EX-99.2 3 q12025pressreleasesuppleme.htm EX-99.2

Exhibit 99.2

FINANCIAL SUPPLEMENT

FIRST QUARTER 2025

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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 uncertainties and known and unknown risks and other factors that may cause actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “attribute,” “confident,” “strong,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” “continue,” or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, except as may be required by law.

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

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

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

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

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

•Frequency and severity of catastrophic events, including natural events that climate change may impact, such as hurricanes, severe convective storms, tornadoes, windstorms, earthquakes, hail, severe winter weather, floods, and fires, and man-made events such as criminal and terrorist acts, including cyber-attacks, explosions, and civil unrest;

•Adverse market, governmental, regulatory, legal, political, or judicial rulings, conditions or actions, including the impact of social inflation;

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

•The cost, terms 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;

•Ongoing wars and conflicts impacting global economic, banking, commodity, and financial markets, exacerbating ongoing economic challenges, including inflation and supply chain disruption, all of which can influence 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 marketplace brand damage, increased senior executive focus on crisis and reputational management issues, and/or increased expenses, particularly if we experience a significant privacy breach;

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

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

•Our entry into new markets and businesses; and

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

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

TABLE OF CONTENTS

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

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

						Quarter ended
						Mar. 31,									Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ and shares in millions, except per share data)						2025									2024						2024						2024						2024
For Period Ended
			Gross premiums written			$	1,428.8								1,275.9						1,343.1						1,406.2						1,321.9
			Net premiums written			1,240.4									1,089.6						1,157.6						1,226.1						1,156.6
			Change in net premiums written, from comparable prior year period			7			%						10						9						13						16
			Underwriting income (loss), before-tax			$	45.6								16.8						5.3						(173.7)						19.0
			Net investment income earned, before-tax			120.7									122.8						117.8						108.6						107.8
			Net realized and unrealized investment gains (losses), before-tax			0.2									(8.0)						5.4						1.3						(1.6)
			Net income (loss)			$	109.9								95.5						92.3						(63.3)						82.5
			Net income (loss) available to common stockholders(1)			107.6									93.2						90.0						(65.6)						80.2
			Non-GAAP operating income (loss)(2)			107.4									99.6						85.7						(66.6)						81.5
At Period End
			Total assets			14,197.6									13,514.2						13,473.1						12,565.5						12,056.1
			Total invested assets			10,295.3									9,651.3						9,635.3						9,021.8						8,745.7
			Stockholders' equity			3,258.5									3,120.1						3,167.8						2,922.7						3,006.5
			Common stockholders' equity(3)			3,058.5									2,920.1						2,967.8						2,722.7						2,806.5
			Common shares outstanding			60.8									60.8						60.8						60.9						60.8
Per Share and Share Data
			Net income (loss) available to common stockholders per common share (diluted)			$	1.76								1.52						1.47						(1.08)						1.31
			Non-GAAP operating income (loss) per common share (diluted)(2)			1.76									1.62						1.40						(1.10)						1.33
			Weighted average common shares outstanding (diluted)			61.3									61.3						61.3						60.9						61.2
			Book value per common share			$	50.33								47.99						48.82						44.74						46.17
			Adjusted book value per common share(2)			53.39									52.10						50.80						49.67						50.97
			Dividends paid per common share			0.38									0.38						0.35						0.35						0.35
Financial Ratios
			Loss and loss expense ratio			64.4			%						67.8						68.8						85.7						67.0
			Underwriting expense ratio			31.6									30.6						30.6						30.3						30.9
			Dividends to policyholders ratio			0.1									0.1						0.1						0.1						0.3
			GAAP combined ratio			96.1			%						98.5						99.5						116.1						98.2
			Return on common stockholders' equity ("ROE")			14.4									12.7						12.6						(9.5)						11.5
			Non-GAAP operating ROE(2)			14.4									13.5						12.1						(9.6)						11.7
			Debt to total capitalization			21.7									14.0						13.8						14.8						14.3
			Net premiums written to policyholders' surplus			1.47									1.60						1.63						1.64						1.55
			Invested assets per dollar of common stockholders' equity			$	3.37								3.31						3.25						3.31						3.12
(1)			Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends.
(2)			Non-GAAP measure. Refer to Page 15 for definition.
(3)			Excludes equity related to preferred stock.

Page 1

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

						Quarter ended
						Mar. 31,						Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ and shares in millions, except per share data)						2025						2024						2024						2024						2024
Revenues
			Net premiums earned			$	1,158.8					1,133.0						1,112.2						1,080.2						1,050.9
			Net investment income earned			120.7						122.8						117.8						108.6						107.8
			Net realized and unrealized gains (losses)			0.2						(8.0)						5.4						1.3						(1.6)
			Other income			5.5						8.5						8.9						5.8						7.8
			Total revenues			1,285.2						1,256.4						1,244.3						1,196.0						1,165.0
Expenses
			Loss and loss expense incurred			746.3						769.0						765.7						925.5						704.3
			Amortization of deferred policy acquisition costs			247.4						241.0						235.6						226.4						219.4
			Other insurance expenses			124.9						114.8						114.7						107.8						116.0
			Interest expense			9.6						7.2						7.3						7.2						7.2
			Corporate expenses			18.1						5.3						4.7						9.2						15.5
			Total expenses			1,146.3						1,137.3						1,127.8						1,276.1						1,062.4
Income (loss) before federal income tax						$	138.9					119.1						116.5						(80.1)						102.6
Federal income tax expense (benefit)						29.0						23.5						24.2						(16.8)						20.0
Net Income (loss)						$	109.9					95.5						92.3						(63.3)						82.5
Preferred stock dividends						2.3						2.3						2.3						2.3						2.3
Net income (loss) available to common stockholders						$	107.6					93.2						90.0						(65.6)						80.2
Net realized and unrealized investment (gains) losses, after tax(1)						(0.2)						6.3						(4.3)						(1.0)						1.3
Non-GAAP operating income (loss)(2)						$	107.4					99.6						85.7						(66.6)						81.5
Weighted average common shares outstanding (diluted)						61.3						61.3						61.3						60.9						61.2
Net income (loss) available to common stockholders per common share (diluted)						$	1.76					1.52						1.47						(1.08)						1.31
Non-GAAP operating income (loss) per common share (diluted)(2)						$	1.76					1.62						1.40						(1.10)						1.33
(1)			Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).
(2)			Non-GAAP measure. Refer to Page 15 for definition.
			Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

									Mar. 31,						Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions, except per share data)									2025						2024						2024						2024						2024
ASSETS
Investments
			Fixed income securities, held-to-maturity, net of allowance for credit losses						$	25.3					25.4						22.0						19.5						20.3
			Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses						8,605.2						8,127.3						8,088.6						7,669.0						7,583.5
			Commercial mortgage loans, net of allowance for credit losses						257.7						233.7						223.6						219.5						208.0
			Equity securities, at fair value						266.5						213.6						205.6						192.0						194.3
			Short-term investments						631.1						509.3						561.0						417.3						247.9
			Alternative investments						411.1						440.9						432.0						414.8						402.7
			Other investments						98.4						101.1						102.5						89.7						89.0
			Total investments						10,295.3						9,651.3						9,635.3						9,021.8						8,745.7
Cash									0.1						0.1						0.1						0.2						0.1
Restricted cash									108.2						62.9						12.6						10.7						11.7
Accrued investment income									77.1						76.9						73.8						72.3						68.0
Premiums receivable, net of allowance for credit losses									1,539.7						1,467.8						1,531.9						1,579.7						1,439.1
Reinsurance recoverable, net of allowance for credit losses									924.9						1,061.1						1,057.3						685.6						651.4
Prepaid reinsurance premiums									235.9						235.4						230.7						219.8						208.0
Current federal income tax									—						—						13.0						38.6						—
Deferred federal income tax									134.2						146.8						100.7						145.9						144.7
Property and equipment, net of accumulated depreciation and amortization									100.1						93.3						92.2						89.2						82.7
Deferred policy acquisition costs									492.5						479.3						488.5						476.5						448.3
Goodwill									7.8						7.8						7.8						7.8						7.8
Other assets									281.6						231.4						229.1						217.4						248.5
			Total assets						$	14,197.6					13,514.2						13,473.1						12,565.5						12,056.1
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense									$	6,610.9					6,589.8						6,452.0						5,903.5						5,501.8
Unearned premiums									2,698.5						2,616.3						2,655.0						2,598.7						2,441.0
Long-term debt									903.2						507.9						508.2						508.8						503.3
Current federal income tax									56.1						19.7						—						—						26.5
Accrued salaries and benefits									105.6						121.7						113.5						92.6						97.9
Other liabilities									564.7						538.7						576.6						539.2						479.1
			Total liabilities						$	10,939.0					10,394.1						10,305.3						9,642.8						9,049.6
Stockholders' Equity
Preferred stock of $0 par value per share									$	200.0					200.0						200.0						200.0						200.0
Common stock of $2 par value per share									211.7						211.2						211.1						211.0						210.9
Additional paid-in capital									571.3						557.0						549.8						545.3						534.3
Retained earnings									3,223.7						3,139.5						3,069.6						3,001.1						3,088.2
Accumulated other comprehensive income (loss)									(272.1)						(336.8)						(211.9)						(392.7)						(385.0)
Treasury stock, at cost									(676.1)						(650.8)						(650.7)						(641.9)						(641.9)
			Total stockholders' equity						$	3,258.5					3,120.1						3,167.8						2,922.7						3,006.5
Commitments and contingencies
			Total liabilities and stockholders' equity						$	14,197.6					13,514.2						13,473.1						12,565.5						12,056.1
Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS

(Unaudited)

									Quarter ended
									Mar. 31,						Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ and shares in millions, except per share data)									2025						2024						2024						2024						2024
Book value per common share
						Common stockholders' equity			$	3,058.5								2,920.1						2,967.8						2,722.7						2,806.5
						Common shares issued and outstanding, at period end			60.8									60.8						60.8						60.9						60.8
						Book value per common share			$	50.33								47.99						48.82						44.74						46.17
						Adjusted book value per common share(1)			53.39									52.10						50.80						49.67						50.97
Financial results (after-tax)
						Underwriting income (loss)			36.1									13.3						4.1						(137.2)						15.0
						Net investment income			95.6									97.3						93.4						86.3						85.6
						Interest expense and preferred stock dividends			(9.9)									(8.0)						(8.0)						(8.0)						(8.0)
						Corporate expense			(14.4)									(3.0)						(3.8)						(7.7)						(11.2)
						Net realized and unrealized investment gains (losses)			0.2									(6.3)						4.3						1.0						(1.3)
						Total after-tax net income (loss) available to common stockholders			107.6									93.2						90.0						(65.6)						80.2
Return on average equity
						Insurance segments			4.8									1.8						0.6						(19.9)						2.2
						Net investment income			12.8									13.2						13.1						12.5						12.3
						Interest expense and preferred stock dividends			(1.3)									(1.1)						(1.1)						(1.2)						(1.1)
						Corporate expense			(1.9)									(0.4)						(0.5)						(1.0)						(1.7)
						Net realized and unrealized investment gains (losses)			—									(0.8)						0.5						0.1						(0.2)
						ROE			14.4									12.7						12.6						(9.5)						11.5
						Net realized and unrealized (gains) losses(2)			—									0.8						(0.5)						(0.1)						0.2
						Non-GAAP Operating ROE(1)			14.4									13.5						12.1						(9.6)						11.7
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
						7.25% Senior Notes			49.8									49.8						49.8						49.8						49.8
						5.90% Senior Notes			395.9									—						—						—						—
						6.70% Senior Notes			99.4									99.4						99.4						99.4						99.4
						5.375% Senior Notes			292.5									292.4						292.4						292.3						292.2
						Finance Lease Obligations			5.6									6.3						6.7						7.3						1.9
			Total debt						903.2									507.9						508.2						508.8						503.3
			Stockholders' equity						3,258.5									3,120.1						3,167.8						2,922.7						3,006.5
			Total capitalization						$	4,161.8								3,628.0						3,676.0						3,431.5						3,509.8
			Ratio of debt to total capitalization						21.7									14.0						13.8						14.8						14.3
Policyholders' surplus									$	3,204.2								2,902.8						2,787.5						2,698.8						2,777.3
(1)						Non-GAAP measure. Refer to Page 15 for definition.
(2)						Amounts are provided to reconcile ROE to non-GAAP operating ROE.
						Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INSURANCE OPERATIONS

STATEMENT OF OPERATIONS

(Unaudited)

									Quarter ended
									Mar. 31,									Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions)									2025									2024						2024						2024						2024
Underwriting results
Net premiums written									$	1,240.4								1,089.6						1,157.6						1,226.1						1,156.6
Change in net premiums written, from comparable prior year period									7			%						10						9						13						16
Net premiums earned									$	1,158.8								1,133.0						1,112.2						1,080.2						1,050.9
Losses and loss expenses incurred									746.3									769.0						765.7						925.5						704.3
Net underwriting expenses incurred									365.8									346.4						340.0						327.3						324.4
Dividends to policyholders									1.0									0.8						1.4						1.1						3.3
GAAP underwriting income (loss)									$	45.6								16.8						5.3						(173.7)						19.0
Net catastrophe losses									$	43.4								(10.1)						148.8						90.5						55.2
(Favorable) unfavorable prior year casualty reserve development									5.0									100.0						—						176.0						35.0
Underwriting ratios
Loss and loss expense ratio									64.4			%						67.8						68.8						85.7						67.0
Underwriting expense ratio									31.6									30.6						30.6						30.3						30.9
Dividends to policyholders ratio									0.1									0.1						0.1						0.1						0.3
						Combined ratio			96.1			%						98.5						99.5						116.1						98.2
Net catastrophe losses									3.7			pts						(0.9)						13.4						8.4						5.3
(Favorable) unfavorable prior year casualty reserve development									0.4									8.8						—						16.3						3.3
						Combined ratio before net catastrophe losses			92.4			%						99.4						86.1						107.7						92.9
						Combined ratio before net catastrophe losses and prior year casualty development			92.0			%						90.6						86.1						91.4						89.6
Other Statistics
Non-catastrophe property loss and loss expenses									$	178.7								178.2						146.7						185.5						171.2
Non-catastrophe property loss and loss expenses									15.4			pts						15.7						13.2						17.2						16.3
Direct new business									$	251.3								232.0						234.2						267.4						260.8
Renewal pure price increases									10.3			%						10.7						10.5						9.1						8.1
Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

									Quarter ended
									Mar. 31,									Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions)									2025									2024						2024						2024						2024
Underwriting results
Net premiums written									$	1,003.2								833.4						903.9						963.1						931.7
Change in net premiums written, from comparable prior year period									8			%						9						8						11						15
Net premiums earned									$	912.2								884.6						875.4						853.5						834.1
Losses and loss expenses incurred									581.7									606.3						591.6						748.0						555.8
Net underwriting expenses incurred									296.6									279.3						275.1						265.4						264.6
Dividends to policyholders									1.0									0.8						1.4						1.1						3.3
GAAP underwriting income (loss)									$	32.9								(1.8)						7.3						(160.9)						10.4
Net catastrophe losses									$	19.8								(8.2)						100.4						50.9						38.5
(Favorable) unfavorable prior year casualty reserve development									—									75.0						—						176.0						35.0
Underwriting ratios
Loss and loss expense ratio									63.8			%						68.5						67.6						87.6						66.7
Underwriting expense ratio									32.5									31.6						31.4						31.1						31.7
Dividends to policyholders ratio									0.1									0.1						0.2						0.1						0.4
						Combined ratio			96.4			%						100.2						99.2						118.8						98.8
Net catastrophe losses									2.2			pts						(0.9)						11.5						6.0						4.6
(Favorable) unfavorable prior year casualty reserve development									—									8.5						—						20.6						4.2
						Combined ratio before net catastrophe losses			94.2			%						101.1						87.7						112.8						94.2
						Combined ratio before net catastrophe losses and prior year casualty development			94.2			%						92.6						87.7						92.2						90.0
Other Statistics
Non-catastrophe property loss and loss expenses									$	128.8								124.1						95.9						124.5						115.0
Non-catastrophe property loss and loss expenses									14.1			pts						14.0						11.0						14.6						13.8
Direct new business									$	172.2								139.5						139.2						168.4						172.1
Renewal pure price increases									9.1			%						8.8						9.1						7.9						7.6
Retention									85									85						86						85						86
Note: Amounts may not foot due to rounding.

Page 6

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

						Quarter ended March 31, 2025																														Quarter ended March 31, 2024
						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						$	333.9					312.7			196.3			86.1			51.0			14.4			8.9			1,003.2						307.4			285.6			174.5			98.8			44.7			12.4			8.2			931.7
Net premiums earned						294.7						283.6			186.5			79.0			46.9			13.3			8.2			912.2						273.4			251.7			161.6			87.8			39.9			12.1			7.6			834.1
Underwriting income (loss)						$	(15.9)					7.6			30.0			(4.7)			10.1			1.7			4.1			32.9						(29.4)			0.3			9.6			18.2			5.4			2.1			4.3			10.4
Loss and loss expense ratio						72.5			%			66.6			49.8			77.8			44.0			28.9			3.2			63.8						78.8			69.7			59.0			52.2			51.9			27.6			0.7			66.7
Underwriting expense ratio						32.9						30.7			34.1			27.1			34.5			58.2			47.4			32.5						31.7			29.9			34.6			26.2			34.5			55.2			43.4			31.7
Dividend ratio						—						—			—			1.0			—			—			(0.1)			0.1						0.3			0.3			0.5			0.9			—			—			(0.1)			0.4
Combined ratio						105.4			%			97.3			83.9			105.9			78.5			87.1			50.5			96.4						110.8			99.9			94.1			79.3			86.4			82.8			44.0			98.8
Net catastrophe losses						—			%			0.5			8.8			—			4.2			—			—			2.2						—			0.6			20.3			—			10.6			—			—			4.6
(Favorable) unfavorable prior year casualty reserve development						—						—			—			—			—			—			—			—						18.3			—			—			(17.1)			—			—			—			4.2
Combined ratio before net catastrophe losses and prior year casualty development						105.4			%			96.8			75.1			105.9			74.3			87.1			50.5			94.2						92.5			99.3			73.8			96.4			75.8			82.8			44.0			90.0
(1) Includes Inland Marine.
Note: Amounts may not foot due to rounding.

Page 7

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

									Quarter ended
									Mar. 31,									Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions)									2025									2024						2024						2024						2024
Underwriting results
Net premiums written									$	87.5								103.6						111.0						116.1						99.9
Change in net premiums written, from comparable prior year period									(12)			%						(3)						(2)						6						17
Net premiums earned									$	103.7								107.1						107.5						106.4						103.8
Losses and loss expenses incurred									76.7									72.7						106.1						101.4						84.3
Net underwriting expenses incurred									24.9									25.5						25.2						24.3						24.8
GAAP underwriting income (loss)									$	2.0								8.9						(23.8)						(19.3)						(5.3)
Net catastrophe losses									$	7.1								1.0						41.7						25.4						11.8
(Favorable) unfavorable prior year casualty reserve development									5.0									5.0						—						—						—
Underwriting ratios
Loss and loss expense ratio									73.9			%						67.9						98.7						95.3						81.2
Underwriting expense ratio									24.1									23.8						23.4						22.8						23.9
						Combined ratio			98.0			%						91.7						122.1						118.1						105.1
Net catastrophe losses									6.9			pts						1.0						38.8						23.9						11.4
(Favorable) unfavorable prior year casualty reserve development									4.8									4.7						—						—						—
						Combined ratio before net catastrophe losses			91.1			%						90.7						83.3						94.2						93.7
						Combined ratio before net catastrophe losses and prior year casualty development			86.3			%						86.0						83.3						94.2						93.7
Other Statistics
Non-catastrophe property loss and loss expenses									$	36.5								38.9						38.0						45.4						41.9
Non-catastrophe property loss and loss expenses									35.2			pts						36.3						35.3						42.6						40.3
Direct new business									$	8.9								13.3						16.0						22.0						21.3
Renewal pure price increases									24.1			%						27.3						22.8						20.7						14.3
Retention									75									75						75						78						83
Note: Amounts may not foot due to rounding.

Page 8

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

			Quarter ended March 31, 2025																		Quarter ended March 31, 2024
			Personal																		Personal
($ in millions)			Auto						Homeowners			Other			Total						Auto			Homeowners			Other			Total
Net premiums written			$	45.3					39.8			2.4			87.5						55.0			42.2			2.8			99.9
Net premiums earned			53.0						47.9			2.7			103.7						57.0			44.1			2.8			103.8
Underwriting income (loss)			$	(5.9)					3.4			4.5			2.0						(11.5)			1.6			4.6			(5.3)
Loss and loss expense ratio			85.1			%			65.0			15.5			73.9						94.2			68.2			20.0			81.2
Underwriting expense ratio			26.1						27.8			(80.3)			24.1						26.0			28.2			(85.9)			23.9
Combined ratio			111.2			%			92.8			(64.8)			98.0						120.2			96.4			(65.9)			105.1
Net catastrophe losses			0.2			%			14.6			—			6.9						1.2			25.3			—			11.4
(Favorable) unfavorable prior year casualty reserve development			9.4						—			—			4.8						8.8			(11.3)			—			—
Combined ratio before net catastrophe losses and prior year casualty development			101.6			%			78.2			(64.8)			86.3						110.2			82.4			(65.9)			93.7
Note: Amounts may not foot due to rounding.

Page 9

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS AND SURPLUS LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

									Quarter ended
									Mar. 31,									Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions)									2025									2024						2024						2024						2024
Underwriting results
Net premiums written									$	149.7								152.6						142.7						146.8						125.0
Change in net premiums written, from comparable prior year period									20			%						27						28						39						24
Net premiums earned									$	142.9								141.3						129.3						120.3						113.0
Losses and loss expenses incurred									88.0									90.0						68.0						76.2						64.1
Net underwriting expenses incurred									44.2									41.6						39.6						37.7						34.9
GAAP underwriting income (loss)									$	10.7								9.7						21.7						6.5						14.0
Net catastrophe losses									$	16.4								(2.9)						6.7						14.3						4.9
(Favorable) unfavorable prior year casualty reserve development									—									20.0						—						—						—
Underwriting ratios
Loss and loss expense ratio									61.6			%						63.6						52.5						63.3						56.7
Underwriting expense ratio									30.9									29.5						30.7						31.3						30.9
						Combined ratio			92.5			%						93.1						83.2						94.6						87.6
Net catastrophe losses									11.5			pts						(2.0)						5.2						11.9						4.3
(Favorable) unfavorable prior year casualty reserve development									—									14.2						—						—						—
						Combined ratio before net catastrophe losses			81.0			%						95.1						78.0						82.7						83.3
						Combined ratio before net catastrophe losses and prior year casualty development			81.0			%						80.9						78.0						82.7						83.3
Other Statistics
Non-catastrophe property loss and loss expenses									$	13.4								15.2						12.9						15.6						14.3
Non-catastrophe property loss and loss expenses									9.4			pts						10.8						10.0						13.0						12.6
Direct new business									$	70.2								79.1						79.0						77.0						67.4
Renewal pure price increases									8.7			%						8.2						8.0						6.4						5.2
Note: Amounts may not foot due to rounding.

Page 10

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS & SURPLUS LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

			Quarter ended March 31, 2025															Quarter ended March 31, 2024
($ in millions)			Casualty						Property			Total						Casualty			Property			Total
Net premiums written			$	90.7					59.0			149.7						77.1			47.9			125.0
Net premiums earned			85.1						57.8			142.9						71.6			41.4			113.0
Underwriting income (loss)			$	(0.4)					11.1			10.7						4.5			9.5			14.0
Loss and loss expense ratio			68.3			%			51.6			61.6						62.7			46.4			56.7
Underwriting expense ratio			32.2						29.1			30.9						31.0			30.7			30.9
Combined ratio			100.5			%			80.7			92.5						93.7			77.1			87.6
Net catastrophe losses			—			%			28.4			11.5						—			11.9			4.3
(Favorable) unfavorable prior year casualty reserve development			—			pts			—			—						—			—			—
Combined ratio before net catastrophe losses and prior year casualty development			100.5			%			52.3			81.0						93.7			65.2			83.3
Note: Amounts may not foot due to rounding.

Page 11

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INVESTMENT INCOME

(Unaudited)

									Quarter ended
									Mar. 31,						Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions)									2025						2024						2024						2024						2024
Net investment income
Fixed income securities
						Taxable			$	103.6								100.9						96.4						91.5						91.4
						Tax-exempt			1.5									1.8						2.1						2.4						2.7
Total fixed income securities									105.1									102.7						98.5						93.9						94.1
Commercial mortgage loans									3.6									3.3						3.2						3.1						2.8
Equity securities									3.6									6.1						5.4						1.9						4.9
Alternative investments									7.1									10.6						9.0						10.5						6.9
Other investments									0.2									0.2						0.3						0.1						0.3
Short-term investments									6.2									5.6						6.5						4.7						3.5
Investment income									125.8									128.6						122.8						114.3						112.5
Investment expenses									(5.1)									(5.8)						(5.0)						(5.6)						(4.6)
Investment tax expense									(25.1)									(25.5)						(24.4)						(22.4)						(22.2)
Total net investment income, after-tax									$	95.6								97.3						93.4						86.3						85.6
Net realized and unrealized investment gains (losses), pre-tax									$	0.2								(8.0)						5.4						1.3						(1.6)
Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax									$	81.1								(164.6)						228.0						(10.8)						(16.1)
Average investment yields
						Fixed income investments, pre-tax			5.0									5.1						5.0						4.9						5.0
						Fixed income investments, after-tax			4.0									4.0						4.0						3.9						4.0
						Total portfolio, pre-tax			4.8									5.1						5.0						4.9						4.9
						Total portfolio, after-tax			3.8									4.0						4.0						3.9						3.9
Effective tax rate on net investment income									20.8									20.7						20.7						20.6						20.6
New money purchase rates for fixed income investments, pre-tax									6.0									6.1						5.8						6.4						5.8
New money purchase rates for fixed income investments, after-tax									4.7									4.8						4.6						5.0						4.6
Effective duration of fixed income investments including short-term (in years)									4.1									4.0						3.9						3.9						4.0
Note: Amounts may not foot due to rounding.

Page 12

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS

(Unaudited)

									Mar. 31,												Dec. 31,									Sept. 30,									June 30,									Mar. 31,
									2025												2024									2024									2024									2024
($ in millions)									Amount			Percent									Amount			Percent						Amount			Percent						Amount			Percent						Amount			Percent
Fixed income securities, at fair value									$	8,630.0		84			%						8,152.1			85						8,110.0			84						7,687.6			85						7,602.7			87
Commercial mortgage loans, at fair value									251.5			2									224.8			2						218.6			2						209.0			2						197.8			2
Total fixed income investments									8,881.5			86									8,376.9			87						8,328.7			86						7,896.6			87						7,800.5			89
Short-term investments									631.1			6									509.3			5						561.0			6						417.4			5						247.9			3
Total fixed income and short-term investments									9,512.6			92									8,886.2			92						8,889.7			92						8,314.0			92						8,048.4			92
Equity securities, at fair value									266.5			3									213.6			2						205.6			2						192.0			2						194.3			2
Alternative investments									411.1			4									440.9			5						432.0			4						414.8			5						402.7			5
Other investments									98.4			1									101.1			1						102.5			1						89.7			1						89.0			1
Total investments									$	10,288.6		100			%						9,641.8			100						9,629.8			100						9,010.5			100						8,734.3			100
Fixed income investments, at carry value
U.S. government obligations									$	134.5		2			%						120.2			1						125.4			2						151.0			2						141.8			2
Foreign government obligations									10.4			—									9.3			—						9.7			—						9.2			—						9.2			—
Obligations of state and political subdivisions									432.9			5									451.2			5						492.9			6						525.4			7						539.0			7
Corporate securities									3,262.5			37									3,093.6			37						3,048.7			37						2,865.4			36						2,815.3			36
Collateralized loan obligations and other asset-backed securities									2,197.2			25									2,033.1			24						1,946.4			23						1,916.1			24						1,897.1			24
Residential mortgage-backed securities									1,852.1			21									1,692.4			20						1,740.0			21						1,504.0			19						1,512.0			19
Commercial mortgage-backed securities									740.9			8									753.0			9						747.5			9						717.4			9						689.4			9
Commercial mortgage loans									257.7			3									233.7			3						223.6			3						219.5			3						208.0			3
Total fixed income investments									$	8,888.2		100			%						8,386.4			100						8,334.1			100						7,908.0			100						7,811.8			100
Expected maturities of fixed income investments at carry value
Due in one year or less									$	622.8		7			%						638.3			8						670.4			8						634.2			8						607.9			8
Due after one year through five years									3,723.8			42									3,692.6			44						3,764.6			45						3,622.6			46						3,558.5			45
Due after five years through 10 years									3,442.5			39									3,072.8			37						3,072.6			37						2,872.1			36						2,882.5			37
Due after 10 years									1,099.3			12									982.7			12						826.5			10						779.1			10						762.9			10
Total fixed income investments									$	8,888.2		100			%						8,386.4			100						8,334.1			100						7,908.0			100						7,811.8			100
Weighted average credit quality of fixed income and short-term investments
Investment grade credit quality									$	9,188.2		97			%						8,577.3			97						8,591.0			97						8,002.7			96						7,747.0			96
Non-investment grade credit quality									324.3			3									308.9			3						298.7			3						311.3			4						301.4			4
Total fixed income and short-term investments, at fair value									$	9,512.6		100			%						8,886.2			100						8,889.7			100						8,314.0			100						8,048.4			100
Weighted average credit quality of fixed income and short-term investments									A+												A+									AA-									AA-									A+
Alternative investments									March 31, 2025
																								Current
									Number of			Original									Remaining			Market
Strategy									Funds			Commitment									Commitment			Value
Private equity									69			$	511.4								180.1			322.6
Private credit									19			187.7									111.3			46.3
Real assets									11			84.5									38.5			42.2
Total									99			$	783.6								329.9			411.1
Note: Amounts may not foot due to rounding.

Page 13

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CREDIT QUALITY OF INVESTED ASSETS

(Unaudited)

At March 31, 2025																																													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						151						134						1.3						4.6						5.8						8.0						—						134						—						—						—						—
			Foreign government obligations						12						10						0.1						5.1						4.9						5.8						1						2						4						4						—						—
			State and municipal obligations						463						433						4.2						4.6						6.6						9.4						66						216						137						13						—						—
			Corporate securities						3,338						3,262						31.7						5.4						4.7						6.2						33						329						1,435						1,270						195						—
			Mortgage-backed securities:
						Residential mortgage-backed securities ("RMBS"):
						Agency RMBS			1,381						1,312						12.8						5.1						5.8						7.9						—						1,312						—						—						—						—
						Non-agency RMBS			563						540						5.2						5.7						3.9						5.2						485						34						19						1						—						—
						Total RMBS			1,943						1,852						18.0						5.3						5.3						7.1						485						1,346						19						1						—						—
						Commercial mortgage-backed securities ("CMBS")
						Agency CMBS			169						163						1.6						4.6						4.4						5.7						19						144						—						—						—						—
						Non-agency CMBS			593						578						5.6						5.7						2.9						3.6						498						46						28						—						6						—
						Total CMBS			762						741						7.2						5.4						3.2						4.1						517						190						28						—						6						—
						Total mortgage-backed securities			2,705						2,593						25.2						5.3						4.7						6.3						1,002						1,536						47						1						6						—
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
						CLOs			940						922						9.0						6.3						2.5						4.9						522						249						50						43						29						29
						Commercial ABS			497						490						4.8						3.8						2.6						3.3						87						67						274						59						3						—
						Consumer ABS			407						403						3.9						3.0						0.8						1.4						271						76						49						6						1						—
						Other ABS			385						383						3.7						7.2						6.6						9.7						13						30						195						86						20						39
						Total CLOs and ABS			2,228						2,197						21.4						6.6						3.5						5.4						893						422						568						194						53						68
Total securitized assets									4,933						4,790						46.6						5.9						4.1						5.8						1,896						1,958						615						195						59						68
						Commercial mortgage loans			258						251						2.4						7.2						2.8						3.8						—						17						101						132						2						—
Total fixed income investments									9,154						8,881						86.3						5.7						4.4						6.1						1,995						2,656						2,293						1,613						257						68
						Short-term investments			631						631						6.1						4.1						0.0						0.0						631						—						—						—						—						—
						Total fixed income and short-term investments			9,785						9,513						92.5						5.6						4.1						5.7						2,626						2,656						2,293						1,613						257						68
Total fixed income securities and short-term investments by credit rating percentage																																													27.6		%				27.9		%				24.1		%				17.0		%				2.7		%				0.7		%
Equity securities:
			Common stock(1)						261						265						2.6						—						—						—						—						—						—						—						—						265
			Preferred stock						2						2						—						—						—						—						—						—						—						2						—						—
						Total equity securities			263						266						2.6						—						—						—						—						—						—						2						—						265
Alternative investments
						Private equity			323						323						3.1						—						—						—						—						—						—						—						—						323
						Private credit			46						46						0.4						—						—						—						—						—						—						—						—						46
						Real assets			42						42						0.4						—						—						—						—						—						—						—						—						42
						Total alternative investments			411						411						4.0						—						—						—						—						—						—						—						—						411
Other investments									98						98						1.0						—						—						—						—						—						—						—						—						98
Total invested assets									$	10,558					$	10,289					100.0		%				—						—						—						$	2,626					$	2,656					$	2,293					$	1,615					$	257					$	842
(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.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

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

(Unaudited)

			Quarter ended
			Mar. 31,						Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions, except per share data)			2025						2024						2024						2024						2024
Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Net income (loss) available to common stockholders			$	107.6								93.2						90.0						(65.6)						80.2
Net realized and unrealized investment (gains) losses included in net income, before tax			(0.2)									8.0						(5.4)						(1.3)						1.6
Tax on reconciling items			—									(1.7)						1.1						0.3						(0.3)
Non-GAAP operating income (loss)			$	107.4								99.6						85.7						(66.6)						81.5
Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share
Net income (loss) available to common stockholders per diluted common share			$	1.76								1.52						1.47						(1.08)						1.31
Net realized and unrealized investment (gains) losses included in net income, before tax			—									0.13						(0.09)						(0.02)						0.03
Tax on reconciling items			—									(0.03)						0.02						—						(0.01)
Non-GAAP operating income (loss) per diluted common share			$	1.76								1.62						1.40						(1.10)						1.33
Reconciliation of ROE to non-GAAP operating ROE
ROE			14.4									12.7						12.6						(9.5)						11.5
Net realized and unrealized investment (gains) losses included in net income, before tax			—									1.1						(0.8)						(0.2)						0.2
Tax on reconciling items			—									(0.3)						0.3						0.1						—
Non-GAAP operating ROE			14.4									13.5						12.1						(9.6)						11.7
Reconciliation of book value per common share to adjusted book value per common share
Book value per common share			$	50.33								47.99						48.82						44.74						46.17
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax			3.88									5.21						2.50						6.25						6.08
Tax on reconciling items			(0.82)									(1.10)						(0.52)						(1.32)						(1.28)
Adjusted book value per common share			$	53.39								52.10						50.80						49.67						50.97
Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above.
Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION

Address:

As of March 31, 2025

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

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