# EDGAR Filing Document

**Accession Number:** 0000230557
**File Stem:** 0000230557-26-000003
**Filing Date:** 2026-1
**Character Count:** 224950
**Document Hash:** 12481e73db828d288a0e8bf4e718676a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000230557-26-000003.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000230557-26-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20260129

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33067
- **FILM NUMBER:** 26578279

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

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

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

?xml version='1.0' encoding='ASCII'? sigi-20260129

**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) January 29, 2026

---

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

---

---

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

---

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

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

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

<u>Not Applicable</u> <br> (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol (s)** | **Name of each exchange on which registered** |
| Common Stock, par value $2 per share | SIGI | The Nasdaq Stock Market LLC |
| Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value | SIGIP | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

------

**Section 2 – Financial Information**

**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On January 29, 2026, Selective Insurance Group, Inc. (the "Company") issued a press release announcing results for the fourth quarter ended December 31, 2025. The press release is attached hereto as Exhibit 99.1.

**Section 7 – Regulation FD**

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

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

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

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

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

**Section 9 – Financial Statements and Exhibits**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1](q42025pressreleaseexh991.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Press Release of Selective Insurance Group, Inc. dated January 29, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2](q42025pressreleasesuppleme.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Financial Supplement, Fourth Quarter and Full Year 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.3](sigifourthquarter2025inv.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. Fourth Quarter and Full Year 2025 Investor Presentation

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

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | SELECTIVE INSURANCE GROUP, INC. | SELECTIVE INSURANCE GROUP, INC. |
| Date: | January 29, 2026 | By: | /s/ Michael H. Lanza |
|  |  |  | Michael H. Lanza |
|  |  |  | Executive Vice President and General Counsel |

---

## Exhibit 99.1

**Exhibit 99.1**

![image1a.gif](image1a.gif)

**Selective Reports Fourth Quarter and Year-End 2025 Results** 

**Net Income per Diluted Common Share of $2.52 and Non-GAAP Operating Income**<sup>1</sup> **per** 

**Diluted Common Share of $2.57;** 

**Return on Common Equity ("ROE") of 18.3% and Non-GAAP Operating ROE**<sup>1</sup> **of 18.7%**

**Full Year 2025 ROE of 14.4% and Non-GAAP Operating ROE**<sup>1</sup> **of 14.2%**

In the fourth quarter of 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net premiums written ("NPW") increased 4% from the fourth quarter of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The GAAP combined ratio was 93.8%, compared to 98.5% in the fourth quarter of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial Lines renewal pure price increases averaged 7.5%, compared to 8.8% in the fourth quarter of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax net investment income was $114 million, up 17% from the fourth quarter of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value per common share was $56.74, up 4% from last quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted book value per common share¹ was $57.91, up 4% from last quarter.

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

**Branchville, NJ - January 29, 2026 -** Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the fourth quarter ended December 31, 2025, with net income per diluted common share of $2.52 and non-GAAP operating income<sup>1</sup> per diluted common share of $2.57. ROE was 18.3% and non-GAAP operating ROE<sup>1</sup> was 18.7%.

For the quarter, Selective's combined ratio was 93.8%. Catastrophe losses were 1.7 points, and there was no net prior year casualty reserve development. NPW grew 4% from a year ago, driven by renewal pure price increases of 8.3%. Net investment income increased 17% from a year ago, to $114 million after-tax, generating 13.6 points of annualized ROE in the quarter.

For the year, Selective reported net income per diluted common share of $7.49 and non-GAAP operating income<sup>1</sup> per diluted common share of $7.38. The 2025 combined ratio was 97.2%, an improvement of almost six points, driven by the loss and loss expense ratio. NPW increased 5% driven by renewal pure price increases of 9.5%. After-tax net investment income was $421.2 million, up 16% from a year ago, and generated 13.3 points of ROE.

"We are well-positioned to build on recent momentum. We delivered a double-digit operating ROE of 14.2% in 2025, reflecting the strength of our disciplined execution and resilience of our business model. This exceeds our ten-year average operating ROE of 12.1%. Our performance drove an 18% increase in book value per share in 2025, and we returned $182 million to common stockholders through regular dividends and opportunistic share repurchases," said John J. Marchioni, Chairman, President and Chief Executive Officer.

"We executed key strategic initiatives across our business, delivering excellent growth and underwriting profitability in Excess and Surplus Lines. In Personal Lines, we improved our underwriting results as we continue to shift toward the mass affluent market. We also are executing targeted rate and underwriting actions in Standard Commercial Lines to achieve future profitability improvements."

"As Selective celebrates its 100th anniversary in 2026, we are building on a century of strength and resilience while maintaining a clear focus on the future. Our efforts include advancing strategic priorities that enhance our operational fundamentals in risk selection, individual policy pricing, and claims outcomes; diversifying revenue and income within and across our three insurance segments; and expanding our use of data analytics and technology, including artificial intelligence, to enhance efficiency and performance. We remain committed to making strategic investments that fuel continued growth, innovation, and performance excellence," concluded Mr. Marchioni.

------

**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* | **2025** | **2025** | **2024** | **Change** | **Change** | **2025** | **2025** | **2024** | **Change** | **Change** |
| Net premiums written | $1129.5 |  | 1089.6 | 4 | % | $4866.5 |  | 4630.0 | 5 | % |
| Net premiums earned | 1216.7 |  | 1133.0 | 7 |  | 4768.2 |  | 4376.4 | 9 |  |
| Net investment income earned | 143.8 |  | 122.8 | 17 |  | 531.2 |  | 457.1 | 16 |  |
| Net realized and unrealized gains (losses), pre-tax | (4.1) |  | (8.0) | (48) |  | 8.3 |  | (2.9) | (382) |  |
| Total revenues | 1364.9 |  | 1256.4 | 9 |  | 5336.9 |  | 4861.7 | 10 |  |
| Net underwriting income (loss), after-tax | 60.0 |  | 13.3 | 352 |  | 107.4 |  | (104.7) | (202) |  |
| Net investment income, after-tax | 114.2 |  | 97.3 | 17 |  | 421.2 |  | 362.6 | 16 |  |
| Net income (loss) available to common stockholders | 152.9 |  | 93.2 | 64 |  | 457.2 |  | 197.8 | 131 |  |
| Non-GAAP operating income (loss)<sup>1</sup> | 156.2 |  | 99.6 | 57 |  | 450.6 |  | 200.1 | 125 |  |
| Combined ratio | 93.8 | % | 98.5 | (4.7) | pts | 97.2 | % | 103.0 | (5.8) | pts |
| Loss and loss expense ratio | 63.2 |  | 67.8 | (4.6) |  | 66.3 |  | 72.3 | (6.0) |  |
| Underwriting expense ratio | 30.5 |  | 30.6 | (0.1) |  | 30.8 |  | 30.6 | 0.2 |  |
| Dividends to policyholders ratio | 0.1 |  | 0.1 |  |  | 0.1 |  | 0.1 |  |  |
| Net catastrophe losses | 1.7 | pts | (0.9) | 2.6 |  | 3.5 | pts | 6.5 | (3.0) |  |
| Non-catastrophe property losses and loss expenses | 13.1 |  | 15.7 | (2.6) |  | 14.3 |  | 15.6 | (1.3) |  |
| (Favorable) unfavorable prior year reserve development on casualty lines |  |  | 8.8 | (8.8) |  | 1.9 |  | 7.1 | (5.2) |  |
| Current year casualty loss costs | 48.4 |  | 44.2 | 4.2 |  | 46.6 |  | 43.1 | 3.5 |  |
| Net income (loss) available to common stockholders per diluted common share | $2.52 |  | 1.52 | 66 | % | $7.49 |  | 3.23 | 132 | % |
| Non-GAAP operating income (loss) per diluted common share<sup>1</sup> | 2.57 |  | 1.62 | 59 |  | 7.38 |  | 3.27 | 126 |  |
| Weighted average diluted common shares | 60.7 |  | 61.3 | (1) |  | 61.1 |  | 61.3 |  |  |
| Book value per common share | $56.74 |  | 47.99 | 18 |  | $56.74 |  | 47.99 | 18 |  |
| Adjusted book value per common share<sup>1</sup> | 57.91 |  | 52.10 | 11 |  | 57.91 |  | 52.10 | 11 |  |

---

**Overall Insurance Operations**

In the fourth quarter, overall NPW increased 4%, as we implemented rate and non-rate actions to enhance underwriting profitability. Average renewal pure price increased 8.3%, down 2.4 points from a year ago. Our combined ratio improved to 93.8%, 4.7 points better than a year ago, primarily because of the lack of prior year casualty reserve development compared to 8.8 points of unfavorable prior year casualty reserve development a year ago. This was partially offset by higher current year casualty loss costs.

Overall, insurance segment performance generated 7.2 points of ROE in the fourth quarter of 2025, up 5.4 points from the fourth quarter of 2024.

**Standard Commercial Lines Segment** 

In the fourth quarter, Standard Commercial Lines premiums, which account for 78% of total NPW, grew 5% from a year ago. This growth reflected average renewal pure price increases of 7.5% and retention of 82%. The fourth quarter combined ratio was 92.9%, 7.3 points better than a year ago. The improvement was driven by favorable prior year casualty reserve development of 1.6 points, compared to unfavorable prior year casualty reserve development of 8.5 points a year ago. This was partially offset by higher current year casualty loss costs in Commercial Auto.

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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* | **2025** | **2025** | **2024** | **Change** | **Change** | **2025** | **2025** | **2024** | **Change** | **Change** |
| Net premiums written | $875.6 |  | 833.4 | 5 | % | $3837.7 |  | 3632.1 | 6 | % |
| Net premiums earned | 956.8 |  | 884.6 | 8 |  | 3753.9 |  | 3447.6 | 9 |  |
| Combined ratio | 92.9 | % | 100.2 | (7.3) | pts | 98.3 | % | 104.2 | (5.9) | pts |
| Loss and loss expense ratio | 61.3 |  | 68.5 | (7.2) |  | 66.4 |  | 72.5 | (6.1) |  |
| Underwriting expense ratio | 31.5 |  | 31.6 | (0.1) |  | 31.8 |  | 31.5 | 0.3 |  |
| Dividends to policyholders ratio | 0.1 |  | 0.1 |  |  | 0.1 |  | 0.2 | (0.1) |  |
| Net catastrophe losses | 1.3 | pts | (0.9) | 2.2 |  | 2.6 | pts | 5.3 | (2.7) |  |
| Non-catastrophe property losses and loss expenses | 11.5 |  | 14.0 | (2.5) |  | 13.0 |  | 13.3 | (0.3) |  |
| (Favorable) unfavorable prior year reserve development on casualty lines | (1.6) |  | 8.5 | (10.1) |  | 1.7 |  | 8.3 | (6.6) |  |
| Current year casualty loss costs | 50.1 |  | 46.9 | 3.2 |  | 49.1 |  | 45.6 | 3.5 |  |

---

**Standard Personal Lines Segment** 

We continue to focus on growth in states where we have filed and obtained adequate rate approvals. For the fourth quarter, our deliberate profit improvement actions resulted in Standard Personal Lines premiums, which represent 8% of total NPW, declining 8% and new business falling 18% from a year ago. Renewal pure price was 15.1% and retention was 80%. The fourth quarter 2025 combined ratio increased 11.3 points from a year ago to 103.0%, primarily due to higher current year casualty loss costs driven by Personal Auto and catastrophe losses.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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* | **2025** | **2025** | **2024** | **Change** | **Change** | **2025** | **2025** | **2024** | **Change** | **Change** |
| Net premiums written | $95.5 |  | 103.6 | (8) | % | $397.7 |  | 430.7 | (8) | % |
| Net premiums earned | 100.6 |  | 107.1 | (6) |  | 408.2 |  | 424.9 | (4) |  |
| Combined ratio | 103.0 | % | 91.7 | 11.3 | pts | 100.6 | % | 109.3 | (8.7) | pts |
| Loss and loss expense ratio | 79.3 |  | 67.9 | 11.4 |  | 77.3 |  | 85.8 | (8.5) |  |
| Underwriting expense ratio | 23.7 |  | 23.8 | (0.1) |  | 23.3 |  | 23.5 | (0.2) |  |
| Net catastrophe losses | 7.2 | pts | 1.0 | 6.2 |  | 10.1 | pts | 18.8 | (8.7) |  |
| Non-catastrophe property losses and loss expenses | 33.1 |  | 36.3 | (3.2) |  | 33.8 |  | 38.6 | (4.8) |  |
| Unfavorable prior year reserve development on casualty lines | 5.0 |  | 4.7 | 0.3 |  | 3.7 |  | 1.2 | 2.5 |  |
| Current year casualty loss costs | 34.0 |  | 25.9 | 8.1 |  | 29.7 |  | 27.2 | 2.5 |  |

---

**Excess and Surplus Lines Segment** 

For the fourth quarter, Excess and Surplus Lines premiums, which represent 14% of total NPW, increased 4% from the prior-year period, driven by average renewal pure price increases of 7.8%. The fourth quarter 2025 combined ratio was 93.1%, in line with a year ago.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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* | **2025** | **2025** | **2024** | **Change** | **Change** | **2025** | **2025** | **2024** | **Change** | **Change** |
| Net premiums written | $158.4 |  | 152.6 | 4 | % | $631.2 |  | 567.2 | 11 | % |
| Net premiums earned | 159.3 |  | 141.3 | 13 |  | 606.1 |  | 504.0 | 20 |  |
| Combined ratio | 93.1 | % | 93.1 |  | pts | 87.8 | % | 89.7 | (1.9) | pts |
| Loss and loss expense ratio | 63.9 |  | 63.6 | 0.3 |  | 57.5 |  | 59.2 | (1.7) |  |
| Underwriting expense ratio | 29.2 |  | 29.5 | (0.3) |  | 30.3 |  | 30.5 | (0.2) |  |
| Net catastrophe losses | 0.6 | pts | (2.0) | 2.6 |  | 4.9 | pts | 4.6 | 0.3 |  |
| Non-catastrophe property losses and loss expenses | 10.0 |  | 10.8 | (0.8) |  | 8.8 |  | 11.5 | (2.7) |  |
| (Favorable) prior year reserve development on casualty lines | 6.3 |  | 14.2 | (7.9) |  | 1.6 |  | 4.0 | (2.4) |  |
| Current year casualty loss costs | 47.0 |  | 40.6 | 6.4 |  | 42.2 |  | 39.1 | 3.1 |  |

---

------

**Investments Segment** 

For the fourth quarter, after-tax net investment income was $114 million, up 17% from a year ago. The after-tax income yield averaged 4.1% for both the fixed income securities portfolio and the overall portfolio. With invested assets per dollar of common stockholders' equity of $3.32 as of December 31, 2025, net investment income generated 13.6 points of annualized ROE.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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* | **2025** | **2025** | **2024** | **Change** | **Change** | **2025** | **2025** | **2024** | **Change** | **Change** |
| Net investment income earned, after-tax | $114.2 |  | 97.3 | 17 | % | $421.2 |  | 362.6 | 16 | % |
| Net investment income per common share | 1.88 |  | 1.59 | 18 |  | 6.90 |  | 5.92 | 17 |  |
| Effective tax rate | 20.6 | % | 20.7 | (0.1) | pts | 20.7 | % | 20.7 |  | pts |
| Average yields: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax | 5.1 |  | 5.1 |  |  | 5.1 |  | 5.0 | 0.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After-tax | 4.1 |  | 4.0 | 0.1 |  | 4.0 |  | 4.0 |  |  |
| &nbsp;&nbsp;&nbsp;Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax | 5.2 | % | 5.1 | 0.1 | pts | 5.2 | % | 5.0 | 0.2 | pts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After-tax | 4.1 |  | 4.0 | 0.1 |  | 4.2 |  | 4.0 | 0.2 |  |
| Annualized ROE contribution | 13.6 |  | 13.2 | 0.4 |  | 13.3 |  | 12.8 | 0.5 |  |

---

**Balance Sheet**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| $ in millions, except per share data | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** |
| Total assets | $15155.7 |  | 13514.2 |  | 12% |  |
| Total investments | 11302.4 |  | 9651.3 |  | 17 |  |
| Long-term debt | 901.9 |  | 507.9 |  | 78 |  |
| Stockholders' equity | 3609.0 |  | 3120.1 |  | 16 |  |
| Common stockholders' equity | 3409.0 |  | 2920.1 |  | 17 |  |
| Invested assets per dollar of common stockholders' equity | 3.32 |  | 3.31 |  |  |  |
| Net premiums written to policyholders' surplus | 1.36 |  | 1.60 |  | (15) |  |
| Book value per common share | 56.74 |  | 47.99 |  | 18 |  |
| Adjusted book value per common share<sup>1</sup> | 57.91 |  | 52.10 |  | 11 |  |
| Debt to total capitalization | 20.0 | % | 14.0 | % | 6.0 | pts |

---

Book value per common share increased by $8.75, or 18%, during 2025. The increase was primarily attributable to $7.49 of net income per diluted common share and a $3.01 decrease in after-tax net unrealized losses on our fixed income securities portfolio, partially offset by $1.57 in common stockholder dividends. The decrease in after-tax net unrealized losses on our fixed income securities portfolio was primarily driven by lower interest rates. In the fourth quarter of 2025, the Company repurchased $30 million, or 395,073 shares, of common stock at an average price of $75.94.

Selective's Board of Directors also declared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;A quarterly cash dividend on common stock of $0.43 per common share payable on March 2, 2026, to holders of record as of February 13, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on March 16, 2026, to holders of record as of February 27, 2026.

**Guidance** 

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

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

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

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

------

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

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

Selective's quarterly analyst conference call will be simulcast at 8:00 AM ET, on Friday, January 30, 2026, on www.Selective.com. The webcast will be available for rebroadcast until the close of business on February 28, 2026.

**About Selective Insurance Group, Inc.**

Selective Insurance Group, Inc. (Nasdaq: SIGI) is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard insurance for commercial and personal risks and specialty insurance for commercial risks. Selective also offers flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and employer of choice is widely recognized, with awards and honors including listing in Forbes Best Midsize Employers and certification for six consecutive years as a Great Place to Work®.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *$ in millions* | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year-to-Date December 31,** | **Year-to-Date December 31,** |
| *$ in millions* | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) available to common stockholders | $152.9 | 93.2 | 457.2 | 197.8 |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 4.1 | 8.0 | (8.3) | 2.9 |
| Tax on reconciling items | (0.8) | (1.7) | 1.7 | (0.6) |
| Non-GAAP operating income (loss) | $156.2 | 99.6 | 450.6 | 200.1 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year-to-Date December 31,** | **Year-to-Date December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) available to common stockholders per diluted common share | $2.52 | 1.52 | 7.49 | 3.23 |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 0.07 | 0.13 | (0.14) | 0.05 |
| Tax on reconciling items | (0.02) | (0.03) | 0.03 | (0.01) |
| Non-GAAP operating income (loss) per diluted common share | $2.57 | 1.62 | 7.38 | 3.27 |

---

------

**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,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| Return on Common Equity | 18.3 | % | 12.7 | 14.4 | 7.0 |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 0.5 |  | 1.1 | (0.3) | 0.1 |
| Tax on reconciling items | (0.1) |  | (0.3) | 0.1 |  |
| Non-GAAP Operating Return on Common Equity | 18.7 | % | 13.5 | 14.2 | 7.1 |

---

**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,** |
| | **2025** | **2024** | **2025** | **2024** |
| Book value per common share | $56.74 | 47.99 | 56.74 | 47.99 |
| Total unrealized investment (gains) losses included in accumulated other comprehensive (loss) income, before tax | 1.47 | 5.21 | 1.47 | 5.21 |
| Tax on reconciling items | (0.30) | (1.10) | (0.30) | (1.10) |
| Adjusted book value per common share | $57.91 | 52.10 | 57.91 | 52.10 |

---

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

------

**Forward-Looking Statements**

Certain statements in this report, including information incorporated by reference, are "forward-looking statements" defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve uncertainties and known and unknown risks and other factors that may cause actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "attribute," "confident," "strong," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," "continue," or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, except as may be required by law.

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The cost, terms 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;• Ongoing wars and conflicts impacting global economic, banking, commodity, and financial markets, exacerbating ongoing economic challenges, including inflation and supply chain disruption, all of which can influence insurance loss costs, premiums, and investment valuations;

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.2

 **Exhibit 99.2**

![selectiveinsurancergba.jpg](selectiveinsurancergba.jpg)

**FINANCIAL SUPPLEMENT**

**FOURTH QUARTER AND FULL YEAR 2025** 

------

**Forward-Looking Statements**

Certain statements in this report, including information incorporated by reference, are "forward-looking statements" defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve uncertainties and known and unknown risks and other factors that may cause actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "attribute," "confident," "strong," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," "continue," or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, except as may be required by law.

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The cost, terms 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;• Ongoing wars and conflicts impacting global economic, banking, commodity, and financial markets, exacerbating ongoing economic challenges, including inflation and supply chain disruption, all of which can influence insurance loss costs, premiums, and investment valuations;

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

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

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

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

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

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

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

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

------

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| Consolidated Financial Highlights | **[1](#i43dde2e0559646e9a098eaafc8af9035_10)** |
| Consolidated Statements of Operations | **[2](#i43dde2e0559646e9a098eaafc8af9035_13)** |
| Consolidated Balance Sheets | **[3](#i43dde2e0559646e9a098eaafc8af9035_16)** |
| Financial Metrics | **[4](#i43dde2e0559646e9a098eaafc8af9035_19)** |
| Consolidated Insurance Operations Statement of Operations | **[5](#i43dde2e0559646e9a098eaafc8af9035_22)** |
| Standard Commercial Lines Statement of Operations and Supplemental Data | **[6](#i43dde2e0559646e9a098eaafc8af9035_25)** |
| Standard Commercial Lines GAAP Line of Business Results | **[7](#i43dde2e0559646e9a098eaafc8af9035_28)** |
| Standard Personal Lines Statement of Operations and Supplemental Data | **[8](#i43dde2e0559646e9a098eaafc8af9035_31)** |
| Standard Personal Lines GAAP Line of Business Results | **[9](#i43dde2e0559646e9a098eaafc8af9035_34)** |
| Excess and Surplus Lines Statement of Operations and Supplemental Data | **[10](#i43dde2e0559646e9a098eaafc8af9035_37)** |
| Excess and Surplus Lines GAAP Line of Business Results | **[11](#i43dde2e0559646e9a098eaafc8af9035_40)** |
| Consolidated Investment Income | **[12](#i43dde2e0559646e9a098eaafc8af9035_43)** |
| Consolidated Composition of Invested Assets | **[13](#i43dde2e0559646e9a098eaafc8af9035_46)** |
| Credit Quality of Invested Assets | **[14](#i43dde2e0559646e9a098eaafc8af9035_49)** |
| Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) and Certain Other Non-GAAP Measures | **[15](#i43dde2e0559646e9a098eaafc8af9035_52)** |
| Ratings and Contact Information | **[16](#i43dde2e0559646e9a098eaafc8af9035_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)* | **2025** |  | **2025** | **2025** | **2025** | **2024** | **2025** | **2024** |
| **<u>For Period Ended</u>** | **<u>For Period Ended</u>** |  |  |  |  |  |  |  |  |
|  | Gross premiums written | $1318 |  | 1419.3 | 1496.2 | 1428.8 | 1275.9 | 5662.3 | 5347.0 |
|  | Net premiums written | 1129.5 |  | 1207.9 | 1288.6 | 1240.4 | 1089.6 | 4866.5 | 4630.0 |
|  | Change in net premiums written, from comparable prior year period | 4 | % | 4 | 5 | 7 | 10 | 5 | 12 |
|  | Underwriting income (loss), before-tax | $76 |  | 16.7 | (2.4) | 45.6 | 16.8 | 135.9 | (132.6) |
|  | Net investment income earned, before-tax | 143.8 |  | 138.7 | 128.0 | 120.7 | 122.8 | 531.2 | 457.1 |
|  | Net realized and unrealized investment gains (losses), before-tax | (4.1) |  | 8.1 | 4.2 | 0.2 | (8.0) | 8.3 | (2.9) |
|  | Net income (loss) | $155.2 |  | 115.3 | 85.9 | 109.9 | 95.5 | 466.4 | 207.0 |
|  | Net income (loss) available to common stockholders<sup>(1)</sup> | 152.9 |  | 113.0 | 83.6 | 107.6 | 93.2 | 457.2 | 197.8 |
|  | Non-GAAP operating income (loss)<sup>(2)</sup> | 156.2 |  | 106.7 | 80.3 | 107.4 | 99.6 | 450.6 | 200.1 |
| **<u>At Period End</u>** | **<u>At Period End</u>** |  |  |  |  |  |  |  |  |
|  | Total assets | 15155.7 |  | 14980.4 | 14468.4 | 14197.6 | 13514.2 | 15155.7 | 13514.2 |
|  | Total invested assets | 11302.4 |  | 11051.5 | 10553.6 | 10295.3 | 9651.3 | 11302.4 | 9651.3 |
|  | Stockholders' equity | 3609.0 |  | 3490.0 | 3369.4 | 3258.5 | 3120.1 | 3609.0 | 3120.1 |
|  | Common stockholders' equity<sup>(3)</sup> | 3409.0 |  | 3290.0 | 3169.4 | 3058.5 | 2920.1 | 3409.0 | 2920.1 |
|  | Common shares outstanding | 60.1 |  | 60.4 | 60.8 | 60.8 | 60.8 | 60.1 | 60.8 |
| **<u>Per Share and Share Data</u>** | **<u>Per Share and Share Data</u>** |  |  |  |  |  |  |  |  |
|  | Net income (loss) available to common stockholders per common share (diluted) | $2.52 |  | 1.85 | 1.36 | 1.76 | 1.52 | 7.49 | 3.23 |
|  | Non-GAAP operating income (loss) per common share (diluted)<sup>(2)</sup> | 2.57 |  | 1.75 | 1.31 | 1.76 | 1.62 | 7.38 | 3.27 |
|  | Weighted average common shares outstanding (diluted) | 60.7 |  | 61.0 | 61.3 | 61.3 | 61.3 | 61.1 | 61.3 |
|  | Book value per common share | $56.74 |  | 54.46 | 52.09 | 50.33 | 47.99 | 56.74 | 47.99 |
|  | Adjusted book value per common share<sup>(2)</sup> | 57.91 |  | 55.83 | 54.48 | 53.39 | 52.10 | 57.91 | 52.10 |
|  | Dividends paid per common share | 0.43 |  | 0.38 | 0.38 | 0.38 | 0.38 | 1.57 | 1.43 |
| **<u>Financial Ratios</u>** | **<u>Financial Ratios</u>** |  |  |  |  |  |  |  |  |
|  | Loss and loss expense ratio | 63.2 | % | 67.9 | 69.3 | 64.4 | 67.8 | 66.3 | 72.3 |
|  | Underwriting expense ratio | 30.5 |  | 30.6 | 30.8 | 31.6 | 30.6 | 30.8 | 30.6 |
|  | Dividends to policyholders ratio | 0.1 |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
|  | &nbsp;&nbsp;&nbsp;GAAP combined ratio | 93.8 | % | 98.6 | 100.2 | 96.1 | 98.5 | 97.2 | 103.0 |
|  | Return on common stockholders' equity ("ROE") | 18.3 |  | 14.0 | 10.7 | 14.4 | 12.7 | 14.4 | 7.0 |
|  | Non-GAAP operating ROE<sup>(2)</sup> | 18.7 |  | 13.2 | 10.3 | 14.4 | 13.5 | 14.2 | 7.1 |
|  | Debt to total capitalization | 20.0 |  | 20.5 | 21.1 | 21.7 | 14.0 | 20.0 | 14.0 |
|  | Net premiums written to policyholders' surplus | 1.36 |  | 1.42 | 1.45 | 1.47 | 1.60 | 1.36 | 1.60 |
|  | Invested assets per dollar of common stockholders' equity | $3.32 |  | 3.36 | 3.33 | 3.37 | 3.31 | 3.32 | 3.31 |
| <sup>(1)</sup> | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. | Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends. |  |  |  |
| <sup>(2)</sup> | Non-GAAP measure. Refer to Page 15 for definition. |  |  |  |  |  |  |  |  |
| <sup>(3)</sup> | Excludes equity related to preferred stock. |  |  |  |  |  |  |  |  |

---

------

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

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **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)* | **2025** | **2025** | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Revenues** | **Revenues** |  |  |  |  |  |  |  |
|  | Net premiums earned | $1216.7 | 1204.7 | 1188.1 | 1158.8 | 1133.0 | $4768.2 | 4376.4 |
|  | Net investment income earned | 143.8 | 138.7 | 128.0 | 120.7 | 122.8 | 531.2 | 457.1 |
|  | Net realized and unrealized gains (losses) | (4.1) | 8.1 | 4.2 | 0.2 | (8.0) | 8.3 | (2.9) |
|  | Other income | 8.5 | 8.7 | 6.5 | 5.5 | 8.5 | 29.3 | 31.1 |
|  | Total revenues | 1364.9 | 1360.1 | 1326.7 | 1285.2 | 1256.4 | 5336.9 | 4861.7 |
| **Expenses** | **Expenses** |  |  |  |  |  |  |  |
|  | Loss and loss expense incurred | 768.5 | 819.0 | 823.9 | 746.3 | 769.0 | 3157.7 | 3164.5 |
|  | Amortization of deferred policy acquisition costs | 254.5 | 250.2 | 250.3 | 247.4 | 241.0 | 1002.4 | 922.4 |
|  | Other insurance expenses | 126.3 | 127.5 | 122.8 | 124.9 | 114.8 | 501.5 | 453.2 |
|  | Interest expense | 13.2 | 13.3 | 13.3 | 9.6 | 7.2 | 49.3 | 28.9 |
|  | Corporate expenses | 6.3 | 4.4 | 7.6 | 18.1 | 5.3 | 36.4 | 34.6 |
|  | Total expenses | 1168.8 | 1214.4 | 1217.8 | 1146.3 | 1137.3 | 4747.3 | 4603.6 |
| Income (loss) before federal income tax | Income (loss) before federal income tax | $196.1 | 145.7 | 108.9 | 138.9 | 119.1 | 589.6 | 258.0 |
| Federal income tax expense (benefit) | Federal income tax expense (benefit) | 40.9 | 30.4 | 23.0 | 29.0 | 23.5 | 123.2 | 51.0 |
| **Net Income (loss)** | **Net Income (loss)** | $**155.2** | **115.3** | **85.9** | **109.9** | **95.5** | **466.4** | **207.0** |
| Preferred stock dividends | Preferred stock dividends | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 9.2 | 9.2 |
| **Net income (loss) available to common stockholders** | **Net income (loss) available to common stockholders** | $**152.9** | **113.0** | **83.6** | **107.6** | **93.2** | **457.2** | **197.8** |
| Net realized and unrealized investment (gains) losses, after tax<sup>(1)</sup> | Net realized and unrealized investment (gains) losses, after tax<sup>(1)</sup> | 3.3 | (6.4) | (3.3) | (0.2) | 6.3 | (6.6) | 2.3 |
| **Non-GAAP operating income (loss)**<sup>(2)</sup> | **Non-GAAP operating income (loss)**<sup>(2)</sup> | $**156.2** | **106.7** | **80.3** | **107.4** | **99.6** | $**450.6** | **200.1** |
| Weighted average common shares outstanding (diluted) | Weighted average common shares outstanding (diluted) | 60.7 | 61.0 | 61.3 | 61.3 | 61.3 | 61.1 | 61.3 |
| Net income (loss) available to common stockholders per common share (diluted) | Net income (loss) available to common stockholders per common share (diluted) | $2.52 | 1.85 | 1.36 | 1.76 | 1.52 | $7.49 | 3.23 |
| Non-GAAP operating income (loss) per common share (diluted)<sup>(2)</sup> | Non-GAAP operating income (loss) per common share (diluted)<sup>(2)</sup> | $2.57 | 1.75 | 1.31 | 1.76 | 1.62 | $7.38 | 3.27 |
| <sup>(1)</sup> | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  | Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).  |  |  |
| <sup>(2)</sup> | Non-GAAP measure. Refer to Page 15 for definition. |  |  |  |  |  |  |  |
|  | Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |

---

------

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

**CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>*($ in millions, except per share data)* | **Dec. 31,**<br>**2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** |
| **ASSETS** |  |  |  |  |  |
| Investments |  |  |  |  |  |
| Fixed income securities, held-to-maturity, net of allowance for credit losses | $23.9 | 24.2 | 24.6 | 25.3 | 25.4 |
| Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses | 9457.2 | 9275.4 | 8876.7 | 8605.2 | 8127.3 |
| Commercial mortgage loans, net of allowance for credit losses | 277.7 | 273.5 | 271.9 | 257.7 | 233.7 |
| Equity securities, at fair value | 384.4 | 380.1 | 318.1 | 266.5 | 213.6 |
| Short-term investments | 648.5 | 587.9 | 531.4 | 631.1 | 509.3 |
| Alternative investments | 418.5 | 417.1 | 435.0 | 411.1 | 440.9 |
| Other investments | 92.2 | 93.3 | 96.0 | 98.4 | 101.1 |
| **Total investments** | 11302.4 | 11051.5 | 10553.6 | 10295.3 | 9651.3 |
| Cash | 0.3 | 0.4 | 0.4 | 0.1 | 0.1 |
| Restricted cash | 17.6 | 23.7 | 37.9 | 108.2 | 62.9 |
| Accrued investment income | 92.0 | 86.8 | 86.9 | 77.1 | 76.9 |
| Premiums receivable, net of allowance for credit losses | 1533.9 | 1616.5 | 1662.6 | 1539.7 | 1467.8 |
| Reinsurance recoverable, net of allowance for credit losses | 915.5 | 947.4 | 881.4 | 924.9 | 1061.1 |
| Prepaid reinsurance premiums | 266.3 | 274.4 | 252.6 | 235.9 | 235.4 |
| Current federal income tax |  | 0.6 | 13.2 |  |  |
| Deferred federal income tax | 110.9 | 113.0 | 120.7 | 134.2 | 146.8 |
| Property and equipment, net of accumulated depreciation and amortization | 106.4 | 102.4 | 100.0 | 100.1 | 93.3 |
| Deferred policy acquisition costs | 492.3 | 510.3 | 510.4 | 492.5 | 479.3 |
| Goodwill | 7.8 | 7.8 | 7.8 | 7.8 | 7.8 |
| Other assets | 310.2 | 245.4 | 241.1 | 281.6 | 231.4 |
| **Total assets** | $**15155.7** | **14980.4** | **14468.4** | **14197.6** | **13514.2** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| Reserve for loss and loss expense | $7225.4 | 7076.4 | 6811.2 | 6610.9 | 6589.8 |
| Unearned premiums | 2745.5 | 2840.8 | 2815.7 | 2698.5 | 2616.3 |
| Long-term debt | 901.9 | 902.3 | 902.7 | 903.2 | 507.9 |
| Current federal income tax | 16.9 |  |  | 56.1 | 19.7 |
| Accrued salaries and benefits | 140.8 | 131.8 | 107.7 | 105.6 | 121.7 |
| Other liabilities | 516.2 | 539.1 | 461.7 | 564.7 | 538.7 |
| **Total liabilities** | $11546.7 | 11490.4 | 11099.1 | 10939.0 | 10394.1 |
| **Stockholders' Equity** |  |  |  |  |  |
| Preferred stock of $0 par value per share | $200.0 | 200.0 | 200.0 | 200.0 | 200.0 |
| Common stock of $2 par value per share | 212.0 | 211.9 | 211.8 | 211.7 | 211.2 |
| Additional paid-in capital | 591.3 | 584.4 | 580.4 | 571.3 | 557.0 |
| Retained earnings | 3500.8 | 3373.9 | 3284.0 | 3223.7 | 3139.5 |
| Accumulated other comprehensive income (loss) | (151.7) | (167.3) | (230.6) | (272.1) | (336.8) |
| Treasury stock, at cost | (743.4) | (712.9) | (676.3) | (676.1) | (650.8) |
| **Total stockholders' equity** | $3609.0 | 3490.0 | 3369.4 | 3258.5 | 3120.1 |
| Commitments and contingencies |  |  |  |  |  |
| **Total liabilities and stockholders' equity** | $**15155.7** | **14980.4** | **14468.4** | **14197.6** | **13514.2** |
| 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** | **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)* | **2025** | **2025** | **2025** | **2025** | **2024** | **2025** | **2024** |
| **<u>Book value per common share</u>** | **<u>Book value per common share</u>** |  |  |  |  |  |  |  |
|  | Common stockholders' equity | $3409 | 3290.0 | 3169.4 | 3058.5 | 2920.1 | 3409.0 | 2920.1 |
|  | Common shares issued and outstanding, at period end | 60.1 | 60.4 | 60.8 | 60.8 | 60.8 | 60.1 | 60.8 |
|  | Book value per common share | $56.74 | 54.46 | 52.09 | 50.33 | 47.99 | 56.74 | 47.99 |
|  | Adjusted book value per common share<sup>(1)</sup> | 57.91 | 55.83 | 54.48 | 53.39 | 52.10 | 57.91 | 52.10 |
| **<u>Financial results (after-tax)</u>** | **<u>Financial results (after-tax)</u>** |  |  |  |  |  |  |  |
|  | Underwriting income (loss) | 60.0 | 13.2 | (1.9) | 36.1 | 13.3 | 107.4 | (104.7) |
|  | Net investment income | 114.2 | 110.0 | 101.4 | 95.6 | 97.3 | 421.2 | 362.6 |
|  | Interest expense and preferred stock dividends | (12.8) | (12.8) | (12.8) | (9.9) | (8.0) | (48.2) | (32.0) |
|  | Corporate expense | (5.2) | (3.7) | (6.4) | (14.4) | (3.0) | (29.7) | (25.7) |
|  | Net realized and unrealized investment gains (losses) | (3.3) | 6.4 | 3.3 | 0.2 | (6.3) | 6.6 | (2.3) |
|  | **Total after-tax net income (loss) available to common stockholders** | **152.9** | **113.0** | **83.6** | **107.6** | **93.2** | **457.2** | **197.8** |
| **<u>Return on average equity</u>** | **<u>Return on average equity</u>** |  |  |  |  |  |  |  |
|  | Insurance segments | 7.2 | 1.6 | (0.2) | 4.8 | 1.8 | 3.4 | (3.7) |
|  | Net investment income | 13.6 | 13.6 | 13.0 | 12.8 | 13.2 | 13.3 | 12.8 |
|  | Interest expense and preferred stock dividends | (1.5) | (1.6) | (1.6) | (1.3) | (1.1) | (1.5) | (1.1) |
|  | Corporate expense | (0.6) | (0.4) | (0.9) | (1.9) | (0.4) | (1.0) | (0.9) |
|  | Net realized and unrealized investment gains (losses) | (0.4) | 0.8 | 0.4 |  | (0.8) | 0.2 | (0.1) |
|  | **ROE** | **18.3** | **14.0** | **10.7** | **14.4** | **12.7** | **14.4** | **7.0** |
|  | Net realized and unrealized (gains) losses<sup>(2)</sup> | 0.4 | (0.8) | (0.4) |  | 0.8 | (0.2) | 0.1 |
|  | **Non-GAAP Operating ROE**<sup>(1)</sup> | **18.7** | **13.2** | **10.3** | **14.4** | **13.5** | **14.2** | **7.1** |
| **<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 |
|  | 5.90% Senior Notes | 396.3 | 396.2 | 396.0 | 395.9 |  | 396.3 |  |
|  | 6.70% Senior Notes | 99.4 | 99.4 | 99.4 | 99.4 | 99.4 | 99.4 | 99.4 |
|  | 5.375% Senior Notes | 292.7 | 292.6 | 292.6 | 292.5 | 292.4 | 292.7 | 292.4 |
|  | Finance Lease Obligations | 3.6 | 4.2 | 4.9 | 5.6 | 6.3 | 3.6 | 6.3 |
| Total debt | Total debt | 901.9 | 902.3 | 902.7 | 903.2 | 507.9 | 901.9 | 507.9 |
| Stockholders' equity | Stockholders' equity | 3609.0 | 3490.0 | 3369.4 | 3258.5 | 3120.1 | 3609.0 | 3120.1 |
| Total capitalization | Total capitalization | $4510.8 | 4392.3 | 4272.1 | 4161.8 | 3628.0 | 4510.8 | 3628.0 |
| Ratio of debt to total capitalization | Ratio of debt to total capitalization | 20.0 | 20.5 | 21.1 | 21.7 | 14.0 | 20.0 | 14.0 |
| Policyholders' surplus | Policyholders' surplus | $3573.3 | 3407.4 | 3288.5 | 3204.2 | 2902.8 | 3573.3 | 2902.8 |
| <sup>(1)</sup> | Non-GAAP measure. Refer to Page 15 for definition. | Non-GAAP measure. Refer to Page 15 for definition. |  |  |  |  |  |  |
| <sup>(2)</sup> | Amounts are provided to reconcile ROE to non-GAAP operating ROE. |  |  |  |  |  |  |  |
|  | Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |

---

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**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)* | **2025** | **2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Dec. 31,**<br>**2025** | **Dec. 31,**<br>**2024** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $1129.5 |  | 1207.9 | 1288.6 | 1240.4 | 1089.6 | 4866.5 | 4630.0 |
| Change in net premiums written, from comparable prior year period | 4 | % | 4 | 5 | 7 | 10 | 5 | 12 |
| Net premiums earned | $1216.7 |  | 1204.7 | 1188.1 | 1158.8 | 1133.0 | 4768.2 | 4376.4 |
| Losses and loss expenses incurred | 768.5 |  | 819.0 | 823.9 | 746.3 | 769.0 | 3157.7 | 3164.5 |
| Net underwriting expenses incurred | 371.6 |  | 368.1 | 365.4 | 365.8 | 346.4 | 1470.9 | 1338.0 |
| Dividends to policyholders | 0.6 |  | 0.9 | 1.2 | 1.0 | 0.8 | 3.6 | 6.5 |
| **GAAP underwriting income (loss)** | $**76.0** |  | **16.7** | **(2.4)** | **45.6** | **16.8** | **135.9** | **(132.6)** |
| Net catastrophe losses | $21 |  | 24.9 | 79.9 | 43.4 | (10.1) | 169.2 | 284.5 |
| (Favorable) unfavorable prior year casualty reserve development |  |  | 40.0 | 45.0 | 5.0 | 100.0 | 90.0 | 311.0 |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 63.2 | % | 67.9 | 69.3 | 64.4 | 67.8 | 66.3 | 72.3 |
| Underwriting expense ratio | 30.5 |  | 30.6 | 30.8 | 31.6 | 30.6 | 30.8 | 30.6 |
| Dividends to policyholders ratio | 0.1 |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| **Combined ratio** | **93.8** | **%** | **98.6** | **100.2** | **96.1** | **98.5** | **97.2** | **103.0** |
| Net catastrophe losses | 1.7 | pts | 2.1 | 6.7 | 3.7 | (0.9) | 3.5 | 6.5 |
| (Favorable) unfavorable prior year casualty reserve development |  |  | 3.3 | 3.8 | 0.4 | 8.8 | 1.9 | 7.1 |
| **Combined ratio before net catastrophe losses** | **92.1** | **%** | **96.5** | **93.5** | **92.4** | **99.4** | **93.7** | **96.5** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **92.1** | **%** | **93.2** | **89.7** | **92.0** | **90.6** | **91.8** | **89.4** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $159.6 |  | 169.6 | 173.2 | 178.7 | 178.2 | 681.2 | 681.6 |
| Non-catastrophe property loss and loss expenses | 13.1 | pts | 14.1 | 14.6 | 15.4 | 15.7 | 14.3 | 15.6 |
| Direct new business | $223.7 |  | 233.2 | 248.1 | 251.3 | 232.0 | 956.0 | 994.3 |
| Renewal pure price increases | 8.3 | % | 9.6 | 9.9 | 10.3 | 10.7 | 9.5 | 9.5 |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |  |

---

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

**STANDARD COMMERCIAL LINES**

**STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year-to-date** | **Year-to-date** |
| | **Dec. 31,** | **Dec. 31,** | | | | | | |
|<br>*($ in millions)* | **2025** | **2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Dec. 31,**<br>**2025** | **Dec. 31,**<br>**2024** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $875.6 |  | 940.8 | 1018.0 | 1003.2 | 833.4 | 3837.7 | 3632.1 |
| Change in net premiums written, from comparable prior year period | 5 | % | 4 | 6 | 8 | 9 | 6 | 11 |
| Net premiums earned | $956.8 |  | 947.3 | 937.6 | 912.2 | 884.6 | 3753.9 | 3447.6 |
| Losses and loss expenses incurred | 586.9 |  | 658.0 | 666.8 | 581.7 | 606.3 | 2493.3 | 2501.6 |
| Net underwriting expenses incurred | 301.2 |  | 298.6 | 295.9 | 296.6 | 279.3 | 1192.4 | 1084.4 |
| Dividends to policyholders | 0.6 |  | 0.9 | 1.2 | 1.0 | 0.8 | 3.6 | 6.5 |
| **GAAP underwriting income (loss)** | $**68.0** |  | **(10.2)** | **(26.1)** | **32.9** | **(1.8)** | **64.6** | **(145.0)** |
| Net catastrophe losses | $12.8 |  | 15.0 | 50.9 | 19.8 | (8.2) | 98.5 | 181.5 |
| (Favorable) unfavorable prior year casualty reserve development | (15.0) |  | 35.0 | 45.0 |  | 75.0 | 65.0 | 286.0 |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 61.3 | % | 69.5 | 71.1 | 63.8 | 68.5 | 66.4 | 72.5 |
| Underwriting expense ratio | 31.5 |  | 31.5 | 31.6 | 32.5 | 31.6 | 31.8 | 31.5 |
| Dividends to policyholders ratio | 0.1 |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| **Combined ratio** | **92.9** | **%** | **101.1** | **102.8** | **96.4** | **100.2** | **98.3** | **104.2** |
| Net catastrophe losses | 1.3 | pts | 1.6 | 5.4 | 2.2 | (0.9) | 2.6 | 5.3 |
| (Favorable) unfavorable prior year casualty reserve development | (1.6) |  | 3.7 | 4.8 |  | 8.5 | 1.7 | 8.3 |
| **Combined ratio before net catastrophe losses** | **91.6** | **%** | **99.5** | **97.4** | **94.2** | **101.1** | **95.7** | **98.9** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **93.2** | **%** | **95.8** | **92.6** | **94.2** | **92.6** | **94.0** | **90.6** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $110.4 |  | 118.7 | 131.9 | 128.8 | 124.1 | 489.8 | 459.5 |
| Non-catastrophe property loss and loss expenses | 11.5 | pts | 12.5 | 14.1 | 14.1 | 14.0 | 13.0 | 13.3 |
| Direct new business | $137 |  | 146.6 | 158.2 | 172.2 | 139.5 | 614.0 | 619.1 |
| Renewal pure price increases | 7.5 | % | 8.9 | 8.9 | 9.1 | 8.8 | 8.6 | 8.3 |
| Retention | 82 |  | 82 | 83 | 85 | 85 | 82 | 85 |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |  |

---

------

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

**STANDARD COMMERCIAL LINES**

**GAAP LINE OF BUSINESS RESULTS**

**(Unaudited)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** |
| | **General** | | **Commercial** | **Commercial** | **Workers** | | | | | **General** | **Commercial** | **Commercial** | **Workers** | | | | |
| *($ in millions)* | **Liability** |  | **Auto** | **Property**<sup>(1)</sup> | **Compensation** | **BOP** | **Bonds** | **Other** | **Total** | **Liability** | **Auto** | **Property**<sup>(1)</sup> | **Compensation** | **BOP** | **Bonds** | **Other** | **Total** |
| Net premiums written | $290.8 |  | 266.3 | 181.2 | 61.0 | 57.0 | 9.7 | 9.5 | 875.6 | 265.0 | 257.3 | 174.6 | 66.1 | 50.2 | 12.2 | 8.0 | 833.4 |
| Net premiums earned | 318.3 |  | 296.1 | 196.1 | 73.4 | 51.2 | 12.9 | 8.6 | 956.8 | 285.3 | 276.8 | 180.6 | 76.3 | 44.7 | 12.7 | 8.1 | 884.6 |
| Underwriting income (loss) | (36.5) |  | (70.1) | 57.5 | 86.8 | 15.2 | 10.5 | 4.7 | 68.0 | (113.7) | 9.3 | 74.9 | 27.5 | (6.2) | 2.2 | 4.1 | (1.8) |
| Loss and loss expense ratio | 80.5 | % | 94.4 | 36.2 | (45.5) | 33.7 | (28.7) | 0.8 | 61.3 | 108.7 | 67.7 | 23.6 | 37.1 | 76.6 | 27.3 | (0.5) | 68.5 |
| Underwriting expense ratio | 31.0 |  | 29.3 | 34.6 | 25.8 | 36.7 | 47.5 | 45.3 | 31.5 | 31.1 | 28.9 | 34.8 | 26.3 | 37.3 | 55.3 | 49.3 | 31.6 |
| Dividend ratio |  |  |  | (0.1) | 1.4 |  |  |  | 0.1 |  |  | 0.1 | 0.6 |  |  | 0.1 | 0.1 |
| **Combined ratio** | **111.5** | **%** | **123.7** | **70.7** | **(18.3)** | **70.4** | **18.8** | **46.1** | **92.9** | 139.8 | 96.6 | 58.5 | 64.0 | 113.9 | 82.6 | 48.9 | 100.2 |
| Net catastrophe losses |  | % | 0.2 | 5.5 |  | 2.9 |  |  | 1.3 |  | 0.8 | (12.0) |  | 25.1 |  |  | (0.9) |
| (Favorable) unfavorable prior year casualty reserve development | 6.3 |  | 21.9 |  | (122.6) | (4.9) | (58.0) |  | (1.6) | 35.0 |  |  | (32.7) |  |  |  | 8.5 |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **105.2** | **%** | **101.6** | **65.2** | **104.3** | **72.4** | **76.8** | **46.1** | **93.2** | 104.8 | 95.8 | 70.5 | 96.7 | 88.8 | 82.6 | 48.9 | 92.6 |
|  | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** |
|  | **General** |  | **Commercial** | **Commercial** | **Workers** |  |  |  |  | **General** | **Commercial** | **Commercial** | **Workers** |  |  |  |  |
| *($ in millions)* | **Liability** |  | **Auto** | **Property**<sup>(1)</sup> | **Compensation** | **BOP** | **Bonds** | **Other** | **Total** | **Liability** | **Auto** | **Property**<sup>(1)</sup> | **Compensation** | **BOP** | **Bonds** | **Other** | **Total** |
| Net premiums written | $1269.8 |  | 1184.8 | 793.1 | 295.9 | 208.3 | 50.3 | 35.4 | 3837.7 | 1183.2 | 1121.5 | 739.5 | 320.6 | 183.0 | 51.7 | 32.6 | 3632.1 |
| Net premiums earned | 1231.4 |  | 1162.5 | 767.7 | 310.0 | 196.2 | 52.5 | 33.6 | 3753.9 | 1125.5 | 1058.2 | 685.6 | 327.7 | 169.3 | 49.7 | 31.5 | 3447.6 |
| Underwriting income (loss) | (104.5) |  | (122.7) | 151.4 | 75.8 | 31.0 | 16.3 | 17.2 | 64.6 | (295.9) | 2.5 | 53.3 | 57.7 | 8.0 | 13.1 | 16.3 | (145.0) |
| Loss and loss expense ratio | 77.1 | % | 80.8 | 45.6 | 48.4 | 49.9 | 15.0 | 0.7 | 66.4 | 95.1 | 70.5 | 57.0 | 55.7 | 60.8 | 17.4 | 0.3 | 72.5 |
| Underwriting expense ratio | 31.4 |  | 29.8 | 34.7 | 26.1 | 34.3 | 54.0 | 48.0 | 31.8 | 31.1 | 29.2 | 35.0 | 25.7 | 34.5 | 56.3 | 48.0 | 31.5 |
| Dividend ratio |  |  |  |  | 1.1 |  |  |  | 0.1 | 0.1 | 0.1 | 0.2 | 1.0 |  |  |  | 0.2 |
| **Combined ratio** | **108.5** | **%** | **110.6** | **80.3** | **75.6** | **84.2** | **69.0** | **48.7** | **98.3** | 126.3 | 99.8 | 92.2 | 82.4 | 95.3 | 73.7 | 48.3 | 104.2 |
| Net catastrophe losses |  |  | 0.7 | 9.7 |  | 8.5 |  |  | 2.6 |  | 0.8 | 21.3 |  | 15.7 |  |  | 5.3 |
| (Favorable) unfavorable prior year casualty reserve development | 3.2 |  | 10.8 |  | (29.0) | (1.3) | (14.3) |  | 1.7 | 28.1 | 1.9 |  | (13.7) |  | (10.1) |  | 8.3 |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **105.3%** |  | **99.1** | **70.6** | **104.6** | **77.0** | **83.3** | **48.7** | **94.0** | 98.2 | 97.1 | 70.9 | 96.1 | 79.6 | 83.8 | 48.3 | 90.6 |
| <sup>(1)</sup> Includes Inland Marine. | <sup>(1)</sup> Includes Inland Marine. | <sup>(1)</sup> Includes Inland Marine. | <sup>(1)</sup> Includes Inland Marine. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

------

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

**STANDARD PERSONAL LINES**

**STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year-to-date** | **Year-to-date** |
| | **Dec. 31,** | **Dec. 31,** | | | | | | |
|<br>*($ in millions)* | **2025** | **2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Dec. 31,**<br>**2025** | **Dec. 31,**<br>**2024** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $95.5 |  | 104.2 | 110.5 | 87.5 | 103.6 | 397.7 | 430.7 |
| Change in net premiums written, from comparable prior year period | (8) | % | (6) | (5) | (12) | (3) | (8) | 4 |
| Net premiums earned | $100.6 |  | 101.5 | 102.4 | 103.7 | 107.1 | 408.2 | 424.9 |
| Losses and loss expenses incurred | 79.7 |  | 89.3 | 70.0 | 76.7 | 72.7 | 315.7 | 364.6 |
| Net underwriting expenses incurred | 23.9 |  | 22.5 | 23.9 | 24.9 | 25.5 | 95.2 | 99.8 |
| **GAAP underwriting income (loss)** | $**(3.0)** |  | **(10.2)** | **8.6** | **2.0** | **8.9** | **(2.6)** | **(39.5)** |
| Net catastrophe losses | $7.3 |  | 12.2 | 14.6 | 7.1 | 1.0 | 41.1 | 80.0 |
| (Favorable) unfavorable prior year casualty reserve development | 5.0 |  | 5.0 |  | 5.0 | 5.0 | 15.0 | 5.0 |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 79.3 | % | 88.0 | 68.3 | 73.9 | 67.9 | 77.3 | 85.8 |
| Underwriting expense ratio | 23.7 |  | 22.1 | 23.3 | 24.1 | 23.8 | 23.3 | 23.5 |
| **Combined ratio** | **103.0** | **%** | **110.1** | **91.6** | **98.0** | **91.7** | **100.6** | **109.3** |
| Net catastrophe losses | 7.2 | pts | 12.0 | 14.3 | 6.9 | 1.0 | 10.1 | 18.8 |
| (Favorable) unfavorable prior year casualty reserve development | 5.0 |  | 4.9 |  | 4.8 | 4.7 | 3.7 | 1.2 |
| **Combined ratio before net catastrophe losses** | **95.8** | **%** | **98.1** | **77.3** | **91.1** | **90.7** | **90.5** | **90.5** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **90.8** | **%** | **93.2** | **77.3** | **86.3** | **86.0** | **86.8** | **89.3** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $33.3 |  | 39.9 | 28.3 | 36.5 | 38.9 | 138.0 | 164.0 |
| Non-catastrophe property loss and loss expenses | 33.1 | pts | 39.3 | 27.6 | 35.2 | 36.3 | 33.8 | 38.6 |
| Direct new business | $10.9 |  | 12.8 | 12.9 | 8.9 | 13.3 | 45.5 | 72.6 |
| Renewal pure price increases | 15.1 | % | 16.9 | 19.0 | 24.1 | 27.3 | 18.6 | 20.6 |
| Retention | 80 |  | 79 | 79 | 75 | 75 | 78 | 77 |
| 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, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** |
| | **Personal** | | | | | **Personal** | | | |
| *($ in millions)* | **Auto** |  | **Homeowners** | **Other** | **Total** | **Auto** | **Homeowners** | **Other** | **Total** |
| Net premiums written | $43.7 |  | 49.0 | 2.7 | 95.5 | 50.3 | 49.4 | 4.0 | 103.6 |
| Net premiums earned | 48.5 |  | 49.3 | 2.9 | 100.6 | 55.0 | 48.2 | 3.9 | 107.1 |
| Underwriting income (loss) | (14.6) |  | 6.9 | 4.7 | (3.0) | (10.8) | 13.4 | 6.4 | 8.9 |
| Loss and loss expense ratio | 104.4 | % | 57.3 | 29.8 | 79.3 | 94.3 | 43.8 | (7.9) | 67.9 |
| Underwriting expense ratio | 25.7 |  | 28.7 | (95.2) | 23.7 | 25.4 | 28.4 | (57.2) | 23.8 |
| **Combined ratio** | **130.1** | **%** | **86.0** | **(65.4)** | **103.0** | 119.7 | 72.2 | (65.1) | 91.7 |
| Net catastrophe losses | 0.2 | % | 14.6 |  | 7.2 | 1.7 | 0.2 |  | 1.0 |
| (Favorable) unfavorable prior year casualty reserve development | 10.3 |  |  |  | 5.0 | 9.1 |  |  | 4.7 |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **119.6** | **%** | **71.4** | **(65.4)** | **90.8** | 108.9 | 72.0 | (65.1) | 86.0 |
|  | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** |
|  | **Personal** |  |  |  |  | **Personal** |  |  |  |
| *($ in millions)* | **Auto** |  | **Homeowners** | **Other** | **Total** | **Auto** | **Homeowners** | **Other** | **Total** |
| Net premiums written | $189.7 |  | 196.7 | 11.3 | 397.7 | 219.0 | 197.9 | 13.8 | 430.7 |
| Net premiums earned | 202.7 |  | 194.3 | 11.2 | 408.2 | 226.1 | 185.7 | 13.1 | 424.9 |
| Underwriting income (loss) | (32.4) |  | 8.9 | 20.8 | (2.6) | (32.1) | (31.7) | 24.2 | (39.5) |
| Loss and loss expense ratio | 90.4 | % | 67.2 | 16.2 | 77.3 | 89.1 | 89.0 | (13.9) | 85.8 |
| Underwriting expense ratio | 25.6 |  | 28.2 | (101.6) | 23.3 | 25.1 | 28.1 | (70.8) | 23.5 |
| **Combined ratio** | **116.0** | **%** | **95.4** | **(85.4)** | **100.6** | 114.2 | 117.1 | (84.7) | 109.3 |
| Net catastrophe losses | 0.5% |  | 20.7 |  | 10.1 | 2.4 | 40.2 |  | 18.8 |
| (Favorable) unfavorable prior year casualty reserve development | 7.4% |  |  |  | 3.7 | 4.4 | (2.7) |  | 1.2 |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **108.1%** |  | **74.7** | **(85.4)** | **86.8** | 107.4 | 79.6 | (84.7) | 89.3 |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |  |  |

---

------

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

**EXCESS AND SURPLUS LINES**

**STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year-to-date** | **Year-to-date** |
| | **Dec. 31,** | **Dec. 31,** | | | | | | |
|<br>*($ in millions)* | **2025** | **2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Dec. 31,**<br>**2025** | **Dec. 31,**<br>**2024** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $158.4 |  | 162.9 | 160.2 | 149.7 | 152.6 | 631.2 | 567.2 |
| Change in net premiums written, from comparable prior year period | 4 | % | 14 | 9 | 20 | 27 | 11 | 29 |
| Net premiums earned | $159.3 |  | 155.9 | 148.0 | 142.9 | 141.3 | 606.1 | 504.0 |
| Losses and loss expenses incurred | 101.8 |  | 71.8 | 87.2 | 88.0 | 90.0 | 348.8 | 298.3 |
| Net underwriting expenses incurred | 46.5 |  | 47.0 | 45.7 | 44.2 | 41.6 | 183.4 | 153.8 |
| **GAAP underwriting income (loss)** | $**11.0** |  | **37.1** | **15.2** | **10.7** | **9.7** | **73.9** | **51.9** |
| Net catastrophe losses | $0.9 |  | (2.3) | 14.5 | 16.4 | (2.9) | 29.5 | 23.0 |
| (Favorable) unfavorable prior year casualty reserve development | 10.0 |  |  |  |  | 20.0 | 10.0 | 20.0 |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 63.9 | % | 46.1 | 58.9 | 61.6 | 63.6 | 57.5 | 59.2 |
| Underwriting expense ratio | 29.2 |  | 30.1 | 30.9 | 30.9 | 29.5 | 30.3 | 30.5 |
| **Combined ratio** | **93.1** | % | **76.2** | **89.8** | **92.5** | **93.1** | **87.8** | **89.7** |
| Net catastrophe losses | 0.6 | pts | (1.5) | 9.8 | 11.5 | (2.0) | 4.9 | 4.6 |
| (Favorable) unfavorable prior year casualty reserve development | 6.3 |  |  |  |  | 14.2 | 1.6 | 4.0 |
| **Combined ratio before net catastrophe losses** | **92.5** | **%** | **77.7** | **80.0** | **81.0** | **95.1** | **82.9** | **85.1** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **86.2** | **%** | **77.7** | **80.0** | **81.0** | **80.9** | **81.3** | **81.1** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $15.9 |  | 11.0 | 13.1 | 13.4 | 15.2 | 53.4 | 58.0 |
| Non-catastrophe property loss and loss expenses | 10.0 | pts | 7.0 | 8.8 | 9.4 | 10.8 | 8.8 | 11.5 |
| Direct new business | $75.8 |  | 73.9 | 77.0 | 70.2 | 79.1 | 296.6 | 302.6 |
| Renewal pure price increases | 7.8 | % | 8.3 | 9.3 | 8.7 | 8.2 | 8.5 | 7.2 |
| 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, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2025** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** | **Quarter ended December 31, 2024** |
| *($ in millions)* | **Casualty** |  | **Property** | **Total** | **Casualty** | **Property** | **Total** |
| Net premiums written | $97.1 |  | 61.3 | 158.4 | 88.8 | 63.8 | 152.6 |
| Net premiums earned | 95.7 |  | 63.6 | 159.3 | 84.9 | 56.4 | 141.3 |
| Underwriting income (loss) | (17.9) |  | 28.8 | 11.0 | (17.8) | 27.5 | 9.7 |
| Loss and loss expense ratio | 88.8 | % | 26.4 | 63.9 | 91.5 | 21.9 | 63.6 |
| Underwriting expense ratio | 29.9 |  | 28.2 | 29.2 | 29.5 | 29.4 | 29.5 |
| **Combined ratio** | **118.7** | **%** | **54.6** | **93.1** | 121.0 | 51.3 | 93.1 |
| Net catastrophe losses |  | % | 1.4 | 0.6 |  | (5.1) | (2.0) |
| (Favorable) unfavorable prior year casualty reserve development | 10.4 | pts |  | 6.3 | 23.6 |  | 14.2 |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **108.3** | **%** | **53.2** | **86.2** | 97.4 | 56.4 | 80.9 |
|  | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2025** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** | **Year-to-Date December 31, 2024** |
| *($ in millions)* | **Casualty** |  | **Property** | **Total** | **Casualty** | **Property** | **Total** |
| Net premiums written | $378.9 |  | 252.2 | 631.2 | 335.9 | 231.3 | 567.2 |
| Net premiums earned | 361.0 |  | 245.1 | 606.1 | 307.9 | 196.1 | 504.0 |
| Underwriting income (loss) | (16.8) |  | 90.7 | 73.9 | (4.3) | 56.2 | 51.9 |
| Loss and loss expense ratio | 73.6 | % | 33.8 | 57.5 | 70.6 | 41.3 | 59.2 |
| Underwriting expense ratio | 31.0 |  | 29.2 | 30.3 | 30.8 | 30.0 | 30.5 |
| **Combined ratio** | **104.6** | **%** | **63.0** | **87.8** | 101.4 | 71.3 | 89.7 |
| Net catastrophe losses |  |  | 12.0 | 4.9 |  | 11.7 | 4.6 |
| (Favorable) unfavorable prior year casualty reserve development | 2.8% |  |  | 1.6 | 6.5 |  | 4.0 |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **101.8%** |  | **51.0** | **81.3** | 94.9 | 59.6 | 81.1 |
| 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** | **Year-to-date** | **Year-to-date** |
|<br>*($ in millions)* | **Dec. 31,**<br>**2025** | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Dec. 31,**<br>**2025** | **Dec. 31,**<br>**2024** |
| **Net investment income** |  |  |  |  |  |  |  |
| Fixed income securities |  |  |  |  |  |  |  |
| Taxable | $118.1 | 114.7 | 113.9 | 103.6 | 100.9 | 450.3 | 380.2 |
| Tax-exempt | 3.2 | 2.5 | 1.8 | 1.5 | 1.8 | 9.1 | 9.0 |
| Total fixed income securities | 121.3 | 117.2 | 115.7 | 105.1 | 102.7 | 459.3 | 389.2 |
| Commercial mortgage loans | 4.1 | 4.0 | 3.8 | 3.6 | 3.3 | 15.5 | 12.4 |
| Equity securities | 10.2 | 5.2 | 4.9 | 3.6 | 6.1 | 23.8 | 18.3 |
| Alternative investments | 9.5 | 11.8 | 4.0 | 7.1 | 10.6 | 32.4 | 37.1 |
| Other investments | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.8 | 0.9 |
| Short-term investments | 5.1 | 5.7 | 5.3 | 6.2 | 5.6 | 22.3 | 20.3 |
| Investment income | 150.4 | 144.1 | 133.8 | 125.8 | 128.6 | 554.1 | 478.1 |
| Investment expenses | (6.5) | (5.4) | (5.9) | (5.1) | (5.8) | (22.9) | (21.1) |
| Investment tax expense | (29.7) | (28.7) | (26.5) | (25.1) | (25.5) | (110.0) | (94.4) |
| **Total net investment income, after-tax** | $**114.2** | **110.0** | **101.4** | **95.6** | **97.3** | **421.2** | **362.6** |
| **Net realized and unrealized investment gains (losses), pre-tax** | $**(4.1)** | **8.1** | **4.2** | **0.2** | **(8.0)** | **8.3** | **(2.9)** |
| **Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax** | $**16.4** | **79.3** | **51.6** | **81.1** | **(164.6)** | **228.4** | **36.5** |
| **Average investment yields** |  |  |  |  |  |  |  |
| Fixed income investments, pre-tax | 5.2 | 5.2 | 5.3 | 5.0 | 5.1 | 5.2 | 5.0 |
| Fixed income investments, after-tax | 4.1 | 4.1 | 4.2 | 4.0 | 4.0 | 4.2 | 4.0 |
| Total portfolio, pre-tax | 5.1 | 5.1 | 4.9 | 4.8 | 5.1 | 5.1 | 5.0 |
| Total portfolio, after-tax | 4.1 | 4.1 | 3.9 | 3.8 | 4.0 | 4.0 | 4.0 |
| **Effective tax rate on net investment income** | **20.6** | **20.7** | **20.7** | **20.8** | **20.7** | **20.7** | **20.7** |
| **New money purchase rates for fixed income investments, pre-tax** | **6.0** | **5.8** | **5.7** | **6.0** | **6.1** | **5.9** | **6.0** |
| **New money purchase rates for fixed income investments, after-tax** | **4.7** | **4.6** | **4.6** | **4.7** | **4.8** | **4.7** | **4.8** |
| **Effective duration of fixed income investments including short-term (in years)** | **4.1** | **4.1** | **4.2** | **4.1** | **4.0** | **4.1** | **4.0** |
| 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,** |
| | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** |
|<br>*($ in millions)* | **Amount** | **Percent** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
| Fixed income securities, at fair value | $9481.1 | 84 | % | 9299.7 | 84 | 8901.1 | 84 | 8630.0 | 84 | 8152.1 | 85 |
| Commercial mortgage loans, at fair value | 274.9 | 2 |  | 269.1 | 2 | 266.2 | 3 | 251.5 | 2 | 224.8 | 2 |
| Total fixed income investments | 9756.0 | 86 |  | 9568.8 | 87 | 9167.3 | 87 | 8881.5 | 86 | 8376.9 | 87 |
| Short-term investments | 648.5 | 6 |  | 587.9 | 5 | 531.4 | 5 | 631.1 | 6 | 509.3 | 5 |
| Total fixed income and short-term investments | 10404.6 | 92 |  | 10156.7 | 92 | 9698.8 | 92 | 9512.6 | 92 | 8886.2 | 92 |
| Equity securities, at fair value | 384.4 | 3 |  | 380.1 | 3 | 318.1 | 3 | 266.5 | 3 | 213.6 | 2 |
| Alternative investments | 418.5 | 4 |  | 417.1 | 4 | 435.0 | 4 | 411.1 | 4 | 440.9 | 5 |
| Other investments | 92.2 | 1 |  | 93.3 | 1 | 96.0 | 1 | 98.4 | 1 | 101.1 | 1 |
| **Total investments** | $**11299.7** | **100** | **%** | **11047.2** | **100** | **10547.8** | **100** | **10288.6** | **100** | **9641.8** | **100** |
| **Fixed income investments, at carry value** |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government obligations | $163.2 | 2 | % | 143.4 | 1 | 129.4 | 1 | 134.5 | 2 | 120.2 | 1 |
| Foreign government obligations | 10.0 |  |  | 10.0 |  | 10.5 |  | 10.4 |  | 9.3 |  |
| Obligations of state and political subdivisions | 550.0 | 6 |  | 561.0 | 6 | 458.7 | 5 | 432.9 | 5 | 451.2 | 5 |
| Corporate securities | 3428.1 | 35 |  | 3383.5 | 35 | 3338.6 | 36 | 3262.5 | 37 | 3093.6 | 37 |
| Collateralized loan obligations and other asset-backed securities | 2550.3 | 26 |  | 2478.7 | 26 | 2276.2 | 25 | 2197.2 | 25 | 2033.1 | 24 |
| Residential mortgage-backed securities | 2075.9 | 21 |  | 1998.9 | 21 | 1943.6 | 21 | 1852.1 | 21 | 1692.4 | 20 |
| Commercial mortgage-backed securities | 703.6 | 7 |  | 724.1 | 8 | 744.2 | 8 | 740.9 | 8 | 753.0 | 9 |
| Commercial mortgage loans | 277.7 | 3 |  | 273.5 | 3 | 271.9 | 3 | 257.7 | 3 | 233.7 | 3 |
| **Total fixed income investments** | $**9758.8** | **100** | **%** | **9573.1** | **100** | **9173.1** | **100** | **8888.2** | **100** | **8386.4** | **100** |
| **Expected maturities of fixed income investments at carry value** |  |  |  |  |  |  |  |  |  |  |  |
| Due in one year or less | $646.0 | 7 | % | 603.5 | 6 | 587.8 | 6 | 622.8 | 7 | 638.3 | 8 |
| Due after one year through five years | 3963.9 | 41 |  | 3811.7 | 40 | 3802.7 | 41 | 3723.8 | 42 | 3692.6 | 44 |
| Due after five years through 10 years | 3932.9 | 40 |  | 3959.3 | 41 | 3712.8 | 40 | 3442.5 | 39 | 3072.8 | 37 |
| Due after 10 years | 1216.0 | 12 |  | 1198.6 | 13 | 1069.8 | 12 | 1099.3 | 12 | 982.7 | 12 |
| **Total fixed income investments** | $**9758.8** | **100** | **%** | **9573.1** | **100** | **9173.1** | **100** | **8888.2** | **100** | **8386.4** | **100** |
| **Weighted average credit quality of fixed income and short-term investments** |  |  |  |  |  |  |  |  |  |  |  |
| Investment grade credit quality | $10047.3 | 97 | % | 9809.6 | 97 | 9351.7 | 96 | 9188.2 | 97 | 8577.3 | 97 |
| Non-investment grade credit quality | 357.2 | 3 |  | 347.1 | 3 | 347.1 | 4 | 324.3 | 3 | 308.9 | 3 |
| **Total fixed income and short-term investments, at fair value** | $**10404.6** | **100** | **%** | **10156.7** | **100** | **9698.8** | **100** | **9512.6** | **100** | **8886.2** | **100** |
| **Weighted average credit quality of fixed income and short-term investments** | **A+** | **A+** |  | **A+** | **A+** | **A+** | **A+** | **A+** | **A+** | **A+** | **A+** |
| **<u>Alternative investments</u>** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |  |  |  |  |  |  |
|  |  |  |  |  | **Current** |  |  |  |  |  |  |
|  | **Number of** | **Original** | **Original** | **Remaining** | **Market** |  |  |  |  |  |  |
| **Strategy** | **Funds** | **Commitment** | **Commitment** | **Commitment** | **Value** |  |  |  |  |  |  |
| Private equity | 71 | $511.2 | 511.2 | 194.3 | 335.4 |  |  |  |  |  |  |
| Private credit | 23 | 181.3 | 181.3 | 133.6 | 37.0 |  |  |  |  |  |  |
| Real assets | 13 | 102.8 | 102.8 | 48.4 | 46.1 |  |  |  |  |  |  |
| **Total** | **107** | $**795.3** | **795.3** | **376.3** | **418.5** |  |  |  |  |  |  |
| 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, 2025**<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 | $178 | $163 | 1.4 | 4.6 | 5.3 | 9.1 | $— | $163 | $— | $— | $— | $— |
| Foreign government obligations | 11 | 10 | 0.1 | 4.5 | 4.6 | 5.3 | 1 | 2 | 4 | 4 |  |  |
| State and municipal obligations | 568 | 550 | 4.9 | 4.5 | 7.0 | 8.4 | 77 | 277 | 180 | 16 |  |  |
| Corporate securities | 3434 | 3428 | 30.3 | 5.0 | 4.7 | 6.2 | 12 | 312 | 1565 | 1353 | 186 |  |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage-backed securities ("RMBS"): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency RMBS | 1608 | 1574 | 13.9 | 4.8 | 5.4 | 6.9 |  | 1574 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-agency RMBS | 519 | 502 | 4.4 | 5.4 | 3.4 | 4.6 | 413 | 54 | 33 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total RMBS | **2127** | **2076** | **18.4** | **5.0** | **5.0** | **6.4** | **413** | **1629** | **33** | **1** | **1** | **—** |
| Commercial mortgage-backed securities ("CMBS") |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency CMBS | 136 | 130 | 1.2 | 4.4 | 4.4 | 5.6 | 5 | 125 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-agency CMBS | 577 | 573 | 5.1 | 5.2 | 2.7 | 3.5 | 495 | 55 | 18 |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CMBS | 713 | 704 | 6.2 | 5.1 | 3.0 | 3.9 | 499 | 180 | 18 |  | 6 |  |
| Total mortgage-backed securities | **2840** | **2780** | **24.6** | **5.0** | **4.5** | **5.7** | **912** | **1809** | **50** | **1** | **7** | **—** |
| Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CLOs | 962 | 947 | 8.4 | 6.3 | 1.5 | 3.1 | 572 | 198 | 65 | 48 | 26 | 37 |
| &nbsp;&nbsp;&nbsp;Commercial ABS | 496 | 489 | 4.3 | 3.2 | 2.5 | 3.2 | 85 | 70 | 273 | 60 | 2 |  |
| &nbsp;&nbsp;&nbsp;Consumer ABS | 428 | 428 | 3.8 | 2.0 | 1.0 | 1.5 | 283 | 95 | 43 | 7 |  |  |
| &nbsp;&nbsp;&nbsp;Other ABS | 685 | 687 | 6.1 | 7.2 | 5.4 | 8.0 | 36 | 112 | 345 | 117 | 25 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total CLOs and ABS | **2570** | **2550** | **22.6** | **6.2** | **3.2** | **4.8** | **976** | **475** | **726** | **231** | **53** | **89** |
| &nbsp;&nbsp;&nbsp;Total securitized assets | 5411 | 5330 | 47.2 | 5.6 | 3.9 | 5.3 | 1888 | 2284 | 776 | 233 | 60 | 89 |
| Commercial mortgage loans | 278 | 275 | 2.4 | 6.2 | 2.6 | 3.5 |  | 21 | 112 | 120 | 22 |  |
| **Total fixed income investments** | **9879** | **9756** | **86.3** | **5.3** | **4.3** | **5.8** | **1977** | **3059** | **2637** | **1726** | **268** | **89** |
| Short-term investments | 649 | 649 | 5.7 | 3.6 | 0.0 | 0.0 | 648 |  |  |  | 1 |  |
| **Total fixed income and short-term investments** | **10527** | **10405** | **92.1** | **5.2** | **4.1** | **5.4** | **2625** | **3059** | **2637** | **1726** | **268** | **89** |
| **Total fixed income securities and short-term investments by credit rating percentage** |  |  |  |  |  |  | **25.2%** | **29.4%** | **25.3%** | **16.6%** | **2.6%** | **0.9%** |
| **Equity securities:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Common stock<sup>(1)</sup> | 368 | 383 | 3.4 |  |  |  |  |  |  |  |  | 383 |
| Preferred stock | 2 | 2 |  |  |  |  |  |  |  | 2 |  |  |
| **Total equity securities** | **370** | **384** | **3.4** | **—** | **—** | **—** | **—** | **—** | **—** | **2** | **—** | **383** |
| **Alternative investments** |  |  |  |  |  |  |  |  |  |  |  |  |
| Private equity | 336 | 336 | 3.0 |  |  |  |  |  |  |  |  | 336 |
| Private credit | 37 | 37 | 0.3 |  |  |  |  |  |  |  |  | 37 |
| Real assets | 46 | 46 | 0.4 |  |  |  |  |  |  |  |  | 46 |
| &nbsp;&nbsp;&nbsp;**Total alternative investments** | **419** | **419** | **3.7** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **419** |
| **Other investments** | 92 | 92 | 0.8 |  |  |  |  |  |  |  |  | 92 |
| **Total invested assets** | $**11408** | $**11300** | **100.0%** | **—** | **—** | **—** | $**2625** | $**3059** | $**2637** | $**1728** | $**268** | $**982** |
| <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. | <sup>(1)</sup> Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts. |  |  |  |  |
| Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. | Note: Amounts may not foot due to rounding. |  |  |  |  |

---

------

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year-to-date** | **Year-to-date** |  |
| | **Dec. 31,** | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Dec. 31,** | **Dec. 31,** |  |
| *($ in millions, except per share data)* | **2025** | **2025** | **2025** | **2025** | **2024** | **2025** | **2024** |  |
| **Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)** |  |  |  |  |  |  |  |  |
| Net income (loss) available to common stockholders | $152.9 | 113.0 | 83.6 | 107.6 | 93.2 | 457.2 | 197.8 |  |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 4.1 | (8.1) | (4.2) | (0.2) | 8.0 | (8.3) | 2.9 |  |
| Tax on reconciling items | (0.8) | 1.7 | 0.9 |  | (1.7) | 1.7 | (0.6) |  |
| Non-GAAP operating income (loss) | $156.2 | 106.7 | 80.3 | 107.4 | 99.6 | 450.6 | 200.1 |  |
| **Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share** |  |  |  |  |  |  |  |  |
| Net income (loss) available to common stockholders per diluted common share | $2.52 | 1.85 | 1.36 | 1.76 | 1.52 | 7.49 | 3.23 |  |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 0.07 | (0.13) | (0.07) |  | 0.13 | (0.14) | 0.05 |  |
| Tax on reconciling items | (0.02) | 0.03 | 0.02 |  | (0.03) | 0.03 | (0.01) |  |
| Non-GAAP operating income (loss) per diluted common share  | $2.57 | 1.75 | 1.31 | 1.76 | 1.62 | 7.38 | 3.27 |  |
| **Reconciliation of ROE to non-GAAP operating ROE** |  |  |  |  |  |  |  |  |
| ROE | 18.3 | 14.0 | 10.7 | 14.4 | 12.7 | 14.4 | 7.0 |  |
| Net realized and unrealized investment (gains) losses included in net income, before tax | 0.5 | (1.0) | (0.5) |  | 1.1 | (0.3) | 0.1 |  |
| Tax on reconciling items | (0.1) | 0.2 | 0.1 |  | (0.3) | 0.1 |  |  |
| Non-GAAP operating ROE | 18.7 | 13.2 | 10.3 | 14.4 | 13.5 | 14.2 | 7.1 |  |
| **Reconciliation of book value per common share to adjusted book value per common share** |  |  |  |  |  |  |  |  |
| Book value per common share | $56.74 | 54.46 | 52.09 | 50.33 | 47.99 | 56.74 | 47.99 |  |
| Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax | 1.47 | 1.73 | 3.03 | 3.88 | 5.21 | 1.47 | 5.21 |  |
| Tax on reconciling items | (0.30) | (0.36) | (0.64) | (0.82) | (1.10) | (0.30) | (1.10) |  |
| Adjusted book value per common share | $57.91 | 55.83 | 54.48 | 53.39 | 52.10 | 57.91 | 52.10 |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Note: Amounts may not foot due to rounding. |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |

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

**RATINGS AND CONTACT INFORMATION**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Address:** | **As of December 31, 2025** | | | | |
| 40 Wantage Avenue |  | **AM Best** | **Standard & Poor's** | **Moody's** | **Fitch** |
| Branchville, NJ 07890 | ***Financial Strength Ratings:*** | A+ | A | A2 | A+ |
|  | ***Preferred Stock Rating:*** | n/a | BB+ | Ba1 | BBB- |
| **Corporate Website:** | ***Long-Term Debt Credit Rating:*** | a- | BBB | Baa2 | BBB+ |
| <u>www.Selective.com</u> |  |  |  |  |  |
| **Investor Contact:** | **REGISTRAR AND TRANSFER AGENT** |  |  |  |  |
| Brad B. Wilson | EQ Shareowner Services |  |  |  |  |
| Senior Vice President | P.O. Box 64854 |  |  |  |  |
| Investor Relations & Treasurer | St. Paul, MN 55164 |  |  |  |  |
| Phone: 973-948-1283 | 866-877-6351 |  |  |  |  |
| <u>Brad.Wilson@Selective.com</u> |  |  |  |  |  |
| **Media Contact:** |  |  |  |  |  |
| Jamie M. Beal |  |  |  |  |  |
| Vice President |  |  |  |  |  |
| Director of Communications |  |  |  |  |  |
| Phone: 973-948-1234 |  |  |  |  |  |
| <u>Jamie.Beal@Selective.com</u> |  |  |  |  |  |

---

## Exhibit 99.3

![](sigifourthquarter2025inv001.jpg)

INVESTOR PRESENTATION Fourth Quarter 2025 Copyright© 2026 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3

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

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![](sigifourthquarter2025inv003.jpg)

INTRODUCTION

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![](sigifourthquarter2025inv004.jpg)

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

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![](sigifourthquarter2025inv005.jpg)

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

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![](sigifourthquarter2025inv006.jpg)

SUSTAINABLE COMPETITIVE ADVANTAGES 6 NASDAQ: SIGIP (preferred) Our unique operating model that places empowered decision-makers alongside our customers and distribution partners Our ability to develop and integrate sophisticated tools that our front-line employees use to inform risk selection, pricing, and claims decisions Our franchise value distribution model, defined by meaningful and close business relationships with a group of high-quality distribution partners Our commitment to delivering a superior omni-channel customer experience, enhanced by people and technology Our highly engaged and aligned team of extremely talented employees Our success is based on a unique combination of competitive advantages. Taken together, they create a winning formula for Selective.

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![](sigifourthquarter2025inv007.jpg)

DIFFERENTIATED OPERATING MODEL 7 Unique field model • Underwriting, claims, and safety management specialists placed alongside our customers and distribution partners • Proven ability to develop and integrate actionable tools • Enables effective portfolio management in balancing rate and retention Franchise value distribution model with high-quality partners • Approximately 1,680 distribution partners selling our standard lines products and services at about 2,940 office locations o ~730 of these distribution partners sell our personal lines products o ~80 wholesale agents sell our E&S business o ~6,520 distribution partners sell National Flood Insurance Program products across 50 states 2025 NET PREMIUMS WRITTEN $4.9 BILLION 13% Excess and Surplus Lines 8% Standard Personal Lines 79% Standard Commercial Lines Everyone with Selective makes our customers feel like the #1 priority. The ease of working with Selective is unmatched. - Selective Agent

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![](sigifourthquarter2025inv008.jpg)

0% 5% 10% 15% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 SIGI Peer Avg. NON-GAAP OPERATING ROE 8 Note: Peer Average includes CINF, CNA, HIG, THG, TRV, and UFCS Operating ROE 2025 2024 Investments 13.3% 12.8% Underwriting 3.4% (3.7)% Other (2.5)% (2.0)% Total 14.2% 7.1% Generating ROEs exceeding our cost of capital and peer group average over time 100 basis points of combined ratio translates to ~110 basis points of ROE 100 basis points of pre-tax investment yield translates to ~260 basis points of ROE SIGI 10-Year Average: 11.5% Peer 10-Year Average: 8.6% 14.2% Note: 10-year peer avg based on 2015-2024

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![](sigifourthquarter2025inv009.jpg)

90% 95% 100% 105% 0 2 4 6 8 10 -Y ea r A ve ra ge C om bi n ed R at io 10-Year Standard Deviation of Combined Ratio 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 94%96%98%100%102%104% 10 -Y ea r N PW C A G R 10-Year Average Combined Ratio NPW CAGR VS. AVERAGE COMBINED RATIO Note: White dots represent P&C peers: CINF, CNA, HIG, THG, TRV, and UFCS; 10-year avg based on 2015-2024 Industry Source:© 2026 Conning, Inc. Used with permission. [Statutory data] CAGR = Compound Annual Growth Rate COMBINED RATIO (AVERAGE & VOLATILITY) Industry Industry SIGI ('16-'25) SUSTAINED TRACK RECORD OF PROFITABILITY 9 SIGI ('16-'25)

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![](sigifourthquarter2025inv010.jpg)

$- $1 $2 $3 $4 $5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 N P W ($ in b ill io ns) With current market share of ~1.5% in Commercial Lines, Selective has meaningful runway to deliver above-industry growth TRACK RECORD OF DISCIPLINED, PROFITABLE GROWTH \*Compound annual growth rate NET PREMIUMS WRITTEN COMBINED RATIO 10 8.9% CAGR\* $4.9 \*\* Underlying GAAP combined ratio excludes catastrophe losses and prior year casualty reserve development 91.8% 97.2% 85% 90% 95% 100% 105% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Underlying Combined Ratio\*\* Reported Combined Ratio

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![](sigifourthquarter2025inv011.jpg)

11 Transition to mass-affluent well underway Focusing where we believe our strong coverage and servicing capabilities will be more competitive Better aligns our organizational capabilities with a market where we believe we can succeed over the long term PATH FOR PROFITABLE GROWTH Targeting 3% market share in existing footprint over the long-term o Targeting 12% share of wallet with existing distribution partners o Targeting 25% agent market share in existing markets Disciplined approach to geographic expansion o Added fourteen states to our Standard Commercial Lines footprint since 2017 o Goal of operating our Standard Commercial Lines business with a near national footprint; operating model will vary by market Opportunistic, profitable growth strategy Expansion of capabilities and products STANDARD COMMERCIAL LINES EXCESS AND SURPLUS LINESSTANDARD PERSONAL LINES STANDARD COMMERCIAL LINES FOOTPRINT Core Footprint prior to 2017 Expansion States since 2017 Targeted Expansion States\* \*Expect to enter by the end of 2026, subject to regulatory approval Advancing diversification through geographic and E&S expansion, along with Personal Lines mass affluent strategy

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![](sigifourthquarter2025inv012.jpg)

2026 GUIDANCE\* 12 GAAP combined ratio 96.5% to 97.5% • 6 points of catastrophe losses • Assumes no prior year casualty reserve development After-tax net investment income $465 million Overall effective tax rate 21.5% Weighted average diluted shares 61 million \*As of January 30, 2026

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![](sigifourthquarter2025inv013.jpg)

SEGMENT PERFORMANCE

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![](sigifourthquarter2025inv014.jpg)

STANDARD COMMERCIAL LINES • Account-based approach with granular data and sophisticated tools to support underwriting decisions • Focus on maintaining underwriting discipline and achieving price adequacy • Targeting renewal pure price increases that reflect forward loss trend expectations • Underwriting refinements focused on underperforming areas 82% 8.6% 3.8% 70% 74% 78% 82% 86% 90% 0% 4% 8% R et en ti o n P ri ci ng Retention Renewal Pure Price CLIPS Pricing 79% of 2025 Net Premiums Written ("NPW") $3.8 98.3% 94.0% 70% 80% 90% 100% 110% $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 C om bi ne d R at io N P W ($ in B ill io ns) NPW GAAP Combined Ratio Underlying Combined Ratio \*Expect to enter by the end of 2026, subject to regulatory approval CLIPS: Willis Towers Watson Commercial Lines Insurance Pricing Survey; 2025 data as of 9M25 Footprint Targeted Expansion States\* 14

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![](sigifourthquarter2025inv015.jpg)

75% 80% 85% 90% 0% 4% 8% 12% 16% Excellent Above Average Average Below Average Low & Very Low R en ew al P ur e Pr ic e Renewal Pure Price Point of Renewal Retention Po in t o f R en ew al R et en tio n PORTFOLIO APPROACH DRIVES BUSINESS MIX IMPROVEMENTS • Portfolio management approach yields higher retention and rate • Account-specific pricing, including: • Predictive modeling • Relative loss frequency and severity • Pricing deviation • Hazard and segment considerations Strong focus on providing our employees tools and technologies that enable more effective underwriting decision making 4Q25 Standard Commercial Lines Pricing by Retention Group % of Premium 17% 17% 41% 15% 10% 16% 14% 43% Contractors Manufacturing & Wholesale Community & Public Services 26% Mercantile & Services 2025 DPW Mix 15 1% Bonds

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![](sigifourthquarter2025inv016.jpg)

EXCESS & SURPLUS LINES • Profitable and growing portfolio of commercial risks • Small and middle market focus with $6,000 average premium per policyholder • Modernized technology platform • ~80 wholesale general agents with limited binding authority within prescribed underwriting and pricing guidelines $631.2 87.8% 81.3% 70% 80% 90% 100% 110% $100 $200 $300 $400 $500 $600 C om bi ne d R at io N P W ($ in m ill io ns) NPW GAAP Combined Ratio Underlying Combined Ratio 13% of 2025 Net Premiums Written 8.5% 0% 2% 4% 6% 8% 10% R en ew al P ur e Pr ic e Renewal Pure Price 50 States & D.C. 16

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![](sigifourthquarter2025inv017.jpg)

• Strategic shift to mass affluent target market well underway • Strong existing product set and servicing capabilities • Aggressive profit improvement plan driven by accelerated pricing and tighter terms and conditions • Decreased policy counts in 2024 and 2025 due to rate and underwriting actions STANDARD PERSONAL LINES 1.0% 0.7% 5.2% 20.6% 18.6% 0% 5% 10% 15% 20% 25% R en ew al P ur e Pr ic e 8% of 2025 Net Premiums Written $397.7 100.6% 86.8% 70% 80% 90% 100% 110% 120% $100 $200 $300 $400 $500 C om bi ne d R at io N P W ($ in m ill io ns) NPW GAAP Combined Ratio Underlying Combined Ratio 15 State Footprint 17

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![](sigifourthquarter2025inv018.jpg)

CONSERVATIVE INVESTMENT PORTFOLIO • Consistent strategy focused on optimizing the economic value of our investment portfolio by achieving stable, risk-adjusted after-tax net investment income and generating long-term growth in book value per share • Risk and return objectives balanced against prevailing market conditions and our enterprise risk-taking tolerance • High credit quality and well-diversified portfolio • 92% allocation to fixed income and short-term as of 12/31/25: • 4.1 year duration • A+ average credit rating • Profitable growth within insurance operations drives long-term growth of invested assets Long-term investment philosophy and focus on managing risk $421 13.3% 0% 4% 8% 12% $- $100 $200 $300 $400 After-Tax NII NII ROE Investment Portfolio at 12/31/2025 4.0% 0% 1% 2% 3% 4% $4 $6 $8 $10 Th ou sa nd s Invested Assets After-Tax Portfolio Yield In ve st ed A ss et s ($ in b ill io ns) Fixed Income 86% Short-Term 6%Equities 3% Alts & Other 5% Af te r- Ta x Po rt fo lio Y ie ld Af te r- Ta x N et In ve st m en t In co m e ($ in m ill io ns) O pe ra tin g R et ur n on E qu ity 18 $11.3

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![](sigifourthquarter2025inv019.jpg)

FINANCIAL OVERVIEW

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![](sigifourthquarter2025inv020.jpg)

3.5 0 2 4 6 8 10 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Po in ts o n th e C om bi ne d R at io ENTERPRISE RISK MANAGEMENT 20 7% 4% 5% 0% 10% 2023 2024 2025 1-IN-250 PROBABLE MAXIMUM LOSS\* AS A % OF GAAP EQUITY • Strong balance sheet and underwriting controls with prudent reserving practices • Catastrophe loss mitigation initiatives include: o Exposure management, including strict coastal guidelines o Focus on geographic diversification and growth that minimizes peak peril aggregations o Prudent reinsurance program IMPACT OF CATASTROPHE LOSSES ON COMBINED RATIO \*Single event hurricane losses are net of reinsurance, after tax, and reinstatement premiums as of 1/1/26; GAAP equity as of 12/31/25 Industry Source:© 2025 AM Best. Used with permission. 2025 Industry Estimate Source:© 2026 Conning, Inc. Used with permission. Industry Average SIGI Standard Commercial $20.6K Excess & Surplus $6.0K Personal Lines $4.1K AVERAGE PREMIUM PER POLICYHOLDER:

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![](sigifourthquarter2025inv021.jpg)

PRUDENT REINSURANCE STRUCTURE 21 • 2026 property catastrophe treaty highlights: o $1.5B exhaustion point and $100M retention o Top layer of $700M x $800M is 71% collateralized o 1-in-250 PML = 5% of GAAP equity o Placed 100% of a $20M x $20M Personal Lines-only layer • Property excess of loss treaty covers losses up to $95M in excess of $5M retention on a per risk basis • Casualty excess of loss treaty covers losses up to $87M in excess of $3M retention on a per occurrence basis o Co-participation of 20% on the first $3M x $3M layer 2026 PROPERTY CATASTROPHE PROGRAM $700M in excess of $800M 46% covered through Catastrophe Bond (3-year risk period ending December 2026) 93% Placed $400M in excess of $400M 100% Placed $200M in excess of $200M 100% Placed $100M in excess of $100M 100% Placed Retention: $100M

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![](sigifourthquarter2025inv022.jpg)

DISCIPLINED FINANCIAL PLANNING & RESERVING PRACTICES 22 Rigorous Results Monitoring Extensive pricing, underwriting, and claims results monitoring provides on-going feedback Detailed Planning Process Detailed ground up premium, expense, and loss planning, with monthly forecasts Specific Underwriting & Pricing Actions Rate analyses, predictive modeling, and policy level guidance facilitate specific pricing and underwriting actions Quarterly Reserve Review Strong reserve discipline facilitated by in-depth quarterly reserve reviews, semi-annual independent reviews, and independent year-end opinion

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![](sigifourthquarter2025inv023.jpg)

23 OTHER LIABILITY OCCURRENCE ACCIDENT YEAR NET LOSS & DCC\* RATIO (STATUTORY) Selective P&C Industry Key Initial = initial loss ratio booked for each accident year @ 36 Months = loss ratio at third year-end evaluation YE-24 = loss ratio as of year-end 2024 Data sourced from Schedule P • For more mature accident years, Selective's booked loss ratio at 36 months is similar to the loss ratio at the most recent report (year-end 2024). For the industry, there has been a more meaningful amount of unfavorable development after 36 months. • We believe this points to the quality of our reserving process. \*DCC = Defense & Cost Containment 50.4% 50.4% 56.2% 53.8% 54.1% 52.0% 56.2% 65.2% 58.7% 61.7% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Initial @ 36 Mos YE-24 68.9% 72.2% 75.4% 77.4% 78.4% 73.3% 69.8% 68.7% 70.5% 69.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Initial @ 36 Mos YE-24

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![](sigifourthquarter2025inv024.jpg)

COMMERCIAL AUTO LIABILITY ACCIDENT YEAR NET LOSS & DCC\* RATIO (STATUTORY) Selective P&C Industry Similar to Other Liability Occurrence, Commercial Auto liability loss ratios in more mature accident years at 36 months are closer to the loss ratio at the most recent report (year-end 2024) for Selective versus the industry. Key Initial = initial loss ratio booked for each accident year @ 36 Months = loss ratio at third year-end evaluation YE-24 = loss ratio as of year-end 2024 Data sourced from Schedule P \*DCC = Defense & Cost Containment 75.6% 76.1% 78.2% 75.4% 80.9% 64.1% 70.9% 69.2% 72.4% 67.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Initial @ 36 Mos YE-24 77.1% 80.0% 80.8% 81.1% 82.3% 66.7% 72.9% 75.4% 75.9% 74.0% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Initial @ 36 Mos YE-24 24

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![](sigifourthquarter2025inv025.jpg)

WORKERS COMPENSATION ACCIDENT YEAR NET LOSS & DCC\* RATIO (STATUTORY) Selective P&C Industry For Workers Compensation, both Selective and Industry have reported favorable development within the first 36 months of an accident year, with additional favorable development after 36 months. Key Initial = initial loss ratio booked for each accident year @ 36 Months = loss ratio at third year-end evaluation YE-24 = loss ratio as of year-end 2024 Data sourced from Schedule P \*DCC = Defense & Cost Containment 53.2% 47.3% 46.9% 51.2% 51.8% 50.9% 49.9% 58.8% 61.2% 63.8% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Initial @ 36 Mos YE-24 53.5% 52.1% 52.9% 54.6% 58.8% 60.3% 63.5% 62.4% 63.5% 64.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Initial @ 36 Mos YE-24 25

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![](sigifourthquarter2025inv026.jpg)

STRONG CAPITAL POSITION Full year operating cash flow of $1.2 billion, compared to $1.1 billion Issued $400M of Senior Notes in February 2025 26 FINANCIAL STRENGTH RATINGS NPW-to-Surplus ratio of 1.36x for 2025 We believe investing in organic growth is currently the most attractive capital deployment opportunity Target 20-25% dividend payout ratio over time Quarterly dividend increased 13%, to $0.43 per common share, in 4Q 2025 Board authorized a new $200 million share repurchase program in 2025 Repurchased $86M of common stock in 2025 $170M of remaining authorization at year-end 2025 AM Best: A+ Fitch: A+ S&P: A Moody's: A2

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![](sigifourthquarter2025inv027.jpg)

30.8% 28% 29% 30% 31% 32% 33% 34% 35% 36% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 G A AP E xp en se R at io BALANCING EXPENSE DISCIPLINE WITH STRATEGIC INVESTMENTS 27 • Recent and current strategic investments include: o New platforms for Small Business and E&S o Claim system modernization o Geographic expansion o Customer experience • Areas for operational enhancements include: o Artificial intelligence o Talent development o Product innovation

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![](sigifourthquarter2025inv028.jpg)

$26.42 $56.74 $0 $10 $20 $30 $40 $50 $60 2016 2017 2018 2019 2020 2021 2022 2023 B oo k Va lu e pe r S ha re FOCUS ON ROE AND GROWTH IN BOOK VALUE PER SHARE 28 \*Refer to "Safe Harbor Statement" on page 2 of this presentation for further detail regarding certain non-GAAP financial measures Generating non-GAAP operating ROE\* in line with our long-term target Superior growth in book value per share Expected higher total shareholder returns over time 2024 2025

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![](sigifourthquarter2025inv029.jpg)

FORWARD WITH PURPOSE

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![](sigifourthquarter2025inv030.jpg)

30 Sustainability initiatives are embedded into Selective' business. We aim to deliver significant value over time to our customers, distribution partners, employees, and shareholders. OUR APPROACH TO SUSTAINABILITY Help our customers put their lives and businesses back together after experiencing a covered loss Help make our customers and communities safer Support economic growth by providing capital that protects against covered losses and allows businesses to invest confidently in their operations "AA" rating from MSCI Built a solar facility at the Branchville office that can generate approximately 3.3M kWh of energy in 2025 that we sell to others Continue sharing our approach to climate-related risks and opportunities through the publication of our fourth Task Force on Climate-related Financial Disclosures. OUR PRIMARY OBJECTIVES ARE TO: KEY SUSTAINABILITY ACCOMPLISHMENTS:

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![](sigifourthquarter2025inv031.jpg)

INVESTOR PRESENTATION Fourth Quarter 2025 Copyright© 2026 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3

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