-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OEyiW9nkhXDPA/PMCsUNgSjXXCBS5QHcjqRq+1CuVJEPHl582xOzR1sB9mtKAwzT
 dUk59q32xFKyo7QStmYp0Q==

<SEC-DOCUMENT>0000230557-03-000056.txt : 20030805
<SEC-HEADER>0000230557-03-000056.hdr.sgml : 20030805
<ACCEPTANCE-DATETIME>20030805163207
ACCESSION NUMBER:		0000230557-03-000056
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030805
ITEM INFORMATION:		
FILED AS OF DATE:		20030805

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08641
		FILM NUMBER:		03824057

	BUSINESS ADDRESS:	
		STREET 1:		40 WANTAGE AVENUE
		CITY:			BRANCHVILLE
		STATE:			NJ
		ZIP:			07890
		BUSINESS PHONE:		2019483000

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k8503.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
<head>
<title>United States</title>
</head>
<body>
<div>
<p align="center"><b><font size="3" color="black" face="Times New Roman">United States</font></b></p>

<p align="center"><b><font size="3" color="black" face="Times New Roman">Securities and Exchange Commission</font></b></p>

<p align="center"><b><font size="3" color="black" face="Times New Roman">Washington, D.C. 20549<br />
</font></b><br />
<b>Form 8-K</b></p>

<p align="center"><b><font size="3" color="black" face="Times New Roman">Current Report</font></b></p>

<p align="center"><b><font size="3" color="black" face="Times New Roman">Pursuant to Section 13 or15(d) of the Securities Exchange Act of 1934</font></b></p>

<p align="center"><b><font size="3" color="black" face="Times New Roman"></font></b></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="2" color="black" face="Times New Roman">Date of Report (Date of earliest event reported)&nbsp;</font></p>
</td>
<td valign="top">
<h3><b><u><font size="2" color="black" face="Times New Roman">August 5, 2003</font></u></b></h3>
</td>
</tr>
</table>

<p><font size="2" color="black" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center"><b><u><font size="2" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group,
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" color="black" face="Times New Roman">(Exact name of registrant as specified in its charter)</font></p>
</td>
</tr>
</table>

<p><font size="2" color="black" face="Times New Roman"></font></p>

<p><font size="2" color="black" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<h3><u><font size="2" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>New Jersey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font></u></h3>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><b><u><font size="2" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0-8641&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><b><u><font size="2" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22-2168890&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" color="black" face="Times New Roman">(State or other jurisdiction<br />
 &nbsp; of incorporation)</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font size="2" color="black" face="Times New Roman">(Commission File Number)</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font size="2" color="black" face="Times New Roman">(IRS Employer No.)</font></p>
</td>
</tr>
</table>

<p><u><font size="2" color="black" face="Times New Roman"></font></u></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<h2><b><u><font size="2" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 Wantage Avenue, Branchville, New Jersey
07890&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></h2>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" color="black" face="Times New Roman">(Address of principal executive
offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Zip Code)</font></p>
</td>
</tr>
</table>

<p><font size="2" color="black" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="2" color="black" face="Times New Roman">Registrant&rsquo;s telephone number, including area code</font></p>
</td>
<td valign="top">
<p><b><u><font size="2" color="black" face="Times New Roman">&nbsp; (973) 948-3000</font></u></b></p>
</td>
</tr>

<tr height="10">
<td height="10" valign="top"></td>
<td height="10" valign="top"></td>
</tr>
</table>

<p><font size="3" color="black" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center"><b><u><font size="2" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" color="black" face="Times New Roman">(Former name or former address, if changed since last report.)</font></p>
</td>
</tr>
</table>

<p><font size="2" color="black" face="Times New Roman"></font></p>

<p><font size="2" color="black" face="Times New Roman">Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits</font></p>

<p><font size="2" color="black" face="Times New Roman">(c) 99.1&nbsp; Press Release of Selective Insurance Group, Inc. dated August 5, 2003.</font></p>

<p><font size="2" color="black" face="Times New Roman"></font></p>

<p><font size="2" color="black" face="Times New Roman">Item 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Financial Condition</font></p>

<pre>
<font size="2" face="Times New
Roman">On August 5, 2003, Selective Insurance Group, Inc. (the &ldquo;Company&rdquo;) issued a press release announcing second quarter 2003 results.&nbsp; The press release is attached hereto as Exhibit 99.1 and is being furnished, not filed, under Item 12 to this Report on Form 8-K.</font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<font size="2" face="Times New Roman">SIGNATURES</font>
</pre>

<pre>
<font size="2" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.</font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<font size="2" face="Times New Roman">                                                                        <b>SELECTIVE INSURANCE GROUP, INC</b>.</font>
</pre>

<pre>
<font size="2" face="Times New Roman">                                                                          </font>             <font face="Times New Roman">(Registrant)</font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<pre>
<font size="2" face="Times New Roman">Date:&nbsp; August 5, 2003            </font>
</pre>
</td>
<td valign="top">
<pre>
</pre>
</td>
<td valign="top">
<pre>
<u><font size="2" face="Times New Roman">By: /s/ Michele N. Schumacher</font></u>
</pre>
</td>
</tr>

<tr>
<td valign="top">
<pre>
</pre>
</td>
<td valign="top">
<pre>
</pre>
</td>
<td valign="top">
<pre>
<font size="2" face="Times New Roman">Name:&nbsp; Michele N. Schumacher, Esq.</font>
</pre>
</td>
</tr>

<tr>
<td valign="top">
<pre>
</pre>
</td>
<td valign="top">
<pre>
</pre>
</td>
<td valign="top">
<pre>
<font size="2" face="Times New Roman">Title:&nbsp; Vice President, Corporate Counsel &amp; Corporate Governance Officer</font>
</pre>
</td>
</tr>
</table>
</div>

<u><font size="2" face="Times New Roman"><br clear="all" />
</font></u>

<div>
<pre>
<u><font size="2" face="Times New Roman"></font></u>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<font size="2" face="Times New Roman">EXHIBIT INDEX</font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<pre>
<u><font size="2" face="Times New Roman">Exhibit No.</font></u><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Description</u></font>
</pre>

<pre>
<u><font size="2" face="Times New Roman"></font></u>
</pre>

<pre>
<font size="2" face="Times New
Roman">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press Release dated August 5, 2003.</font>
</pre>

<pre>
<font size="2" face="Times New Roman"></font>
</pre>

<p><font size="2" color="black" face="Times New Roman"></font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>pressrel8503v5.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>
<head>
<title>Selective Insurance</title>
</head>
<body link="blue" vlink="purple">
<div>
<p><font size="2" face="Arial">Selective Insurance<br />
 40 Wantage Avenue<br />
Branchville, New Jersey 07890<br />
www.selective.com</font></p>

<p><font size="2" face="Arial"></font></p>

<p><b><font size="3" face="Arial">FOR IMMEDIATE RELEASE:</font></b></p>

<p><font size="2" face="Arial">Media Contact: Sharon Cooper</font></p>

<p><font size="2" face="Arial">973-948-1324, sharon.cooper@selective.com</font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">Investor Contact: Dale Thatcher</font></p>

<p><font size="2" face="Arial">973-948-1774, dale.thatcher@selective.com</font></p>

<h1><b><u><font size="5" face="Arial"></font></u></b></h1>

<h1><b><font size="5" face="Arial">Selective Insurance Group Reports</font></b></h1>

<p align="center"><b><font size="5" face="Arial">2003 Second Quarter Earnings</font></b></p>

<p align="center"><font size="3" face="Arial">Operating income</font><a href="#_ftn1" name="_ftnref1" title=""><sup><font size="2" face="Arial">1</font></sup></a><font face="Arial">doubles</font></p>

<p align="center"><font size="3" face="Arial">Commercial renewal pricing up 13%</font></p>

<p align="center"><font size="3" face="Arial">Book value up 12%</font></p>

<p align="center"><font size="3" face="Arial"></font></p>

<p><b><font size="2" color="black" face="Arial">Branchville, NJ &ndash; Aug. 5, 2003</font></b><font size="2" face="Arial">- Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported a 140% increase in net income to $19.7 million, or $0.72 per diluted share, for
the second quarter ended June 30, 2003, compared with $8.2 million, or $0.31 per diluted share for the same period last year. Operating income<a href="#_ftn2" name="_ftnref2" title=""><sup>1</sup></a> from continuing operations increased more than 100% to $17.6
million, or $0.64 per diluted share for the period, compared with $8.6 million, or $0.32 per diluted share for the second quarter of 2002. In addition, book value per share grew 12% to $26.37 at June 30, 2003, from the same time last year.</font></p>

<p><font size="2" color="black" face="Arial">The company&rsquo;s overall statutory combined ratio improved almost five points to 99.6% for the second quarter 2003, down from 104.3% for the same period last year. Selective Insurance Group Chairman, President and CEO
Gregory E. Murphy stated: &ldquo;Our ongoing pricing and underwriting initiatives, coupled with favorable weather, produced a statutory combined ratio below 100.0% for the quarter. Our core commercial lines operation generated an underwriting profit, on a statutory
basis, with a combined ratio of 99.3%, down 3.6 points over the same period last year. The strong results reflected 13 straight quarters of double-digit renewal price increases (13% this quarter). Our commercial lines premium growth was 16% for the quarter, driven by
the price increases, a 35% increase in new business to $62 million and better retention of renewal business. Our commercial lines outlook remains favorable as increases in premiums continue to outpace loss trends.&rdquo;</font></p>

<p><font size="2" color="black" face="Arial">Murphy added: &ldquo;We are also pleased with the results from our personal lines operation, including the flood business, which generated an overall statutory combined ratio of 100.5% for the quarter, almost 10-points
ahead of the 109.8% posted in the second quarter of 2002. Continued improvements in underwriting and pricing led to a nine-point drop in our total personal automobile statutory combined ratio, to 102.3% for the quarter, with our New Jersey personal automobile
business generating a statutory combined ratio of 100.7% for the period.</font></p>

<p><font size="2" color="black" face="Arial">&ldquo;The improving fundamentals in our industry are clearly demonstrated in the amount of cash generated by operating activities. For Selective, cash flow was up almost 40%, to $100 million year-to-date 2003, over the
same period last year. The higher level of cash helped drive investment income up 15%, year-to-date, to $56.8 million.&rdquo;</font></p>

<p><font size="2" color="black" face="Arial">Revenue from continuing operations for the second quarter 2003 increased 15% over second quarter 2002, to $333.1 million. Revenue growth for the quarter, compared with the same period last year, reflected: continued
increases in net premiums earned, up 13% to $276.1 million; higher net investment income of $29.4 million, up 17%; and revenue from the company&rsquo;s continuing Diversified Insurance Services of $23.5 million, up 13%. Return on revenue for the diversified
businesses improved to 7.6% for the period, up from 5.2% in the second quarter 2002.</font></p>

<p><font size="2" color="black" face="Arial">The Company reported net income of $27.8 million, or $1.01 per diluted share, for the six months ended June 30, 2003. Operating income<a href="#_ftn3" name="_ftnref3" title=""><sup>1</sup></a> from continuing operations
was $23.0 million, or $0.84 per diluted share, for the six-month period. For the comparable period last year, the Company reported net income of $18.5 million, or $0.70 per diluted share, and operating income from continuing operations of $18.9 million, or $0.71 per
diluted share. Selective&rsquo;s statutory combined ratio for the six months improved to 101.9%, down 1.6 points from the six-month period ended June 30, 2002.</font></p>

<p><font size="2" color="black" face="Arial">The Board has declared a $0.15 per share quarterly cash dividend on its common stock payable Sept. 2, 2003 to stockholders of record on Aug. 18, 2003. The supplemental investor packet, including financial information that
is not part of this press release, is available on the Investors page of Selective&rsquo;s public website at www.selective.com. The webcast of Selective&rsquo;s quarterly analyst conference call will be simulcast at 8:30am EST,
on Aug. 6, 2003, at  www.selective.com. The webcast will be available for rebroadcast until the close of business on Sept. 5, 2003.</font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">Selective Insurance Group, Inc., headquartered in Branchville, New Jersey, is a holding company for five property and casualty insurance companies that offer primary and alternative market insurance for commercial and personal risks.
The insurance companies are rated &ldquo;A+&rdquo; (Superior) by A.M. Best. Through other subsidiaries, the company offers medical claim management services; human resources benefits and administration services; risk management products and services; and flood
insurance policy, administration and claim services. Selective maintains a website at  www.selective.com.</font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">This press release contains certain statements that are not historical facts and are considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which can be identified by terms such as may,
will, could, would, should, expect, plan, anticipate, target, project, intend, believe, estimate, predict, potential, seek, likely, or continue or other comparable terminology. Such forward-looking statements relate to our intentions, beliefs, projections,
estimations or forecasts of future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from those expressed or implied by the forward-looking
statements.&nbsp; These statements are only predictions and we can give no assurance that such expectations will prove to be correct. These risks and uncertainties include, but are not limited to:</font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">*The frequency and severity of catastrophic events, including hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, fires, explosions and terrorism;<br />
&nbsp;</font></p>

<p><font size="2" face="Arial">*Adverse economic, market or regulatory conditions;<br />
 </font></p>

<p><font size="2" face="Arial">*Our concentration in a number of east coast and Midwestern states;<br />
</font></p>

<p><font size="2" face="Arial">*The adequacy of loss reserves;<br />
</font></p>

<p><font size="2" face="Arial">*Reinsurance costs and availability;<br />
</font></p>

<p><font size="2" face="Arial">*Our ability to collect on reinsurance and the solvency of Selective&rsquo;s reinsurers;<br />
</font></p>

<p><font size="2" face="Arial">*Uncertainties related to insurance rate increases and business retention;<br />
</font></p>

<p><font size="2" face="Arial">*Changes in insurance regulations that impact our ability to write and/or cease writing insurance policies in one or more states, particularly changes in New Jersey automobile insurance laws and regulations;<br />
</font></p>

<p><font size="2" face="Arial">*Our ability to maintain favorable ratings from A.M. Best, Standard &amp; Poor&rsquo;s, Moody&rsquo;s and Fitch;<br />
</font></p>

<p><font size="2" face="Arial">*Fluctuations in interest rates and the performance of the financial markets;<br />
</font></p>

<p><font size="2" face="Arial">*Our entry into new markets and businesses; and<br />
 </font></p>

<p><font size="2" face="Arial">*Other risks and uncertainties we identify in filings with the Securities and Exchange Commission, including, but not limited to the Annual Report on Form 10-K; although we do not promise to update such forward-looking statements to
reflect actual results or changes in assumptions or other factors that could affect these statements. &nbsp;&nbsp;</font></p>

<p><font size="2" face="Arial"></font></p>

<p><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<p><sup><font size="2" face="Times New Roman">1</font></sup><font size="2">Operating income from continuing operations differs from net income by the exclusion of realized gains or losses on investment sales, as well as net income from the discontinued software
operation. It is used as an important financial measure by management, analysts and investors because the realization of investment gains and losses in any given period is largely discretionary as to timing and could distort the analysis of trends; however, it is not
intended as a substitute for net income prepared in accordance with accounting principles generally accepted in the United States (GAAP). A reconciliation of operating income to net income is provided in the attached GAAP highlights. Statutory data is prepared in
accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners Accounting Practices and Procedures Manual and, therefore, is not reconciled to GAAP.</font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" color="black" face="Arial Unicode MS">Selective Insurance Group, Inc.</font><font size="2" face="Times New Roman">(Nasdaq: SIGI) *</font></p>

<table border="0" cellspacing="0" cellpadding="0" align="left" width="631">
<tr height="19">
<td colspan="5" height="19" valign="top">
<h1><b><font size="2" face="Arial">GAAP Highlights and Reconciliation To Comparable</font></b></h1>

<h1><b><font size="2" face="Arial">GAAP Measures</font></b></h1>

<p><i><font size="2" face="Times New Roman">(in thousands, except per share data)</font></i></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><u><font size="2" face="Times New Roman">3 months ended June 30:</font></u></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><u><font size="2" face="Times New Roman">2003</font></u></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><u><font size="2" face="Times New Roman">2002</font></u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Net premiums written</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$&nbsp; 306,863</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">268,287</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Net premiums earned</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">276,139</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">244,498</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Net investment income</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">29,436</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">25,100</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Diversified insurance services revenue from continuing operations</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">23,481</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">20,720</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Total revenues from continuing operations</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">333,087</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">290,847</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Operating income from continuing operations</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">17,559</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">8,638</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Capital gain (loss), after-tax</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,190<br />
 _____________</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267)<br />
 ___________</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Income from continuing operations, net of tax</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">19,749</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">8,371</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Loss from discontinued operations, net of tax</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
 ______________</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126)<br />
 ___________</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Net income</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">&nbsp; $&nbsp;&nbsp;&nbsp; 19,749<br />
 _____________<br />
 _____________</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">8,245<br />
 ____________<br />
 ____________</font></p>
</td>
</tr>

<tr height="12">
<td height="12" valign="top"></td>
<td height="12" valign="top"></td>
<td height="12" valign="top"></td>
<td height="12" valign="top"></td>
<td height="12" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Operating income from continuing operations per share:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Basic</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$&nbsp; 0.68</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.34</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Diluted</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.64</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.32</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Net income per share:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Basic</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.76</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.33</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Diluted</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.72</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.31</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Weighted average shares:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Basic</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">26,031</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">25,081</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Diluted</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">27,521</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">27,025</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Book value per share</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$26.37</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">23.55</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><u><font size="2" face="Times New Roman"></font></u></b></p>

<p><b><u><font size="2" face="Times New Roman"></font></u></b></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><u><font size="2" face="Times New Roman">6 months ended June &nbsp; 30:</font></u></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><u><font size="2" face="Times New Roman">2003</font></u></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><u><font size="2" face="Times New Roman">2002</font></u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Net premiums written</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$&nbsp; 630,266</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">549,732</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Net premiums earned</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">543,186</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">478,793</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Net investment income</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">56,779</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">49,604</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Diversified insurance services revenue from continuing operations</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">44,819</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">39,553</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Total revenues from continuing operations</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">653,572</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">569,387</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Operating income from continuing operations</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">23,013</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">18,863</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Capital gain (loss), after-tax</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,773<br />
 _____________</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196)<br />
 ____________</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Income from continuing operations, net of tax</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">27,786</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">18,667</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Loss from discontinued operations, net of tax</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
 _____________</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122)<br />
 ____________</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Net income</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp; 27,786<br />
 _____________<br />
 _____________</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">18,545<br />
 ____________<br />
 ____________</font></p>
</td>
</tr>

<tr height="11">
<td height="11" valign="top"></td>
<td height="11" valign="top"></td>
<td height="11" valign="top"></td>
<td height="11" valign="top"></td>
<td height="11" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Operating income from continuing operations per share:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Basic</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$&nbsp; 0.89</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.75</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Diluted</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.84</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.71</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Net income per share:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Basic</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">1.07</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.74</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Diluted</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">1.01</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">0.70</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Weighted average shares:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Basic</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">25,969</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">24,977</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Diluted</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">27,429</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">26,810</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Book value per share</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$26.37</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">23.55</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><i><font size="2" face="Times New Roman">*All amounts included in this release exclude inter-company transactions.</font></i></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>
</table>

<p align="center"><font size="2" face="Arial"></font></p>
</div>

<div>
<div id="ftn1">
<p><a href="#_ftnref1" name="_ftn1" title=""></a><font size="2" face="Times New Roman"></font></p>
</div>

<div id="ftn2">
<p><a href="#_ftnref2" name="_ftn2" title=""></a><font size="2" face="Times New Roman"></font></p>
</div>

<div id="ftn3">
<p><a href="#_ftnref3" name="_ftn3" title=""></a><font size="2" face="Times New Roman"></font></p>
</div>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
