# EDGAR Filing Document

**Accession Number:** 0000230557
**File Stem:** 0000230557-23-000002
**Filing Date:** 2023-2
**Character Count:** 211639
**Document Hash:** 037d73b59f5aae936063ed47c01bf91c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000230557-23-000002.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0000230557-23-000002

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230202

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SELECTIVE INSURANCE GROUP INC
- **CENTRAL INDEX KEY:** 0000230557
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 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:** 23581184

**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" ? sigi-20230202

**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) February 2, 2023

---

| |
|:---|
| **<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 February 2, 2023, Selective Insurance Group, Inc. (the "Company") issued a press release announcing results for the fourth quarter ended December 31, 2022. 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 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.

**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;<u>[99.1](q42022pressreleaseexh991.htm)</u> &nbsp;&nbsp;&nbsp;&nbsp;Press Release of Selective Insurance Group, Inc. dated February 2, 2023

&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2](q42022pressreleasesuppleme.htm)</u> &nbsp;&nbsp;&nbsp;&nbsp;Financial Supplement, Fourth Quarter 2022 and Full Year 2022

&nbsp;&nbsp;&nbsp;&nbsp;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: | February 2, 2023 | 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 Fourth Quarter 2022 Results, Including Net Income of $1.38 per Diluted Common Share and Non-GAAP Operating Income**<sup>1</sup> **of $1.46 per Diluted Common Share** 

**Fourth Quarter 2022 Return on Common Equity ("ROE") of 14.8% and Non-GAAP Operating ROE**<sup>1</sup> **of 15.6%**

**Full Year 2022 ROE of 8.8% and Non-GAAP Operating ROE**<sup>1</sup> **of 12.4%**

In the fourth quarter of 2022, we reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net premiums written ("NPW") increased 14% compared to the fourth quarter of 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP combined ratio of 94.7%, compared to 93.1% in the fourth quarter of 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial Lines renewal pure price increases averaged 5.6%, compared to 5.0% in the fourth quarter of 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax net investment income of $65 million, up 1% compared to the fourth quarter of 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value per common share of $38.57, up 4% in the fourth quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted book value per common share¹ of $45.49, up 2% in the fourth quarter.

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

**Branchville, NJ - February 2, 2023 -** Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the fourth quarter ended December 31, 2022, with net income per diluted common share of $1.38 and non-GAAP operating income<sup>1</sup> per diluted common share of $1.46. The fourth quarter combined ratio was a profitable 94.7%, with 5.2 points of catastrophe losses. Non-catastrophe property losses were 2.5 points above a year ago.

Catastrophe losses in the quarter were driven by Winter Storm Elliott. This storm impacted 37 states, 26 of which are in our standard lines footprint. We have recorded $135 million in ultimate gross losses, or $46.1 million net of reinsurance. In addition, we incurred $11.7 million in ceded earned reinstatement premium related to Winter Storm Elliott for a total negative impact to fourth quarter 2022 underwriting results of $57.8 million, pre-tax, or $0.75 per diluted share. Winter Storm Elliott increased our fourth quarter and full year 2022 combined ratio by 6.5 points and 1.7 points, respectively, and reduced our fourth quarter and full year 2022 ROE by 8.0 points and 1.9 points, respectively.

Despite Winter Storm Elliott, non-GAAP operating ROE in the quarter was 15.6%. NPW increased 14% from a year ago and growth was strong across all our underwriting segments, driven by renewal pure price increases, solid retention, new business, and exposure growth. For the quarter, the Investments segment contributed 11.5 points of annualized ROE.

"2022 marks our ninth consecutive year of double-digit non-GAAP operating ROEs. Against a backdrop of elevated catastrophe losses, higher loss cost trends, and capital market volatility, these results reflect the success of our underwriting discipline and profitable growth strategies," said John J. Marchioni, Chairman, President and Chief Executive Officer.

"In 2023, we expect to build on our strong market position. Our superior distribution partnerships, sophisticated underwriting tools, and strong capital and liquidity position support our profitable growth opportunities," Mr. Marchioni concluded.

------

**Operating Highlights** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended December 31,** | **Quarter ended December 31,** | **Quarter ended December 31,** | **Change** | **Change** | **Year-to-Date December 31,** | **Year-to-Date December 31,** | **Year-to-Date December 31,** | **Change** | **Change** |
| **Consolidated Financial Results**<br>*$ and shares in millions, except per share data* | **2022** | **2022** | **2021** | **Change** | **Change** | **2022** | **2022** | **2021** | **Change** | **Change** |
| Net premiums written | $849.7 |  | 745.4 | 14 | % | $3573.6 |  | 3189.7 | 12 | % |
| Net premiums earned | 872.8 |  | 784.5 | 11 |  | 3373.4 |  | 3017.3 | 12 |  |
| Net investment income earned | 81.4 |  | 80.1 | 2 |  | 288.2 |  | 326.6 | (12) |  |
| Net realized and unrealized (losses) gains, pre-tax | (5.9) |  | 2.2 | (362) |  | (114.8) |  | 17.6 | (752) |  |
| Total revenues | 952.2 |  | 869.7 | 9 |  | 3558.1 |  | 3379.2 | 5 |  |
| Net underwriting income, after-tax | 36.4 |  | 42.7 | (15) |  | 131.8 |  | 172.7 | (24) |  |
| Net investment income, after-tax | 65.5 |  | 64.5 | 1 |  | 232.2 |  | 263.0 | (12) |  |
| Net income available to common stockholders | 84.2 |  | 96.7 | (13) |  | 215.7 |  | 394.5 | (45) |  |
| Non-GAAP operating income<sup>1</sup> | 88.9 |  | 94.9 | (6) |  | 306.4 |  | 380.6 | (19) |  |
| Combined ratio | 94.7 | % | 93.1 | 1.6 | pts | 95.1 | % | 92.8 | 2.3 | pts |
| Loss and loss expense ratio | 62.4 |  | 60.4 | 2.0 |  | 62.7 |  | 60.1 | 2.6 |  |
| Underwriting expense ratio | 32.1 |  | 32.5 | (0.4) |  | 32.3 |  | 32.5 | (0.2) |  |
| Dividends to policyholders ratio | 0.2 |  | 0.2 |  |  | 0.1 |  | 0.2 | (0.1) |  |
| Net catastrophe losses | 5.2 | pts | 4.5 | 0.7 |  | 4.3 | pts | 5.4 | (1.1) |  |
| Non-catastrophe property losses and loss expenses | 18.5 |  | 16.0 | 2.5 |  | 18.3 |  | 15.6 | 2.7 |  |
| (Favorable) prior-year reserve development on casualty lines | (4.4) |  | (1.9) | (2.5) |  | (2.5) |  | (2.7) | 0.2 |  |
| Net income available to common stockholders per diluted common share | $1.38 |  | 1.59 | (13) | % | $3.54 |  | 6.50 | (46) | % |
| Non-GAAP operating income per diluted common share<sup>1</sup> | 1.46 |  | 1.56 | (6) |  | 5.03 |  | 6.27 | (20) |  |
| Weighted average diluted common shares | 60.9 |  | 60.8 |  |  | 60.9 |  | 60.7 |  |  |
| Book value per common share | $38.57 |  | 46.24 | (17) |  | 38.57 |  | 46.24 | (17) |  |
| Adjusted book value per common share<sup>1</sup> | 45.49 |  | 43.23 | 5 |  | 45.49 |  | 43.23 | 5 |  |

---

**Overall Insurance Operations**

For the fourth quarter, overall NPW increased 14% from a year ago, reflecting average renewal pure price increases of 5.3%, solid retention, new business, and exposure growth. Our 94.7% combined ratio in the quarter was up from 93.1% a year ago, driven principally by higher catastrophe and non-catastrophe property losses. The quarter's catastrophe losses were driven by $46.1 million of net losses related to Winter Storm Elliott. We also incurred $11.7 million in reinstatement premium for a total negative impact to our underwriting results of $57.8 million, pre-tax. The non-catastrophe property loss increase was primarily a result of higher severities from inflationary pressures on items such as new and used car prices, auto repair costs, building materials, and labor costs. These items were partially offset by prior-year favorable casualty reserve development of $38.0 million, including $30.0 million on our workers compensation line of business. Our Insurance Operations generated 6.4 points of annualized ROE in the quarter.

------

**Standard Commercial Lines Segment** 

For the fourth quarter, Standard Commercial Lines premiums (representing 80% of total NPW) increased 13% compared to a year ago. The premium growth reflected average renewal pure price increases of 5.6%, new business growth of 22%, and consistently solid retention of 86%. The fourth quarter combined ratio was 95.5%. The following table shows the variances relative to the 93.1% combined ratio a year ago:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended December 31,** | **Quarter ended December 31,** | **Quarter ended December 31,** | **Change** | **Change** | **Year-to-Date December 31,** | **Year-to-Date December 31,** | **Year-to-Date December 31,** | **Change** | **Change** |
| **Standard Commercial Lines Segment**<br>*$ in millions* | **2022** | **2022** | **2021** | **Change** | **Change** | **2022** | **2022** | **2021** | **Change** | **Change** |
| Net premiums written | $676.6 |  | 597.7 | 13 | % | $2902.0 |  | 2593.0 | 12 | % |
| Net premiums earned | 705.7 |  | 635.4 | 11 |  | 2739.8 |  | 2443.9 | 12 |  |
| Combined ratio | 95.5 | % | 93.1 | 2.4 | pts | 94.8 | % | 91.9 | 2.9 | pts |
| Loss and loss expense ratio | 62.3 |  | 59.5 | 2.8 |  | 61.5 |  | 58.4 | 3.1 |  |
| Underwriting expense ratio | 33.0 |  | 33.3 | (0.3) |  | 33.1 |  | 33.3 | (0.2) |  |
| Dividends to policyholders ratio | 0.2 |  | 0.3 | (0.1) |  | 0.2 |  | 0.2 |  |  |
| Net catastrophe losses | 5.7 | pts | 4.2 | 1.5 |  | 3.5 | pts | 4.3 | (0.8) |  |
| Non-catastrophe property losses and loss expenses | 16.5 |  | 14.5 | 2.0 |  | 16.8 |  | 13.9 | 2.9 |  |
| (Favorable) prior-year reserve development on casualty lines | (4.7) |  | (2.4) | (2.3) |  | (3.0) |  | (3.0) |  |  |

---

**Standard Personal Lines Segment** 

For the fourth quarter, Standard Personal Lines premiums (representing 10% of total NPW) increased 20% compared to a year ago. Renewal pure price increases averaged 1.0%, retention was 87%, and new business was up $12.5 million, or 126%, compared to last year. The fourth quarter combined ratio was 99.9%. The following table shows the variances relative to the 97.6% combined ratio a year ago:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended December 31,** | **Quarter ended December 31,** | **Quarter ended December 31,** | **Change** | **Change** | **Year-to-Date December 31,** | **Year-to-Date December 31,** | **Year-to-Date December 31,** | **Change** | **Change** |
| **Standard Personal Lines Segment**<br>*$ in millions* | **2022** | **2022** | **2021** | **Change** | **Change** | **2022** | **2022** | **2021** | **Change** | **Change** |
| Net premiums written | $84.6 |  | 70.4 | 20 | % | $319.1 |  | 292.3 | 9 | % |
| Net premiums earned | 77.8 |  | 73.1 | 6 |  | 299.4 |  | 293.6 | 2 |  |
| Combined ratio | 99.9 | % | 97.6 | 2.3 | pts | 102.4 | % | 98.6 | 3.8 | pts |
| Loss and loss expense ratio | 75.4 |  | 71.0 | 4.4 |  | 77.2 |  | 72.2 | 5.0 |  |
| Underwriting expense ratio | 24.5 |  | 26.6 | (2.1) |  | 25.2 |  | 26.4 | (1.2) |  |
| Net catastrophe losses | 5.3 | pts | 9.9 | (4.6) |  | 13.6 | pts | 12.7 | 0.9 |  |
| Non-catastrophe property losses and loss expenses | 45.7 |  | 35.7 | 10.0 |  | 39.1 |  | 35.0 | 4.1 |  |
| (Favorable) prior-year reserve development on casualty lines |  |  |  |  |  |  |  |  |  |  |

---

**Excess and Surplus Lines Segment** 

For the fourth quarter, Excess and Surplus Lines premiums (representing 10% of total NPW) increased 14% compared to the prior-year period, driven by average renewal pure price increases of 7.9% and new business growth of 5%. The fourth quarter combined ratio was 84.3%. The following table shows the variances relative to the 88.8% combined ratio a year ago:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended December 31,** | **Quarter ended December 31,** | **Quarter ended December 31,** | **Change** | **Change** | **Year-to-Date December 31,** | **Year-to-Date December 31,** | **Year-to-Date December 31,** | **Change** | **Change** |
| **Excess and Surplus Lines Segment**<br>*$ in millions* | **2022** | **2022** | **2021** | **Change** | **Change** | **2022** | **2022** | **2021** | **Change** | **Change** |
| Net premiums written | $88.5 |  | 77.3 | 14 | % | $352.5 |  | 304.4 | 16 | % |
| Net premiums earned | 89.3 |  | 76.0 | 17 |  | 334.2 |  | 279.8 | 19 |  |
| Combined ratio | 84.3 | % | 88.8 | (4.5) | pts | 90.9 | % | 94.3 | (3.4) | pts |
| Loss and loss expense ratio | 52.3 |  | 56.9 | (4.6) |  | 58.8 |  | 62.6 | (3.8) |  |
| Underwriting expense ratio | 32.0 |  | 31.9 | 0.1 |  | 32.1 |  | 31.7 | 0.4 |  |
| Net catastrophe losses | 1.6 | pts | 1.6 |  |  | 2.9 | pts | 8.1 | (5.2) |  |
| Non-catastrophe property losses and loss expenses | 10.5 |  | 8.9 | 1.6 |  | 11.9 |  | 10.1 | 1.8 |  |
| (Favorable) prior-year reserve development on casualty lines | (5.6) |  |  | (5.6) |  | (1.5) |  | (2.5) | 1.0 |  |

---

------

**Investments Segment** 

For the fourth quarter, after-tax net investment income of $65 million was up 1%, compared to last year. After-tax alternative investment income of $0.1 million was $19 million lower in fourth quarter 2022 than the prior-year period. Higher income from our fixed income securities portfolio due to higher book yields and the investment of operating cash flow during the year were an offset. For the quarter, the after-tax earned income yield averaged 3.4% for the overall portfolio, and 3.7% for the fixed income securities portfolio. Invested assets per dollar of common stockholders' equity was $3.37 at December 31, 2022, and the investment portfolio generated 11.5 points of non-GAAP operating ROE for the quarter.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended December 31,** | **Quarter ended December 31,** | **Quarter ended December 31,** | **Change** | **Change** | **Year-to-Date December 31,** | **Year-to-Date December 31,** | **Year-to-Date December 31,** | **Change** | **Change** |
| **Investments Segment**<br>*$ in millions, except per share data* | **2022** | **2022** | **2021** | **Change** | **Change** | **2022** | **2022** | **2021** | **Change** | **Change** |
| Net investment income earned, after-tax | $65.5 |  | 64.5 | 1 | % | $232.2 |  | 263.0 | (12) | % |
| Net investment income per common share | 1.08 |  | 1.06 | 2 |  | 3.81 |  | 4.34 | (12) |  |
| Effective tax rate | 19.6 | % | 19.5 | 0.1 | pts | 19.4 | % | 19.5 | (0.1) | pts |
| Average yields: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax | 4.2 |  | 4.0 | 0.2 |  | 3.6 |  | 4.2 | (0.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After-tax | 3.4 |  | 3.2 | 0.2 |  | 2.9 |  | 3.4 | (0.5) |  |
| &nbsp;&nbsp;&nbsp;Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax | 4.6 | % | 3.1 | 1.5 | pts | 3.9 | % | 3.2 | 0.7 | pts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After-tax | 3.7 |  | 2.5 | 1.2 |  | 3.1 |  | 2.6 | 0.5 |  |
| Annualized ROE contribution | 11.5 |  | 9.4 | 2.1 |  | 9.4 |  | 9.9 | (0.5) |  |

---

**Balance Sheet**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| $ in millions, except per share data | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **Change** | **Change** |
| Total assets | $10802.3 |  | 10461.4 |  | 3% |  |
| Total investments | 7837.5 |  | 8027.0 |  | (2) |  |
| Long-term debt | 504.7 |  | 506.1 |  |  |  |
| Stockholders' equity | 2527.6 |  | 2982.9 |  | (15) |  |
| Common stockholders' equity | 2327.6 |  | 2782.9 |  | (16) |  |
| Invested assets per dollar of common stockholders' equity | 3.37 |  | 2.88 |  | 17 |  |
| Net premiums written to policyholders' surplus | 1.44 |  | 1.33 |  | 0.11 |  |
| Book value per common share | $38.57 |  | 46.24 |  | (17) |  |
| Adjusted book value per common share<sup>1</sup> | 45.49 |  | 43.23 |  | 5 |  |
| Debt to total capitalization | 16.6 | % | 14.5 | % | 2.1 | pts |

---

Book value per common share declined by $7.67, or 17%, during 2022. The decline was principally driven by (i) a $9.91 change in after-tax net unrealized losses on our fixed income securities portfolio from higher interest rates, and (ii) $1.14 of dividends on our common stock paid to shareholders, partially offset by $3.54 of net income per diluted common share. During 2022, the Company repurchased 165,159 shares for $12.4 million, or an average price of $75.20 per share. Capacity under our existing repurchase authorization was $84.2 million as of December 31, 2022.

Selective's Board of Directors declared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;A quarterly cash dividend on common stock of $0.30 per common share that is payable March 1, 2023, to holders of record on February 15, 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;A cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depository share) payable on March 15, 2023, to holders of record as of February 28, 2023.

**Guidance** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A GAAP combined ratio of 96.5%, including net catastrophe losses of 4.5 points. Our combined ratio estimate assumes no prior-year casualty reserve development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax net investment income of $300 million that includes after-tax net investment income from our alternative investments of $30 million;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average shares of 61 million on a fully diluted basis.

The supplemental investor package, including 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 10:00 A.M. ET, on Friday, February 3, 2023, at www.Selective.com. The webcast will be available for rebroadcast until the close of business on March 5, 2023.

**About Selective Insurance Group, Inc.**

Selective Insurance Group, Inc. (Nasdaq: SIGI) is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective has been honored and awarded for its unique position as a leading insurance group and employer of choice, including listing in the Fortune 1000 and three consecutive years as a certified Great Place to Work®. For more information about Selective, visit www.Selective.com.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *$ in millions* | **Quarter ended December 31,** | **Quarter ended December 31,** | **Year-to-Date December 31,** | **Year-to-Date December 31,** |
| *$ in millions* | **2022** | **2021** | **2022** | **2021** |
| Net income available to common stockholders | $84.2 | 96.7 | 215.7 | 394.5 |
| Net realized and unrealized investment losses (gains) included in net income, before tax | 5.9 | (2.2) | 114.8 | (17.6) |
| Tax on reconciling items | (1.2) | 0.5 | (24.1) | 3.7 |
| Non-GAAP operating income | $88.9 | 94.9 | 306.4 | 380.6 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter ended December 31,** | **Quarter ended December 31,** | **Year-to-Date December 31,** | **Year-to-Date December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income available to common stockholders per diluted common share | $1.38 | 1.59 | 3.54 | 6.50 |
| Net realized and unrealized investment losses (gains) included in net income, before tax | 0.10 | (0.04) | 1.89 | (0.29) |
| Tax on reconciling items | (0.02) | 0.01 | (0.40) | 0.06 |
| Non-GAAP operating income per diluted common share | $1.46 | 1.56 | 5.03 | 6.27 |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter ended December 31,** | **Quarter ended December 31,** | **Quarter ended December 31,** | **Year-to-Date December 31,** | **Year-to-Date December 31,** |
| | **2022** | | **2021** | **2022** | **2021** |
| Return on Common Equity | 14.8 | % | 14.0 | 8.8 | 14.8 |
| Net realized and unrealized investment losses (gains) included in net income, before tax | 1.0 |  | (0.3) | 4.7 | (0.7) |
| Tax on reconciling items | (0.2) |  | 0.1 | (1.1) | 0.2 |
| Non-GAAP Operating Return on Common Equity | 15.6 | % | 13.8 | 12.4 | 14.3 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter ended December 31,** | **Quarter ended December 31,** | **Year-to-Date December 31,** | **Year-to-Date December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Book value per common share | $**38.57** | 46.24 | 38.57 | 46.24 |
| Total unrealized investment losses (gains) included in accumulated other comprehensive (loss) income, before tax | **8.75** | (3.80) | 8.75 | (3.80) |
| Tax on reconciling items | **(1.83)** | 0.79 | (1.83) | 0.79 |
| Adjusted book value per common share | **45.49** | 43.23 | 45.49 | 43.23 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Difficult conditions in global capital markets and the economy, 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 and equity markets and private investment marketplace 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 affect investment values and, therefore, statutory surplus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 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 such as hurricanes, 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, or judicial conditions or actions;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The cost, terms and 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;• Related to COVID-19:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ From enactment in 2020 until expiration, governmental directives to contain or delay the spread of COVID-19 disrupted ordinary business commerce and impacted financial markets. Should new directives be issued or implemented, we cannot predict the extent, duration, or possible impact on our results of operations, net investment income, financial position, and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Similarly, we cannot predict the amount our premiums may be reduced, or the impact on our underwriting results, from any future (i) voluntary premium credits on in-force commercial and personal automobile policies, (ii) state insurance commissioner, or other regulatory directives, to implement premium-based credit in lines other than commercial and personal automobile, (iii) voluntary efforts or directives from various state insurance regulators to extend individualized payment flexibility or suspend policy cancellation, late payment notices, and late or reinstatement fees, or (iv) litigation brought by policyholders to recover premiums they allege were excessive during the period of any governmental directive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We have been successful to date in defending against payment of COVID-19-related business interruption losses based on our policies' terms, conditions, and exclusions. However, should the highest courts determine otherwise, our loss and loss expenses may increase, our related reserves may not be adequate, and our financial condition and liquidity may be materially impacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ To varying degrees, the effect, lifting, or lapsing of COVID-19-related governmental directives can disrupt supply chains and cause shortages of products, services, and labor. These shortages may impact our ability to attract and retain labor, including increasing attrition rates, wages, and the cost and difficulty of obtaining third-party non-U.S.-based resources.

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

&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 harm to our brand in the marketplace, increased senior executive focus on crisis and reputational management issues and/or increased expenses, particularly if we experience a significant privacy breach;

&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 ratings 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, but not limited to, our Annual Report on Form 10-K and other periodic reports.

These risk factors may not be exhaustive. We operate in a constantly changing business environment, and new risk factors may emerge any time.

------

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

---

| | |
|:---|:---|
| **<u>Investor Contact:</u>**<br>Rohan Pai<br>973-948-1364<br>Rohan.Pai@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**

![image2a.gif](image2a.gif)

**FINANCIAL SUPPLEMENT**

**FOURTH QUARTER AND FULL YEAR 2022** 

------

**Forward-Looking Statements**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Difficult conditions in global capital markets and the economy, 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 and equity markets and private investment marketplace 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 affect investment values and, therefore, statutory surplus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 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 such as hurricanes, 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, or judicial conditions or actions;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The cost, terms and 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;• Related to COVID-19:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ From enactment in 2020 until expiration, governmental directives to contain or delay the spread of COVID-19 disrupted ordinary business commerce and impacted financial markets. Should new directives be issued or implemented, we cannot predict the extent, duration, or possible impact on our results of operations, net investment income, financial position, and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Similarly, we cannot predict the amount our premiums may be reduced, or the impact on our underwriting results, from any future (i) voluntary premium credits on in-force commercial and personal automobile policies, (ii) state insurance commissioner, or other regulatory directives, to implement premium-based credit in lines other than commercial and personal automobile, (iii) voluntary efforts or directives from various state insurance regulators to extend individualized payment flexibility or suspend policy cancellation, late payment notices, and late or reinstatement fees, or (iv) litigation brought by policyholders to recover premiums they allege were excessive during the period of any governmental directive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We have been successful to date in defending against payment of COVID-19-related business interruption losses based on our policies' terms, conditions, and exclusions. However, should the highest courts determine otherwise, our loss and loss expenses may increase, our related reserves may not be adequate, and our financial condition and liquidity may be materially impacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ To varying degrees, the effect, lifting, or lapsing of COVID-19-related governmental directives can disrupt supply chains and cause shortages of products, services, and labor. These shortages may impact our ability to attract and retain labor, including increasing attrition rates, wages, and the cost and difficulty of obtaining third-party non-U.S.-based resources.

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

&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 harm to our brand in the marketplace, increased senior executive focus on crisis and reputational management issues and/or increased expenses, particularly if we experience a significant privacy breach;

&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 ratings 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, but not limited to, our Annual Report on Form 10-K and other periodic reports.

These risk factors may not be exhaustive. We operate in a constantly changing business environment, and new risk factors may emerge any time.

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

------

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| Consolidated Financial Highlights | **[1](#i6aa2e6e66dc24787b1c633ac97f351b8_10)** |
| Consolidated Statements of Operations | **[2](#i6aa2e6e66dc24787b1c633ac97f351b8_13)** |
| Consolidated Balance Sheets | **[3](#i6aa2e6e66dc24787b1c633ac97f351b8_16)** |
| Financial Metrics | **[4](#i6aa2e6e66dc24787b1c633ac97f351b8_19)** |
| Consolidated Insurance Operations Statement of Operations | **[5](#i6aa2e6e66dc24787b1c633ac97f351b8_22)** |
| Standard Commercial Lines Statement of Operations and Supplemental Data | **[6](#i6aa2e6e66dc24787b1c633ac97f351b8_25)** |
| Standard Commercial Lines GAAP Line of Business Results | **[7](#i6aa2e6e66dc24787b1c633ac97f351b8_28)** |
| Standard Personal Lines Statement of Operations and Supplemental Data | **[8](#i6aa2e6e66dc24787b1c633ac97f351b8_31)** |
| Standard Personal Lines GAAP Line of Business Results | **[9](#i6aa2e6e66dc24787b1c633ac97f351b8_34)** |
| Excess and Surplus Lines Statement of Operations and Supplemental Data | **[10](#i6aa2e6e66dc24787b1c633ac97f351b8_37)** |
| Excess and Surplus Lines GAAP Line of Business Results | **[11](#i6aa2e6e66dc24787b1c633ac97f351b8_40)** |
| Consolidated Investment Income | **[12](#i6aa2e6e66dc24787b1c633ac97f351b8_43)** |
| Consolidated Composition of Invested Assets | **[13](#i6aa2e6e66dc24787b1c633ac97f351b8_46)** |
| Credit Quality of Invested Assets | **[14](#i6aa2e6e66dc24787b1c633ac97f351b8_49)** |
| Reconciliation of Net Income Available to Common Stockholders to Non-GAAP Operating Income and Certain Other Non-GAAP Measures | **[15](#i6aa2e6e66dc24787b1c633ac97f351b8_52)** |
| Ratings and Contact Information | **[16](#i6aa2e6e66dc24787b1c633ac97f351b8_55)** |

---

------

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

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year-to-date** | **Year-to-date** |
| | | **Dec. 31,** | | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Dec. 31,** | **Dec. 31,** |
| *($ and shares in millions, except per share data)* | *($ and shares in millions, except per share data)* | **2022** |  | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** |
| **<u>For Period Ended</u>** | **<u>For Period Ended</u>** |  |  |  |  |  |  |  |  |
|  | Gross premiums written | $988.3 |  | 1047.1 | 1059.1 | 1006.4 | 865.4 | 4100.8 | 3679.2 |
|  | Net premiums written | 849.7 |  | 903.4 | 930.7 | 889.8 | 745.4 | 3573.6 | 3189.7 |
|  | Change in net premiums written, from comparable prior year period | 14 | % | 11 | 12 | 11 | 9 | 12 | 15 |
|  | Underwriting income, before-tax | $46.1 |  | 27.1 | 37.7 | 55.8 | 54.1 | 166.8 | 218.6 |
|  | Net investment income earned, before-tax | 81.4 |  | 63.9 | 70.2 | 72.6 | 80.1 | 288.2 | 326.6 |
|  | Net realized and unrealized investment (losses) gains, before-tax | (5.9) |  | (25.7) | (42.9) | (40.4) | 2.2 | (114.8) | 17.6 |
|  | Net income | $86.5 |  | 42.5 | 39.5 | 56.3 | 99.0 | 224.9 | 403.8 |
|  | Net income available to common stockholders<sup>(1)</sup> | 84.2 |  | 40.2 | 37.2 | 54.0 | 96.7 | 215.7 | 394.5 |
|  | Non-GAAP operating income<sup>(2)</sup> | 88.9 |  | 60.5 | 71.1 | 85.9 | 94.9 | 306.4 | 380.6 |
| **<u>At Period End</u>** | **<u>At Period End</u>** |  |  |  |  |  |  |  |  |
|  | Total assets | 10802.3 |  | 10520.5 | 10317.7 | 10310.5 | 10461.4 | 10802.3 | 10461.4 |
|  | Total invested assets | 7837.5 |  | 7536.1 | 7585.9 | 7774.7 | 8027.0 | 7837.5 | 8027.0 |
|  | Stockholders' equity | 2527.6 |  | 2427.5 | 2594.1 | 2778.2 | 2982.9 | 2527.6 | 2982.9 |
|  | Common stockholders' equity<sup>(3)</sup> | 2327.6 |  | 2227.5 | 2394.1 | 2578.2 | 2782.9 | 2327.6 | 2782.9 |
|  | Common shares outstanding | 60.3 |  | 60.3 | 60.3 | 60.3 | 60.2 | 60.3 | 60.2 |
| **<u>Per Share and Share Data</u>** | **<u>Per Share and Share Data</u>** |  |  |  |  |  |  |  |  |
|  | Net income available to common stockholders per common share (diluted) | $1.38 |  | 0.66 | 0.61 | 0.89 | 1.59 | 3.54 | 6.50 |
|  | Non-GAAP operating income per common share (diluted)<sup>(2)</sup> | 1.46 |  | 0.99 | 1.17 | 1.41 | 1.56 | 5.03 | 6.27 |
|  | Weighted average common shares outstanding (diluted) | 60.9 |  | 60.8 | 60.8 | 60.8 | 60.8 | 60.9 | 60.7 |
|  | Book value per common share | $38.57 |  | 36.96 | 39.68 | 42.73 | 46.24 | 38.57 | 46.24 |
|  | Adjusted book value per common share<sup>(2)</sup> | 45.49 |  | 44.59 | 44.18 | 43.80 | 43.23 | 45.49 | 43.23 |
|  | Dividends paid per common share | 0.30 |  | 0.28 | 0.28 | 0.28 | 0.28 | 1.14 | 1.03 |
| **<u>Financial Ratios</u>** | **<u>Financial Ratios</u>** |  |  |  |  |  |  |  |  |
|  | Loss and loss expense ratio | 62.4 | % | 64.1 | 62.9 | 60.8 | 60.4 | 62.7 | 60.1 |
|  | Underwriting expense ratio | 32.1 |  | 32.6 | 32.5 | 32.1 | 32.5 | 32.3 | 32.5 |
|  | Dividends to policyholders ratio | 0.2 |  | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.2 |
|  | GAAP combined ratio | 94.7 | % | 96.8 | 95.5 | 93.1 | 93.1 | 95.1 | 92.8 |
|  | Return on common stockholders' equity ("ROE") | 14.8 |  | 7.0 | 6.0 | 8.1 | 14.0 | 8.8 | 14.8 |
|  | Non-GAAP operating ROE<sup>(2)</sup> | 15.6 |  | 10.5 | 11.4 | 12.8 | 13.8 | 12.4 | 14.3 |
|  | Debt to total capitalization | 16.6 |  | 17.2 | 16.3 | 15.4 | 14.5 | 16.6 | 14.5 |
|  | Net premiums written to policyholders' surplus | 1.44 |  | 1.45 | 1.41 | 1.36 | 1.33 | 1.44 | 1.33 |
|  | Invested assets per dollar of common stockholders' equity | $3.37 |  | 3.38 | 3.17 | 3.02 | 2.88 | 3.37 | 2.88 |
| <sup>(1)</sup> | Net income available to common stockholders is net income reduced by preferred stock dividends. | Net income available to common stockholders is net income reduced by preferred stock dividends. | Net income available to common stockholders is net income reduced by preferred stock dividends. | Net income available to common stockholders is net income reduced by preferred stock dividends. | Net income available to common stockholders is net income reduced by preferred stock dividends. | Net income available to common stockholders is net income 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** | **Year-to-date** | **Year-to-date** |
| **($ and shares in millions, except per share data)** | **($ and shares in millions, except per share data)** | **Dec. 31,**<br>**2022** | **Sept. 30,**<br>**2022** | **June 30,**<br>**2022** | **Mar. 31,**<br>**2022** | **Dec. 31,**<br>**2021** | **Dec. 31,**<br>**2022** | **Dec. 31,**<br>**2021** |
| **Revenues** | **Revenues** |  |  |  |  |  |  |  |
|  | Net premiums earned | $872.8 | 853.9 | 834.4 | 812.3 | 784.5 | $3373.4 | 3017.3 |
|  | Net investment income earned | 81.4 | 63.9 | 70.2 | 72.6 | 80.1 | 288.2 | 326.6 |
|  | Net realized and unrealized (losses) gains | (5.9) | (25.7) | (42.9) | (40.4) | 2.2 | (114.8) | 17.6 |
|  | Other income | 3.8 | 2.9 | 3.0 | 1.5 | 2.8 | 11.3 | 17.7 |
|  | Total revenues | 952.2 | 895.0 | 864.8 | 846.1 | 869.7 | 3558.1 | 3379.2 |
| **Expenses** | **Expenses** |  |  |  |  |  |  |  |
|  | Loss and loss expense incurred | 544.8 | 547.8 | 524.9 | 494.2 | 473.7 | 2111.8 | 1814.0 |
|  | Amortization of deferred policy acquisition costs | 183.6 | 179.0 | 173.4 | 169.8 | 162.2 | 705.8 | 626.5 |
|  | Other insurance expenses | 102.0 | 102.8 | 101.5 | 94.0 | 97.4 | 400.3 | 375.9 |
|  | Interest expense | 7.2 | 7.2 | 7.3 | 7.2 | 7.2 | 28.8 | 29.2 |
|  | Corporate expenses | 6.7 | 5.5 | 7.9 | 11.0 | 5.4 | 31.1 | 28.3 |
|  | Total expenses | 844.4 | 842.4 | 814.9 | 776.2 | 745.9 | 3277.9 | 2873.9 |
| Income before federal income tax | Income before federal income tax | 107.8 | 52.6 | 49.9 | 69.9 | 123.8 | 280.2 | 505.3 |
| Federal income tax expense | Federal income tax expense | 21.2 | 10.1 | 10.4 | 13.6 | 24.9 | 55.3 | 101.5 |
| **Net Income** | **Net Income** | **86.5** | **42.5** | **39.5** | **56.3** | **99.0** | **224.9** | **403.8** |
| Preferred stock dividends | Preferred stock dividends | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 9.2 | 9.4 |
| **Net income available to common stockholders** | **Net income available to common stockholders** | **84.2** | **40.2** | **37.2** | **54.0** | **96.7** | **215.7** | **394.5** |
| Net realized and unrealized investment losses (gains), after tax<sup>(1)</sup> | Net realized and unrealized investment losses (gains), after tax<sup>(1)</sup> | 4.7 | 20.3 | 33.9 | 31.9 | (1.8) | 90.7 | (13.9) |
| **Non-GAAP operating income**<sup>(2)</sup> | **Non-GAAP operating income**<sup>(2)</sup> | $**88.9** | **60.5** | **71.1** | **85.9** | **94.9** | $**306.4** | **380.6** |
| Weighted average common shares outstanding (diluted) | Weighted average common shares outstanding (diluted) | 60.9 | 60.8 | 60.8 | 60.8 | 60.8 | 60.9 | 60.7 |
| Net income available to common stockholders per common share (diluted) | Net income available to common stockholders per common share (diluted) | $1.38 | 0.66 | 0.61 | 0.89 | 1.59 | $3.54 | 6.50 |
| Non-GAAP operating income per common share (diluted)<sup>(2)</sup> | Non-GAAP operating income per common share (diluted)<sup>(2)</sup> | $1.46 | 0.99 | 1.17 | 1.41 | 1.56 | $5.03 | 6.27 |
| <sup>(1)</sup> | Amounts are provided to reconcile net income available to common stockholders to non-GAAP operating income. | Amounts are provided to reconcile net income available to common stockholders to non-GAAP operating income. | Amounts are provided to reconcile net income available to common stockholders to non-GAAP operating income. | Amounts are provided to reconcile net income available to common stockholders to non-GAAP operating income. | Amounts are provided to reconcile net income available to common stockholders to non-GAAP operating income. | Amounts are provided to reconcile net income available to common stockholders to non-GAAP operating income. |  |  |
| <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)* | **Dec. 31,**<br>**2022** | **Sept. 30,**<br>**2022** | **June 30,**<br>**2022** | **Mar. 31,**<br>**2022** | **Dec. 31,**<br>**2021** |
| **ASSETS** |  |  |  |  |  |
| Investments |  |  |  |  |  |
| Fixed income securities, held-to-maturity, net of allowance for credit losses | $31.2 | 33.0 | 32.1 | 33.0 | 28.8 |
| Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses | 6612.1 | 6472.1 | 6439.3 | 6598.8 | 6710.0 |
| Commercial mortgage loans, net of allowance for credit losses | 149.2 | 145.2 | 137.2 | 115.9 | 95.8 |
| Equity securities, at fair value | 162.0 | 183.9 | 258.5 | 344.6 | 335.5 |
| Short-term investments | 440.5 | 269.3 | 289.2 | 256.7 | 447.9 |
| Alternative investments | 371.3 | 367.8 | 373.3 | 368.0 | 359.7 |
| Other investments | 71.2 | 64.8 | 56.2 | 57.7 | 49.3 |
| Total investments | 7837.5 | 7536.1 | 7585.9 | 7774.7 | 8027.0 |
| Cash |  | 0.5 | 0.4 | 0.4 | 0.5 |
| Restricted cash | 25.2 | 8.5 | 7.2 | 17.5 | 44.6 |
| Accrued investment income | 59.2 | 54.0 | 50.4 | 48.4 | 48.2 |
| Premiums receivable, net of allowance for credit losses | 1085.7 | 1113.5 | 1117.4 | 1011.5 | 945.2 |
| Reinsurance recoverable, net of allowance for credit losses | 782.8 | 713.1 | 572.2 | 577.4 | 600.1 |
| Prepaid reinsurance premiums | 172.4 | 178.7 | 174.6 | 175.0 | 183.0 |
| Current federal income tax | 3.5 | 24.6 | 15.6 |  | 0.8 |
| Deferred federal income tax | 172.7 | 164.6 | 109.5 | 55.3 |  |
| Property and equipment, net of accumulated depreciation and amortization | 84.3 | 85.3 | 83.4 | 83.2 | 82.1 |
| Deferred policy acquisition costs | 368.6 | 370.9 | 359.4 | 341.7 | 326.9 |
| Goodwill | 7.8 | 7.8 | 7.8 | 7.8 | 7.8 |
| Other assets | 202.5 | 262.8 | 234.0 | 217.7 | 195.2 |
| **Total assets** | $**10802.3** | **10520.5** | **10317.7** | **10310.5** | **10461.4** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| Reserve for loss and loss expense | $5144.8 | 4965.3 | 4722.2 | 4644.4 | 4580.9 |
| Unearned premiums | 1992.8 | 2022.2 | 1968.6 | 1872.7 | 1803.2 |
| Long-term debt | 504.7 | 505.2 | 505.1 | 505.6 | 506.1 |
| Current federal income tax |  |  |  | 16.5 |  |
| Deferred federal income tax |  |  |  |  | 13.4 |
| Accrued salaries and benefits | 115.2 | 112.2 | 102.5 | 90.6 | 121.1 |
| Other liabilities | 517.2 | 488.1 | 425.2 | 402.6 | 453.9 |
| Total liabilities | $8274.7 | 8092.9 | 7723.6 | 7532.3 | 7478.5 |
| **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 | 209.7 | 209.6 | 209.5 | 209.3 | 208.9 |
| Additional paid-in capital | 493.5 | 486.2 | 481.4 | 472.8 | 464.3 |
| Retained earnings | 2749.7 | 2683.8 | 2660.6 | 2640.4 | 2603.5 |
| Accumulated other comprehensive (loss) income | (498.0) | (525.0) | (336.4) | (129.8) | 115.1 |
| Treasury stock, at cost | (627.3) | (627.0) | (621.0) | (614.5) | (608.9) |
| Total stockholders' equity | $2527.6 | 2427.5 | 2594.1 | 2778.2 | 2982.9 |
| Commitments and contingencies |  |  |  |  |  |
| **Total liabilities and stockholders' equity** | $**10802.3** | **10520.5** | **10317.7** | **10310.5** | **10461.4** |
| 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** | **Quarter ended** | **Year-to-date** | **Year-to-date** |
| | | **Dec. 31,** | **Dec. 31,** | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Dec. 31,** | **Dec. 31,** |
| *($ and shares in millions, except per share data)* | *($ and shares in millions, except per share data)* | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** |
| **<u>Book value per common share</u>** | **<u>Book value per common share</u>** |  |  |  |  |  |  |  |  |
|  | Common stockholders' equity | $2327.6 |  | 2227.5 | 2394.1 | 2578.2 | 2782.9 | 2327.6 | 2782.9 |
|  | Common shares issued and outstanding, at period end | 60.3 |  | 60.3 | 60.3 | 60.3 | 60.2 | 60.3 | 60.2 |
|  | Book value per common share | $38.57 |  | 36.96 | 39.68 | 42.73 | 46.24 | 38.57 | 46.24 |
|  | Adjusted book value per common share<sup>(2)</sup> | 45.49 |  | 44.59 | 44.18 | 43.80 | 43.23 | 45.49 | 43.23 |
| **<u>Financial results (after-tax)</u>** | **<u>Financial results (after-tax)</u>** |  |  |  |  |  |  |  |  |
|  | Underwriting income | 36.4 |  | 21.4 | 29.8 | 44.1 | 42.7 | 131.8 | 172.7 |
|  | Net investment income | 65.5 |  | 51.5 | 56.7 | 58.5 | 64.5 | 232.2 | 263.0 |
|  | Interest expense and preferred stock dividends | (8.0) |  | (8.0) | (8.0) | (8.0) | (8.0) | (32.0) | (32.4) |
|  | Corporate expense | (5.0) |  | (4.5) | (7.3) | (8.7) | (4.3) | (25.6) | (22.7) |
|  | Net realized and unrealized investment (losses) gains | (4.7) |  | (20.3) | (33.9) | (31.9) | 1.8 | (90.7) | 13.9 |
|  | **Total after-tax net income available to common stockholders** | **84.2** |  | **40.2** | **37.2** | **54.0** | **96.7** | **215.7** | **394.5** |
| **<u>Return on average equity</u>** | **<u>Return on average equity</u>** |  |  |  |  |  |  |  |  |
|  | Insurance segments | 6.4 | % | 3.7 | 4.8 | 6.6 | 6.2 | 5.4 | 6.5 |
|  | Net investment income | 11.5 |  | 8.9 | 9.1 | 8.7 | 9.4 | 9.4 | 9.9 |
|  | Interest expense and preferred stock dividends | (1.4) |  | (1.4) | (1.3) | (1.2) | (1.2) | (1.3) | (1.2) |
|  | Corporate expense | (0.9) |  | (0.7) | (1.2) | (1.3) | (0.6) | (1.1) | (0.9) |
|  | Net realized and unrealized investment (losses) gains | (0.8) |  | (3.5) | (5.4) | (4.7) | 0.2 | (3.6) | 0.5 |
|  | **ROE** | **14.8** |  | **7.0** | **6.0** | **8.1** | **14.0** | **8.8** | **14.8** |
|  | Net realized and unrealized losses (gains)<sup>(1)</sup> | 0.8 |  | 3.5 | 5.4 | 4.7 | (0.2) | 3.6 | (0.5) |
|  | **Non-GAAP Operating ROE**<sup>(2)</sup> | **15.6** | **%** | **10.5** | **11.4** | **12.8** | **13.8** | **12.4** | **14.3** |
| **<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 | 60.0 | 60.0 |
|  | 7.25% Senior Notes | 49.8 |  | 49.8 | 49.8 | 49.8 | 49.8 | 49.8 | 49.8 |
|  | 6.70% Senior Notes | 99.3 |  | 99.3 | 99.3 | 99.2 | 99.2 | 99.3 | 99.2 |
|  | 5.375% Senior Notes | 291.9 |  | 291.8 | 291.7 | 291.7 | 291.6 | 291.9 | 291.6 |
|  | Finance Lease Obligations | 3.7 |  | 4.3 | 4.3 | 4.9 | 5.4 | 3.7 | 5.4 |
| Total debt | Total debt | 504.7 |  | 505.2 | 505.1 | 505.6 | 506.1 | 504.7 | 506.1 |
| Stockholders' equity | Stockholders' equity | 2527.6 |  | 2427.5 | 2594.1 | 2778.2 | 2982.9 | 2527.6 | 2982.9 |
| Total capitalization | Total capitalization | $3032.2 |  | 2932.7 | 3099.2 | 3283.8 | 3488.9 | 3032.2 | 3488.9 |
| Ratio of debt to total capitalization | Ratio of debt to total capitalization | 16.6 | % | 17.2 | 16.3 | 15.4 | 14.5 | 16.6 | 14.5 |
| Policyholders' surplus | Policyholders' surplus | $2473.7 |  | 2386.2 | 2404.4 | 2418.6 | 2391.0 | 2473.7 | 2391.0 |
| <sup>(1)</sup> | Amounts are provided to reconcile ROE to non-GAAP operating ROE. | Amounts are provided to reconcile ROE to non-GAAP operating ROE. | Amounts are provided to reconcile ROE to non-GAAP operating ROE. |  |  |  |  |  |  |
| <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 INSURANCE OPERATIONS**

**STATEMENT OF OPERATIONS**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year-to-date** | **Year-to-date** |
| | **Dec. 31,** | **Dec. 31,** | | | | | | |
|<br>*($ in millions)* | **2022** | **2022** | **Sept. 30,**<br>**2022** | **June 30,**<br>**2022** | **Mar. 31,**<br>**2022** | **Dec. 31,**<br>**2021** | **Dec. 31,**<br>**2022** | **Dec. 31,**<br>**2021** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $849.7 |  | 903.4 | 930.7 | 889.8 | 745.4 | 3573.6 | 3189.7 |
| Change in net premiums written, from comparable prior year period | 14 | % | 11 | 12 | 11 | 9 | 12 | 15 |
| Net premiums earned | $872.8 |  | 853.9 | 834.4 | 812.3 | 784.5 | 3373.4 | 3017.3 |
| Losses and loss expenses incurred | 544.8 |  | 547.8 | 524.9 | 494.2 | 473.7 | 2111.8 | 1814.0 |
| Net underwriting expenses incurred | 280.5 |  | 278.0 | 270.8 | 260.6 | 255.1 | 1089.9 | 979.5 |
| Dividends to policyholders | 1.3 |  | 0.9 | 1.0 | 1.6 | 1.7 | 4.9 | 5.1 |
| **GAAP underwriting income** | $**46.1** |  | **27.1** | **37.7** | **55.8** | **54.1** | **166.8** | **218.6** |
| Net catastrophe losses | $45.7 |  | 34.1 | 45.6 | 20.6 | 35.3 | 145.9 | 164.2 |
| (Favorable) prior year casualty reserve development | (38.0) |  | (16.0) | (12.0) | (20.0) | (15.0) | (86.0) | (81.0) |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 62.4 | % | 64.1 | 62.9 | 60.8 | 60.4 | 62.7 | 60.1 |
| Underwriting expense ratio | 32.1 |  | 32.6 | 32.5 | 32.1 | 32.5 | 32.3 | 32.5 |
| Dividends to policyholders ratio | 0.2 |  | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.2 |
| **Combined ratio** | **94.7** | **%** | **96.8** | **95.5** | **93.1** | **93.1** | **95.1** | **92.8** |
| Net catastrophe losses | 5.2 | pts | 4.0 | 5.5 | 2.5 | 4.5 | 4.3 | 5.4 |
| (Favorable) prior year casualty reserve development | (4.4) | pts | (1.9) | (1.4) | (2.5) | (1.9) | (2.5) | (2.7) |
| **Combined ratio before net catastrophe losses** | **89.5** | % | **92.8** | **90.0** | **90.6** | **88.6** | **90.8** | **87.4** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **93.9** |  | **94.7** | **91.4** | **93.1** | **90.5** | **93.3** | **90.1** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $161.4 |  | 167.5 | 138.6 | 150.4 | 125.2 | 617.9 | 471.7 |
| Non-catastrophe property loss and loss expenses | 18.5 | pts | 19.6 | 16.6 | 18.5 | 16.0 | 18.3 | 15.6 |
| Direct new business | $188.2 |  | 184.3 | 182.0 | 177.2 | 151.2 | 731.7 | 648.5 |
| Renewal pure price increases | 5.3 | % | 5.3 | 5.0 | 4.6 | 4.7 | 5.1 | 4.9 |
| 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** | **Year-to-date** | **Year-to-date** |
| | **Dec. 31,** | **Dec. 31,** | | | | | | |
|<br>*($ in millions)* | **2022** | **2022** | **Sept. 30,**<br>**2022** | **June 30,**<br>**2022** | **Mar. 31,**<br>**2022** | **Dec. 31,**<br>**2021** | **Dec. 31,**<br>**2022** | **Dec. 31,**<br>**2021** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $676.6 |  | 727.5 | 760.3 | 737.6 | 597.7 | 2902.0 | 2593.0 |
| Change in net premiums written, from comparable prior year period | 13 | % | 11 | 12 | 11 | 8 | 12 | 16 |
| Net premiums earned | $705.7 |  | 692.4 | 680.2 | 661.5 | 635.4 | 2739.8 | 2443.9 |
| Losses and loss expenses incurred | 439.3 |  | 438.3 | 406.9 | 399.5 | 378.6 | 1684.0 | 1426.8 |
| Net underwriting expenses incurred | 232.9 |  | 230.7 | 225.6 | 218.0 | 211.3 | 907.3 | 813.4 |
| Dividends to policyholders | 1.3 |  | 0.9 | 1.0 | 1.6 | 1.7 | 4.9 | 5.1 |
| **GAAP underwriting income** | $**32.1** |  | **22.5** | **46.7** | **42.4** | **43.7** | **143.7** | **198.6** |
| Net catastrophe losses | $40.2 |  | 18.2 | 22.3 | 14.9 | 26.8 | 95.6 | 104.1 |
| (Favorable) prior year casualty reserve development | (33.0) |  | (16.0) | (12.0) | (20.0) | (15.0) | (81.0) | (74.0) |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 62.3 | % | 63.4 | 59.7 | 60.4 | 59.5 | 61.5 | 58.4 |
| Underwriting expense ratio | 33.0 |  | 33.3 | 33.2 | 33.0 | 33.3 | 33.1 | 33.3 |
| Dividends to policyholders ratio | 0.2 |  | 0.1 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 |
| **Combined ratio** | **95.5** | **%** | **96.8** | **93.1** | **93.6** | **93.1** | **94.8** | **91.9** |
| Net catastrophe losses | 5.7 | pts | 2.6 | 3.3 | 2.3 | 4.2 | 3.5 | 4.3 |
| (Favorable) prior year casualty reserve development | (4.7) |  | (2.3) | (1.8) | (3.0) | (2.4) | (3.0) | (3.0) |
| **Combined ratio before net catastrophe losses** | **89.8** | **%** | **94.2** | **89.8** | **91.3** | **88.9** | **91.3** | **87.6** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **94.5** |  | **96.5** | **91.6** | **94.3** | **91.3** | **94.3** | **90.6** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $116.5 |  | 129.8 | 99.2 | 115.7 | 92.3 | 461.1 | 340.7 |
| Non-catastrophe property loss and loss expenses | 16.5 | pts | 18.7 | 14.6 | 17.5 | 14.5 | 16.8 | 13.9 |
| Direct new business | $126.8 |  | 128.2 | 129.0 | 128.4 | 104.4 | 512.5 | 469.9 |
| Renewal pure price increases | 5.6 | % | 5.8 | 5.3 | 4.8 | 5.0 | 5.4 | 5.3 |
| Retention | 86 | % | 86 | 86 | 87 | 86 | 85 | 85 |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |  |

---

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

**STANDARD COMMERCIAL LINES**

**GAAP LINE OF BUSINESS RESULTS**

**(Unaudited)**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** |
|<br>*($ in millions)* | **General**<br>**Liability** | **Commercial**<br>**Auto** | **Commercial**<br>**Property** | **Workers**<br>**Compensation** |<br>**BOP** |<br>**Bonds** |<br>**Other** |<br>**Total** | **General**<br>**Liability** | **Commercial**<br>**Auto** | **Commercial**<br>**Property** | **Workers**<br>**Compensation** |<br>**BOP** |<br>**Bonds** |<br>**Other** |<br>**Total** |
| Net premiums written | $221.6 | 200.9 | 121.5 | 80.2 | 35.4 | 10.5 | 6.6 | 676.6 | 194.8 | 173.7 | 112.8 | 67.9 | 33.4 | 9.1 | 6.0 | 597.7 |
| Net premiums earned | 234.5 | 213.0 | 123.8 | 85.8 | 30.8 | 11.2 | 6.7 | 705.7 | 210.4 | 188.9 | 115.5 | 75.6 | 29.7 | 9.3 | 6.0 | 635.4 |
| Loss and loss expense ratio | 55.7% | 78.0 | 66.6 | 31.0 | 98.6 | 27.9 | 0.3 | 62.3 | 55.0 | 78.9 | 62.6 | 26.4 | 62.8 | 30.0 | (0.2) | 59.5 |
| Underwriting expense ratio | 31.9 | 30.0 | 39.3 | 26.0 | 44.4 | 56.2 | 48.4 | 33.0 | 32.6 | 30.4 | 37.8 | 27.5 | 40.8 | 59.7 | 52.7 | 33.3 |
| Dividend ratio | 0.1 | 0.1 | 0.3 | 0.6 |  |  |  | 0.2 | 0.1 | 0.1 | 0.4 | 1.2 |  |  |  | 0.3 |
| **Combined ratio** | **87.7%** | **108.1** | **106.2** | **57.6** | **143.0** | **84.1** | **48.7** | **95.5** | 87.7 | 109.4 | 100.8 | 55.1 | 103.6 | 89.7 | 52.5 | 93.1 |
| Underwriting income (loss) | $28.8 | (17.3) | (7.6) | 36.3 | (13.2) | 1.8 | 3.4 | 32.1 | 25.8 | (17.8) | (0.9) | 33.9 | (1.1) | 1.0 | 2.9 | 43.7 |
|  | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** |
|  | **General** | **Commercial** | **Commercial** | **Workers** |  |  |  |  | **General** | **Commercial** | **Commercial** | **Workers** |  |  |  |  |
| *($ in millions)* | **Liability** | **Auto** | **Property** | **Compensation** | **BOP** | **Bonds** | **Other** | **Total** | **Liability** | **Auto** | **Property** | **Compensation** | **BOP** | **Bonds** | **Other** | **Total** |
| Net premiums written | $958.1 | 860.1 | 535.7 | 340.8 | 133.1 | 47.2 | 26.9 | 2902.0 | 859.3 | 767.7 | 470.0 | 317.0 | 116.4 | 38.1 | 24.4 | 2593.0 |
| Net premiums earned | 902.4 | 812.3 | 495.6 | 336.0 | 124.5 | 43.4 | 25.7 | 2739.8 | 807.2 | 724.4 | 436.4 | 306.4 | 110.6 | 35.8 | 23.1 | 2443.9 |
| Loss and loss expense ratio | 55.6% | 77.0 | 63.7 | 45.8 | 69.5 | 4.7 | 0.4 | 61.5 | 51.4 | 72.3 | 60.0 | 46.6 | 65.9 | 30.4 |  | 58.4 |
| Underwriting expense ratio | 32.8 | 30.8 | 37.6 | 26.1 | 38.5 | 58.8 | 51.8 | 33.1 | 33.2 | 30.9 | 37.5 | 26.6 | 39.3 | 59.2 | 50.3 | 33.3 |
| Dividend ratio |  |  | 0.1 | 1.0 |  |  |  | 0.2 | 0.1 |  | 0.1 | 1.2 |  |  |  | 0.2 |
| **Combined ratio** | **88.4%** | **107.8** | **101.4** | **72.9** | **108.0** | **63.5** | **52.2** | **94.8** | 84.7 | 103.2 | 97.6 | 74.4 | 105.2 | 89.6 | 50.3 | 91.9 |
| Underwriting income (loss) | $104.5 | (63.1) | (7.0) | 91.1 | (9.9) | 15.8 | 12.3 | 143.7 | 123.5 | (23.3) | 10.5 | 78.5 | (5.8) | 3.7 | 11.5 | 198.6 |
| 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** | **Year-to-date** | **Year-to-date** |
| | **Dec. 31,** | **Dec. 31,** | | | | | | |
|<br>*($ in millions)* | **2022** | **2022** | **Sept. 30,**<br>**2022** | **June 30,**<br>**2022** | **Mar. 31,**<br>**2022** | **Dec. 31,**<br>**2021** | **Dec. 31,**<br>**2022** | **Dec. 31,**<br>**2021** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $84.6 |  | 86.8 | 82.6 | 65.1 | 70.4 | 319.1 | 292.3 |
| Change in net premiums written, from comparable prior year period | 20 | % | 11 | 5 |  | 1 | 9 | (1) |
| Net premiums earned | $77.8 |  | 75.6 | 73.3 | 72.6 | 73.1 | 299.4 | 293.6 |
| Losses and loss expenses incurred | 58.7 |  | 57.3 | 66.6 | 48.5 | 51.8 | 231.1 | 212.1 |
| Net underwriting expenses incurred | 19.0 |  | 19.8 | 19.1 | 17.6 | 19.5 | 75.5 | 77.5 |
| **GAAP underwriting income (loss)** | $**—** |  | **(1.4)** | **(12.4)** | **6.5** | **1.8** | **(7.2)** | **4.0** |
| Net catastrophe losses | $4.1 |  | 11.3 | 21.1 | 4.3 | 7.3 | 40.8 | 37.4 |
| Prior year casualty reserve development |  |  |  |  |  |  |  |  |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 75.4 | % | 75.7 | 90.8 | 66.8 | 71.0 | 77.2 | 72.2 |
| Underwriting expense ratio | 24.5 |  | 26.1 | 26.1 | 24.2 | 26.6 | 25.2 | 26.4 |
| **Combined ratio** | **99.9** | **%** | **101.8** | **116.9** | **91.0** | **97.6** | **102.4** | **98.6** |
| Net catastrophe losses | 5.3 | pts | 14.9 | 28.7 | 6.0 | 9.9 | 13.6 | 12.7 |
| Prior year casualty reserve development |  |  |  |  |  |  |  |  |
| **Combined ratio before net catastrophe losses** | **94.6** | **%** | **86.9** | **88.2** | **85.0** | **87.7** | **88.8** | **85.9** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **94.6** |  | **86.9** | **88.2** | **85.0** | **87.7** | **88.8** | **85.9** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $35.6 |  | 29.0 | 26.9 | 25.6 | 26.1 | 117.1 | 102.8 |
| Non-catastrophe property loss and loss expenses | 45.7 | pts | 38.4 | 36.7 | 35.2 | 35.7 | 39.1 | 35.0 |
| Direct new business | $22.4 |  | 17.4 | 13.5 | 9.6 | 9.9 | 62.9 | 40.9 |
| Renewal pure price increases | 1.0 | % | 0.5 | 0.6 | 0.6 | 1.1 | 0.7 | 1.0 |
| Retention | 87 | % | 85 | 85 | 84 | 83 | 85 | 82 |
| 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 December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** |
|<br>*($ in millions)* | **Personal**<br>**Auto** |<br>**Homeowners** |<br>**Other** |<br>**Total** | **Personal**<br>**Auto** |<br>**Homeowners** |<br>**Other** |<br>**Total** |
| Net premiums written | $46.0 | 35.7 | 2.9 | 84.6 | 36.8 | 31.2 | 2.4 | 70.4 |
| Net premiums earned | 42.5 | 32.8 | 2.5 | 77.8 | 40.0 | 30.7 | 2.3 | 73.1 |
| Loss and loss expense ratio | 82.8% | 70.6 | 13.8 | 75.4 | 76.3 | 67.5 | 23.4 | 71.0 |
| Underwriting expense ratio | 29.7 | 30.5 | (141.2) | 24.5 | 30.1 | 31.4 | (95.5) | 26.6 |
| **Combined ratio** | **112.5%** | **101.1** | **(127.4)** | 99.9 | 106.4 | 98.9 | (72.1) | 97.6 |
| Underwriting income (loss) | $(5.3) | (0.4) | 5.7 |  | (2.6) | 0.3 | 4.0 | 1.8 |
|  | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** |
|  | **Personal** |  |  |  | **Personal** |  |  |  |
| *($ in millions)* | **Auto** | **Homeowners** | **Other** | **Total** | **Auto** | **Homeowners** | **Other** | **Total** |
| Net premiums written | $174.0 | 136.1 | 9.0 | 319.1 | 159.6 | 124.3 | 8.4 | 292.3 |
| Net premiums earned | 162.9 | 128.2 | 8.3 | 299.4 | 163.0 | 122.5 | 8.0 | 293.6 |
| Loss and loss expense ratio | 78.1% | 81.0 | (0.1) | 77.2 | 71.8 | 77.1 | 5.9 | 72.2 |
| Underwriting expense ratio | 29.4 | 30.0 | (131.1) | 25.2 | 30.2 | 30.7 | (116.0) | 26.4 |
| **Combined ratio** | **107.5%** | **111.0** | **(131.2)** | 102.4 | 102.0 | 107.8 | (110.1) | 98.6 |
| Underwriting income (loss) | $(12.2) | (14.1) | 19.2 | (7.2) | (3.3) | (9.6) | 16.9 | 4.0 |
| 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** | **Year-to-date** | **Year-to-date** |
| | **Dec. 31,** | **Dec. 31,** | | | | | | |
|<br>*($ in millions)* | **2022** | **2022** | **Sept. 30,**<br>**2022** | **June 30,**<br>**2022** | **Mar. 31,**<br>**2022** | **Dec. 31,**<br>**2021** | **Dec. 31,**<br>**2022** | **Dec. 31,**<br>**2021** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $88.5 |  | 89.1 | 87.9 | 87.1 | 77.3 | 352.5 | 304.4 |
| Change in net premiums written, from comparable prior year period | 14 | % | 9 | 13 | 29 | 27 | 16 | 23 |
| Net premiums earned | $89.3 |  | 85.8 | 80.9 | 78.2 | 76.0 | 334.2 | 279.8 |
| Losses and loss expenses incurred | 46.8 |  | 52.3 | 51.4 | 46.2 | 43.3 | 196.7 | 175.1 |
| Net underwriting expenses incurred | 28.5 |  | 27.5 | 26.1 | 25.0 | 24.2 | 107.2 | 88.7 |
| **GAAP underwriting income (loss)** | $**14.0** |  | **6.0** | **3.4** | **6.9** | **8.5** | **30.3** | **16.0** |
| Net catastrophe losses | $1.4 |  | 4.6 | 2.2 | 1.3 | 1.2 | 9.6 | 22.7 |
| (Favorable) prior year casualty reserve development | (5.0) |  |  |  |  |  | (5.0) | (7.0) |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 52.3 | % | 61.0 | 63.5 | 59.1 | 56.9 | 58.8 | 62.6 |
| Underwriting expense ratio | 32.0 |  | 32.0 | 32.3 | 32.0 | 31.9 | 32.1 | 31.7 |
| **Combined ratio** | **84.3** | % | **93.0** | **95.8** | **91.1** | **88.8** | **90.9** | **94.3** |
| Net catastrophe losses | 1.6 | pts | 5.4 | 2.8 | 1.7 | 1.6 | 2.9 | 8.1 |
| (Favorable) prior year casualty reserve development | (5.6) |  |  |  |  |  | (1.5) | (2.5) |
| **Combined ratio before net catastrophe losses** | **82.7** | **%** | **87.6** | **93.0** | **89.4** | **87.2** | **88.0** | **86.2** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **88.3** |  | **87.6** | **93.0** | **89.4** | **87.2** | **89.5** | **88.7** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $9.4 |  | 8.7 | 12.5 | 9.1 | 6.8 | 39.6 | 28.2 |
| Non-catastrophe property loss and loss expenses | 10.5 | pts | 10.1 | 15.4 | 11.6 | 8.9 | 11.9 | 10.1 |
| Direct new business | $39.0 |  | 38.6 | 39.5 | 39.2 | 37.0 | 156.3 | 137.7 |
| Renewal pure price increases | 7.9 | % | 6.7 | 6.9 | 7.7 | 5.9 | 7.3 | 6.5 |
| 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 December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** | **Quarter ended December 31, 2021** |
|<br>*($ in millions)* | **Casualty** | **Property** | **Total** | **Casualty** | **Property** | **Total** |
| Net premiums written | $60.6 | 27.8 | 88.5 | 53.0 | 24.3 | 77.3 |
| Net premiums earned | 62.8 | 26.5 | 89.3 | 53.3 | 22.7 | 76.0 |
| Loss and loss expense ratio | 57.3% | 40.8 | 52.3 | 66.2 | 35.0 | 56.9 |
| Underwriting expense ratio | 31.3 | 33.4 | 32.0 | 31.8 | 32.1 | 31.9 |
| **Combined ratio** | **88.6%** | **74.2** | **84.3** | 98.0 | 67.1 | 88.8 |
| Underwriting income (loss) | $7.1 | 6.8 | 14.0 | 1.1 | 7.5 | 8.5 |
|  | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2022** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** | **Year-to-Date December 31, 2021** |
| *($ in millions)* | **Casualty** | **Property** | **Total** | **Casualty** | **Property** | **Total** |
| Net premiums written | $243.7 | 108.9 | 352.5 | 212.5 | 91.9 | 304.4 |
| Net premiums earned | 233.1 | 101.1 | 334.2 | 197.8 | 82.0 | 279.8 |
| Loss and loss expense ratio | 63.3% | 48.6 | 58.8 | 62.8 | 62.1 | 62.6 |
| Underwriting expense ratio | 32.1 | 32.0 | 32.1 | 32.0 | 30.9 | 31.7 |
| **Combined ratio** | **95.4%** | **80.6** | **90.9** | 94.8 | 93.0 | 94.3 |
| Underwriting income (loss) | $10.7 | 19.6 | 30.3 | 10.3 | 5.7 | 16.0 |
| 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** | **Quarter ended** | **Year-to-date** | **Year-to-date** |
| | **Dec. 31,** | **Dec. 31,** | | | | | | |
|<br>*($ in millions)* | **2022** | **2022** | **Sept. 30,**<br>**2022** | **June 30,**<br>**2022** | **Mar. 31,**<br>**2022** | **Dec. 31,**<br>**2021** | **Dec. 31,**<br>**2022** | **Dec. 31,**<br>**2021** |
| **Net investment income** |  |  |  |  |  |  |  |  |
| Fixed income securities |  |  |  |  |  |  |  |  |
| Taxable | $69.2 |  | 61.9 | 55.4 | 47.0 | 45.6 | 233.5 | 180.7 |
| Tax-exempt | 6.4 |  | 6.4 | 6.7 | 6.9 | 7.0 | 26.5 | 29.0 |
| Total fixed income securities | 75.6 |  | 68.2 | 62.1 | 53.9 | 52.6 | 259.9 | 209.7 |
| Commercial mortgage loans | 1.8 |  | 1.6 | 1.2 | 1.0 | 0.9 | 5.6 | 2.7 |
| Equity securities | 5.9 |  | 2.6 | 2.6 | 2.4 | 7.5 | 13.6 | 15.9 |
| Alternative investments | 0.2 |  | (5.6) | 9.3 | 19.1 | 24.8 | 23.0 | 117.7 |
| Other investments | 0.2 |  | 0.1 | (0.2) | 0.2 | 0.1 | 0.3 | 0.4 |
| Short-term investments | 2.3 |  | 1.2 | 0.4 | 0.1 | 0.1 | 4.0 | 0.3 |
| Investment income | 86.0 |  | 68.1 | 75.4 | 76.7 | 85.9 | 306.3 | 346.7 |
| Investment expenses | (4.6) |  | (4.2) | (5.2) | (4.1) | (5.8) | (18.1) | (20.1) |
| Investment tax expense | (16.0) |  | (12.4) | (13.6) | (14.1) | (15.6) | (56.0) | (63.6) |
| **Total net investment income, after-tax** | $**65.5** |  | **51.5** | **56.7** | **58.5** | **64.5** | **232.2** | **263.0** |
| **Net realized and unrealized investment (losses) gains, pre-tax** | $**(5.9)** |  | **(25.7)** | **(42.9)** | **(40.4)** | **2.2** | **(114.8)** | **17.6** |
| **Change in unrealized (losses) gains recognized in other comprehensive income, pre-tax** | $**54.7** |  | **(239.2)** | **(261.9)** | **(310.4)** | **(54.1)** | **(756.9)** | **(157.4)** |
| **Average investment yields** |  |  |  |  |  |  |  |  |
| Fixed income investments, pre-tax | 4.6 | % | 4.2 | 3.8 | 3.2 | 3.1 | 3.9 | 3.2 |
| Fixed income investments, after-tax | 3.7 |  | 3.4 | 3.1 | 2.6 | 2.5 | 3.1 | 2.6 |
| Total portfolio, pre-tax | 4.2 | % | 3.4 | 3.7 | 3.7 | 4.0 | 3.6 | 4.2 |
| Total portfolio, after-tax | 3.4 |  | 2.7 | 3.0 | 3.0 | 3.2 | 2.9 | 3.4 |
| **Effective tax rate on net investment income** | **19.6** | **%** | **19.3** | **19.3** | **19.4** | **19.5** | **19.4** | **19.5** |
| **New money purchase rates for fixed income investments, pre-tax** | **6.1** |  | **5.1** | **4.5** | **3.3** | **2.7** | **4.5** | **2.3** |
| **New money purchase rates for fixed income investments, after-tax** | **4.9** |  | **4.1** | **3.6** | **2.6** | **2.1** | **3.6** | **1.8** |
| **Effective duration of fixed income investments including short-term (in years)** | **4.1** |  | **4.2** | **4.1** | **4.1** | **3.9** | **4.1** | **3.9** |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |  |

---

------

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

**CONSOLIDATED COMPOSITION OF INVESTED ASSETS**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dec. 31,** | **Dec. 31,** | **Dec. 31,** | **Sept. 30,** | **Sept. 30,** | **June 30,** | **June 30,** | **Mar. 31,** | **Mar. 31,** | **Dec. 31,** | **Dec. 31,** |
| | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** |
|<br>*($ in millions)* | **Amount** | **Percent** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
| Fixed income securities, at fair value | $6641.9 | 85 | % | 6503.6 | 86 | 6470.6 | 85 | 6631.4 | 85 | 6739.4 | 84 |
| Commercial mortgage loans, at fair value | 139.2 | 2 |  | 136.7 | 2 | 130.0 | 2 | 113.1 | 1 | 97.6 | 1 |
| Total fixed income investments | 6781.2 | 87 |  | 6640.2 | 88 | 6600.6 | 87 | 6744.6 | 87 | 6837.0 | 85 |
| Short-term investments | 440.5 | 6 |  | 269.3 | 4 | 289.2 | 4 | 256.7 | 3 | 447.9 | 6 |
| Total fixed income and short-term investments | 7221.6 | 92 |  | 6909.5 | 92 | 6889.8 | 91 | 7001.3 | 90 | 7284.9 | 91 |
| Equity securities, at fair value | 162.0 | 2 |  | 183.9 | 2 | 258.5 | 3 | 344.6 | 4 | 335.5 | 4 |
| Alternative investments | 371.3 | 5 |  | 367.8 | 5 | 373.3 | 5 | 368.0 | 5 | 359.7 | 4 |
| Other investments | 71.2 | 1 |  | 64.8 | 1 | 56.2 | 1 | 57.7 | 1 | 49.3 | 1 |
| **Total investments** | $**7826.2** | **100** | **%** | **7526.0** | **100** | **7577.9** | **100** | **7771.5** | **100** | **8029.5** | **100** |
| **Fixed income investments, at carry value** |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government obligations | $189.2 | 3 | % | 148.2 | 2 | 114.3 | 2 | 127.1 | 2 | 130.5 | 2 |
| Foreign government obligations | 9.6 |  |  | 13.8 |  | 15.3 |  | 16.7 |  | 15.9 |  |
| Obligations of state and political subdivisions | 921.4 | 14 |  | 971.0 | 15 | 1069.7 | 16 | 1128.9 | 17 | 1192.7 | 17 |
| Corporate securities | 2362.8 | 35 |  | 2294.2 | 34 | 2305.1 | 35 | 2417.3 | 36 | 2598.9 | 38 |
| Collateralized loan obligations and other asset-backed securities | 1486.0 | 22 |  | 1467.4 | 22 | 1437.8 | 22 | 1417.2 | 21 | 1350.8 | 20 |
| Residential mortgage-backed securities | 1059.8 | 16 |  | 1016.1 | 15 | 911.8 | 14 | 878.0 | 13 | 776.2 | 11 |
| Commercial mortgage-backed securities | 614.4 | 9 |  | 594.3 | 9 | 617.5 | 9 | 646.7 | 10 | 673.7 | 10 |
| Commercial mortgage loans | 149.2 | 2 |  | 145.2 | 2 | 137.2 | 2 | 115.9 | 2 | 95.8 | 1 |
| **Total fixed income investments** | $**6792.5** | **100** | **%** | **6650.3** | **100** | **6608.6** | **100** | **6747.8** | **100** | **6834.6** | **100** |
| **Expected maturities of fixed income investments at carry value** |  |  |  |  |  |  |  |  |  |  |  |
| Due in one year or less | $337.3 | 5 | % | 331.0 | 5 | 339.4 | 5 | 405.0 | 6 | 502.0 | 7 |
| Due after one year through five years | 3004.8 | 44 |  | 2910.0 | 44 | 2868.1 | 43 | 2983.8 | 44 | 3238.3 | 47 |
| Due after five years through 10 years | 2658.4 | 39 |  | 2469.6 | 37 | 2511.6 | 38 | 2475.0 | 37 | 2360.9 | 35 |
| Due after 10 years | 792.0 | 12 |  | 939.7 | 14 | 889.6 | 13 | 884.0 | 13 | 733.4 | 11 |
| **Total fixed income investments** | $**6792.5** | **100** | **%** | **6650.3** | **100** | **6608.6** | **100** | **6747.8** | **100** | **6834.6** | **100** |
| **Weighted average credit quality of fixed income and short-term investments** |  |  |  |  |  |  |  |  |  |  |  |
| Investment grade credit quality | $6962.8 | 96 | % | 6658.1 | 96 | 6637.3 | 96 | 6725.8 | 96 | 7023.9 | 96 |
| Non-investment grade credit quality | 258.9 | 4 |  | 251.4 | 4 | 252.5 | 4 | 275.4 | 4 | 261.0 | 4 |
| **Total fixed income and short-term investments, at fair value** | $**7221.6** | **100** | **%** | **6909.5** | **100** | **6889.8** | **100** | **7001.3** | **100** | **7284.9** | **100** |
| **Weighted average credit quality of fixed income and short-term investments** | **AA-** | **AA-** |  | **AA-** | **AA-** | **A+** | **A+** | **A+** | **A+** | **A+** | **A+** |
| **<u>Alternative investments</u>** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |  |  |  |  |  |  |
|  |  |  |  |  | **Current** |  |  |  |  |  |  |
|  | **Number of** | **Original** | **Original** | **Remaining** | **Market** |  |  |  |  |  |  |
| **Strategy** | **Funds** | **Commitment** | **Commitment** | **Commitment** | **Value** |  |  |  |  |  |  |
| Private equity | 59 | $378.4 | 378.4 | 134.7 | 281.0 |  |  |  |  |  |  |
| Private credit | 16 | 160.9 | 160.9 | 89.5 | 54.9 |  |  |  |  |  |  |
| Real assets | 9 | 57.5 | 57.5 | 21.9 | 35.5 |  |  |  |  |  |  |
| **Total** | **84** | $**596.9** | **596.9** | **246.1** | **371.3** |  |  |  |  |  |  |
| 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 December 31, 2022**<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 | 210 | 189 | 2.4 | 4.6 | 5.1 | 7.5 | 187 | 2 |  |  |  |  |
| Foreign government obligations | 11 | 10 | 0.1 | 5.2 | 6.7 | 8.2 |  | 2 | 5 | 2 |  |  |
| State and municipal obligations | 969 | 921 | 11.8 | 3.8 | 5.0 | 6.1 | 181 | 419 | 286 | 37 |  |  |
| Corporate securities | 2586 | 2361 | 30.2 | 5.8 | 4.6 | 6.3 | 41 | 270 | 974 | 916 | 160 |  |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage-backed securities ("RMBS"): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency RMBS | 809 | 737 | 9.4 | 4.7 | 5.9 | 8.6 | 737 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-agency RMBS | 360 | 323 | 4.1 | 5.8 | 4.5 | 7.1 | 213 | 35 | 76 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total RMBS | **1170** | **1060** | **13.5** | **5.1** | **5.5** | **8.2** | **949** | **35** | **76** | **—** | **—** | **—** |
| Commercial mortgage-backed securities | 664 | 614 | 7.9 | 6.5 | 3.3 | 4.3 | 523 | 44 | 42 | 5 |  |  |
| Total mortgage-backed securities | **1833** | **1674** | **21.4** | **5.6** | **4.7** | **6.8** | **1472** | **79** | **117** | **5** | **—** | **—** |
| Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto | 30 | 29 | 0.4 | 8.5 | 1.8 | 1.9 | 29 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aircraft | 58 | 48 | 0.6 | 11.4 | 2.9 | 3.5 |  | 1 | 20 | 22 | 6 |  |
| &nbsp;&nbsp;&nbsp;CLOs | 867 | 809 | 10.3 | 7.6 | 2.1 | 5.2 | 386 | 261 | 47 | 38 | 59 | 17 |
| &nbsp;&nbsp;&nbsp;Credit cards | 8 | 8 | 0.1 | 6.2 | 3.1 | 3.5 | 7 |  | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other ABS | 644 | 592 | 7.6 | 6.8 | 4.1 | 5.2 | 155 | 91 | 277 | 55 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total CLOs and ABS | **1608** | **1486** | **19.0** | **7.4** | **2.9** | **5.1** | **578** | **354** | **345** | **114** | **71** | **25** |
| &nbsp;&nbsp;&nbsp;Total securitized assets | 3441 | 3160 | 40.4 | 6.4 | 3.8 | 6.0 | 2050 | 433 | 462 | 120 | 71 | 25 |
| Commercial mortgage loans | 149 | 139 | 1.8 | 4.9 | 4.4 | 6.2 |  | 11 | 58 | 67 | 3 |  |
| **Total fixed income investments** | **7366** | **6781** | **86.6** | **5.8** | **4.3** | **6.1** | **2459** | **1137** | **1785** | **1141** | **234** | **25** |
| Short-term investments | 440 | 440 | 5.6 | 4.2 | 0.0 | 0.0 | 420 | 20 |  |  |  |  |
| **Total fixed income and short-term investments** | **7807** | **7222** | **92.3** | **5.7** | **4.1** | **5.8** | **2879** | **1157** | **1785** | **1141** | **234** | **25** |
| **Total fixed income securities and short-term investments by credit rating percentage** |  |  |  |  |  |  | **39.9%** | **16.0%** | **24.7%** | **15.8%** | **3.2%** | **0.3%** |
| **Equity securities:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Common stock<sup>(1)</sup> | 165 | 160 | 2.0 |  |  |  |  |  |  |  |  | 160 |
| Preferred stock | 2 | 2 |  |  |  |  |  |  |  | 2 |  |  |
| **Total equity securities** | **167** | **162** | **2.1** | **—** | **—** | **—** | **—** | **—** | **—** | **2** | **—** | **160** |
| **Alternative investments** |  |  |  |  |  |  |  |  |  |  |  |  |
| Private equity | 281 | 281 | 3.6 |  |  |  |  |  |  |  |  | 281 |
| Private credit | 55 | 55 | 0.7 |  |  |  |  |  |  |  |  | 55 |
| Real assets | 35 | 35 | 0.5 |  |  |  |  |  |  |  |  | 35 |
| &nbsp;&nbsp;&nbsp;Total alternative investments | 371 | 371 | 4.7 |  |  |  |  |  |  |  |  | 371 |
| **Other investments** | 71 | 71 | 0.9 |  |  |  |  |  |  |  |  | 71 |
| **Total invested assets** | $**8417** | $**7826** | **100.0%** | **—** | **—** | **—** | $**2879** | $**1157** | $**1785** | $**1143** | $**234** | $**628** |
| <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 AVAILABLE TO COMMON STOCKHOLDERS TO NON-GAAP OPERATING INCOME AND CERTAIN OTHER NON-GAAP MEASURES**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year-to-date** | **Year-to-date** |  |
| | **Dec. 31,** | **Dec. 31,** | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Dec. 31,** | **Dec. 31,** |  |
| *($ in millions, except per share data)* | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** |  |
| **Reconciliation of net income available to common stockholders to non-GAAP operating income** |  |  |  |  |  |  |  |  |  |
| Net income available to common stockholders | $84.2 |  | 40.2 | 37.2 | 54.0 | 96.7 | 215.7 | 394.5 |  |
| Net realized and unrealized investment losses (gains) included in net income, before tax | 5.9 |  | 25.7 | 42.9 | 40.4 | (2.2) | 114.8 | (17.6) |  |
| Tax on reconciling items | (1.2) |  | (5.4) | (9.0) | (8.5) | 0.5 | (24.1) | 3.7 |  |
| Non-GAAP operating income | $88.9 |  | 60.5 | 71.1 | 85.9 | 94.9 | 306.4 | 380.6 |  |
| **Reconciliation of net income available to common stockholders per diluted common share to non-GAAP operating income per diluted common share** |  |  |  |  |  |  |  |  |  |
| Net income available to common stockholders per diluted common share | $1.38 |  | 0.66 | 0.61 | 0.89 | 1.59 | 3.54 | 6.50 |  |
| Net realized and unrealized investment losses (gains) included in net income, before tax | 0.10 |  | 0.42 | 0.70 | 0.66 | (0.04) | 1.89 | (0.29) |  |
| Tax on reconciling items | (0.02) |  | (0.09) | (0.14) | (0.14) | 0.01 | (0.40) | 0.06 |  |
| Non-GAAP operating income per diluted common share | $1.46 |  | 0.99 | 1.17 | 1.41 | 1.56 | 5.03 | 6.27 |  |
| **Reconciliation of ROE to non-GAAP operating ROE** |  |  |  |  |  |  |  |  |  |
| ROE | 14.8 | % | 7.0 | 6.0 | 8.1 | 14.0 | 8.8 | 14.8 |  |
| Net realized and unrealized investment losses (gains) included in net income, before tax | 1.0 |  | 4.4 | 6.9 | 6.0 | (0.3) | 4.7 | (0.7) |  |
| Tax on reconciling items | (0.2) |  | (0.9) | (1.5) | (1.3) | 0.1 | (1.1) | 0.2 |  |
| Non-GAAP operating ROE | 15.6 | % | 10.5 | 11.4 | 12.8 | 13.8 | 12.4 | 14.3 |  |
| **Reconciliation of book value per common share to adjusted book value per common share** |  |  |  |  |  |  |  |  |  |
| Book value per common share | $38.57 |  | 36.96 | 39.68 | 42.73 | 46.24 | 38.57 | 46.24 |  |
| Total unrealized investment losses (gains) included in accumulated other comprehensive (loss) income, before tax | 8.75 |  | 9.67 | 5.69 | 1.35 | (3.80) | 8.75 | (3.80) |  |
| Tax on reconciling items | (1.83) |  | (2.04) | (1.19) | (0.28) | 0.79 | (1.83) | 0.79 |  |
| Adjusted book value per common share | $45.49 |  | 44.59 | 44.18 | 43.80 | 43.23 | 45.49 | 43.23 |  |
| Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Note: Amounts may not foot due to rounding. |
| Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |

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

**RATINGS AND CONTACT INFORMATION**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Address:** | **As of December 31, 2022** | | | | |
| 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** |  |  |  |  |
| Rohan Pai | EQ Shareowner Services |  |  |  |  |
| Senior Vice President | P.O. Box 64854 |  |  |  |  |
| Investor Relations & Treasurer | St. Paul, MN 55164 |  |  |  |  |
| Phone: 973-948-1364 | 866-877-6351 |  |  |  |  |
| <u>Rohan.Pai@Selective.com</u> |  |  |  |  |  |
| **Media Contact:** |  |  |  |  |  |
| Jamie M. Beal |  |  |  |  |  |
| Vice President |  |  |  |  |  |
| Director of Communications |  |  |  |  |  |
| Phone: 973-948-1234 |  |  |  |  |  |
| <u>Jamie.Beal@Selective.com</u> |  |  |  |  |  |

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