Selective Insurance (SIGI) 8-K Selective Reports First Quarter 2016 Net Income per Diluted Share of $0.63 and Operating Income1 per Diluted Share up 38% to $0.66

EXHIBIT 99.2

 

 

Supplemental Investor Package

First Quarter 2016

Investor Contact:

Dale Thatcher

Tel: 973-948-3000

Investor.Relations@selective.com

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Selected Balance Sheet Data

(unaudited)

	March 31,							March 31,							December 31,
($ in thousands, except per share data)	2016							2015							2015
						Unrecognized/							Unrecognized/							Unrecognized/
	Balance			Market		Unrealized		Balance			Market		Unrealized		Balance			Market		Unrealized
	Sheet			Value		Gain		Sheet			Value		Gain		Sheet			Value		Gain
Invested Assets:
Corporate bonds 1	$	3,073,489			3,076,144		53,348	$	2,757,212			2,761,191		69,590	$	2,955,001			2,957,427		8,276
Government and Municipal bonds		1,690,552			1,695,583		70,315		1,713,587			1,724,144		60,852		1,654,556			1,660,320		55,901
Total fixed income securities		4,764,041			4,771,727		123,663		4,470,799			4,485,335		130,442		4,609,557			4,617,747		64,177
Equities		215,789			215,789		21,611		211,571			211,571		11,954		207,051			207,051		13,235
Short-term investments		103,132			103,132		-		124,376			124,376		-		194,819			194,819		-
Other investments		80,916			80,916		-		95,020			95,020		-		77,842			77,842		-
Total invested assets	$	5,163,878			5,171,564		145,274	$	4,901,766			4,916,302		142,396	$	5,089,269			5,097,459		77,412
Invested assets per $ of stockholders' equity		3.50							3.72							3.64
Total assets		7,022,492							6,694,662							6,904,433
Liabilities:
Reserve for loss and loss expenses		3,575,496							3,516,268							3,517,728
Unearned premium reserve		1,209,377							1,132,733							1,169,710
Total liabilities		5,546,527							5,378,724							5,506,392
Stockholders' equity		1,475,965							1,315,938							1,398,041
Total debt to capitalization ratio		20.8	%						22.8	%						21.7	%
Book value per share		25.61							23.11							24.37
Book value per share excluding unrealized gain or loss on fixed income portfolio		24.30							21.78							23.74
NPW per insurance segment employee		999							926							979
Statutory premiums to surplus ratio		1.4	x						1.5	x						1.5	x
Statutory surplus		1,461,326							1,322,422							1,426,320

¹Includes mortgage-backed and asset-backed securities.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Selected Income Statement Data

(unaudited)

		Quarter Ended March 31,
($ in thousands, except per share amounts)		2016						2015
					Per diluted share						Per diluted share
Consolidated
Revenue		$	551,474					$	523,892
Operating income			38,790			0.66			27,434			0.48
Net realized (losses) gains, after tax			(1,758	)		(0.03	)		12,274			0.21
Net income			37,032			0.63			39,708			0.69
Operating return on equity			10.8	%					8.5	%
Total Insurance Operations
Gross premiums written			652,598						604,864
Net premiums written			565,359						518,088
Net premiums earned			522,458						476,123
Underwriting gain	- before tax		40,955						26,021
	- after tax		26,621			0.46			16,914			0.29
GAAP combined ratio			92.2	%					94.5	%
Standard Commercial Lines
Net premiums earned			402,889						365,533
GAAP combined ratio			92.3	%					91.8	%
Standard Personal Lines
Net premiums earned			70,205						72,479
GAAP combined ratio			87.7	%					103.4	%
Excess and Surplus Lines
Net premiums earned			49,364						38,111
GAAP combined ratio			97.1	%					104.1	%
Investments
Net investment income	- before tax		30,769						26,917
	- after tax		23,560			0.40			21,208			0.37
Effective tax rate			23.4	%					21.2	%
Annualized after-tax yield on investment portfolio			1.8	%					1.7	%
Annualized after-tax, after-interest expense yield			1.6	%					1.5	%
Invested assets per $ of stockholders' equity			3.50						3.72
Other expenses (net of other income)
Interest expense	- before tax		(5,606	)					(5,604	)
	- after tax		(3,644	)		(0.06	)		(3,642	)		(0.06	)
Other expense - after tax		$	(7,747	)		(0.14	)	$	(7,046	)		(0.12	)
Diluted weighted avg shares outstanding			58,507						57,720

Selective Insurance Group, Inc. & Consolidated Subsidiaries

GAAP Insurance Operations Results

(unaudited)

Year-to-Date ($ in thousands)	Year-to-Date March 31, 2016												Year-to-Date March 31, 2015
	Standard Commercial Lines			Standard Personal Lines			Excess & Surplus Lines			Grand Total			Standard Commercial Lines			Standard Personal Lines			Excess & Surplus Lines			Grand Total
Net Premiums Written		455,063			61,969			48,327			565,359			415,258			65,024			37,806			518,088
Net Premiums Earned		402,889			70,205			49,364			522,458			365,533			72,479			38,111			476,123
Loss and Loss Expense Incurred		223,350			39,695			34,099			297,144			206,148			52,969			25,882			284,999
Net Underwriting Expenses Incurred		146,954			21,905			13,847			182,706			127,824			21,976			13,778			163,578
Dividends to Policyholders		1,653			-			-			1,653			1,525			-			-			1,525
GAAP Underwriting Gain (Loss)		30,932			8,605			1,418			40,955			30,036			(2,466	)		(1,549	)		26,021
GAAP Ratios
Loss and Loss Expense Ratio		55.4	%		56.5	%		69.1	%		56.9	%		56.4	%		73.1	%		67.9	%		59.9	%
Underwriting Expense Ratio		36.5	%		31.2	%		28.0	%		35.0	%		35.0	%		30.3	%		36.2	%		34.3	%
Dividends to Policyholders Ratio		0.4	%		0.0	%		0.0	%		0.3	%		0.4	%		0.0	%		0.0	%		0.3	%
Combined Ratio		92.3	%		87.7	%		97.1	%		92.2	%		91.8	%		103.4	%		104.1	%		94.5	%

Selective Insurance Group, Inc. and Consolidated Subsidiaries

GAAP Investment Income

March 2016 (unaudited)

	Quarter Ended						%
	March			March			Increase
($ in thousands, except per share data)	2016			2015			(Decrease)
Investment Income:
Interest:
Fixed Income Securities	$	31,644			30,967			2
Short-term		159			25			536
Other Investments		(1,066	)		(3,540	)		70
Dividends		2,230			1,792			24
		32,967			29,244			13
Investment Expense		2,198			2,327			(6	)
Net Investment Income Before Tax		30,769			26,917			14
Tax		7,209			5,709			26
Net Investment Income After Tax	$	23,560			21,208			11
Net Investment Income per Share	$	0.40			0.37			8
Effective Tax Rate		23.4	%		21.2	%
Average Yields:
Fixed Income Securities:
Pre Tax		2.70	%		2.80	%
After Tax		2.02	%		2.12	%
Portfolio:
Pre Tax		2.40	%		2.22	%
After Tax		1.84	%		1.75	%
		Quarter Ended
		March			March
Net Realized Gains (Losses)		2016			2015
Fixed Income Securities		(390	)		379
Equity Securities		(2,310	)		19,158
Other Investments		(4	)		(654	)
Total		(2,704	)		18,883
Net of Tax		(1,758	)		12,274

As of March 31, 2016 year-to-date new money rates for fixed income securities were 2.7% on a pre-tax basis and 1.9% on an after-tax basis.

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2016 Statutory Results by Line of Business

Year-to-date March 2016 (unaudited)

($ in thousands)	Net Premiums Written		Percent Change			Net Premiums Earned		Percent Change			Loss Ratio			LAE Ratio			Underwriting Expense Ratio			Dividends to Policyholders Ratio			Combined Ratio 2016			Combined Ratio 2015			Underwriting Gain (Loss)
Standard Personal Lines:
Homeowners	$	26,573		(5.4	)%	$	32,900		(2.4	)%		36.9	%		8.1	%		41.5	%		0.0	%		86.5	%		113.7	%	$	7,072
Auto		34,024		(4.4	)%		35,780		(3.3	)%		57.7	%		11.1	%		36.1	%		0.0	%		104.9	%		106.7	%		(1,121	)
Other (including flood)		1,372		0.4	%		1,525		(12.8	)%		60.4	%		(39.7	)%		(162.7	)%		0.0	%		(142.0	)%		(118.4	)%		3,443
Total	$	61,969		(4.7	)%	$	70,205		(3.1	)%		48.0	%		8.5	%		34.1	%		0.0	%		90.6	%		105.1	%	$	9,394
Standard Commercial Lines:
Commercial property	$	75,644		6.7	%	$	70,178		8.7	%		47.6	%		4.7	%		39.1	%		0.4	%		91.8	%		98.5	%	$	3,600
Workers compensation		91,312		9.0	%		76,000		11.0	%		40.0	%		14.0	%		26.2	%		0.9	%		81.1	%		90.7	%		10,364
General liability		144,706		10.9	%		128,085		11.4	%		36.7	%		11.4	%		35.1	%		0.2	%		83.4	%		73.0	%		15,410
Auto		108,208		12.0	%		95,419		10.5	%		63.4	%		8.8	%		32.3	%		0.4	%		104.9	%		99.4	%		(8,829	)
Businessowners' policies		24,794		2.2	%		23,904		5.3	%		43.2	%		11.5	%		40.3	%		0.0	%		95.0	%		118.8	%		847
Bonds		5,925		13.7	%		5,464		9.3	%		12.8	%		7.5	%		61.3	%		0.0	%		81.6	%		84.6	%		726
Other		4,474		11.2	%		3,839		10.7	%		(1.2	)%		0.2	%		54.8	%		0.0	%		53.8	%		52.4	%		1,425
Total	$	455,063		9.6	%	$	402,889		10.2	%		45.3	%		9.9	%		34.1	%		0.4	%		89.7	%		89.7	%	$	23,543
E&S	$	48,327		27.8	%	$	49,364		29.5	%		49.4	%		19.5	%		29.5	%		0.0	%		98.4	%		102.1	%	$	1,095
Total Insurance Operations	$	565,359		9.1	%	$	522,458		9.7	%		46.0	%		10.7	%		33.7	%		0.3	%		90.7	%		93.0	%	$	34,032
Note: Some amounts may not foot due to rounding.
				2016			2015
		Losses Paid	$	210,673		$	194,366
		LAE Paid		46,124			44,994
		Total Paid	$	256,797		$	239,360

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2016 Net Catastrophe Losses and Prior Year Casualty Reserve Development

Statutory Results by Line of Business

(unaudited)

	Year-to-Date
Net Catastrophe Losses Incurred	March 31, 2016						March 31, 2015
($ in thousands)	Loss and Loss Expense Incurred			Impact on Loss and Loss Expense Ratio			Loss and Loss Expense Incurred			Impact on Loss and Loss Expense Ratio
Standard Personal Lines	$	2,225			3.2	%	$	6,318			8.7	%
Standard Commercial Lines	$	11,649			2.9	%	$	18,650			5.1	%
E&S	$	495			1.0	%	$	352			0.9	%
Total Insurance Operations	$	14,369			2.8	%	$	25,320			5.3	%
Prior Year Casualty Reserve Development		Year-to-Date
(Favorable) / Unfavorable		March 31, 2016						March 31, 2015
($ in thousands)		Loss and Loss Expense Incurred			Impact on Loss and Loss Expense Ratio			Loss and Loss Expense Incurred			Impact on Loss and Loss Expense Ratio
Standard Personal Lines	$	-			0.0	%	$	-			0.0	%
Standard Commercial Lines	$	(18,000	)		(4.5	)%	$	(21,000	)		(5.7	)%
E&S	$	1,000			2.0	%	$	1,000			2.6	%
Total Insurance Operations	$	(17,000	)		(3.3	)%	$	(20,000	)		(4.2	)%

Note: Some amounts may not foot due to rounding.

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Consolidated Balance Sheets
	Unaudited
($ in thousands, except share amounts)	March 31, 2016			December 31, 2015
ASSETS
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value:  $171,259 – 2016; $209,544 – 2015)	$	163,573			201,354
Fixed income securities, available-for-sale – at fair value (amortized cost: $4,484,719 – 2016; $4,352,514 – 2015)		4,600,468			4,408,203
Equity securities, available-for-sale – at fair value (cost:  $194,178 – 2016; $193,816 – 2015)		215,789			207,051
Short-term investments (at cost which approximates fair value)		103,132			194,819
Other investments		80,916			77,842
Total investments		5,163,878			5,089,269
Cash		683			898
Interest and dividends due or accrued		37,959			38,501
Premiums receivable, net of allowance for uncollectible accounts of:  $4,063 – 2016; $4,422 – 2015		654,344			615,164
Reinsurance recoverables, net of allowance for uncollectible accounts of: $6,000 – 2016; $5,700 – 2015		577,346			561,968
Prepaid reinsurance premiums		137,655			140,889
Deferred federal income tax		67,479			92,696
Property and equipment – at cost, net of accumulated depreciation and amortization of: $192,675 – 2016; $188,548 – 2015		65,164			65,701
Deferred policy acquisition costs		220,948			213,159
Goodwill		7,849			7,849
Other assets		89,187			78,339
Total assets	$	7,022,492			6,904,433
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserve for loss and loss expenses	$	3,575,496			3,517,728
Unearned premiums		1,209,377			1,169,710
Short-term debt		60,000			60,000
Long-term debt		328,313			328,192
Current federal income tax		11,979			7,442
Accrued salaries and benefits		140,221			167,336
Other liabilities		221,141			255,984
Total liabilities	$	5,546,527			5,506,392
Stockholders’ Equity:
Preferred stock of $0 par value per share:	$	—			—
Authorized shares 5,000,000; no shares issued or outstanding
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 101,258,870 – 2016; 100,861,372 – 2015		202,518			201,723
Additional paid-in capital		333,965			326,656
Retained earnings		1,474,435			1,446,192
Accumulated other comprehensive income (loss)		35,997			(9,425	)
Treasury stock – at cost (shares:  43,622,892 – 2016; 43,500,642 – 2015)		(570,950	)		(567,105	)
Total stockholders’ equity	$	1,475,965			1,398,041
Commitments and contingencies
Total liabilities and stockholders’ equity	$	7,022,492			6,904,433

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Income
	Quarter Ended March 31,
($ in thousands, except per share amounts)	2016			2015
Revenues:
Net premiums earned	$	522,458			476,123
Net investment income earned		30,769			26,917
Net realized (losses) gains:
Net realized investment gains		889			20,977
Other-than-temporary impairments		(3,593	)		(2,094	)
Total net realized (losses) gains		(2,704	)		18,883
Other income		951			1,969
Total revenues		551,474			523,892
Expenses:
Loss and loss expense incurred		297,144			284,999
Policy acquisition costs		183,227			164,723
Interest expense		5,606			5,604
Other expenses		13,622			12,276
Total expenses		499,599			467,602
Income before federal income tax		51,875			56,290
Federal income tax expense:
Current		14,084			12,254
Deferred		759			4,328
Total federal income tax expense		14,843			16,582
Net income	$	37,032			39,708
Earnings per share:
Basic net income	$	0.64			0.70
Diluted net income	$	0.63			0.69
Dividends to stockholders	$	0.15			0.14

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Comprehensive Income
	Quarter Ended March 31,
($ in thousands)	2016			2015
Net income	$	37,032			39,708
Other comprehensive income, net of tax:
Unrealized gains on investment securities:
Unrealized holding gains arising during period		42,729			15,586
Amount reclassified into net income:
Held-to-maturity securities		(47	)		(170	)
Non-credit other-than-temporary impairments		—			232
Realized losses (gains) on available-for-sale securities		1,754			(12,932	)
Total unrealized gains on investment securities		44,436			2,716
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss		986			1,111
Total defined benefit pension and post-retirement plans		986			1,111
Other comprehensive income		45,422			3,827
Comprehensive income	$	82,454			43,535

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Stockholders’ Equity
	Quarter Ended March 31,
($ in thousands)	2016			2015
Common stock:
Beginning of year	$	201,723			199,896
Dividend reinvestment plan (shares:  10,931 – 2016; 13,533 – 2015)		22			27
Stock purchase and compensation plans (shares:  386,567 – 2016; 469,014 – 2015)		773			938
End of period		202,518			200,861
Additional paid-in capital:
Beginning of year		326,656			305,385
Dividend reinvestment plan		351			346
Stock purchase and compensation plans		6,958			7,199
End of period		333,965			312,930
Retained earnings:
Beginning of year		1,446,192			1,313,440
Net income		37,032			39,708
Dividends to stockholders ($0.15 per share – 2016; $0.14 per share – 2015)		(8,789	)		(8,113	)
End of period		1,474,435			1,345,035
Accumulated other comprehensive income:
Beginning of year		(9,425	)		19,788
Other comprehensive income		45,422			3,827
End of period		35,997			23,615
Treasury stock:
Beginning of year		(567,105	)		(562,923	)
Acquisition of treasury stock (shares: 122,250 – 2016; 129,257 – 2015)		(3,845	)		(3,580	)
End of period		(570,950	)		(566,503	)
Total stockholders’ equity	$	1,475,965			1,315,938

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Cash Flow
	Quarter Ended March 31,
($ in thousands)	2016			2015
Operating Activities
Net income	$	37,032			39,708
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		14,627			14,041
Stock-based compensation expense		4,377			3,681
Undistributed losses of equity method investments		1,066			3,541
Net realized gains		2,704			(18,883	)
Changes in assets and liabilities:
Increase in reserve for loss and loss expenses, net of reinsurance recoverables		42,390			44,964
Increase in unearned premiums, net of prepaid reinsurance		42,901			41,966
Decrease in net federal income taxes		5,296			11,034
Increase in premiums receivable		(39,180	)		(38,110	)
Increase in deferred policy acquisition costs		(7,789	)		(6,348	)
Decrease in interest and dividends due or accrued		528			510
Decrease in accrued salaries and benefits		(27,115	)		(16,290	)
Increase in other assets		(10,128	)		(5,578	)
Decrease in other liabilities		(52,902	)		(13,662	)
Net adjustments		(23,225	)		20,866
Net cash provided by operating activities		13,807			60,574
Investing Activities
Purchase of fixed income securities, available-for-sale		(264,828	)		(238,000	)
Purchase of equity securities, available-for-sale		(7,574	)		(150,500	)
Purchase of other investments		(12,723	)		(1,724	)
Purchase of short-term investments		(303,228	)		(333,550	)
Sale of fixed income securities, available-for-sale		12,905			9,305
Sale of short-term investments		394,915			341,146
Redemption and maturities of fixed income securities, held-to-maturity		37,400			20,720
Redemption and maturities of fixed income securities, available-for-sale		130,641			145,661
Sale of equity securities, available-for-sale		4,285			129,052
Distributions from other investments		7,994			5,845
Purchase of property and equipment		(3,439	)		(4,064	)
Net cash used in investing activities		(3,652	)		(76,109	)
Financing Activities
Dividends to stockholders		(8,270	)		(7,591	)
Acquisition of treasury stock		(3,845	)		(3,580	)
Net proceeds from stock purchase and compensation plans		1,478			2,271
Proceeds from borrowings		25,000			15,000
Repayments of borrowings		(25,000	)		—
Excess tax benefits from share-based payment arrangements		1,361			1,398
Repayments of capital lease obligations		(1,094	)		(1,118	)
Net cash (used in) provided by financing activities		(10,370	)		6,380
Net decrease in cash		(215	)		(9,155	)
Cash, beginning of year		898			23,959
Cash, end of period	$	683			14,804

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

Statutory Balance Sheets

(unaudited)

	March 31,			March 31,		December 31,
($ in thousands)	2016			2015		2015
ASSETS
Bonds	$	4,583,540			4,299,029		4,491,136
Common stocks		202,619			190,937		194,789
Preferred stocks		12,807			20,521		11,856
Affiliated mortgage loan		34,957			35,765		35,163
Other investments		130,365			147,468		128,788
Short-term investments		81,011			113,117		165,678
Total investments		5,045,299			4,806,837		5,027,410
Cash on hand and in banks		(12,429	)		1,538		(34,378	)
Interest and dividends due and accrued		37,891			38,376		38,466
Premiums receivable		649,660			593,248		609,146
Reinsurance recoverable on paid losses and expenses		9,025			10,919		10,949
Deferred tax recoverable		144,761			143,060		142,066
EDP equipment		397			460		390
Equities and deposits in pools and associations		10,864			10,373		10,920
Receivable for sold securities		647			8		17
Other assets		28,245			27,206		28,300
Total assets	$	5,914,360			5,632,025		5,833,286
LIABILITIES
Reserve for losses	$	2,456,286			2,432,544		2,426,583
Reinsurance payable on paid loss and loss expense		3,057			3,297		2,841
Reserve for loss expenses		534,949			505,752		525,322
Unearned premiums		1,071,722			990,791		1,028,820
Reserve for commissions payable		50,382			46,691		89,740
Ceded balances payable		41,112			29,303		37,222
Federal income tax payable		34,247			23,786		25,644
Premium and other taxes payable		19,411			19,450		23,998
Borrowed money		60,031			60,031		60,031
Reserve for dividends to policyholders		6,439			4,486		5,805
Reserves for unauthorized reinsurance		2,030			7,661		2,030
Payable for securities		25,563			31,790		6,204
Funds withheld on account of others		7,928			7,485		6,806
Accrued salaries and benefits		52,230			48,287		77,933
Other liabilities		87,647			98,249		87,987
Total liabilities		4,453,034			4,309,603		4,406,966
POLICYHOLDERS' SURPLUS
Capital		42,725			42,725		42,725
Paid in surplus		492,869			492,869		492,869
Unassigned surplus		925,732			786,828		890,726
Total policyholders' surplus		1,461,326			1,322,422		1,426,320
Total liabilities and policyholders' surplus	$	5,914,360			5,632,025		5,833,286

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

Statutory Statements Of Income

(unaudited)

	Quarter Ended March
($ in thousands)	2016					2015
UNDERWRITING
Net premiums written	$	565,359					518,088
Net premiums earned		522,458					476,123
Net losses paid		210,673					194,366
Change in reserve for losses		29,703					34,014
Net losses incurred		240,376		46.0	%		228,380		48.0	%
Net loss expenses paid		46,124					44,994
Change in reserve for loss expenses		9,627					12,243
Net loss expenses incurred		55,751		10.7	%		57,237		12.0	%
Net underwriting expenses incurred		190,917		33.7	%		170,938		33.0	%
Total deductions		487,044					456,555
Statutory underwriting gain		35,414					19,568
Net loss from premium balances charged off		(691	)				(610	)
Finance charges and other income		962					1,994
Total other income		271		0.0	%		1,384		-0.3	%
Policyholders' dividends incurred		(1,653	)	0.3	%		(1,525	)	0.3	%
Total underwriting gain		34,032		90.7	%		19,427		93.0	%
INVESTMENT
Net investment income earned		30,623					27,127
Net realized gain		(2,704	)				18,883
Total income before income tax		61,951					65,437
Federal income tax expense		16,603					7,261
Net income	$	45,348					58,176
Policyholders' Surplus
Surplus, beginning of period	$	1,426,320					1,307,842
Net income		45,348					58,176
Change in deferred taxes		352					(10,194	)
Change in net unrealized capital gains (losses)		5,311					(12,910	)
Dividends to stockholders		(15,254	)				(14,438	)
Change in non-admitted assets		(2,182	)				(7,669	)
Change in Overfunded Contra Asset		(1,047	)				(281	)
Qual Pen Trans Liab		2,456					1,846
Excess Plan Trans Liab		19					43
PRL Plan Trans Liab		3					7
Net change in surplus for period		35,006					14,580
Surplus, end of period	$	1,461,326					1,322,422
Statutory underwriting gain	$	34,032					19,427
Adjustments under GAAP:
Deferred policy acquisition costs		7,789					6,348
Other, net		(866	)				246
GAAP underwriting gain	$	40,955					26,021

Note: Some amounts or ratios may not foot due to rounding

Selective Insurance Group, Inc. and Consolidated Subsidiaries

Alternative Investments

March 31, 2016

(unaudited)

	Number	Original	Remaining	Current
Strategy	of Funds	Commitment	Commitment	Market Value
Private Equity	9	111,498,351	28,750,146	32,478,105
Private Credit	7	80,000,000	25,129,467	21,938,463
Real Assets	7	100,000,000	28,558,441	16,792,100
TOTAL - ALTERNATIVE INVESTMENTS	23	291,498,351	82,438,054	71,208,668

 

Exhibit may not foot due to rounding