Selective Insurance (SIGI) 8-K Selective Reports First Quarter 2017 Net Income per Diluted Share of $0.85 and Operating Income1 per Diluted Share of $0.86

Exhibit 99.2

 

Supplemental Investor Package

________________________________________________

First Quarter 2017

Investor Contact:

Rohan Pai

Senior Vice President, Investor Relations and Treasurer

Tel: 973-948-1364

Rohan.Pai @selective.com

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Selected Balance Sheet Data

(unaudited)

	March 31,							March 31,							December 31,
($ in thousands, except per share amounts)	2017							2016							2016
						Unrecognized/							Unrecognized/							Unrecognized/
	Balance			Market		Unrealized		Balance			Market		Unrealized		Balance			Market		Unrealized
	Sheet			Value		Gain		Sheet			Value		Gain		Sheet			Value		Gain
Invested Assets:
Corporate bonds1	$	3,480,965			3,482,488		34,897		3,073,489			3,076,144		53,348	$	3,332,522			3,334,044		24,339
Government and Municipal bonds		1,470,876			1,472,856		30,350		1,690,552			1,695,583		70,315		1,561,574			1,563,707		18,255
Total fixed income securities		4,951,841			4,955,344		65,247		4,764,041			4,771,727		123,663		4,894,096			4,897,751		42,594
Equities		154,918			154,918		30,304		215,789			215,789		21,611		146,753			146,753		25,864
Short-term investments		247,207			247,207		-		103,132			103,132		-		221,701			221,701		-
Other investments		106,796			106,796		-		80,916			80,916		-		102,397			102,397		-
Total invested assets	$	5,460,762			5,464,265		95,551		5,163,878			5,171,564		145,274	$	5,364,947			5,368,602		68,458
Invested assets per $ of stockholders' equity		3.43							3.50							3.50
Total assets		7,404,096							7,022,492							7,355,848
Liabilities:
Reserve for losses and loss expenses		3,679,471							3,575,496							3,691,719
Unearned premium reserve		1,299,823							1,209,377							1,262,819
Total liabilities		5,811,517							5,546,527							5,824,478
Stockholders' equity		1,592,579							1,475,965							1,531,370
Total debt-to-capitalization ratio		21.6	%						20.8	%						22.3	%
Book value per share		27.34							25.61							26.42
Book value per share excluding
unrealized gain or loss on bond portfolio		26.65							24.30							25.98
NPW per insurance segment employee		1,043							999							1,028
Statutory premiums to surplus ratio		1.4	x						1.4	x						1.4	x
Statutory surplus		1,622,268							1,461,326							1,583,781

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)		2017						2016
					Per diluted share						Per diluted share
Consolidated
Revenue		$	600,469					$	551,474
Net income			50,440			0.85			37,032			0.63
Exclude: Net realized losses			1,045			0.02			2,704			0.05
Exclude: Tax on net realized losses			(366	)		(0.01	)		(946	)		(0.02	)
Operating income			51,119			0.86			38,790			0.66
Total Insurance Operations
Gross premiums written		$	689,511						652,598
Net premiums written			598,704						565,359
Net premiums earned			560,854						522,458
Underwriting gain	- before tax		49,222						40,955
	- after tax		31,994			0.54			26,621			0.46
GAAP combined ratio			91.2	%					92.2	%
Standard Commercial Lines
Net premiums earned		$	438,414						402,889
GAAP combined ratio			90.3	%					92.3	%
Standard Personal Lines
Net premiums earned		$	71,201						70,205
GAAP combined ratio			92.8	%					87.7	%
Excess and Surplus Lines
Net premiums earned		$	51,239						49,364
GAAP combined ratio			96.9	%					97.1	%
Investments
Net investment income	- before tax	$	37,419						30,769
	- after tax		27,451			0.46			23,560			0.40
Effective tax rate			26.6	%					23.4	%
Annual after-tax yield on investment portfolio			2.0	%					1.8	%
Annual after-tax, after-interest expense yield			1.7	%					1.6	%
Invested assets per $ of stockholders' equity			3.43						3.50
Other expenses (net of other income)
Interest expense	- before tax	$	(6,106	)					(5,606	)
	- after tax		(3,969	)		(0.07	)		(3,644	)		(0.06	)
Other expense - after tax			(4,357	)		(0.07	)	$	(7,747	)		(0.14	)
Diluted weighted avg shares outstanding			59,148						58,507

Selective Insurance Group, Inc. & Consolidated Subsidiaries

GAAP Insurance Operations Results

(unaudited)

($ in thousands)	Quarter Ended March 31, 2017												Quarter Ended March 31, 2016
	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	$	483,548			64,696			50,460			598,704		$	455,063			61,969			48,327			565,359
Net Premiums Earned		438,414			71,201			51,239			560,854			402,889			70,205			49,364			522,458
Losses and Loss Expenses Incurred		241,564			44,290			31,618			317,472			223,350			39,695			34,099			297,144
Net Underwriting Expenses Incurred		154,401			21,805			18,051			194,257			146,954			21,905			13,847			182,706
Dividends to Policyholders		(97	)		-			-			(97	)		1,653			-			-			1,653
GAAP Underwriting Gain	$	42,546			5,106			1,570			49,222		$	30,932			8,605			1,418			40,955
GAAP Ratios
Loss and Loss Expense Ratio		55.1	%		62.2	%		61.7	%		56.6	%		55.4	%		56.5	%		69.1	%		56.9	%
Underwriting Expense Ratio		35.2	%		30.6	%		35.2	%		34.6	%		36.5	%		31.2	%		28.0	%		35.0	%
Dividends to Policyholders Ratio		0.0	%		0.0	%		0.0	%		0.0	%		0.4	%		0.0	%		0.0	%		0.3	%
Combined Ratio		90.3	%		92.8	%		96.9	%		91.2	%		92.3	%		87.7	%		97.1	%		92.2	%

Selective Insurance Group, Inc. and Consolidated Subsidiaries

GAAP Investment Income

March 2017 (unaudited)

	Quarter Ended						%
	March			March			Increase
($ in thousands, except per share data)	2017			2016			(Decrease)
Investment Income:
Interest:
Fixed Income Securities	$	36,891			31,644			17
Short-term		250			159			57
Other Investments		1,603			(1,066	)		250
Dividends		1,468			2,230			(34	)
		40,212			32,967			22
Investment Expense		2,793			2,198			27
Net Investment Income Before Tax		37,419			30,769			22
Tax		9,968			7,209			38
Net Investment Income After Tax	$	27,451			23,560			17
Net Investment Income per Share	$	0.46			0.40			15
Effective Tax Rate		26.6	%		23.4	%
Average Yields:
Fixed Income Securities:
Pre Tax		3.00	%		2.70	%
After Tax		2.18	%		2.02	%
Portfolio:
Pre Tax		2.77	%		2.40	%
After Tax		2.03	%		1.84	%
		Quarter Ended
		March			March
Net Realized Losses		2017			2016
Fixed Income Securities		(196	)		(390	)
Equity Securities		(1,314	)		(2,310	)
Other Investments		465			(4	)
Total		(1,045	)		(2,704	)
Net of Tax		(679	)		(1,758	)

Year-to-date as of March 31, 2017, new money rates for fixed income securities were 3.1% on a pre-tax basis and 2.1% on an after-tax basis.

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2017 Statutory Results by Line of Business

Quarter Ended March 2017 (unaudited)

	Net					Net											Underwriting			Dividends to			Combined			Combined
	Premiums		Percent			Premiums		Percent			Loss			LAE			Expense			Policyholders			Ratio			Ratio			Underwriting
($ in thousands)	Written		Change			Earned		Change			Ratio			Ratio			Ratio			Ratio			2017			2016			Gain/(Loss)
Standard Personal Lines:
Homeowners	$	26,535		(0.1	)%	$	32,700		(0.6	)%		38.8	%		8.5	%		39.2	%		0.0	%		86.5	%		86.5	%	$	6,830
Auto		36,719		7.9	%		36,950		3.3	%		65.9	%		10.9	%		33.4	%		0.0	%		110.1	%		104.9	%		(3,673	)
Other (including flood)		1,441		5.1	%		1,551		1.7	%		54.9	%		(24.6	)%		(151.2	)%		0.0	%		(120.9	)%		(142.0	)%		3,260
Total	$	64,696		4.4	%	$	71,201		1.4	%		53.2	%		9.0	%		31.7	%		0.0	%		93.9	%		90.6	%	$	6,418
Standard Commercial Lines:
Commercial property	$	80,503		6.4	%	$	76,391		8.9	%		43.3	%		5.2	%		37.6	%		(0.4	)%		85.8	%		91.8	%	$	9,319
Workers compensation		91,840		0.6	%		79,326		4.4	%		54.9	%		13.6	%		26.0	%		1.1	%		95.6	%		81.1	%		245
General liability		155,137		7.2	%		139,984		9.3	%		31.9	%		7.5	%		34.1	%		(0.2	)%		73.2	%		83.4	%		32,295
Auto		117,387		8.5	%		107,129		12.3	%		63.7	%		10.4	%		32.0	%		(0.3	)%		105.7	%		104.9	%		(9,384	)
Businessowners' policies		26,201		5.7	%		24,845		3.9	%		46.3	%		11.3	%		37.2	%		0.0	%		94.8	%		95.0	%		793
Bonds		7,792		31.5	%		6,498		18.9	%		11.1	%		6.5	%		51.9	%		0.0	%		69.4	%		81.6	%		1,315
Other		4,690		4.8	%		4,241		10.5	%		(0.2	)%		0.3	%		54.8	%		0.0	%		55.1	%		53.8	%		1,660
Total	$	483,548		6.3	%	$	438,414		8.8	%		46.0	%		9.1	%		33.2	%		(0.0	)%		88.3	%		89.7	%	$	36,244
E&S		50,460		4.4	%		51,239		3.8	%		45.5	%		16.3	%		34.1	%		0.0	%		95.9	%		98.4	%		2,347
Total Insurance Operations	$	598,704		5.9	%	$	560,854		7.3	%		46.9	%		9.7	%		33.1	%		(0.0	)%		89.7	%		90.7	%	$	45,009
Note: Some amounts may not foot due to rounding.
				2017			2016
		Losses Paid		241,979			210,673
		LAE Paid		48,513			46,124
		Total Paid	$	290,492		$	256,797

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2017 Net Catastrophe Losses and Prior Year Casualty Reserve Development

Statutory Results by Line of Business

(unaudited)

	Quarter Ended
Net Catastrophe Losses Incurred	March 31, 2017					March 31, 2016
($ in thousands)	Losses and Loss Expenses Incurred		Impact on Losses and Loss Expense Ratio			Losses and Loss Expenses Incurred		Impact on Losses and Loss Expense Ratio
Standard Personal Lines	$	3,909		5.5	%	$	2,225		3.2	%
Standard Commercial Lines		6,899		1.6	%		11,649		2.9	%
E&S		1,403		2.7	%		495		1.0	%
Total Insurance Operations	$	12,212		2.2	%	$	14,369		2.8	%

Prior Year Casualty Reserve Development	Quarter Ended
(Favorable) / Unfavorable	March 31, 2017						March 31, 2016
($ in thousands)	Losses and Loss Expenses Incurred			Impact on Losses and Loss Expense Ratio			Losses and Loss Expenses Incurred			Impact on Losses and Loss Expense Ratio
Standard Personal Lines	$	2,000			2.8	%	$	-			0.0	%
Standard Commercial Lines		(16,400	)		(3.7	)%		(18,000	)		(4.5	)%
E&S		-			0.0	%		1,000			2.0	%
Total Insurance Operations	$	(14,400	)		(2.6	)%	$	(17,000	)		(3.3	)%

Note: Some amounts may not foot due to rounding.

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Consolidated Balance Sheets	Unaudited
	March 31,			December 31,
($ in thousands, except share amounts)	2017			2016
ASSETS
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value:  $88,339 – 2017; $105,211 – 2016)	$	84,836			101,556
Fixed income securities, available-for-sale – at fair value (amortized cost: $4,805,368 – 2017; $4,753,759 – 2016)		4,867,005			4,792,540
Equity securities, available-for-sale – at fair value (cost:  $124,614 – 2017; $120,889 – 2016)		154,918			146,753
Short-term investments (at cost which approximates fair value)		247,207			221,701
Other investments		106,796			102,397
Total investments		5,460,762			5,364,947
Cash		483			458
Interest and dividends due or accrued		40,239			40,164
Premiums receivable, net of allowance for uncollectible accounts of:  $6,613 – 2017; $5,980 – 2016		707,677			681,611
Reinsurance recoverable, net of allowance for uncollectible accounts of: $5,000 – 2017; $5,500 – 2016		580,386			621,537
Prepaid reinsurance premiums		145,436			146,282
Current federal income tax		—			2,486
Deferred federal income tax		72,218			84,840
Property and equipment – at cost, net of accumulated depreciation and amortization of: $202,917 – 2017; $198,729 – 2016		68,503			69,576
Deferred policy acquisition costs		227,622			222,564
Goodwill		7,849			7,849
Other assets		92,921			113,534
Total assets	$	7,404,096			7,355,848
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserve for losses and loss expenses	$	3,679,471			3,691,719
Unearned premiums		1,299,823			1,262,819
Long-term debt		438,782			438,667
Current federal income tax		11,552			—
Accrued salaries and benefits		96,322			132,880
Other liabilities		285,567			298,393
Total liabilities	$	5,811,517			5,824,478
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: 102,028,447 – 2017; 101,620,436 – 2016		204,057			203,241
Additional paid-in capital		354,239			347,295
Retained earnings		1,609,862			1,568,881
Accumulated other comprehensive income (loss)		2,090			(15,950	)
Treasury stock – at cost (shares:  43,780,884 – 2017; 43,653,237 – 2016)		(577,669	)		(572,097	)
Total stockholders’ equity	$	1,592,579			1,531,370
Commitments and contingencies
Total liabilities and stockholders’ equity	$	7,404,096			7,355,848

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Income
	Quarter Ended March 31,
($ in thousands, except per share amounts)	2017			2016
Revenues:
Net premiums earned	$	560,854			522,458
Net investment income earned		37,419			30,769
Net realized losses:
Net realized investment gains		2,430			889
Other-than-temporary impairments		(3,475	)		(3,593	)
Total net realized losses		(1,045	)		(2,704	)
Other income		3,241			951
Total revenues		600,469			551,474
Expenses:
Losses and loss expenses incurred		317,472			297,144
Policy acquisition costs		196,228			183,227
Interest expense		6,106			5,606
Other expenses		13,089			13,622
Total expenses		532,895			499,599
Income before federal income tax		67,574			51,875
Federal income tax expense:
Current		14,273			14,084
Deferred		2,861			759
Total federal income tax expense		17,134			14,843
Net income	$	50,440			37,032
Earnings per share:
Basic net income	$	0.87			0.64
Diluted net income	$	0.85			0.63
Dividends to stockholders	$	0.16			0.15

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Comprehensive Income
	Quarter Ended March 31,
($ in thousands)	2017			2016
Net income	$	50,440			37,032
Other comprehensive income, net of tax:
Unrealized gains on investment securities:
Unrealized holding gains arising during period		16,761			42,729
Amounts reclassified into net income:
Held-to-maturity securities		(32	)		(47	)
Realized losses on available-for-sale securities		981			1,754
Total unrealized gains on investment securities		17,710			44,436
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss		330			986
Total defined benefit pension and post-retirement plans		330			986
Other comprehensive income		18,040			45,422
Comprehensive income	$	68,480			82,454

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Stockholders’ Equity
	Quarter Ended March 31,
($ in thousands)	2017			2016
Common stock:
Beginning of year	$	203,241			201,723
Dividend reinvestment plan   (shares:  8,249 – 2017; 10,931 – 2016)		16			22
Stock purchase and compensation plans   (shares:  399,762 – 2017; 386,567 – 2016)		800			773
End of period		204,057			202,518
Additional paid-in capital:
Beginning of year		347,295			326,656
Dividend reinvestment plan		348			351
Stock purchase and compensation plans		6,596			6,958
End of period		354,239			333,965
Retained earnings:
Beginning of year		1,568,881			1,446,192
Net income		50,440			37,032
Dividends to stockholders   ($0.16 per share – 2017; $0.15 per share – 2016)		(9,459	)		(8,789	)
End of period		1,609,862			1,474,435
Accumulated other comprehensive income:
Beginning of year		(15,950	)		(9,425	)
Other comprehensive income		18,040			45,422
End of period		2,090			35,997
Treasury stock:
Beginning of year		(572,097	)		(567,105	)
Acquisition of treasury stock   (shares: 127,647 – 2017; 122,250 – 2016)		(5,572	)		(3,845	)
End of period		(577,669	)		(570,950	)
Total stockholders’ equity	$	1,592,579			1,475,965

Selective Insurance Group, Inc. & Consolidated Subsidiaries
Unaudited Consolidated Statements of Cash Flows
	Quarter Ended March 31,
($ in thousands)	2017			2016
Operating Activities
Net income	$	50,440			37,032
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		12,882			14,627
Stock-based compensation expense		5,273			4,377
Undistributed (gains) losses of equity method investments		(665	)		1,066
Loss on disposal of fixed assets		998			—
Net realized losses		1,045			2,704
Changes in assets and liabilities:
Increase in reserve for losses and loss expenses, net of reinsurance recoverable		28,903			42,390
Increase in unearned premiums, net of prepaid reinsurance		37,850			42,901
Decrease in net federal income taxes		16,946			5,296
Increase in premiums receivable		(26,066	)		(39,180	)
Increase in deferred policy acquisition costs		(5,058	)		(7,789	)
(Increase) decrease in interest and dividends due or accrued		(218	)		528
Decrease in accrued salaries and benefits		(36,558	)		(27,115	)
Decrease (increase) in other assets		15,998			(10,128	)
Decrease in other liabilities		(55,175	)		(52,902	)
Net cash provided by operating activities		46,595			13,807
Investing Activities
Purchase of fixed income securities, available-for-sale		(724,880	)		(264,828	)
Purchase of equity securities, available-for-sale		(14,083	)		(7,574	)
Purchase of other investments		(11,211	)		(12,723	)
Purchase of short-term investments		(1,027,885	)		(303,228	)
Sale of fixed income securities, available-for-sale		594,805			12,905
Sale of short-term investments		1,010,917			394,915
Redemption and maturities of fixed income securities, held-to-maturity		16,527			37,400
Redemption and maturities of fixed income securities, available-for-sale		116,357			130,641
Sale of equity securities, available-for-sale		5,503			4,285
Distributions from other investments		6,428			7,994
Purchase of property and equipment		(4,937	)		(3,439	)
Net cash used in investing activities		(32,459	)		(3,652	)
Financing Activities
Dividends to stockholders		(8,955	)		(8,270	)
Acquisition of treasury stock		(5,572	)		(3,845	)
Net proceeds from stock purchase and compensation plans		1,563			1,478
Proceeds from borrowings		64,000			25,000
Repayments of borrowings		(64,000	)		(25,000	)
Excess tax benefits from share-based payment arrangements		—			1,361
Repayments of capital lease obligations		(1,147	)		(1,094	)
Net cash used in financing activities		(14,111	)		(10,370	)
Net increase (decrease) in cash		25			(215	)
Cash, beginning of year		458			898
Cash, end of period	$	483			683

 Selective Insurance Group, Inc.

 Combined Insurance Company Subsidiaries

 Statutory Balance Sheets

 (unaudited)

	March 31,			March 31,			December 31,
($ in thousands)	2017			2016			2016
ASSETS
Bonds	$	4,824,921			4,583,540			4,780,269
Common stocks		138,331			202,619			130,608
Preferred stocks		16,107			12,807			15,871
Affiliated mortgage loan		34,108			34,957			34,324
Other investments		151,770			130,365			147,364
Short-term investments		221,505			81,011			203,924
Total investments		5,386,742			5,045,299			5,312,360
Cash on hand and in banks		(4,415	)		(12,429	)		13,911
Interest and dividends due and accrued		40,102			37,891			40,038
Premiums receivable		699,630			649,660			673,649
Reinsurance recoverable on paid losses and expenses		8,455			9,025			10,337
Deferred tax recoverable		159,702			144,761			161,165
EDP equipment		1,732			397			549
Equities and deposits in pools and associations		12,050			10,864			12,683
Receivable for sold securities		373			647			5,176
Other assets		30,153			28,245			29,040
Total assets	$	6,334,524			5,914,360			6,258,908
LIABILITIES
Reserve for losses	$	2,518,967			2,456,286			2,497,916
Reinsurance payable on paid loss and loss expense		3,400			3,057			3,163
Reserve for loss expenses		570,944			534,949			564,976
Unearned premiums		1,154,386			1,071,722			1,116,536
Reserve for commissions payable		53,402			50,382			92,763
Ceded balances payable		40,690			41,112			62,939
Federal income tax payable		38,411			34,247			17,394
Premium and other taxes payable		21,741			19,411			24,149
Borrowed money		110,214			60,031			110,212
Reserve for dividends to policyholders		4,111			6,439			5,706
Reserves for unauthorized reinsurance		1,755			2,030			1,755
Payable for securities		86,288			25,563			41,603
Funds withheld on account of others		10,776			7,928			7,501
Accrued salaries and benefits		48,280			52,230			83,718
Other liabilities		48,891			87,647			44,796
Total liabilities		4,712,256			4,453,034			4,675,127
POLICYHOLDERS' SURPLUS
Capital		42,725			42,725			42,725
Paid in surplus		492,869			492,869			492,869
Unassigned surplus		1,086,674			925,732			1,048,187
Total policyholders' surplus		1,622,268			1,461,326			1,583,781
Total liabilities and policyholders' surplus	$	6,334,524			5,914,360			6,258,908

Selective Insurance Group, Inc.

 Combined Insurance Company Subsidiaries

Statutory Statements of Income

(unaudited)

	Quarter Ended
	March
($ in thousands)	2017					2016
UNDERWRITING
Net premiums written	$	598,704					565,359
Net premiums earned		560,854					522,458
Net losses paid		241,979					210,673
Change in reserve for losses		21,051					29,703
Net losses incurred		263,030		46.9	%		240,376		46.0	%
Net loss expenses paid		48,513					46,124
Change in reserve for loss expenses		5,969					9,627
Net loss expenses incurred		54,482		9.7	%		55,751		10.7	%
Net underwriting expenses incurred		201,060		33.5	%		190,917		33.7	%
Total deductions		518,572					487,044
Statutory underwriting gain		42,282					35,414
Net loss from premium balances charged off		(645	)				(691	)
Finance charges and other income		3,275					962
Total other income		2,630		-0.4	%		271		0.0	%
Policyholders' dividends incurred		97		0.0	%		(1,653	)	0.3	%
Total underwriting gain		45,009		89.7	%		34,032		90.7	%
INVESTMENT
Net investment income earned		35,757					30,623
Net realized losses		(1,082	)				(2,704	)
Total income before income tax		79,684					61,951
Federal income tax expense		21,016					16,603
Net income	$	58,668					45,348
Policyholders' surplus
Surplus, beginning of period	$	1,583,781					1,426,320
Net income		58,668					45,348
Change in deferred taxes		(1,752	)				352
Change in net unrealized capital losses		3,771					5,311
Dividends to stockholders		(20,024	)				(15,254	)
Change in non-admitted assets		(2,656	)				(2,182	)
Change in Overfunded Contra Asset		(1,282	)				(1,047	)
Qual Pen Trans Liab		1,744					2,456
Excess Plan Trans Liab		8					19
PRL Plan Trans Liab		10					3
Net change in surplus for period		38,487					35,006
Surplus, end of period	$	1,622,268					1,461,326
Statutory underwriting gain	$	45,009					34,032
Adjustments under GAAP:
Deferred policy acquisition costs		5,058					7,789
Other, net		(845	)				(866	)
GAAP underwriting gain	$	49,222					40,955

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

Selective Insurance Group, Inc. and Consolidated Subsidiaries
Alternative Investments
March 31, 2017
(unaudited)
	Number		Original		Remaining		Current
Strategy	of Funds		Commitment		Commitment		Market Value
Private Equity		20		176,515,538		74,669,031		41,354,303
Private Credit		10		109,000,000		40,745,221		31,026,212
Real Assets		7		92,000,000		27,763,706		16,264,503
TOTAL - ALTERNATIVE INVESTMENTS		37		377,515,538		143,177,958		88,645,018

Exhibit may not foot due to rounding