.5	5,144.8	4,965.3
Unearned premiums			2,342.2		2,251.0	2,092.4	1,992.8	2,022.2
Long-term debt			504.6		503.6	504.2	504.7	505.2
Current federal income tax			2.5		2.6	20.3	—	—
Accrued salaries and benefits			114.2		92.0	88.8	115.2	112.2
Other liabilities			518.6		519.6	540.5	517.2	488.1
		Total liabilities	$	8,783.5	8,545.8	8,345.6	8,274.7	8,092.9
Stockholders' Equity
Preferred stock of $0 par value per share			$	200.0	200.0	200.0	200.0	200.0
Common stock of $2 par value per share			210.3		210.3	210.1	209.7	209.6
Additional paid-in capital			516.9		512.0	502.7	493.5	486.2
Retained earnings			2,928.2		2,859.6	2,821.6	2,749.7	2,683.8
Accumulated other comprehensive income (loss)			(575.9)		(475.7)	(430.3)	(498.0)	(525.0)
Treasury stock, at cost			(635.1)		(634.8)	(634.7)	(627.3)	(627.0)
		Total stockholders' equity	$	2,644.4	2,671.4	2,669.4	2,527.6	2,427.5
Commitments and contingencies
		Total liabilities and stockholders' equity	$	11,428.0	11,217.2	11,015.0	10,802.3	10,520.5
Note: Amounts may not foot due to rounding.

Page 3

Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS

(Unaudited)

			Quarter ended							Year-to-date
			Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ and shares in millions, except per share data)			2023			2023	2023	2022	2022	2023	2022
Book value per common share
		Common stockholders' equity	$	2,444.4		2,471.4	2,469.4	2,327.6	2,227.5	2,444.4	2,227.5
		Common shares issued and outstanding, at period end	60.6			60.6	60.5	60.3	60.3	60.6	60.3
		Book value per common share	$	40.35		40.81	40.82	38.57	36.96	40.35	36.96
		Adjusted book value per common share(2)	48.54			47.34	46.61	45.49	44.59	48.54	44.59
Financial results (after-tax)
		Underwriting income (loss)	25.0			(1.2)	31.0	36.4	21.4	54.7	95.3
		Net investment income	80.2			77.8	73.1	65.5	51.5	231.1	166.7
		Interest expense and preferred stock dividends	(8.0)			(8.0)	(8.0)	(8.0)	(8.0)	(24.0)	(24.0)
		Corporate expense	(4.9)			(8.0)	(8.4)	(5.0)	(4.5)	(21.3)	(20.6)
		Net realized and unrealized investment gains (losses)	(5.4)			(4.3)	2.6	(4.7)	(20.3)	(7.1)	(86.0)
		Total after-tax net income available to common stockholders	86.9			56.3	90.3	84.2	40.2	233.5	131.5
Return on average equity
		Insurance segments	4.1		%	(0.2)	5.2	6.4	3.7	3.0	5.1
		Net investment income	13.1			12.6	12.2	11.5	8.9	12.7	8.9
		Interest expense and preferred stock dividends	(1.3)			(1.3)	(1.3)	(1.4)	(1.4)	(1.3)	(1.3)
		Corporate expense	(0.9)			(1.3)	(1.5)	(0.9)	(0.7)	(1.2)	(1.1)
		Net realized and unrealized investment gains (losses)	(0.9)			(0.7)	0.5	(0.8)	(3.5)	(0.4)	(4.6)
		ROE	14.1			9.1	15.1	14.8	7.0	12.8	7.0
		Net realized and unrealized (gains) losses(1)	0.9			0.7	(0.5)	0.8	3.5	0.4	4.6
		Non-GAAP Operating ROE(2)	15.0		%	9.8	14.6	15.6	10.5	13.2	11.6
Debt and total capitalization
	Notes payable:
		3.03% Borrowings from Federal Home Loan Bank of Indianapolis	60.0			60.0	60.0	60.0	60.0	60.0	60.0
		7.25% Senior Notes	49.8			49.8	49.8	49.8	49.8	49.8	49.8
		6.70% Senior Notes	99.3			99.3	99.3	99.3	99.3	99.3	99.3
		5.375% Senior Notes	292.1			292.0	292.0	291.9	291.8	292.1	291.8
		Finance Lease Obligations	3.4			2.5	3.1	3.7	4.3	3.4	4.3
	Total debt		504.6			503.6	504.2	504.7	505.2	504.6	505.2
	Stockholders' equity		2,644.4			2,671.4	2,669.4	2,527.6	2,427.5	2,644.4	2,427.5
	Total capitalization		$	3,149.0		3,175.0	3,173.6	3,032.2	2,932.7	3,149.0	2,932.7
	Ratio of debt to total capitalization		16.0		%	15.9	15.9	16.6	17.2	16.0	17.2
Policyholders' surplus			$	2,612.5		2,525.2	2,518.3	2,473.7	2,386.2	2,612.5	2,386.2
(1)		Amounts are provided to reconcile ROE to non-GAAP operating ROE.
(2)		Non-GAAP measure. Refer to Page 15 for definition.
		Note: Amounts may not foot due to rounding.

Page 4

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INSURANCE OPERATIONS

STATEMENT OF OPERATIONS

(Unaudited)

		Quarter ended							Year-to-date
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions)		2023			2023	2023	2022	2022	2023	2022
Underwriting results
Net premiums written		$	1,058.3		1,084.9	999.8	849.7	903.4	3,143.0	2,723.9
Change in net premiums written, from comparable prior year period		17		%	17	12	14	11	15	11
Net premiums earned		$	981.9		942.2	902.3	872.8	853.9	2,826.4	2,500.6
Losses and loss expenses incurred		645.9			646.1	567.4	544.8	547.8	1,859.5	1,566.9
Net underwriting expenses incurred		303.1			295.7	293.9	280.5	278.0	892.7	809.5
Dividends to policyholders		1.4			1.8	1.8	1.3	0.9	5.0	3.5
GAAP underwriting income (loss)		$	31.6		(1.5)	39.2	46.1	27.1	69.2	120.7
Net catastrophe losses		$	64.6		100.0	55.3	45.7	34.1	219.9	100.2
(Favorable) prior year casualty reserve development		—			(3.5)	(13.0)	(38.0)	(16.0)	(16.5)	(48.0)
Underwriting ratios
Loss and loss expense ratio		65.8		%	68.6	62.9	62.4	64.1	65.7	62.7
Underwriting expense ratio		30.9			31.4	32.6	32.1	32.6	31.6	32.4
Dividends to policyholders ratio		0.1			0.2	0.2	0.2	0.1	0.2	0.1
	Combined ratio	96.8		%	100.2	95.7	94.7	96.8	97.5	95.2
Net catastrophe losses		6.6		pts	10.6	6.1	5.2	4.0	7.8	4.0
(Favorable) prior year casualty reserve development		—			(0.4)	(1.4)	(4.4)	(1.9)	(0.6)	(1.9)
	Combined ratio before net catastrophe losses	90.2		%	89.6	89.6	89.5	92.8	89.7	91.2
	Combined ratio before net catastrophe losses and prior year casualty development	90.2		%	90.0	91.0	93.9	94.7	90.3	93.1
Other Statistics
Non-catastrophe property loss and loss expenses		$	172.8		157.2	148.2	161.4	167.5	478.2	456.4
Non-catastrophe property loss and loss expenses		17.6		pts	16.7	16.4	18.5	19.6	16.9	18.3
Direct new business		$	232.3		241.6	216.9	188.2	184.3	690.8	543.5
Renewal pure price increases		7.0		%	6.4	6.6	5.3	5.3	6.6	5.0
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
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions)		2023			2023	2023	2022	2022	2023	2022
Underwriting results
Net premiums written		$	833.6		870.1	813.3	676.6	727.5	2,517.0	2,225.4
Change in net premiums written, from comparable prior year period		15		%	14	10	13	11	13	12
Net premiums earned		$	785.3		762.7	731.6	705.7	692.4	2,279.7	2,034.1
Losses and loss expenses incurred		493.8			495.5	447.3	439.3	438.3	1,436.6	1,244.6
Net underwriting expenses incurred		248.9			243.2	243.6	232.9	230.7	735.7	674.4
Dividends to policyholders		1.4			1.8	1.8	1.3	0.9	5.0	3.5
GAAP underwriting income (loss)		$	41.3		22.1	38.9	32.1	22.5	102.4	111.6
Net catastrophe losses		$	36.7		62.6	35.1	40.2	18.2	134.4	55.4
(Favorable) prior year casualty reserve development		(3.0)			(7.5)	(10.0)	(33.0)	(16.0)	(20.5)	(48.0)
Underwriting ratios
Loss and loss expense ratio		62.8		%	65.0	61.2	62.3	63.4	63.0	61.1
Underwriting expense ratio		31.7			31.9	33.3	33.0	33.3	32.3	33.2
Dividends to policyholders ratio		0.2			0.2	0.2	0.2	0.1	0.2	0.2
	Combined ratio	94.7		%	97.1	94.7	95.5	96.8	95.5	94.5
Net catastrophe losses		4.7		pts	8.2	4.8	5.7	2.6	5.9	2.7
(Favorable) prior year casualty reserve development		(0.4)			(1.0)	(1.4)	(4.7)	(2.3)	(0.9)	(2.4)
	Combined ratio before net catastrophe losses	90.0		%	88.9	89.9	89.8	94.2	89.6	91.8
	Combined ratio before net catastrophe losses and prior year casualty development	90.4		%	89.9	91.3	94.5	96.5	90.5	94.2
Other Statistics
Non-catastrophe property loss and loss expenses		$	122.8		111.4	105.5	116.5	129.8	339.6	344.7
Non-catastrophe property loss and loss expenses		15.6		pts	14.6	14.4	16.5	18.7	14.9	16.9
Direct new business		$	145.5		159.1	147.7	126.8	128.2	452.3	385.6
Renewal pure price increases		7.1		%	6.7	7.0	5.6	5.8	6.9	5.3
Retention		86			85	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 September 30, 2023										Quarter ended September 30, 2022
	General			Commercial	Commercial	Workers					General	Commercial	Commercial	Workers
($ in millions)	Liability			Auto	Property(1)	Compensation	BOP	Bonds	Other	Total	Liability	Auto	Property(1)	Compensation	BOP	Bonds	Other	Total
Net premiums written	$	273.9		252.7	174.6	75.6	37.9	11.4	7.6	833.6	235.0	223.8	143.1	74.7	32.4	11.7	6.8	727.5
Net premiums earned	261.6			234.6	152.5	81.7	36.0	11.7	7.3	785.3	225.3	207.1	128.3	82.0	32.1	11.1	6.5	692.4
Loss and loss expense ratio	55.8		%	75.7	63.3	56.7	68.4	24.7	0.2	62.8	57.0	83.6	64.5	44.2	55.4	0.8	0.5	63.4
Underwriting expense ratio	31.0			29.6	36.0	25.2	35.2	54.9	52.6	31.7	33.3	31.2	37.4	26.4	36.4	57.4	52.5	33.3
Dividend ratio	0.1			—	0.1	1.1	—	—	—	0.2	—	—	—	1.1	—	—	—	0.1
Combined ratio	86.9		%	105.3	99.4	83.0	103.6	79.6	52.8	94.7	90.3	114.8	101.9	71.7	91.8	58.2	53.0	96.8
Underwriting income (loss)	$	34.3		(12.3)	1.0	13.9	(1.3)	2.4	3.4	41.3	21.9	(30.6)	(2.4)	23.2	2.6	4.6	3.1	22.5
	Year-to-Date September 30, 2023										Year-to-Date September 30, 2022
	General			Commercial	Commercial	Workers					General	Commercial	Commercial	Workers
($ in millions)	Liability			Auto	Property(1)	Compensation	BOP	Bonds	Other	Total	Liability	Auto	Property(1)	Compensation	BOP	Bonds	Other	Total
Net premiums written	$	838.9		750.1	493.8	264.6	110.2	36.6	22.8	2,517.0	736.6	659.3	414.2	260.6	97.8	36.7	20.4	2,225.4
Net premiums earned	759.4			677.1	429.1	254.6	103.6	34.7	21.1	2,279.7	667.9	599.3	371.9	250.2	93.7	32.1	19.0	2,034.1
Loss and loss expense ratio	55.9		%	74.2	66.3	56.3	71.8	24.7	0.1	63.0	55.5	76.5	62.7	50.7	59.9	(3.5)	0.4	61.1
Underwriting expense ratio	31.7			30.0	36.7	26.1	35.8	56.6	51.5	32.3	33.2	31.1	37.0	26.2	36.5	59.7	53.0	33.2
Dividend ratio	—			—	0.1	1.5	—	—	—	0.2	—	—	0.1	1.2	—	—	—	0.2
Combined ratio	87.6		%	104.2	103.1	83.9	107.6	81.3	51.6	95.5	88.7	107.6	99.8	78.1	96.4	56.2	53.4	94.5
Underwriting income (loss)	$	94.1		(28.3)	(13.4)	41.1	(7.8)	6.5	10.2	102.4	75.8	(45.8)	0.6	54.8	3.3	14.1	8.9	111.6
(1) Includes Inland Marine.
Note: Amounts may not foot due to rounding.

Page 7

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

		Quarter ended							Year-to-date
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions)		2023			2023	2023	2022	2022	2023	2022
Underwriting results
Net premiums written		$	113.2		109.1	85.3	84.6	86.8	307.5	234.5
Change in net premiums written, from comparable prior year period		30		%	32	31	20	11	31	6
Net premiums earned		$	95.2		87.2	81.9	77.8	75.6	264.2	221.6
Losses and loss expenses incurred		99.5			88.0	73.2	58.7	57.3	260.6	172.4
Net underwriting expenses incurred		21.8			22.2	21.8	19.0	19.8	65.8	56.5
GAAP underwriting income (loss)		$	(26.1)		(23.1)	(13.1)	—	(1.4)	(62.2)	(7.2)
Net catastrophe losses		$	24.4		21.2	14.6	4.1	11.3	60.2	36.7
Unfavorable prior year casualty reserve development		3.0			4.0	2.0	—	—	9.0	—
Underwriting ratios
Loss and loss expense ratio		104.5		%	101.0	89.4	75.4	75.7	98.7	77.8
Underwriting expense ratio		22.9			25.5	26.6	24.5	26.1	24.9	25.5
	Combined ratio	127.4		%	126.5	116.0	99.9	101.8	123.6	103.3
Net catastrophe losses		25.6		pts	24.3	17.9	5.3	14.9	22.8	16.5
Unfavorable prior year casualty reserve development		3.2			4.6	2.4	—	—	3.4	—
	Combined ratio before net catastrophe losses	101.8		%	102.2	98.1	94.6	86.9	100.8	86.8
	Combined ratio before net catastrophe losses and prior year casualty development	98.6		%	97.6	95.7	94.6	86.9	97.4	86.8
Other Statistics
Non-catastrophe property loss and loss expenses		$	42.5		37.8	33.8	35.6	29.0	114.1	81.5
Non-catastrophe property loss and loss expenses		44.7		pts	43.3	41.3	45.7	38.4	43.2	36.8
Direct new business		$	31.6		32.5	26.3	22.4	17.4	90.5	40.5
Renewal pure price increases		6.1		%	3.4	1.8	1.0	0.5	3.9	0.6
Retention		88			88	87	87	85	87	85
Note: Amounts may not foot due to rounding.

Page 8

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

	Quarter ended September 30, 2023						Quarter ended September 30, 2022
	Personal						Personal
($ in millions)	Auto			Homeowners	Other	Total	Auto	Homeowners	Other	Total
Net premiums written	$	59.5		50.0	3.7	113.2	45.8	38.6	2.5	86.8
Net premiums earned	51.9			40.2	3.1	95.2	40.7	32.6	2.3	75.6
Loss and loss expense ratio	100.1		%	116.1	28.7	104.5	78.7	81.1	(54.6)	75.7
Underwriting expense ratio	26.8			27.7	(106.0)	22.9	28.9	29.8	(76.7)	26.1
Combined ratio	126.9		%	143.8	(77.3)	127.4	107.6	110.9	(131.3)	101.8
Underwriting income (loss)	$	(14.0)		(17.6)	5.5	(26.1)	(3.1)	(3.5)	5.3	(1.4)
	Year-to-Date September 30, 2023						Year-to-Date September 30, 2022
	Personal						Personal
($ in millions)	Auto			Homeowners	Other	Total	Auto	Homeowners	Other	Total
Net premiums written	$	168.3		130.8	8.4	307.5	128.0	100.4	6.1	234.5
Net premiums earned	145.1			112.1	7.1	264.2	120.4	95.4	5.8	221.6
Loss and loss expense ratio	94.4		%	108.9	25.3	98.7	76.4	84.6	(6.2)	77.8
Underwriting expense ratio	28.4			29.0	(113.0)	24.9	29.3	29.8	(126.7)	25.5
Combined ratio	122.8		%	137.9	(87.7)	123.6	105.7	114.4	(132.9)	103.3
Underwriting income (loss)	$	(33.0)		(42.5)	13.3	(62.2)	(6.9)	(13.7)	13.4	(7.2)
Note: Amounts may not foot due to rounding.

Page 9

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS AND SURPLUS LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

		Quarter ended							Year-to-date
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions)		2023			2023	2023	2022	2022	2023	2022
Underwriting results
Net premiums written		$	111.6		105.7	101.2	88.5	89.1	318.4	264.1
Change in net premiums written, from comparable prior year period		25		%	20	16	14	9	21	16
Net premiums earned		$	101.4		92.3	88.9	89.3	85.8	282.5	244.8
Losses and loss expenses incurred		52.6			62.6	46.9	46.8	52.3	162.2	149.9
Net underwriting expenses incurred		32.4			30.2	28.6	28.5	27.5	91.3	78.6
GAAP underwriting income (loss)		$	16.4		(0.6)	13.3	14.0	6.0	29.1	16.3
Net catastrophe losses		$	3.5		16.3	5.6	1.4	4.6	25.4	8.1
(Favorable) prior year casualty reserve development		—			—	(5.0)	(5.0)	—	(5.0)	—
Underwriting ratios
Loss and loss expense ratio		51.9		%	67.9	52.8	52.3	61.0	57.4	61.2
Underwriting expense ratio		32.0			32.8	32.2	32.0	32.0	32.3	32.1
	Combined ratio	83.9		%	100.7	85.0	84.3	93.0	89.7	93.3
Net catastrophe losses		3.5		pts	17.6	6.3	1.6	5.4	9.0	3.3
(Favorable) prior year casualty reserve development		—			—	(5.6)	(5.6)	—	(1.8)	—
	Combined ratio before net catastrophe losses	80.4		%	83.1	78.7	82.7	87.6	80.7	90.0
	Combined ratio before net catastrophe losses and prior year casualty development	80.4		%	83.1	84.3	88.3	87.6	82.5	90.0
Other Statistics
Non-catastrophe property loss and loss expenses		$	7.5		8.1	8.9	9.4	8.7	24.6	30.2
Non-catastrophe property loss and loss expenses		7.4		pts	8.8	10.1	10.5	10.1	8.7	12.4
Direct new business		$	55.2		50.0	42.9	39.0	38.6	148.1	117.3
Renewal pure price increases		6.6		%	7.5	7.4	7.9	6.7	7.1	7.1
Note: Amounts may not foot due to rounding.

Page 10

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS & SURPLUS LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

	Quarter ended September 30, 2023					Quarter ended September 30, 2022
($ in millions)	Casualty			Property	Total	Casualty	Property	Total
Net premiums written	$	69.8		41.8	111.6	61.4	27.7	89.1
Net premiums earned	67.7			33.7	101.4	59.6	26.2	85.8
Loss and loss expense ratio	61.4		%	32.9	51.9	65.4	50.8	61.0
Underwriting expense ratio	31.1			33.7	32.0	32.4	31.3	32.0
Combined ratio	92.5		%	66.6	83.9	97.8	82.1	93.0
Underwriting income (loss)	$	5.1		11.3	16.4	1.3	4.7	6.0
	Year-to-Date September 30, 2023					Year-to-Date September 30, 2022
($ in millions)	Casualty			Property	Total	Casualty	Property	Total
Net premiums written	$	206.9		111.6	318.4	183.0	81.0	264.1
Net premiums earned	190.7			91.9	282.5	170.3	74.5	244.8
Loss and loss expense ratio	58.9		%	54.4	57.4	65.5	51.5	61.2
Underwriting expense ratio	31.9			33.1	32.3	32.4	31.4	32.1
Combined ratio	90.8		%	87.5	89.7	97.9	82.9	93.3
Underwriting income (loss)	$	17.6		11.5	29.1	3.6	12.7	16.3
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
		Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions)		2023			2023	2023	2022	2022	2023	2022
Net investment income
Fixed income securities
	Taxable	$	86.7		80.4	75.4	69.2	61.9	242.4	164.3
	Tax-exempt	3.4			3.6	4.7	6.4	6.4	11.7	20.0
Total fixed income securities		90.0			83.9	80.1	75.6	68.2	254.0	184.3
Commercial mortgage loans		2.5			2.2	2.0	1.8	1.6	6.7	3.8
Equity securities		2.1			2.2	1.2	5.9	2.6	5.5	7.7
Alternative investments		6.5			11.4	7.8	0.2	(5.6)	25.6	22.8
Other investments		0.3			0.2	—	0.2	0.1	0.5	0.1
Short-term investments		3.9			2.9	4.7	2.3	1.2	11.5	1.7
Investment income		105.3			102.8	95.7	86.0	68.1	303.9	220.3
Investment expenses		(4.4)			(5.1)	(4.2)	(4.6)	(4.2)	(13.8)	(13.6)
Investment tax expense		(20.6)			(19.9)	(18.5)	(16.0)	(12.4)	(59.0)	(40.0)
Total net investment income, after-tax		$	80.2		77.8	73.1	65.5	51.5	231.1	166.7
Net realized and unrealized investment gains (losses), pre-tax		$	(6.9)		(5.4)	3.3	(5.9)	(25.7)	(9.0)	(108.9)
Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax		$	(127.5)		(58.2)	84.9	54.7	(239.2)	(100.8)	(811.5)
Average investment yields
	Fixed income investments, pre-tax	5.1		%	4.9	4.7	4.6	4.2	5.0	3.7
	Fixed income investments, after-tax	4.1			3.9	3.8	3.7	3.4	4.0	3.0
	Total portfolio, pre-tax	4.9		%	4.9	4.6	4.2	3.4	4.8	3.5
	Total portfolio, after-tax	3.9			3.9	3.7	3.4	2.7	3.8	2.9
Effective tax rate on net investment income		20.5		%	20.4	20.2	19.6	19.3	20.3	19.4
New money purchase rates for fixed income investments, pre-tax		6.4			5.9	5.5	6.1	5.1	5.8	4.2
New money purchase rates for fixed income investments, after-tax		5.0			4.6	4.4	4.9	4.1	4.6	3.4
Effective duration of fixed income investments including short-term (in years)		4.1			4.0	4.1	4.1	4.2	4.1	4.2
Note: Amounts may not foot due to rounding.

Page 12

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS

(Unaudited)

	Sept. 30,					June 30,		Mar. 31,		Dec. 31,		Sept. 30,
	2023					2023		2023		2022		2022
($ in millions)	Amount		Percent			Amount	Percent	Amount	Percent	Amount	Percent	Amount	Percent
Fixed income securities, at fair value	$	7,049.0	86		%	7,054.7	87	6,988.0	87	6,641.9	85	6,503.6	86
Commercial mortgage loans, at fair value	171.4		2			163.1	2	147.5	2	139.2	2	136.7	2
Total fixed income investments	7,220.4		88			7,217.8	89	7,135.6	89	6,781.2	87	6,640.2	88
Short-term investments	315.0		4			319.5	4	302.8	4	440.5	6	269.3	4
Total fixed income and short-term investments	7,535.4		92			7,537.2	93	7,438.3	93	7,221.6	92	6,909.5	92
Equity securities, at fair value	125.6		2			121.6	1	132.2	2	162.0	2	183.9	2
Alternative investments	446.8		5			389.2	5	380.0	5	371.3	5	367.8	5
Other investments	72.2		1			71.5	1	68.1	1	71.2	1	64.8	1
Total investments	$	8,180.0	100		%	8,119.6	100	8,018.7	100	7,826.2	100	7,526.0	100
Fixed income investments, at carry value
U.S. government obligations	$	226.7	3		%	293.0	4	343.4	5	189.2	3	148.2	2
Foreign government obligations	9.3		—			9.8	—	9.9	—	9.6	—	13.8	—
Obligations of state and political subdivisions	614.8		8			658.0	9	682.1	10	921.4	14	971.0	15
Corporate securities	2,463.4		34			2,408.6	33	2,472.6	35	2,362.8	35	2,294.2	34
Collateralized loan obligations and other asset-backed securities	1,713.7		24			1,634.3	23	1,530.1	21	1,486.0	22	1,467.4	22
Residential mortgage-backed securities	1,384.5		19			1,407.8	19	1,301.7	18	1,059.8	16	1,016.1	15
Commercial mortgage-backed securities	638.0		9			644.4	9	649.4	9	614.4	9	594.3	9
Commercial mortgage loans	185.9		3			175.5	2	157.2	2	149.2	2	145.2	2
Total fixed income investments	$	7,236.3	100		%	7,231.4	100	7,146.4	100	6,792.5	100	6,650.3	100
Expected maturities of fixed income investments at carry value
Due in one year or less	$	446.4	6		%	385.6	5	362.4	5	337.3	5	331.0	5
Due after one year through five years	3,308.7		46			3,163.1	44	3,151.2	44	3,004.8	44	2,910.0	44
Due after five years through 10 years	2,511.0		35			2,956.0	41	2,861.0	40	2,658.4	39	2,469.6	37
Due after 10 years	970.1		13			726.7	10	771.8	11	792.0	12	939.7	14
Total fixed income investments	$	7,236.3	100		%	7,231.4	100	7,146.4	100	6,792.5	100	6,650.3	100
Weighted average credit quality of fixed income and short-term investments
Investment grade credit quality	$	7,250.8	96		%	7,257.9	96	7,167.0	96	6,962.8	96	6,658.1	96
Non-investment grade credit quality	284.6		4			279.3	4	271.3	4	258.9	4	251.4	4
Total fixed income and short-term investments, at fair value	$	7,535.4	100		%	7,537.2	100	7,438.3	100	7,221.6	100	6,909.5	100
Weighted average credit quality of fixed income and short-term investments	A+					AA-		AA-		AA-		AA-
Alternative investments	September 30, 2023
							Current
	Number of		Original			Remaining	Market
Strategy	Funds		Commitment			Commitment	Value
Private equity	61		$	399.4		138.3	306.4
Private credit	19		211.9			89.8	102.4
Real assets	9		57.5			19.2	38.1
Total	89		$	668.9		247.3	446.8
Note: Amounts may not foot due to rounding.

Page 13

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CREDIT QUALITY OF INVESTED ASSETS

(Unaudited)

At September 30, 2023												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		253		227		2.8		5.4	4.4	6.6	—			227			—			—			—			—
	Foreign government obligations		11		9		0.1		5.8	6.1	7.4	1			1			5			2			—			—
	State and municipal obligations		672		615		7.5		4.9	5.6	8.0	95			287			213			20			—			—
	Corporate securities		2,708		2,462		30.1		6.4	4.4	6.2	47			270			1,040			927			176			2
	Mortgage-backed securities:
		Residential mortgage-backed securities ("RMBS"):
		Agency RMBS	1,092		970		11.9		5.7	5.7	8.5	—			970			—			—			—			—
		Non-agency RMBS	457		414		5.1		6.2	4.6	6.6	312			34			68			—			—			—
		Total RMBS	1,549		1,384		16.9		5.9	5.3	7.9	312			1,004			68			—			—			—
		Commercial mortgage-backed securities ("CMBS")
		Agency CMBS	171		157		1.9		5.7	4.1	5.4	38			119			—			—			—			—
		Non-agency CMBS	529		481		5.9		7.9	2.9	3.6	403			51			27			—			—			—
		Total CMBS	700		638		7.8		7.3	3.2	4.1	441			170			27			—			—			—
		Total mortgage-backed securities	2,249		2,022		24.7		6.3	4.7	6.7	753			1,174			95			—			—			—
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
		Auto	106		104		1.2		7.9	1.8	1.9	99			1			4			—			—			—
		Aircraft	50		43		0.5		10.0	2.8	3.2	—			—			20			17			5			—
		CLOs	858		815		10.0		7.8	2.2	4.7	408			244			54			37			55			17
		Credit cards	15		14		0.2		6.0	3.2	3.6	14			—			1			—			—			—
		Other ABS	790		736		9.0		6.9	4.3	5.9	197			103			348			62			7			19
		Total CLOs and ABS	1,819		1,714		21.0		7.5	3.1	5.0	718			349			427			116			68			36
Total securitized assets			4,068		3,736		45.7		6.8	3.9	5.9	1,471			1,523			522			116			68			36
		Commercial mortgage loans	186		171		2.1		6.0	3.5	5.2	—			11			68			89			3			—
Total fixed income investments			7,899		7,220		88.3		6.5	4.2	6.2	1,614			2,319			1,848			1,154			247			38
		Short-term investments	315		315		3.9		4.6	0.0	0.0	282			25			8			—			—			—
		Total fixed income and short-term investments	8,214		7,535		92.1		6.4	4.1	5.9	1,896			2,344			1,856			1,154			247			38
Total fixed income securities and short-term investments by credit rating percentage												25.2		%	31.1		%	24.6		%	15.3		%	3.3		%	0.5		%
Equity securities:
	Common stock(1)		120		124		1.5		—	—	—	—			—			—			—			—			124
	Preferred stock		2		2		—		—	—	—	—			—			—			2			—			—
		Total equity securities	122		126		1.5		—	—	—	—			—			—			2			—			124
Alternative investments
		Private equity	306		306		3.7		—	—	—	—			—			—			—			—			306
		Private credit	102		102		1.3		—	—	—	—			—			—			—			—			102
		Real assets	38		38		0.5		—	—	—	—			—			—			—			—			38
		Total alternative investments	447		447		5.5		—	—	—	—			—			—			—			—			447
Other investments			72		72		0.9		—	—	—	—			—			—			—			—			72
Total invested assets			$	8,855	$	8,180	100.0	%	—	—	—	$	1,896		$	2,344		$	1,856		$	1,156		$	247		$	681
(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
	Sept. 30,			June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions, except per share data)	2023			2023	2023	2022	2022	2023	2022
Reconciliation of net income available to common stockholders to non-GAAP operating income
Net income available to common stockholders	$	86.9		56.3	90.3	84.2	40.2	233.5	131.5
Net realized and unrealized investment (gains) losses included in net income, before tax	6.9			5.4	(3.3)	5.9	25.7	9.0	108.9
Tax on reconciling items	(1.4)			(1.1)	0.7	(1.2)	(5.4)	(1.9)	(22.9)
Non-GAAP operating income	$	92.3		60.6	87.6	88.9	60.5	240.6	217.5
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	$	1.42		0.92	1.48	1.38	0.66	3.83	2.16
Net realized and unrealized investment (gains) losses included in net income, before tax	0.11			0.09	(0.05)	0.10	0.42	0.15	1.79
Tax on reconciling items	(0.02)			(0.02)	0.01	(0.02)	(0.09)	(0.03)	(0.38)
Non-GAAP operating income per diluted common share	$	1.51		0.99	1.44	1.46	0.99	3.95	3.57
Reconciliation of ROE to non-GAAP operating ROE
ROE	14.1		%	9.1	15.1	14.8	7.0	12.8	7.0
Net realized and unrealized investment (gains) losses included in net income, before tax	1.1			0.9	(0.6)	1.0	4.4	0.5	5.8
Tax on reconciling items	(0.2)			(0.2)	0.1	(0.2)	(0.9)	(0.1)	(1.2)
Non-GAAP operating ROE	15.0		%	9.8	14.6	15.6	10.5	13.2	11.6
Reconciliation of book value per common share to adjusted book value per common share
Book value per common share	$	40.35		40.81	40.82	38.57	36.96	40.35	36.96
Total unrealized investment losses included in accumulated other comprehensive income (loss), before tax	10.38			8.27	7.32	8.75	9.67	10.38	9.67
Tax on reconciling items	(2.19)			(1.74)	(1.53)	(1.83)	(2.04)	(2.19)	(2.04)
Adjusted book value per common share	$	48.54		47.34	46.61	45.49	44.59	48.54	44.59
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 included in net income. 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 available to common stockholders, net income 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 available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above.
Note: Amounts may not foot due to rounding.

Page 15

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION

Address:	As of September 30, 2023
40 Wantage Avenue		AM Best	Standard & Poor's	Moody's	Fitch
Branchville, NJ 07890	Financial Strength Ratings:	A+	A	A2	A+
	Preferred Stock Rating:	n/a	BB+	Ba1	BBB-
Corporate Website:	Long-Term Debt Credit Rating:	a-	BBB	Baa2	BBB+
www.Selective.com
Investor Contact:	REGISTRAR AND TRANSFER AGENT
Brad B. Wilson	EQ Shareowner Services
Senior Vice President	P.O. Box 64854
Investor Relations & Treasurer	St. Paul, MN 55164
Phone: 973-948-1283	866-877-6351
Brad.Wilson@Selective.com
Media Contact:
Jamie M. Beal
Vice President
Director of Communications
Phone: 973-948-1234
Jamie.Beal@Selective.com

Page 16

XML

Cover Document	Nov. 01, 2023
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 01, 2023
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