# EDGAR Filing Document

**Accession Number:** 0000230557
**File Stem:** 0000230557-26-000008
**Filing Date:** 2026-4
**Character Count:** 185143
**Document Hash:** a877db11ec4f4060e9016d3ba740d09e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000230557-26-000008.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0000230557-26-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20260422

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SELECTIVE INSURANCE GROUP INC
- **CENTRAL INDEX KEY:** 0000230557
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 222168890
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33067
- **FILM NUMBER:** 26884045

**BUSINESS ADDRESS:**
- **STREET 1:** 40 WANTAGE AVENUE
- **CITY:** BRANCHVILLE
- **STATE:** NJ
- **ZIP:** 07890
- **BUSINESS PHONE:** 9739483000

**MAIL ADDRESS:**
- **STREET 1:** 40 WANTAGE AVE
- **STREET 2:** 40 WANTAGE AVE
- **CITY:** BRANCHVILLE
- **STATE:** NJ
- **ZIP:** 07890

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SRI CORP
- **DATE OF NAME CHANGE:** 19860508

?xml version='1.0' encoding='ASCII'? sigi-20260422

**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) April 22, 2026

---

| |
|:---|
| **<u>SELECTIVE INSURANCE GROUP, INC.</u>** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| <u>New Jersey</u> | <u>001-33067</u> | <u>22-2168890</u> |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

<u>40 Wantage Avenue</u>, <u>Branchville, New Jersey</u> <u>07890</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) (Zip Code)

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

<u>Not Applicable</u> <br> (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.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On April 22, 2026, Selective Insurance Group, Inc. (the "Company") issued a press release announcing results for the first quarter ended March 31, 2026. The press release is attached hereto as Exhibit 99.1.

**Section 7 – Regulation FD**

**Item 7.01.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

Attached as Exhibit 99.2 is supplemental financial information about the Company.

The Company may present to various investors and stockholders using the presentation materials, which include supplemental financial information about the Company, that are furnished as Exhibit 99.3 hereto and incorporated herein by reference.

The information contained in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. The Company makes no admission as to the materiality of any information in this report or the exhibits attached hereto.

Important information may be disseminated initially or exclusively via the Company's corporate website, www.selective.com/investors. Investors should consult the site to access this information. Any website addresses included herein are inactive textual references only. The information contained on any such website referenced herein is not incorporated into this Current Report on Form 8-K.

**Section 9 – Financial Statements and Exhibits**

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;*Exhibits*

Exhibit No.&nbsp;&nbsp;&nbsp;&nbsp;Description of Exhibit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1](q12026pressreleaseexh991.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Press Release of Selective Insurance Group, Inc. dated April 22, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2](q12026pressreleasesuppleme.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Financial Supplement, First Quarter 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.3](sigifirstquarter2026inve.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. First Quarter 2026 Investor Presentation

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

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;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. | SELECTIVE INSURANCE GROUP, INC. |
| Date: | April 22, 2026 | By: | /s/ Michael H. Lanza |
|  |  |  | Michael H. Lanza |
|  |  |  | Executive Vice President and General Counsel |

---

## Exhibit 99.1

**Exhibit 99.1**

![image1a.gif](image1a.gif)

**Selective Reports First Quarter 2026 Results**

**Net Income per Diluted Common Share of $1.58 and Non-GAAP Operating Income**<sup>1</sup> **per** 

**Diluted Common Share of $1.69;** 

**Return on Common Equity ("ROE") of 11.2% and Non-GAAP Operating ROE**<sup>1</sup> **of 12.0%**

In the first quarter of 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net premiums written ("NPW") decreased 1% from the first quarter of 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The GAAP combined ratio was 98.3%, compared to 96.1% in the first quarter of 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial Lines renewal pure price increases averaged 7.1%, compared to 9.1% in the first quarter of 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax net investment income was $113 million, up 18% from the first quarter of 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value per common share was $56.58, down modestly from last quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted book value per common share¹ was $58.94, up 2% from last quarter.

&nbsp;&nbsp;&nbsp;&nbsp;

**Branchville, NJ - April 22, 2026 -** Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the first quarter ended March 31, 2026, with net income per diluted common share of $1.58 and non-GAAP operating income<sup>1</sup> per diluted common share of $1.69. ROE was 11.2% and non-GAAP operating ROE<sup>1</sup> was 12.0%.

For the quarter, Selective's combined ratio was 98.3%. Catastrophe losses were 6.2 points, and there was no net prior year casualty reserve development. NPW decreased 1% from a year ago due to a 6% decrease in Standard Personal Lines and a 1% decrease in Standard Commercial Lines. Renewal pure price increases were 7.2%. Net investment income increased 18% from a year ago, to $113 million after-tax, generating 13.3 points of annualized ROE in the quarter.

"Our operating ROE of 12% this quarter was in-line with our long-term target and marked our seventh consecutive quarter of double-digit operating returns. We delivered a solid start to the year, which keeps us on track to achieve our 2026 guidance. In addition, we returned 57% of after-tax net income through our regular dividend and $30 million of share repurchases, reinforcing our commitment to delivering long-term value," said John J. Marchioni, Chairman, President and Chief Executive Officer.

"Net premiums written decreased modestly in the quarter, reflecting a competitive environment and deliberate actions to further strengthen our performance. We view growth as an outcome of disciplined execution, and remain focused on delivering target underwriting profitability. This is supported by granular pricing, risk selection, and claims discipline."

"With our talented employees, high-quality distribution partner relationships, and strong capital position, we are continuing to make investments to support diversifying, profitable growth across our business. We believe we are well positioned for the opportunities in front of us," concluded Mr. Marchioni.

------

**Operating Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Change** | **Change** |
| **Consolidated Financial Results**<br>*$ and shares in millions, except per share data* | **2026** | **2026** | **2025** | **Change** | **Change** |
| Net premiums written | $1225.5 |  | 1240.4 | (1) | % |
| Net premiums earned | 1217.2 |  | 1158.8 | 5 |  |
| Net investment income earned | 142.4 |  | 120.7 | 18 |  |
| Net realized and unrealized gains (losses), pre-tax | (8.3) |  | 0.2 | (3725) |  |
| Total revenues | 1358.9 |  | 1285.2 | 6 |  |
| Net underwriting income (loss), after-tax | 16.8 |  | 36.1 | (53) |  |
| Net investment income, after-tax | 113.1 |  | 95.6 | 18 |  |
| Net income (loss) available to common stockholders | 95.4 |  | 107.6 | (11) |  |
| Non-GAAP operating income (loss)<sup>1</sup> | 101.9 |  | 107.4 | (5) |  |
| Combined ratio | 98.3 | % | 96.1 | 2.2 | pts |
| Loss and loss expense ratio | 67.0 |  | 64.4 | 2.6 |  |
| Underwriting expense ratio | 31.2 |  | 31.6 | (0.4) |  |
| Dividends to policyholders ratio | 0.1 |  | 0.1 |  |  |
| Net catastrophe losses | 6.2 | pts | 3.7 | 2.5 |  |
| Non-catastrophe property losses and loss expenses | 14.6 |  | 15.4 | (0.8) |  |
| (Favorable) unfavorable prior year reserve development on casualty lines |  |  | 0.4 | (0.4) |  |
| Current year casualty loss costs | 46.2 |  | 44.9 | 1.3 |  |
| Net income (loss) available to common stockholders per diluted common share | $1.58 |  | 1.76 | (10) | % |
| Non-GAAP operating income (loss) per diluted common share<sup>1</sup> | 1.69 |  | 1.76 | (4) |  |
| Weighted average diluted common shares | 60.5 |  | 61.3 | (1) |  |
| Book value per common share | $56.58 |  | 50.33 | 12 |  |
| Adjusted book value per common share<sup>1</sup> | 58.94 |  | 53.39 | 10 |  |

---

**Overall Insurance Operations**

In the first quarter, overall NPW decreased 1%, as we implemented rate and non-rate actions to enhance underwriting profitability. Average renewal pure price increased 7.2%, down 3.1 points from a year ago. Our combined ratio was 98.3%, 2.2 points higher than a year ago, primarily due to higher catastrophe losses. There was no prior year casualty reserve development in the first quarter in any segment or line of business.

Overall, insurance segment performance generated 2.0 points of ROE in the first quarter of 2026, down 2.8 points from the first quarter of 2025.

**Standard Commercial Lines Segment** 

In the first quarter, Standard Commercial Lines premiums, which account for 81% of total NPW, decreased 1% from a year ago driven by lower new business. Average renewal pure price increases were 7.1% and retention was 82% reflecting granular actions to improve our profitability. The first quarter combined ratio was 100.2%, 3.8 points higher than a year ago, primarily due to catastrophe losses.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Change** | **Change** |
| **Standard Commercial Lines Segment**<br>*$ in millions* | **2026** | **2026** | **2025** | **Change** | **Change** |
| Net premiums written | $992.4 |  | 1003.2 | (1) | % |
| Net premiums earned | 965.8 |  | 912.2 | 6 |  |
| Combined ratio | 100.2 | % | 96.4 | 3.8 | pts |
| Loss and loss expense ratio | 68.0 |  | 63.8 | 4.2 |  |
| Underwriting expense ratio | 32.1 |  | 32.5 | (0.4) |  |
| Dividends to policyholders ratio | 0.1 |  | 0.1 |  |  |
| Net catastrophe losses | 5.9 | pts | 2.2 | 3.7 |  |
| Non-catastrophe property losses and loss expenses | 13.2 |  | 14.1 | (0.9) |  |
| (Favorable) unfavorable prior year reserve development on casualty lines |  |  |  |  |  |
| Current year casualty loss costs | 48.9 |  | 47.5 | 1.4 |  |

---

**Standard Personal Lines Segment** 

In the first quarter, Standard Personal Lines premiums, which represent 7% of total NPW, declined 6% and new business decreased 15% from a year ago. Renewal pure price was 10.6% and retention was 78%. Despite higher catastrophe losses, the first quarter 2026 combined ratio improved 5.2 points from a year ago to 92.8%, reflecting our deliberate profit improvement actions.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Change** | **Change** |
| **Standard Personal Lines Segment**<br>*$ in millions* | **2026** | **2026** | **2025** | **Change** | **Change** |
| Net premiums written | $82.5 |  | 87.5 | (6) | % |
| Net premiums earned | 100.0 |  | 103.7 | (3) |  |
| Combined ratio | 92.8 | % | 98.0 | (5.2) | pts |
| Loss and loss expense ratio | 69.2 |  | 73.9 | (4.7) |  |
| Underwriting expense ratio | 23.6 |  | 24.1 | (0.5) |  |
| Net catastrophe losses | 13.2 | pts | 6.9 | 6.3 |  |
| Non-catastrophe property losses and loss expenses | 29.2 |  | 35.2 | (6.0) |  |
| Unfavorable prior year reserve development on casualty lines |  |  | 4.8 | (4.8) |  |
| Current year casualty loss costs | 26.8 |  | 27.0 | (0.2) |  |

---

**Excess and Surplus Lines Segment** 

For the first quarter, Excess and Surplus Lines premiums, which represent 12% of total NPW, increased 1% from the prior-year period, driven by average renewal pure price increases of 4.1%. The first quarter 2026 combined ratio was 89.5%, 3.0 points better than a year ago. The improvement was due to lower catastrophe losses, partly offset by higher non-catastrophe property losses.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Change** | **Change** |
| **Excess and Surplus Lines Segment**<br>*$ in millions* | **2026** | **2026** | **2025** | **Change** | **Change** |
| Net premiums written | $150.7 |  | 149.7 | 1 | % |
| Net premiums earned | 151.4 |  | 142.9 | 6 |  |
| Combined ratio | 89.5 | % | 92.5 | (3.0) | pts |
| Loss and loss expense ratio | 59.0 |  | 61.6 | (2.6) |  |
| Underwriting expense ratio | 30.5 |  | 30.9 | (0.4) |  |
| Net catastrophe losses | 3.3 | pts | 11.5 | (8.2) |  |
| Non-catastrophe property losses and loss expenses | 13.9 |  | 9.4 | 4.5 |  |
| (Favorable) prior year reserve development on casualty lines |  |  |  |  |  |
| Current year casualty loss costs | 41.8 |  | 40.7 | 1.1 |  |

---

------

**Investments Segment** 

For the first quarter, after-tax net investment income was $113 million, up 18% from a year ago. The after-tax income yield averaged 4.2% for the fixed income securities portfolio and 4.0% for the overall portfolio. With invested assets per dollar of common stockholders' equity of $3.36 as of March 31, 2026, net investment income generated 13.3 points of annualized ROE.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Change** | **Change** |
| **Investments Segment**<br>*$ in millions, except per share data* | **2026** | **2026** | **2025** | **Change** | **Change** |
| Net investment income earned, after-tax | $113.1 |  | 95.6 | 18 | % |
| Net investment income per common share | 1.87 |  | 1.56 | 20 |  |
| Effective tax rate | 20.6 | % | 20.8 | (0.2) | pts |
| Average yields: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax | 5.0 |  | 4.8 | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After-tax | 4.0 |  | 3.8 | 0.2 |  |
| &nbsp;&nbsp;&nbsp;Fixed income securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax | 5.3 | % | 5.0 | 0.3 | pts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After-tax | 4.2 |  | 4.0 | 0.2 |  |
| Annualized ROE contribution | 13.3 |  | 12.8 | 0.5 |  |

---

**Balance Sheet**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| $ in millions, except per share data | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **Change** | **Change** |
| Total assets | $15321.9 |  | 15155.7 |  | 1% |  |
| Total investments | 11391.2 |  | 11302.4 |  | 1 |  |
| Long-term debt | 901.4 |  | 901.9 |  |  |  |
| Stockholders' equity | 3587.4 |  | 3609.0 |  | (1) |  |
| Common stockholders' equity | 3387.4 |  | 3409.0 |  | (1) |  |
| Invested assets per dollar of common stockholders' equity | 3.36 |  | 3.32 |  | 1 |  |
| Net premiums written to policyholders' surplus | 1.35 |  | 1.36 |  | (1) |  |
| Book value per common share | 56.58 |  | 56.74 |  |  |  |
| Adjusted book value per common share<sup>1</sup> | 58.94 |  | 57.91 |  | 2 |  |
| Debt to total capitalization | 20.1 | % | 20.0 | % | 0.1 | pts |

---

Book value per common share decreased by $0.16 during the first quarter of 2026. The decrease was primarily attributable to a $1.20 increase in after-tax net unrealized losses on our fixed income securities portfolio and $0.43 in common stockholder dividends, partially offset by $1.58 of net income per diluted common share. The increase in after-tax net unrealized losses on our fixed income securities portfolio was primarily driven by higher interest rates. In the first quarter of 2026, the Company repurchased $30 million, or 337,303 shares, of common stock at an average price of $88.94.

Selective's Board of Directors also declared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;A quarterly cash dividend on common stock of $0.43 per common share payable on June 1, 2026, to holders of record as of May 15, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on June 15, 2026, to holders of record as of May 29, 2026.

**Guidance** 

For 2026, our full-year expectations are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A GAAP combined ratio of 96.5% to 97.5%, including net catastrophe losses of 6 points. Our combined ratio estimate assumes no prior year casualty reserve development, as we record our best estimate each quarter. We do not make assumptions about future reserve development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax net investment income of $465 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An overall effective tax rate of 21.5%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average shares of 60.5 million on a fully diluted basis, down from 61 million in our initial guidance. This reflects share repurchases in First Quarter 2026, but does not make assumptions about future share repurchases under our existing authorization.

------

The supplemental investor package, with financial information not included in this press release, is available on the Investors page of Selective's website at www.Selective.com.

Selective's quarterly analyst conference call will be simulcast at 8:00 AM ET, on Thursday, April 23, 2026, on www.Selective.com. The webcast will be available for rebroadcast until the close of business on May 22, 2026.

**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 insurance for commercial and personal risks and specialty insurance for commercial risks. Selective also offers flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and employer of choice is widely recognized, with awards and honors including listing in Forbes Best Midsize Employers and certification for six consecutive years as a Great Place to Work®.

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

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

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

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

---

| | | |
|:---|:---|:---|
| *$ in millions* | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
| *$ in millions* | **2026** | **2025** |
| Net income (loss) available to common stockholders | $95.4 | 107.6 |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 8.3 | (0.2) |
| Tax on reconciling items | (1.7) |  |
| Non-GAAP operating income (loss) | $101.9 | 107.4 |

---

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

---

| | | |
|:---|:---|:---|
| | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
| | **2026** | **2025** |
| Net income (loss) available to common stockholders per diluted common share | $1.58 | 1.76 |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 0.14 |  |
| Tax on reconciling items | (0.03) |  |
| Non-GAAP operating income (loss) per diluted common share | $1.69 | 1.76 |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
| | **2026** | **2026** | **2025** |
| Return on Common Equity | 11.2 | % | 14.4 |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 1.0 |  |  |
| Tax on reconciling items | (0.2) |  |  |
| Non-GAAP Operating Return on Common Equity | 12.0 | % | 14.4 |

---

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

---

| | | |
|:---|:---|:---|
| | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
| | **2026** | **2025** |
| Book value per common share | $56.58 | 50.33 |
| Total unrealized investment (gains) losses included in accumulated other comprehensive (loss) income, before tax | 2.99 | 3.88 |
| Tax on reconciling items | (0.63) | (0.82) |
| Adjusted book value per common share | $58.94 | 53.39 |

---

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

------

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geopolitical developments, including ongoing wars and conflicts such as the recent military conflict in the Middle East, which have contributed to volatility in global energy markets, international shipping activity, and financial markets, and may exacerbate inflationary pressures, supply chain disruption, and insurance loss costs;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our entry into new markets and businesses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

---

| | |
|:---|:---|
| **<u>Investor Contact:</u>**<br>Brad B. Wilson<br>973-948-1283<br>Brad.Wilson@Selective.com | **<u>Media Contact:</u>**<br>Jamie M. Beal<br>973-948-1234<br>Jamie.Beal@Selective.com |
| *Selective Insurance Group, Inc.*<br>*40 Wantage Avenue*<br>*Branchville, New Jersey 07890*<br>*www.Selective.com* | |

---

## Exhibit 99.2

 **Exhibit 99.2**

![selectiveinsurancergb.jpg](selectiveinsurancergb.jpg)

**FINANCIAL SUPPLEMENT**

**FIRST QUARTER 2026**

------

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geopolitical developments, including ongoing wars and conflicts such as the recent military conflict in the Middle East, which have contributed to volatility in global energy markets, international shipping activity, and financial markets, and may exacerbate inflationary pressures, supply chain disruption, and insurance loss costs;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our entry into new markets and businesses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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](#ia0cfe897d3124c7aac2e893fc6e3072e_10)** |
| Consolidated Statements of Operations | **[2](#ia0cfe897d3124c7aac2e893fc6e3072e_13)** |
| Consolidated Balance Sheets | **[3](#ia0cfe897d3124c7aac2e893fc6e3072e_16)** |
| Financial Metrics | **[4](#ia0cfe897d3124c7aac2e893fc6e3072e_19)** |
| Consolidated Insurance Operations Statement of Operations | **[5](#ia0cfe897d3124c7aac2e893fc6e3072e_22)** |
| Standard Commercial Lines Statement of Operations and Supplemental Data | **[6](#ia0cfe897d3124c7aac2e893fc6e3072e_25)** |
| Standard Commercial Lines GAAP Line of Business Results | **[7](#ia0cfe897d3124c7aac2e893fc6e3072e_28)** |
| Standard Personal Lines Statement of Operations and Supplemental Data | **[8](#ia0cfe897d3124c7aac2e893fc6e3072e_31)** |
| Standard Personal Lines GAAP Line of Business Results | **[9](#ia0cfe897d3124c7aac2e893fc6e3072e_34)** |
| Excess and Surplus Lines Statement of Operations and Supplemental Data | **[10](#ia0cfe897d3124c7aac2e893fc6e3072e_37)** |
| Excess and Surplus Lines GAAP Line of Business Results | **[11](#ia0cfe897d3124c7aac2e893fc6e3072e_40)** |
| Consolidated Investment Income | **[12](#ia0cfe897d3124c7aac2e893fc6e3072e_43)** |
| Consolidated Composition of Invested Assets | **[13](#ia0cfe897d3124c7aac2e893fc6e3072e_46)** |
| Credit Quality of Invested Assets | **[14](#ia0cfe897d3124c7aac2e893fc6e3072e_49)** |
| Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) and Certain Other Non-GAAP Measures | **[15](#ia0cfe897d3124c7aac2e893fc6e3072e_52)** |
| Ratings and Contact Information | **[16](#ia0cfe897d3124c7aac2e893fc6e3072e_55)** |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | | **Mar. 31,** | | **Dec. 31,** | **Sept. 30,** | **June 30,** | **Mar. 31,** |
| *($ and shares in millions, except per share data)* | *($ and shares in millions, except per share data)* | **2026** |  | **2025** | **2025** | **2025** | **2025** |
| **<u>For Period Ended</u>** | **<u>For Period Ended</u>** |  |  |  |  |  |  |
|  | Gross premiums written | $1422.5 |  | 1318.0 | 1419.3 | 1496.2 | 1428.8 |
|  | Net premiums written | 1225.5 |  | 1129.5 | 1207.9 | 1288.6 | 1240.4 |
|  | Change in net premiums written, from comparable prior year period | (1) | % | 4 | 4 | 5 | 7 |
|  | Underwriting income (loss), before-tax | $21.2 |  | 76.0 | 16.7 | (2.4) | 45.6 |
|  | Net investment income earned, before-tax | 142.4 |  | 143.8 | 138.7 | 128.0 | 120.7 |
|  | Net realized and unrealized investment gains (losses), before-tax | (8.3) |  | (4.1) | 8.1 | 4.2 | 0.2 |
|  | Net income (loss) | $97.7 |  | 155.2 | 115.3 | 85.9 | 109.9 |
|  | Net income (loss) available to common stockholders<sup>(1)</sup> | 95.4 |  | 152.9 | 113.0 | 83.6 | 107.6 |
|  | Non-GAAP operating income (loss)<sup>(2)</sup> | 101.9 |  | 156.2 | 106.7 | 80.3 | 107.4 |
| **<u>At Period End</u>** | **<u>At Period End</u>** |  |  |  |  |  |  |
|  | Total assets | 15321.9 |  | 15155.7 | 14980.4 | 14468.4 | 14197.6 |
|  | Total invested assets | 11391.2 |  | 11302.4 | 11051.5 | 10553.6 | 10295.3 |
|  | Stockholders' equity | 3587.4 |  | 3609.0 | 3490.0 | 3369.4 | 3258.5 |
|  | Common stockholders' equity<sup>(3)</sup> | 3387.4 |  | 3409.0 | 3290.0 | 3169.4 | 3058.5 |
|  | Common shares outstanding | 59.9 |  | 60.1 | 60.4 | 60.8 | 60.8 |
| **<u>Per Share and Share Data</u>** | **<u>Per Share and Share Data</u>** |  |  |  |  |  |  |
|  | Net income (loss) available to common stockholders per common share (diluted) | $1.58 |  | 2.52 | 1.85 | 1.36 | 1.76 |
|  | Non-GAAP operating income (loss) per common share (diluted)<sup>(2)</sup> | 1.69 |  | 2.57 | 1.75 | 1.31 | 1.76 |
|  | Weighted average common shares outstanding (diluted) | 60.5 |  | 60.7 | 61.0 | 61.3 | 61.3 |
|  | Book value per common share | $56.58 |  | 56.74 | 54.46 | 52.09 | 50.33 |
|  | Adjusted book value per common share<sup>(2)</sup> | 58.94 |  | 57.91 | 55.83 | 54.48 | 53.39 |
|  | Dividends paid per common share | 0.43 |  | 0.43 | 0.38 | 0.38 | 0.38 |
| **<u>Financial Ratios</u>** | **<u>Financial Ratios</u>** |  |  |  |  |  |  |
|  | Loss and loss expense ratio | 67.0 | % | 63.2 | 67.9 | 69.3 | 64.4 |
|  | Underwriting expense ratio | 31.2 |  | 30.5 | 30.6 | 30.8 | 31.6 |
|  | Dividends to policyholders ratio | 0.1 |  | 0.1 | 0.1 | 0.1 | 0.1 |
|  | &nbsp;&nbsp;&nbsp;GAAP combined ratio | 98.3 | % | 93.8 | 98.6 | 100.2 | 96.1 |
|  | Return on common stockholders' equity ("ROE") | 11.2 |  | 18.3 | 14.0 | 10.7 | 14.4 |
|  | Non-GAAP operating ROE<sup>(2)</sup> | 12.0 |  | 18.7 | 13.2 | 10.3 | 14.4 |
|  | Debt to total capitalization | 20.1 |  | 20.0 | 20.5 | 21.1 | 21.7 |
|  | Net premiums written to policyholders' surplus | 1.35 |  | 1.36 | 1.42 | 1.45 | 1.47 |
|  | Invested assets per dollar of common stockholders' equity | $3.36 |  | 3.32 | 3.36 | 3.33 | 3.37 |
| <sup>(1)</sup> | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. |  |
| <sup>(2)</sup> | Non-GAAP measure. Refer to Page 15 for definition. |  |  |  |  |  |  |
| <sup>(3)</sup> | Excludes equity related to preferred stock. |  |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **June 30,** | **Mar. 31,** |
| *($ and shares in millions, except per share data)* | *($ and shares in millions, except per share data)* | **2026** | **2025** | **2025** | **2025** | **2025** |
| **Revenues** | **Revenues** |  |  |  |  |  |
|  | Net premiums earned | $1217.2 | 1216.7 | 1204.7 | 1188.1 | 1158.8 |
|  | Net investment income earned | 142.4 | 143.8 | 138.7 | 128.0 | 120.7 |
|  | Net realized and unrealized gains (losses) | (8.3) | (4.1) | 8.1 | 4.2 | 0.2 |
|  | Other income | 7.6 | 8.5 | 8.7 | 6.5 | 5.5 |
|  | Total revenues | 1358.9 | 1364.9 | 1360.1 | 1326.7 | 1285.2 |
| **Expenses** | **Expenses** |  |  |  |  |  |
|  | Loss and loss expense incurred | 815.5 | 768.5 | 819.0 | 823.9 | 746.3 |
|  | Amortization of deferred policy acquisition costs | 253.4 | 254.5 | 250.2 | 250.3 | 247.4 |
|  | Other insurance expenses | 134.7 | 126.3 | 127.5 | 122.8 | 124.9 |
|  | Interest expense | 13.2 | 13.2 | 13.3 | 13.3 | 9.6 |
|  | Corporate expenses | 17.9 | 6.3 | 4.4 | 7.6 | 18.1 |
|  | Total expenses | 1234.7 | 1168.8 | 1214.4 | 1217.8 | 1146.3 |
| Income (loss) before income tax | Income (loss) before income tax | $124.2 | 196.1 | 145.7 | 108.9 | 138.9 |
| Income tax expense (benefit) | Income tax expense (benefit) | 26.5 | 40.9 | 30.4 | 23.0 | 29.0 |
| **Net Income (loss)** | **Net Income (loss)** | $**97.7** | **155.2** | **115.3** | **85.9** | **109.9** |
| Preferred stock dividends | Preferred stock dividends | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 |
| **Net income (loss) available to common stockholders** | **Net income (loss) available to common stockholders** | $**95.4** | **152.9** | **113.0** | **83.6** | **107.6** |
| Net realized and unrealized investment (gains) losses, after tax<sup>(1)</sup> | Net realized and unrealized investment (gains) losses, after tax<sup>(1)</sup> | 6.6 | 3.3 | (6.4) | (3.3) | (0.2) |
| **Non-GAAP operating income (loss)**<sup>(2)</sup> | **Non-GAAP operating income (loss)**<sup>(2)</sup> | $**101.9** | **156.2** | **106.7** | **80.3** | **107.4** |
| Weighted average common shares outstanding (diluted) | Weighted average common shares outstanding (diluted) | 60.5 | 60.7 | 61.0 | 61.3 | 61.3 |
| Net income (loss) available to common stockholders per common share (diluted) | Net income (loss) available to common stockholders per common share (diluted) | $1.58 | 2.52 | 1.85 | 1.36 | 1.76 |
| Non-GAAP operating income (loss) per common share (diluted)<sup>(2)</sup> | Non-GAAP operating income (loss) per common share (diluted)<sup>(2)</sup> | $1.69 | 2.57 | 1.75 | 1.31 | 1.76 |
| <sup>(1)</sup> | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  |
| <sup>(2)</sup> | Non-GAAP measure. Refer to Page 15 for definition. |  |  |  |  |  |
|  | Note: Amounts may not foot due to rounding. |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>*($ in millions, except per share data)* | **Mar. 31,**<br>**2026** | **Dec. 31,**<br>**2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** |
| **ASSETS** |  |  |  |  |  |
| Investments |  |  |  |  |  |
| Fixed income securities, held-to-maturity, net of allowance for credit losses | $21.3 | 23.9 | 24.2 | 24.6 | 25.3 |
| Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses | 9727.8 | 9457.2 | 9275.4 | 8876.7 | 8605.2 |
| Commercial mortgage loans, net of allowance for credit losses | 273.7 | 277.7 | 273.5 | 271.9 | 257.7 |
| Equity securities, at fair value | 388.3 | 384.4 | 380.1 | 318.1 | 266.5 |
| Short-term investments | 451.8 | 648.5 | 587.9 | 531.4 | 631.1 |
| Alternative investments | 431.4 | 418.5 | 417.1 | 435.0 | 411.1 |
| Other investments | 96.9 | 92.2 | 93.3 | 96.0 | 98.4 |
| **Total investments** | 11391.2 | 11302.4 | 11051.5 | 10553.6 | 10295.3 |
| Cash | 0.2 | 0.3 | 0.4 | 0.4 | 0.1 |
| Restricted cash | 10.7 | 17.6 | 23.7 | 37.9 | 108.2 |
| Accrued investment income | 93.7 | 92.0 | 86.8 | 86.9 | 77.1 |
| Premiums receivable, net of allowance for credit losses | 1582.2 | 1533.9 | 1616.5 | 1662.6 | 1539.7 |
| Reinsurance recoverable, net of allowance for credit losses | 907.7 | 915.5 | 947.4 | 881.4 | 924.9 |
| Prepaid reinsurance premiums | 266.9 | 266.3 | 274.4 | 252.6 | 235.9 |
| Current federal income tax |  |  | 0.6 | 13.2 |  |
| Deferred federal income tax | 133.7 | 110.9 | 113.0 | 120.7 | 134.2 |
| Property and equipment, net of accumulated depreciation and amortization | 109.9 | 106.4 | 102.4 | 100.0 | 100.1 |
| Deferred policy acquisition costs | 491.2 | 492.3 | 510.3 | 510.4 | 492.5 |
| Goodwill | 7.8 | 7.8 | 7.8 | 7.8 | 7.8 |
| Other assets | 326.7 | 310.2 | 245.4 | 241.1 | 281.6 |
| **Total assets** | $**15321.9** | **15155.7** | **14980.4** | **14468.4** | **14197.6** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| Reserve for loss and loss expense | $7418.4 | 7225.4 | 7076.4 | 6811.2 | 6610.9 |
| Unearned premiums | 2754.4 | 2745.5 | 2840.8 | 2815.7 | 2698.5 |
| Long-term debt | 901.4 | 901.9 | 902.3 | 902.7 | 903.2 |
| Current federal income tax | 44.8 | 16.9 |  |  | 56.1 |
| Accrued salaries and benefits | 115.2 | 140.8 | 131.8 | 107.7 | 105.6 |
| Other liabilities | 500.4 | 516.2 | 539.1 | 461.7 | 564.7 |
| **Total liabilities** | $11734.6 | 11546.7 | 11490.4 | 11099.1 | 10939.0 |
| **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 | 212.4 | 212.0 | 211.9 | 211.8 | 211.7 |
| Additional paid-in capital | 605.6 | 591.3 | 584.4 | 580.4 | 571.3 |
| Retained earnings | 3570.5 | 3500.8 | 3373.9 | 3284.0 | 3223.7 |
| Accumulated other comprehensive income (loss) | (222.6) | (151.7) | (167.3) | (230.6) | (272.1) |
| Treasury stock, at cost | (778.5) | (743.4) | (712.9) | (676.3) | (676.1) |
| **Total stockholders' equity** | $3587.4 | 3609.0 | 3490.0 | 3369.4 | 3258.5 |
| Commitments and contingencies |  |  |  |  |  |
| **Total liabilities and stockholders' equity** | $**15321.9** | **15155.7** | **14980.4** | **14468.4** | **14197.6** |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**FINANCIAL METRICS**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **June 30,** | **Mar. 31,** |
| *($ and shares in millions, except per share data)* | *($ and shares in millions, except per share data)* | **2026** | **2025** | **2025** | **2025** | **2025** |
| **<u>Book value per common share</u>** | **<u>Book value per common share</u>** |  |  |  |  |  |
|  | Common stockholders' equity | $3387.4 | 3409.0 | 3290.0 | 3169.4 | 3058.5 |
|  | Common shares issued and outstanding, at period end | 59.9 | 60.1 | 60.4 | 60.8 | 60.8 |
|  | Book value per common share | $56.58 | 56.74 | 54.46 | 52.09 | 50.33 |
|  | Adjusted book value per common share<sup>(1)</sup> | 58.94 | 57.91 | 55.83 | 54.48 | 53.39 |
| **<u>Financial results (after-tax)</u>** | **<u>Financial results (after-tax)</u>** |  |  |  |  |  |
|  | Underwriting income (loss) | 16.8 | 60.0 | 13.2 | (1.9) | 36.1 |
|  | Net investment income | 113.1 | 114.2 | 110.0 | 101.4 | 95.6 |
|  | Interest expense and preferred stock dividends | (12.7) | (12.8) | (12.8) | (12.8) | (9.9) |
|  | Corporate expense | (15.2) | (5.2) | (3.7) | (6.4) | (14.4) |
|  | Net realized and unrealized investment gains (losses) | (6.6) | (3.3) | 6.4 | 3.3 | 0.2 |
|  | **Total after-tax net income (loss) available to common stockholders** | **95.4** | **152.9** | **113.0** | **83.6** | **107.6** |
| **<u>Return on average equity</u>** | **<u>Return on average equity</u>** |  |  |  |  |  |
|  | Insurance segments | 2.0 | 7.2 | 1.6 | (0.2) | 4.8 |
|  | Net investment income | 13.3 | 13.6 | 13.6 | 13.0 | 12.8 |
|  | Interest expense and preferred stock dividends | (1.5) | (1.5) | (1.6) | (1.6) | (1.3) |
|  | Corporate expense | (1.8) | (0.6) | (0.4) | (0.9) | (1.9) |
|  | Net realized and unrealized investment gains (losses) | (0.8) | (0.4) | 0.8 | 0.4 |  |
|  | **ROE** | **11.2** | **18.3** | **14.0** | **10.7** | **14.4** |
|  | Net realized and unrealized (gains) losses<sup>(2)</sup> | 0.8 | 0.4 | (0.8) | (0.4) |  |
|  | **Non-GAAP Operating ROE**<sup>(1)</sup> | **12.0** | **18.7** | **13.2** | **10.3** | **14.4** |
| **<u>Debt and total capitalization</u>** | **<u>Debt and total capitalization</u>** |  |  |  |  |  |
| Notes payable: | 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 | 49.9 | 49.8 | 49.8 | 49.8 | 49.8 |
|  | 5.90% Senior Notes | 396.4 | 396.3 | 396.2 | 396.0 | 395.9 |
|  | 6.70% Senior Notes | 99.5 | 99.4 | 99.4 | 99.4 | 99.4 |
|  | 5.375% Senior Notes | 292.8 | 292.7 | 292.6 | 292.6 | 292.5 |
|  | Finance Lease Obligations | 2.9 | 3.6 | 4.2 | 4.9 | 5.6 |
| Total debt | Total debt | 901.4 | 901.9 | 902.3 | 902.7 | 903.2 |
| Stockholders' equity | Stockholders' equity | 3587.4 | 3609.0 | 3490.0 | 3369.4 | 3258.5 |
| Total capitalization | Total capitalization | $4488.8 | 4510.8 | 4392.3 | 4272.1 | 4161.8 |
| Ratio of debt to total capitalization | Ratio of debt to total capitalization | 20.1 | 20.0 | 20.5 | 21.1 | 21.7 |
| Policyholders' surplus | Policyholders' surplus | $3601 | 3573.3 | 3407.4 | 3288.5 | 3204.2 |
| <sup>(1)</sup> | Non-GAAP measure. Refer to Page 15 for definition. | Non-GAAP measure. Refer to Page 15 for definition. |  |  |  |  |
| <sup>(2)</sup> | Amounts are provided to reconcile ROE to non-GAAP operating ROE. |  |  |  |  |  |
|  | Note: Amounts may not foot due to rounding. |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**CONSOLIDATED INSURANCE OPERATIONS**

**STATEMENT OF OPERATIONS**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Mar. 31,** | **Mar. 31,** | | | | |
|<br>*($ in millions)* | **2026** | **2026** | **Dec. 31,**<br>**2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** |
| **Underwriting results** |  |  |  |  |  |  |
| Net premiums written | $1225.5 |  | 1129.5 | 1207.9 | 1288.6 | 1240.4 |
| Change in net premiums written, from comparable prior year period | (1) | % | 4 | 4 | 5 | 7 |
| Net premiums earned | $1217.2 |  | 1216.7 | 1204.7 | 1188.1 | 1158.8 |
| Losses and loss expenses incurred | 815.5 |  | 768.5 | 819.0 | 823.9 | 746.3 |
| Net underwriting expenses incurred | 379.7 |  | 371.6 | 368.1 | 365.4 | 365.8 |
| Dividends to policyholders | 0.7 |  | 0.6 | 0.9 | 1.2 | 1.0 |
| **GAAP underwriting income (loss)** | $**21.2** |  | **76.0** | **16.7** | **(2.4)** | **45.6** |
| Net catastrophe losses | $75.4 |  | 21.0 | 24.9 | 79.9 | 43.4 |
| (Favorable) unfavorable prior year casualty reserve development |  |  |  | 40.0 | 45.0 | 5.0 |
| **Underwriting ratios** |  |  |  |  |  |  |
| Loss and loss expense ratio | 67.0 | % | 63.2 | 67.9 | 69.3 | 64.4 |
| Underwriting expense ratio | 31.2 |  | 30.5 | 30.6 | 30.8 | 31.6 |
| Dividends to policyholders ratio | 0.1 |  | 0.1 | 0.1 | 0.1 | 0.1 |
| **Combined ratio** | **98.3** | **%** | **93.8** | **98.6** | **100.2** | **96.1** |
| Net catastrophe losses | 6.2 | pts | 1.7 | 2.1 | 6.7 | 3.7 |
| (Favorable) unfavorable prior year casualty reserve development |  |  |  | 3.3 | 3.8 | 0.4 |
| **Combined ratio before net catastrophe losses** | **92.1** | **%** | **92.1** | **96.5** | **93.5** | **92.4** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **92.1** | **%** | **92.1** | **93.2** | **89.7** | **92.0** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $178.1 |  | 159.6 | 169.6 | 173.2 | 178.7 |
| Non-catastrophe property loss and loss expenses | 14.6 | pts | 13.1 | 14.1 | 14.6 | 15.4 |
| Direct new business | $214 |  | 223.7 | 233.2 | 248.1 | 251.3 |
| Renewal pure price increases | 7.2 | % | 8.3 | 9.6 | 9.9 | 10.3 |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**STANDARD COMMERCIAL LINES**

**STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Mar. 31,** | **Mar. 31,** | | | | |
|<br>*($ in millions)* | **2026** | **2026** | **Dec. 31,**<br>**2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** |
| **Underwriting results** |  |  |  |  |  |  |
| Net premiums written | $992.4 |  | 875.6 | 940.8 | 1018.0 | 1003.2 |
| Change in net premiums written, from comparable prior year period | (1) | % | 5 | 4 | 6 | 8 |
| Net premiums earned | $965.8 |  | 956.8 | 947.3 | 937.6 | 912.2 |
| Losses and loss expenses incurred | 656.8 |  | 586.9 | 658.0 | 666.8 | 581.7 |
| Net underwriting expenses incurred | 310.0 |  | 301.2 | 298.6 | 295.9 | 296.6 |
| Dividends to policyholders | 0.7 |  | 0.6 | 0.9 | 1.2 | 1.0 |
| **GAAP underwriting income (loss)** | $**(1.8)** |  | **68.0** | **(10.2)** | **(26.1)** | **32.9** |
| Net catastrophe losses | $57.2 |  | 12.8 | 15.0 | 50.9 | 19.8 |
| (Favorable) unfavorable prior year casualty reserve development |  |  | (15.0) | 35.0 | 45.0 |  |
| **Underwriting ratios** |  |  |  |  |  |  |
| Loss and loss expense ratio | 68.0 | % | 61.3 | 69.5 | 71.1 | 63.8 |
| Underwriting expense ratio | 32.1 |  | 31.5 | 31.5 | 31.6 | 32.5 |
| Dividends to policyholders ratio | 0.1 |  | 0.1 | 0.1 | 0.1 | 0.1 |
| **Combined ratio** | **100.2** | **%** | **92.9** | **101.1** | **102.8** | **96.4** |
| Net catastrophe losses | 5.9 | pts | 1.3 | 1.6 | 5.4 | 2.2 |
| (Favorable) unfavorable prior year casualty reserve development |  |  | (1.6) | 3.7 | 4.8 |  |
| **Combined ratio before net catastrophe losses** | **94.3** | **%** | **91.6** | **99.5** | **97.4** | **94.2** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **94.3** | **%** | **93.2** | **95.8** | **92.6** | **94.2** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $127.8 |  | 110.4 | 118.7 | 131.9 | 128.8 |
| Non-catastrophe property loss and loss expenses | 13.2 | pts | 11.5 | 12.5 | 14.1 | 14.1 |
| Direct new business | $132 |  | 137.0 | 146.6 | 158.2 | 172.2 |
| Renewal pure price increases | 7.1 | % | 7.5 | 8.9 | 8.9 | 9.1 |
| Retention | 82 |  | 82 | 82 | 83 | 85 |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**STANDARD COMMERCIAL LINES**

**GAAP LINE OF BUSINESS RESULTS**

**(Unaudited)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** |
| | **General** | | **Commercial** | **Commercial** | **Workers** | | | | | **General** | **Commercial** | **Commercial** | **Workers** | | | | |
| *($ in millions)* | **Liability** |  | **Auto** | **Property**<sup>(1)</sup> | **Compensation** | **BOP** | **Bonds** | **Other** | **Total** | **Liability** | **Auto** | **Property**<sup>(1)</sup> | **Compensation** | **BOP** | **Bonds** | **Other** | **Total** |
| Net premiums written | $334.1 |  | 301.5 | 198.8 | 82.7 | 53.8 | 11.4 | 10.1 | 992.4 | 333.9 | 312.7 | 196.3 | 86.1 | 51.0 | 14.4 | 8.9 | 1003.2 |
| Net premiums earned | 315.1 |  | 296.4 | 201.6 | 79.8 | 51.8 | 12.1 | 9.0 | 965.8 | 294.7 | 283.6 | 186.5 | 79.0 | 46.9 | 13.3 | 8.2 | 912.2 |
| Underwriting income (loss) | (23.8) |  | 5.6 | 7.0 | (1.1) | 5.0 | 1.1 | 4.5 | (1.8) | (15.9) | 7.6 | 30.0 | (4.7) | 10.1 | 1.7 | 4.1 | 32.9 |
| Loss and loss expense ratio | 74.6 | % | 68.0 | 62.9 | 75.2 | 56.5 | 34.4 | 1.3 | 68.0 | 72.5 | 66.6 | 49.8 | 77.8 | 44.0 | 28.9 | 3.2 | 63.8 |
| Underwriting expense ratio | 33.0 |  | 30.1 | 33.6 | 25.5 | 33.9 | 56.1 | 49.1 | 32.1 | 32.9 | 30.7 | 34.1 | 27.1 | 34.5 | 58.2 | 47.4 | 32.5 |
| Dividend ratio |  |  |  |  | 0.7 |  |  |  | 0.1 |  |  |  | 1.0 |  |  | (0.1) | 0.1 |
| **Combined ratio** | **107.6** | **%** | **98.1** | **96.5** | **101.4** | **90.4** | **90.5** | **50.4** | **100.2** | 105.4 | 97.3 | 83.9 | 105.9 | 78.5 | 87.1 | 50.5 | 96.4 |
| Net catastrophe losses |  | % | 0.1 | 24.7 |  | 13.4 |  |  | 5.9 |  | 0.5 | 8.8 |  | 4.2 |  |  | 2.2 |
| (Favorable) unfavorable prior year casualty reserve development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **107.6** | **%** | **98.0** | **71.8** | **101.4** | **77.0** | **90.5** | **50.4** | **94.3** | 105.4 | 96.8 | 75.1 | 105.9 | 74.3 | 87.1 | 50.5 | 94.2 |
| <sup>(1)</sup> Includes Inland Marine. | <sup>(1)</sup> Includes Inland Marine. | <sup>(1)</sup> Includes Inland Marine. | <sup>(1)</sup> Includes Inland Marine. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**STANDARD PERSONAL LINES**

**STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Mar. 31,** | **Mar. 31,** | | | | |
|<br>*($ in millions)* | **2026** | **2026** | **Dec. 31,**<br>**2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** |
| **Underwriting results** |  |  |  |  |  |  |
| Net premiums written | $82.5 |  | 95.5 | 104.2 | 110.5 | 87.5 |
| Change in net premiums written, from comparable prior year period | (6) | % | (8) | (6) | (5) | (12) |
| Net premiums earned | $100.0 |  | 100.6 | 101.5 | 102.4 | 103.7 |
| Losses and loss expenses incurred | 69.3 |  | 79.7 | 89.3 | 70.0 | 76.7 |
| Net underwriting expenses incurred | 23.6 |  | 23.9 | 22.5 | 23.9 | 24.9 |
| **GAAP underwriting income (loss)** | $**7.2** |  | **(3.0)** | **(10.2)** | **8.6** | **2.0** |
| Net catastrophe losses | $13.2 |  | 7.3 | 12.2 | 14.6 | 7.1 |
| (Favorable) unfavorable prior year casualty reserve development |  |  | 5.0 | 5.0 |  | 5.0 |
| **Underwriting ratios** |  |  |  |  |  |  |
| Loss and loss expense ratio | 69.2 | % | 79.3 | 88.0 | 68.3 | 73.9 |
| Underwriting expense ratio | 23.6 |  | 23.7 | 22.1 | 23.3 | 24.1 |
| **Combined ratio** | **92.8** | **%** | **103.0** | **110.1** | **91.6** | **98.0** |
| Net catastrophe losses | 13.2 | pts | 7.2 | 12.0 | 14.3 | 6.9 |
| (Favorable) unfavorable prior year casualty reserve development |  |  | 5.0 | 4.9 |  | 4.8 |
| **Combined ratio before net catastrophe losses** | **79.6** | **%** | **95.8** | **98.1** | **77.3** | **91.1** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **79.6** | **%** | **90.8** | **93.2** | **77.3** | **86.3** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $29.3 |  | 33.3 | 39.9 | 28.3 | 36.5 |
| Non-catastrophe property loss and loss expenses | 29.2 | pts | 33.1 | 39.3 | 27.6 | 35.2 |
| Direct new business | $7.6 |  | 10.9 | 12.8 | 12.9 | 8.9 |
| Renewal pure price increases | 10.6 | % | 15.1 | 16.9 | 19.0 | 24.1 |
| Retention | 78 |  | 80 | 79 | 79 | 75 |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**STANDARD PERSONAL LINES**

**GAAP LINE OF BUSINESS RESULTS**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** |
| | **Personal** | | | | | **Personal** | | | |
| *($ in millions)* | **Auto** |  | **Homeowners** | **Other** | **Total** | **Auto** | **Homeowners** | **Other** | **Total** |
| Net premiums written | $38.0 |  | 41.6 | 2.8 | 82.5 | 45.3 | 39.8 | 2.4 | 87.5 |
| Net premiums earned | 46.7 |  | 50.1 | 3.3 | 100.0 | 53.0 | 47.9 | 2.7 | 103.7 |
| Underwriting income (loss) | 0.3 |  | 2.5 | 4.3 | 7.2 | (5.9) | 3.4 | 4.5 | 2.0 |
| Loss and loss expense ratio | 73.5 | % | 67.2 | 39.8 | 69.2 | 85.1 | 65.0 | 15.5 | 73.9 |
| Underwriting expense ratio | 25.9 |  | 27.7 | (71.9) | 23.6 | 26.1 | 27.8 | (80.3) | 24.1 |
| **Combined ratio** | **99.4** | **%** | **94.9** | **(32.1)** | **92.8** | 111.2 | 92.8 | (64.8) | 98.0 |
| Net catastrophe losses | 0.5 | % | 25.9 |  | 13.2 | 0.2 | 14.6 |  | 6.9 |
| (Favorable) unfavorable prior year casualty reserve development |  |  |  |  |  | 9.4 |  |  | 4.8 |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **98.9** | **%** | **69.0** | **(32.1)** | **79.6** | 101.6 | 78.2 | (64.8) | 86.3 |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**EXCESS AND SURPLUS LINES**

**STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Mar. 31,** | **Mar. 31,** | | | | |
|<br>*($ in millions)* | **2026** | **2026** | **Dec. 31,**<br>**2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** |
| **Underwriting results** |  |  |  |  |  |  |
| Net premiums written | $150.7 |  | 158.4 | 162.9 | 160.2 | 149.7 |
| Change in net premiums written, from comparable prior year period | 1 | % | 4 | 14 | 9 | 20 |
| Net premiums earned | $151.4 |  | 159.3 | 155.9 | 148.0 | 142.9 |
| Losses and loss expenses incurred | 89.4 |  | 101.8 | 71.8 | 87.2 | 88.0 |
| Net underwriting expenses incurred | 46.1 |  | 46.5 | 47.0 | 45.7 | 44.2 |
| **GAAP underwriting income (loss)** | $**15.9** |  | **11.0** | **37.1** | **15.2** | **10.7** |
| Net catastrophe losses | $5.0 |  | 0.9 | (2.3) | 14.5 | 16.4 |
| (Favorable) unfavorable prior year casualty reserve development |  |  | 10.0 |  |  |  |
| **Underwriting ratios** |  |  |  |  |  |  |
| Loss and loss expense ratio | 59.0 | % | 63.9 | 46.1 | 58.9 | 61.6 |
| Underwriting expense ratio | 30.5 |  | 29.2 | 30.1 | 30.9 | 30.9 |
| **Combined ratio** | **89.5** | % | **93.1** | **76.2** | **89.8** | **92.5** |
| Net catastrophe losses | 3.3 | pts | 0.6 | (1.5) | 9.8 | 11.5 |
| (Favorable) unfavorable prior year casualty reserve development |  |  | 6.3 |  |  |  |
| **Combined ratio before net catastrophe losses** | **86.2** | **%** | **92.5** | **77.7** | **80.0** | **81.0** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **86.2** | **%** | **86.2** | **77.7** | **80.0** | **81.0** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $21.0 |  | 15.9 | 11.0 | 13.1 | 13.4 |
| Non-catastrophe property loss and loss expenses | 13.9 | pts | 10.0 | 7.0 | 8.8 | 9.4 |
| Direct new business | $74.4 |  | 75.8 | 73.9 | 77.0 | 70.2 |
| Renewal pure price increases | 4.1 | % | 7.8 | 8.3 | 9.3 | 8.7 |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**EXCESS & SURPLUS LINES**

**GAAP LINE OF BUSINESS RESULTS**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2026** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** | **Quarter ended March 31, 2025** |
| *($ in millions)* | **Casualty** |  | **Property** | **Total** | **Casualty** | **Property** | **Total** |
| Net premiums written | $91.0 |  | 59.7 | 150.7 | 90.7 | 59.0 | 149.7 |
| Net premiums earned | 89.5 |  | 61.9 | 151.4 | 85.1 | 57.8 | 142.9 |
| Underwriting income (loss) | (1.6) |  | 17.5 | 15.9 | (0.4) | 11.1 | 10.7 |
| Loss and loss expense ratio | 70.8 | % | 42.0 | 59.0 | 68.3 | 51.6 | 61.6 |
| Underwriting expense ratio | 31.0 |  | 29.7 | 30.5 | 32.2 | 29.1 | 30.9 |
| **Combined ratio** | **101.8** | **%** | **71.7** | **89.5** | 100.5 | 80.7 | 92.5 |
| Net catastrophe losses |  | % | 8.0 | 3.3 |  | 28.4 | 11.5 |
| (Favorable) unfavorable prior year casualty reserve development |  | pts |  |  |  |  |  |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **101.8** | **%** | **63.7** | **86.2** | 100.5 | 52.3 | 81.0 |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**CONSOLIDATED INVESTMENT INCOME**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** |
|<br>*($ in millions)* | **Mar. 31,**<br>**2026** | **Dec. 31,**<br>**2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** |
| **Net investment income** |  |  |  |  |  |
| Fixed income securities |  |  |  |  |  |
| Taxable | $123.1 | 118.1 | 114.7 | 113.9 | 103.6 |
| Tax-exempt | 3.5 | 3.2 | 2.5 | 1.8 | 1.5 |
| Total fixed income securities | 126.6 | 121.3 | 117.2 | 115.7 | 105.1 |
| Commercial mortgage loans | 4.2 | 4.1 | 4.0 | 3.8 | 3.6 |
| Equity securities | 4.2 | 10.2 | 5.2 | 4.9 | 3.6 |
| Alternative investments | 6.9 | 9.5 | 11.8 | 4.0 | 7.1 |
| Other investments |  | 0.2 | 0.2 | 0.2 | 0.2 |
| Short-term investments | 5.5 | 5.1 | 5.7 | 5.3 | 6.2 |
| Investment income | 147.5 | 150.4 | 144.1 | 133.8 | 125.8 |
| Investment expenses | (5.1) | (6.5) | (5.4) | (5.9) | (5.1) |
| Investment tax expense | (29.3) | (29.7) | (28.7) | (26.5) | (25.1) |
| **Total net investment income, after-tax** | $**113.1** | **114.2** | **110.0** | **101.4** | **95.6** |
| **Net realized and unrealized investment gains (losses), pre-tax** | $**(8.3)** | **(4.1)** | **8.1** | **4.2** | **0.2** |
| **Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax** | $**(90.6)** | **16.4** | **79.3** | **51.6** | **81.1** |
| **Average investment yields** |  |  |  |  |  |
| Fixed income investments, pre-tax | 5.3 | 5.2 | 5.2 | 5.3 | 5.0 |
| Fixed income investments, after-tax | 4.2 | 4.1 | 4.1 | 4.2 | 4.0 |
| Total portfolio, pre-tax | 5.0 | 5.1 | 5.1 | 4.9 | 4.8 |
| Total portfolio, after-tax | 4.0 | 4.1 | 4.1 | 3.9 | 3.8 |
| **Effective tax rate on net investment income** | **20.6** | **20.6** | **20.7** | **20.7** | **20.8** |
| **New money purchase rates for fixed income investments, pre-tax** | **5.7** | **6.0** | **5.8** | **5.7** | **6.0** |
| **New money purchase rates for fixed income investments, after-tax** | **4.5** | **4.7** | **4.6** | **4.6** | **4.7** |
| **Effective duration of fixed income investments including short-term (in years)** | **4.3** | **4.1** | **4.1** | **4.2** | **4.1** |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**CONSOLIDATED COMPOSITION OF INVESTED ASSETS**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Mar. 31,** | **Mar. 31,** | **Mar. 31,** | **Dec. 31,** | **Dec. 31,** | **Sept. 30,** | **Sept. 30,** | **June 30,** | **June 30,** | **Mar. 31,** | **Mar. 31,** |
| | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|<br>*($ in millions)* | **Amount** | **Percent** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
| Fixed income securities, at fair value | $9748.6 | 86 | % | 9481.1 | 84 | 9299.7 | 84 | 8901.1 | 84 | 8630.0 | 84 |
| Commercial mortgage loans, at fair value | 268.3 | 2 |  | 274.9 | 2 | 269.1 | 2 | 266.2 | 3 | 251.5 | 2 |
| Total fixed income investments | 10016.8 | 88 |  | 9756.0 | 86 | 9568.8 | 87 | 9167.3 | 87 | 8881.5 | 86 |
| Short-term investments | 451.8 | 4 |  | 648.5 | 6 | 587.9 | 5 | 531.4 | 5 | 631.1 | 6 |
| Total fixed income and short-term investments | 10468.6 | 92 |  | 10404.6 | 92 | 10156.7 | 92 | 9698.8 | 92 | 9512.6 | 92 |
| Equity securities, at fair value | 388.3 | 3 |  | 384.4 | 3 | 380.1 | 3 | 318.1 | 3 | 266.5 | 3 |
| Alternative investments | 431.4 | 4 |  | 418.5 | 4 | 417.1 | 4 | 435.0 | 4 | 411.1 | 4 |
| Other investments | 96.9 | 1 |  | 92.2 | 1 | 93.3 | 1 | 96.0 | 1 | 98.4 | 1 |
| **Total investments** | $**11385.2** | **100** | **%** | **11299.7** | **100** | **11047.2** | **100** | **10547.8** | **100** | **10288.6** | **100** |
| **Fixed income investments, at carry value** |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government obligations | $176.8 | 2 | % | 163.2 | 2 | 143.4 | 1 | 129.4 | 1 | 134.5 | 2 |
| Foreign government obligations | 8.8 |  |  | 10.0 |  | 10.0 |  | 10.5 |  | 10.4 |  |
| Obligations of state and political subdivisions | 565.1 | 6 |  | 550.0 | 6 | 561.0 | 6 | 458.7 | 5 | 432.9 | 5 |
| Corporate securities | 3554.7 | 35 |  | 3428.1 | 35 | 3383.5 | 35 | 3338.6 | 36 | 3262.5 | 37 |
| Collateralized loan obligations and other asset-backed securities | 2571.2 | 26 |  | 2550.3 | 26 | 2478.7 | 26 | 2276.2 | 25 | 2197.2 | 25 |
| Residential mortgage-backed securities | 2168.9 | 22 |  | 2075.9 | 21 | 1998.9 | 21 | 1943.6 | 21 | 1852.1 | 21 |
| Commercial mortgage-backed securities | 703.6 | 7 |  | 703.6 | 7 | 724.1 | 8 | 744.2 | 8 | 740.9 | 8 |
| Commercial mortgage loans | 273.7 | 3 |  | 277.7 | 3 | 273.5 | 3 | 271.9 | 3 | 257.7 | 3 |
| **Total fixed income investments** | $**10022.8** | **100** | **%** | **9758.8** | **100** | **9573.1** | **100** | **9173.1** | **100** | **8888.2** | **100** |
| **Expected maturities of fixed income investments at carry value** |  |  |  |  |  |  |  |  |  |  |  |
| Due in one year or less | $587.9 | 6 | % | 646.0 | 7 | 603.5 | 6 | 587.8 | 6 | 622.8 | 7 |
| Due after one year through five years | 4093.5 | 41 |  | 3963.9 | 41 | 3811.7 | 40 | 3802.7 | 41 | 3723.8 | 42 |
| Due after five years through 10 years | 3835.4 | 38 |  | 3932.9 | 40 | 3959.3 | 41 | 3712.8 | 40 | 3442.5 | 39 |
| Due after 10 years | 1506.0 | 15 |  | 1216.0 | 12 | 1198.6 | 13 | 1069.8 | 12 | 1099.3 | 12 |
| **Total fixed income investments** | $**10022.8** | **100** | **%** | **9758.8** | **100** | **9573.1** | **100** | **9173.1** | **100** | **8888.2** | **100** |
| **Weighted average credit quality of fixed income and short-term investments** |  |  |  |  |  |  |  |  |  |  |  |
| Investment grade credit quality | $10105.6 | 97 | % | 10047.3 | 97 | 9809.6 | 97 | 9351.7 | 96 | 9188.2 | 97 |
| Non-investment grade credit quality | 363.0 | 3 |  | 357.2 | 3 | 347.1 | 3 | 347.1 | 4 | 324.3 | 3 |
| **Total fixed income and short-term investments, at fair value** | $**10468.6** | **100** | **%** | **10404.6** | **100** | **10156.7** | **100** | **9698.8** | **100** | **9512.6** | **100** |
| **Weighted average credit quality of fixed income and short-term investments** | **A+** | **A+** |  | **A+** | **A+** | **A+** | **A+** | **A+** | **A+** | **A+** | **A+** |
| **<u>Alternative investments</u>** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |  |  |  |  |  |  |
|  |  |  |  |  | **Current** |  |  |  |  |  |  |
|  | **Number of** | **Original** | **Original** | **Remaining** | **Market** |  |  |  |  |  |  |
| **Strategy** | **Funds** | **Commitment** | **Commitment** | **Commitment** | **Value** |  |  |  |  |  |  |
| Private equity | 76 | $554.5 | 554.5 | 225.1 | 346.9 |  |  |  |  |  |  |
| Private credit | 23 | 184.3 | 184.3 | 127.8 | 37.1 |  |  |  |  |  |  |
| Real assets | 13 | 102.8 | 102.8 | 46.4 | 47.4 |  |  |  |  |  |  |
| **Total** | **112** | $**841.6** | **841.6** | **399.3** | **431.4** |  |  |  |  |  |  |
| Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |  |  |  |

---

------

**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**CREDIT QUALITY OF INVESTED ASSETS** 

**(Unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Credit Rating** | **Credit Rating** | **Credit Rating** | **Credit Rating** | **Credit Rating** | **Credit Rating** |
| **At March 31, 2026**<br>*($ in millions)* | **Amortized Cost** | **Fair<br>Value** | **% of Invested Assets** | **Yield to Worst** | **Effective Duration in Years** |<br>**Average Life in Years** | **AAA** | **AA** | **A** | **BBB** | **Non-Investment Grade** | **Not Rated** |
| **Fixed income investments:** |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government obligations | $192 | $177 | 1.6 | 4.9 | 5.1 | 11.1 | $— | $177 | $— | $— | $— | $— |
| Foreign government obligations | 10 | 9 | 0.1 | 4.8 | 4.6 | 5.3 | 1 | 2 | 4 | 3 |  |  |
| State and municipal obligations | 586 | 565 | 5.0 | 4.6 | 7.2 | 8.3 | 76 | 283 | 194 | 11 |  |  |
| Corporate securities | 3613 | 3554 | 31.2 | 5.5 | 5.0 | 6.7 | 25 | 369 | 1580 | 1389 | 190 | 2 |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage-backed securities ("RMBS"): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency RMBS | 1675 | 1628 | 14.3 | 5.0 | 5.7 | 7.5 |  | 1628 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-agency RMBS | 562 | 541 | 4.8 | 5.6 | 3.5 | 4.6 | 441 | 58 | 37 | 3 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total RMBS | **2236** | **2169** | **19.1** | **5.2** | **5.2** | **6.8** | **441** | **1686** | **37** | **3** | **2** | **—** |
| Commercial mortgage-backed securities ("CMBS") |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency CMBS | 149 | 143 | 1.3 | 4.5 | 4.3 | 5.5 | 4 | 139 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-agency CMBS | 568 | 561 | 4.9 | 5.2 | 2.6 | 3.3 | 475 | 60 | 20 |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CMBS | 716 | 704 | 6.2 | 5.1 | 3.0 | 3.8 | 479 | 199 | 20 |  | 6 |  |
| Total mortgage-backed securities | **2953** | **2872** | **25.2** | **5.1** | **4.6** | **6.1** | **920** | **1885** | **57** | **3** | **7** | **—** |
| Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CLOs | 916 | 896 | 7.9 | 6.0 | 1.5 | 3.3 | 486 | 218 | 69 | 66 | 19 | 38 |
| &nbsp;&nbsp;&nbsp;Commercial ABS | 488 | 478 | 4.2 | 3.0 | 2.1 | 2.7 | 79 | 64 | 277 | 57 | 1 |  |
| &nbsp;&nbsp;&nbsp;Consumer ABS | 418 | 416 | 3.7 | 2.6 | 0.9 | 1.4 | 266 | 88 | 55 | 6 |  |  |
| &nbsp;&nbsp;&nbsp;Other ABS | 791 | 781 | 6.9 | 8.0 | 5.4 | 7.7 | 39 | 99 | 426 | 131 | 32 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total CLOs and ABS | **2614** | **2571** | **22.6** | **6.7** | **3.2** | **4.9** | **871** | **470** | **827** | **261** | **52** | **91** |
| &nbsp;&nbsp;&nbsp;Total securitized assets | 5566 | 5444 | 47.8 | 5.9 | 4.0 | 5.5 | 1791 | 2355 | 884 | 264 | 59 | 91 |
| Commercial mortgage loans | 274 | 268 | 2.4 | 6.5 | 2.4 | 3.4 |  | 21 | 104 | 124 | 19 |  |
| **Total fixed income investments** | **10241** | **10017** | **88.0** | **5.6** | **4.5** | **6.1** | **1892** | **3206** | **2766** | **1790** | **269** | **94** |
| Short-term investments | 452 | 452 | 4.0 | 3.7 | 0.0 | 0.0 | 451 |  |  |  | 1 |  |
| **Total fixed income and short-term investments** | **10693** | **10469** | **91.9** | **5.6** | **4.3** | **5.9** | **2343** | **3206** | **2766** | **1790** | **269** | **94** |
| **Total fixed income securities and short-term investments by credit rating percentage** |  |  |  |  |  |  | **22.4%** | **30.6%** | **26.4%** | **17.1%** | **2.6%** | **0.9%** |
| **Equity securities:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Common stock<sup>(1)</sup> | 371 | 386 | 3.4 |  |  |  |  |  |  |  |  | 386 |
| Preferred stock | 2 | 2 |  |  |  |  |  |  |  | 2 |  |  |
| **Total equity securities** | **372** | **388** | **3.4** | **—** | **—** | **—** | **—** | **—** | **—** | **2** | **—** | **386** |
| **Alternative investments** |  |  |  |  |  |  |  |  |  |  |  |  |
| Private equity | 347 | 347 | 3.0 |  |  |  |  |  |  |  |  | 347 |
| Private credit | 37 | 37 | 0.3 |  |  |  |  |  |  |  |  | 37 |
| Real assets | 47 | 47 | 0.4 |  |  |  |  |  |  |  |  | 47 |
| &nbsp;&nbsp;&nbsp;**Total alternative investments** | **431** | **431** | **3.8** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **431** |
| **Other investments** | 97 | 97 | 0.9 |  |  |  |  |  |  |  |  | 97 |
| **Total invested assets** | $**11593** | $**11385** | **100.0%** | **—** | **—** | **—** | $**2343** | $**3206** | $**2766** | $**1792** | $**269** | $**1008** |
| <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. |  |  |  |  |
| Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. |  |  |  |  |

---

------

**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** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** |  |
| | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **June 30,** | **Mar. 31,** |  |
| *($ in millions, except per share data)* | **2026** | **2025** | **2025** | **2025** | **2025** |  |
| **Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)** |  |  |  |  |  |  |
| Net income (loss) available to common stockholders | $95.4 | 152.9 | 113.0 | 83.6 | 107.6 |  |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 8.3 | 4.1 | (8.1) | (4.2) | (0.2) |  |
| Tax on reconciling items | (1.7) | (0.8) | 1.7 | 0.9 |  |  |
| Non-GAAP operating income (loss) | $101.9 | 156.2 | 106.7 | 80.3 | 107.4 |  |
| **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 | $1.58 | 2.52 | 1.85 | 1.36 | 1.76 |  |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 0.14 | 0.07 | (0.13) | (0.07) |  |  |
| Tax on reconciling items | (0.03) | (0.02) | 0.03 | 0.02 |  |  |
| Non-GAAP operating income (loss) per diluted common share  | $1.69 | 2.57 | 1.75 | 1.31 | 1.76 |  |
| **Reconciliation of ROE to non-GAAP operating ROE** |  |  |  |  |  |  |
| ROE | 11.2 | 18.3 | 14.0 | 10.7 | 14.4 |  |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 1.0 | 0.5 | (1.0) | (0.5) |  |  |
| Tax on reconciling items | (0.2) | (0.1) | 0.2 | 0.1 |  |  |
| Non-GAAP operating ROE | 12.0 | 18.7 | 13.2 | 10.3 | 14.4 |  |
| **Reconciliation of book value per common share to adjusted book value per common share** |  |  |  |  |  |  |
| Book value per common share | $56.58 | 56.74 | 54.46 | 52.09 | 50.33 |  |
| Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax | 2.99 | 1.47 | 1.73 | 3.03 | 3.88 |  |
| Tax on reconciling items | (0.63) | (0.30) | (0.36) | (0.64) | (0.82) |  |
| Adjusted book value per common share | $58.94 | 57.91 | 55.83 | 54.48 | 53.39 |  |
| 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 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. | 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 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. | 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 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. | 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 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. | 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 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. | 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 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. |  |
| 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 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. | 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 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. | 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 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. | 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 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. | 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 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. | 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 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. |  |
| 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 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. | 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 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. | 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 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. | 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 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. | 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 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. | 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 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. |  |
| 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 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. | 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 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. | 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 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. | 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 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. | 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 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. | 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 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. |
| 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 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. | 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 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. | 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 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. | 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 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. | 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 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. | 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 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. |  |
| 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 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. | 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 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. | 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 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. | 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 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. | 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 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. | 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 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. |  |
| 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 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. | 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 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. | 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 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. | 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 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. | 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 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. | 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 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. |  |

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**Selective Insurance Group, Inc. & Consolidated Subsidiaries**

**RATINGS AND CONTACT INFORMATION**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Address:** | **As of March 31, 2026** | | | | |
| 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+ |
| <u>www.Selective.com</u> |  |  |  |  |  |
| **Investor Contact:** | **REGISTRAR AND TRANSFER AGENT** |  |  |  |  |
| Brad B. Wilson | EQ Shareowner Services |  |  |  |  |
| Senior Vice President | P.O. Box 64854 |  |  |  |  |
| Phone: 973-948-1283 | St. Paul, MN 55164 |  |  |  |  |
| <u>Brad.Wilson@Selective.com</u> | 866-877-6351 |  |  |  |  |
| **Media Contact:** |  |  |  |  |  |
| Jamie M. Beal |  |  |  |  |  |
| Vice President |  |  |  |  |  |
| Director of Communications |  |  |  |  |  |
| Phone: 973-948-1234 |  |  |  |  |  |
| <u>Jamie.Beal@Selective.com</u> |  |  |  |  |  |

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## Exhibit 99.3

![](sigifirstquarter2026inve001.jpg)

Copyright© 2026 Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3

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![](sigifirstquarter2026inve002.jpg)

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

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![](sigifirstquarter2026inve003.jpg)

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![](sigifirstquarter2026inve004.jpg)

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

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![](sigifirstquarter2026inve005.jpg)

A+ (Superior) rating by AM Best ROE: 1Q26: 11.2% 2025: 14.4% 5-Year average: 11.9% 10-year average: 11.5% 34th largest P&C carrier in the United States\* $4.9B of net premiums written in 2025 Clear path for continued, profitable growth Expanding geographically with the goal of a near national footprint Combined Ratio: 1Q26: 98.3% 2025: 97.2% 5-Year average: 96.9% 10-year average: 95.4% Standard Commercial Lines Segment comprises 79% of Net Premiums Written 5 A LEADER IN U.S. PROPERTY & CASUALTY INSURANCE \*Based on 2024 net premiums written in AM Best's annual list of "Top 200 U.S. Property/Casualty Writers" NASDAQ: SIGI (Common Stock) NASDAQ: SIGIP (Preferred) INVESTOR.RELATIONS@SELECTIVE.COM

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![](sigifirstquarter2026inve006.jpg)

Diversify revenue and income by leveraging our integrated product model to deliver better end-to-end customer experience and profitable growth in priority segments. Relentlessly improve on the fundamentals. Adopt and enhance practices that drive superior individual and portfolio-level outcomes in risk selection, loss prediction, pricing, and claims. Advance our use of data and technology (including AI) to transform raw information into actionable insights that drive better decisions and increase operational efficiency. Build a more connected, accountable, and empowered organization by developing talent and aligning on prioritized goals. 6 ORGANIZATIONAL PRIORITIES

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![](sigifirstquarter2026inve007.jpg)

7 DIFFERENTIATED OPERATING MODEL UNIQUE FIELD MODEL • Underwriting, claims, and risk management specialists placed alongside our customers and distribution partners • Proven ability to develop and integrate actionable tools • Enables effective portfolio management in balancing rate and retention FRANCHISE VALUE DISTRIBUTION MODEL WITH HIGH-QUALITY PARTNERS • Approximately 1,680 distribution partners selling our standard lines products and services at about 2,940 office locations o ~730 of these distribution partners sell our personal lines products o ~80 wholesale agents sell our E&S business o ~6,520 distribution partners sell National Flood Insurance Program products across 50 states 2 0 2 5 N E T P R E M I U M S W R I T T E N $4.9 BILLION 13% Excess and Surplus Lines 8% Standard Personal Lines 79% Standard Commercial Lines

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![](sigifirstquarter2026inve008.jpg)

8 0% 5% 10% 15% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 SIGI Peer Avg. NON-GAAP OPERATING ROE\* Note: Peer Average includes CINF, CNA, HIG, THG, TRV, and UFCS Note: 10-year avg based on 2016-2025 \*Refer to "Safe Harbor Statement" on page 2 of this presentation for further detail regarding certain non-GAAP financial measures \*\*Based on average equity OPERATING ROE\* 2025 2024 Investments 13.3% 12.8% Underwriting 3.4% (3.7)% Other (2.5)% (2.0)% Total 14.2% 7.1% Generating ROEs exceeding our cost of capital and peer group average over time 100 basis points of combined ratio translates to ~110 basis points of ROE\*\* 100 basis points of pre-tax investment yield translates to ~270 basis points of ROE\*\* SIGI 10-YEAR AVERAGE: 12.1% Peer 10-Year Average: 9.2% 12.0%

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9 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 94%96%98%100%102%104%106% 1 0 - Y E A R N P W C A G R 1 0 - Y E A R A V E R A G E C O M B I N E D R A T I O 90% 95% 100% 105% 0 1 2 3 4 5 6 7 1 0 - Y E A R A V E R A G E C O M B I N E D R A T I O 1 0 - Y E A R S T A N D A R D D E V I A T I O N O F C O M B I N E D R A T I O N P W C A G R V S . A V E R A G E C O M B I N E D R A T I O Note: White dots represent P&C peers: CINF, CNA, HIG, THG, TRV, and UFCS; 10-year avg based on 2016-2025 Industry Source:© 2025 Conning, Inc. Used with permission. [Statutory data] CAGR = Compound Annual Growth Rate C O M B I N E D R A T I O (A V E R A G E & V O L A T I L I T Y) SUSTAINED TRACK RECORD OF PROFITABILITY SIGI Industry Industry SIGI

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10 92.1% 98.3% 85% 90% 95% 100% 105% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 $0B $1B $2B $3B $4B $5B 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 N P W $4.9M With current market share of ~1.5% in Commercial Lines, Selective has meaningful runway to deliver above-industry growth TRACK RECORD OF DISCIPLINED, PROFITABLE GROWTH 8.9% CAGR\* \*Compound annual growth rate \*\*Underlying GAAP combined ratio excludes catastrophe losses and prior year casualty reserve development N E T P R E M I U M S W R I T T E N C O M B I N E D R A T I O Underlying Combined Ratio\*\* Reported GAAP Combined Ratio

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11 PATH FOR PROFITABLE GROWTH ADVANCING DIVERSIFICATION THROUGH GEOGRAPHIC AND E&S EXPANSION, ALONG WITH PERSONAL LINES MASS AFFLUENT STRATEGY STANDARD COMMERCIAL LINES FOOTPRINT: \*Expect to enter by the end of 2026, subject to regulatory approval Expansion States since 2017 Targeting 3% market share in existing footprint over the long-term • Targeting 12% share of wallet with existing distribution partners • Targeting 25% agent market share in existing markets Disciplined approach to geographic expansion • Added fourteen states to our Standard Commercial Lines footprint since 2017 • Goal of operating our Standard Commercial Lines business with a near national footprint; operating model will vary by market STANDARD COMMERCIAL LINES Transition to mass-affluent well underway Better aligns our organizational capabilities with a market where we believe we can succeed over the long term STANDARD PERSONAL LINES Opportunistic, profitable growth strategy Expansion of capabilities and products EXCESS & SURPLUS LINES 2026 Targeted Expansion\* Core Footprint prior to 2017

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2026 GUIDANCE\* GAAP COMBINED RATIO: 96.5% to 97.5% • 6 points of catastrophe losses • Assumes no prior year casualty reserve development AFTER-TAX NET INVESTMENT INCOME: $465M OVERALL EFFECTIVE TAX RATE: 21.5% WEIGHTED AVERAGE DILUTED SHARES: 60.5M \*as of April 22, 2026 12

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14 STANDARD COMMERCIAL LINES 79% OF 2025 NET PREMIUMS WRITTEN (NPW) • Account-based approach with granular data and sophisticated tools to support underwriting decisions • Focus on maintaining underwriting discipline and achieving price adequacy • Targeting renewal pure price increases that reflect forward loss trend expectations • Underwriting refinements focused on underperforming areas 36 STATE & DC FOOTPRINT \*Expect to enter by the end of 2026, subject to regulatory approval CLIPS: Willis Towers Watson Commercial Lines Insurance Pricing Survey 2026 Targeted Expansion\* 82% 7.1% 76% 80% 84% 88% 0% 4% 8% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 R E T E N T I O N P R I C I N G Retention Renewal Pure Price CLIPS Pricing 100.2% 94.3% 85% 95% 105% $0B $1B $2B $3B $4B 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 NPW GAAP Combined Ratio Underlying Combined Ratio N P W C O M B I N E D R A T I O

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15 PORTFOLIO APPROACH DRIVES BUSINESS MIX IMPROVEMENTS PORTFOLIO MANAGEMENT APPROACH YIELDS HIGHER RETENTION AND RATE ACCOUNT-SPECIFIC PRICING, INCLUDING: • Predictive modeling • Relative loss frequency and severity • Pricing deviation • Hazard and segment considerations 2025 DPW MIX 1% Bonds 26% Mercantile & Services 43% Contractors 14% Manufacturing & Wholesale 16% Community & Public Services 1 Q 2 6 C O M M E R C I A L L I N E S P R I C I N G B Y R E T E N T I O N G R O U P 70% 75% 80% 85% 90% 95% 0% 4% 8% 12% 16% Excellent Above Average Average Below Average Low & Very Low R E N E W A L P U R E P R I C E Renewal Pure Price Point of Renewal Retention P O I N T O F R E N E W A L R E T E N T I O N % of Premium 20% 22% 27% 17% 13%

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16 EXCESS & SURPLUS LINES 13% OF 2025 NET PREMIUMS WRITTEN • Profitable and growing portfolio of commercial risks • Small and middle market focus with $6,000 average premium per policyholder • Modernized technology platform • ~80 wholesale general agents with limited binding authority within prescribed underwriting and pricing guidelines 50 STATE & DC FOOTPRINT 4.1% 0% 3% 5% 8% 10% 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 R E N E W A L P U R E P R I C E 89.5% 86.2% 70% 80% 90% 100% 110% 120% $0M $100M $200M $300M $400M $500M $600M 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 NPW GAAP Combined Ratio Underlying Combined Ratio N P W C O M B I N E D R A T I O

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17 STANDARD PERSONAL LINES 8% OF 2025 NET PREMIUMS WRITTEN • Strategic shift to mass affluent target market well underway • Strong existing product set and servicing capabilities • Profitability improvement driven by pricing and tighter terms and conditions • Expected future growth in states where pricing aligns with profitability objectives 15 STATE FOOTPRINT 10.6% 0% 5% 10% 15% 20% 25% 2021 2022 2023 2024 2025 1Q 2026 R E N E W A L P U R E P R I C E 92.8% 79.6% 70% 80% 90% 100% 110% 120% $0M $100M $200M $300M $400M $500M 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 NPW GAAP Combined Ratio Underlying Combined Ratio N P W C O M B I N E D R A T I O

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18 CONSERVATIVE INVESTMENT PORTFOLIO LONG-TERM INVESTMENT APPROACH SUPPORTING BALANCE SHEET STRENGTH • Disciplined, insurance-aligned portfolio designed to generate durable income, protect capital, and deliver attractive long-term returns • High credit quality, well-diversified portfolio constructed to perform across market cycles • 92% allocation to fixed income and short-term as of 3/31/26: o 97% rated investment grade o 4.3-year effective duration o A+ average credit rating • Growth in invested assets driven by profitable insurance operations and strong operating cash flows INVESTMENT PORTFOLIO, 3/31/26 $11.4 B 4.0% 0% 1% 2% 3% 4% $4B $6B $8B $10B $12B 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 Invested Assets After-Tax Portfolio Yield 13.3% 0% 3% 6% 9% 12% $0M $100M $200M $300M $400M 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 After-Tax NII NII ROE I N V E S T E D A S S E T S A F T E R - T A X P O R T F O L I O Y I E L D A F T E R - T A X N E T I N V E S T M E N T I N C O M E O P E R A T I N G R E T U R N O N E Q U I T Y 3% Equities 5% Alts & Other 4% Short-Term 88% Fixed Income

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20 Industry Source:© 2026 AM Best. Used with permission. ENTERPRISE RISK MANAGEMENT STRONG BALANCE SHEET AND UNDERWRITING CONTROLS WITH PRUDENT RESERVING PRACTICES CATASTROPHE LOSS MITIGATION INITIATIVES INCLUDE: • Exposure management, including strict coastal guidelines • Focus on geographic diversification and growth that minimizes peak peril aggregations • Prudent reinsurance program 1-IN-250 PROBABLE MAXIMUM LOSS\* AS A % OF GAAP EQUITY I M P A C T O F C A T A S T R O P H E L O S S E S O N C O M B I N E D R A T I O 3.5 7.6 0 2 4 6 8 10 C O M B I N E D R A T I O P O I N T S SIGI Industry Average 7% 4% 5% 0% 10% 2023 2024 2025 \*Single event hurricane losses are net of reinsurance, after tax, and reinstatement premiums as of 1/1/26; GAAP equity as of 12/31/25 A V E R A G E P R E M I U M P E R P O L I C Y H O L D E R STANDARD COMMERCIAL EXCESS & SURPLUS PERSONAL LINES $20.6K $6.0K $4.1K

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21 PRUDENT REINSURANCE STRUCTURE 2026 PROPERTY CATASTROPHE TREATY HIGHLIGHTS: • $1.5B exhaustion point and $100M retention • Top layer of $700M x $800M is 71% collateralized • 1-in-250 PML = 5% of GAAP equity PROPERTY EXCESS OF LOSS TREATY COVERS LOSSES UP TO $95M IN EXCESS OF $5M RETENTION ON A PER RISK BASIS CASUALTY EXCESS OF LOSS TREATY COVERS LOSSES UP TO $87M IN EXCESS OF $3M RETENTION ON A PER OCCURRENCE BASIS 2 0 2 6 P R O P E R T Y C A T A S T R O P H E P R O G R A M $700M IN EXCESS OF $800M 46% covered through Catastrophe Bond (3-year risk period ending December 2026) 93% Placed $400M IN EXCESS OF $400M 100% Placed $200M IN EXCESS OF $200M 100% Placed $100M IN EXCESS OF $100M 100% Placed RETENTION: $100M

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DISCIPLINED FINANCIAL PLANNING & RESERVING PRACTICES QUARTERLY RESERVE REVIEW Strong reserve discipline facilitated by in-depth quarterly reserve reviews, semi-annual independent reviews, and independent year- end opinion DETAILED PLANNING PROCESS Detailed ground up premium, expense, and loss planning, with monthly forecasts SPECIFIC UNDERWRITING & PRICING ACTIONS Rate analyses, predictive modeling, and policy level guidance facilitate specific pricing and underwriting actions RIGOROUS RESULTS MONITORING Extensive pricing, underwriting, and claims results monitoring provides on-going feedback 22

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23 OTHER LIABILITY OCCURRENCE ACCIDENT YEAR NET LOSS & DCC\* RATIO (STATUTORY) 71.7% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 \*DCC = Defense & Cost Containment \*\*Data sourced from Schedule P Initial: initial loss ratio booked for each accident year\*\* @ 36 Months: loss ratio at third year-end evaluation\*\* YE-25: loss ratio as of year-end 2025\*\* S E L E C T I V E P & C I N D U S T R Y 67.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 For more mature accident years, Selective's booked loss ratio at 36 months is similar to the loss ratio at the most recent report (year-end 2025). For the industry, there has been a more meaningful amount of unfavorable development after 36 months. We believe this points to the quality of our reserving process. Based on preliminary Schedule P information

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24 COMMERCIAL AUTO LIABILITY ACCIDENT YEAR NET LOSS & DCC\* RATIO (STATUTORY) 74.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 \*DCC = Defense & Cost Containment \*\*Data sourced from Schedule P Initial: initial loss ratio booked for each accident year\*\* @ 36 Months: loss ratio at third year-end evaluation\*\* YE-25: loss ratio as of year-end 2025\*\* S E L E C T I V E P & C I N D U S T R Y 73.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Similar to Other Liability Occurrence, Commercial Auto liability loss ratios in more mature accident years at 36 months are closer to the loss ratio at the most recent report (year-end 2025) for Selective versus the industry. Based on preliminary Schedule P information

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25 WORKERS COMPENSATION ACCIDENT YEAR NET LOSS & DCC\* RATIO (STATUTORY) 66.1% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 \*DCC = Defense & Cost Containment \*\*Data sourced from Schedule P Initial: initial loss ratio booked for each accident year\*\* @ 36 Months: loss ratio at third year-end evaluation\*\* YE-25: loss ratio as of year-end 2025\*\* S E L E C T I V E P & C I N D U S T R Y 71.3% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 For Workers Compensation, both Selective and Industry have reported favorable development within the first 36 months of an accident year, with additional favorable development after 36 months. Based on preliminary Schedule P information

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Operating cash flow of $221M in 1Q26, compared to $1.2B in 2025 Issued $400M of Senior Notes in February 2025 NPW-to-Surplus ratio of 1.35x as of 3/31/26 We believe investing in organic growth is currently the most attractive capital deployment opportunity Target 20-25% dividend payout ratio over time Quarterly dividend increased 13%, to $0.43 per common share, in 4Q 2025 Board approved a $200M share repurchase authorization in 2025 Repurchased $86M of common stock in 2025 and $30M in 1Q26 $140M of remaining authorization at 3/31/26 26 STRONG CAPITAL POSITION AM BEST: A+ FITCH: A+ S&P: A MOODY'S: A2 FINANCIAL STRENGTH RATINGS

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27 31.2% 28% 29% 30% 31% 32% 33% 34% 35% 36% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 G A A P E X P E N S E R A T I O BALANCING EXPENSE DISCIPLINE WITH STRATEGIC INVESTMENTS STRATEGIC INVESTMENTS INCLUDE: • New platforms for Small Business and E&S • Claim system modernization • Geographic expansion • Customer experience AREAS FOR OPERATIONAL ENHANCEMENTS INCLUDE: • Further leveraging our use of data, analytics, and technology, including artificial intelligence • AI claims ingestion tool • Automation of Contractual Risk Transfers

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28 FOCUS ON ROE\* AND GROWTH IN BOOK VALUE PER SHARE $56.58 $0 $10 $20 $30 $40 $50 $60 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 B O O K V A L U E P E R S H A R E GENERATING NON-GAAP OPERATING ROE\* IN LINE WITH OUR LONG-TERM TARGET SUPERIOR GROWTH IN BOOK VALUE PER SHARE EXPECT HIGHER TOTAL SHAREHOLDER RETURNS OVER TIME \*Refer to "Safe Harbor Statement" on page 2 of this presentation for further detail regarding certain non-GAAP financial measures

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Help our customers put their lives and businesses back together after experiencing a covered loss Help make our customers and communities safer Support economic growth by providing capital that protects against covered losses and allows businesses to invest confidently in their operations "A" rating from MSCI Solar facility can generate approximately 3.3M kWh of energy in 2025 that we sell to others Continue sharing our approach to climate-related risks and opportunities through the publication of our fourth Task Force on Climate-related Financial Disclosures 30 OUR APPROACH TO SUSTAINABILITY SUSTAINABILITY INITIATIVES ARE EMBEDDED INTO SELECTIVE'S BUSINESS. WE AIM TO DELIVER SIGNIFICANT VALUE OVER TIME TO OUR CUSTOMERS, DISTRIBUTION PARTNERS, EMPLOYEES, AND SHAREHOLDERS. OUR PRIMARY OBJECTIVES ARE TO: KEY SUSTAINABILITY ACCOMPLISHMENTS:

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Copyright© 2026 Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3

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