EX-99.2 3 q12026pressreleasesuppleme.htm EX-99.2

Exhibit 99.2

FINANCIAL SUPPLEMENT

FIRST QUARTER 2026

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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 uncertainties and known and unknown risks and other factors that may cause 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 negatively affect investment values, impacting statutory surplus;

•The development and adequacy of our loss reserves and loss expense reserves;

•Frequency and severity of catastrophic events, including natural events that climate change may impact, 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, 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;

•Geopolitical developments, including ongoing wars and conflicts such as the recent military conflict in the Middle East, which have contributed to volatility in global energy markets, international shipping activity, and financial markets, and may exacerbate inflationary pressures, supply chain disruption, and insurance loss costs;

•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 marketplace brand damage, 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.

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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

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

						Quarter ended
						Mar. 31,									Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ and shares in millions, except per share data)						2026									2025						2025						2025						2025
For Period Ended
			Gross premiums written			$	1,422.5								1,318.0						1,419.3						1,496.2						1,428.8
			Net premiums written			1,225.5									1,129.5						1,207.9						1,288.6						1,240.4
			Change in net premiums written, from comparable prior year period			(1)			%						4						4						5						7
			Underwriting income (loss), before-tax			$	21.2								76.0						16.7						(2.4)						45.6
			Net investment income earned, before-tax			142.4									143.8						138.7						128.0						120.7
			Net realized and unrealized investment gains (losses), before-tax			(8.3)									(4.1)						8.1						4.2						0.2
			Net income (loss)			$	97.7								155.2						115.3						85.9						109.9
			Net income (loss) available to common stockholders(1)			95.4									152.9						113.0						83.6						107.6
			Non-GAAP operating income (loss)(2)			101.9									156.2						106.7						80.3						107.4
At Period End
			Total assets			15,321.9									15,155.7						14,980.4						14,468.4						14,197.6
			Total invested assets			11,391.2									11,302.4						11,051.5						10,553.6						10,295.3
			Stockholders' equity			3,587.4									3,609.0						3,490.0						3,369.4						3,258.5
			Common stockholders' equity(3)			3,387.4									3,409.0						3,290.0						3,169.4						3,058.5
			Common shares outstanding			59.9									60.1						60.4						60.8						60.8
Per Share and Share Data
			Net income (loss) available to common stockholders per common share (diluted)			$	1.58								2.52						1.85						1.36						1.76
			Non-GAAP operating income (loss) per common share (diluted)(2)			1.69									2.57						1.75						1.31						1.76
			Weighted average common shares outstanding (diluted)			60.5									60.7						61.0						61.3						61.3
			Book value per common share			$	56.58								56.74						54.46						52.09						50.33
			Adjusted book value per common share(2)			58.94									57.91						55.83						54.48						53.39
			Dividends paid per common share			0.43									0.43						0.38						0.38						0.38
Financial Ratios
			Loss and loss expense ratio			67.0			%						63.2						67.9						69.3						64.4
			Underwriting expense ratio			31.2									30.5						30.6						30.8						31.6
			Dividends to policyholders ratio			0.1									0.1						0.1						0.1						0.1
			GAAP combined ratio			98.3			%						93.8						98.6						100.2						96.1
			Return on common stockholders' equity ("ROE")			11.2									18.3						14.0						10.7						14.4
			Non-GAAP operating ROE(2)			12.0									18.7						13.2						10.3						14.4
			Debt to total capitalization			20.1									20.0						20.5						21.1						21.7
			Net premiums written to policyholders' surplus			1.35									1.36						1.42						1.45						1.47
			Invested assets per dollar of common stockholders' equity			$	3.36								3.32						3.36						3.33						3.37
(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

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

						Quarter ended
						Mar. 31,						Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ and shares in millions, except per share data)						2026						2025						2025						2025						2025
Revenues
			Net premiums earned			$	1,217.2					1,216.7						1,204.7						1,188.1						1,158.8
			Net investment income earned			142.4						143.8						138.7						128.0						120.7
			Net realized and unrealized gains (losses)			(8.3)						(4.1)						8.1						4.2						0.2
			Other income			7.6						8.5						8.7						6.5						5.5
			Total revenues			1,358.9						1,364.9						1,360.1						1,326.7						1,285.2
Expenses
			Loss and loss expense incurred			815.5						768.5						819.0						823.9						746.3
			Amortization of deferred policy acquisition costs			253.4						254.5						250.2						250.3						247.4
			Other insurance expenses			134.7						126.3						127.5						122.8						124.9
			Interest expense			13.2						13.2						13.3						13.3						9.6
			Corporate expenses			17.9						6.3						4.4						7.6						18.1
			Total expenses			1,234.7						1,168.8						1,214.4						1,217.8						1,146.3
Income (loss) before income tax						$	124.2					196.1						145.7						108.9						138.9
Income tax expense (benefit)						26.5						40.9						30.4						23.0						29.0
Net Income (loss)						$	97.7					155.2						115.3						85.9						109.9
Preferred stock dividends						2.3						2.3						2.3						2.3						2.3
Net income (loss) available to common stockholders						$	95.4					152.9						113.0						83.6						107.6
Net realized and unrealized investment (gains) losses, after tax(1)						6.6						3.3						(6.4)						(3.3)						(0.2)
Non-GAAP operating income (loss)(2)						$	101.9					156.2						106.7						80.3						107.4
Weighted average common shares outstanding (diluted)						60.5						60.7						61.0						61.3						61.3
Net income (loss) available to common stockholders per common share (diluted)						$	1.58					2.52						1.85						1.36						1.76
Non-GAAP operating income (loss) per common share (diluted)(2)						$	1.69					2.57						1.75						1.31						1.76
(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.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

									Mar. 31,						Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions, except per share data)									2026						2025						2025						2025						2025
ASSETS
Investments
			Fixed income securities, held-to-maturity, net of allowance for credit losses						$	21.3					23.9						24.2						24.6						25.3
			Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses						9,727.8						9,457.2						9,275.4						8,876.7						8,605.2
			Commercial mortgage loans, net of allowance for credit losses						273.7						277.7						273.5						271.9						257.7
			Equity securities, at fair value						388.3						384.4						380.1						318.1						266.5
			Short-term investments						451.8						648.5						587.9						531.4						631.1
			Alternative investments						431.4						418.5						417.1						435.0						411.1
			Other investments						96.9						92.2						93.3						96.0						98.4
			Total investments						11,391.2						11,302.4						11,051.5						10,553.6						10,295.3
Cash									0.2						0.3						0.4						0.4						0.1
Restricted cash									10.7						17.6						23.7						37.9						108.2
Accrued investment income									93.7						92.0						86.8						86.9						77.1
Premiums receivable, net of allowance for credit losses									1,582.2						1,533.9						1,616.5						1,662.6						1,539.7
Reinsurance recoverable, net of allowance for credit losses									907.7						915.5						947.4						881.4						924.9
Prepaid reinsurance premiums									266.9						266.3						274.4						252.6						235.9
Current federal income tax									—						—						0.6						13.2						—
Deferred federal income tax									133.7						110.9						113.0						120.7						134.2
Property and equipment, net of accumulated depreciation and amortization									109.9						106.4						102.4						100.0						100.1
Deferred policy acquisition costs									491.2						492.3						510.3						510.4						492.5
Goodwill									7.8						7.8						7.8						7.8						7.8
Other assets									326.7						310.2						245.4						241.1						281.6
			Total assets						$	15,321.9					15,155.7						14,980.4						14,468.4						14,197.6
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense									$	7,418.4					7,225.4						7,076.4						6,811.2						6,610.9
Unearned premiums									2,754.4						2,745.5						2,840.8						2,815.7						2,698.5
Long-term debt									901.4						901.9						902.3						902.7						903.2
Current federal income tax									44.8						16.9						—						—						56.1
Accrued salaries and benefits									115.2						140.8						131.8						107.7						105.6
Other liabilities									500.4						516.2						539.1						461.7						564.7
			Total liabilities						$	11,734.6					11,546.7						11,490.4						11,099.1						10,939.0
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									212.4						212.0						211.9						211.8						211.7
Additional paid-in capital									605.6						591.3						584.4						580.4						571.3
Retained earnings									3,570.5						3,500.8						3,373.9						3,284.0						3,223.7
Accumulated other comprehensive income (loss)									(222.6)						(151.7)						(167.3)						(230.6)						(272.1)
Treasury stock, at cost									(778.5)						(743.4)						(712.9)						(676.3)						(676.1)
			Total stockholders' equity						$	3,587.4					3,609.0						3,490.0						3,369.4						3,258.5
Commitments and contingencies
			Total liabilities and stockholders' equity						$	15,321.9					15,155.7						14,980.4						14,468.4						14,197.6
Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS

(Unaudited)

									Quarter ended
									Mar. 31,						Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ and shares in millions, except per share data)									2026						2025						2025						2025						2025
Book value per common share
						Common stockholders' equity			$	3,387.4								3,409.0						3,290.0						3,169.4						3,058.5
						Common shares issued and outstanding, at period end			59.9									60.1						60.4						60.8						60.8
						Book value per common share			$	56.58								56.74						54.46						52.09						50.33
						Adjusted book value per common share(1)			58.94									57.91						55.83						54.48						53.39
Financial results (after-tax)
						Underwriting income (loss)			16.8									60.0						13.2						(1.9)						36.1
						Net investment income			113.1									114.2						110.0						101.4						95.6
						Interest expense and preferred stock dividends			(12.7)									(12.8)						(12.8)						(12.8)						(9.9)
						Corporate expense			(15.2)									(5.2)						(3.7)						(6.4)						(14.4)
						Net realized and unrealized investment gains (losses)			(6.6)									(3.3)						6.4						3.3						0.2
						Total after-tax net income (loss) available to common stockholders			95.4									152.9						113.0						83.6						107.6
Return on average equity
						Insurance segments			2.0									7.2						1.6						(0.2)						4.8
						Net investment income			13.3									13.6						13.6						13.0						12.8
						Interest expense and preferred stock dividends			(1.5)									(1.5)						(1.6)						(1.6)						(1.3)
						Corporate expense			(1.8)									(0.6)						(0.4)						(0.9)						(1.9)
						Net realized and unrealized investment gains (losses)			(0.8)									(0.4)						0.8						0.4						—
						ROE			11.2									18.3						14.0						10.7						14.4
						Net realized and unrealized (gains) losses(2)			0.8									0.4						(0.8)						(0.4)						—
						Non-GAAP Operating ROE(1)			12.0									18.7						13.2						10.3						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
						7.25% Senior Notes			49.9									49.8						49.8						49.8						49.8
						5.90% Senior Notes			396.4									396.3						396.2						396.0						395.9
						6.70% Senior Notes			99.5									99.4						99.4						99.4						99.4
						5.375% Senior Notes			292.8									292.7						292.6						292.6						292.5
						Finance Lease Obligations			2.9									3.6						4.2						4.9						5.6
			Total debt						901.4									901.9						902.3						902.7						903.2
			Stockholders' equity						3,587.4									3,609.0						3,490.0						3,369.4						3,258.5
			Total capitalization						$	4,488.8								4,510.8						4,392.3						4,272.1						4,161.8
			Ratio of debt to total capitalization						20.1									20.0						20.5						21.1						21.7
Policyholders' surplus									$	3,601.0								3,573.3						3,407.4						3,288.5						3,204.2
(1)						Non-GAAP measure. Refer to Page 15 for definition.
(2)						Amounts are provided to reconcile ROE to non-GAAP operating ROE.
						Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INSURANCE OPERATIONS

STATEMENT OF OPERATIONS

(Unaudited)

									Quarter ended
									Mar. 31,									Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions)									2026									2025						2025						2025						2025
Underwriting results
Net premiums written									$	1,225.5								1,129.5						1,207.9						1,288.6						1,240.4
Change in net premiums written, from comparable prior year period									(1)			%						4						4						5						7
Net premiums earned									$	1,217.2								1,216.7						1,204.7						1,188.1						1,158.8
Losses and loss expenses incurred									815.5									768.5						819.0						823.9						746.3
Net underwriting expenses incurred									379.7									371.6						368.1						365.4						365.8
Dividends to policyholders									0.7									0.6						0.9						1.2						1.0
GAAP underwriting income (loss)									$	21.2								76.0						16.7						(2.4)						45.6
Net catastrophe losses									$	75.4								21.0						24.9						79.9						43.4
(Favorable) unfavorable prior year casualty reserve development									—									—						40.0						45.0						5.0
Underwriting ratios
Loss and loss expense ratio									67.0			%						63.2						67.9						69.3						64.4
Underwriting expense ratio									31.2									30.5						30.6						30.8						31.6
Dividends to policyholders ratio									0.1									0.1						0.1						0.1						0.1
						Combined ratio			98.3			%						93.8						98.6						100.2						96.1
Net catastrophe losses									6.2			pts						1.7						2.1						6.7						3.7
(Favorable) unfavorable prior year casualty reserve development									—									—						3.3						3.8						0.4
						Combined ratio before net catastrophe losses			92.1			%						92.1						96.5						93.5						92.4
						Combined ratio before net catastrophe losses and prior year casualty development			92.1			%						92.1						93.2						89.7						92.0
Other Statistics
Non-catastrophe property loss and loss expenses									$	178.1								159.6						169.6						173.2						178.7
Non-catastrophe property loss and loss expenses									14.6			pts						13.1						14.1						14.6						15.4
Direct new business									$	214.0								223.7						233.2						248.1						251.3
Renewal pure price increases									7.2			%						8.3						9.6						9.9						10.3
Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

									Quarter ended
									Mar. 31,									Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions)									2026									2025						2025						2025						2025
Underwriting results
Net premiums written									$	992.4								875.6						940.8						1,018.0						1,003.2
Change in net premiums written, from comparable prior year period									(1)			%						5						4						6						8
Net premiums earned									$	965.8								956.8						947.3						937.6						912.2
Losses and loss expenses incurred									656.8									586.9						658.0						666.8						581.7
Net underwriting expenses incurred									310.0									301.2						298.6						295.9						296.6
Dividends to policyholders									0.7									0.6						0.9						1.2						1.0
GAAP underwriting income (loss)									$	(1.8)								68.0						(10.2)						(26.1)						32.9
Net catastrophe losses									$	57.2								12.8						15.0						50.9						19.8
(Favorable) unfavorable prior year casualty reserve development									—									(15.0)						35.0						45.0						—
Underwriting ratios
Loss and loss expense ratio									68.0			%						61.3						69.5						71.1						63.8
Underwriting expense ratio									32.1									31.5						31.5						31.6						32.5
Dividends to policyholders ratio									0.1									0.1						0.1						0.1						0.1
						Combined ratio			100.2			%						92.9						101.1						102.8						96.4
Net catastrophe losses									5.9			pts						1.3						1.6						5.4						2.2
(Favorable) unfavorable prior year casualty reserve development									—									(1.6)						3.7						4.8						—
						Combined ratio before net catastrophe losses			94.3			%						91.6						99.5						97.4						94.2
						Combined ratio before net catastrophe losses and prior year casualty development			94.3			%						93.2						95.8						92.6						94.2
Other Statistics
Non-catastrophe property loss and loss expenses									$	127.8								110.4						118.7						131.9						128.8
Non-catastrophe property loss and loss expenses									13.2			pts						11.5						12.5						14.1						14.1
Direct new business									$	132.0								137.0						146.6						158.2						172.2
Renewal pure price increases									7.1			%						7.5						8.9						8.9						9.1
Retention									82									82						82						83						85
Note: Amounts may not foot due to rounding.

Page 6

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

						Quarter ended March 31, 2026																														Quarter ended March 31, 2025
						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						$	334.1					301.5			198.8			82.7			53.8			11.4			10.1			992.4						333.9			312.7			196.3			86.1			51.0			14.4			8.9			1,003.2
Net premiums earned						315.1						296.4			201.6			79.8			51.8			12.1			9.0			965.8						294.7			283.6			186.5			79.0			46.9			13.3			8.2			912.2
Underwriting income (loss)						(23.8)						5.6			7.0			(1.1)			5.0			1.1			4.5			(1.8)						(15.9)			7.6			30.0			(4.7)			10.1			1.7			4.1			32.9
Loss and loss expense ratio						74.6			%			68.0			62.9			75.2			56.5			34.4			1.3			68.0						72.5			66.6			49.8			77.8			44.0			28.9			3.2			63.8
Underwriting expense ratio						33.0						30.1			33.6			25.5			33.9			56.1			49.1			32.1						32.9			30.7			34.1			27.1			34.5			58.2			47.4			32.5
Dividend ratio						—						—			—			0.7			—			—			—			0.1						—			—			—			1.0			—			—			(0.1)			0.1
Combined ratio						107.6			%			98.1			96.5			101.4			90.4			90.5			50.4			100.2						105.4			97.3			83.9			105.9			78.5			87.1			50.5			96.4
Net catastrophe losses						—			%			0.1			24.7			—			13.4			—			—			5.9						—			0.5			8.8			—			4.2			—			—			2.2
(Favorable) unfavorable prior year casualty reserve development						—						—			—			—			—			—			—			—						—			—			—			—			—			—			—			—
Combined ratio before net catastrophe losses and prior year casualty development						107.6			%			98.0			71.8			101.4			77.0			90.5			50.4			94.3						105.4			96.8			75.1			105.9			74.3			87.1			50.5			94.2
(1) Includes Inland Marine.
Note: Amounts may not foot due to rounding.

Page 7

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

									Quarter ended
									Mar. 31,									Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions)									2026									2025						2025						2025						2025
Underwriting results
Net premiums written									$	82.5								95.5						104.2						110.5						87.5
Change in net premiums written, from comparable prior year period									(6)			%						(8)						(6)						(5)						(12)
Net premiums earned									$	100.0								100.6						101.5						102.4						103.7
Losses and loss expenses incurred									69.3									79.7						89.3						70.0						76.7
Net underwriting expenses incurred									23.6									23.9						22.5						23.9						24.9
GAAP underwriting income (loss)									$	7.2								(3.0)						(10.2)						8.6						2.0
Net catastrophe losses									$	13.2								7.3						12.2						14.6						7.1
(Favorable) unfavorable prior year casualty reserve development									—									5.0						5.0						—						5.0
Underwriting ratios
Loss and loss expense ratio									69.2			%						79.3						88.0						68.3						73.9
Underwriting expense ratio									23.6									23.7						22.1						23.3						24.1
						Combined ratio			92.8			%						103.0						110.1						91.6						98.0
Net catastrophe losses									13.2			pts						7.2						12.0						14.3						6.9
(Favorable) unfavorable prior year casualty reserve development									—									5.0						4.9						—						4.8
						Combined ratio before net catastrophe losses			79.6			%						95.8						98.1						77.3						91.1
						Combined ratio before net catastrophe losses and prior year casualty development			79.6			%						90.8						93.2						77.3						86.3
Other Statistics
Non-catastrophe property loss and loss expenses									$	29.3								33.3						39.9						28.3						36.5
Non-catastrophe property loss and loss expenses									29.2			pts						33.1						39.3						27.6						35.2
Direct new business									$	7.6								10.9						12.8						12.9						8.9
Renewal pure price increases									10.6			%						15.1						16.9						19.0						24.1
Retention									78									80						79						79						75
Note: Amounts may not foot due to rounding.

Page 8

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

			Quarter ended March 31, 2026																		Quarter ended March 31, 2025
			Personal																		Personal
($ in millions)			Auto						Homeowners			Other			Total						Auto			Homeowners			Other			Total
Net premiums written			$	38.0					41.6			2.8			82.5						45.3			39.8			2.4			87.5
Net premiums earned			46.7						50.1			3.3			100.0						53.0			47.9			2.7			103.7
Underwriting income (loss)			0.3						2.5			4.3			7.2						(5.9)			3.4			4.5			2.0
Loss and loss expense ratio			73.5			%			67.2			39.8			69.2						85.1			65.0			15.5			73.9
Underwriting expense ratio			25.9						27.7			(71.9)			23.6						26.1			27.8			(80.3)			24.1
Combined ratio			99.4			%			94.9			(32.1)			92.8						111.2			92.8			(64.8)			98.0
Net catastrophe losses			0.5			%			25.9			—			13.2						0.2			14.6			—			6.9
(Favorable) unfavorable prior year casualty reserve development			—						—			—			—						9.4			—			—			4.8
Combined ratio before net catastrophe losses and prior year casualty development			98.9			%			69.0			(32.1)			79.6						101.6			78.2			(64.8)			86.3
Note: Amounts may not foot due to rounding.

Page 9

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS AND SURPLUS LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

									Quarter ended
									Mar. 31,									Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions)									2026									2025						2025						2025						2025
Underwriting results
Net premiums written									$	150.7								158.4						162.9						160.2						149.7
Change in net premiums written, from comparable prior year period									1			%						4						14						9						20
Net premiums earned									$	151.4								159.3						155.9						148.0						142.9
Losses and loss expenses incurred									89.4									101.8						71.8						87.2						88.0
Net underwriting expenses incurred									46.1									46.5						47.0						45.7						44.2
GAAP underwriting income (loss)									$	15.9								11.0						37.1						15.2						10.7
Net catastrophe losses									$	5.0								0.9						(2.3)						14.5						16.4
(Favorable) unfavorable prior year casualty reserve development									—									10.0						—						—						—
Underwriting ratios
Loss and loss expense ratio									59.0			%						63.9						46.1						58.9						61.6
Underwriting expense ratio									30.5									29.2						30.1						30.9						30.9
						Combined ratio			89.5			%						93.1						76.2						89.8						92.5
Net catastrophe losses									3.3			pts						0.6						(1.5)						9.8						11.5
(Favorable) unfavorable prior year casualty reserve development									—									6.3						—						—						—
						Combined ratio before net catastrophe losses			86.2			%						92.5						77.7						80.0						81.0
						Combined ratio before net catastrophe losses and prior year casualty development			86.2			%						86.2						77.7						80.0						81.0
Other Statistics
Non-catastrophe property loss and loss expenses									$	21.0								15.9						11.0						13.1						13.4
Non-catastrophe property loss and loss expenses									13.9			pts						10.0						7.0						8.8						9.4
Direct new business									$	74.4								75.8						73.9						77.0						70.2
Renewal pure price increases									4.1			%						7.8						8.3						9.3						8.7
Note: Amounts may not foot due to rounding.

Page 10

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS & SURPLUS LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

			Quarter ended March 31, 2026															Quarter ended March 31, 2025
($ in millions)			Casualty						Property			Total						Casualty			Property			Total
Net premiums written			$	91.0					59.7			150.7						90.7			59.0			149.7
Net premiums earned			89.5						61.9			151.4						85.1			57.8			142.9
Underwriting income (loss)			(1.6)						17.5			15.9						(0.4)			11.1			10.7
Loss and loss expense ratio			70.8			%			42.0			59.0						68.3			51.6			61.6
Underwriting expense ratio			31.0						29.7			30.5						32.2			29.1			30.9
Combined ratio			101.8			%			71.7			89.5						100.5			80.7			92.5
Net catastrophe losses			—			%			8.0			3.3						—			28.4			11.5
(Favorable) unfavorable prior year casualty reserve development			—			pts			—			—						—			—			—
Combined ratio before net catastrophe losses and prior year casualty development			101.8			%			63.7			86.2						100.5			52.3			81.0
Note: Amounts may not foot due to rounding.

Page 11

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INVESTMENT INCOME

(Unaudited)

									Quarter ended
									Mar. 31,						Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions)									2026						2025						2025						2025						2025
Net investment income
Fixed income securities
						Taxable			$	123.1								118.1						114.7						113.9						103.6
						Tax-exempt			3.5									3.2						2.5						1.8						1.5
Total fixed income securities									126.6									121.3						117.2						115.7						105.1
Commercial mortgage loans									4.2									4.1						4.0						3.8						3.6
Equity securities									4.2									10.2						5.2						4.9						3.6
Alternative investments									6.9									9.5						11.8						4.0						7.1
Other investments									—									0.2						0.2						0.2						0.2
Short-term investments									5.5									5.1						5.7						5.3						6.2
Investment income									147.5									150.4						144.1						133.8						125.8
Investment expenses									(5.1)									(6.5)						(5.4)						(5.9)						(5.1)
Investment tax expense									(29.3)									(29.7)						(28.7)						(26.5)						(25.1)
Total net investment income, after-tax									$	113.1								114.2						110.0						101.4						95.6
Net realized and unrealized investment gains (losses), pre-tax									$	(8.3)								(4.1)						8.1						4.2						0.2
Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax									$	(90.6)								16.4						79.3						51.6						81.1
Average investment yields
						Fixed income investments, pre-tax			5.3									5.2						5.2						5.3						5.0
						Fixed income investments, after-tax			4.2									4.1						4.1						4.2						4.0
						Total portfolio, pre-tax			5.0									5.1						5.1						4.9						4.8
						Total portfolio, after-tax			4.0									4.1						4.1						3.9						3.8
Effective tax rate on net investment income									20.6									20.6						20.7						20.7						20.8
New money purchase rates for fixed income investments, pre-tax									5.7									6.0						5.8						5.7						6.0
New money purchase rates for fixed income investments, after-tax									4.5									4.7						4.6						4.6						4.7
Effective duration of fixed income investments including short-term (in years)									4.3									4.1						4.1						4.2						4.1
Note: Amounts may not foot due to rounding.

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS

(Unaudited)

									Mar. 31,												Dec. 31,									Sept. 30,									June 30,									Mar. 31,
									2026												2025									2025									2025									2025
($ in millions)									Amount			Percent									Amount			Percent						Amount			Percent						Amount			Percent						Amount			Percent
Fixed income securities, at fair value									$	9,748.6		86			%						9,481.1			84						9,299.7			84						8,901.1			84						8,630.0			84
Commercial mortgage loans, at fair value									268.3			2									274.9			2						269.1			2						266.2			3						251.5			2
Total fixed income investments									10,016.8			88									9,756.0			86						9,568.8			87						9,167.3			87						8,881.5			86
Short-term investments									451.8			4									648.5			6						587.9			5						531.4			5						631.1			6
Total fixed income and short-term investments									10,468.6			92									10,404.6			92						10,156.7			92						9,698.8			92						9,512.6			92
Equity securities, at fair value									388.3			3									384.4			3						380.1			3						318.1			3						266.5			3
Alternative investments									431.4			4									418.5			4						417.1			4						435.0			4						411.1			4
Other investments									96.9			1									92.2			1						93.3			1						96.0			1						98.4			1
Total investments									$	11,385.2		100			%						11,299.7			100						11,047.2			100						10,547.8			100						10,288.6			100
Fixed income investments, at carry value
U.S. government obligations									$	176.8		2			%						163.2			2						143.4			1						129.4			1						134.5			2
Foreign government obligations									8.8			—									10.0			—						10.0			—						10.5			—						10.4			—
Obligations of state and political subdivisions									565.1			6									550.0			6						561.0			6						458.7			5						432.9			5
Corporate securities									3,554.7			35									3,428.1			35						3,383.5			35						3,338.6			36						3,262.5			37
Collateralized loan obligations and other asset-backed securities									2,571.2			26									2,550.3			26						2,478.7			26						2,276.2			25						2,197.2			25
Residential mortgage-backed securities									2,168.9			22									2,075.9			21						1,998.9			21						1,943.6			21						1,852.1			21
Commercial mortgage-backed securities									703.6			7									703.6			7						724.1			8						744.2			8						740.9			8
Commercial mortgage loans									273.7			3									277.7			3						273.5			3						271.9			3						257.7			3
Total fixed income investments									$	10,022.8		100			%						9,758.8			100						9,573.1			100						9,173.1			100						8,888.2			100
Expected maturities of fixed income investments at carry value
Due in one year or less									$	587.9		6			%						646.0			7						603.5			6						587.8			6						622.8			7
Due after one year through five years									4,093.5			41									3,963.9			41						3,811.7			40						3,802.7			41						3,723.8			42
Due after five years through 10 years									3,835.4			38									3,932.9			40						3,959.3			41						3,712.8			40						3,442.5			39
Due after 10 years									1,506.0			15									1,216.0			12						1,198.6			13						1,069.8			12						1,099.3			12
Total fixed income investments									$	10,022.8		100			%						9,758.8			100						9,573.1			100						9,173.1			100						8,888.2			100
Weighted average credit quality of fixed income and short-term investments
Investment grade credit quality									$	10,105.6		97			%						10,047.3			97						9,809.6			97						9,351.7			96						9,188.2			97
Non-investment grade credit quality									363.0			3									357.2			3						347.1			3						347.1			4						324.3			3
Total fixed income and short-term investments, at fair value									$	10,468.6		100			%						10,404.6			100						10,156.7			100						9,698.8			100						9,512.6			100
Weighted average credit quality of fixed income and short-term investments									A+												A+									A+									A+									A+
Alternative investments									March 31, 2026
																								Current
									Number of			Original									Remaining			Market
Strategy									Funds			Commitment									Commitment			Value
Private equity									76			$	554.5								225.1			346.9
Private credit									23			184.3									127.8			37.1
Real assets									13			102.8									46.4			47.4
Total									112			$	841.6								399.3			431.4
Note: Amounts may not foot due to rounding.

Page 13

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Selective Insurance Group, Inc. & Consolidated Subsidiaries

CREDIT QUALITY OF INVESTED ASSETS

(Unaudited)

At March 31, 2026																																													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						$	192					$	177					1.6						4.9						5.1						11.1						$	—					$	177					$	—					$	—					$	—					$	—
			Foreign government obligations						10						9						0.1						4.8						4.6						5.3						1						2						4						3						—						—
			State and municipal obligations						586						565						5.0						4.6						7.2						8.3						76						283						194						11						—						—
			Corporate securities						3,613						3,554						31.2						5.5						5.0						6.7						25						369						1,580						1,389						190						2
			Mortgage-backed securities:
						Residential mortgage-backed securities ("RMBS"):
						Agency RMBS			1,675						1,628						14.3						5.0						5.7						7.5						—						1,628						—						—						—						—
						Non-agency RMBS			562						541						4.8						5.6						3.5						4.6						441						58						37						3						2						—
						Total RMBS			2,236						2,169						19.1						5.2						5.2						6.8						441						1,686						37						3						2						—
						Commercial mortgage-backed securities ("CMBS")
						Agency CMBS			149						143						1.3						4.5						4.3						5.5						4						139						—						—						—						—
						Non-agency CMBS			568						561						4.9						5.2						2.6						3.3						475						60						20						—						6						—
						Total CMBS			716						704						6.2						5.1						3.0						3.8						479						199						20						—						6						—
						Total mortgage-backed securities			2,953						2,872						25.2						5.1						4.6						6.1						920						1,885						57						3						7						—
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
						CLOs			916						896						7.9						6.0						1.5						3.3						486						218						69						66						19						38
						Commercial ABS			488						478						4.2						3.0						2.1						2.7						79						64						277						57						1						—
						Consumer ABS			418						416						3.7						2.6						0.9						1.4						266						88						55						6						—						—
						Other ABS			791						781						6.9						8.0						5.4						7.7						39						99						426						131						32						53
						Total CLOs and ABS			2,614						2,571						22.6						6.7						3.2						4.9						871						470						827						261						52						91
Total securitized assets									5,566						5,444						47.8						5.9						4.0						5.5						1,791						2,355						884						264						59						91
						Commercial mortgage loans			274						268						2.4						6.5						2.4						3.4						—						21						104						124						19						—
Total fixed income investments									10,241						10,017						88.0						5.6						4.5						6.1						1,892						3,206						2,766						1,790						269						94
						Short-term investments			452						452						4.0						3.7						0.0						0.0						451						—						—						—						1						—
						Total fixed income and short-term investments			10,693						10,469						91.9						5.6						4.3						5.9						2,343						3,206						2,766						1,790						269						94
Total fixed income securities and short-term investments by credit rating percentage																																													22.4		%				30.6		%				26.4		%				17.1		%				2.6		%				0.9		%
Equity securities:
			Common stock(1)						371						386						3.4						—						—						—						—						—						—						—						—						386
			Preferred stock						2						2						—						—						—						—						—						—						—						2						—						—
						Total equity securities			372						388						3.4						—						—						—						—						—						—						2						—						386
Alternative investments
						Private equity			347						347						3.0						—						—						—						—						—						—						—						—						347
						Private credit			37						37						0.3						—						—						—						—						—						—						—						—						37
						Real assets			47						47						0.4						—						—						—						—						—						—						—						—						47
						Total alternative investments			431						431						3.8						—						—						—						—						—						—						—						—						431
Other investments									97						97						0.9						—						—						—						—						—						—						—						—						97
Total invested assets									$	11,593					$	11,385					100.0		%				—						—						—						$	2,343					$	3,206					$	2,766					$	1,792					$	269					$	1,008
(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
			Mar. 31,						Dec. 31,						Sept. 30,						June 30,						Mar. 31,
($ in millions, except per share data)			2026						2025						2025						2025						2025
Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Net income (loss) available to common stockholders			$	95.4								152.9						113.0						83.6						107.6
Net realized and unrealized investment (gains) losses included in net income, before tax			8.3									4.1						(8.1)						(4.2)						(0.2)
Tax on reconciling items			(1.7)									(0.8)						1.7						0.9						—
Non-GAAP operating income (loss)			$	101.9								156.2						106.7						80.3						107.4
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			$	1.58								2.52						1.85						1.36						1.76
Net realized and unrealized investment (gains) losses included in net income, before tax			0.14									0.07						(0.13)						(0.07)						—
Tax on reconciling items			(0.03)									(0.02)						0.03						0.02						—
Non-GAAP operating income (loss) per diluted common share			$	1.69								2.57						1.75						1.31						1.76
Reconciliation of ROE to non-GAAP operating ROE
ROE			11.2									18.3						14.0						10.7						14.4
Net realized and unrealized investment (gains) losses included in net income, before tax			1.0									0.5						(1.0)						(0.5)						—
Tax on reconciling items			(0.2)									(0.1)						0.2						0.1						—
Non-GAAP operating ROE			12.0									18.7						13.2						10.3						14.4
Reconciliation of book value per common share to adjusted book value per common share
Book value per common share			$	56.58								56.74						54.46						52.09						50.33
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax			2.99									1.47						1.73						3.03						3.88
Tax on reconciling items			(0.63)									(0.30)						(0.36)						(0.64)						(0.82)
Adjusted book value per common share			$	58.94								57.91						55.83						54.48						53.39
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 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 March 31, 2026

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

Phone: 973-948-1283

St. Paul, MN 55164

Brad.Wilson@Selective.com

866-877-6351

Media Contact:

Jamie M. Beal

Vice President

Director of Communications

Phone: 973-948-1234

Jamie.Beal@Selective.com

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