Selective Insurance (SIGI) 8-K Selective Reports Fourth Quarter and Year-End 2024 Results

Exhibit 99.2

FINANCIAL SUPPLEMENT

FOURTH QUARTER AND FULL YEAR 2024

Forward-Looking Statements

Certain statements in this report, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss 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 our industry’s actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “attribute,” “confident,” “strong,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” “continue,” or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, except as may be required by law.

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

•Challenging conditions in the economy, global capital markets, the banking sector, and commercial real estate, including prolonged higher inflation, could increase loss costs and negatively impact investment portfolios;

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

•Frequency and severity of catastrophic events, including natural events that may be impacted by climate change, such as hurricanes, severe convective storms, 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, political, or judicial rulings, conditions or actions, including the impact of social inflation;

•The significant 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, we have successfully defended 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.

•Ongoing wars and conflicts 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 valuations;

•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 financial ratings, which may include sustainability considerations, 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 our Annual Report on Form 10-K and other periodic reports.

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 (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) 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)		2024			2024	2024	2024	2023	2024	2023
For Period Ended
	Gross premiums written	$	1,275.9		1,343.1	1,406.2	1,321.9	1,149.7	5,347.0	4,749.5
	Net premiums written	1,089.6			1,157.6	1,226.1	1,156.6	991.5	4,630.0	4,134.5
	Change in net premiums written, from comparable prior year period	10		%	9	13	16	17	12	16
	Underwriting income (loss), before-tax	$	16.8		5.3	(173.7)	19.0	63.6	(132.6)	132.8
	Net investment income earned, before-tax	122.8			117.8	108.6	107.8	98.6	457.1	388.7
	Net realized and unrealized investment gains (losses), before-tax	(8.0)			5.4	1.3	(1.6)	5.4	(2.9)	(3.6)
	Net income (loss)	$	95.5		92.3	(63.3)	82.5	124.8	207.0	365.2
	Net income (loss) available to common stockholders(1)	93.2			90.0	(65.6)	80.2	122.5	197.8	356.0
	Non-GAAP operating income (loss)(2)	99.6			85.7	(66.6)	81.5	118.3	200.1	358.8
At Period End
	Total assets	13,514.2			13,473.1	12,565.5	12,056.1	11,802.5	13,514.2	11,802.5
	Total invested assets	9,651.3			9,635.3	9,021.8	8,745.7	8,693.7	9,651.3	8,693.7
	Stockholders' equity	3,120.1			3,167.8	2,922.7	3,006.5	2,954.4	3,120.1	2,954.4
	Common stockholders' equity(3)	2,920.1			2,967.8	2,722.7	2,806.5	2,754.4	2,920.1	2,754.4
	Common shares outstanding	60.8			60.8	60.9	60.8	60.6	60.8	60.6
Per Share and Share Data
	Net income (loss) available to common stockholders per common share (diluted)	$	1.52		1.47	(1.08)	1.31	2.01	3.23	5.84
	Non-GAAP operating income (loss) per common share (diluted)(2)	1.62			1.40	(1.10)	1.33	1.94	3.27	5.89
	Weighted average common shares outstanding (diluted)	61.3			61.3	60.9	61.2	61.0	61.3	61.0
	Book value per common share	$	47.99		48.82	44.74	46.17	45.42	47.99	45.42
	Adjusted book value per common share(2)	52.10			50.80	49.67	50.97	50.03	52.10	50.03
	Dividends paid per common share	0.38			0.35	0.35	0.35	0.35	1.43	1.25
Financial Ratios
	Loss and loss expense ratio	67.8		%	68.8	85.7	67.0	62.4	72.3	64.9
	Underwriting expense ratio	30.6			30.6	30.3	30.9	31.1	30.6	31.4
	Dividends to policyholders ratio	0.1			0.1	0.1	0.3	0.2	0.1	0.2
	GAAP combined ratio	98.5		%	99.5	116.1	98.2	93.7	103.0	96.5
	Return on common stockholders' equity ("ROE")	12.7			12.6	(9.5)	11.5	18.9	7.0	14.3
	Non-GAAP operating ROE(2)	13.5			12.1	(9.6)	11.7	18.2	7.1	14.4
	Debt to total capitalization	14.0			13.8	14.8	14.3	14.6	14.0	14.6
	Net premiums written to policyholders' surplus	1.60			1.63	1.64	1.55	1.51	1.60	1.51
	Invested assets per dollar of common stockholders' equity	$	3.31		3.25	3.31	3.12	3.16	3.31	3.16
(1)	Net income (loss) available to common stockholders is net income (loss) 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)		2024		2024	2024	2024	2023	2024		2023
Revenues
	Net premiums earned	$	1,133.0	1,112.2	1,080.2	1,050.9	1,001.2	$	4,376.4	3,827.6
	Net investment income earned	122.8		117.8	108.6	107.8	98.6	457.1		388.7
	Net realized and unrealized gains (losses)	(8.0)		5.4	1.3	(1.6)	5.4	(2.9)		(3.6)
	Other income	8.5		8.9	5.8	7.8	5.5	31.1		19.4
	Total revenues	1,256.4		1,244.3	1,196.0	1,165.0	1,110.7	4,861.7		4,232.1
Expenses
	Loss and loss expense incurred	769.0		765.7	925.5	704.3	624.8	3,164.5		2,484.3
	Amortization of deferred policy acquisition costs	241.0		235.6	226.4	219.4	210.5	922.4		796.2
	Other insurance expenses	114.8		114.7	107.8	116.0	107.8	453.2		433.7
	Interest expense	7.2		7.3	7.2	7.2	7.2	28.9		28.8
	Corporate expenses	5.3		4.7	9.2	15.5	3.4	34.6		30.7
	Total expenses	1,137.3		1,127.8	1,276.1	1,062.4	953.7	4,603.6		3,773.7
Income (loss) before federal income tax		$	119.1	116.5	(80.1)	102.6	157.0	258.0		458.4
Federal income tax expense (benefit)		23.5		24.2	(16.8)	20.0	32.1	51.0		93.2
Net Income (loss)		$	95.5	92.3	(63.3)	82.5	124.8	207.0		365.2
Preferred stock dividends		2.3		2.3	2.3	2.3	2.3	9.2		9.2
Net income (loss) available to common stockholders		$	93.2	90.0	(65.6)	80.2	122.5	197.8		356.0
Net realized and unrealized investment (gains) losses, after tax(1)		6.3		(4.3)	(1.0)	1.3	(4.3)	2.3		2.8
Non-GAAP operating income (loss)(2)		$	99.6	85.7	(66.6)	81.5	118.2	$	200.1	358.7
Weighted average common shares outstanding (diluted)		61.3		61.3	60.9	61.2	61.0	61.3		61.0
Net income (loss) available to common stockholders per common share (diluted)		$	1.52	1.47	(1.08)	1.31	2.01	$	3.23	5.84
Non-GAAP operating income (loss) per common share (diluted)(2)		$	1.62	1.40	(1.10)	1.33	1.94	$	3.27	5.89
(1)	Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).
(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)		2024		2024	2024	2024	2023
ASSETS
Investments
	Fixed income securities, held-to-maturity, net of allowance for credit losses	$	25.4	22.0	19.5	20.3	22.7
	Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses	8,127.3		8,088.6	7,669.0	7,583.5	7,499.2
	Commercial mortgage loans, net of allowance for credit losses	233.7		223.6	219.5	208.0	188.4
	Equity securities, at fair value	213.6		205.6	192.0	194.3	187.2
	Short-term investments	509.3		561.0	417.3	247.9	309.3
	Alternative investments	440.9		432.0	414.8	402.7	395.8
	Other investments	101.1		102.5	89.7	89.0	91.2
	Total investments	9,651.3		9,635.3	9,021.8	8,745.7	8,693.7
Cash		0.1		0.1	0.2	0.1	0.2
Restricted cash		62.9		12.6	10.7	11.7	13.1
Accrued investment income		76.9		73.8	72.3	68.0	66.3
Premiums receivable, net of allowance for credit losses		1,467.8		1,531.9	1,579.7	1,439.1	1,313.1
Reinsurance recoverable, net of allowance for credit losses		1,061.1		1,057.3	685.6	651.4	656.8
Prepaid reinsurance premiums		235.4		230.7	219.8	208.0	203.3
Current federal income tax		—		13.0	38.6	—	—
Deferred federal income tax		146.8		100.7	145.9	144.7	140.2
Property and equipment, net of accumulated depreciation and amortization		93.3		92.2	89.2	82.7	83.3
Deferred policy acquisition costs		479.3		488.5	476.5	448.3	424.9
Goodwill		7.8		7.8	7.8	7.8	7.8
Other assets		231.4		229.1	217.4	248.5	199.8
	Total assets	$	13,514.2	13,473.1	12,565.5	12,056.1	11,802.5
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense		$	6,589.8	6,452.0	5,903.5	5,501.8	5,336.9
Unearned premiums		2,616.3		2,655.0	2,598.7	2,441.0	2,330.7
Long-term debt		507.9		508.2	508.8	503.3	503.9
Current federal income tax		19.7		—	—	26.5	6.3
Accrued salaries and benefits		121.7		113.5	92.6	97.9	122.0
Other liabilities		538.7		576.6	539.2	479.1	548.4
	Total liabilities	$	10,394.1	10,305.3	9,642.8	9,049.6	8,848.2
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		211.2		211.1	211.0	210.9	210.4
Additional paid-in capital		557.0		549.8	545.3	534.3	522.7
Retained earnings		3,139.5		3,069.6	3,001.1	3,088.2	3,029.4
Accumulated other comprehensive income (loss)		(336.8)		(211.9)	(392.7)	(385.0)	(373.0)
Treasury stock, at cost		(650.8)		(650.7)	(641.9)	(641.9)	(635.2)
	Total stockholders' equity	$	3,120.1	3,167.8	2,922.7	3,006.5	2,954.4
Commitments and contingencies
	Total liabilities and stockholders' equity	$	13,514.2	13,473.1	12,565.5	12,056.1	11,802.5
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)			2024		2024		2024		2024		2023		2024		2023
Book value per common share
		Common stockholders' equity	$	2,920.1		2,967.8		2,722.7		2,806.5		2,754.4		2,920.1		2,754.4
		Common shares issued and outstanding, at period end	60.8			60.8		60.9		60.8		60.6		60.8		60.6
		Book value per common share	$	47.99		48.82		44.74		46.17		45.42		47.99		45.42
		Adjusted book value per common share(2)	52.10			50.80		49.67		50.97		50.03		52.10		50.03
Financial results (after-tax)
		Underwriting income (loss)	13.3			4.1		(137.2)		15.0		50.2		(104.7)		104.9
		Net investment income	97.3			93.4		86.3		85.6		78.4		362.6		309.5
		Interest expense and preferred stock dividends	(8.0)			(8.0)		(8.0)		(8.0)		(8.0)		(32.0)		(32.0)
		Corporate expense	(3.0)			(3.8)		(7.7)		(11.2)		(2.4)		(25.7)		(23.7)
		Net realized and unrealized investment gains (losses)	(6.3)			4.3		1.0		(1.3)		4.3		(2.3)		(2.8)
		Total after-tax net income (loss) available to common stockholders	93.2			90.0		(65.6)		80.2		122.5		197.8		356.0
Return on average equity
		Insurance segments	1.8			0.6		(19.9)		2.2		7.7		(3.7)		4.2
		Net investment income	13.2			13.1		12.5		12.3		12.1		12.8		12.4
		Interest expense and preferred stock dividends	(1.1)			(1.1)		(1.2)		(1.1)		(1.2)		(1.1)		(1.3)
		Corporate expense	(0.4)			(0.5)		(1.0)		(1.7)		(0.4)		(0.9)		(0.9)
		Net realized and unrealized investment gains (losses)	(0.8)			0.5		0.1		(0.2)		0.7		(0.1)		(0.1)
		ROE	12.7			12.6		(9.5)		11.5		18.9		7.0		14.3
		Net realized and unrealized (gains) losses(1)	0.8			(0.5)		(0.1)		0.2		(0.7)		0.1		0.1
		Non-GAAP Operating ROE(2)	13.5			12.1		(9.6)		11.7		18.2		7.1		14.4
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	99.4			99.4		99.4		99.4		99.3		99.4		99.3
		5.375% Senior Notes	292.4			292.4		292.3		292.2		292.2		292.4		292.2
		Finance Lease Obligations	6.3			6.7		7.3		1.9		2.6		6.3		2.6
	Total debt		507.9			508.2		508.8		503.3		503.9		507.9		503.9
	Stockholders' equity		3,120.1			3,167.8		2,922.7		3,006.5		2,954.4		3,120.1		2,954.4
	Total capitalization		$	3,628.0		3,676.0		3,431.5		3,509.8		3,458.3		3,628.0		3,458.3
	Ratio of debt to total capitalization		14.0			13.8		14.8		14.3		14.6		14.0		14.6
Policyholders' surplus			$	2,902.8		2,787.5		2,698.8		2,777.3		2,742.3		2,902.8		2,742.3
(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)		2024			2024	2024	2024	2023	2024	2023
Underwriting results
Net premiums written		$	1,089.6		1,157.6	1,226.1	1,156.6	991.5	4,630.0	4,134.5
Change in net premiums written, from comparable prior year period		10		%	9	13	16	17	12	16
Net premiums earned		$	1,133.0		1,112.2	1,080.2	1,050.9	1,001.2	4,376.4	3,827.6
Losses and loss expenses incurred		769.0			765.7	925.5	704.3	624.8	3,164.5	2,484.3
Net underwriting expenses incurred		346.4			340.0	327.3	324.4	311.1	1,338.0	1,203.8
Dividends to policyholders		0.8			1.4	1.1	3.3	1.8	6.5	6.8
GAAP underwriting income (loss)		$	16.8		5.3	(173.7)	19.0	63.6	(132.6)	132.8
Net catastrophe losses		$	(10.1)		148.8	90.5	55.2	24.6	284.5	244.5
(Favorable) unfavorable prior year casualty reserve development		100.0			—	176.0	35.0	10.0	311.0	(6.5)
Underwriting ratios
Loss and loss expense ratio		67.8		%	68.8	85.7	67.0	62.4	72.3	64.9
Underwriting expense ratio		30.6			30.6	30.3	30.9	31.1	30.6	31.4
Dividends to policyholders ratio		0.1			0.1	0.1	0.3	0.2	0.1	0.2
	Combined ratio	98.5		%	99.5	116.1	98.2	93.7	103.0	96.5
Net catastrophe losses		(0.9)		pts	13.4	8.4	5.3	2.5	6.5	6.4
(Favorable) unfavorable prior year casualty reserve development		8.8			—	16.3	3.3	1.0	7.1	(0.2)
	Combined ratio before net catastrophe losses	99.4		%	86.1	107.7	92.9	91.2	96.5	90.1
	Combined ratio before net catastrophe losses and prior year casualty development	90.6		%	86.1	91.4	89.6	90.2	89.4	90.3
Other Statistics
Non-catastrophe property loss and loss expenses		$	178.2		146.7	185.5	171.2	172.1	681.6	650.4
Non-catastrophe property loss and loss expenses		15.7		pts	13.2	17.2	16.3	17.2	15.6	17.0
Direct new business		$	232.0		234.2	267.4	260.8	232.7	994.3	923.5
Renewal pure price increases		10.7		%	10.5	9.1	8.1	7.4	9.5	6.8
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)		2024			2024	2024	2024	2023	2024	2023
Underwriting results
Net premiums written		$	833.4		903.9	963.1	931.7	764.3	3,632.1	3,281.3
Change in net premiums written, from comparable prior year period		9		%	8	11	15	13	11	13
Net premiums earned		$	884.6		875.4	853.5	834.1	792.1	3,447.6	3,071.8
Losses and loss expenses incurred		606.3			591.6	748.0	555.8	482.6	2,501.6	1,919.2
Net underwriting expenses incurred		279.3			275.1	265.4	264.6	252.9	1,084.4	988.5
Dividends to policyholders		0.8			1.4	1.1	3.3	1.8	6.5	6.8
GAAP underwriting income (loss)		$	(1.8)		7.3	(160.9)	10.4	54.9	(145.0)	157.3
Net catastrophe losses		$	(8.2)		100.4	50.9	38.5	16.1	181.5	150.5
(Favorable) unfavorable prior year casualty reserve development		75.0			—	176.0	35.0	5.0	286.0	(15.5)
Underwriting ratios
Loss and loss expense ratio		68.5		%	67.6	87.6	66.7	61.0	72.5	62.5
Underwriting expense ratio		31.6			31.4	31.1	31.7	31.9	31.5	32.2
Dividends to policyholders ratio		0.1			0.2	0.1	0.4	0.2	0.2	0.2
	Combined ratio	100.2		%	99.2	118.8	98.8	93.1	104.2	94.9
Net catastrophe losses		(0.9)		pts	11.5	6.0	4.6	2.0	5.3	4.9
(Favorable) unfavorable prior year casualty reserve development		8.5			—	20.6	4.2	0.6	8.3	(0.5)
	Combined ratio before net catastrophe losses	101.1		%	87.7	112.8	94.2	91.1	98.9	90.0
	Combined ratio before net catastrophe losses and prior year casualty development	92.6		%	87.7	92.2	90.0	90.5	90.6	90.5
Other Statistics
Non-catastrophe property loss and loss expenses		$	124.1		95.9	124.5	115.0	122.0	459.5	461.6
Non-catastrophe property loss and loss expenses		14.0		pts	11.0	14.6	13.8	15.4	13.3	15.0
Direct new business		$	139.5		139.2	168.4	172.1	145.2	619.1	597.5
Renewal pure price increases		8.8		%	9.1	7.9	7.6	7.3	8.3	7.0
Retention		85			86	85	86	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, 2024										Quarter ended December 31, 2023
	General			Commercial	Commercial	Workers					General	Commercial	Commercial	Workers
($ in millions)	Liability			Auto	Property(1)	Compensation	BOP	Bonds	Other	Total	Liability	Auto	Property(1)	Compensation	BOP	Bonds	Other	Total
Net premiums written	$	265.0		257.3	174.6	66.1	50.2	12.2	8.0	833.4	248.2	226.8	154.9	73.5	42.7	10.7	7.4	764.3
Net premiums earned	285.3			276.8	180.6	76.3	44.7	12.7	8.1	884.6	261.0	239.1	157.1	79.1	37.0	11.5	7.4	792.1
Loss and loss expense ratio	108.7		%	67.7	23.6	37.1	76.6	27.3	(0.5)	68.5	77.4	73.1	48.9	3.7	62.9	25.6	(0.5)	61.0
Underwriting expense ratio	31.1			28.9	34.8	26.3	37.3	55.3	49.3	31.6	31.4	29.0	35.4	27.1	38.7	57.6	48.7	31.9
Dividend ratio	—			—	0.1	0.6	—	—	0.1	0.1	0.1	0.2	0.3	0.5	—	—	0.2	0.2
Combined ratio	139.8		%	96.6	58.5	64.0	113.9	82.6	48.9	100.2	108.9	102.3	84.6	31.3	101.6	83.2	48.4	93.1
Underwriting income (loss)	$	(113.7)		9.3	74.9	27.5	(6.2)	2.2	4.1	(1.8)	(23.3)	(5.5)	24.1	54.3	(0.6)	1.9	3.8	54.9
	Year-to-Date December 31, 2024										Year-to-Date December 31, 2023
	General			Commercial	Commercial	Workers					General	Commercial	Commercial	Workers
($ in millions)	Liability			Auto	Property(1)	Compensation	BOP	Bonds	Other	Total	Liability	Auto	Property(1)	Compensation	BOP	Bonds	Other	Total
Net premiums written	$	1,183.2		1,121.5	739.5	320.6	183.0	51.7	32.6	3,632.1	1,087.1	976.9	648.8	338.1	152.9	47.4	30.2	3,281.3
Net premiums earned	1,125.5			1,058.2	685.6	327.7	169.3	49.7	31.5	3,447.6	1,020.4	916.1	586.3	333.7	140.5	46.2	28.6	3,071.8
Loss and loss expense ratio	95.1		%	70.5	57.0	55.7	60.8	17.4	0.3	72.5	61.4	73.8	61.6	43.9	69.5	24.9	(0.1)	62.5
Underwriting expense ratio	31.1			29.2	35.0	25.7	34.5	56.3	48.0	31.5	31.6	29.8	36.4	26.3	36.5	56.9	50.8	32.2
Dividend ratio	0.1			0.1	0.2	1.0	—	—	—	0.2	0.1	0.1	0.2	1.2	—	—	0.1	0.2
Combined ratio	126.3		%	99.8	92.2	82.4	95.3	73.7	48.3	104.2	93.1	103.7	98.2	71.4	106.0	81.8	50.8	94.9
Underwriting income (loss)	$	(295.9)		2.5	53.3	57.7	8.0	13.1	16.3	(145.0)	70.8	(33.7)	10.8	95.4	(8.4)	8.4	14.1	157.3
(1) Includes Inland Marine.
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)		2024			2024	2024	2024	2023	2024	2023
Underwriting results
Net premiums written		$	103.6		111.0	116.1	99.9	107.0	430.7	414.6
Change in net premiums written, from comparable prior year period		(3)		%	(2)	6	17	27	4	30
Net premiums earned		$	107.1		107.5	106.4	103.8	101.0	424.9	365.2
Losses and loss expenses incurred		72.7			106.1	101.4	84.3	92.5	364.6	353.2
Net underwriting expenses incurred		25.5			25.2	24.3	24.8	25.5	99.8	91.3
GAAP underwriting income (loss)		$	8.9		(23.8)	(19.3)	(5.3)	(17.0)	(39.5)	(79.3)
Net catastrophe losses		$	1.0		41.7	25.4	11.8	9.2	80.0	69.3
(Favorable) unfavorable prior year casualty reserve development		5.0			—	—	—	5.0	5.0	14.0
Underwriting ratios
Loss and loss expense ratio		67.9		%	98.7	95.3	81.2	91.7	85.8	96.7
Underwriting expense ratio		23.8			23.4	22.8	23.9	25.2	23.5	25.0
	Combined ratio	91.7		%	122.1	118.1	105.1	116.9	109.3	121.7
Net catastrophe losses		1.0		pts	38.8	23.9	11.4	9.1	18.8	19.0
(Favorable) unfavorable prior year casualty reserve development		4.7			—	—	—	5.0	1.2	3.8
	Combined ratio before net catastrophe losses	90.7		%	83.3	94.2	93.7	107.8	90.5	102.7
	Combined ratio before net catastrophe losses and prior year casualty development	86.0		%	83.3	94.2	93.7	102.8	89.3	98.9
Other Statistics
Non-catastrophe property loss and loss expenses		$	38.9		38.0	45.4	41.9	42.8	164.0	156.9
Non-catastrophe property loss and loss expenses		36.3		pts	35.3	42.6	40.3	42.4	38.6	43.0
Direct new business		$	13.3		16.0	22.0	21.3	26.0	72.6	116.5
Renewal pure price increases		27.3		%	22.8	20.7	14.3	8.9	20.6	5.2
Retention		75			75	78	83	87	77	87
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, 2024						Quarter ended December 31, 2023
	Personal						Personal
($ in millions)	Auto			Homeowners	Other	Total	Auto	Homeowners	Other	Total
Net premiums written	$	50.3		49.4	4.0	103.6	56.6	46.7	3.7	107.0
Net premiums earned	55.0			48.2	3.9	107.1	55.0	42.7	3.3	101.0
Loss and loss expense ratio	94.3		%	43.8	(7.9)	67.9	107.4	75.6	37.0	91.7
Underwriting expense ratio	25.4			28.4	(57.2)	23.8	27.1	28.7	(51.1)	25.2
Combined ratio	119.7		%	72.2	(65.1)	91.7	134.5	104.3	(14.1)	116.9
Underwriting income (loss)	$	(10.8)		13.4	6.4	8.9	(18.9)	(1.8)	3.8	(17.0)
	Year-to-Date December 31, 2024						Year-to-Date December 31, 2023
	Personal						Personal
($ in millions)	Auto			Homeowners	Other	Total	Auto	Homeowners	Other	Total
Net premiums written	$	219.0		197.9	13.8	430.7	224.9	177.6	12.1	414.6
Net premiums earned	226.1			185.7	13.1	424.9	200.0	154.8	10.4	365.2
Loss and loss expense ratio	89.1		%	89.0	(13.9)	85.8	97.9	99.7	28.9	96.7
Underwriting expense ratio	25.1			28.1	(70.8)	23.5	28.1	28.9	(93.3)	25.0
Combined ratio	114.2		%	117.1	(84.7)	109.3	126.0	128.6	(64.4)	121.7
Underwriting income (loss)	$	(32.1)		(31.7)	24.2	(39.5)	(52.0)	(44.3)	17.0	(79.3)
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)		2024			2024	2024	2024	2023	2024	2023
Underwriting results
Net premiums written		$	152.6		142.7	146.8	125.0	120.2	567.2	438.6
Change in net premiums written, from comparable prior year period		27		%	28	39	24	36	29	24
Net premiums earned		$	141.3		129.3	120.3	113.0	108.1	504.0	390.6
Losses and loss expenses incurred		90.0			68.0	76.2	64.1	49.7	298.3	211.9
Net underwriting expenses incurred		41.6			39.6	37.7	34.9	32.7	153.8	124.0
GAAP underwriting income (loss)		$	9.7		21.7	6.5	14.0	25.7	51.9	54.8
Net catastrophe losses		$	(2.9)		6.7	14.3	4.9	(0.7)	23.0	24.7
(Favorable) unfavorable prior year casualty reserve development		20.0			—	—	—	—	20.0	(5.0)
Underwriting ratios
Loss and loss expense ratio		63.6		%	52.5	63.3	56.7	45.9	59.2	54.3
Underwriting expense ratio		29.5			30.7	31.3	30.9	30.3	30.5	31.7
	Combined ratio	93.1		%	83.2	94.6	87.6	76.2	89.7	86.0
Net catastrophe losses		(2.0)		pts	5.2	11.9	4.3	(0.7)	4.6	6.3
(Favorable) unfavorable prior year casualty reserve development		14.2			—	—	—	—	4.0	(1.3)
	Combined ratio before net catastrophe losses	95.1		%	78.0	82.7	83.3	76.9	85.1	79.7
	Combined ratio before net catastrophe losses and prior year casualty development	80.9		%	78.0	82.7	83.3	76.9	81.1	81.0
Other Statistics
Non-catastrophe property loss and loss expenses		$	15.2		12.9	15.6	14.3	7.3	58.0	31.9
Non-catastrophe property loss and loss expenses		10.8		pts	10.0	13.0	12.6	6.8	11.5	8.2
Direct new business		$	79.1		79.0	77.0	67.4	61.5	302.6	209.5
Renewal pure price increases		8.2		%	8.0	6.4	5.2	6.1	7.2	6.9
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, 2024					Quarter ended December 31, 2023
($ in millions)	Casualty			Property	Total	Casualty	Property	Total
Net premiums written	$	88.8		63.8	152.6	73.7	46.5	120.2
Net premiums earned	84.9			56.4	141.3	70.5	37.6	108.1
Loss and loss expense ratio	91.5		%	21.9	63.6	61.1	17.6	45.9
Underwriting expense ratio	29.5			29.4	29.5	29.6	31.4	30.3
Combined ratio	121.0		%	51.3	93.1	90.7	49.0	76.2
Underwriting income (loss)	$	(17.8)		27.5	9.7	6.5	19.2	25.7
	Year-to-Date December 31, 2024					Year-to-Date December 31, 2023
($ in millions)	Casualty			Property	Total	Casualty	Property	Total
Net premiums written	$	335.9		231.3	567.2	280.6	158.0	438.6
Net premiums earned	307.9			196.1	504.0	261.1	129.5	390.6
Loss and loss expense ratio	70.6		%	41.3	59.2	59.5	43.7	54.3
Underwriting expense ratio	30.8			30.0	30.5	31.3	32.6	31.7
Combined ratio	101.4		%	71.3	89.7	90.8	76.3	86.0
Underwriting income (loss)	$	(4.3)		56.2	51.9	24.1	30.6	54.8
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
		Dec. 31,		Sept. 30,		June 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
($ in millions)		2024		2024		2024		2024		2023		2024		2023
Net investment income
Fixed income securities
	Taxable	$	100.9		96.4		91.5		91.4		88.8		380.2		331.1
	Tax-exempt	1.8			2.1		2.4		2.7		3.1		9.0		14.7
Total fixed income securities		102.7			98.5		93.9		94.1		91.9		389.2		345.9
Commercial mortgage loans		3.3			3.2		3.1		2.8		2.7		12.4		9.3
Equity securities		6.1			5.4		1.9		4.9		3.9		18.3		9.4
Alternative investments		10.6			9.0		10.5		6.9		1.1		37.1		26.8
Other investments		0.2			0.3		0.1		0.3		0.1		0.9		0.7
Short-term investments		5.6			6.5		4.7		3.5		3.3		20.3		14.8
Investment income		128.6			122.8		114.3		112.5		103.0		478.1		406.9
Investment expenses		(5.8)			(5.0)		(5.6)		(4.6)		(4.4)		(21.1)		(18.2)
Investment tax expense		(25.5)			(24.4)		(22.4)		(22.2)		(20.1)		(94.4)		(79.1)
Total net investment income, after-tax		$	97.3		93.4		86.3		85.6		78.4		362.6		309.5
Net realized and unrealized investment gains (losses), pre-tax		$	(8.0)		5.4		1.3		(1.6)		5.4		(2.9)		(3.6)
Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax		$	(164.6)		228.0		(10.8)		(16.1)		275.4		36.5		174.6
Average investment yields
	Fixed income investments, pre-tax	5.1			5.0		4.9		5.0		5.1		5.0		4.9
	Fixed income investments, after-tax	4.0			4.0		3.9		4.0		4.0		4.0		3.9
	Total portfolio, pre-tax	5.1			5.0		4.9		4.9		4.7		5.0		4.7
	Total portfolio, after-tax	4.0			4.0		3.9		3.9		3.7		4.0		3.7
Effective tax rate on net investment income		20.7			20.7		20.6		20.6		20.4		20.7		20.4
New money purchase rates for fixed income investments, pre-tax		6.1			5.8		6.4		5.8		6.7		6.0		6.0
New money purchase rates for fixed income investments, after-tax		4.8			4.6		5.0		4.6		5.3		4.8		4.7
Effective duration of fixed income investments including short-term (in years)		4.0			3.9		3.9		4.0		4.0		4.0		4.0
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,
	2024					2024		2024		2024		2023
($ in millions)	Amount		Percent			Amount	Percent	Amount	Percent	Amount	Percent	Amount	Percent
Fixed income securities, at fair value	$	8,152.1	85		%	8,110.0	84	7,687.6	85	7,602.7	87	7,521.1	87
Commercial mortgage loans, at fair value	224.8		2			218.6	2	209.0	2	197.8	2	178.9	2
Total fixed income investments	8,376.9		87			8,328.7	86	7,896.6	87	7,800.5	89	7,700.0	89
Short-term investments	509.3		5			561.0	6	417.4	5	247.9	3	309.3	4
Total fixed income and short-term investments	8,886.2		92			8,889.7	92	8,314.0	92	8,048.4	92	8,009.3	92
Equity securities, at fair value	213.6		2			205.6	2	192.0	2	194.3	2	187.2	2
Alternative investments	440.9		5			432.0	4	414.8	5	402.7	5	395.8	5
Other investments	101.1		1			102.5	1	89.7	1	89.0	1	91.2	1
Total investments	$	9,641.8	100		%	9,629.8	100	9,010.5	100	8,734.3	100	8,683.5	100
Fixed income investments, at carry value
U.S. government obligations	$	120.2	1		%	125.4	2	151.0	2	141.8	2	205.0	2
Foreign government obligations	9.3		—			9.7	—	9.2	—	9.2	—	9.8	—
Obligations of state and political subdivisions	451.2		5			492.9	6	525.4	7	539.0	7	586.0	8
Corporate securities	3,093.6		37			3,048.7	37	2,865.4	36	2,815.3	36	2,733.9	35
Collateralized loan obligations and other asset-backed securities	2,033.1		24			1,946.4	23	1,916.1	24	1,897.1	24	1,834.8	24
Residential mortgage-backed securities	1,692.4		20			1,740.0	21	1,504.0	19	1,512.0	19	1,477.5	19
Commercial mortgage-backed securities	753.0		9			747.5	9	717.4	9	689.4	9	674.8	9
Commercial mortgage loans	233.7		3			223.6	3	219.5	3	208.0	3	188.4	2
Total fixed income investments	$	8,386.4	100		%	8,334.1	100	7,908.0	100	7,811.8	100	7,710.3	100
Expected maturities of fixed income investments at carry value
Due in one year or less	$	638.3	8		%	670.4	8	634.2	8	607.9	8	526.6	7
Due after one year through five years	3,692.6		44			3,764.6	45	3,622.6	46	3,558.5	45	3,569.2	46
Due after five years through 10 years	3,072.8		37			3,072.6	37	2,872.1	36	2,882.5	37	2,862.5	37
Due after 10 years	982.7		12			826.5	10	779.1	10	762.9	10	751.9	10
Total fixed income investments	$	8,386.4	100		%	8,334.1	100	7,908.0	100	7,811.8	100	7,710.3	100
Weighted average credit quality of fixed income and short-term investments
Investment grade credit quality	$	8,577.3	97		%	8,591.0	97	8,002.7	96	7,747.0	96	7,721.4	96
Non-investment grade credit quality	308.9		3			298.7	3	311.3	4	301.4	4	287.9	4
Total fixed income and short-term investments, at fair value	$	8,886.2	100		%	8,889.7	100	8,314.0	100	8,048.4	100	8,009.3	100
Weighted average credit quality of fixed income and short-term investments	A+					AA-		AA-		A+		AA-
Alternative investments	December 31, 2024
							Current
	Number of		Original			Remaining	Market
Strategy	Funds		Commitment			Commitment	Value
Private equity	72		$	495.2		182.4	346.0
Private credit	20		167.7			99.2	52.1
Real assets	11		84.5			38.9	42.8
Total	103		$	747.4		320.5	440.9
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, 2024												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		140		120		1.2		5.0	6.4	9.9	—			120			—			—			—			—
	Foreign government obligations		11		9		0.1		5.4	5.1	6.1	1			2			4			3			—			—
	State and municipal obligations		484		451		4.7		4.5	5.9	8.6	69			209			156			17			—			—
	Corporate securities		3,206		3,093		32.1		5.5	4.4	5.7	39			338			1,353			1,174			187			1
	Mortgage-backed securities:
		Residential mortgage-backed securities ("RMBS"):
		Agency RMBS	1,247		1,155		12.0		5.4	5.7	8.3	—			1,155			—			—			—			—
		Non-agency RMBS	566		538		5.6		5.8	4.1	5.7	465			45			26			2			—			—
		Total RMBS	1,813		1,692		17.6		5.5	5.2	7.5	465			1,199			26			2			—			—
		Commercial mortgage-backed securities ("CMBS")
		Agency CMBS	173		164		1.7		4.9	4.6	6.1	20			144			—			—			—			—
		Non-agency CMBS	610		589		6.1		6.0	2.9	3.7	495			58			31			—			5			—
		Total CMBS	783		753		7.8		5.8	3.3	4.2	514			202			31			—			5			—
		Total mortgage-backed securities	2,595		2,445		25.4		5.6	4.6	6.5	980			1,402			57			2			5			—
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
		CLOs	864		851		8.8		6.3	2.8	5.0	432			267			50			38			33			31
		Commercial ABS	524		512		5.3		3.8	2.6	3.1	102			68			278			61			4			—
		Consumer ABS	403		396		4.1		2.5	0.9	1.5	264			76			50			6			1			—
		Other ABS	275		274		2.8		7.6	7.2	10.5	10			1			140			80			16			27
		Total CLOs and ABS	2,066		2,033		21.1		6.5	3.6	5.3	807			412			517			184			54			59
Total securitized assets			4,661		4,478		46.4		6.0	4.1	5.9	1,787			1,814			574			186			59			59
		Commercial mortgage loans	234		225		2.3		7.6	2.7	3.6	—			12			87			124			2			—
Total fixed income investments			8,735		8,377		86.9		5.8	4.3	6.0	1,895			2,495			2,175			1,504			248			60
		Short-term investments	509		509		5.3		4.3	0.0	0.0	508			—			1			—			1			—
		Total fixed income and short-term investments	9,245		8,886		92.2		5.7	4.0	5.6	2,403			2,495			2,175			1,504			249			60
Total fixed income securities and short-term investments by credit rating percentage												27.0		%	28.1		%	24.5		%	16.9		%	2.8		%	0.7		%
Equity securities:
	Common stock(1)		210		212		2.2		—	—	—	—			—			—			—			—			212
	Preferred stock		2		2		—		—	—	—	—			—			—			2			—			—
		Total equity securities	211		214		2.2		—	—	—	—			—			—			2			—			212
Alternative investments
		Private equity	346		346		3.6		—	—	—	—			—			—			—			—			346
		Private credit	52		52		0.5		—	—	—	—			—			—			—			—			52
		Real assets	43		43		0.4		—	—	—	—			—			—			—			—			43
		Total alternative investments	441		441		4.6		—	—	—	—			—			—			—			—			441
Other investments			101		101		1.0		—	—	—	—			—			—			—			—			101
Total invested assets			$	9,998	$	9,642	100.0	%	—	—	—	$	2,403		$	2,495		$	2,175		$	1,506		$	249		$	814
(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.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS TO NON-GAAP OPERATING INCOME (LOSS) 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)	2024		2024		2024		2024		2023		2024		2023
Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Net income (loss) available to common stockholders	$	93.2		90.0		(65.6)		80.2		122.5		197.8		356.0
Net realized and unrealized investment (gains) losses included in net income, before tax	8.0			(5.4)		(1.3)		1.6		(5.4)		2.9		3.6
Tax on reconciling items	(1.7)			1.1		0.3		(0.3)		1.1		(0.6)		(0.7)
Non-GAAP operating income (loss)	$	99.6		85.7		(66.6)		81.5		118.3		200.1		358.8
Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share
Net income (loss) available to common stockholders per diluted common share	$	1.52		1.47		(1.08)		1.31		2.01		3.23		5.84
Net realized and unrealized investment (gains) losses included in net income, before tax	0.13			(0.09)		(0.02)		0.03		(0.09)		0.05		0.06
Tax on reconciling items	(0.03)			0.02		—		(0.01)		0.02		(0.01)		(0.01)
Non-GAAP operating income (loss) per diluted common share	$	1.62		1.40		(1.10)		1.33		1.94		3.27		5.89
Reconciliation of ROE to non-GAAP operating ROE
ROE	12.7			12.6		(9.5)		11.5		18.9		7.0		14.3
Net realized and unrealized investment (gains) losses included in net income, before tax	1.1			(0.8)		(0.2)		0.2		(0.8)		0.1		0.1
Tax on reconciling items	(0.3)			0.3		0.1		—		0.1		—		—
Non-GAAP operating ROE	13.5			12.1		(9.6)		11.7		18.2		7.1		14.4
Reconciliation of book value per common share to adjusted book value per common share
Book value per common share	$	47.99		48.82		44.74		46.17		45.42		47.99		45.42
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax	5.21			2.50		6.25		6.08		5.83		5.21		5.83
Tax on reconciling items	(1.10)			(0.52)		(1.32)		(1.28)		(1.22)		(1.10)		(1.22)
Adjusted book value per common share	$	52.10		50.80		49.67		50.97		50.03		52.10		50.03
Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity are measures comparable to net income (loss) available to common stockholders, net income (loss) 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 (loss). 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 income (loss). 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 (loss) available to common stockholders, net income (loss) 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 (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, return on common equity, and book value per common share to non-GAAP operating income (loss), non-GAAP operating income (loss) 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.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION

Address:	As of December 31, 2024
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
Brad B. Wilson	EQ Shareowner Services
Senior Vice President	P.O. Box 64854
Investor Relations & Treasurer	St. Paul, MN 55164
Phone: 973-948-1283	866-877-6351
Brad.Wilson@Selective.com
Media Contact:
Jamie M. Beal
Vice President
Director of Communications
Phone: 973-948-1234
Jamie.Beal@Selective.com

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