SCHEDULE I

SELECTIVE INSURANCE GROUP, INC.

(Parent Corporation)

Balance Sheets


		December 31,
($ in thousands, except share amounts)		2011	2010
Assets
Fixed maturity securities, held-to-maturity – at carrying value
(fair value: $811 – 2010)	$	-	796
Fixed maturity securities, available-for-sale – at fair value
(amortized cost: $19,542 – 2011)		19,768	-
Short-term investments		33,948	50,109
Cash		722	605
Investment in subsidiaries		1,388,970	1,320,886
Current federal income tax		13,030	12,932
Deferred federal income tax		10,590	11,158
Other assets		12,823	11,961
Total assets	$	1,479,851	1,408,447

Liabilities and Stockholders' Equity
Liabilities:
Notes payable	$	249,360	249,333
Intercompany notes payable		107,131	74,785
Other liabilities		14,132	13,220
Total liabilities	$	370,623	337,338

Stockholders' Equity:
Preferred stock at $0 par value per share:
Authorized shares 5,000,000; no shares issued or outstanding	$	-	-
Common stock of $2 par value per share
Authorized shares: 360,000,000
Issued: 97,246,711 – 2011; 96,362,667 – 2010		194,494	192,725
Additional paid-in capital		257,370	244,613
Retained earnings		1,167,219	1,176,155
Accumulated other comprehensive income		42,294	7,024
Treasury stock – at cost (shares: 42,836,201 – 2011; 42,686,204 – 2010)		(552,149)	(549,408)
Total stockholders' equity		1,109,228	1,071,109
Total liabilities and stockholders' equity	$	1,479,851	1,408,447

Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its

subsidiaries in Item 8. "Financial Statements and Supplementary Data." of the Company's Form 10-K.

SELECTIVE INSURANCE GROUP, INC.

(Parent Corporation)

Statements of Income


		Year ended December 31,
($ in thousands)		2011	2010	2009

Revenues:
Dividends from subsidiaries	$	63,025	48,010	24,518
Net investment income earned		231	130	315
Other income		362	107	-
Total revenues		63,618	48,247	24,833

Expenses:
Interest expense		20,203	20,615	21,377
Other expenses		16,832	16,039	16,410
Total expenses		37,035	36,654	37,787

Income (loss) from continuing operations, before federal income tax		26,583	11,593	(12,954)

Federal income tax benefit:
Current		(12,785)	(11,645)	(16,381)
Deferred		490	(848)	3,701
Total federal income tax benefit		(12,295)	(12,493)	(12,680)

Net income (loss) from continuing operations before equity in undistributed income of subsidiaries		38,878	24,086	(274)

Equity in undistributed income of continuing subsidiaries, net of tax		-	45,235	44,932
Dividends in excess of continuing subsidiaries' current year earnings		(18,363)	-	-

Net income from continuing operations		20,515	69,321	44,658

Equity in loss of discontinued subsidiaries, net of tax		-	-	(7,086)
Loss on disposal of discontinued operations, net of tax		(650)	(3,780)	(1,174)
Total discontinued operations, net of tax		(650)	(3,780)	(8,260)

Net income	$	19,865	65,541	36,398

Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its

subsidiaries in Item 8. "Financial Statements and Supplementary Data." of the Company's Form 10-K.

SELECTIVE INSURANCE GROUP, INC.

(Parent Corporation)

Statements of Cash Flows


		Year ended December 31,
($ in thousands)		2011	2010	2009
Operating Activities:
Net income	$	19,865	65,541	36,398

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries, net of tax		-	(45,235)	(37,846)
Dividends in excess of subsidiaries' current year income		18,363	-	-
Stock-based compensation expense		7,422	12,355	11,036
Loss on disposal of discontinued operations		650	3,780	1,174
Amortization – other		229	149	208

Changes in assets and liabilities:
Increase (decrease) in accrued salaries and benefits		330	(1,838)	(7,007)
Decrease in net federal income taxes		742	4,261	2,745
Other, net		(2,234)	(1,287)	3,478
Net adjustments		25,502	(27,815)	(26,212)
Net cash provided by operating activities		45,367	37,726	10,186

Investing Activities:
Purchase of fixed maturity securities, available-for-sale		(19,643)	-	-
Redemption and maturities of fixed maturity securities, held-to-maturity		796	513	236
Purchase of short-term investments		(128,378)	(110,807)	(232,823)
Sale of short-term investments		144,538	108,565	245,165
Capital contribution to subsidiaries		-	-	(20,000)
Purchase of subsidiary, net of cash acquired		(51,728)	-	-
Sale of subsidiary		1,152	978	(581)
Distributions of capital by subsidiaries		-	-	680
Net cash used in investing activities		(53,263)	(751)	(7,323)

Financing Activities:
Dividends to stockholders		(26,513)	(26,056)	(26,296)
Acquisition of treasury stock		(2,741)	(1,686)	(3,010)
Principal payment on notes payable		-	(12,300)	(12,300)
Net proceeds from stock purchase and compensation plans		5,011	4,962	4,612
Excess tax benefits from share-based payment arrangements		(90)	(744)	(1,200)
Borrowings from subsidiaries		45,000	-	36,000
Principal payment of borrowings from subsidiaries		(12,654)	(623)	(592)
Net cash provided by (used in) financing activities		8,013	(36,447)	(2,786)
Net increase in cash		117	528	77
Cash, beginning of year		605	77	-
Cash, end of year	$	722	605	77

Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its

subsidiaries in Item 8. "Financial Statements and Supplementary Data." of the Company's Form 10-K.