# EDGAR Filing Document

**Accession Number:** 0000230557
**File Stem:** 0000230557-25-000022
**Filing Date:** 2025-10
**Character Count:** 228368
**Document Hash:** 669f9bc82ec7219b50111980b1d717c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000230557-25-000022.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0000230557-25-000022

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20251022

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**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:** 251410371

**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-20251022

**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) October 22, 2025

---

| |
|:---|
| **<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 October 22, 2025, Selective Insurance Group, Inc. (the "Company") issued a press release announcing results for the third quarter ended September 30, 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 8 – Other Events**

**Item 8.01. Other Events.**

On October 22, 2025, the Company announced that its Board of Directors (the "Board") approved a $200 million share repurchase program (the "New Repurchase Program") effective October 27, 2025. Under the New Repurchase Program, the Company will be authorized to repurchase issued and outstanding shares of the Company's common stock in an aggregate amount of up to $200 million, exclusive of any excise tax impact. Repurchases under the New Repurchase Program may be made through a variety of methods, which could include open market purchases, which may or may not be pursuant to Rule 10b5-1 trading plans, privately negotiated transactions, block trades, accelerated share repurchase plans, or any combination of such methods. The timing and amount of shares repurchased will depend on the stock price, business and market conditions, corporate and regulatory requirements, investment opportunities, acquisition opportunities, and other factors. The Company is not obligated to repurchase any specific amount of shares of common stock. The New Repurchase Program does not have an expiration date and may be amended or terminated by the Board at any time without prior notice.

In connection with the Board's approval of the New Repurchase Program, the Board determined to discontinue the Company's existing repurchase program, which was approved by the Board on November 30, 2020 and authorized the Company to repurchase up to $100 million in shares of its common stock (the "Prior Repurchase Program"). Accordingly, effective as of the close of business on October 24, 2025, no additional shares of common stock will be repurchased under the Prior Repurchase Program, and beginning on October 27, 2025, any and all repurchases will be made pursuant to the New Repurchase Program.

------

**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](q32025pressreleaseexh991.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Press Release of Selective Insurance Group, Inc. dated October 22, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2](q32025pressreleasesuppleme.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Financial Supplement, Third Quarter 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.3](sigithirdquarter2025inve.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. Third Quarter 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: | October 22, 2025 | 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 Third Quarter 2025 Results** 

**Net Income per Diluted Common Share of $1.85 and Non-GAAP Operating Income**<sup>1</sup> **per** 

**Diluted Common Share of $1.75;** 

**Return on Common Equity ("ROE") of 14.0% and Non-GAAP Operating ROE**<sup>1</sup> **of 13.2%**

**Quarterly Dividend Increased 13% to $0.43 per Common Share; New $200 Million Share Repurchase Program Authorized to Replace Prior Program**

In the third quarter of 2025:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The GAAP combined ratio was 98.6%, compared to 99.5% in the third quarter of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial Lines renewal pure price increases averaged 8.9%, compared to 9.1% in the third quarter of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax net investment income was $110 million, up 18% from the third quarter of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value per common share was $54.46, up 5% from last quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted book value per common share¹ was $55.83, up 2% from last quarter.

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

**Branchville, NJ - October 22, 2025 -** Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the third quarter ended September 30, 2025, with net income per diluted common share of $1.85 and non-GAAP operating income<sup>1</sup> per diluted common share of $1.75. ROE was 14.0% and non-GAAP operating ROE<sup>1</sup> was 13.2%.

For the quarter, Selective's combined ratio was 98.6%. Catastrophe losses were 2.1 points, and net unfavorable prior year casualty reserve development was 3.3 points, driven by $40 million of reserve strengthening, mainly in standard commercial lines. NPW grew 4% from a year ago driven by renewal pure price increases of 9.6%. Net investment income increased 18% from a year ago, to $110 million after-tax, and generated 13.6 points of annualized ROE in the quarter.

Today, the company announces that its Board of Directors authorized a new share repurchase program under which it may repurchase up to $200 million of its outstanding shares. The program is effective October 27, 2025 and has no expiration date. The company's existing share repurchase program, which had $19.9 million of shares remaining as of September 30, 2025, will remain effective through October 24, 2025.

"Our full-year combined ratio outlook remains at 97 to 98%. With a 98.3% combined ratio through the first nine months of the year and strong net investment income, we delivered year-to-date operating ROE of 12.6%," said John J. Marchioni, Chairman, President and Chief Executive Officer.

"We believe our focus on improving underwriting margins and investing in areas that support long-term, profitable growth positions us for stronger, more sustainable performance. This quarter, we expanded our Standard Commercial Lines footprint into Kansas, and we plan to enter Montana and Wyoming in 2026. We've strategically added 14 states over the last 8 years, significantly growing our market and advancing our stated goal of operating our Standard Commercial Lines business with a near-national footprint."

"We remain committed to our long-term capital management strategy – prioritizing investments in insurance operations that drive profitable growth, targeting 20% to 25% of our earnings returned through dividends over time, and opportunistically repurchasing shares. This quarter, we are pleased to announce a 13% increase in our quarterly dividend – our twelfth consecutive annual increase – and a new $200 million share repurchase program authorization, replacing the prior program. We repurchased $36 million of common stock in the quarter under our prior authorization. Together, these actions underscore our unwavering commitment to delivering long-term value to shareholders," concluded Mr. Marchioni.

------

**Operating Highlights** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Change** | **Change** | **Year-to-Date September 30,** | **Year-to-Date September 30,** | **Year-to-Date September 30,** | **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 | $1207.9 |  | 1157.6 | 4 | % | $3737.0 |  | 3540.4 | 6 | % |
| Net premiums earned | 1204.7 |  | 1112.2 | 8 |  | 3551.5 |  | 3243.4 | 9 |  |
| Net investment income earned | 138.7 |  | 117.8 | 18 |  | 387.3 |  | 334.3 | 16 |  |
| Net realized and unrealized gains (losses), pre-tax | 8.1 |  | 5.4 | 50 |  | 12.5 |  | 5.1 | 147 |  |
| Total revenues | 1360.1 |  | 1244.3 | 9 |  | 3972.0 |  | 3605.3 | 10 |  |
| Net underwriting income (loss), after-tax | 13.2 |  | 4.1 | 218 |  | 47.3 |  | (118.0) | (140) |  |
| Net investment income, after-tax | 110.0 |  | 93.4 | 18 |  | 307.0 |  | 265.3 | 16 |  |
| Net income (loss) available to common stockholders | 113.0 |  | 90.0 | 26 |  | 304.3 |  | 104.6 | 191 |  |
| Non-GAAP operating income (loss)<sup>1</sup> | 106.7 |  | 85.7 | 24 |  | 294.4 |  | 100.6 | 193 |  |
| Combined ratio | 98.6 | % | 99.5 | (0.9) | pts | 98.3 | % | 104.6 | (6.3) | pts |
| Loss and loss expense ratio | 67.9 |  | 68.8 | (0.9) |  | 67.2 |  | 73.8 | (6.6) |  |
| Underwriting expense ratio | 30.6 |  | 30.6 |  |  | 31.0 |  | 30.6 | 0.4 |  |
| Dividends to policyholders ratio | 0.1 |  | 0.1 |  |  | 0.1 |  | 0.2 | (0.1) |  |
| Net catastrophe losses | 2.1 | pts | 13.4 | (11.3) |  | 4.2 | pts | 9.1 | (4.9) |  |
| Non-catastrophe property losses and loss expenses | 14.1 |  | 13.2 | 0.9 |  | 14.7 |  | 15.5 | (0.8) |  |
| (Favorable) unfavorable prior year reserve development on casualty lines | 3.3 |  |  | 3.3 |  | 2.5 |  | 6.5 | (4.0) |  |
| Current year casualty loss costs | 48.4 |  | 42.2 | 6.2 |  | 45.8 |  | 42.7 | 3.1 |  |
| Net income (loss) available to common stockholders per diluted common share | $1.85 |  | 1.47 | 26 | % | $4.97 |  | 1.71 | 191 | % |
| Non-GAAP operating income (loss) per diluted common share<sup>1</sup> | 1.75 |  | 1.40 | 25 |  | 4.81 |  | 1.64 | 193 |  |
| Weighted average diluted common shares | 61.0 |  | 61.3 |  |  | 61.2 |  | 61.3 |  |  |
| Book value per common share | $54.46 |  | 48.82 | 12 |  | $54.46 |  | 48.82 | 12 |  |
| Adjusted book value per common share<sup>1</sup> | 55.83 |  | 50.80 | 10 |  | 55.83 |  | 50.80 | 10 |  |

---

**Overall Insurance Operations**

For the third quarter, overall NPW increased 4%, as we focused on rate and non-rate actions to improve underwriting profitability. Average renewal pure price increased 9.6%, down 0.9 points from a year ago. Our 98.6% combined ratio was 0.9 points better than a year ago, driven by lower catastrophe losses. This was partially offset by 3.3 points, or $40 million, of unfavorable prior year casualty reserve development and higher current year casualty loss costs.

Overall, insurance segment performance generated 1.6 points of ROE in the third quarter of 2025.

**Standard Commercial Lines Segment** 

For the third quarter, Standard Commercial Lines premiums (representing 78% of total NPW) grew 4% from a year ago. The premium growth reflected average renewal pure price increases of 8.9% and retention of 82%. The third quarter combined ratio was 101.1%, up 1.9 points from a year ago. Unfavorable prior year casualty reserve development and higher current year casualty loss costs in Commercial Auto drove the change. This was partially offset by lower net catastrophe losses.

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Change** | **Change** | **Year-to-Date September 30,** | **Year-to-Date September 30,** | **Year-to-Date September 30,** | **Change** | **Change** |
| **Standard Commercial Lines Segment**<br>*$ in millions* | **2025** | **2025** | **2024** | **Change** | **Change** | **2025** | **2025** | **2024** | **Change** | **Change** |
| Net premiums written | $940.8 |  | 903.9 | 4 | % | $2962.0 |  | 2798.7 | 6 | % |
| Net premiums earned | 947.3 |  | 875.4 | 8 |  | 2797.1 |  | 2563.0 | 9 |  |
| Combined ratio | 101.1 | % | 99.2 | 1.9 | pts | 100.1 | % | 105.6 | (5.5) | pts |
| Loss and loss expense ratio | 69.5 |  | 67.6 | 1.9 |  | 68.1 |  | 74.0 | (5.9) |  |
| Underwriting expense ratio | 31.5 |  | 31.4 | 0.1 |  | 31.9 |  | 31.4 | 0.5 |  |
| Dividends to policyholders ratio | 0.1 |  | 0.2 | (0.1) |  | 0.1 |  | 0.2 | (0.1) |  |
| Net catastrophe losses | 1.6 | pts | 11.5 | (9.9) |  | 3.1 | pts | 7.4 | (4.3) |  |
| Non-catastrophe property losses and loss expenses | 12.5 |  | 11.0 | 1.5 |  | 13.6 |  | 13.1 | 0.5 |  |
| (Favorable) unfavorable prior year reserve development on casualty lines | 3.7 |  |  | 3.7 |  | 2.9 |  | 8.2 | (5.3) |  |
| Current year casualty loss costs | 51.7 |  | 45.1 | 6.6 |  | 48.5 |  | 45.3 | 3.2 |  |

---

**Standard Personal Lines Segment** 

For the third quarter, our deliberate profit improvement actions caused Standard Personal Lines premiums (representing 9% of total NPW) to decline 6% from a year ago and new business to fall 20%. We continue to focus on growth in states where we have filed and obtained adequate rate approvals. Renewal pure price was 16.9% and retention was 79%. The third quarter 2025 combined ratio improved 12.0 points from a year ago to 110.1%, due to lower catastrophe losses. This was partially offset by higher current year casualty loss costs and unfavorable prior year casualty reserve development in Personal Auto.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Change** | **Change** | **Year-to-Date September 30,** | **Year-to-Date September 30,** | **Year-to-Date September 30,** | **Change** | **Change** |
| **Standard Personal Lines Segment**<br>*$ in millions* | **2025** | **2025** | **2024** | **Change** | **Change** | **2025** | **2025** | **2024** | **Change** | **Change** |
| Net premiums written | $104.2 |  | 111.0 | (6) | % | $302.2 |  | 327.1 | (8) | % |
| Net premiums earned | 101.5 |  | 107.5 | (6) |  | 307.6 |  | 317.8 | (3) |  |
| Combined ratio | 110.1 | % | 122.1 | (12.0) | pts | 99.9 | % | 115.2 | (15.3) | pts |
| Loss and loss expense ratio | 88.0 |  | 98.7 | (10.7) |  | 76.7 |  | 91.8 | (15.1) |  |
| Underwriting expense ratio | 22.1 |  | 23.4 | (1.3) |  | 23.2 |  | 23.4 | (0.2) |  |
| Net catastrophe losses | 12.0 | pts | 38.8 | (26.8) |  | 11.0 | pts | 24.8 | (13.8) |  |
| Non-catastrophe property losses and loss expenses | 39.3 |  | 35.3 | 4.0 |  | 34.0 |  | 39.4 | (5.4) |  |
| Unfavorable prior year reserve development on casualty lines | 4.9 |  |  | 4.9 |  | 3.3 |  |  | 3.3 |  |
| Current year casualty loss costs | 31.8 |  | 24.6 | 7.2 |  | 28.4 |  | 27.6 | 0.8 |  |

---

------

**Excess and Surplus Lines Segment** 

For the third quarter, Excess and Surplus Lines premiums (representing 13% of total NPW) increased 14% from the prior-year period, driven by average renewal pure price increases of 8.3%. The third quarter 2025 combined ratio was 76.2%, 7.0 points better than a year ago driven by lower catastrophe losses and non-catastrophe property losses. This was partially offset by higher current year casualty loss costs.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Change** | **Change** | **Year-to-Date September 30,** | **Year-to-Date September 30,** | **Year-to-Date September 30,** | **Change** | **Change** |
| **Excess and Surplus Lines Segment**<br>*$ in millions* | **2025** | **2025** | **2024** | **Change** | **Change** | **2025** | **2025** | **2024** | **Change** | **Change** |
| Net premiums written | $162.9 |  | 142.7 | 14 | % | $472.8 |  | 414.5 | 14 | % |
| Net premiums earned | 155.9 |  | 129.3 | 21 |  | 446.8 |  | 362.6 | 23 |  |
| Combined ratio | 76.2 | % | 83.2 | (7.0) | pts | 85.9 | % | 88.4 | (2.5) | pts |
| Loss and loss expense ratio | 46.1 |  | 52.5 | (6.4) |  | 55.3 |  | 57.5 | (2.2) |  |
| Underwriting expense ratio | 30.1 |  | 30.7 | (0.6) |  | 30.6 |  | 30.9 | (0.3) |  |
| Net catastrophe losses | (1.5) | pts | 5.2 | (6.7) |  | 6.5 | pts | 7.1 | (0.6) |  |
| Non-catastrophe property losses and loss expenses | 7.0 |  | 10.0 | (3.0) |  | 8.4 |  | 11.8 | (3.4) |  |
| (Favorable) prior year reserve development on casualty lines |  |  |  |  |  |  |  |  |  |  |
| Current year casualty loss costs | 40.6 |  | 37.3 | 3.3 |  | 40.4 |  | 38.6 | 1.8 |  |

---

**Investments Segment** 

For the third quarter, after-tax net investment income of $110 million was up 18% 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 $3.36 as of September 30, 2025, net investment income generated 13.6 points of annualized ROE.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Change** | **Change** | **Year-to-Date September 30,** | **Year-to-Date September 30,** | **Year-to-Date September 30,** | **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 | $110.0 |  | 93.4 | 18 | % | $307.0 |  | 265.3 | 16 | % |
| Net investment income per common share | 1.80 |  | 1.52 | 18 |  | 5.02 |  | 4.33 | 16 |  |
| Effective tax rate | 20.7 | % | 20.7 |  | pts | 20.7 | % | 20.6 | 0.1 | pts |
| Average yields: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax | 5.1 |  | 5.0 | 0.1 |  | 5.0 |  | 4.9 | 0.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After-tax | 4.1 |  | 4.0 | 0.1 |  | 4.0 |  | 3.9 | 0.1 |  |
| &nbsp;&nbsp;&nbsp;Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax | 5.2 | % | 5.0 | 0.2 | pts | 5.2 | % | 4.9 | 0.3 | pts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After-tax | 4.1 |  | 4.0 | 0.1 |  | 4.1 |  | 3.9 | 0.2 |  |
| Annualized ROE contribution | 13.6 |  | 13.1 | 0.5 |  | 13.2 |  | 12.6 | 0.6 |  |

---

**Balance Sheet**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| $ in millions, except per share data | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** |
| Total assets | $14980.4 |  | 13514.2 |  | 11% |  |
| Total investments | 11051.5 |  | 9651.3 |  | 15 |  |
| Long-term debt | 902.3 |  | 507.9 |  | 78 |  |
| Stockholders' equity | 3490.0 |  | 3120.1 |  | 12 |  |
| Common stockholders' equity | 3290.0 |  | 2920.1 |  | 13 |  |
| Invested assets per dollar of common stockholders' equity | 3.36 |  | 3.31 |  | 2 |  |
| Net premiums written to policyholders' surplus | 1.42 |  | 1.60 |  | (11) |  |
| Book value per common share | 54.46 |  | 47.99 |  | 13 |  |
| Adjusted book value per common share<sup>1</sup> | 55.83 |  | 52.10 |  | 7 |  |
| Debt to total capitalization | 20.5 | % | 14.0 | % | 6.5 | pts |

---

Book value per common share increased by $6.47, or 13%, during the first nine months of 2025. The increase was primarily attributable to $4.97 of net income per diluted common share and a $2.77 decrease in after-tax net unrealized losses on our

------

fixed income securities portfolio, partially offset by $1.14 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 third quarter of 2025, the Company repurchased 464,701 shares of common stock at an average price of $77.95 for $36.2 million.

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 that is payable December 1, 2025, to holders of record on November 14, 2025; 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 December 15, 2025, to holders of record as of December 1, 2025.

**Guidance** 

For 2025, our full-year expectations are updated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A GAAP combined ratio of 97% to 98%, including net catastrophe losses of 4 points and the impact of prior year casualty reserve development reported through the third quarter. Our combined ratio estimate assumes no additional prior year casualty reserve development and no further change in loss cost estimates. We do not make assumptions about future reserve development, as we book our best estimate each quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax net investment income of $420 million, up from prior guidance of $415 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 61.1 million on a fully diluted basis, reflecting the shares repurchased in the first nine months of 2025 and assuming no additional repurchases under our share repurchase authorization.

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

Selective's quarterly analyst conference call will be simulcast at 8:00 AM ET, on Thursday, October 23, 2025, on www.Selective.com. The webcast will be available for rebroadcast until the close of business on November 21, 2025.

**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 and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended to be a substitute for net income (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 September 30,** | **Quarter Ended September 30,** | **Year-to-Date September 30,** | **Year-to-Date September 30,** |
| *$ in millions* | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) available to common stockholders | $113.0 | 90.0 | 304.3 | 104.6 |
| Net realized and unrealized investment (gains) losses included in net income, before tax | (8.1) | (5.4) | (12.5) | (5.1) |
| Tax on reconciling items | 1.7 | 1.1 | 2.6 | 1.1 |
| Non-GAAP operating income (loss) | $106.7 | 85.7 | 294.4 | 100.6 |

---

**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 September 30,** | **Quarter Ended September 30,** | **Year-to-Date September 30,** | **Year-to-Date September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) available to common stockholders per diluted common share | $1.85 | 1.47 | 4.97 | 1.71 |
| Net realized and unrealized investment (gains) losses included in net income, before tax | (0.13) | (0.09) | (0.20) | (0.08) |
| Tax on reconciling items | 0.03 | 0.02 | 0.04 | 0.01 |
| Non-GAAP operating income (loss) per diluted common share | $1.75 | 1.40 | 4.81 | 1.64 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Year-to-Date September 30,** | **Year-to-Date September 30,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| Return on Common Equity | 14.0 | % | 12.6 | 13.0 | 5.0 |
| Net realized and unrealized investment (gains) losses included in net income, before tax | (1.0) |  | (0.8) | (0.5) | (0.2) |
| Tax on reconciling items | 0.2 |  | 0.3 | 0.1 |  |
| Non-GAAP Operating Return on Common Equity | 13.2 | % | 12.1 | 12.6 | 4.8 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Year-to-Date September 30,** | **Year-to-Date September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Book value per common share | $54.46 | 48.82 | 54.46 | 48.82 |
| Total unrealized investment (gains) losses included in accumulated other comprehensive (loss) income, before tax | 1.73 | 2.50 | 1.73 | 2.50 |
| Tax on reconciling items | (0.36) | (0.52) | (0.36) | (0.52) |
| Adjusted book value per common share | $55.83 | 50.80 | 55.83 | 50.80 |

---

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 and the impact of a continued shutdown of the U.S. government;

&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**

**THIRD QUARTER 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 and the impact of a continued shutdown of the U.S. government;

&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](#i331a45a855a347fda6c40e6f43594aa8_10)** |
| Consolidated Statements of Operations | **[2](#i331a45a855a347fda6c40e6f43594aa8_13)** |
| Consolidated Balance Sheets | **[3](#i331a45a855a347fda6c40e6f43594aa8_16)** |
| Financial Metrics | **[4](#i331a45a855a347fda6c40e6f43594aa8_19)** |
| Consolidated Insurance Operations Statement of Operations | **[5](#i331a45a855a347fda6c40e6f43594aa8_22)** |
| Standard Commercial Lines Statement of Operations and Supplemental Data | **[6](#i331a45a855a347fda6c40e6f43594aa8_25)** |
| Standard Commercial Lines GAAP Line of Business Results | **[7](#i331a45a855a347fda6c40e6f43594aa8_28)** |
| Standard Personal Lines Statement of Operations and Supplemental Data | **[8](#i331a45a855a347fda6c40e6f43594aa8_31)** |
| Standard Personal Lines GAAP Line of Business Results | **[9](#i331a45a855a347fda6c40e6f43594aa8_34)** |
| Excess and Surplus Lines Statement of Operations and Supplemental Data | **[10](#i331a45a855a347fda6c40e6f43594aa8_37)** |
| Excess and Surplus Lines GAAP Line of Business Results | **[11](#i331a45a855a347fda6c40e6f43594aa8_40)** |
| Consolidated Investment Income | **[12](#i331a45a855a347fda6c40e6f43594aa8_43)** |
| Consolidated Composition of Invested Assets | **[13](#i331a45a855a347fda6c40e6f43594aa8_46)** |
| Credit Quality of Invested Assets | **[14](#i331a45a855a347fda6c40e6f43594aa8_49)** |
| Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) and Certain Other Non-GAAP Measures | **[15](#i331a45a855a347fda6c40e6f43594aa8_52)** |
| Ratings and Contact Information | **[16](#i331a45a855a347fda6c40e6f43594aa8_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** |
| | | **Sept. 30,** | | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **Sept. 30,** | **Sept. 30,** |
| *($ and shares in millions, except per share data)* | *($ and shares in millions, except per share data)* | **2025** |  | **2025** | **2025** | **2024** | **2024** | **2025** | **2024** |
| **<u>For Period Ended</u>** | **<u>For Period Ended</u>** |  |  |  |  |  |  |  |  |
|  | Gross premiums written | $1419.3 |  | 1496.2 | 1428.8 | 1275.9 | 1343.1 | 4344.3 | 4071.1 |
|  | Net premiums written | 1207.9 |  | 1288.6 | 1240.4 | 1089.6 | 1157.6 | 3737.0 | 3540.4 |
|  | Change in net premiums written, from comparable prior year period | 4 | % | 5 | 7 | 10 | 9 | 6 | 13 |
|  | Underwriting income (loss), before-tax | $16.7 |  | (2.4) | 45.6 | 16.8 | 5.3 | 59.9 | (149.4) |
|  | Net investment income earned, before-tax | 138.7 |  | 128.0 | 120.7 | 122.8 | 117.8 | 387.3 | 334.3 |
|  | Net realized and unrealized investment gains (losses), before-tax | 8.1 |  | 4.2 | 0.2 | (8.0) | 5.4 | 12.5 | 5.1 |
|  | Net income (loss) | $115.3 |  | 85.9 | 109.9 | 95.5 | 92.3 | 311.2 | 111.5 |
|  | Net income (loss) available to common stockholders<sup>(1)</sup> | 113.0 |  | 83.6 | 107.6 | 93.2 | 90.0 | 304.3 | 104.6 |
|  | Non-GAAP operating income (loss)<sup>(2)</sup> | 106.7 |  | 80.3 | 107.4 | 99.6 | 85.7 | 294.4 | 100.6 |
| **<u>At Period End</u>** | **<u>At Period End</u>** |  |  |  |  |  |  |  |  |
|  | Total assets | 14980.4 |  | 14468.4 | 14197.6 | 13514.2 | 13473.1 | 14980.4 | 13473.1 |
|  | Total invested assets | 11051.5 |  | 10553.6 | 10295.3 | 9651.3 | 9635.3 | 11051.5 | 9635.3 |
|  | Stockholders' equity | 3490.0 |  | 3369.4 | 3258.5 | 3120.1 | 3167.8 | 3490.0 | 3167.8 |
|  | Common stockholders' equity<sup>(3)</sup> | 3290.0 |  | 3169.4 | 3058.5 | 2920.1 | 2967.8 | 3290.0 | 2967.8 |
|  | Common shares outstanding | 60.4 |  | 60.8 | 60.8 | 60.8 | 60.8 | 60.4 | 60.8 |
| **<u>Per Share and Share Data</u>** | **<u>Per Share and Share Data</u>** |  |  |  |  |  |  |  |  |
|  | Net income (loss) available to common stockholders per common share (diluted) | $1.85 |  | 1.36 | 1.76 | 1.52 | 1.47 | 4.97 | 1.71 |
|  | Non-GAAP operating income (loss) per common share (diluted)<sup>(2)</sup> | 1.75 |  | 1.31 | 1.76 | 1.62 | 1.40 | 4.81 | 1.64 |
|  | Weighted average common shares outstanding (diluted) | 61.0 |  | 61.3 | 61.3 | 61.3 | 61.3 | 61.2 | 61.3 |
|  | Book value per common share | $54.46 |  | 52.09 | 50.33 | 47.99 | 48.82 | 54.46 | 48.82 |
|  | Adjusted book value per common share<sup>(2)</sup> | 55.83 |  | 54.48 | 53.39 | 52.10 | 50.80 | 55.83 | 50.80 |
|  | Dividends paid per common share | 0.38 |  | 0.38 | 0.38 | 0.38 | 0.35 | 1.14 | 1.05 |
| **<u>Financial Ratios</u>** | **<u>Financial Ratios</u>** |  |  |  |  |  |  |  |  |
|  | Loss and loss expense ratio | 67.9 | % | 69.3 | 64.4 | 67.8 | 68.8 | 67.2 | 73.8 |
|  | Underwriting expense ratio | 30.6 |  | 30.8 | 31.6 | 30.6 | 30.6 | 31.0 | 30.6 |
|  | Dividends to policyholders ratio | 0.1 |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
|  | &nbsp;&nbsp;&nbsp;GAAP combined ratio | 98.6 | % | 100.2 | 96.1 | 98.5 | 99.5 | 98.3 | 104.6 |
|  | Return on common stockholders' equity ("ROE") | 14.0 |  | 10.7 | 14.4 | 12.7 | 12.6 | 13.0 | 5.0 |
|  | Non-GAAP operating ROE<sup>(2)</sup> | 13.2 |  | 10.3 | 14.4 | 13.5 | 12.1 | 12.6 | 4.8 |
|  | Debt to total capitalization | 20.5 |  | 21.1 | 21.7 | 14.0 | 13.8 | 20.5 | 13.8 |
|  | Net premiums written to policyholders' surplus | 1.42 |  | 1.45 | 1.47 | 1.60 | 1.63 | 1.42 | 1.63 |
|  | Invested assets per dollar of common stockholders' equity | $3.36 |  | 3.33 | 3.37 | 3.31 | 3.25 | 3.36 | 3.25 |
| <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** |
| | | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **Sept. 30,** | **Sept. 30,** |
| *($ and shares in millions, except per share data)* | *($ and shares in millions, except per share data)* | **2025** | **2025** | **2025** | **2024** | **2024** | **2025** | **2024** |
| **Revenues** | **Revenues** |  |  |  |  |  |  |  |
|  | Net premiums earned | $1204.7 | 1188.1 | 1158.8 | 1133.0 | 1112.2 | $3551.5 | 3243.4 |
|  | Net investment income earned | 138.7 | 128.0 | 120.7 | 122.8 | 117.8 | 387.3 | 334.3 |
|  | Net realized and unrealized gains (losses) | 8.1 | 4.2 | 0.2 | (8.0) | 5.4 | 12.5 | 5.1 |
|  | Other income | 8.7 | 6.5 | 5.5 | 8.5 | 8.9 | 20.8 | 22.6 |
|  | Total revenues | 1360.1 | 1326.7 | 1285.2 | 1256.4 | 1244.3 | 3972.0 | 3605.3 |
| **Expenses** | **Expenses** |  |  |  |  |  |  |  |
|  | Loss and loss expense incurred | 819.0 | 823.9 | 746.3 | 769.0 | 765.7 | 2389.3 | 2395.5 |
|  | Amortization of deferred policy acquisition costs | 250.2 | 250.3 | 247.4 | 241.0 | 235.6 | 747.9 | 681.4 |
|  | Other insurance expenses | 127.5 | 122.8 | 124.9 | 114.8 | 114.7 | 375.2 | 338.4 |
|  | Interest expense | 13.3 | 13.3 | 9.6 | 7.2 | 7.3 | 36.1 | 21.6 |
|  | Corporate expenses | 4.4 | 7.6 | 18.1 | 5.3 | 4.7 | 30.1 | 29.3 |
|  | Total expenses | 1214.4 | 1217.8 | 1146.3 | 1137.3 | 1127.8 | 3578.5 | 3466.3 |
| Income (loss) before federal income tax | Income (loss) before federal income tax | $145.7 | 108.9 | 138.9 | 119.1 | 116.5 | 393.5 | 139.0 |
| Federal income tax expense (benefit) | Federal income tax expense (benefit) | 30.4 | 23.0 | 29.0 | 23.5 | 24.2 | 82.3 | 27.5 |
| **Net Income (loss)** | **Net Income (loss)** | $**115.3** | **85.9** | **109.9** | **95.5** | **92.3** | **311.2** | **111.5** |
| Preferred stock dividends | Preferred stock dividends | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 6.9 | 6.9 |
| **Net income (loss) available to common stockholders** | **Net income (loss) available to common stockholders** | $**113.0** | **83.6** | **107.6** | **93.2** | **90.0** | **304.3** | **104.6** |
| Net realized and unrealized investment (gains) losses, after tax<sup>(1)</sup> | Net realized and unrealized investment (gains) losses, after tax<sup>(1)</sup> | (6.4) | (3.3) | (0.2) | 6.3 | (4.3) | (9.8) | (4.0) |
| **Non-GAAP operating income (loss)**<sup>(2)</sup> | **Non-GAAP operating income (loss)**<sup>(2)</sup> | $**106.7** | **80.3** | **107.4** | **99.6** | **85.7** | $**294.4** | **100.6** |
| Weighted average common shares outstanding (diluted) | Weighted average common shares outstanding (diluted) | 61.0 | 61.3 | 61.3 | 61.3 | 61.3 | 61.2 | 61.3 |
| Net income (loss) available to common stockholders per common share (diluted) | Net income (loss) available to common stockholders per common share (diluted) | $1.85 | 1.36 | 1.76 | 1.52 | 1.47 | $4.97 | 1.71 |
| Non-GAAP operating income (loss) per common share (diluted)<sup>(2)</sup> | Non-GAAP operating income (loss) per common share (diluted)<sup>(2)</sup> | $1.75 | 1.31 | 1.76 | 1.62 | 1.40 | $4.81 | 1.64 |
| <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)* | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Sept. 30,**<br>**2024** |
| **ASSETS** |  |  |  |  |  |
| Investments |  |  |  |  |  |
| Fixed income securities, held-to-maturity, net of allowance for credit losses | $24.2 | 24.6 | 25.3 | 25.4 | 22.0 |
| Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses | 9275.4 | 8876.7 | 8605.2 | 8127.3 | 8088.6 |
| Commercial mortgage loans, net of allowance for credit losses | 273.5 | 271.9 | 257.7 | 233.7 | 223.6 |
| Equity securities, at fair value | 380.1 | 318.1 | 266.5 | 213.6 | 205.6 |
| Short-term investments | 587.9 | 531.4 | 631.1 | 509.3 | 561.0 |
| Alternative investments | 417.1 | 435.0 | 411.1 | 440.9 | 432.0 |
| Other investments | 93.3 | 96.0 | 98.4 | 101.1 | 102.5 |
| **Total investments** | 11051.5 | 10553.6 | 10295.3 | 9651.3 | 9635.3 |
| Cash | 0.4 | 0.4 | 0.1 | 0.1 | 0.1 |
| Restricted cash | 23.7 | 37.9 | 108.2 | 62.9 | 12.6 |
| Accrued investment income | 86.8 | 86.9 | 77.1 | 76.9 | 73.8 |
| Premiums receivable, net of allowance for credit losses | 1616.5 | 1662.6 | 1539.7 | 1467.8 | 1531.9 |
| Reinsurance recoverable, net of allowance for credit losses | 947.4 | 881.4 | 924.9 | 1061.1 | 1057.3 |
| Prepaid reinsurance premiums | 274.4 | 252.6 | 235.9 | 235.4 | 230.7 |
| Current federal income tax | 0.6 | 13.2 |  |  | 13.0 |
| Deferred federal income tax | 113.0 | 120.7 | 134.2 | 146.8 | 100.7 |
| Property and equipment, net of accumulated depreciation and amortization | 102.4 | 100.0 | 100.1 | 93.3 | 92.2 |
| Deferred policy acquisition costs | 510.3 | 510.4 | 492.5 | 479.3 | 488.5 |
| Goodwill | 7.8 | 7.8 | 7.8 | 7.8 | 7.8 |
| Other assets | 245.4 | 241.1 | 281.6 | 231.4 | 229.1 |
| **Total assets** | $**14980.4** | **14468.4** | **14197.6** | **13514.2** | **13473.1** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| Reserve for loss and loss expense | $7076.4 | 6811.2 | 6610.9 | 6589.8 | 6452.0 |
| Unearned premiums | 2840.8 | 2815.7 | 2698.5 | 2616.3 | 2655.0 |
| Long-term debt | 902.3 | 902.7 | 903.2 | 507.9 | 508.2 |
| Current federal income tax |  |  | 56.1 | 19.7 |  |
| Accrued salaries and benefits | 131.8 | 107.7 | 105.6 | 121.7 | 113.5 |
| Other liabilities | 539.1 | 461.7 | 564.7 | 538.7 | 576.6 |
| **Total liabilities** | $11490.4 | 11099.1 | 10939.0 | 10394.1 | 10305.3 |
| **Stockholders' Equity** |  |  |  |  |  |
| Preferred stock of $0 par value per share | $200.0 | 200.0 | 200.0 | 200.0 | 200.0 |
| Common stock of $2 par value per share | 211.9 | 211.8 | 211.7 | 211.2 | 211.1 |
| Additional paid-in capital | 584.4 | 580.4 | 571.3 | 557.0 | 549.8 |
| Retained earnings | 3373.9 | 3284.0 | 3223.7 | 3139.5 | 3069.6 |
| Accumulated other comprehensive income (loss) | (167.3) | (230.6) | (272.1) | (336.8) | (211.9) |
| Treasury stock, at cost | (712.9) | (676.3) | (676.1) | (650.8) | (650.7) |
| **Total stockholders' equity** | $3490.0 | 3369.4 | 3258.5 | 3120.1 | 3167.8 |
| Commitments and contingencies |  |  |  |  |  |
| **Total liabilities and stockholders' equity** | $**14980.4** | **14468.4** | **14197.6** | **13514.2** | **13473.1** |
| 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** |
| | | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **Sept. 30,** | **Sept. 30,** |
| *($ and shares in millions, except per share data)* | *($ and shares in millions, except per share data)* | **2025** | **2025** | **2025** | **2024** | **2024** | **2025** | **2024** |
| **<u>Book value per common share</u>** | **<u>Book value per common share</u>** |  |  |  |  |  |  |  |
|  | Common stockholders' equity | $3290 | 3169.4 | 3058.5 | 2920.1 | 2967.8 | 3290.0 | 2967.8 |
|  | Common shares issued and outstanding, at period end | 60.4 | 60.8 | 60.8 | 60.8 | 60.8 | 60.4 | 60.8 |
|  | Book value per common share | $54.46 | 52.09 | 50.33 | 47.99 | 48.82 | 54.46 | 48.82 |
|  | Adjusted book value per common share<sup>(1)</sup> | 55.83 | 54.48 | 53.39 | 52.10 | 50.80 | 55.83 | 50.80 |
| **<u>Financial results (after-tax)</u>** | **<u>Financial results (after-tax)</u>** |  |  |  |  |  |  |  |
|  | Underwriting income (loss) | 13.2 | (1.9) | 36.1 | 13.3 | 4.1 | 47.3 | (118.0) |
|  | Net investment income | 110.0 | 101.4 | 95.6 | 97.3 | 93.4 | 307.0 | 265.3 |
|  | Interest expense and preferred stock dividends | (12.8) | (12.8) | (9.9) | (8.0) | (8.0) | (35.4) | (24.0) |
|  | Corporate expense | (3.7) | (6.4) | (14.4) | (3.0) | (3.8) | (24.5) | (22.7) |
|  | Net realized and unrealized investment gains (losses) | 6.4 | 3.3 | 0.2 | (6.3) | 4.3 | 9.8 | 4.0 |
|  | **Total after-tax net income (loss) available to common stockholders** | **113.0** | **83.6** | **107.6** | **93.2** | **90.0** | **304.3** | **104.6** |
| **<u>Return on average equity</u>** | **<u>Return on average equity</u>** |  |  |  |  |  |  |  |
|  | Insurance segments | 1.6 | (0.2) | 4.8 | 1.8 | 0.6 | 2.0 | (5.6) |
|  | Net investment income | 13.6 | 13.0 | 12.8 | 13.2 | 13.1 | 13.2 | 12.6 |
|  | Interest expense and preferred stock dividends | (1.6) | (1.6) | (1.3) | (1.1) | (1.1) | (1.5) | (1.1) |
|  | Corporate expense | (0.4) | (0.9) | (1.9) | (0.4) | (0.5) | (1.1) | (1.1) |
|  | Net realized and unrealized investment gains (losses) | 0.8 | 0.4 |  | (0.8) | 0.5 | 0.4 | 0.2 |
|  | **ROE** | **14.0** | **10.7** | **14.4** | **12.7** | **12.6** | **13.0** | **5.0** |
|  | Net realized and unrealized (gains) losses<sup>(2)</sup> | (0.8) | (0.4) |  | 0.8 | (0.5) | (0.4) | (0.2) |
|  | **Non-GAAP Operating ROE**<sup>(1)</sup> | **13.2** | **10.3** | **14.4** | **13.5** | **12.1** | **12.6** | **4.8** |
| **<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 | 396.2 | 396.0 | 395.9 |  |  | 396.2 |  |
|  | 6.70% Senior Notes | 99.4 | 99.4 | 99.4 | 99.4 | 99.4 | 99.4 | 99.4 |
|  | 5.375% Senior Notes | 292.6 | 292.6 | 292.5 | 292.4 | 292.4 | 292.6 | 292.4 |
|  | Finance Lease Obligations | 4.2 | 4.9 | 5.6 | 6.3 | 6.7 | 4.2 | 6.7 |
| Total debt | Total debt | 902.3 | 902.7 | 903.2 | 507.9 | 508.2 | 902.3 | 508.2 |
| Stockholders' equity | Stockholders' equity | 3490.0 | 3369.4 | 3258.5 | 3120.1 | 3167.8 | 3490.0 | 3167.8 |
| Total capitalization | Total capitalization | $4392.3 | 4272.1 | 4161.8 | 3628.0 | 3676.0 | 4392.3 | 3676.0 |
| Ratio of debt to total capitalization | Ratio of debt to total capitalization | 20.5 | 21.1 | 21.7 | 14.0 | 13.8 | 20.5 | 13.8 |
| Policyholders' surplus | Policyholders' surplus | $3407.4 | 3288.5 | 3204.2 | 2902.8 | 2787.5 | 3407.4 | 2787.5 |
| <sup>(1)</sup> | Non-GAAP measure. Refer to Page 15 for definition. | Non-GAAP measure. Refer to Page 15 for definition. |  |  |  |  |  |  |
| <sup>(2)</sup> | Amounts are provided to reconcile ROE to non-GAAP operating ROE. |  |  |  |  |  |  |  |
|  | Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |

---

------

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

**CONSOLIDATED INSURANCE OPERATIONS**

**STATEMENT OF OPERATIONS**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year-to-date** | **Year-to-date** |
| | **Sept. 30,** | **Sept. 30,** | | | | | | |
|<br>*($ in millions)* | **2025** | **2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Sept. 30,**<br>**2024** | **Sept. 30,**<br>**2025** | **Sept. 30,**<br>**2024** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $1207.9 |  | 1288.6 | 1240.4 | 1089.6 | 1157.6 | 3737.0 | 3540.4 |
| Change in net premiums written, from comparable prior year period | 4 | % | 5 | 7 | 10 | 9 | 6 | 13 |
| Net premiums earned | $1204.7 |  | 1188.1 | 1158.8 | 1133.0 | 1112.2 | 3551.5 | 3243.4 |
| Losses and loss expenses incurred | 819.0 |  | 823.9 | 746.3 | 769.0 | 765.7 | 2389.3 | 2395.5 |
| Net underwriting expenses incurred | 368.1 |  | 365.4 | 365.8 | 346.4 | 340.0 | 1099.3 | 991.6 |
| Dividends to policyholders | 0.9 |  | 1.2 | 1.0 | 0.8 | 1.4 | 3.0 | 5.7 |
| **GAAP underwriting income (loss)** | $**16.7** |  | **(2.4)** | **45.6** | **16.8** | **5.3** | **59.9** | **(149.4)** |
| Net catastrophe losses | $24.9 |  | 79.9 | 43.4 | (10.1) | 148.8 | 148.2 | 294.6 |
| (Favorable) unfavorable prior year casualty reserve development | 40.0 |  | 45.0 | 5.0 | 100.0 |  | 90.0 | 211.0 |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 67.9 | % | 69.3 | 64.4 | 67.8 | 68.8 | 67.2 | 73.8 |
| Underwriting expense ratio | 30.6 |  | 30.8 | 31.6 | 30.6 | 30.6 | 31.0 | 30.6 |
| Dividends to policyholders ratio | 0.1 |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| **Combined ratio** | **98.6** | **%** | **100.2** | **96.1** | **98.5** | **99.5** | **98.3** | **104.6** |
| Net catastrophe losses | 2.1 | pts | 6.7 | 3.7 | (0.9) | 13.4 | 4.2 | 9.1 |
| (Favorable) unfavorable prior year casualty reserve development | 3.3 |  | 3.8 | 0.4 | 8.8 |  | 2.5 | 6.5 |
| **Combined ratio before net catastrophe losses** | **96.5** | **%** | **93.5** | **92.4** | **99.4** | **86.1** | **94.1** | **95.5** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **93.2** | **%** | **89.7** | **92.0** | **90.6** | **86.1** | **91.6** | **89.0** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $169.6 |  | 173.2 | 178.7 | 178.2 | 146.7 | 521.6 | 503.4 |
| Non-catastrophe property loss and loss expenses | 14.1 | pts | 14.6 | 15.4 | 15.7 | 13.2 | 14.7 | 15.5 |
| Direct new business | $233.2 |  | 248.1 | 251.3 | 232.0 | 234.2 | 732.3 | 762.4 |
| Renewal pure price increases | 9.6 | % | 9.9 | 10.3 | 10.7 | 10.5 | 9.9 | 9.1 |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |  |

---

------

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

**STANDARD COMMERCIAL LINES**

**STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year-to-date** | **Year-to-date** |
| | **Sept. 30,** | **Sept. 30,** | | | | | | |
|<br>*($ in millions)* | **2025** | **2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Sept. 30,**<br>**2024** | **Sept. 30,**<br>**2025** | **Sept. 30,**<br>**2024** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $940.8 |  | 1018.0 | 1003.2 | 833.4 | 903.9 | 2962.0 | 2798.7 |
| Change in net premiums written, from comparable prior year period | 4 | % | 6 | 8 | 9 | 8 | 6 | 11 |
| Net premiums earned | $947.3 |  | 937.6 | 912.2 | 884.6 | 875.4 | 2797.1 | 2563.0 |
| Losses and loss expenses incurred | 658.0 |  | 666.8 | 581.7 | 606.3 | 591.6 | 1906.4 | 1895.4 |
| Net underwriting expenses incurred | 298.6 |  | 295.9 | 296.6 | 279.3 | 275.1 | 891.1 | 805.2 |
| Dividends to policyholders | 0.9 |  | 1.2 | 1.0 | 0.8 | 1.4 | 3.0 | 5.7 |
| **GAAP underwriting income (loss)** | $**(10.2)** |  | **(26.1)** | **32.9** | **(1.8)** | **7.3** | **(3.4)** | **(143.2)** |
| Net catastrophe losses | $15 |  | 50.9 | 19.8 | (8.2) | 100.4 | 85.7 | 189.8 |
| (Favorable) unfavorable prior year casualty reserve development | 35.0 |  | 45.0 |  | 75.0 |  | 80.0 | 211.0 |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 69.5 | % | 71.1 | 63.8 | 68.5 | 67.6 | 68.1 | 74.0 |
| Underwriting expense ratio | 31.5 |  | 31.6 | 32.5 | 31.6 | 31.4 | 31.9 | 31.4 |
| Dividends to policyholders ratio | 0.1 |  | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.2 |
| **Combined ratio** | **101.1** | **%** | **102.8** | **96.4** | **100.2** | **99.2** | **100.1** | **105.6** |
| Net catastrophe losses | 1.6 | pts | 5.4 | 2.2 | (0.9) | 11.5 | 3.1 | 7.4 |
| (Favorable) unfavorable prior year casualty reserve development | 3.7 |  | 4.8 |  | 8.5 |  | 2.9 | 8.2 |
| **Combined ratio before net catastrophe losses** | **99.5** | **%** | **97.4** | **94.2** | **101.1** | **87.7** | **97.0** | **98.2** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **95.8** | **%** | **92.6** | **94.2** | **92.6** | **87.7** | **94.1** | **90.0** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $118.7 |  | 131.9 | 128.8 | 124.1 | 95.9 | 379.4 | 335.4 |
| Non-catastrophe property loss and loss expenses | 12.5 | pts | 14.1 | 14.1 | 14.0 | 11.0 | 13.6 | 13.1 |
| Direct new business | $146.6 |  | 158.2 | 172.2 | 139.5 | 139.2 | 477.0 | 479.6 |
| Renewal pure price increases | 8.9 | % | 8.9 | 9.1 | 8.8 | 9.1 | 8.9 | 8.2 |
| Retention | 82 |  | 83 | 85 | 85 | 86 | 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 September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 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 | $303.5 |  | 292.9 | 207.7 | 65.7 | 50.1 | 12.6 | 8.3 | 940.8 | 290.7 | 281.3 | 194.9 | 70.9 | 44.9 | 13.2 | 8.0 | 903.9 |
| Net premiums earned | 312.6 |  | 294.0 | 194.0 | 75.5 | 49.7 | 13.0 | 8.4 | 947.3 | 286.6 | 269.0 | 174.9 | 81.3 | 43.1 | 12.5 | 7.9 | 875.4 |
| Underwriting income (loss) | (20.7) |  | (51.8) | 56.5 | (3.5) | 3.3 | 2.0 | 4.0 | (10.2) | 13.3 | (5.9) | (28.1) | 8.2 | 8.8 | 6.8 | 4.2 | 7.3 |
| Loss and loss expense ratio | 76.3 | % | 88.1 | 35.5 | 77.3 | 59.6 | 29.8 | 1.0 | 69.5 | 64.6 | 73.4 | 80.0 | 63.0 | 45.2 | (12.7) | (0.2) | 67.6 |
| Underwriting expense ratio | 30.3 |  | 29.5 | 35.4 | 26.4 | 33.8 | 54.9 | 51.2 | 31.5 | 30.7 | 28.8 | 36.0 | 25.5 | 34.3 | 58.1 | 47.4 | 31.4 |
| Dividend ratio |  |  |  |  | 0.9 |  |  |  | 0.1 |  |  | 0.1 | 1.4 |  |  |  | 0.2 |
| **Combined ratio** | **106.6** | **%** | **117.6** | **70.9** | **104.6** | **93.4** | **84.7** | **52.2** | **101.1** | 95.3 | 102.2 | 116.1 | 89.9 | 79.5 | 45.4 | 47.2 | 99.2 |
| Net catastrophe losses |  | % | 0.5 | 6.7 |  | 0.8 |  |  | 1.6 |  | 0.9 | 53.6 |  | 10.2 |  |  | 11.5 |
| (Favorable) unfavorable prior year casualty reserve development |  |  | 11.9 |  |  |  |  |  | 3.7 |  | 3.7 |  | (6.2) |  | (40.0) |  |  |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **106.6** | **%** | **105.2** | **64.2** | **104.6** | **92.6** | **84.7** | **52.2** | **95.8** | 95.3 | 97.6 | 62.5 | 96.1 | 69.3 | 85.4 | 47.2 | 87.7 |
|  | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 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 | $979.1 |  | 918.5 | 611.9 | 234.9 | 151.3 | 40.6 | 25.9 | 2962.0 | 918.1 | 864.2 | 564.9 | 254.5 | 132.9 | 39.5 | 24.6 | 2798.7 |
| Net premiums earned | 913.1 |  | 866.4 | 571.6 | 236.6 | 145.0 | 39.6 | 25.0 | 2797.1 | 840.2 | 781.4 | 504.9 | 251.4 | 124.7 | 37.1 | 23.4 | 2563.0 |
| Underwriting income (loss) | (68.0) |  | (52.6) | 94.0 | (11.1) | 15.9 | 5.8 | 12.6 | (3.4) | (182.2) | (6.8) | (21.6) | 30.2 | 14.2 | 10.9 | 12.1 | (143.2) |
| Loss and loss expense ratio | 75.9 | % | 76.2 | 48.8 | 77.5 | 55.7 | 29.3 | 0.7 | 68.1 | 90.5 | 71.5 | 69.1 | 61.4 | 55.1 | 13.9 | 0.5 | 74.0 |
| Underwriting expense ratio | 31.5 |  | 29.9 | 34.8 | 26.2 | 33.4 | 56.2 | 48.9 | 31.9 | 31.1 | 29.3 | 35.0 | 25.5 | 33.5 | 56.7 | 47.6 | 31.4 |
| Dividend ratio |  |  |  |  | 1.0 |  |  |  | 0.1 | 0.1 | 0.1 | 0.2 | 1.1 |  |  |  | 0.2 |
| **Combined ratio** | **107.4** | **%** | **106.1** | **83.6** | **104.7** | **89.1** | **85.5** | **49.6** | **100.1** | 121.7 | 100.9 | 104.3 | 88.0 | 88.6 | 70.6 | 48.1 | 105.6 |
| Net catastrophe losses |  |  | 0.8 | 11.1 |  | 10.5 |  |  | 3.1 |  | 0.8 | 33.3 |  | 12.3 |  |  | 7.4 |
| (Favorable) unfavorable prior year casualty reserve development | 2.2 |  | 6.9 |  |  |  |  |  | 2.9 | 25.7 | 2.6 |  | (8.0) |  | (13.5) |  | 8.2 |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **105.2%** |  | **98.4** | **72.5** | **104.7** | **78.6** | **85.5** | **49.6** | **94.1** | 96.0 | 97.5 | 71.0 | 96.0 | 76.3 | 84.1 | 48.1 | 90.0 |
| <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** |
| | **Sept. 30,** | **Sept. 30,** | | | | | | |
|<br>*($ in millions)* | **2025** | **2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Sept. 30,**<br>**2024** | **Sept. 30,**<br>**2025** | **Sept. 30,**<br>**2024** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $104.2 |  | 110.5 | 87.5 | 103.6 | 111.0 | 302.2 | 327.1 |
| Change in net premiums written, from comparable prior year period | (6) | % | (5) | (12) | (3) | (2) | (8) | 6 |
| Net premiums earned | $101.5 |  | 102.4 | 103.7 | 107.1 | 107.5 | 307.6 | 317.8 |
| Losses and loss expenses incurred | 89.3 |  | 70.0 | 76.7 | 72.7 | 106.1 | 235.9 | 291.9 |
| Net underwriting expenses incurred | 22.5 |  | 23.9 | 24.9 | 25.5 | 25.2 | 71.3 | 74.3 |
| **GAAP underwriting income (loss)** | $**(10.2)** |  | **8.6** | **2.0** | **8.9** | **(23.8)** | **0.3** | **(48.4)** |
| Net catastrophe losses | $12.2 |  | 14.6 | 7.1 | 1.0 | 41.7 | 33.9 | 78.9 |
| (Favorable) unfavorable prior year casualty reserve development | 5.0 |  |  | 5.0 | 5.0 |  | 10.0 |  |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 88.0 | % | 68.3 | 73.9 | 67.9 | 98.7 | 76.7 | 91.8 |
| Underwriting expense ratio | 22.1 |  | 23.3 | 24.1 | 23.8 | 23.4 | 23.2 | 23.4 |
| **Combined ratio** | **110.1** | **%** | **91.6** | **98.0** | **91.7** | **122.1** | **99.9** | **115.2** |
| Net catastrophe losses | 12.0 | pts | 14.3 | 6.9 | 1.0 | 38.8 | 11.0 | 24.8 |
| (Favorable) unfavorable prior year casualty reserve development | 4.9 |  |  | 4.8 | 4.7 |  | 3.3 |  |
| **Combined ratio before net catastrophe losses** | **98.1** | **%** | **77.3** | **91.1** | **90.7** | **83.3** | **88.9** | **90.4** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **93.2** | **%** | **77.3** | **86.3** | **86.0** | **83.3** | **85.6** | **90.4** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $39.9 |  | 28.3 | 36.5 | 38.9 | 38.0 | 104.7 | 125.2 |
| Non-catastrophe property loss and loss expenses | 39.3 | pts | 27.6 | 35.2 | 36.3 | 35.3 | 34.0 | 39.4 |
| Direct new business | $12.8 |  | 12.9 | 8.9 | 13.3 | 16.0 | 34.6 | 59.3 |
| Renewal pure price increases | 16.9 | % | 19.0 | 24.1 | 27.3 | 22.8 | 19.8 | 18.5 |
| Retention | 79 |  | 79 | 75 | 75 | 75 | 77 | 78 |
| 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 September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 2024** |
| | **Personal** | | | | | **Personal** | | | |
| *($ in millions)* | **Auto** |  | **Homeowners** | **Other** | **Total** | **Auto** | **Homeowners** | **Other** | **Total** |
| Net premiums written | $47.9 |  | 53.3 | 3.0 | 104.2 | 54.1 | 53.0 | 3.9 | 111.0 |
| Net premiums earned | 49.9 |  | 48.7 | 2.8 | 101.5 | 56.6 | 47.3 | 3.7 | 107.5 |
| Underwriting income (loss) | (12.3) |  | (4.4) | 6.4 | (10.2) | (3.4) | (29.0) | 8.6 | (23.8) |
| Loss and loss expense ratio | 99.3 | % | 80.5 | 15.0 | 88.0 | 81.2 | 132.9 | (70.0) | 98.7 |
| Underwriting expense ratio | 25.3 |  | 28.4 | (140.4) | 22.1 | 24.9 | 28.4 | (64.7) | 23.4 |
| **Combined ratio** | **124.6** | **%** | **108.9** | **(125.4)** | **110.1** | 106.1 | 161.3 | (134.7) | 122.1 |
| Net catastrophe losses | 0.6 | % | 24.3 |  | 12.0 | 2.5 | 85.2 |  | 38.8 |
| (Favorable) unfavorable prior year casualty reserve development | 10.0 |  |  |  | 4.9 |  |  |  |  |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **114.0** | **%** | **84.6** | **(125.4)** | **93.2** | 103.6 | 76.1 | (134.7) | 83.3 |
|  | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 2024** |
|  | **Personal** |  |  |  |  | **Personal** |  |  |  |
| *($ in millions)* | **Auto** |  | **Homeowners** | **Other** | **Total** | **Auto** | **Homeowners** | **Other** | **Total** |
| Net premiums written | $146.0 |  | 147.7 | 8.6 | 302.2 | 168.7 | 148.5 | 9.8 | 327.1 |
| Net premiums earned | 154.2 |  | 145.0 | 8.4 | 307.6 | 171.1 | 137.4 | 9.3 | 317.8 |
| Underwriting income (loss) | (17.8) |  | 2.0 | 16.1 | 0.3 | (21.2) | (45.1) | 17.9 | (48.4) |
| Loss and loss expense ratio | 86.0 | % | 70.6 | 11.6 | 76.7 | 87.3 | 104.8 | (16.3) | 91.8 |
| Underwriting expense ratio | 25.5 |  | 28.0 | (103.8) | 23.2 | 25.1 | 28.0 | (76.5) | 23.4 |
| **Combined ratio** | **111.5** | **%** | **98.6** | **(92.2)** | **99.9** | 112.4 | 132.8 | (92.8) | 115.2 |
| Net catastrophe losses | 0.5% |  | 22.8 |  | 11.0 | 2.6 | 54.2 |  | 24.8 |
| (Favorable) unfavorable prior year casualty reserve development | 6.5% |  |  |  | 3.3 | 2.9 | (3.6) |  |  |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **104.5%** |  | **75.8** | **(92.2)** | **85.6** | 106.9 | 82.2 | (92.8) | 90.4 |
| 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** |
| | **Sept. 30,** | **Sept. 30,** | | | | | | |
|<br>*($ in millions)* | **2025** | **2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Sept. 30,**<br>**2024** | **Sept. 30,**<br>**2025** | **Sept. 30,**<br>**2024** |
| **Underwriting results** |  |  |  |  |  |  |  |  |
| Net premiums written | $162.9 |  | 160.2 | 149.7 | 152.6 | 142.7 | 472.8 | 414.5 |
| Change in net premiums written, from comparable prior year period | 14 | % | 9 | 20 | 27 | 28 | 14 | 30 |
| Net premiums earned | $155.9 |  | 148.0 | 142.9 | 141.3 | 129.3 | 446.8 | 362.6 |
| Losses and loss expenses incurred | 71.8 |  | 87.2 | 88.0 | 90.0 | 68.0 | 246.9 | 208.3 |
| Net underwriting expenses incurred | 47.0 |  | 45.7 | 44.2 | 41.6 | 39.6 | 136.9 | 112.2 |
| **GAAP underwriting income (loss)** | $**37.1** |  | **15.2** | **10.7** | **9.7** | **21.7** | **63.0** | **42.2** |
| Net catastrophe losses | $(2.3) |  | 14.5 | 16.4 | (2.9) | 6.7 | 28.6 | 25.9 |
| (Favorable) unfavorable prior year casualty reserve development |  |  |  |  | 20.0 |  |  |  |
| **Underwriting ratios** |  |  |  |  |  |  |  |  |
| Loss and loss expense ratio | 46.1 | % | 58.9 | 61.6 | 63.6 | 52.5 | 55.3 | 57.5 |
| Underwriting expense ratio | 30.1 |  | 30.9 | 30.9 | 29.5 | 30.7 | 30.6 | 30.9 |
| **Combined ratio** | **76.2** | % | **89.8** | **92.5** | **93.1** | **83.2** | **85.9** | **88.4** |
| Net catastrophe losses | (1.5) | pts | 9.8 | 11.5 | (2.0) | 5.2 | 6.5 | 7.1 |
| (Favorable) unfavorable prior year casualty reserve development |  |  |  |  | 14.2 |  |  |  |
| **Combined ratio before net catastrophe losses** | **77.7** | **%** | **80.0** | **81.0** | **95.1** | **78.0** | **79.4** | **81.3** |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **77.7** | **%** | **80.0** | **81.0** | **80.9** | **78.0** | **79.4** | **81.3** |
| **<u>Other Statistics</u>** |  |  |  |  |  |  |  |  |
| Non-catastrophe property loss and loss expenses | $11.0 |  | 13.1 | 13.4 | 15.2 | 12.9 | 37.5 | 42.8 |
| Non-catastrophe property loss and loss expenses | 7.0 | pts | 8.8 | 9.4 | 10.8 | 10.0 | 8.4 | 11.8 |
| Direct new business | $73.9 |  | 77.0 | 70.2 | 79.1 | 79.0 | 220.8 | 223.5 |
| Renewal pure price increases | 8.3 | % | 9.3 | 8.7 | 8.2 | 8.0 | 8.7 | 6.8 |
| 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 September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 2024** | **Quarter ended September 30, 2024** |
| *($ in millions)* | **Casualty** |  | **Property** | **Total** | **Casualty** | **Property** | **Total** |
| Net premiums written | $97.2 |  | 65.7 | 162.9 | 83.3 | 59.3 | 142.7 |
| Net premiums earned | 92.8 |  | 63.1 | 155.9 | 77.5 | 51.9 | 129.3 |
| Underwriting income (loss) | 1.3 |  | 35.9 | 37.1 | 4.6 | 17.2 | 21.7 |
| Loss and loss expense ratio | 68.0 | % | 13.8 | 46.1 | 62.4 | 37.8 | 52.5 |
| Underwriting expense ratio | 30.6 |  | 29.4 | 30.1 | 31.7 | 29.1 | 30.7 |
| **Combined ratio** | **98.6** | **%** | **43.2** | **76.2** | 94.1 | 66.9 | 83.2 |
| Net catastrophe losses |  | % | (3.6) | (1.5) |  | 12.9 | 5.2 |
| (Favorable) unfavorable prior year casualty reserve development |  | pts |  |  |  |  |  |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **98.6** | **%** | **46.8** | **77.7** | 94.1 | 54.0 | 78.0 |
|  | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2025** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 2024** | **Year-to-Date September 30, 2024** |
| *($ in millions)* | **Casualty** |  | **Property** | **Total** | **Casualty** | **Property** | **Total** |
| Net premiums written | $281.8 |  | 190.9 | 472.8 | 247.0 | 167.5 | 414.5 |
| Net premiums earned | 265.3 |  | 181.5 | 446.8 | 223.0 | 139.6 | 362.6 |
| Underwriting income (loss) | 1.1 |  | 61.9 | 63.0 | 13.5 | 28.7 | 42.2 |
| Loss and loss expense ratio | 68.2 | % | 36.4 | 55.3 | 62.6 | 49.1 | 57.5 |
| Underwriting expense ratio | 31.4 |  | 29.5 | 30.6 | 31.4 | 30.3 | 30.9 |
| **Combined ratio** | **99.6** | **%** | **65.9** | **85.9** | 94.0 | 79.4 | 88.4 |
| Net catastrophe losses |  |  | 15.8 | 6.5 |  | 18.5 | 7.1 |
| (Favorable) unfavorable prior year casualty reserve development | —% |  |  |  |  |  |  |
| **Combined ratio before net catastrophe losses and prior year casualty development** | **99.6%** |  | **50.1** | **79.4** | 94.0 | 60.9 | 81.3 |
| 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)* | **Sept. 30,**<br>**2025** | **June 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Sept. 30,**<br>**2024** | **Sept. 30,**<br>**2025** | **Sept. 30,**<br>**2024** |
| **Net investment income** |  |  |  |  |  |  |  |
| Fixed income securities |  |  |  |  |  |  |  |
| Taxable | $114.7 | 113.9 | 103.6 | 100.9 | 96.4 | 332.2 | 279.3 |
| Tax-exempt | 2.5 | 1.8 | 1.5 | 1.8 | 2.1 | 5.8 | 7.2 |
| Total fixed income securities | 117.2 | 115.7 | 105.1 | 102.7 | 98.5 | 338.1 | 286.5 |
| Commercial mortgage loans | 4.0 | 3.8 | 3.6 | 3.3 | 3.2 | 11.4 | 9.2 |
| Equity securities | 5.2 | 4.9 | 3.6 | 6.1 | 5.4 | 13.6 | 12.1 |
| Alternative investments | 11.8 | 4.0 | 7.1 | 10.6 | 9.0 | 22.9 | 26.4 |
| Other investments | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.6 | 0.6 |
| Short-term investments | 5.7 | 5.3 | 6.2 | 5.6 | 6.5 | 17.2 | 14.7 |
| Investment income | 144.1 | 133.8 | 125.8 | 128.6 | 122.8 | 403.7 | 349.5 |
| Investment expenses | (5.4) | (5.9) | (5.1) | (5.8) | (5.0) | (16.4) | (15.3) |
| Investment tax expense | (28.7) | (26.5) | (25.1) | (25.5) | (24.4) | (80.3) | (69.0) |
| **Total net investment income, after-tax** | $**110.0** | **101.4** | **95.6** | **97.3** | **93.4** | **307.0** | **265.3** |
| **Net realized and unrealized investment gains (losses), pre-tax** | $**8.1** | **4.2** | **0.2** | **(8.0)** | **5.4** | **12.5** | **5.1** |
| **Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax** | $**79.3** | **51.6** | **81.1** | **(164.6)** | **228.0** | **212.0** | **201.1** |
| **Average investment yields** |  |  |  |  |  |  |  |
| Fixed income investments, pre-tax | 5.2 | 5.3 | 5.0 | 5.1 | 5.0 | 5.2 | 4.9 |
| Fixed income investments, after-tax | 4.1 | 4.2 | 4.0 | 4.0 | 4.0 | 4.1 | 3.9 |
| Total portfolio, pre-tax | 5.1 | 4.9 | 4.8 | 5.1 | 5.0 | 5.0 | 4.9 |
| Total portfolio, after-tax | 4.1 | 3.9 | 3.8 | 4.0 | 4.0 | 3.9 | 3.9 |
| **Effective tax rate on net investment income** | **20.7** | **20.7** | **20.8** | **20.7** | **20.7** | **20.7** | **20.6** |
| **New money purchase rates for fixed income investments, pre-tax** | **5.8** | **5.7** | **6.0** | **6.1** | **5.8** | **5.8** | **6.0** |
| **New money purchase rates for fixed income investments, after-tax** | **4.6** | **4.6** | **4.7** | **4.8** | **4.6** | **4.7** | **4.7** |
| **Effective duration of fixed income investments including short-term (in years)** | **4.1** | **4.2** | **4.1** | **4.0** | **3.9** | **4.1** | **3.9** |
| Note: Amounts may not foot due to rounding. |  |  |  |  |  |  |  |

---

------

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

**CONSOLIDATED COMPOSITION OF INVESTED ASSETS**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sept. 30,** | **Sept. 30,** | **Sept. 30,** | **June 30,** | **June 30,** | **Mar. 31,** | **Mar. 31,** | **Dec. 31,** | **Dec. 31,** | **Sept. 30,** | **Sept. 30,** |
| | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|<br>*($ in millions)* | **Amount** | **Percent** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
| Fixed income securities, at fair value | $9299.7 | 84 | % | 8901.1 | 84 | 8630.0 | 84 | 8152.1 | 85 | 8110.0 | 84 |
| Commercial mortgage loans, at fair value | 269.1 | 2 |  | 266.2 | 3 | 251.5 | 2 | 224.8 | 2 | 218.6 | 2 |
| Total fixed income investments | 9568.8 | 87 |  | 9167.3 | 87 | 8881.5 | 86 | 8376.9 | 87 | 8328.7 | 86 |
| Short-term investments | 587.9 | 5 |  | 531.4 | 5 | 631.1 | 6 | 509.3 | 5 | 561.0 | 6 |
| Total fixed income and short-term investments | 10156.7 | 92 |  | 9698.8 | 92 | 9512.6 | 92 | 8886.2 | 92 | 8889.7 | 92 |
| Equity securities, at fair value | 380.1 | 3 |  | 318.1 | 3 | 266.5 | 3 | 213.6 | 2 | 205.6 | 2 |
| Alternative investments | 417.1 | 4 |  | 435.0 | 4 | 411.1 | 4 | 440.9 | 5 | 432.0 | 4 |
| Other investments | 93.3 | 1 |  | 96.0 | 1 | 98.4 | 1 | 101.1 | 1 | 102.5 | 1 |
| **Total investments** | $**11047.2** | **100** | **%** | **10547.8** | **100** | **10288.6** | **100** | **9641.8** | **100** | **9629.8** | **100** |
| **Fixed income investments, at carry value** |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government obligations | $143.4 | 1 | % | 129.4 | 1 | 134.5 | 2 | 120.2 | 1 | 125.4 | 2 |
| Foreign government obligations | 10.0 |  |  | 10.5 |  | 10.4 |  | 9.3 |  | 9.7 |  |
| Obligations of state and political subdivisions | 561.0 | 6 |  | 458.7 | 5 | 432.9 | 5 | 451.2 | 5 | 492.9 | 6 |
| Corporate securities | 3383.5 | 35 |  | 3338.6 | 36 | 3262.5 | 37 | 3093.6 | 37 | 3048.7 | 37 |
| Collateralized loan obligations and other asset-backed securities | 2478.7 | 26 |  | 2276.2 | 25 | 2197.2 | 25 | 2033.1 | 24 | 1946.4 | 23 |
| Residential mortgage-backed securities | 1998.9 | 21 |  | 1943.6 | 21 | 1852.1 | 21 | 1692.4 | 20 | 1740.0 | 21 |
| Commercial mortgage-backed securities | 724.1 | 8 |  | 744.2 | 8 | 740.9 | 8 | 753.0 | 9 | 747.5 | 9 |
| Commercial mortgage loans | 273.5 | 3 |  | 271.9 | 3 | 257.7 | 3 | 233.7 | 3 | 223.6 | 3 |
| **Total fixed income investments** | $**9573.1** | **100** | **%** | **9173.1** | **100** | **8888.2** | **100** | **8386.4** | **100** | **8334.1** | **100** |
| **Expected maturities of fixed income investments at carry value** |  |  |  |  |  |  |  |  |  |  |  |
| Due in one year or less | $603.5 | 6 | % | 587.8 | 6 | 622.8 | 7 | 638.3 | 8 | 670.4 | 8 |
| Due after one year through five years | 3811.7 | 40 |  | 3802.7 | 41 | 3723.8 | 42 | 3692.6 | 44 | 3764.6 | 45 |
| Due after five years through 10 years | 3959.3 | 41 |  | 3712.8 | 40 | 3442.5 | 39 | 3072.8 | 37 | 3072.6 | 37 |
| Due after 10 years | 1198.6 | 13 |  | 1069.8 | 12 | 1099.3 | 12 | 982.7 | 12 | 826.5 | 10 |
| **Total fixed income investments** | $**9573.1** | **100** | **%** | **9173.1** | **100** | **8888.2** | **100** | **8386.4** | **100** | **8334.1** | **100** |
| **Weighted average credit quality of fixed income and short-term investments** |  |  |  |  |  |  |  |  |  |  |  |
| Investment grade credit quality | $9809.6 | 97 | % | 9351.7 | 96 | 9188.2 | 97 | 8577.3 | 97 | 8591.0 | 97 |
| Non-investment grade credit quality | 347.1 | 3 |  | 347.1 | 4 | 324.3 | 3 | 308.9 | 3 | 298.7 | 3 |
| **Total fixed income and short-term investments, at fair value** | $**10156.7** | **100** | **%** | **9698.8** | **100** | **9512.6** | **100** | **8886.2** | **100** | **8889.7** | **100** |
| **Weighted average credit quality of fixed income and short-term investments** | **A+** | **A+** |  | **A+** | **A+** | **A+** | **A+** | **A+** | **A+** | **AA-** | **AA-** |
| **<u>Alternative investments</u>** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |  |  |  |  |  |  |
|  |  |  |  |  | **Current** |  |  |  |  |  |  |
|  | **Number of** | **Original** | **Original** | **Remaining** | **Market** |  |  |  |  |  |  |
| **Strategy** | **Funds** | **Commitment** | **Commitment** | **Commitment** | **Value** |  |  |  |  |  |  |
| Private equity | 69 | $471.2 | 471.2 | 161.1 | 334.7 |  |  |  |  |  |  |
| Private credit | 23 | 181.3 | 181.3 | 134.7 | 36.9 |  |  |  |  |  |  |
| Real assets | 13 | 102.8 | 102.8 | 50.4 | 45.5 |  |  |  |  |  |  |
| **Total** | **105** | $**755.3** | **755.3** | **346.1** | **417.1** |  |  |  |  |  |  |
| 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 September 30, 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 | 159 | 143 | 1.3 | 4.5 | 5.8 | 8.7 |  | 143 |  |  |  |  |
| Foreign government obligations | 11 | 10 | 0.1 | 4.5 | 4.8 | 5.5 | 1 | 2 | 4 | 4 |  |  |
| State and municipal obligations | 581 | 561 | 5.1 | 4.6 | 7.3 | 8.7 | 79 | 284 | 182 | 16 |  |  |
| Corporate securities | 3391 | 3384 | 30.6 | 4.9 | 4.8 | 6.2 | 12 | 314 | 1534 | 1340 | 184 |  |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage-backed securities ("RMBS"): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency RMBS | 1544 | 1501 | 13.6 | 4.9 | 5.5 | 7.3 |  | 1501 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-agency RMBS | 517 | 498 | 4.5 | 5.5 | 3.5 | 4.6 | 419 | 45 | 26 | 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total RMBS | **2061** | **1999** | **18.1** | **5.0** | **5.0** | **6.6** | **419** | **1546** | **26** | **8** | **—** | **—** |
| Commercial mortgage-backed securities ("CMBS") |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency CMBS | 151 | 146 | 1.3 | 4.5 | 4.2 | 5.3 | 5 | 140 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-agency CMBS | 585 | 579 | 5.2 | 5.6 | 2.7 | 3.5 | 490 | 53 | 30 |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CMBS | 736 | 724 | 6.6 | 5.4 | 3.0 | 3.9 | 495 | 193 | 30 |  | 6 |  |
| Total mortgage-backed securities | **2797** | **2723** | **24.6** | **5.1** | **4.5** | **5.9** | **914** | **1740** | **56** | **8** | **6** | **—** |
| Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CLOs | 1020 | 1007 | 9.1 | 6.5 | 1.6 | 3.4 | 595 | 254 | 48 | 46 | 27 | 37 |
| &nbsp;&nbsp;&nbsp;Commercial ABS | 475 | 468 | 4.2 | 3.2 | 2.4 | 3.0 | 83 | 66 | 263 | 54 | 2 |  |
| &nbsp;&nbsp;&nbsp;Consumer ABS | 444 | 444 | 4.0 | 1.9 | 0.9 | 1.4 | 289 | 103 | 45 | 7 |  |  |
| &nbsp;&nbsp;&nbsp;Other ABS | 556 | 559 | 5.1 | 7.3 | 5.6 | 8.2 | 28 | 31 | 323 | 108 | 23 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total CLOs and ABS | **2495** | **2479** | **22.4** | **6.2** | **3.1** | **4.7** | **995** | **454** | **680** | **214** | **52** | **83** |
| &nbsp;&nbsp;&nbsp;Total securitized assets | 5292 | 5202 | 47.1 | 5.7 | 3.8 | 5.3 | 1909 | 2193 | 736 | 222 | 58 | 83 |
| Commercial mortgage loans | 274 | 269 | 2.4 | 6.5 | 2.6 | 3.6 |  | 21 | 100 | 127 | 22 |  |
| **Total fixed income investments** | **9707** | **9569** | **86.6** | **5.3** | **4.4** | **5.8** | **2000** | **2957** | **2556** | **1709** | **264** | **83** |
| Short-term investments | 588 | 588 | 5.3 | 4.1 | 0.0 | 0.0 | 588 |  |  |  |  |  |
| **Total fixed income and short-term investments** | **10295** | **10157** | **91.9** | **5.3** | **4.1** | **5.5** | **2588** | **2957** | **2556** | **1709** | **264** | **83** |
| **Total fixed income securities and short-term investments by credit rating percentage** |  |  |  |  |  |  | **25.5%** | **29.1%** | **25.2%** | **16.8%** | **2.6%** | **0.8%** |
| **Equity securities:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Common stock<sup>(1)</sup> | 364 | 378 | 3.4 |  |  |  |  |  |  |  |  | 378 |
| Preferred stock | 2 | 2 |  |  |  |  |  |  |  | 2 |  |  |
| **Total equity securities** | **365** | **380** | **3.4** | **—** | **—** | **—** | **—** | **—** | **—** | **2** | **—** | **378** |
| **Alternative investments** |  |  |  |  |  |  |  |  |  |  |  |  |
| Private equity | 335 | 335 | 3.0 |  |  |  |  |  |  |  |  | 335 |
| Private credit | 37 | 37 | 0.3 |  |  |  |  |  |  |  |  | 37 |
| Real assets | 45 | 45 | 0.4 |  |  |  |  |  |  |  |  | 45 |
| &nbsp;&nbsp;&nbsp;**Total alternative investments** | **417** | **417** | **3.8** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **417** |
| **Other investments** | 93 | 93 | 0.8 |  |  |  |  |  |  |  |  | 93 |
| **Total invested assets** | $**11171** | $**11047** | **100.0%** | **—** | **—** | **—** | $**2588** | $**2957** | $**2556** | $**1710** | $**264** | $**972** |
| <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** |  |
| | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **Sept. 30,** | **Sept. 30,** |  |
| *($ in millions, except per share data)* | **2025** | **2025** | **2025** | **2024** | **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 | $113.0 | 83.6 | 107.6 | 93.2 | 90.0 | 304.3 | 104.6 |  |
| Net realized and unrealized investment (gains) losses included in net income, before tax | (8.1) | (4.2) | (0.2) | 8.0 | (5.4) | (12.5) | (5.1) |  |
| Tax on reconciling items | 1.7 | 0.9 |  | (1.7) | 1.1 | 2.6 | 1.1 |  |
| Non-GAAP operating income (loss) | $106.7 | 80.3 | 107.4 | 99.6 | 85.7 | 294.4 | 100.6 |  |
| **Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share** |  |  |  |  |  |  |  |  |
| Net income (loss) available to common stockholders per diluted common share | $1.85 | 1.36 | 1.76 | 1.52 | 1.47 | 4.97 | 1.71 |  |
| Net realized and unrealized investment (gains) losses included in net income, before tax | (0.13) | (0.07) |  | 0.13 | (0.09) | (0.20) | (0.08) |  |
| Tax on reconciling items | 0.03 | 0.02 |  | (0.03) | 0.02 | 0.04 | 0.01 |  |
| Non-GAAP operating income (loss) per diluted common share  | $1.75 | 1.31 | 1.76 | 1.62 | 1.40 | 4.81 | 1.64 |  |
| **Reconciliation of ROE to non-GAAP operating ROE** |  |  |  |  |  |  |  |  |
| ROE | 14.0 | 10.7 | 14.4 | 12.7 | 12.6 | 13.0 | 5.0 |  |
| Net realized and unrealized investment (gains) losses included in net income, before tax | (1.0) | (0.5) |  | 1.1 | (0.8) | (0.5) | (0.2) |  |
| Tax on reconciling items | 0.2 | 0.1 |  | (0.3) | 0.3 | 0.1 |  |  |
| Non-GAAP operating ROE | 13.2 | 10.3 | 14.4 | 13.5 | 12.1 | 12.6 | 4.8 |  |
| **Reconciliation of book value per common share to adjusted book value per common share** |  |  |  |  |  |  |  |  |
| Book value per common share | $54.46 | 52.09 | 50.33 | 47.99 | 48.82 | 54.46 | 48.82 |  |
| Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax | 1.73 | 3.03 | 3.88 | 5.21 | 2.50 | 1.73 | 2.50 |  |
| Tax on reconciling items | (0.36) | (0.64) | (0.82) | (1.10) | (0.52) | (0.36) | (0.52) |  |
| Adjusted book value per common share | $55.83 | 54.48 | 53.39 | 52.10 | 50.80 | 55.83 | 50.80 |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Note: Amounts may not foot due to rounding. |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |
| Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. | Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above. |  |

---

------

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

**RATINGS AND CONTACT INFORMATION**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Address:** | **As of September 30, 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

![](sigithirdquarter2025inve001.jpg)

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

------

![](sigithirdquarter2025inve002.jpg)

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

------

![](sigithirdquarter2025inve003.jpg)

INTRODUCTION

------

![](sigithirdquarter2025inve004.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

------

![](sigithirdquarter2025inve005.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: 9M25: 13.0% 2024: 7.0% 5-Year average: 11.1% 10-year average: 11.3% 34th largest P&C carrier in the United States\* $4.6 billion of net premiums written in 2024 Clear path for continued, profitable growth Expanding geographically with the goal of a near national footprint Combined Ratio: 9M25: 98.3% 2024: 103.0% 5-Year average: 96.5% 10-year average: 95.0%

------

![](sigithirdquarter2025inve006.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.

------

![](sigithirdquarter2025inve007.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 1,640 distribution partners selling our standard lines products and services at about 2,840 office locations o ~850 of these distribution partners sell our personal lines products o ~80 wholesale agents sell our E&S business o ~6,420 distribution partners sell National Flood Insurance Program products across 50 states 2024 NET PREMIUMS WRITTEN $4.6 BILLION 12% Excess and Surplus Lines 9% 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

------

![](sigithirdquarter2025inve008.jpg)

0% 5% 10% 15% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 SIGI Peer Avg. NON-GAAP OPERATING ROE 8 Note: Peer Average includes CINF, CNA, HIG, THG, TRV, and UFCS Operating ROE 9M25 2024 Investments 13.2% 12.8% Underwriting 2.0% (3.7)% Other (2.6)% (2.0)% Total 12.6% 7.1% Generating ROEs exceeding our cost of capital and peer group average over time 100 basis points of combined ratio translates to ~120 basis points of ROE\* 100 basis points of pre-tax investment yield translates to ~260 basis points of ROE\* SIGI 10-Year Average: 11.9% Peer 10-Year Average: 8.6%12.6% \*Calculated using average equityNote: 10-year avg based on 2015-2024

------

![](sigithirdquarter2025inve009.jpg)

90% 95% 100% 105% 0 2 4 6 8 10 -Y ea r A ve ra ge C om bi ne d 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 AG 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:© 2025 Conning, Inc. Used with permission. [Statutory data] CAGR = Compound Annual Growth Rate COMBINED RATIO (AVERAGE & VOLATILITY) Industry Industry SIGI SUSTAINED TRACK RECORD OF PROFITABILITY 9 SIGI

------

![](sigithirdquarter2025inve010.jpg)

$- $1 $2 $3 $4 $5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 N PW ($ 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 9.4% CAGR\* $4.6 \*\* Underlying GAAP combined ratio excludes catastrophe losses and prior year casualty reserve development 95.2% 91.6% 95.8% 98.3% 85% 90% 95% 100% 105% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 Underlying Combined Ratio\*\* Reported Combined Ratio

------

![](sigithirdquarter2025inve011.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

------

![](sigithirdquarter2025inve012.jpg)

2025 REVISED GUIDANCE\* 12 GAAP combined ratio 97% to 98% • 4 points of catastrophe losses • Assumes no additional prior year casualty reserve development After-tax net investment income $420 million Overall effective tax rate 21.5% Weighted average diluted shares 61.1 million \*As of October 22, 2025

------

![](sigithirdquarter2025inve013.jpg)

SEGMENT PERFORMANCE

------

![](sigithirdquarter2025inve014.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% 8.9% 4.7% 76% 80% 84% 88% 0% 4% 8% R et en ti on Pr ic in g Retention Renewal Pure Price CLIPS Pricing 79% of 2024 Net Premiums Written ("NPW") $3.6 104.2% 90.6% 70% 80% 90% 100% 110% $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 C om bi ne d R at io N PW ($ 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; 9M25 data as of 1H25 Footprint Targeted Expansion States\* 149M25 100.1% Combined Ratio 6% Growth

------

![](sigithirdquarter2025inve015.jpg)

80% 85% 90% 95% 0% 4% 8% 12% 16% Excellent Above Average Average Below Average Low & Very Low Re ne w 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 Nine Months 2025 Standard Commercial Lines Pricing by Retention Group % of Premium 17% 16% 45% 15% 8% 15% 14% 44% Contractors 1% Bonds Manufacturing & Wholesale Community & Public Services 26% Mercantile & Services 2024 DPW Mix 15

------

![](sigithirdquarter2025inve016.jpg)

EXCESS & SURPLUS LINES • Profitable and growing portfolio of commercial risks • Small and middle market focus with $5,300 average premium per policyholder • Modernized technology platform • ~80 wholesale general agents with limited binding authority within prescribed underwriting and pricing guidelines $567.2 89.7% 81.1% 70% 80% 90% 100% 110% $100 $200 $300 $400 $500 $600 C om bi ne d R at io N PW ($ in m ill io ns) NPW GAAP Combined Ratio Underlying Combined Ratio 12% of 2024 Net Premiums Written 8.7% 0% 2% 4% 6% 8% 10% R en ew al P ur e Pr ic e Renewal Pure Price 50 States & D.C. 169M25 85.9% Combined Ratio 14% Growth

------

![](sigithirdquarter2025inve017.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 year-to-date 2025 due to rate and underwriting actions STANDARD PERSONAL LINES 1.0% 0.7% 5.2% 20.6% 19.8% 0% 5% 10% 15% 20% 25% R en ew al P ur e Pr ic e 9% of 2024 Net Premiums Written $430.7 109.3% 89.3% 70% 80% 90% 100% 110% 120% $100 $200 $300 $400 $500 C om bi ne d R at io N PW ($ in m ill io ns) NPW GAAP Combined Ratio Underlying Combined Ratio 15 State Footprint 179M25 99.9% Combined Ratio 8% NPW Decline

------

![](sigithirdquarter2025inve018.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 9/30/25: • 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 $363 12.8% 0% 4% 8% 12% $- $100 $200 $300 $400 After-Tax NII NII ROE Investment Portfolio at 9/30/25 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 87% Short-Term 5%Equities 3% Alts & Other 5% A ft er -T ax P or tf ol io Y ie ld A ft er -T ax N et In ve st m en t In co m e ($ in m ill io ns) O pe ra ti ng R et ur n on E qu it y 189M25 $307M After-Tax NII 13.2% ROE $11.1

------

![](sigithirdquarter2025inve019.jpg)

FINANCIAL OVERVIEW

------

![](sigithirdquarter2025inve020.jpg)

6.5 0 2 4 6 8 10 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Po in ts o n th e C om bi ne d R at io ENTERPRISE RISK MANAGEMENT 20 7% 4% 4% 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 1/1/25; GAAP equity as of 12/31/24 Industry Source:© 2025 AM Best. Used with permission. Industry Average SIGI Standard Commercial $18.7K Excess & Surplus $5.3K Personal Lines $3.7K AVERAGE PREMIUM PER POLICYHOLDER:

------

![](sigithirdquarter2025inve021.jpg)

PRUDENT REINSURANCE STRUCTURE 21 • 2025 property catastrophe treaty highlights: o $1.4B exhaustion point and $100M retention o Top layer of $600M x $800M is 75% collateralized o 1-in-250 PML = 4% of GAAP equity o Placed 97% of a new $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 2025 PROPERTY CATASTROPHE PROGRAM $600M in excess of $800M 54% covered through Catastrophe Bond (3-year risk period ending December 2026) 95% Placed $400M in excess of $400M 100% Placed $200M in excess of $200M 100% Placed $100M in excess of $100M 100% Placed Retention: $100M

------

![](sigithirdquarter2025inve022.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

------

![](sigithirdquarter2025inve023.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

------

![](sigithirdquarter2025inve024.jpg)

24 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

------

![](sigithirdquarter2025inve025.jpg)

25 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

------

![](sigithirdquarter2025inve026.jpg)

STRONG CAPITAL POSITION Generated $1.1 billion of operating cash flow in 2024, up from $759 million in 2023 Year-to-date operating cash flow of $857 million, compared to $768 million in 9M24 26 FINANCIAL STRENGTH RATINGS NPW-to-Surplus ratio of 1.42x at September 30, 2025 We believe investing in organic growth is currently the most attractive capital deployment opportunity Target 20-25% dividend payout ratio over time o Quarterly dividend increased 13%, to $0.43 per common share, in 4Q 2025 Board authorized a new $200 million share repurchase program in 2025 Issued $400M of Senior Notes in February 2025 AM Best: A+ Fitch: A+ S&P: A Moody's: A2

------

![](sigithirdquarter2025inve027.jpg)

33.0% 31.0% 28% 29% 30% 31% 32% 33% 34% 35% 36% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 G AA P Ex pe ns e 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 Robotics and artificial intelligence o Talent development o Product innovation

------

![](sigithirdquarter2025inve028.jpg)

$22.54 $54.46 $0 $10 $20 $30 $40 $50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Bo ok V al ue p er 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 9/30/25

------

![](sigithirdquarter2025inve029.jpg)

PROGRESS THROUGH IMPACT

------

![](sigithirdquarter2025inve030.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 Achieved an "AA" rating from MSCI Built a solar facility at the Branchville office that can generate approximately 5M kWh of energy that we sell to others Continue sharing our approach to climate-related risks and opportunities through the publication of our third Task Force on Climate-related Financial Disclosures. OUR PRIMARY OBJECTIVES ARE TO: KEY SUSTAINABILITY ACCOMPLISHMENTS:

------

![](sigithirdquarter2025inve031.jpg)

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

------