Selective Insurance (SIGI) 8-K Dividend Increase of 15%, to $0.23 per share

Exhibit 99.2

FINANCIAL SUPPLEMENT

THIRD QUARTER 2019

Forward-Looking Statements

Certain statements in this report, including information incorporated by reference, are “forward-looking statements” as that term is defined in 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 or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels of activity, or performance to be materially different from those expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by use of 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. These statements are only predictions, and we can give no assurance that such expectations will prove to be correct. We undertake no obligation, other than as may be required under the federal securities laws, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Factors that could cause our actual results to differ materially from those projected, forecasted, or estimated by us in forward-looking statements, include, but are not limited to:

▪ difficult conditions in global capital markets and the economy;

▪ deterioration in the public debt and equity markets and private investment marketplace that could lead to investment losses and fluctuations in interest rates;

▪ ratings downgrades could affect investment values and, therefore, statutory surplus;

▪ the adequacy of our loss reserves and loss expense reserves;

▪ the frequency and severity of natural and man-made catastrophic events, including, but not limited to, hurricanes, tornadoes, windstorms, earthquakes, hail, terrorism, including cyber-attacks, explosions, severe winter weather, floods, and fires;

▪ adverse market, governmental, regulatory, legal, or judicial conditions or actions;

▪ the concentration of our business in the Eastern Region;

▪ the cost 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;

▪ 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;

• recent federal financial regulatory reform provisions that could pose certain risks to our operations;

▪ our ability to maintain favorable ratings from rating agencies, including A.M. 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 continually changing business environment, and new risk factors emerge from time-to-time. We can neither predict such new risk factors nor can we assess the impact, if any, of such new risk factors on our businesses or the extent to which any factor or combination of factors may cause actual results to differ materially from those expressed or implied in any forward-looking statements in this report. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur.

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
Reconciliation of Net Income to Non-GAAP Operating Income and Certain Other Non-GAAP Measures	14
Ratings and Contact Information	15

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

		Quarter ended										Year-to-date
		Sept. 30,				June 30,	Mar. 31,	Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ and shares in millions, except per share data)		2019				2019	2019	2018		2018		2019		2018
For Period Ended
	Gross premiums written	$	792.6			812.7	772.9	676.6		759.9		2,378.2		2,240.3
	Net premiums written	676.9				701.4	672.9	582.8		651.7		2,051.3		1,931.5
	Change in net premiums written, from comparable prior year period	4			%	7	8	5		8		6		6
	Underwriting income, before-tax	$	31.3			44.6	33.6	45.4		33.0		109.5		75.8
	Net investment income earned, before-tax	55.8				58.5	50.6	54.1		52.4		164.9		141.2
	Net realized and unrealized investment (losses) gains, before-tax*	(2.2		)		4.0	13.5	(37.9	)	(4.8	)	15.3		(17.0	)
	Net income	$	56.2			72.3	61.3	45.8		55.4		189.8		133.2
	Non-GAAP operating income**	58.8				69.1	54.0	72.0		59.2		181.9		146.6
At Period End
	Total assets	8,719.4				8,575.6	8,282.8	7,952.7		7,986.8		8,719.4		7,986.8
	Total invested assets	6,551.7				6,421.3	6,233.7	5,960.7		5,861.1		6,551.7		5,861.1
	Stockholders' equity	2,137.4				2,059.5	1,925.2	1,791.8		1,738.5		2,137.4		1,738.5
	Shares outstanding	59.4				59.3	59.2	58.9		58.9		59.4		58.9
Per Share and Share Data
	Net income per diluted share	$	0.93			1.21	1.02	0.76		0.93		3.16		2.23
	Non-GAAP operating income per diluted share**	0.97				1.16	0.90	1.20		0.99		3.02		2.46
	Weighted average diluted shares outstanding	60.1				59.9	59.9	59.8		59.7		60.0		59.6
	Book value per share	$	35.98			34.71	32.51	30.40		29.52		35.98		29.52
	Dividends paid per share	0.20				0.20	0.20	0.20		0.18		0.60		0.54
Financial Ratios
	Loss and loss expense ratio	60.9			%	59.4	61.1	58.7		61.7		60.5		62.5
	Underwriting expense ratio	34.1				33.5	33.3	33.7		32.5		33.6		33.0
	Dividends to policyholders ratio	0.2				0.2	0.3	0.3		0.4		0.2		0.3
	GAAP combined ratio	95.2			%	93.1	94.7	92.7		94.6		94.3		95.8
	Annualized ROE	10.7				14.5	13.2	10.4		12.9		12.9		10.3
	Annualized non-GAAP operating ROE**	11.2				13.9	11.6	16.3		13.8		12.3		11.3
	Debt to total capitalization	20.5				21.1	22.2	19.7		20.2		20.5		20.2
	Net premiums written to policyholders' surplus	1.4			x	1.4x	1.4x	1.4x		1.4x		1.4	x	1.4x
	Invested assets per dollar of stockholders' equity	$	3.07			3.12	3.24	3.33		3.37		3.07		3.37
*	Refer to Page 2 for components of realized and unrealized investment losses and gains.
**	Non-GAAP measure. Refer to Page 14 for definition.

Page 1

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

		Quarter ended											Year-to-date
		Sept. 30,			June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ and shares in millions, except per share data)		2019			2019		2019		2018		2018		2019		2018
Revenues
	Net premiums earned	$	653.6		642.6		632.6		625.3		614.3		1,928.8		1,810.9
	Net investment income earned	55.8			58.5		50.6		54.1		52.4		164.9		141.2
	Net realized and unrealized gains (losses):
	Net realized investment gains (losses) on disposals	20.4			2.9		3.4		(23.0	)	(0.8	)	26.8		4.0
	Unrealized (losses) gains on equity securities	(20.3		)	2.1		10.1		(13.8	)	(2.6	)	(8.1	)	(15.6	)
	Other-than-temporary impairments	(2.3		)	(1.0	)	(0.1	)	(1.1	)	(1.4	)	(3.4	)	(5.5	)
	Total net realized and unrealized (losses) gains	(2.2		)	4.0		13.5		(37.9	)	(4.8	)	15.3		(17.0	)
	Other income	3.2			3.1		2.3		1.5		2.5		8.5		7.9
	Total revenues	710.4			708.2		699.0		643.0		664.5		2,117.6		1,943.1
Expenses
	Loss and loss expense incurred	398.7			381.0		386.6		367.7		379.2		1,166.2		1,130.5
	Amortization of deferred policy acquisition costs	136.6			133.4		129.7		126.8		124.5		399.6		368.3
	Other insurance expenses	90.2			86.7		85.1		87.0		80.1		262.0		244.3
	Interest expense	7.4			7.4		11.5		6.1		6.1		26.3		18.4
	Corporate expenses	6.4			9.6		12.4		3.4		7.5		28.3		22.1
	Total expenses	639.2			618.0		625.3		590.9		597.3		1,882.5		1,783.5
Income before federal income tax		71.2			90.2		73.7		52.1		67.1		235.1		159.6
Federal income tax expense		15.0			18.0		12.3		6.4		11.7		45.3		26.4
Net Income		$	56.2		72.3		61.3		45.8		55.4		189.8		133.2
Net realized and unrealized investment losses (gains), after tax*		2.6			(3.2	)	(10.6	)	26.2		3.8		(11.2	)	13.4
Debt retirement costs, after tax*		—			—		3.3		—		—		3.3		—
Non-GAAP operating income**		$	58.8		69.1		54.0		72.0		59.2		181.9		146.6
Weighted average shares outstanding (diluted)		60.1			59.9		59.9		59.8		59.7		60.0		59.6
	Net income per share (diluted)	$	0.93		1.21		1.02		0.76		0.93		3.16		2.23
	Non-GAAP operating income per share (diluted)**	$	0.97		1.16		0.90		1.20		0.99		3.02		2.46
*	Amounts are provided to reconcile net income to non-GAAP operating income.
**	Non-GAAP measure. Refer to Page 14 for definition.
	Note: Amounts may not foot due to rounding.

Page 2

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

			Sept. 30,			June 30,		Mar. 31,		Dec. 31,		Sept. 30,
($ in millions, except per share data)			2019			2019		2019		2018		2018
ASSETS
Investments
	Fixed income securities, held-to-maturity, at carrying value		$	26.9		32.4		36.5		37.1		44.6
	Fixed income securities, available-for-sale, at fair value		5,930.2			5,757.9		5,567.4		5,273.1		5,190.2
	Equity securities, at fair value		79.2			157.5		163.0		147.6		157.9
	Short-term investments		326.1			291.4		290.7		323.9		304.6
	Other investments		189.2			182.1		176.2		178.9		163.9
		Total investments	6,551.7			6,421.3		6,233.7		5,960.7		5,861.1
Cash			0.5			0.5		0.5		0.5		0.4
Restricted cash			9.6			7.1		10.0		16.4		12.4
Interest and dividends due or accrued			43.0			43.1		42.1		41.6		41.0
Premiums receivable, net of allowance			860.5			877.7		814.9		770.5		826.9
Reinsurance recoverable, net of allowance			576.0			577.3		553.2		549.2		603.8
Prepaid reinsurance premiums			173.6			163.5		155.7		157.7		167.1
Deferred federal income tax			5.5			14.7		32.1		53.5		52.3
Property and equipment, net of accumulated depreciation and amortization			76.4			73.7		68.7		65.2		64.2
Deferred policy acquisition costs			279.2			273.1		260.8		252.6		258.0
Goodwill			7.8			7.8		7.8		7.8		7.8
Other assets			135.5			115.7		103.1		76.9		91.5
		Total assets	$	8,719.4		8,575.6		8,282.8		7,952.7		7,986.8
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense			$	4,055.6		4,027.1		3,966.5		3,893.9		3,925.2
Unearned premiums			1,570.2			1,536.9		1,470.3		1,431.9		1,483.8
Long-term debt			550.7			550.8		550.1		439.5		439.4
Current federal income tax			2.7			3.2		13.6		1.3		12.1
Accrued salaries and benefits			100.4			87.6		78.2		116.7		95.4
Other liabilities			302.4			310.6		278.9		277.6		292.4
		Total liabilities	$	6,582.0		6,516.1		6,357.5		6,160.9		6,248.2
Stockholders' Equity
Preferred stock of $0 par value per share			$	—		—		—		—		—
Common stock of $2 par value per share			206.8			206.7		206.5		205.7		205.6
Additional paid-in capital			412.3			407.4		398.9		390.3		385.5
Retained earnings			2,012.5			1,968.4		1,908.1		1,858.4		1,824.6
Accumulated other comprehensive income (loss)			98.4			68.5		3.0		(78.0	)	(92.6	)
Treasury stock, at cost			(592.7		)	(591.4	)	(591.3	)	(584.7	)	(584.5	)
		Total stockholders' equity	$	2,137.4		2,059.5		1,925.2		1,791.8		1,738.5
Commitments and contingencies
		Total liabilities and stockholders' equity	$	8,719.4		8,575.6		8,282.8		7,952.7		7,986.8
Note: Amounts may not foot due to rounding.

Page 3

Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS

(Unaudited)

			Quarter ended												Year-to-date
			Sept. 30,				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ and shares in millions, except per share data)			2019				2019		2019		2018		2018		2019		2018
Book value per share
		Stockholders' equity	$	2,137.4			2,059.5		1,925.2		1,791.8		1,738.5		2,137.4		1,738.5
		Common shares issued and outstanding, at period end	59.4				59.3		59.2		58.9		58.9		59.4		58.9
		Book value per share	$	35.98			34.71		32.51		30.40		29.52		35.98		29.52
		Book value per share excluding unrealized gain or loss on fixed income securities	33.01				32.23		31.12		30.36		29.88		33.01		29.88
Financial results (after-tax)
		Underwriting income	24.7				35.3		26.5		35.9		26.1		86.5		59.9
		Net investment income	45.4				47.6		41.3		44.2		42.9		134.3		116.3
		Interest expense	(5.8		)		(5.8	)	(5.8	)	(4.8	)	(4.8	)	(17.5	)	(14.5	)
		Corporate expense	(5.5		)		(8.0	)	(8.0	)	(3.3	)	(4.9	)	(21.5	)	(15.0	)
		Net realized and unrealized investment (losses) gains*	(2.6		)		3.2		10.6		(26.2	)	(3.8	)	11.2		(13.4	)
		Debt retirement costs	—				—		(3.3	)	—		—		(3.3	)	—
		Total after-tax net income	56.2				72.3		61.3		45.8		55.4		189.8		133.2
Return on average equity
		Insurance segments	4.7			%	7.1		5.7		8.1		6.1		5.9		4.6
		Net investment income	8.6				9.6		8.9		10.0		10.0		9.1		9.0
		Interest expense	(1.1		)		(1.2	)	(1.3	)	(1.1	)	(1.1	)	(1.2	)	(1.1	)
		Corporate expense	(1.0		)		(1.6	)	(1.7	)	(0.7	)	(1.2	)	(1.5	)	(1.2	)
		Net realized and unrealized investment (losses) gains	(0.5		)		0.6		2.3		(5.9	)	(0.9	)	0.8		(1.0	)
		Debt retirement costs	—				—		(0.7	)	—		—		(0.2	)	—
		Annualized ROE	10.7				14.5		13.2		10.4		12.9		12.9		10.3
		Net realized and unrealized losses (gains)**	0.5				(0.6	)	(2.3	)	5.9		0.9		(0.8	)	1.0
		Debt retirement costs**	—				—		0.7		—		—		0.2		—
		Annualized Non-GAAP Operating ROE***	11.2			%	13.9		11.6		16.3		13.8		12.3		11.3
Debt and total capitalization
	Notes payable:
		1.61% Borrowings from FHLBNY	$	25.0			25.0		25.0		25.0		25.0		25.0		25.0
		1.56% Borrowings from FHLBNY	25.0				25.0		25.0		25.0		25.0		25.0		25.0
		3.03% Borrowings from FHLBI	60.0				60.0		60.0		60.0		60.0		60.0		60.0
		7.25% Senior Notes	49.7				49.7		49.7		49.7		49.7		49.7		49.7
		6.70% Senior Notes	99.1				99.1		99.1		99.1		99.1		99.1		99.1
		5.875% Senior Notes	—				—		—		180.8		180.7		—		180.7
		5.375% Senior Notes	290.9				290.9		290.7		—		—		290.9		—
		Finance Lease Obligations	0.9				1.1		0.6		—		—		0.9		—
	Total debt		550.7				550.8		550.1		439.5		439.4		550.7		439.4
	Stockholders' equity		2,137.4				2,059.5		1,925.2		1,791.8		1,738.5		2,137.4		1,738.5
	Total capitalization		$	2,688.1			2,610.3		2,475.3		2,231.3		2,178.0		2,688.1		2,178.0
	Ratio of debt to total capitalization		20.5			%	21.1		22.2		19.7		20.2		20.5		20.2
Policyholders' surplus			$	1,883.1			1,852.0		1,805.6		1,769.0		1,737.4		1,883.1		1,737.4
*		Refer to Page 2 for components of realized and unrealized investment losses and gains.
**		Amounts are provided to reconcile annualized ROE to annualized non-GAAP operating ROE.
***		Non-GAAP measure. Refer to Page 14 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
		Sept. 30,				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ in millions)		2019				2019		2019		2018		2018		2019		2018
Underwriting results
Net premiums written		$	676.9			701.4		672.9		582.8		651.7		2,051.3		1,931.5
Change in net premiums written, from comparable prior year period		4			%	7		8		5		8		6		6
Net premiums earned		$	653.6			642.6		632.6		625.3		614.3		1,928.8		1,810.9
Losses and loss expenses incurred		398.7				381.0		386.6		367.7		379.2		1,166.2		1,130.5
Net underwriting expenses incurred		222.6				215.4		210.7		210.5		199.8		648.7		598.4
Dividends to policyholders		1.0				1.6		1.8		1.7		2.3		4.4		6.3
GAAP underwriting gain		$	31.3			44.6		33.6		45.4		33.0		109.5		75.8
Catastrophe losses		$	24.2			29.5		20.9		15.2		28.1		74.5		72.9
(Favorable) prior year casualty reserve development		(14.0		)		(17.0	)	(10.0	)	(17.5	)	(12.0	)	(41.0	)	(24.0	)
Underwriting ratios
Loss and loss expense ratio		60.9			%	59.4		61.1		58.7		61.7		60.5		62.5
Underwriting expense ratio		34.1				33.5		33.3		33.7		32.5		33.6		33.0
Dividends to policyholders ratio		0.2				0.2		0.3		0.3		0.4		0.2		0.3
	Combined ratio	95.2			%	93.1		94.7		92.7		94.6		94.3		95.8
Catastrophe losses		3.7			pts	4.6		3.3		2.4		4.6		3.9		4.0
(Favorable) prior year casualty reserve development		(2.1		)	pts	(2.6	)	(1.6	)	(2.8	)	(2.0	)	(2.1	)	(1.3	)
	Combined ratio before catastrophe losses	91.5			%	88.5		91.4		90.3		90.0		90.4		91.8
	Combined ratio before catastrophe losses and prior year casualty development	93.6				91.1		93.0		93.1		92.0		92.5		93.1
Other Statistics
Non-catastrophe property loss and loss expenses		$	108.8			92.8		108.0		94.7		100.8		309.6		310.9
Non-catastrophe property loss and loss expenses		16.7			pts	14.4		17.1		15.2		16.4		16.1		17.2
Direct new business		$	129.8			146.3		145.0		129.8		135.7		421.0		401.0
Non-catastrophe property losses and the non-catastrophe property loss ratios now include loss expenses. All prior periods presented have been updated to reflect this change.
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
		Sept. 30,				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ in millions)		2019				2019		2019		2018		2018		2019		2018
Underwriting results
Net premiums written		$	532.9			557.4		546.7		449.4		502.3		1,637.0		1,526.3
Change in net premiums written, from comparable prior year period		6			%	8		7		6		6		7		6
Net premiums earned		$	515.2			506.6		497.2		489.8		481.1		1,519.0		1,422.4
Losses and loss expenses incurred		304.0				293.2		298.8		282.5		291.1		896.0		858.6
Net underwriting expenses incurred		180.1				174.8		170.8		170.6		161.3		525.6		483.5
Dividends to policyholders		1.0				1.6		1.8		1.7		2.3		4.4		6.3
GAAP underwriting gain		$	30.0			37.1		25.8		35.0		26.3		93.0		74.2
Catastrophe losses		$	14.8			21.3		16.0		12.3		22.1		52.1		52.0
(Favorable) prior year casualty reserve development		(16.0		)		(17.0	)	(10.0	)	(22.0	)	(18.0	)	(43.0	)	(36.0	)
Underwriting ratios
Loss and loss expense ratio		59.0			%	57.9		60.1		57.8		60.5		59.0		60.4
Underwriting expense ratio		35.0				34.5		34.3		34.8		33.5		34.6		34.0
Dividends to policyholders ratio		0.2				0.3		0.4		0.3		0.5		0.3		0.4
	Combined ratio	94.2			%	92.7		94.8		92.9		94.5		93.9		94.8
Catastrophe losses		2.9			pts	4.2		3.2		2.5		4.6		3.4		3.7
(Favorable) prior year casualty reserve development		(3.1		)		(3.4	)	(2.0	)	(4.5	)	(3.7	)	(2.8	)	(2.5	)
	Combined ratio before catastrophe losses	91.3			%	88.5		91.6		90.4		89.9		90.5		91.1
	Combined ratio before catastrophe losses and prior year casualty development	94.4				91.9		93.6		94.9		93.6		93.3		93.6
Other Statistics
Non-catastrophe property loss and loss expenses		$	76.7			62.8		74.4		65.6		67.1		213.8		208.3
Non-catastrophe property loss and loss expenses		14.9			pts	12.4		15.0		13.4		13.9		14.1		14.6
Direct new business		$	96.5			110.7		109.0		91.8		90.4		316.2		289.5
Renewal pure price increases		3.5			%	3.1		3.4		3.4		3.7		3.3		3.5
Retention		84			%	83		84		83		84		83		83
Non-catastrophe property losses and the non-catastrophe property loss ratios now include loss expenses. All prior periods presented have been updated to reflect this change.
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 September 30, 2019												Quarter Ended September 30, 2018
	Commercial			Workers	General	Commercial							Commercial		Workers	General	Commercial
($ in millions)	Property			Compensation	Liability	Auto		BOP	Bonds		Other	Total	Property		Compensation	Liability	Auto		BOP	Bonds	Other		Total
Net premiums written	$	97.4		71.5	172.5	150.8		25.9	9.9		4.9	532.9	89.7		77.8	160.1	135.6		25.2	9.3	4.6		502.3
Net premiums earned	89.2			75.5	169.1	141.2		26.4	9.0		4.8	515.2	83.1		78.8	155.0	124.9		26.0	8.8	4.6		481.1
Loss and loss expense ratio	60.4		%	48.8	51.9	74.7		60.5	46.8		0.4	59.0	70.1		41.0	49.6	86.5		55.7	13.3	0.2		60.5
Underwriting expense ratio	40.1			26.8	34.9	33.4		37.5	59.4		55.8	35.0	37.8		27.1	34.6	31.6		35.5	52.0	38.9		33.5
Dividend ratio	—			1.4	—	—		—	—		—	0.2	0.2		2.2	0.1	0.1		—	—	—		0.5
Combined ratio	100.5		%	77.0	86.8	108.1		98.0	106.2		56.2	94.2	108.1		70.3	84.3	118.2		91.2	65.3	39.1		94.5
Underwriting (loss) gain	$	(0.4	)	17.3	22.4	(11.4	)	0.5	(0.6	)	2.1	30.0	(6.8	)	23.4	24.4	(22.8	)	2.3	3.0	2.8		26.3
	Year-to-Date September 30, 2019												Year-to-Date September 30, 2018
	Commercial			Workers	General	Commercial							Commercial		Workers	General	Commercial
($ in millions)	Property			Compensation	Liability	Auto		BOP	Bonds		Other	Total	Property		Compensation	Liability	Auto		BOP	Bonds	Other		Total
Net premiums written	$	284.9		238.0	536.4	453.2		79.3	30.0		15.1	1,637.0	263.3		248.7	495.0	399.5		77.9	27.7	14.2		1,526.3
Net premiums earned	262.4			232.7	495.4	408.7		78.6	26.9		14.3	1,519.0	245.5		237.6	457.8	365.2		77.4	25.2	13.6		1,422.4
Loss and loss expense ratio	60.4		%	52.1	52.5	74.0		58.5	26.8		0.7	59.0	65.7		44.9	53.4	80.5		63.5	13.6	(0.1	)	60.4
Underwriting expense ratio	38.5			27.7	34.9	33.1		36.6	57.4		56.3	34.6	37.8		27.3	34.7	32.2		36.1	56.2	50.3		34.0
Dividend ratio	—			1.9	—	—		—	—		—	0.3	0.3		1.9	0.1	0.1		—	—	—		0.4
Combined ratio	98.9		%	81.7	87.4	107.1		95.1	84.2		57.0	93.9	103.8		74.1	88.2	112.8		99.6	69.8	50.2		94.8
Underwriting gain (loss)	$	2.9		42.6	62.2	(28.9	)	3.8	4.2		6.2	93.0	(9.3	)	61.6	54.1	(46.9	)	0.3	7.6	6.8		74.2
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
		Sept. 30,				June 30,		Mar. 31,	Dec. 31,		Sept. 30,	Sept. 30,		Sept. 30,
($ in millions)		2019				2019		2019	2018		2018	2019		2018
Underwriting results
Net premiums written		$	81.6			82.7		69.4	72.7		84.7	233.7		236.5
Change in net premiums written, from comparable prior year period		(4		)	%	(1	)	2	—		4	(1	)	6
Net premiums earned		$	76.7			77.1		77.3	77.4		77.2	231.2		227.1
Losses and loss expenses incurred		54.8				50.6		53.1	49.4		52.6	158.5		157.3
Net underwriting expenses incurred		22.5				22.0		21.1	21.6		21.4	65.6		63.3
GAAP underwriting (loss) gain		$	(0.6	)		4.5		3.2	6.3		3.2	7.1		6.5
Catastrophe losses		$	7.9			6.1		4.1	(0.6	)	5.4	18.1		18.1
Unfavorable prior year casualty reserve development		2.0				—		—	4.5		—	2.0		—
Underwriting ratios
Loss and loss expense ratio		71.4			%	65.5		68.6	63.8		68.2	68.5		69.3
Underwriting expense ratio		29.4				28.6		27.3	28.0		27.7	28.4		27.9
	Combined ratio	100.8			%	94.1		95.9	91.8		95.9	96.9		97.2
Catastrophe losses		10.3			pts	7.9		5.3	(0.8	)	7.1	7.8		8.0
Unfavorable prior year casualty reserve development		2.6				—		—	5.8		—	0.9		—
	Combined ratio before catastrophe losses	90.5			%	86.2		90.6	92.6		88.8	89.1		89.2
	Combined ratio before catastrophe losses and prior year casualty development	87.9				86.2		90.6	86.8		88.8	88.2		89.2
Other Statistics
Non-catastrophe property loss and loss expenses		$	25.2			24.5		29.1	24.8		28.2	78.7		80.4
Non-catastrophe property loss and loss expenses		32.8			pts	31.7		37.6	32.1		36.5	34.1		35.4
Direct new business		$	10.2			10.5		10.3	10.7		13.1	31.1		40.8
Renewal pure price increases		5.0			%	5.6		5.2	4.6		3.8	5.3		3.6
Retention		83			%	84		84	84		85	83		85
Non-catastrophe property losses and the non-catastrophe property loss ratios now include loss expenses. All prior periods presented have been updated to reflect this change.
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 September 30, 2019									Quarter Ended September 30, 2018
	Personal									Personal
($ in millions)	Auto			Homeowners		Other		Total		Auto		Homeowners		Other		Total
Net premiums written	$	44.6		35.0		2.1		81.6		46.2		36.3		2.2		84.7
Net premiums earned	43.2			31.5		2.0		76.7		42.8		32.3		2.1		77.2
Loss and loss expense ratio	76.4		%	69.7		(6.1	)	71.4		70.3		69.8		(0.3	)	68.2
Underwriting expense ratio	31.8			34.1		(100.3	)	29.4		30.7		32.2		(102.4	)	27.7
Combined ratio	108.2		%	103.8		(106.4	)	100.8		101.0		102.0		(102.7	)	95.9
Underwriting (loss) gain	$	(3.5	)	(1.2	)	4.1		(0.6	)	(0.4	)	(0.7	)	4.2		3.2
	Year-to-Date September 30, 2019									Year-to-Date September 30, 2018
	Personal									Personal
($ in millions)	Auto			Homeowners		Other		Total		Auto		Homeowners		Other		Total
Net premiums written	$	131.8		96.0		5.9		233.7		133.0		98.0		5.6		236.5
Net premiums earned	129.8			95.7		5.7		231.2		125.0		96.7		5.3		227.1
Loss and loss expense ratio	71.2		%	67.1		32.6		68.5		70.8		70.7		7.8		69.3
Underwriting expense ratio	31.8			32.4		(116.5	)	28.4		32.2		31.9		(145.4	)	27.9
Combined ratio	103.0		%	99.5		(83.9	)	96.9		103.0		102.6		(137.6	)	97.2
Underwriting (loss) gain	$	(3.9	)	0.5		10.5		7.1		(3.7	)	(2.5	)	12.7		6.5
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
		Sept. 30,				June 30,	Mar. 31,	Dec. 31,	Sept. 30,	Sept. 30,	Sept. 30,
($ in millions)		2019				2019	2019	2018	2018	2019	2018
Underwriting results
Net premiums written		$	62.4			61.3	56.9	60.7	64.6	180.6	168.6
Change in net premiums written, from comparable prior year period		(3		)	%	9	19	7	27	7	7
Net premiums earned		$	61.7			58.9	58.1	58.1	56.1	178.7	161.4
Losses and loss expenses incurred		39.8				37.3	34.7	35.8	35.5	111.8	114.6
Net underwriting expenses incurred		20.0				18.6	18.8	18.2	17.1	57.4	51.7
GAAP underwriting gain (loss)		$	1.9			2.9	4.6	4.2	3.5	9.4	(4.8	)
Catastrophe losses		$	1.5			2.0	0.8	3.5	0.6	4.3	2.7
Unfavorable prior year casualty reserve development		—				—	—	—	6.0	—	12.0
Underwriting ratios
Loss and loss expense ratio		64.5			%	63.3	59.7	61.5	63.2	62.5	71.0
Underwriting expense ratio		32.4				31.7	32.4	31.4	30.5	32.2	32.0
	Combined ratio	96.9			%	95.0	92.1	92.9	93.7	94.7	103.0
Catastrophe losses		2.4			pts	3.4	1.4	6.0	1.0	2.4	1.7
Unfavorable prior year casualty reserve development		—				—	—	—	10.7	—	7.4
	Combined ratio before catastrophe losses	94.5			%	91.6	90.7	86.9	92.7	92.3	101.3
	Combined ratio before catastrophe losses and prior year casualty development	94.5				91.6	90.7	86.9	82.0	92.3	93.9
Other Statistics
Non-catastrophe property loss and loss expenses		$	7.0			5.5	4.5	4.3	5.6	17.1	22.2
Non-catastrophe property loss and loss expenses		11.4			pts	9.4	7.8	7.3	10.0	9.6	13.7
Direct new business		$	23.1			25.1	25.7	27.3	32.2	73.8	70.8
Renewal pure price increases		3.7			%	2.8	5.6	2.9	4.9	4.4	5.3
Non-catastrophe property losses and the non-catastrophe property loss ratios now include loss expenses. All prior periods presented have been updated to reflect this change.
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 September 30, 2019						Quarter Ended September 30, 2018
($ in millions)	Casualty			Property		Total	Casualty		Property	Total
Net premiums written	$	47.4		15.0		62.4	50.7		13.9	64.6
Net premiums earned	47.2			14.6		61.7	42.2		13.9	56.1
Loss and loss expense ratio	66.3		%	58.7		64.5	69.4		44.4	63.2
Underwriting expense ratio	32.2			33.1		32.4	30.9		29.4	30.5
Combined ratio	98.5		%	91.8		96.9	100.3		73.8	93.7
Underwriting gain (loss)	$	0.7		1.2		1.9	(0.1	)	3.6	3.5
	Year-to-Date September 30, 2019						Year-to-Date September 30, 2018
($ in millions)	Casualty			Property		Total	Casualty		Property	Total
Net premiums written	$	136.0		44.5		180.6	127.3		41.3	168.6
Net premiums earned	136.5			42.2		178.7	120.1		41.3	161.4
Loss and loss expense ratio	66.2		%	50.7		62.5	74.6		60.2	71.0
Underwriting expense ratio	31.8			33.4		32.2	32.0		32.2	32.0
Combined ratio	98.0		%	84.1		94.7	106.6		92.4	103.0
					��
Underwriting gain (loss)	$	2.7		6.7		9.4	(8.0	)	3.1	(4.8	)
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
		Sept. 30,				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ in millions)		2019				2019		2019		2018		2018		2019		2018
Net investment income
Fixed income securities
	Taxable	$	42.9			43.1		41.0		39.1		36.6		127.2		103.9
	Tax-exempt	7.8				7.8		8.0		8.1		8.5		23.5		27.0
Total fixed income securities		50.7				50.9		49.0		47.2		45.1		150.7		130.9
Equity securities		1.9				1.7		1.6		1.9		2.1		5.3		5.9
Other investments		5.3				7.5		0.7		6.9		7.2		13.4		10.9
Short-term investments		1.4				1.8		2.0		1.5		0.9		5.2		2.0
Investment income		59.3				61.9		53.4		57.5		55.2		174.6		149.6
Investment expenses		(3.5		)		(3.4	)	(2.8	)	(3.4	)	(2.8	)	(9.6	)	(8.4	)
Investment tax expense		(10.5		)		(10.9	)	(9.3	)	(9.9	)	(9.6	)	(30.6	)	(25.0	)
Total net investment income, after-tax		$	45.4			47.6		41.3		44.2		42.9		134.3		116.3
Net realized and unrealized capital (losses) gains
	Fixed income securities	$	(1.1	)		2.1		1.1		(21.0	)	(9.4	)	2.1		(13.9	)
	Equity securities	21.6				0.9		2.3		0.7		8.7		24.7		18.0
	Other investments	—				—		—		(2.7	)	—		—		—
Realized net gains (losses) on disposals		20.4				2.9		3.4		(23.0	)	(0.7	)	26.8		4.1
Other-than-temporary impairment losses		(2.3		)		(1.0	)	(0.1	)	(1.1	)	(1.4	)	(3.4	)	(5.5	)
Unrealized (losses) gains on equity securities		(20.3		)		2.1		10.1		(13.8	)	(2.6	)	(8.1	)	(15.6	)
Total net realized and unrealized capital (losses) gains recognized in net income, before-tax		$	(2.2	)		4.0		13.5		(37.9	)	(4.8	)	15.3		(17.0	)
Change in unrealized gains (losses) recognized in other comprehensive income, before-tax		$	37.2			82.2		101.8		29.2		(10.7	)	221.3		(112.6	)
Average investment yields
	Fixed income securities, before-tax	3.5			%	3.6		3.6		3.6		3.5		3.6		3.3
	Fixed income securities, after-tax	2.8				2.9		3.0		2.9		2.8		2.9		2.8
	Total portfolio, before-tax	3.4			%	3.7		3.4		3.7		3.6		3.5		3.3
	Total portfolio, after-tax	2.8				3.0		2.8		3.0		3.0		2.9		2.7
Effective tax rate on net investment income		18.7			%	18.6		18.4		18.3		18.2		18.6		17.7
New money purchase rates for fixed income securities, before-tax		3.1				3.4		3.9		4.1		3.7		3.5		3.5
New money purchase rates for fixed income securities, after-tax		2.5				2.7		3.1		3.3		2.9		2.8		2.8
Effective duration of fixed income portfolio including short-term (in years)		3.3				3.3		3.5		3.6		3.7		3.3		3.7
Note: Amounts may not foot due to rounding.

Page 12

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS

(Unaudited)

	Sept. 30,					June 30,		Mar. 31,		Dec. 31,		Sept. 30,
	2019					2019		2019		2018		2018
($ in millions)	Amount		Percent			Amount	Percent	Amount	Percent	Amount	Percent	Amount	Percent
Fixed income securities, at fair value	$	5,958.6	91		%	5,791.8	90	5,605.3	90	5,311.4	89	5,236.4	89
Equity securities, at fair value	79.2		1			157.5	2	163.0	3	147.6	2	157.9	3
Other investments	189.2		3			182.1	3	176.2	3	178.9	3	163.9	3
Short-term investments	326.1		5			291.4	5	290.7	5	323.9	5	304.6	5
Total investments	$	6,553.2	100		%	6,422.7	100	6,235.2	100	5,961.9	100	5,862.8	100
Fixed income portfolio, at carry value
U.S. government obligations	$	120.9	2		%	147.1	3	127.1	2	121.3	2	96.5	2
Foreign government obligations	21.5		—			21.5	—	20.5	—	23.1	—	18.0	—
Obligations of state and political subdivisions	1,199.7		20			1,125.1	19	1,167.7	21	1,155.9	22	1,186.8	23
Corporate securities	1,856.8		31			1,811.8	31	1,697.1	30	1,637.0	31	1,672.3	32
Collateralized loan obligations and other asset-backed securities	768.4		13			767.6	13	722.2	13	717.4	14	774.8	15
Residential mortgage-backed securities	1,434.2		24			1,351.5	23	1,301.0	23	1,128.3	21	996.8	19
Commercial mortgage-backed securities	555.7		9			565.6	10	568.2	10	527.1	10	489.5	9
Total fixed income securities	$	5,957.2	100		%	5,790.3	100	5,603.9	100	5,310.2	100	5,234.7	100
Weighted average credit quality
Investment grade credit quality	$	5,792.6	97		%	5,638.6	97	5,459.3	97	5,186.2	98	5,105.0	97
Non-investment grade credit quality	166.0		3			153.1	3	146.0	3	125.2	2	131.4	3
Total fixed income securities, at fair value	$	5,958.6	100		%	5,791.8	100	5,605.3	100	5,311.4	100	5,236.4	100
Weighted average credit quality of fixed income portfolio	AA-					AA-		AA-		AA-		AA-
Expected maturities of fixed income securities at carry value
Due in one year or less	$	315.2	5		%	289.6	5	251.4	4	201.8	4	190.5	4
Due after one year through five years	3,312.5		56			2,254.3	39	2,144.2	38	2,057.7	39	2,128.2	40
Due after five years through 10 years	2,197.5		37			3,071.6	53	3,066.4	55	2,869.8	54	2,769.2	53
Due after 10 years	132.1		2			174.8	3	141.8	3	180.9	3	146.8	3
Total fixed income securities	$	5,957.2	100		%	5,790.3	100	5,603.9	100	5,310.2	100	5,234.7	100
Alternative investments	September 30, 2019
							Current
	Number of		Original			Remaining	Market
Strategy	Funds		Commitment			Commitment	Value
Private equity	32		$	207.5		97.6	105.9
Private credit	14		184.3			109.8	37.7
Real assets	9		64.0			22.5	21.8
Total	55		$	455.8		229.9	165.5
Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

RECONCILIATION OF NET INCOME TO NON-GAAP OPERATING INCOME AND CERTAIN OTHER NON-GAAP MEASURES

(Unaudited)

	Quarter ended											Year-to-date
	Sept. 30,			June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ in millions, except per share data)	2019			2019		2018		2018		2018		2019		2018
Reconciliation of net income to non-GAAP operating income
Net income	$	56.2		72.3		61.3		45.8		55.4		189.8		133.2
Net realized and unrealized losses (gains), before tax*	2.2			(4.0	)	(13.5	)	37.9		4.8		(15.3	)	17.0
Debt retirement costs, before tax	—			—		4.2		—		—		4.2		—
Tax on reconciling items	0.4			0.8		1.9		(11.7	)	(1.0	)	3.2		(3.6	)
Non-GAAP operating income	$	58.8		69.1		54.0		72.0		59.2		181.9		146.6
Reconciliation of net income per diluted share to non-GAAP operating income per diluted share
Net income per diluted share	$	0.93		1.21		1.02		0.76		0.93		3.16		2.23
Net realized and unrealized losses (gains), before tax*	0.04			(0.06	)	(0.22	)	0.63		0.08		(0.26	)	0.28
Debt retirement costs, before tax	—			—		0.07		—		—		0.07		—
Tax on reconciling items	—			0.01		0.03		(0.20	)	(0.02	)	0.05		(0.05	)
Non-GAAP operating income per diluted share	$	0.97		1.16		0.90		1.20		0.99		3.02		2.46
Reconciliation of annualized ROE to annualized non-GAAP operating ROE
Annualized ROE	10.7		%	14.5		13.2		10.4		12.9		12.9		10.3
Net realized and unrealized losses (gains), before tax*	0.4			(0.8	)	(2.9	)	8.6		1.1		(1.0	)	1.3
Debt retirement costs, before tax	—			—		0.9		—		—		0.3		—
Tax on reconciling items	0.1			0.2		0.4		(2.7	)	(0.2	)	0.1		(0.3	)
Annualized non-GAAP operating ROE	11.2		%	13.9		11.6		16.3		13.8		12.3		11.3
Non-GAAP operating income, non-GAAP operating income per diluted share, and non-GAAP operating return on equity differ from net income, income per diluted share, and return on equity, respectively, by the exclusion of: (i) after-tax net realized and unrealized gains and losses on investments; and (ii) after-tax debt retirement costs. They are used as important financial measures by management, analysts, and investors, because the realization of investment gains and losses on sales of securities in any given period is largely discretionary as to timing. In addition, these net realized investment gains and losses, other-than-temporary investment impairments that are charged to earnings, unrealized gains and losses on equity securities, and the debt retirement costs could distort the analysis of trends. These operating measurements are not intended as a substitute for net income, income per share, or return on equity prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income, net income per diluted share, and return on equity to non-GAAP operating income, non-GAAP operating income per diluted share, and non-GAAP operating return on equity, respectively, are provided in the tables above.
* Refer to Page 2 for components of realized and unrealized investment losses and gains.
Note: Amounts may not foot due to rounding.

Page 14

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION

Address:	As of September 30, 2019
40 Wantage Avenue		A.M. Best	Standard & Poor's	Moody's	Fitch
Branchville, NJ 07890	Financial Strength Ratings:	A	A	A2	A+
Corporate Website:	Long-Term Debt Credit Rating:	bbb+	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

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