EX-99.2 3 q42024pressreleasesuppleme.htm EX-99.2

Exhibit 99.2

FINANCIAL SUPPLEMENT

FOURTH QUARTER AND FULL YEAR 2024

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Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

•The impact of changes in U.S. trade policies and imposition of tariffs on imports that may lead to higher than anticipated inflationary trends for our loss and loss expenses;

•Related to COVID-19, we have successfully defended against payment of COVID-19-related business interruption losses based on our policies' terms, conditions, and exclusions. However, should the highest courts determine otherwise, our loss and loss expenses may increase, our related reserves may not be adequate, and our financial condition and liquidity may be materially impacted.

•Ongoing wars and conflicts impacting global economic, banking, commodity, and financial markets, exacerbating ongoing economic challenges, including inflation and supply chain disruption, which influences insurance loss costs, premiums, and investment valuations;

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

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

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

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

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

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

•Our entry into new markets and businesses; and

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

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

TABLE OF CONTENTS

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

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

						Quarter ended																																	Year-to-date
						Dec. 31,									Sept. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,									Dec. 31,
($ and shares in millions, except per share data)						2024									2024						2024						2024						2023						2024									2023
For Period Ended
			Gross premiums written			$	1,275.9								1,343.1						1,406.2						1,321.9						1,149.7						5,347.0									4,749.5
			Net premiums written			1,089.6									1,157.6						1,226.1						1,156.6						991.5						4,630.0									4,134.5
			Change in net premiums written, from comparable prior year period			10			%						9						13						16						17						12									16
			Underwriting income (loss), before-tax			$	16.8								5.3						(173.7)						19.0						63.6						(132.6)									132.8
			Net investment income earned, before-tax			122.8									117.8						108.6						107.8						98.6						457.1									388.7
			Net realized and unrealized investment gains (losses), before-tax			(8.0)									5.4						1.3						(1.6)						5.4						(2.9)									(3.6)
			Net income (loss)			$	95.5								92.3						(63.3)						82.5						124.8						207.0									365.2
			Net income (loss) available to common stockholders(1)			93.2									90.0						(65.6)						80.2						122.5						197.8									356.0
			Non-GAAP operating income (loss)(2)			99.6									85.7						(66.6)						81.5						118.3						200.1									358.8
At Period End
			Total assets			13,514.2									13,473.1						12,565.5						12,056.1						11,802.5						13,514.2									11,802.5
			Total invested assets			9,651.3									9,635.3						9,021.8						8,745.7						8,693.7						9,651.3									8,693.7
			Stockholders' equity			3,120.1									3,167.8						2,922.7						3,006.5						2,954.4						3,120.1									2,954.4
			Common stockholders' equity(3)			2,920.1									2,967.8						2,722.7						2,806.5						2,754.4						2,920.1									2,754.4
			Common shares outstanding			60.8									60.8						60.9						60.8						60.6						60.8									60.6
Per Share and Share Data
			Net income (loss) available to common stockholders per common share (diluted)			$	1.52								1.47						(1.08)						1.31						2.01						3.23									5.84
			Non-GAAP operating income (loss) per common share (diluted)(2)			1.62									1.40						(1.10)						1.33						1.94						3.27									5.89
			Weighted average common shares outstanding (diluted)			61.3									61.3						60.9						61.2						61.0						61.3									61.0
			Book value per common share			$	47.99								48.82						44.74						46.17						45.42						47.99									45.42
			Adjusted book value per common share(2)			52.10									50.80						49.67						50.97						50.03						52.10									50.03
			Dividends paid per common share			0.38									0.35						0.35						0.35						0.35						1.43									1.25
Financial Ratios
			Loss and loss expense ratio			67.8			%						68.8						85.7						67.0						62.4						72.3									64.9
			Underwriting expense ratio			30.6									30.6						30.3						30.9						31.1						30.6									31.4
			Dividends to policyholders ratio			0.1									0.1						0.1						0.3						0.2						0.1									0.2
			GAAP combined ratio			98.5			%						99.5						116.1						98.2						93.7						103.0									96.5
			Return on common stockholders' equity ("ROE")			12.7									12.6						(9.5)						11.5						18.9						7.0									14.3
			Non-GAAP operating ROE(2)			13.5									12.1						(9.6)						11.7						18.2						7.1									14.4
			Debt to total capitalization			14.0									13.8						14.8						14.3						14.6						14.0									14.6
			Net premiums written to policyholders' surplus			1.60									1.63						1.64						1.55						1.51						1.60									1.51
			Invested assets per dollar of common stockholders' equity			$	3.31								3.25						3.31						3.12						3.16						3.31									3.16
(1)			Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends.
(2)			Non-GAAP measure. Refer to Page 15 for definition.
(3)			Excludes equity related to preferred stock.

Page 1

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

						Quarter ended																														Year-to-date
						Dec. 31,						Sept. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,						Dec. 31,
($ and shares in millions, except per share data)						2024						2024						2024						2024						2023						2024						2023
Revenues
			Net premiums earned			$	1,133.0					1,112.2						1,080.2						1,050.9						1,001.2						$	4,376.4					3,827.6
			Net investment income earned			122.8						117.8						108.6						107.8						98.6						457.1						388.7
			Net realized and unrealized gains (losses)			(8.0)						5.4						1.3						(1.6)						5.4						(2.9)						(3.6)
			Other income			8.5						8.9						5.8						7.8						5.5						31.1						19.4
			Total revenues			1,256.4						1,244.3						1,196.0						1,165.0						1,110.7						4,861.7						4,232.1
Expenses
			Loss and loss expense incurred			769.0						765.7						925.5						704.3						624.8						3,164.5						2,484.3
			Amortization of deferred policy acquisition costs			241.0						235.6						226.4						219.4						210.5						922.4						796.2
			Other insurance expenses			114.8						114.7						107.8						116.0						107.8						453.2						433.7
			Interest expense			7.2						7.3						7.2						7.2						7.2						28.9						28.8
			Corporate expenses			5.3						4.7						9.2						15.5						3.4						34.6						30.7
			Total expenses			1,137.3						1,127.8						1,276.1						1,062.4						953.7						4,603.6						3,773.7
Income (loss) before federal income tax						$	119.1					116.5						(80.1)						102.6						157.0						258.0						458.4
Federal income tax expense (benefit)						23.5						24.2						(16.8)						20.0						32.1						51.0						93.2
Net Income (loss)						$	95.5					92.3						(63.3)						82.5						124.8						207.0						365.2
Preferred stock dividends						2.3						2.3						2.3						2.3						2.3						9.2						9.2
Net income (loss) available to common stockholders						$	93.2					90.0						(65.6)						80.2						122.5						197.8						356.0
Net realized and unrealized investment (gains) losses, after tax(1)						6.3						(4.3)						(1.0)						1.3						(4.3)						2.3						2.8
Non-GAAP operating income (loss)(2)						$	99.6					85.7						(66.6)						81.5						118.2						$	200.1					358.7
Weighted average common shares outstanding (diluted)						61.3						61.3						60.9						61.2						61.0						61.3						61.0
Net income (loss) available to common stockholders per common share (diluted)						$	1.52					1.47						(1.08)						1.31						2.01						$	3.23					5.84
Non-GAAP operating income (loss) per common share (diluted)(2)						$	1.62					1.40						(1.10)						1.33						1.94						$	3.27					5.89
(1)			Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).
(2)			Non-GAAP measure. Refer to Page 15 for definition.
			Note: Amounts may not foot due to rounding.

Page 2

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

									Dec. 31,						Sept. 30,						June 30,						Mar. 31,						Dec. 31,
($ in millions, except per share data)									2024						2024						2024						2024						2023
ASSETS
Investments
			Fixed income securities, held-to-maturity, net of allowance for credit losses						$	25.4					22.0						19.5						20.3						22.7
			Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses						8,127.3						8,088.6						7,669.0						7,583.5						7,499.2
			Commercial mortgage loans, net of allowance for credit losses						233.7						223.6						219.5						208.0						188.4
			Equity securities, at fair value						213.6						205.6						192.0						194.3						187.2
			Short-term investments						509.3						561.0						417.3						247.9						309.3
			Alternative investments						440.9						432.0						414.8						402.7						395.8
			Other investments						101.1						102.5						89.7						89.0						91.2
			Total investments						9,651.3						9,635.3						9,021.8						8,745.7						8,693.7
Cash									0.1						0.1						0.2						0.1						0.2
Restricted cash									62.9						12.6						10.7						11.7						13.1
Accrued investment income									76.9						73.8						72.3						68.0						66.3
Premiums receivable, net of allowance for credit losses									1,467.8						1,531.9						1,579.7						1,439.1						1,313.1
Reinsurance recoverable, net of allowance for credit losses									1,061.1						1,057.3						685.6						651.4						656.8
Prepaid reinsurance premiums									235.4						230.7						219.8						208.0						203.3
Current federal income tax									—						13.0						38.6						—						—
Deferred federal income tax									146.8						100.7						145.9						144.7						140.2
Property and equipment, net of accumulated depreciation and amortization									93.3						92.2						89.2						82.7						83.3
Deferred policy acquisition costs									479.3						488.5						476.5						448.3						424.9
Goodwill									7.8						7.8						7.8						7.8						7.8
Other assets									231.4						229.1						217.4						248.5						199.8
			Total assets						$	13,514.2					13,473.1						12,565.5						12,056.1						11,802.5
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense									$	6,589.8					6,452.0						5,903.5						5,501.8						5,336.9
Unearned premiums									2,616.3						2,655.0						2,598.7						2,441.0						2,330.7
Long-term debt									507.9						508.2						508.8						503.3						503.9
Current federal income tax									19.7						—						—						26.5						6.3
Accrued salaries and benefits									121.7						113.5						92.6						97.9						122.0
Other liabilities									538.7						576.6						539.2						479.1						548.4
			Total liabilities						$	10,394.1					10,305.3						9,642.8						9,049.6						8,848.2
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									211.2						211.1						211.0						210.9						210.4
Additional paid-in capital									557.0						549.8						545.3						534.3						522.7
Retained earnings									3,139.5						3,069.6						3,001.1						3,088.2						3,029.4
Accumulated other comprehensive income (loss)									(336.8)						(211.9)						(392.7)						(385.0)						(373.0)
Treasury stock, at cost									(650.8)						(650.7)						(641.9)						(641.9)						(635.2)
			Total stockholders' equity						$	3,120.1					3,167.8						2,922.7						3,006.5						2,954.4
Commitments and contingencies
			Total liabilities and stockholders' equity						$	13,514.2					13,473.1						12,565.5						12,056.1						11,802.5
Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS

(Unaudited)

									Quarter ended																														Year-to-date
									Dec. 31,						Sept. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,						Dec. 31,
($ and shares in millions, except per share data)									2024						2024						2024						2024						2023						2024						2023
Book value per common share
						Common stockholders' equity			$	2,920.1								2,967.8						2,722.7						2,806.5						2,754.4						2,920.1						2,754.4
						Common shares issued and outstanding, at period end			60.8									60.8						60.9						60.8						60.6						60.8						60.6
						Book value per common share			$	47.99								48.82						44.74						46.17						45.42						47.99						45.42
						Adjusted book value per common share(2)			52.10									50.80						49.67						50.97						50.03						52.10						50.03
Financial results (after-tax)
						Underwriting income (loss)			13.3									4.1						(137.2)						15.0						50.2						(104.7)						104.9
						Net investment income			97.3									93.4						86.3						85.6						78.4						362.6						309.5
						Interest expense and preferred stock dividends			(8.0)									(8.0)						(8.0)						(8.0)						(8.0)						(32.0)						(32.0)
						Corporate expense			(3.0)									(3.8)						(7.7)						(11.2)						(2.4)						(25.7)						(23.7)
						Net realized and unrealized investment gains (losses)			(6.3)									4.3						1.0						(1.3)						4.3						(2.3)						(2.8)
						Total after-tax net income (loss) available to common stockholders			93.2									90.0						(65.6)						80.2						122.5						197.8						356.0
Return on average equity
						Insurance segments			1.8									0.6						(19.9)						2.2						7.7						(3.7)						4.2
						Net investment income			13.2									13.1						12.5						12.3						12.1						12.8						12.4
						Interest expense and preferred stock dividends			(1.1)									(1.1)						(1.2)						(1.1)						(1.2)						(1.1)						(1.3)
						Corporate expense			(0.4)									(0.5)						(1.0)						(1.7)						(0.4)						(0.9)						(0.9)
						Net realized and unrealized investment gains (losses)			(0.8)									0.5						0.1						(0.2)						0.7						(0.1)						(0.1)
						ROE			12.7									12.6						(9.5)						11.5						18.9						7.0						14.3
						Net realized and unrealized (gains) losses(1)			0.8									(0.5)						(0.1)						0.2						(0.7)						0.1						0.1
						Non-GAAP Operating ROE(2)			13.5									12.1						(9.6)						11.7						18.2						7.1						14.4
Debt and total capitalization
			Notes payable:
						3.03% Borrowings from Federal Home Loan Bank of Indianapolis			60.0									60.0						60.0						60.0						60.0						60.0						60.0
						7.25% Senior Notes			49.8									49.8						49.8						49.8						49.8						49.8						49.8
						6.70% Senior Notes			99.4									99.4						99.4						99.4						99.3						99.4						99.3
						5.375% Senior Notes			292.4									292.4						292.3						292.2						292.2						292.4						292.2
						Finance Lease Obligations			6.3									6.7						7.3						1.9						2.6						6.3						2.6
			Total debt						507.9									508.2						508.8						503.3						503.9						507.9						503.9
			Stockholders' equity						3,120.1									3,167.8						2,922.7						3,006.5						2,954.4						3,120.1						2,954.4
			Total capitalization						$	3,628.0								3,676.0						3,431.5						3,509.8						3,458.3						3,628.0						3,458.3
			Ratio of debt to total capitalization						14.0									13.8						14.8						14.3						14.6						14.0						14.6
Policyholders' surplus									$	2,902.8								2,787.5						2,698.8						2,777.3						2,742.3						2,902.8						2,742.3
(1)						Amounts are provided to reconcile ROE to non-GAAP operating ROE.
(2)						Non-GAAP measure. Refer to Page 15 for definition.
						Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INSURANCE OPERATIONS

STATEMENT OF OPERATIONS

(Unaudited)

									Quarter ended																																	Year-to-date
									Dec. 31,									Sept. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,						Dec. 31,
($ in millions)									2024									2024						2024						2024						2023						2024						2023
Underwriting results
Net premiums written									$	1,089.6								1,157.6						1,226.1						1,156.6						991.5						4,630.0						4,134.5
Change in net premiums written, from comparable prior year period									10			%						9						13						16						17						12						16
Net premiums earned									$	1,133.0								1,112.2						1,080.2						1,050.9						1,001.2						4,376.4						3,827.6
Losses and loss expenses incurred									769.0									765.7						925.5						704.3						624.8						3,164.5						2,484.3
Net underwriting expenses incurred									346.4									340.0						327.3						324.4						311.1						1,338.0						1,203.8
Dividends to policyholders									0.8									1.4						1.1						3.3						1.8						6.5						6.8
GAAP underwriting income (loss)									$	16.8								5.3						(173.7)						19.0						63.6						(132.6)						132.8
Net catastrophe losses									$	(10.1)								148.8						90.5						55.2						24.6						284.5						244.5
(Favorable) unfavorable prior year casualty reserve development									100.0									—						176.0						35.0						10.0						311.0						(6.5)
Underwriting ratios
Loss and loss expense ratio									67.8			%						68.8						85.7						67.0						62.4						72.3						64.9
Underwriting expense ratio									30.6									30.6						30.3						30.9						31.1						30.6						31.4
Dividends to policyholders ratio									0.1									0.1						0.1						0.3						0.2						0.1						0.2
						Combined ratio			98.5			%						99.5						116.1						98.2						93.7						103.0						96.5
Net catastrophe losses									(0.9)			pts						13.4						8.4						5.3						2.5						6.5						6.4
(Favorable) unfavorable prior year casualty reserve development									8.8									—						16.3						3.3						1.0						7.1						(0.2)
						Combined ratio before net catastrophe losses			99.4			%						86.1						107.7						92.9						91.2						96.5						90.1
						Combined ratio before net catastrophe losses and prior year casualty development			90.6			%						86.1						91.4						89.6						90.2						89.4						90.3
Other Statistics
Non-catastrophe property loss and loss expenses									$	178.2								146.7						185.5						171.2						172.1						681.6						650.4
Non-catastrophe property loss and loss expenses									15.7			pts						13.2						17.2						16.3						17.2						15.6						17.0
Direct new business									$	232.0								234.2						267.4						260.8						232.7						994.3						923.5
Renewal pure price increases									10.7			%						10.5						9.1						8.1						7.4						9.5						6.8
Note: Amounts may not foot due to rounding.

Page 5

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

									Quarter ended																																	Year-to-date
									Dec. 31,									Sept. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,						Dec. 31,
($ in millions)									2024									2024						2024						2024						2023						2024						2023
Underwriting results
Net premiums written									$	833.4								903.9						963.1						931.7						764.3						3,632.1						3,281.3
Change in net premiums written, from comparable prior year period									9			%						8						11						15						13						11						13
Net premiums earned									$	884.6								875.4						853.5						834.1						792.1						3,447.6						3,071.8
Losses and loss expenses incurred									606.3									591.6						748.0						555.8						482.6						2,501.6						1,919.2
Net underwriting expenses incurred									279.3									275.1						265.4						264.6						252.9						1,084.4						988.5
Dividends to policyholders									0.8									1.4						1.1						3.3						1.8						6.5						6.8
GAAP underwriting income (loss)									$	(1.8)								7.3						(160.9)						10.4						54.9						(145.0)						157.3
Net catastrophe losses									$	(8.2)								100.4						50.9						38.5						16.1						181.5						150.5
(Favorable) unfavorable prior year casualty reserve development									75.0									—						176.0						35.0						5.0						286.0						(15.5)
Underwriting ratios
Loss and loss expense ratio									68.5			%						67.6						87.6						66.7						61.0						72.5						62.5
Underwriting expense ratio									31.6									31.4						31.1						31.7						31.9						31.5						32.2
Dividends to policyholders ratio									0.1									0.2						0.1						0.4						0.2						0.2						0.2
						Combined ratio			100.2			%						99.2						118.8						98.8						93.1						104.2						94.9
Net catastrophe losses									(0.9)			pts						11.5						6.0						4.6						2.0						5.3						4.9
(Favorable) unfavorable prior year casualty reserve development									8.5									—						20.6						4.2						0.6						8.3						(0.5)
						Combined ratio before net catastrophe losses			101.1			%						87.7						112.8						94.2						91.1						98.9						90.0
						Combined ratio before net catastrophe losses and prior year casualty development			92.6			%						87.7						92.2						90.0						90.5						90.6						90.5
Other Statistics
Non-catastrophe property loss and loss expenses									$	124.1								95.9						124.5						115.0						122.0						459.5						461.6
Non-catastrophe property loss and loss expenses									14.0			pts						11.0						14.6						13.8						15.4						13.3						15.0
Direct new business									$	139.5								139.2						168.4						172.1						145.2						619.1						597.5
Renewal pure price increases									8.8			%						9.1						7.9						7.6						7.3						8.3						7.0
Retention									85									86						85						86						86						85						85
Note: Amounts may not foot due to rounding.

Page 6

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

						Quarter ended December 31, 2024																														Quarter ended December 31, 2023
						General						Commercial			Commercial			Workers																		General			Commercial			Commercial			Workers
($ in millions)						Liability						Auto			Property(1)			Compensation			BOP			Bonds			Other			Total						Liability			Auto			Property(1)			Compensation			BOP			Bonds			Other			Total
Net premiums written						$	265.0					257.3			174.6			66.1			50.2			12.2			8.0			833.4						248.2			226.8			154.9			73.5			42.7			10.7			7.4			764.3
Net premiums earned						285.3						276.8			180.6			76.3			44.7			12.7			8.1			884.6						261.0			239.1			157.1			79.1			37.0			11.5			7.4			792.1
Loss and loss expense ratio						108.7			%			67.7			23.6			37.1			76.6			27.3			(0.5)			68.5						77.4			73.1			48.9			3.7			62.9			25.6			(0.5)			61.0
Underwriting expense ratio						31.1						28.9			34.8			26.3			37.3			55.3			49.3			31.6						31.4			29.0			35.4			27.1			38.7			57.6			48.7			31.9
Dividend ratio						—						—			0.1			0.6			—			—			0.1			0.1						0.1			0.2			0.3			0.5			—			—			0.2			0.2
Combined ratio						139.8			%			96.6			58.5			64.0			113.9			82.6			48.9			100.2						108.9			102.3			84.6			31.3			101.6			83.2			48.4			93.1
Underwriting income (loss)						$	(113.7)					9.3			74.9			27.5			(6.2)			2.2			4.1			(1.8)						(23.3)			(5.5)			24.1			54.3			(0.6)			1.9			3.8			54.9
						Year-to-Date December 31, 2024																														Year-to-Date December 31, 2023
						General						Commercial			Commercial			Workers																		General			Commercial			Commercial			Workers
($ in millions)						Liability						Auto			Property(1)			Compensation			BOP			Bonds			Other			Total						Liability			Auto			Property(1)			Compensation			BOP			Bonds			Other			Total
Net premiums written						$	1,183.2					1,121.5			739.5			320.6			183.0			51.7			32.6			3,632.1						1,087.1			976.9			648.8			338.1			152.9			47.4			30.2			3,281.3
Net premiums earned						1,125.5						1,058.2			685.6			327.7			169.3			49.7			31.5			3,447.6						1,020.4			916.1			586.3			333.7			140.5			46.2			28.6			3,071.8
Loss and loss expense ratio						95.1			%			70.5			57.0			55.7			60.8			17.4			0.3			72.5						61.4			73.8			61.6			43.9			69.5			24.9			(0.1)			62.5
Underwriting expense ratio						31.1						29.2			35.0			25.7			34.5			56.3			48.0			31.5						31.6			29.8			36.4			26.3			36.5			56.9			50.8			32.2
Dividend ratio						0.1						0.1			0.2			1.0			—			—			—			0.2						0.1			0.1			0.2			1.2			—			—			0.1			0.2
Combined ratio						126.3			%			99.8			92.2			82.4			95.3			73.7			48.3			104.2						93.1			103.7			98.2			71.4			106.0			81.8			50.8			94.9
Underwriting income (loss)						$	(295.9)					2.5			53.3			57.7			8.0			13.1			16.3			(145.0)						70.8			(33.7)			10.8			95.4			(8.4)			8.4			14.1			157.3
(1) Includes Inland Marine.
Note: Amounts may not foot due to rounding.

Page 7

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

									Quarter ended																																	Year-to-date
									Dec. 31,									Sept. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,						Dec. 31,
($ in millions)									2024									2024						2024						2024						2023						2024						2023
Underwriting results
Net premiums written									$	103.6								111.0						116.1						99.9						107.0						430.7						414.6
Change in net premiums written, from comparable prior year period									(3)			%						(2)						6						17						27						4						30
Net premiums earned									$	107.1								107.5						106.4						103.8						101.0						424.9						365.2
Losses and loss expenses incurred									72.7									106.1						101.4						84.3						92.5						364.6						353.2
Net underwriting expenses incurred									25.5									25.2						24.3						24.8						25.5						99.8						91.3
GAAP underwriting income (loss)									$	8.9								(23.8)						(19.3)						(5.3)						(17.0)						(39.5)						(79.3)
Net catastrophe losses									$	1.0								41.7						25.4						11.8						9.2						80.0						69.3
(Favorable) unfavorable prior year casualty reserve development									5.0									—						—						—						5.0						5.0						14.0
Underwriting ratios
Loss and loss expense ratio									67.9			%						98.7						95.3						81.2						91.7						85.8						96.7
Underwriting expense ratio									23.8									23.4						22.8						23.9						25.2						23.5						25.0
						Combined ratio			91.7			%						122.1						118.1						105.1						116.9						109.3						121.7
Net catastrophe losses									1.0			pts						38.8						23.9						11.4						9.1						18.8						19.0
(Favorable) unfavorable prior year casualty reserve development									4.7									—						—						—						5.0						1.2						3.8
						Combined ratio before net catastrophe losses			90.7			%						83.3						94.2						93.7						107.8						90.5						102.7
						Combined ratio before net catastrophe losses and prior year casualty development			86.0			%						83.3						94.2						93.7						102.8						89.3						98.9
Other Statistics
Non-catastrophe property loss and loss expenses									$	38.9								38.0						45.4						41.9						42.8						164.0						156.9
Non-catastrophe property loss and loss expenses									36.3			pts						35.3						42.6						40.3						42.4						38.6						43.0
Direct new business									$	13.3								16.0						22.0						21.3						26.0						72.6						116.5
Renewal pure price increases									27.3			%						22.8						20.7						14.3						8.9						20.6						5.2
Retention									75									75						78						83						87						77						87
Note: Amounts may not foot due to rounding.

Page 8

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

			Quarter ended December 31, 2024																		Quarter ended December 31, 2023
			Personal																		Personal
($ in millions)			Auto						Homeowners			Other			Total						Auto			Homeowners			Other			Total
Net premiums written			$	50.3					49.4			4.0			103.6						56.6			46.7			3.7			107.0
Net premiums earned			55.0						48.2			3.9			107.1						55.0			42.7			3.3			101.0
Loss and loss expense ratio			94.3			%			43.8			(7.9)			67.9						107.4			75.6			37.0			91.7
Underwriting expense ratio			25.4						28.4			(57.2)			23.8						27.1			28.7			(51.1)			25.2
Combined ratio			119.7			%			72.2			(65.1)			91.7						134.5			104.3			(14.1)			116.9
Underwriting income (loss)			$	(10.8)					13.4			6.4			8.9						(18.9)			(1.8)			3.8			(17.0)
			Year-to-Date December 31, 2024																		Year-to-Date December 31, 2023
			Personal																		Personal
($ in millions)			Auto						Homeowners			Other			Total						Auto			Homeowners			Other			Total
Net premiums written			$	219.0					197.9			13.8			430.7						224.9			177.6			12.1			414.6
Net premiums earned			226.1						185.7			13.1			424.9						200.0			154.8			10.4			365.2
Loss and loss expense ratio			89.1			%			89.0			(13.9)			85.8						97.9			99.7			28.9			96.7
Underwriting expense ratio			25.1						28.1			(70.8)			23.5						28.1			28.9			(93.3)			25.0
Combined ratio			114.2			%			117.1			(84.7)			109.3						126.0			128.6			(64.4)			121.7
Underwriting income (loss)			$	(32.1)					(31.7)			24.2			(39.5)						(52.0)			(44.3)			17.0			(79.3)
Note: Amounts may not foot due to rounding.

Page 9

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS AND SURPLUS LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

									Quarter ended																																	Year-to-date
									Dec. 31,									Sept. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,						Dec. 31,
($ in millions)									2024									2024						2024						2024						2023						2024						2023
Underwriting results
Net premiums written									$	152.6								142.7						146.8						125.0						120.2						567.2						438.6
Change in net premiums written, from comparable prior year period									27			%						28						39						24						36						29						24
Net premiums earned									$	141.3								129.3						120.3						113.0						108.1						504.0						390.6
Losses and loss expenses incurred									90.0									68.0						76.2						64.1						49.7						298.3						211.9
Net underwriting expenses incurred									41.6									39.6						37.7						34.9						32.7						153.8						124.0
GAAP underwriting income (loss)									$	9.7								21.7						6.5						14.0						25.7						51.9						54.8
Net catastrophe losses									$	(2.9)								6.7						14.3						4.9						(0.7)						23.0						24.7
(Favorable) unfavorable prior year casualty reserve development									20.0									—						—						—						—						20.0						(5.0)
Underwriting ratios
Loss and loss expense ratio									63.6			%						52.5						63.3						56.7						45.9						59.2						54.3
Underwriting expense ratio									29.5									30.7						31.3						30.9						30.3						30.5						31.7
						Combined ratio			93.1			%						83.2						94.6						87.6						76.2						89.7						86.0
Net catastrophe losses									(2.0)			pts						5.2						11.9						4.3						(0.7)						4.6						6.3
(Favorable) unfavorable prior year casualty reserve development									14.2									—						—						—						—						4.0						(1.3)
						Combined ratio before net catastrophe losses			95.1			%						78.0						82.7						83.3						76.9						85.1						79.7
						Combined ratio before net catastrophe losses and prior year casualty development			80.9			%						78.0						82.7						83.3						76.9						81.1						81.0
Other Statistics
Non-catastrophe property loss and loss expenses									$	15.2								12.9						15.6						14.3						7.3						58.0						31.9
Non-catastrophe property loss and loss expenses									10.8			pts						10.0						13.0						12.6						6.8						11.5						8.2
Direct new business									$	79.1								79.0						77.0						67.4						61.5						302.6						209.5
Renewal pure price increases									8.2			%						8.0						6.4						5.2						6.1						7.2						6.9
Note: Amounts may not foot due to rounding.

Page 10

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS & SURPLUS LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

			Quarter ended December 31, 2024															Quarter ended December 31, 2023
($ in millions)			Casualty						Property			Total						Casualty			Property			Total
Net premiums written			$	88.8					63.8			152.6						73.7			46.5			120.2
Net premiums earned			84.9						56.4			141.3						70.5			37.6			108.1
Loss and loss expense ratio			91.5			%			21.9			63.6						61.1			17.6			45.9
Underwriting expense ratio			29.5						29.4			29.5						29.6			31.4			30.3
Combined ratio			121.0			%			51.3			93.1						90.7			49.0			76.2
Underwriting income (loss)			$	(17.8)					27.5			9.7						6.5			19.2			25.7
			Year-to-Date December 31, 2024															Year-to-Date December 31, 2023
($ in millions)			Casualty						Property			Total						Casualty			Property			Total
Net premiums written			$	335.9					231.3			567.2						280.6			158.0			438.6
Net premiums earned			307.9						196.1			504.0						261.1			129.5			390.6
Loss and loss expense ratio			70.6			%			41.3			59.2						59.5			43.7			54.3
Underwriting expense ratio			30.8						30.0			30.5						31.3			32.6			31.7
Combined ratio			101.4			%			71.3			89.7						90.8			76.3			86.0
Underwriting income (loss)			$	(4.3)					56.2			51.9						24.1			30.6			54.8
Note: Amounts may not foot due to rounding.

Page 11

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INVESTMENT INCOME

(Unaudited)

									Quarter ended																														Year-to-date
									Dec. 31,						Sept. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,						Dec. 31,
($ in millions)									2024						2024						2024						2024						2023						2024						2023
Net investment income
Fixed income securities
						Taxable			$	100.9								96.4						91.5						91.4						88.8						380.2						331.1
						Tax-exempt			1.8									2.1						2.4						2.7						3.1						9.0						14.7
Total fixed income securities									102.7									98.5						93.9						94.1						91.9						389.2						345.9
Commercial mortgage loans									3.3									3.2						3.1						2.8						2.7						12.4						9.3
Equity securities									6.1									5.4						1.9						4.9						3.9						18.3						9.4
Alternative investments									10.6									9.0						10.5						6.9						1.1						37.1						26.8
Other investments									0.2									0.3						0.1						0.3						0.1						0.9						0.7
Short-term investments									5.6									6.5						4.7						3.5						3.3						20.3						14.8
Investment income									128.6									122.8						114.3						112.5						103.0						478.1						406.9
Investment expenses									(5.8)									(5.0)						(5.6)						(4.6)						(4.4)						(21.1)						(18.2)
Investment tax expense									(25.5)									(24.4)						(22.4)						(22.2)						(20.1)						(94.4)						(79.1)
Total net investment income, after-tax									$	97.3								93.4						86.3						85.6						78.4						362.6						309.5
Net realized and unrealized investment gains (losses), pre-tax									$	(8.0)								5.4						1.3						(1.6)						5.4						(2.9)						(3.6)
Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax									$	(164.6)								228.0						(10.8)						(16.1)						275.4						36.5						174.6
Average investment yields
						Fixed income investments, pre-tax			5.1									5.0						4.9						5.0						5.1						5.0						4.9
						Fixed income investments, after-tax			4.0									4.0						3.9						4.0						4.0						4.0						3.9
						Total portfolio, pre-tax			5.1									5.0						4.9						4.9						4.7						5.0						4.7
						Total portfolio, after-tax			4.0									4.0						3.9						3.9						3.7						4.0						3.7
Effective tax rate on net investment income									20.7									20.7						20.6						20.6						20.4						20.7						20.4
New money purchase rates for fixed income investments, pre-tax									6.1									5.8						6.4						5.8						6.7						6.0						6.0
New money purchase rates for fixed income investments, after-tax									4.8									4.6						5.0						4.6						5.3						4.8						4.7
Effective duration of fixed income investments including short-term (in years)									4.0									3.9						3.9						4.0						4.0						4.0						4.0
Note: Amounts may not foot due to rounding.

Page 12

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS

(Unaudited)

									Dec. 31,												Sept. 30,									June 30,									Mar. 31,									Dec. 31,
									2024												2024									2024									2024									2023
($ in millions)									Amount			Percent									Amount			Percent						Amount			Percent						Amount			Percent						Amount			Percent
Fixed income securities, at fair value									$	8,152.1		85			%						8,110.0			84						7,687.6			85						7,602.7			87						7,521.1			87
Commercial mortgage loans, at fair value									224.8			2									218.6			2						209.0			2						197.8			2						178.9			2
Total fixed income investments									8,376.9			87									8,328.7			86						7,896.6			87						7,800.5			89						7,700.0			89
Short-term investments									509.3			5									561.0			6						417.4			5						247.9			3						309.3			4
Total fixed income and short-term investments									8,886.2			92									8,889.7			92						8,314.0			92						8,048.4			92						8,009.3			92
Equity securities, at fair value									213.6			2									205.6			2						192.0			2						194.3			2						187.2			2
Alternative investments									440.9			5									432.0			4						414.8			5						402.7			5						395.8			5
Other investments									101.1			1									102.5			1						89.7			1						89.0			1						91.2			1
Total investments									$	9,641.8		100			%						9,629.8			100						9,010.5			100						8,734.3			100						8,683.5			100
Fixed income investments, at carry value
U.S. government obligations									$	120.2		1			%						125.4			2						151.0			2						141.8			2						205.0			2
Foreign government obligations									9.3			—									9.7			—						9.2			—						9.2			—						9.8			—
Obligations of state and political subdivisions									451.2			5									492.9			6						525.4			7						539.0			7						586.0			8
Corporate securities									3,093.6			37									3,048.7			37						2,865.4			36						2,815.3			36						2,733.9			35
Collateralized loan obligations and other asset-backed securities									2,033.1			24									1,946.4			23						1,916.1			24						1,897.1			24						1,834.8			24
Residential mortgage-backed securities									1,692.4			20									1,740.0			21						1,504.0			19						1,512.0			19						1,477.5			19
Commercial mortgage-backed securities									753.0			9									747.5			9						717.4			9						689.4			9						674.8			9
Commercial mortgage loans									233.7			3									223.6			3						219.5			3						208.0			3						188.4			2
Total fixed income investments									$	8,386.4		100			%						8,334.1			100						7,908.0			100						7,811.8			100						7,710.3			100
Expected maturities of fixed income investments at carry value
Due in one year or less									$	638.3		8			%						670.4			8						634.2			8						607.9			8						526.6			7
Due after one year through five years									3,692.6			44									3,764.6			45						3,622.6			46						3,558.5			45						3,569.2			46
Due after five years through 10 years									3,072.8			37									3,072.6			37						2,872.1			36						2,882.5			37						2,862.5			37
Due after 10 years									982.7			12									826.5			10						779.1			10						762.9			10						751.9			10
Total fixed income investments									$	8,386.4		100			%						8,334.1			100						7,908.0			100						7,811.8			100						7,710.3			100
Weighted average credit quality of fixed income and short-term investments
Investment grade credit quality									$	8,577.3		97			%						8,591.0			97						8,002.7			96						7,747.0			96						7,721.4			96
Non-investment grade credit quality									308.9			3									298.7			3						311.3			4						301.4			4						287.9			4
Total fixed income and short-term investments, at fair value									$	8,886.2		100			%						8,889.7			100						8,314.0			100						8,048.4			100						8,009.3			100
Weighted average credit quality of fixed income and short-term investments									A+												AA-									AA-									A+									AA-
Alternative investments									December 31, 2024
																								Current
									Number of			Original									Remaining			Market
Strategy									Funds			Commitment									Commitment			Value
Private equity									72			$	495.2								182.4			346.0
Private credit									20			167.7									99.2			52.1
Real assets									11			84.5									38.9			42.8
Total									103			$	747.4								320.5			440.9
Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CREDIT QUALITY OF INVESTED ASSETS

(Unaudited)

At December 31, 2024																																													Credit Rating
($ in millions)									Amortized Cost						Fair Value						% of Invested Assets						Yield to Worst						Effective Duration in Years						Average Life in Years						AAA						AA						A						BBB						Non-Investment Grade						Not Rated
Fixed income investments:
			U.S. government obligations						140						120						1.2						5.0						6.4						9.9						—						120						—						—						—						—
			Foreign government obligations						11						9						0.1						5.4						5.1						6.1						1						2						4						3						—						—
			State and municipal obligations						484						451						4.7						4.5						5.9						8.6						69						209						156						17						—						—
			Corporate securities						3,206						3,093						32.1						5.5						4.4						5.7						39						338						1,353						1,174						187						1
			Mortgage-backed securities:
						Residential mortgage-backed securities ("RMBS"):
						Agency RMBS			1,247						1,155						12.0						5.4						5.7						8.3						—						1,155						—						—						—						—
						Non-agency RMBS			566						538						5.6						5.8						4.1						5.7						465						45						26						2						—						—
						Total RMBS			1,813						1,692						17.6						5.5						5.2						7.5						465						1,199						26						2						—						—
						Commercial mortgage-backed securities ("CMBS")
						Agency CMBS			173						164						1.7						4.9						4.6						6.1						20						144						—						—						—						—
						Non-agency CMBS			610						589						6.1						6.0						2.9						3.7						495						58						31						—						5						—
						Total CMBS			783						753						7.8						5.8						3.3						4.2						514						202						31						—						5						—
						Total mortgage-backed securities			2,595						2,445						25.4						5.6						4.6						6.5						980						1,402						57						2						5						—
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
						CLOs			864						851						8.8						6.3						2.8						5.0						432						267						50						38						33						31
						Commercial ABS			524						512						5.3						3.8						2.6						3.1						102						68						278						61						4						—
						Consumer ABS			403						396						4.1						2.5						0.9						1.5						264						76						50						6						1						—
						Other ABS			275						274						2.8						7.6						7.2						10.5						10						1						140						80						16						27
						Total CLOs and ABS			2,066						2,033						21.1						6.5						3.6						5.3						807						412						517						184						54						59
Total securitized assets									4,661						4,478						46.4						6.0						4.1						5.9						1,787						1,814						574						186						59						59
						Commercial mortgage loans			234						225						2.3						7.6						2.7						3.6						—						12						87						124						2						—
Total fixed income investments									8,735						8,377						86.9						5.8						4.3						6.0						1,895						2,495						2,175						1,504						248						60
						Short-term investments			509						509						5.3						4.3						0.0						0.0						508						—						1						—						1						—
						Total fixed income and short-term investments			9,245						8,886						92.2						5.7						4.0						5.6						2,403						2,495						2,175						1,504						249						60
Total fixed income securities and short-term investments by credit rating percentage																																													27.0		%				28.1		%				24.5		%				16.9		%				2.8		%				0.7		%
Equity securities:
			Common stock(1)						210						212						2.2						—						—						—						—						—						—						—						—						212
			Preferred stock						2						2						—						—						—						—						—						—						—						2						—						—
						Total equity securities			211						214						2.2						—						—						—						—						—						—						2						—						212
Alternative investments
						Private equity			346						346						3.6						—						—						—						—						—						—						—						—						346
						Private credit			52						52						0.5						—						—						—						—						—						—						—						—						52
						Real assets			43						43						0.4						—						—						—						—						—						—						—						—						43
						Total alternative investments			441						441						4.6						—						—						—						—						—						—						—						—						441
Other investments									101						101						1.0						—						—						—						—						—						—						—						—						101
Total invested assets									$	9,998					$	9,642					100.0		%				—						—						—						$	2,403					$	2,495					$	2,175					$	1,506					$	249					$	814
(1) Includes investments in exchange traded funds, mutual funds, business development corporations, and real estate investment trusts.
Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

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

(Unaudited)

			Quarter ended																														Year-to-date
			Dec. 31,						Sept. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,						Dec. 31,
($ in millions, except per share data)			2024						2024						2024						2024						2023						2024						2023
Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Net income (loss) available to common stockholders			$	93.2								90.0						(65.6)						80.2						122.5						197.8						356.0
Net realized and unrealized investment (gains) losses included in net income, before tax			8.0									(5.4)						(1.3)						1.6						(5.4)						2.9						3.6
Tax on reconciling items			(1.7)									1.1						0.3						(0.3)						1.1						(0.6)						(0.7)
Non-GAAP operating income (loss)			$	99.6								85.7						(66.6)						81.5						118.3						200.1						358.8
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			$	1.52								1.47						(1.08)						1.31						2.01						3.23						5.84
Net realized and unrealized investment (gains) losses included in net income, before tax			0.13									(0.09)						(0.02)						0.03						(0.09)						0.05						0.06
Tax on reconciling items			(0.03)									0.02						—						(0.01)						0.02						(0.01)						(0.01)
Non-GAAP operating income (loss) per diluted common share			$	1.62								1.40						(1.10)						1.33						1.94						3.27						5.89
Reconciliation of ROE to non-GAAP operating ROE
ROE			12.7									12.6						(9.5)						11.5						18.9						7.0						14.3
Net realized and unrealized investment (gains) losses included in net income, before tax			1.1									(0.8)						(0.2)						0.2						(0.8)						0.1						0.1
Tax on reconciling items			(0.3)									0.3						0.1						—						0.1						—						—
Non-GAAP operating ROE			13.5									12.1						(9.6)						11.7						18.2						7.1						14.4
Reconciliation of book value per common share to adjusted book value per common share
Book value per common share			$	47.99								48.82						44.74						46.17						45.42						47.99						45.42
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax			5.21									2.50						6.25						6.08						5.83						5.21						5.83
Tax on reconciling items			(1.10)									(0.52)						(1.32)						(1.28)						(1.22)						(1.10)						(1.22)
Adjusted book value per common share			$	52.10								50.80						49.67						50.97						50.03						52.10						50.03
Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, but excludes after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are used as important financial measures by management, analysts, and investors, because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized gains and losses on investments could distort the analysis of trends. These operating measurements are not intended as a substitute for net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, non-GAAP operating return on common equity, and adjusted book value per common share, respectively, are provided in the tables above.
Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION

Address:

As of December 31, 2024

40 Wantage Avenue

AM Best

Standard & Poor's

Moody's

Fitch

Branchville, NJ 07890

Financial Strength Ratings:

A+

A

A2

A+

Preferred Stock Rating:

n/a

BB+

Ba1

BBB-

Corporate Website:

Long-Term Debt Credit Rating:

a-

BBB

Baa2

BBB+

www.Selective.com

Investor Contact:

REGISTRAR AND TRANSFER AGENT

Brad B. Wilson

EQ Shareowner Services

Senior Vice President

P.O. Box 64854

Investor Relations & Treasurer

St. Paul, MN 55164

Phone: 973-948-1283

866-877-6351

Brad.Wilson@Selective.com

Media Contact:

Jamie M. Beal

Vice President

Director of Communications

Phone: 973-948-1234

Jamie.Beal@Selective.com

Page 16