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<SEC-DOCUMENT>0000950172-05-000307.txt : 20050201
<SEC-HEADER>0000950172-05-000307.hdr.sgml : 20050201
<ACCEPTANCE-DATETIME>20050201164331
ACCESSION NUMBER:		0000950172-05-000307
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050201
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050201
DATE AS OF CHANGE:		20050201

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:		05566308

	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>s519202.txt
<DESCRIPTION>CURRENT REPORT UNDER '34 ACT
<TEXT>


                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 8-K

                                CURRENT REPORT
    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)   February 1, 2005


                        Selective Insurance Group, Inc.
                        -------------------------------
            (Exact name of registrant as specified in its charter)


        New Jersey                    0-8641                    22-2168890
        ----------                    ------                    ----------
(State or other jurisdiction        (Commission              (I.R.S. Employer
     of incorporation)              File Number)             Identification No.)


                  40 Wantage Avenue, Branchville, New Jersey           07890
                  ------------------------------------------           -----
                  (Address of principal executive offices)           (Zip Code)


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


                                      n/a
                                    -------
        (Former name or former address, if changed since last report.)


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

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

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

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

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

<PAGE>

Item 2.02.    Results of Operations and Financial Condition.

            On February 1, 2005, Selective Insurance Group, Inc. issued a
press release announcing the results for the fourth quarter 2004 and for year
ended December 31, 2004. The press release is attached hereto as Exhibit 99.1
and is being furnished, not filed, under Item 2.02 to this Report on Form 8-K.

Item 9.01.     Financial Statements and Exhibits.

(c)  Exhibits

         99.1 Press Release of Selective Insurance Group, Inc. dated
February 1, 2005.

<PAGE>


                                   SIGNATURE

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

                                SELECTIVE INSURANCE GROUP, INC.
                                (Registrant)


Date:  February 1, 2005         By:  /s/  Michele N. Schumacher
                                     ------------------------------------------
                                     Name:   Michele N. Schumacher, Esq.
                                     Title:  Vice President, Corporate Secretary
                                             & Corporate Governance Officer


<PAGE>


                                 EXHIBIT INDEX


Exhibit No.                Description
- -----------                -----------

99.1                       Press Release dated February 1, 2005.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>sel99_1.txt
<DESCRIPTION>EXHIBIT 99.1 - PRESS RELEASE
<TEXT>

                                                                  Exhibit 99.1


[SELECTIVE LOGO OMITTED]

                                            Selective Insurance Group, Inc.
                                            40 Wantage Avenue
                                            Branchville, New Jersey 07890
                                            www.selective.com

For release at 4:15 p.m. (EST) on Feb. 1, 2005:
Media Contact: Sharon Cooper
973-948-1324, sharon.cooper@selective.com

Investor Contact: Dale Thatcher
973-948-1774, dale.thatcher@selective.com

                       Selective Insurance Group Reports
               Record Fourth Quarter and Year-end 2004 Earnings

              Net income up 84% for the quarter; 94% for the year
              Overall revenue up 16% to $1.6 billion for the year

Branchville, NJ - Feb. 1, 2005 - Selective Insurance Group, Inc. (NASDAQ:
SIGI), today reported its financial results for the fourth quarter and year
ended Dec. 31, 2004.

Gregory E. Murphy, Selective Insurance Group Chairman, President and CEO,
stated: "2004 was a tremendous year for Selective. We achieved the highest
earnings in company history. Net income for the year was up 94% and our GAAP
combined ratio was 96.9%, more than five points better than 2003. We exceeded
our overall growth and profitability goals, and delivered a total return to
shareholders of 39.3%. Across the board - Selective's people and technology
delivered a powerful combination of value-added products and services to
agents and customers, that favorably position us in the marketplace."

Fourth quarter 2004 highlights, compared with fourth quarter 2003:
- -    Net income was up 84% to $43.9 million, or $1.38 per diluted share
- -    Operating income(1) increased 56%, to $32.6 million, or $1.03 per diluted
     share
- -    The GAAP combined ratio improved 3.5 points to 96.0%
- -    The statutory combined ratio improved 4.3 points to 97.3%
- -    Net premiums written increased 5% to $284.2 million
- -    Total revenue increased 16% to $418.1 million


- ---------------------

(1)  Operating income differs from net income by the exclusion of realized
     gains or losses on investment sales. 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 of America
     (GAAP). A reconciliation of operating income to net income is provided in
     the attached GAAP Highlights and Reconciliation to Comparable GAAP
     Measures. 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.



Net income for the quarter included a $9.7 million gain, after-tax, on the
sale of an equity security in the company's investment portfolio. Realized
investment gains for the quarter were $11.3 million, after-tax, or $0.35 per
diluted share, compared with $2.9 million, after-tax, or $0.09 per diluted
share, for fourth quarter 2003.

Murphy said: "Selective's strong fourth quarter was driven by the favorable
performance of our core commercial lines operation which represents 84% of
premium volume. Compared with fourth quarter 2003, the commercial lines
statutory combined ratio improved 4.6 points to 97.0%; premiums grew 7%; and
renewal price increases, including exposure, were up 7.4%. Pricing continued
to outpace loss trends during the quarter, and we believe the market position
of our commercial lines business remains favorable, despite an increasingly
competitive marketplace. The company's diversified businesses also delivered a
solid quarter, as return on revenue was up over four points to 9.5%, compared
with fourth quarter 2003. In addition, cash provided by operations was up 36%
for the quarter, to $100.9 million."

2004 highlights, compared with 2003:
- -    Net income was up 94% to $128.6 million, or $4.07 per diluted share
- -    Realized investment gains increased 92%, to $16.0 million, after-tax, or
     $0.49 per diluted share
- -    Operating income(1) was up 94% to $112.7 million, or $3.58 per diluted
     share
- -    The GAAP combined ratio improved 5.3 points to 96.9%
- -    The 2004 statutory combined ratio improved 5.6 points to 95.9%
- -    Net premiums written increased 12% to $1.4 billion
- -    Cash from operations was up 30%, to $367.1 million
- -    Total revenue was up 16% to $1.6 billion

At Dec. 31, 2004, Selective's consolidated assets reached $3.9 billion,
including $2.8 billion in the company's investment portfolio. Stockholders'
equity at Dec. 31, 2004 was up 18% to $882.0 million compared with Dec. 31,
2003. For the same period, book value per share increased 15%, to $31.57. The
Board of Directors declared a $0.19 per share quarterly cash dividend on its
common stock payable March 1, 2005, to stockholders of record on Feb. 15,
2005. Additionally, the Board has decided to early-adopt the expensing of
stock options commencing with the first quarter of 2005.

The supplemental investor packet, including financial information that is not
part of this press release, is available on the Investors page of Selective's
public website at www.selective.com. The webcast of Selective's quarterly
analyst conference call will be simulcast at 8:30am EST, on Feb. 2, 2005, at
www.selective.com. The webcast will be available for rebroadcast until the
close of business on March 2, 2005.

Selective Insurance Group, Inc., headquartered in Branchville, New Jersey, is
a holding company for six property and casualty insurance companies that offer
primary and alternative market insurance for commercial and personal risks.
The insurance companies are rated "A+" (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.

In this press release, Selective and its management discuss and make
statements based on currently available information regarding their
intentions, beliefs, current expectations, and projections regarding
Selective's future operations and performance. Such statements are
"forward-looking" statements as defined in the Private Securities Litigation
Reform Act of 1995, which provides a safe harbor under the Securities Act of
1933 and the Securities Exchange Act of 1934 for forward-looking statements.
These forward-looking statements are often identified by words such as "may,"
"will," "could," "would," "should," "expect," "plan," "anticipate," "target,"
"project," "intend," "believe," "estimate," "predict," "potential," "pro
forma," "seek," "likely," or "continue," or other comparable terminology and
their negatives. Selective and its management assume no obligation to update
these forward-looking statements due to changes in underlying factors, new
information, future developments or otherwise.

Selective and its management caution investors that such forward-looking
statements are not guarantees of future performance. Risks and uncertainties
are inherent in Selective's future performance. Factors that could cause
Selective's actual results to differ materially from those indicated by such
forward-looking statements are listed and discussed in Selective's periodic
reports filed with the Unites States Securities and Exchange Commission
("SEC"). Selective's SEC filings can be accessed through the Investors and
Corporate Governance sections of the company's website, www.selective.com, or
through the SEC's EDGAR Database at www.sec.gov (Selective EDGAR CIK No.
0000230557).


<PAGE>





Selective Insurance Group, Inc. (Nasdaq: SIGI)* **
     GAAP Highlights and Reconciliation of Non-GAAP Measures to Comparable
                                 GAAP Measures

(in thousands, except per share data)
- -------------------------------------------------------------------------------
3 months ended December 31:                            2004            2003
- --------------------------                             ----            ----
Net premiums written                           $    284,185         271,380
Net premiums earned                                 340,024         300,203
Net investment income                                33,272          30,645
Diversified insurance services revenue               26,122          22,568
Total revenues                                      418,092         359,202

Operating income                                     32,563          20,936
Capital gain, after-tax                              11,346           2,905
                                               -------------   -------------
Net income                                     $     43,909          23,841
                                               =============   =============

Statutory combined ratio                              97.3%          101.6%
GAAP combined ratio                                   96.0%           99.5%

Operating income per diluted share             $       1.03            0.68
Net income per diluted share                           1.38            0.77
Weighted average diluted shares                      32,491          31,869
Book value per share                           $      31.57           27.48


*All amounts included in this release exclude inter-company transactions.
**Due to new accounting guidance issued in 2004, the number of diluted shares
outstanding for 2003 has been restated to include approximately 3.9 million
shares related to the senior convertible notes issued in September 2002.



(in thousands, except per share data)
- -------------------------------------------------------------------------------
12 months ended December 31:                            2004            2003
- ---------------------------                             ----            ----
Net premiums written                           $   1,365,148       1,219,159
Net premiums earned                                1,318,390       1,133,070
Net investment income                                120,540         114,748
Diversified insurance services revenue               104,396          91,840
Total revenues                                     1,571,536       1,356,116

Operating income                                     112,658          57,997
Capital gain, after-tax                               15,981           8,347
                                               --------------   -------------
Net income                                     $     128,639          66,344
                                               ==============   =============

Statutory combined ratio                               95.9%          101.5%
GAAP combined ratio                                    96.9%          102.2%

Operating income per diluted share             $        3.58            1.94
Net income per diluted share                            4.07            2.20
Weighted average diluted shares                       32,378          31,603
Book value per share                           $       31.57           27.48

*All amounts included in this release exclude inter-company transactions.
**Due to new accounting guidance issued in 2004, the number of diluted shares
outstanding for 2003 has been restated to include approximately 3.9 million
shares related to the senior convertible notes issued in September 2002.



</TEXT>
</DOCUMENT>
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