EX-99.2 3 q42022pressreleasesuppleme.htm EX-99.2

Document

Exhibit 99.2

FINANCIAL SUPPLEMENT

FOURTH QUARTER AND FULL YEAR 2022

Forward-Looking Statements

Certain statements in this report, including information incorporated by reference, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. These statements relate to 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 industry actual results, activity levels, or performance to materially differ from those expressed or implied by the forward-looking statements. In some cases, forward-looking statements include the words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” “continue,” or comparable terms. Our forward-looking statements are only predictions, and we can give no assurance that such expectations will prove correct. We undertake no obligation, other than as federal securities laws may require, to publicly update or revise any forward-looking statements for any reason.

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

•Difficult conditions in global capital markets and the economy, including prolonged higher inflation, could increase loss costs and negatively impact investment portfolios;

•Deterioration in the public debt and equity markets and private investment marketplace 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 adequacy of our loss reserves and loss expense reserves;

•Frequency and severity of catastrophic events, including natural events such as hurricanes, 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, or judicial conditions or actions;

•The 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:

◦From enactment in 2020 until expiration, governmental directives to contain or delay the spread of COVID-19 disrupted ordinary business commerce and impacted financial markets. Should new directives be issued or implemented, we cannot predict the extent, duration, or possible impact on our results of operations, net investment income, financial position, and liquidity.

◦Similarly, we cannot predict the amount our premiums may be reduced, or the impact on our underwriting results, from any future (i) voluntary premium credits on in-force commercial and personal automobile policies, (ii) state insurance commissioner, or other regulatory directives, to implement premium-based credit in lines other than commercial and personal automobile, (iii) voluntary efforts or directives from various state insurance regulators to extend individualized payment flexibility or suspend policy cancellation, late payment notices, and late or reinstatement fees, or (iv) litigation brought by policyholders to recover premiums they allege were excessive during the period of any governmental directive.

◦We have been successful to date in defending 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.

◦To varying degrees, the effect, lifting, or lapsing of COVID-19-related governmental directives can disrupt supply chains and cause shortages of products, services, and labor. These shortages may impact our ability to attract and retain labor, including increasing attrition rates, wages, and the cost and difficulty of obtaining third-party non-U.S.-based resources.

•The ongoing Russian war against Ukraine is 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 valuation;

•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 ratings 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, but not limited to, our Annual Report on Form 10-K and other periodic reports.

These risk factors may not be exhaustive. We operate in a constantly changing business environment, and new risk factors may emerge any time.

Selective’s SEC filings can be accessed through the Investors page of Selective’s website, www.Selective.com, or through the SEC’s EDGAR Database at www.sec.gov (Selective EDGAR CIK No. 0000230557).

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 Available to Common Stockholders to Non-GAAP Operating Income and Certain Other Non-GAAP Measures			15
Ratings and Contact Information			16

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)						2022									2022						2022						2022						2021						2022									2021
For Period Ended
			Gross premiums written			$	988.3								1,047.1						1,059.1						1,006.4						865.4						4,100.8									3,679.2
			Net premiums written			849.7									903.4						930.7						889.8						745.4						3,573.6									3,189.7
			Change in net premiums written, from comparable prior year period			14			%						11						12						11						9						12									15
			Underwriting income, before-tax			$	46.1								27.1						37.7						55.8						54.1						166.8									218.6
			Net investment income earned, before-tax			81.4									63.9						70.2						72.6						80.1						288.2									326.6
			Net realized and unrealized investment (losses) gains, before-tax			(5.9)									(25.7)						(42.9)						(40.4)						2.2						(114.8)									17.6
			Net income			$	86.5								42.5						39.5						56.3						99.0						224.9									403.8
			Net income available to common stockholders(1)			84.2									40.2						37.2						54.0						96.7						215.7									394.5
			Non-GAAP operating income(2)			88.9									60.5						71.1						85.9						94.9						306.4									380.6
At Period End
			Total assets			10,802.3									10,520.5						10,317.7						10,310.5						10,461.4						10,802.3									10,461.4
			Total invested assets			7,837.5									7,536.1						7,585.9						7,774.7						8,027.0						7,837.5									8,027.0
			Stockholders' equity			2,527.6									2,427.5						2,594.1						2,778.2						2,982.9						2,527.6									2,982.9
			Common stockholders' equity(3)			2,327.6									2,227.5						2,394.1						2,578.2						2,782.9						2,327.6									2,782.9
			Common shares outstanding			60.3									60.3						60.3						60.3						60.2						60.3									60.2
Per Share and Share Data
			Net income available to common stockholders per common share (diluted)			$	1.38								0.66						0.61						0.89						1.59						3.54									6.50
			Non-GAAP operating income per common share (diluted)(2)			1.46									0.99						1.17						1.41						1.56						5.03									6.27
			Weighted average common shares outstanding (diluted)			60.9									60.8						60.8						60.8						60.8						60.9									60.7
			Book value per common share			$	38.57								36.96						39.68						42.73						46.24						38.57									46.24
			Adjusted book value per common share(2)			45.49									44.59						44.18						43.80						43.23						45.49									43.23
			Dividends paid per common share			0.30									0.28						0.28						0.28						0.28						1.14									1.03
Financial Ratios
			Loss and loss expense ratio			62.4			%						64.1						62.9						60.8						60.4						62.7									60.1
			Underwriting expense ratio			32.1									32.6						32.5						32.1						32.5						32.3									32.5
			Dividends to policyholders ratio			0.2									0.1						0.1						0.2						0.2						0.1									0.2
			GAAP combined ratio			94.7			%						96.8						95.5						93.1						93.1						95.1									92.8
			Return on common stockholders' equity ("ROE")			14.8									7.0						6.0						8.1						14.0						8.8									14.8
			Non-GAAP operating ROE(2)			15.6									10.5						11.4						12.8						13.8						12.4									14.3
			Debt to total capitalization			16.6									17.2						16.3						15.4						14.5						16.6									14.5
			Net premiums written to policyholders' surplus			1.44									1.45						1.41						1.36						1.33						1.44									1.33
			Invested assets per dollar of common stockholders' equity			$	3.37								3.38						3.17						3.02						2.88						3.37									2.88
(1)			Net income available to common stockholders is net income reduced by preferred stock dividends.
(2)			Non-GAAP measure. Refer to Page 15 for definition.
(3)			Excludes equity related to preferred stock.

Page 1

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)						2022						2022						2022						2022						2021						2022						2021
Revenues
			Net premiums earned			$	872.8					853.9						834.4						812.3						784.5						$	3,373.4					3,017.3
			Net investment income earned			81.4						63.9						70.2						72.6						80.1						288.2						326.6
			Net realized and unrealized (losses) gains			(5.9)						(25.7)						(42.9)						(40.4)						2.2						(114.8)						17.6
			Other income			3.8						2.9						3.0						1.5						2.8						11.3						17.7
			Total revenues			952.2						895.0						864.8						846.1						869.7						3,558.1						3,379.2
Expenses
			Loss and loss expense incurred			544.8						547.8						524.9						494.2						473.7						2,111.8						1,814.0
			Amortization of deferred policy acquisition costs			183.6						179.0						173.4						169.8						162.2						705.8						626.5
			Other insurance expenses			102.0						102.8						101.5						94.0						97.4						400.3						375.9
			Interest expense			7.2						7.2						7.3						7.2						7.2						28.8						29.2
			Corporate expenses			6.7						5.5						7.9						11.0						5.4						31.1						28.3
			Total expenses			844.4						842.4						814.9						776.2						745.9						3,277.9						2,873.9
Income before federal income tax						107.8						52.6						49.9						69.9						123.8						280.2						505.3
Federal income tax expense						21.2						10.1						10.4						13.6						24.9						55.3						101.5
Net Income						86.5						42.5						39.5						56.3						99.0						224.9						403.8
Preferred stock dividends						2.3						2.3						2.3						2.3						2.3						9.2						9.4
Net income available to common stockholders						84.2						40.2						37.2						54.0						96.7						215.7						394.5
Net realized and unrealized investment losses (gains), after tax(1)						4.7						20.3						33.9						31.9						(1.8)						90.7						(13.9)
Non-GAAP operating income(2)						$	88.9					60.5						71.1						85.9						94.9						$	306.4					380.6
Weighted average common shares outstanding (diluted)						60.9						60.8						60.8						60.8						60.8						60.9						60.7
Net income available to common stockholders per common share (diluted)						$	1.38					0.66						0.61						0.89						1.59						$	3.54					6.50
Non-GAAP operating income per common share (diluted)(2)						$	1.46					0.99						1.17						1.41						1.56						$	5.03					6.27
(1)			Amounts are provided to reconcile net income available to common stockholders to non-GAAP operating income.
(2)			Non-GAAP measure. Refer to Page 15 for definition.
			Note: Amounts may not foot due to rounding.

Page 2

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)									2022						2022						2022						2022						2021
ASSETS
Investments
			Fixed income securities, held-to-maturity, net of allowance for credit losses						$	31.2					33.0						32.1						33.0						28.8
			Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses						6,612.1						6,472.1						6,439.3						6,598.8						6,710.0
			Commercial mortgage loans, net of allowance for credit losses						149.2						145.2						137.2						115.9						95.8
			Equity securities, at fair value						162.0						183.9						258.5						344.6						335.5
			Short-term investments						440.5						269.3						289.2						256.7						447.9
			Alternative investments						371.3						367.8						373.3						368.0						359.7
			Other investments						71.2						64.8						56.2						57.7						49.3
						Total investments			7,837.5						7,536.1						7,585.9						7,774.7						8,027.0
Cash									—						0.5						0.4						0.4						0.5
Restricted cash									25.2						8.5						7.2						17.5						44.6
Accrued investment income									59.2						54.0						50.4						48.4						48.2
Premiums receivable, net of allowance for credit losses									1,085.7						1,113.5						1,117.4						1,011.5						945.2
Reinsurance recoverable, net of allowance for credit losses									782.8						713.1						572.2						577.4						600.1
Prepaid reinsurance premiums									172.4						178.7						174.6						175.0						183.0
Current federal income tax									3.5						24.6						15.6						—						0.8
Deferred federal income tax									172.7						164.6						109.5						55.3						—
Property and equipment, net of accumulated depreciation and amortization									84.3						85.3						83.4						83.2						82.1
Deferred policy acquisition costs									368.6						370.9						359.4						341.7						326.9
Goodwill									7.8						7.8						7.8						7.8						7.8
Other assets									202.5						262.8						234.0						217.7						195.2
						Total assets			$	10,802.3					10,520.5						10,317.7						10,310.5						10,461.4
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense									$	5,144.8					4,965.3						4,722.2						4,644.4						4,580.9
Unearned premiums									1,992.8						2,022.2						1,968.6						1,872.7						1,803.2
Long-term debt									504.7						505.2						505.1						505.6						506.1
Current federal income tax									—						—						—						16.5						—
Deferred federal income tax									—						—						—						—						13.4
Accrued salaries and benefits									115.2						112.2						102.5						90.6						121.1
Other liabilities									517.2						488.1						425.2						402.6						453.9
						Total liabilities			$	8,274.7					8,092.9						7,723.6						7,532.3						7,478.5
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									209.7						209.6						209.5						209.3						208.9
Additional paid-in capital									493.5						486.2						481.4						472.8						464.3
Retained earnings									2,749.7						2,683.8						2,660.6						2,640.4						2,603.5
Accumulated other comprehensive (loss) income									(498.0)						(525.0)						(336.4)						(129.8)						115.1
Treasury stock, at cost									(627.3)						(627.0)						(621.0)						(614.5)						(608.9)
						Total stockholders' equity			$	2,527.6					2,427.5						2,594.1						2,778.2						2,982.9
Commitments and contingencies
						Total liabilities and stockholders' equity			$	10,802.3					10,520.5						10,317.7						10,310.5						10,461.4
Note: Amounts may not foot due to rounding.

Page 3

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)									2022									2022						2022						2022						2021						2022						2021
Book value per common share
						Common stockholders' equity			$	2,327.6								2,227.5						2,394.1						2,578.2						2,782.9						2,327.6						2,782.9
						Common shares issued and outstanding, at period end			60.3									60.3						60.3						60.3						60.2						60.3						60.2
						Book value per common share			$	38.57								36.96						39.68						42.73						46.24						38.57						46.24
						Adjusted book value per common share(2)			45.49									44.59						44.18						43.80						43.23						45.49						43.23
Financial results (after-tax)
						Underwriting income			36.4									21.4						29.8						44.1						42.7						131.8						172.7
						Net investment income			65.5									51.5						56.7						58.5						64.5						232.2						263.0
						Interest expense and preferred stock dividends			(8.0)									(8.0)						(8.0)						(8.0)						(8.0)						(32.0)						(32.4)
						Corporate expense			(5.0)									(4.5)						(7.3)						(8.7)						(4.3)						(25.6)						(22.7)
						Net realized and unrealized investment (losses) gains			(4.7)									(20.3)						(33.9)						(31.9)						1.8						(90.7)						13.9
						Total after-tax net income available to common stockholders			84.2									40.2						37.2						54.0						96.7						215.7						394.5
Return on average equity
						Insurance segments			6.4			%						3.7						4.8						6.6						6.2						5.4						6.5
						Net investment income			11.5									8.9						9.1						8.7						9.4						9.4						9.9
						Interest expense and preferred stock dividends			(1.4)									(1.4)						(1.3)						(1.2)						(1.2)						(1.3)						(1.2)
						Corporate expense			(0.9)									(0.7)						(1.2)						(1.3)						(0.6)						(1.1)						(0.9)
						Net realized and unrealized investment (losses) gains			(0.8)									(3.5)						(5.4)						(4.7)						0.2						(3.6)						0.5
						ROE			14.8									7.0						6.0						8.1						14.0						8.8						14.8
						Net realized and unrealized losses (gains)(1)			0.8									3.5						5.4						4.7						(0.2)						3.6						(0.5)
						Non-GAAP Operating ROE(2)			15.6			%						10.5						11.4						12.8						13.8						12.4						14.3
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			99.3									99.3						99.3						99.2						99.2						99.3						99.2
						5.375% Senior Notes			291.9									291.8						291.7						291.7						291.6						291.9						291.6
						Finance Lease Obligations			3.7									4.3						4.3						4.9						5.4						3.7						5.4
			Total debt						504.7									505.2						505.1						505.6						506.1						504.7						506.1
			Stockholders' equity						2,527.6									2,427.5						2,594.1						2,778.2						2,982.9						2,527.6						2,982.9
			Total capitalization						$	3,032.2								2,932.7						3,099.2						3,283.8						3,488.9						3,032.2						3,488.9
			Ratio of debt to total capitalization						16.6			%						17.2						16.3						15.4						14.5						16.6						14.5
Policyholders' surplus									$	2,473.7								2,386.2						2,404.4						2,418.6						2,391.0						2,473.7						2,391.0
(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.

Page 4

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)									2022									2022						2022						2022						2021						2022						2021
Underwriting results
Net premiums written									$	849.7								903.4						930.7						889.8						745.4						3,573.6						3,189.7
Change in net premiums written, from comparable prior year period									14			%						11						12						11						9						12						15
Net premiums earned									$	872.8								853.9						834.4						812.3						784.5						3,373.4						3,017.3
Losses and loss expenses incurred									544.8									547.8						524.9						494.2						473.7						2,111.8						1,814.0
Net underwriting expenses incurred									280.5									278.0						270.8						260.6						255.1						1,089.9						979.5
Dividends to policyholders									1.3									0.9						1.0						1.6						1.7						4.9						5.1
GAAP underwriting income									$	46.1								27.1						37.7						55.8						54.1						166.8						218.6
Net catastrophe losses									$	45.7								34.1						45.6						20.6						35.3						145.9						164.2
(Favorable) prior year casualty reserve development									(38.0)									(16.0)						(12.0)						(20.0)						(15.0)						(86.0)						(81.0)
Underwriting ratios
Loss and loss expense ratio									62.4			%						64.1						62.9						60.8						60.4						62.7						60.1
Underwriting expense ratio									32.1									32.6						32.5						32.1						32.5						32.3						32.5
Dividends to policyholders ratio									0.2									0.1						0.1						0.2						0.2						0.1						0.2
						Combined ratio			94.7			%						96.8						95.5						93.1						93.1						95.1						92.8
Net catastrophe losses									5.2			pts						4.0						5.5						2.5						4.5						4.3						5.4
(Favorable) prior year casualty reserve development									(4.4)			pts						(1.9)						(1.4)						(2.5)						(1.9)						(2.5)						(2.7)
						Combined ratio before net catastrophe losses			89.5			%						92.8						90.0						90.6						88.6						90.8						87.4
						Combined ratio before net catastrophe losses and prior year casualty development			93.9									94.7						91.4						93.1						90.5						93.3						90.1
Other Statistics
Non-catastrophe property loss and loss expenses									$	161.4								167.5						138.6						150.4						125.2						617.9						471.7
Non-catastrophe property loss and loss expenses									18.5			pts						19.6						16.6						18.5						16.0						18.3						15.6
Direct new business									$	188.2								184.3						182.0						177.2						151.2						731.7						648.5
Renewal pure price increases									5.3			%						5.3						5.0						4.6						4.7						5.1						4.9
Note: Amounts may not foot due to rounding.

Page 5

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)									2022									2022						2022						2022						2021						2022						2021
Underwriting results
Net premiums written									$	676.6								727.5						760.3						737.6						597.7						2,902.0						2,593.0
Change in net premiums written, from comparable prior year period									13			%						11						12						11						8						12						16
Net premiums earned									$	705.7								692.4						680.2						661.5						635.4						2,739.8						2,443.9
Losses and loss expenses incurred									439.3									438.3						406.9						399.5						378.6						1,684.0						1,426.8
Net underwriting expenses incurred									232.9									230.7						225.6						218.0						211.3						907.3						813.4
Dividends to policyholders									1.3									0.9						1.0						1.6						1.7						4.9						5.1
GAAP underwriting income									$	32.1								22.5						46.7						42.4						43.7						143.7						198.6
Net catastrophe losses									$	40.2								18.2						22.3						14.9						26.8						95.6						104.1
(Favorable) prior year casualty reserve development									(33.0)									(16.0)						(12.0)						(20.0)						(15.0)						(81.0)						(74.0)
Underwriting ratios
Loss and loss expense ratio									62.3			%						63.4						59.7						60.4						59.5						61.5						58.4
Underwriting expense ratio									33.0									33.3						33.2						33.0						33.3						33.1						33.3
Dividends to policyholders ratio									0.2									0.1						0.2						0.2						0.3						0.2						0.2
						Combined ratio			95.5			%						96.8						93.1						93.6						93.1						94.8						91.9
Net catastrophe losses									5.7			pts						2.6						3.3						2.3						4.2						3.5						4.3
(Favorable) prior year casualty reserve development									(4.7)									(2.3)						(1.8)						(3.0)						(2.4)						(3.0)						(3.0)
						Combined ratio before net catastrophe losses			89.8			%						94.2						89.8						91.3						88.9						91.3						87.6
						Combined ratio before net catastrophe losses and prior year casualty development			94.5									96.5						91.6						94.3						91.3						94.3						90.6
Other Statistics
Non-catastrophe property loss and loss expenses									$	116.5								129.8						99.2						115.7						92.3						461.1						340.7
Non-catastrophe property loss and loss expenses									16.5			pts						18.7						14.6						17.5						14.5						16.8						13.9
Direct new business									$	126.8								128.2						129.0						128.4						104.4						512.5						469.9
Renewal pure price increases									5.6			%						5.8						5.3						4.8						5.0						5.4						5.3
Retention									86			%						86						86						87						86						85						85
Note: Amounts may not foot due to rounding.

Page 6

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

						Quarter ended December 31, 2022																											Quarter ended December 31, 2021
						General			Commercial			Commercial			Workers																		General			Commercial			Commercial			Workers
($ in millions)						Liability			Auto			Property			Compensation			BOP			Bonds			Other			Total						Liability			Auto			Property			Compensation			BOP			Bonds			Other			Total
Net premiums written						$	221.6		200.9			121.5			80.2			35.4			10.5			6.6			676.6						194.8			173.7			112.8			67.9			33.4			9.1			6.0			597.7
Net premiums earned						234.5			213.0			123.8			85.8			30.8			11.2			6.7			705.7						210.4			188.9			115.5			75.6			29.7			9.3			6.0			635.4
Loss and loss expense ratio						55.7		%	78.0			66.6			31.0			98.6			27.9			0.3			62.3						55.0			78.9			62.6			26.4			62.8			30.0			(0.2)			59.5
Underwriting expense ratio						31.9			30.0			39.3			26.0			44.4			56.2			48.4			33.0						32.6			30.4			37.8			27.5			40.8			59.7			52.7			33.3
Dividend ratio						0.1			0.1			0.3			0.6			—			—			—			0.2						0.1			0.1			0.4			1.2			—			—			—			0.3
Combined ratio						87.7		%	108.1			106.2			57.6			143.0			84.1			48.7			95.5						87.7			109.4			100.8			55.1			103.6			89.7			52.5			93.1
Underwriting income (loss)						$	28.8		(17.3)			(7.6)			36.3			(13.2)			1.8			3.4			32.1						25.8			(17.8)			(0.9)			33.9			(1.1)			1.0			2.9			43.7
						Year-to-Date December 31, 2022																											Year-to-Date December 31, 2021
						General			Commercial			Commercial			Workers																		General			Commercial			Commercial			Workers
($ in millions)						Liability			Auto			Property			Compensation			BOP			Bonds			Other			Total						Liability			Auto			Property			Compensation			BOP			Bonds			Other			Total
Net premiums written						$	958.1		860.1			535.7			340.8			133.1			47.2			26.9			2,902.0						859.3			767.7			470.0			317.0			116.4			38.1			24.4			2,593.0
Net premiums earned						902.4			812.3			495.6			336.0			124.5			43.4			25.7			2,739.8						807.2			724.4			436.4			306.4			110.6			35.8			23.1			2,443.9
Loss and loss expense ratio						55.6		%	77.0			63.7			45.8			69.5			4.7			0.4			61.5						51.4			72.3			60.0			46.6			65.9			30.4			—			58.4
Underwriting expense ratio						32.8			30.8			37.6			26.1			38.5			58.8			51.8			33.1						33.2			30.9			37.5			26.6			39.3			59.2			50.3			33.3
Dividend ratio						—			—			0.1			1.0			—			—			—			0.2						0.1			—			0.1			1.2			—			—			—			0.2
Combined ratio						88.4		%	107.8			101.4			72.9			108.0			63.5			52.2			94.8						84.7			103.2			97.6			74.4			105.2			89.6			50.3			91.9
Underwriting income (loss)						$	104.5		(63.1)			(7.0)			91.1			(9.9)			15.8			12.3			143.7						123.5			(23.3)			10.5			78.5			(5.8)			3.7			11.5			198.6
Note: Amounts may not foot due to rounding.

Page 7

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)									2022									2022						2022						2022						2021						2022						2021
Underwriting results
Net premiums written									$	84.6								86.8						82.6						65.1						70.4						319.1						292.3
Change in net premiums written, from comparable prior year period									20			%						11						5						—						1						9						(1)
Net premiums earned									$	77.8								75.6						73.3						72.6						73.1						299.4						293.6
Losses and loss expenses incurred									58.7									57.3						66.6						48.5						51.8						231.1						212.1
Net underwriting expenses incurred									19.0									19.8						19.1						17.6						19.5						75.5						77.5
GAAP underwriting income (loss)									$	—								(1.4)						(12.4)						6.5						1.8						(7.2)						4.0
Net catastrophe losses									$	4.1								11.3						21.1						4.3						7.3						40.8						37.4
Prior year casualty reserve development									—									—						—						—						—						—						—
Underwriting ratios
Loss and loss expense ratio									75.4			%						75.7						90.8						66.8						71.0						77.2						72.2
Underwriting expense ratio									24.5									26.1						26.1						24.2						26.6						25.2						26.4
						Combined ratio			99.9			%						101.8						116.9						91.0						97.6						102.4						98.6
Net catastrophe losses									5.3			pts						14.9						28.7						6.0						9.9						13.6						12.7
Prior year casualty reserve development									—									—						—						—						—						—						—
						Combined ratio before net catastrophe losses			94.6			%						86.9						88.2						85.0						87.7						88.8						85.9
						Combined ratio before net catastrophe losses and prior year casualty development			94.6									86.9						88.2						85.0						87.7						88.8						85.9
Other Statistics
Non-catastrophe property loss and loss expenses									$	35.6								29.0						26.9						25.6						26.1						117.1						102.8
Non-catastrophe property loss and loss expenses									45.7			pts						38.4						36.7						35.2						35.7						39.1						35.0
Direct new business									$	22.4								17.4						13.5						9.6						9.9						62.9						40.9
Renewal pure price increases									1.0			%						0.5						0.6						0.6						1.1						0.7						1.0
Retention									87			%						85						85						84						83						85						82
Note: Amounts may not foot due to rounding.

Page 8

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

			Quarter ended December 31, 2022																								Quarter ended December 31, 2021
			Personal																								Personal
($ in millions)			Auto						Homeowners						Other						Total						Auto						Homeowners						Other						Total
Net premiums written			$	46.0					35.7						2.9						84.6						36.8						31.2						2.4						70.4
Net premiums earned			42.5						32.8						2.5						77.8						40.0						30.7						2.3						73.1
Loss and loss expense ratio			82.8		%				70.6						13.8						75.4						76.3						67.5						23.4						71.0
Underwriting expense ratio			29.7						30.5						(141.2)						24.5						30.1						31.4						(95.5)						26.6
Combined ratio			112.5		%				101.1						(127.4)						99.9						106.4						98.9						(72.1)						97.6
Underwriting income (loss)			$	(5.3)					(0.4)						5.7						—						(2.6)						0.3						4.0						1.8
			Year-to-Date December 31, 2022																								Year-to-Date December 31, 2021
			Personal																								Personal
($ in millions)			Auto						Homeowners						Other						Total						Auto						Homeowners						Other						Total
Net premiums written			$	174.0					136.1						9.0						319.1						159.6						124.3						8.4						292.3
Net premiums earned			162.9						128.2						8.3						299.4						163.0						122.5						8.0						293.6
Loss and loss expense ratio			78.1		%				81.0						(0.1)						77.2						71.8						77.1						5.9						72.2
Underwriting expense ratio			29.4						30.0						(131.1)						25.2						30.2						30.7						(116.0)						26.4
Combined ratio			107.5		%				111.0						(131.2)						102.4						102.0						107.8						(110.1)						98.6
Underwriting income (loss)			$	(12.2)					(14.1)						19.2						(7.2)						(3.3)						(9.6)						16.9						4.0
Note: Amounts may not foot due to rounding.

Page 9

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)									2022									2022						2022						2022						2021						2022						2021
Underwriting results
Net premiums written									$	88.5								89.1						87.9						87.1						77.3						352.5						304.4
Change in net premiums written, from comparable prior year period									14			%						9						13						29						27						16						23
Net premiums earned									$	89.3								85.8						80.9						78.2						76.0						334.2						279.8
Losses and loss expenses incurred									46.8									52.3						51.4						46.2						43.3						196.7						175.1
Net underwriting expenses incurred									28.5									27.5						26.1						25.0						24.2						107.2						88.7
GAAP underwriting income (loss)									$	14.0								6.0						3.4						6.9						8.5						30.3						16.0
Net catastrophe losses									$	1.4								4.6						2.2						1.3						1.2						9.6						22.7
(Favorable) prior year casualty reserve development									(5.0)									—						—						—						—						(5.0)						(7.0)
Underwriting ratios
Loss and loss expense ratio									52.3			%						61.0						63.5						59.1						56.9						58.8						62.6
Underwriting expense ratio									32.0									32.0						32.3						32.0						31.9						32.1						31.7
						Combined ratio			84.3			%						93.0						95.8						91.1						88.8						90.9						94.3
Net catastrophe losses									1.6			pts						5.4						2.8						1.7						1.6						2.9						8.1
(Favorable) prior year casualty reserve development									(5.6)									—						—						—						—						(1.5)						(2.5)
						Combined ratio before net catastrophe losses			82.7			%						87.6						93.0						89.4						87.2						88.0						86.2
						Combined ratio before net catastrophe losses and prior year casualty development			88.3									87.6						93.0						89.4						87.2						89.5						88.7
Other Statistics
Non-catastrophe property loss and loss expenses									$	9.4								8.7						12.5						9.1						6.8						39.6						28.2
Non-catastrophe property loss and loss expenses									10.5			pts						10.1						15.4						11.6						8.9						11.9						10.1
Direct new business									$	39.0								38.6						39.5						39.2						37.0						156.3						137.7
Renewal pure price increases									7.9			%						6.7						6.9						7.7						5.9						7.3						6.5
Note: Amounts may not foot due to rounding.

Page 10

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS & SURPLUS LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

			Quarter ended December 31, 2022																		Quarter ended December 31, 2021
($ in millions)			Casualty						Property						Total						Casualty						Property						Total
Net premiums written			$	60.6					27.8						88.5						53.0						24.3						77.3
Net premiums earned			62.8						26.5						89.3						53.3						22.7						76.0
Loss and loss expense ratio			57.3		%				40.8						52.3						66.2						35.0						56.9
Underwriting expense ratio			31.3						33.4						32.0						31.8						32.1						31.9
Combined ratio			88.6		%				74.2						84.3						98.0						67.1						88.8
Underwriting income (loss)			$	7.1					6.8						14.0						1.1						7.5						8.5
			Year-to-Date December 31, 2022																		Year-to-Date December 31, 2021
($ in millions)			Casualty						Property						Total						Casualty						Property						Total
Net premiums written			$	243.7					108.9						352.5						212.5						91.9						304.4
Net premiums earned			233.1						101.1						334.2						197.8						82.0						279.8
Loss and loss expense ratio			63.3		%				48.6						58.8						62.8						62.1						62.6
Underwriting expense ratio			32.1						32.0						32.1						32.0						30.9						31.7
Combined ratio			95.4		%				80.6						90.9						94.8						93.0						94.3
Underwriting income (loss)			$	10.7					19.6						30.3						10.3						5.7						16.0
Note: Amounts may not foot due to rounding.

Page 11

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)									2022									2022						2022						2022						2021						2022						2021
Net investment income
Fixed income securities
						Taxable			$	69.2								61.9						55.4						47.0						45.6						233.5						180.7
						Tax-exempt			6.4									6.4						6.7						6.9						7.0						26.5						29.0
Total fixed income securities									75.6									68.2						62.1						53.9						52.6						259.9						209.7
Commercial mortgage loans									1.8									1.6						1.2						1.0						0.9						5.6						2.7
Equity securities									5.9									2.6						2.6						2.4						7.5						13.6						15.9
Alternative investments									0.2									(5.6)						9.3						19.1						24.8						23.0						117.7
Other investments									0.2									0.1						(0.2)						0.2						0.1						0.3						0.4
Short-term investments									2.3									1.2						0.4						0.1						0.1						4.0						0.3
Investment income									86.0									68.1						75.4						76.7						85.9						306.3						346.7
Investment expenses									(4.6)									(4.2)						(5.2)						(4.1)						(5.8)						(18.1)						(20.1)
Investment tax expense									(16.0)									(12.4)						(13.6)						(14.1)						(15.6)						(56.0)						(63.6)
Total net investment income, after-tax									$	65.5								51.5						56.7						58.5						64.5						232.2						263.0
Net realized and unrealized investment (losses) gains, pre-tax									$	(5.9)								(25.7)						(42.9)						(40.4)						2.2						(114.8)						17.6
Change in unrealized (losses) gains recognized in other comprehensive income, pre-tax									$	54.7								(239.2)						(261.9)						(310.4)						(54.1)						(756.9)						(157.4)
Average investment yields
						Fixed income investments, pre-tax			4.6			%						4.2						3.8						3.2						3.1						3.9						3.2
						Fixed income investments, after-tax			3.7									3.4						3.1						2.6						2.5						3.1						2.6
						Total portfolio, pre-tax			4.2			%						3.4						3.7						3.7						4.0						3.6						4.2
						Total portfolio, after-tax			3.4									2.7						3.0						3.0						3.2						2.9						3.4
Effective tax rate on net investment income									19.6			%						19.3						19.3						19.4						19.5						19.4						19.5
New money purchase rates for fixed income investments, pre-tax									6.1									5.1						4.5						3.3						2.7						4.5						2.3
New money purchase rates for fixed income investments, after-tax									4.9									4.1						3.6						2.6						2.1						3.6						1.8
Effective duration of fixed income investments including short-term (in years)									4.1									4.2						4.1						4.1						3.9						4.1						3.9
Note: Amounts may not foot due to rounding.

Page 12

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS

(Unaudited)

									Dec. 31,												Sept. 30,									June 30,									Mar. 31,									Dec. 31,
									2022												2022									2022									2022									2021
($ in millions)									Amount			Percent									Amount			Percent						Amount			Percent						Amount			Percent						Amount			Percent
Fixed income securities, at fair value									$	6,641.9		85			%						6,503.6			86						6,470.6			85						6,631.4			85						6,739.4			84
Commercial mortgage loans, at fair value									139.2			2									136.7			2						130.0			2						113.1			1						97.6			1
Total fixed income investments									6,781.2			87									6,640.2			88						6,600.6			87						6,744.6			87						6,837.0			85
Short-term investments									440.5			6									269.3			4						289.2			4						256.7			3						447.9			6
Total fixed income and short-term investments									7,221.6			92									6,909.5			92						6,889.8			91						7,001.3			90						7,284.9			91
Equity securities, at fair value									162.0			2									183.9			2						258.5			3						344.6			4						335.5			4
Alternative investments									371.3			5									367.8			5						373.3			5						368.0			5						359.7			4
Other investments									71.2			1									64.8			1						56.2			1						57.7			1						49.3			1
Total investments									$	7,826.2		100			%						7,526.0			100						7,577.9			100						7,771.5			100						8,029.5			100
Fixed income investments, at carry value
U.S. government obligations									$	189.2		3			%						148.2			2						114.3			2						127.1			2						130.5			2
Foreign government obligations									9.6			—									13.8			—						15.3			—						16.7			—						15.9			—
Obligations of state and political subdivisions									921.4			14									971.0			15						1,069.7			16						1,128.9			17						1,192.7			17
Corporate securities									2,362.8			35									2,294.2			34						2,305.1			35						2,417.3			36						2,598.9			38
Collateralized loan obligations and other asset-backed securities									1,486.0			22									1,467.4			22						1,437.8			22						1,417.2			21						1,350.8			20
Residential mortgage-backed securities									1,059.8			16									1,016.1			15						911.8			14						878.0			13						776.2			11
Commercial mortgage-backed securities									614.4			9									594.3			9						617.5			9						646.7			10						673.7			10
Commercial mortgage loans									149.2			2									145.2			2						137.2			2						115.9			2						95.8			1
Total fixed income investments									$	6,792.5		100			%						6,650.3			100						6,608.6			100						6,747.8			100						6,834.6			100
Expected maturities of fixed income investments at carry value
Due in one year or less									$	337.3		5			%						331.0			5						339.4			5						405.0			6						502.0			7
Due after one year through five years									3,004.8			44									2,910.0			44						2,868.1			43						2,983.8			44						3,238.3			47
Due after five years through 10 years									2,658.4			39									2,469.6			37						2,511.6			38						2,475.0			37						2,360.9			35
Due after 10 years									792.0			12									939.7			14						889.6			13						884.0			13						733.4			11
Total fixed income investments									$	6,792.5		100			%						6,650.3			100						6,608.6			100						6,747.8			100						6,834.6			100
Weighted average credit quality of fixed income and short-term investments
Investment grade credit quality									$	6,962.8		96			%						6,658.1			96						6,637.3			96						6,725.8			96						7,023.9			96
Non-investment grade credit quality									258.9			4									251.4			4						252.5			4						275.4			4						261.0			4
Total fixed income and short-term investments, at fair value									$	7,221.6		100			%						6,909.5			100						6,889.8			100						7,001.3			100						7,284.9			100
Weighted average credit quality of fixed income and short-term investments									AA-												AA-									A+									A+									A+
Alternative investments									December 31, 2022
																								Current
									Number of			Original									Remaining			Market
Strategy									Funds			Commitment									Commitment			Value
Private equity									59			$	378.4								134.7			281.0
Private credit									16			160.9									89.5			54.9
Real assets									9			57.5									21.9			35.5
Total									84			$	596.9								246.1			371.3
Note: Amounts may not foot due to rounding.

Page 13

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CREDIT QUALITY OF INVESTED ASSETS

(Unaudited)

At December 31, 2022																																													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						210						189						2.4						4.6						5.1						7.5						187						2						—						—						—						—
			Foreign government obligations						11						10						0.1						5.2						6.7						8.2						—						2						5						2						—						—
			State and municipal obligations						969						921						11.8						3.8						5.0						6.1						181						419						286						37						—						—
			Corporate securities						2,586						2,361						30.2						5.8						4.6						6.3						41						270						974						916						160						—
			Mortgage-backed securities:
						Residential mortgage-backed securities ("RMBS"):
						Agency RMBS			809						737						9.4						4.7						5.9						8.6						737						—						—						—						—						—
						Non-agency RMBS			360						323						4.1						5.8						4.5						7.1						213						35						76						—						—						—
						Total RMBS			1,170						1,060						13.5						5.1						5.5						8.2						949						35						76						—						—						—
						Commercial mortgage-backed securities			664						614						7.9						6.5						3.3						4.3						523						44						42						5						—						—
						Total mortgage-backed securities			1,833						1,674						21.4						5.6						4.7						6.8						1,472						79						117						5						—						—
			Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
						Auto			30						29						0.4						8.5						1.8						1.9						29						—						—						—						—						—
						Aircraft			58						48						0.6						11.4						2.9						3.5						—						1						20						22						6						—
						CLOs			867						809						10.3						7.6						2.1						5.2						386						261						47						38						59						17
						Credit cards			8						8						0.1						6.2						3.1						3.5						7						—						1						—						—						—
						Other ABS			644						592						7.6						6.8						4.1						5.2						155						91						277						55						6						7
						Total CLOs and ABS			1,608						1,486						19.0						7.4						2.9						5.1						578						354						345						114						71						25
Total securitized assets									3,441						3,160						40.4						6.4						3.8						6.0						2,050						433						462						120						71						25
						Commercial mortgage loans			149						139						1.8						4.9						4.4						6.2						—						11						58						67						3						—
Total fixed income investments									7,366						6,781						86.6						5.8						4.3						6.1						2,459						1,137						1,785						1,141						234						25
						Short-term investments			440						440						5.6						4.2						0.0						0.0						420						20						—						—						—						—
						Total fixed income and short-term investments			7,807						7,222						92.3						5.7						4.1						5.8						2,879						1,157						1,785						1,141						234						25
Total fixed income securities and short-term investments by credit rating percentage																																													39.9		%				16.0		%				24.7		%				15.8		%				3.2		%				0.3		%
Equity securities:
			Common stock(1)						165						160						2.0						—						—						—						—						—						—						—						—						160
			Preferred stock						2						2						—						—						—						—						—						—						—						2						—						—
						Total equity securities			167						162						2.1						—						—						—						—						—						—						2						—						160
Alternative investments
						Private equity			281						281						3.6						—						—						—						—						—						—						—						—						281
						Private credit			55						55						0.7						—						—						—						—						—						—						—						—						55
						Real assets			35						35						0.5						—						—						—						—						—						—						—						—						35
						Total alternative investments			371						371						4.7						—						—						—						—						—						—						—						—						371
Other investments									71						71						0.9						—						—						—						—						—						—						—						—						71
Total invested assets									$	8,417					$	7,826					100.0		%				—						—						—						$	2,879					$	1,157					$	1,785					$	1,143					$	234					$	628
(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.

Page 14

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RECONCILIATION OF NET INCOME AVAILABLE TO COMMON STOCKHOLDERS TO NON-GAAP OPERATING INCOME 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)			2022									2022						2022						2022						2021						2022						2021
Reconciliation of net income available to common stockholders to non-GAAP operating income
Net income available to common stockholders			$	84.2								40.2						37.2						54.0						96.7						215.7						394.5
Net realized and unrealized investment losses (gains) included in net income, before tax			5.9									25.7						42.9						40.4						(2.2)						114.8						(17.6)
Tax on reconciling items			(1.2)									(5.4)						(9.0)						(8.5)						0.5						(24.1)						3.7
Non-GAAP operating income			$	88.9								60.5						71.1						85.9						94.9						306.4						380.6
Reconciliation of net income available to common stockholders per diluted common share to non-GAAP operating income per diluted common share
Net income available to common stockholders per diluted common share			$	1.38								0.66						0.61						0.89						1.59						3.54						6.50
Net realized and unrealized investment losses (gains) included in net income, before tax			0.10									0.42						0.70						0.66						(0.04)						1.89						(0.29)
Tax on reconciling items			(0.02)									(0.09)						(0.14)						(0.14)						0.01						(0.40)						0.06
Non-GAAP operating income per diluted common share			$	1.46								0.99						1.17						1.41						1.56						5.03						6.27
Reconciliation of ROE to non-GAAP operating ROE
ROE			14.8			%						7.0						6.0						8.1						14.0						8.8						14.8
Net realized and unrealized investment losses (gains) included in net income, before tax			1.0									4.4						6.9						6.0						(0.3)						4.7						(0.7)
Tax on reconciling items			(0.2)									(0.9)						(1.5)						(1.3)						0.1						(1.1)						0.2
Non-GAAP operating ROE			15.6			%						10.5						11.4						12.8						13.8						12.4						14.3
Reconciliation of book value per common share to adjusted book value per common share
Book value per common share			$	38.57								36.96						39.68						42.73						46.24						38.57						46.24
Total unrealized investment losses (gains) included in accumulated other comprehensive (loss) income, before tax			8.75									9.67						5.69						1.35						(3.80)						8.75						(3.80)
Tax on reconciling items			(1.83)									(2.04)						(1.19)						(0.28)						0.79						(1.83)						0.79
Adjusted book value per common share			$	45.49								44.59						44.18						43.80						43.23						45.49						43.23
Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income available to common stockholders, net income 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. 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 (loss) income. 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 available to common stockholders, net income 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 available to common stockholders, net income available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income, non-GAAP operating income 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.

Page 15

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION

Address:

As of December 31, 2022

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

Rohan Pai

EQ Shareowner Services

Senior Vice President

P.O. Box 64854

Investor Relations & Treasurer

St. Paul, MN 55164

Phone: 973-948-1364

866-877-6351

Rohan.Pai@Selective.com

Media Contact:

Jamie M. Beal

Vice President

Director of Communications

Phone: 973-948-1234

Jamie.Beal@Selective.com

Page 16