EX-12 4 v315961_ex12.htm EXHIBIT 12

Earnings to Fixed Charges (in thousands)* Exhibit 12

		First Quarter
		2012				2011				2010				2009				2008				2007
Pre-tax income (loss) from continuing operations			23,191				11,400				84,149				38,912				40,014				184,192
Income (loss) from equity investees			2,000				20,539				20,313				(21,726	)			(12,676	)			19,201
Pre-tax income (loss) from continuing operations before income (loss) from equity investees			21,191				(9,139	)			63,836				60,638				52,690				164,991
Interest Expense			4,700				18,259				18,616				19,386				20,508				23,795
Amortization of discount and expenses related to indebtedness			39				156				160				172				184				1,180
Portion of rents representative of interest factor			1,051				3,869				3,786				3,592				3,730				3,472
Total fixed charges			5,790				22,284				22,562				23,150				24,422				28,447
Distributed income of equity investees			2,764				20,216				11,601				-				1,077				14,920
Income, as adjusted			29,745				33,361				97,999				83,788				78,189				208,358
Earnings to fixed charges			5.1				1.5				4.3				3.6				3.2				7.3

* All periods have been restated to reflect recent accounting guidance regarding deferred policy acquision costs. For further information on such guidance, see Item 8. "Financial Statements and Supplementary Data." Note 3. of Selective Insurance Group, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2011.