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Selective Insurance Group (NASDAQ: SIGI) lifts Q2 2026 earnings and raises NII outlook

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Selective Insurance Group, Inc. reported strong second-quarter 2026 results. Net income available to common stockholders was $127.1 million, or $2.11 per diluted share, with non-GAAP operating EPS of $1.95. Return on common equity was 14.8% and non-GAAP operating ROE was 13.7%, with a consolidated combined ratio of 98.0%.

Net premiums written were $1,220.7 million, down 5% year over year, reflecting deliberate underwriting and portfolio actions, while after-tax net investment income rose 18% to $119.2 million. Book value per common share increased to $58.13, and adjusted book value per share to $60.56. The company returned capital through $32 million of share repurchases and regular dividends, yet book value still grew 3% in the quarter.

For full-year 2026, management expects a GAAP combined ratio of 96.5%–97.5% including 6.0 catastrophe points, after-tax net investment income of $480 million, an overall effective tax rate of 21.5%, and approximately 60.2 million weighted average diluted shares.

Positive

  • Profitability improved materially: Q2 2026 net income per diluted share rose to $2.11 from $1.36, non-GAAP operating EPS rose to $1.95 from $1.31, and ROE reached 14.8% with a better 98.0% combined ratio.
  • Investment performance was strong: after-tax net investment income increased 18% year over year to $119.2 million, and full-year 2026 after-tax net investment income guidance was raised to $480 million from $465 million.
  • Capital strength and returns: book value per common share rose to $58.13 (up 12% vs prior year), adjusted book value to $60.56, while returning capital via $32 million of Q2 share repurchases and ongoing dividends.

Negative

  • Top-line pressure: Q2 2026 net premiums written declined 5% year over year to $1,220.7 million, including a 6% drop in Standard Commercial Lines and 8% in Standard Personal Lines.
  • Mixed segment underwriting trends: Standard Personal Lines combined ratio worsened by 3.9 points to 95.5%, and Excess and Surplus Lines combined ratio increased 2.0 points to 91.8%, driven by higher non-catastrophe and casualty loss costs.

Filing Explained

The filing furnishes second-quarter materials and sets a September 1 common-dividend payment, while its exhibits are not treated as filed under Section 18.

This Form 8-K reports a specified material event and, on July 23, 2026, furnishes Selective Insurance Group’s second-quarter results, financial supplement, and investor presentation.

The report states that the Item 2.02 and Item 7.01 information and attached exhibits are furnished rather than filed for Section 18 purposes, and are not incorporated by reference into other filings unless specifically referenced.

The board declared a $0.43 quarterly cash dividend on common stock, payable on September 1, 2026, to holders of record on August 17, 2026.

Item 0.01 Item 0.01
Item 0.02 Item 0.02
Item 0.04 Item 0.04
Item 0.1 Item 0.1
Item 0.3 Item 0.3
Item 0.8 Item 0.8
Item 0.9 Item 0.9
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 2.5 Item 2.5
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income per diluted share $2.11 Quarter ended June 30, 2026; up 55% from $1.36 a year earlier
Non-GAAP operating EPS $1.95 Quarter ended June 30, 2026; up 49% from $1.31 in Q2 2025
Net premiums written $1,220.7 million Quarter ended June 30, 2026; decreased 5% versus $1,288.6 million in Q2 2025
Combined ratio 98.0% Quarter ended June 30, 2026; improved from 100.2% in Q2 2025
After-tax net investment income $119.2 million Quarter ended June 30, 2026; increased 18% from $101.4 million a year earlier
Book value per common share $58.13 As of June 30, 2026; up from $52.09 as of June 30, 2025
Share repurchases in Q2 2026 $32 million Second quarter 2026; 376,131 shares at an average price of $84.72
2026 NII guidance $480 million Full-year 2026 after-tax net investment income expectation, raised from $465 million
combined ratio financial
"For the quarter, Selective's combined ratio was 98.0%."
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
net premiums written financial
"Net premiums written ("NPW") decreased 5% from the second quarter of 2025;"
Net premiums written is the total amount of insurance premium a company has agreed to collect from customers for new and renewed policies during a period, after subtracting premiums it passes on to other insurers (reinsurance) and cancellations. It matters to investors because it shows the insurer’s actual sales growth and risk retained—like a retailer’s sales after returns and wholesale transfers—so rising net premiums written can signal stronger future revenue and underwriting exposure.
non-GAAP operating income financial
"non-GAAP operating income1 per diluted common share of $1.95;"
Non-GAAP operating income is a measure of a company's profit from its core business activities, calculated by excluding certain expenses or income that are not part of regular operations. It provides a clearer picture of how well the business is performing by focusing on ongoing operations, helping investors compare companies more consistently and make better-informed decisions.
catastrophe losses financial
"Catastrophe losses were 5.6 points, and there was no net prior year casualty reserve development."
Catastrophe losses are large, unexpected insurance payouts that follow major disasters such as hurricanes, earthquakes, wildfires or pandemics. They matter to investors because they can sharply reduce an insurer’s profits, drain reserves and force special financing or rate increases — much like a sudden flood overwhelming a city’s budget — and can also ripple through markets by affecting reinsurers, bondholders and stock prices.
probable loss financial
"1-IN-250 PROBABLE LOSS* AS A % OF GAAP EQUITY"
Net income available to common stockholders $127.1 million up 52% vs $83.6 million in Q2 2025
Non-GAAP operating income $117.6 million up 46% vs $80.3 million in Q2 2025
Net income per diluted share $2.11 up 55% vs $1.36 in Q2 2025
Non-GAAP operating EPS $1.95 up 49% vs $1.31 in Q2 2025
Combined ratio 98.0% improved 2.2 points from 100.2% in Q2 2025
Net premiums written $1,220.7 million down 5% from $1,288.6 million in Q2 2025
After-tax net investment income $119.2 million up 18% vs $101.4 million in Q2 2025
Guidance

For full-year 2026, the company expects a GAAP combined ratio of 96.5%-97.5% including 6.0 catastrophe points, after-tax net investment income of $480 million, an overall effective tax rate of 21.5%, and about 60.2 million weighted average diluted shares.

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FAQ

How did Selective Insurance Group (SIGI) perform financially in Q2 2026?
Selective reported Q2 2026 net income available to common stockholders of $127.1 million, or $2.11 per diluted share. Non-GAAP operating income was $117.6 million, or $1.95 per diluted share, with a consolidated combined ratio of 98.0%.

What happened to Selective Insurance Group (SIGI) net premiums written in Q2 2026?
Net premiums written were $1,220.7 million in Q2 2026, a 5% decrease from Q2 2025. The decline was driven primarily by a 6% reduction in Standard Commercial Lines and 8% in Standard Personal Lines as the company executed profitability-focused underwriting actions.

What were Selective Insurance Group (SIGI) key underwriting metrics in Q2 2026?
Selective reported a GAAP combined ratio of 98.0% in Q2 2026, improving from 100.2% a year earlier. Catastrophe losses contributed 5.6 points, non-catastrophe property losses fell, and there was no net prior-year casualty reserve development in the quarter.

How strong was Selective Insurance Group (SIGI) investment income in Q2 2026?
After-tax net investment income was $119.2 million in Q2 2026, up 18% year over year. The after-tax yield averaged 4.2% on the overall portfolio and 4.4% on fixed income, contributing 13.9 points of annualized ROE.

What capital actions did Selective Insurance Group (SIGI) take in Q2 2026?
During Q2 2026, Selective repurchased $32 million of common stock, or 376,131 shares, at an average price of $84.72. The board declared a $0.43 quarterly dividend per common share and a $0.28750 dividend per preferred depositary share.

What is Selective Insurance Group (SIGI) guidance for full-year 2026?
For 2026, management expects a GAAP combined ratio of 96.5%–97.5% including 6.0 catastrophe points, after-tax net investment income of $480 million, an overall effective tax rate of 21.5%, and about 60.2 million weighted average diluted shares.
false000023055700002305572026-07-232026-07-230000230557us-gaap:CommonStockMember2026-07-232026-07-230000230557us-gaap:NoncumulativePreferredStockMember2026-07-232026-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)July 23, 2026

SELECTIVE INSURANCE GROUP, INC.
(Exact name of registrant as specified in its charter)

New Jersey001-3306722-2168890
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (973) 948-3000

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, par value $2 per shareSIGIThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par valueSIGIPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐


Section 2 – Financial Information

Item 2.02.    Results of Operations and Financial Condition.

On July 23, 2026, Selective Insurance Group, Inc. (the “Company”) issued a press release announcing results for the second quarter ended June 30, 2026. The press release is attached hereto as Exhibit 99.1.


Section 7 – Regulation FD

Item 7.01.    Regulation FD Disclosure.

Attached as Exhibit 99.2 is supplemental financial information about the Company.

The Company may present to various investors and stockholders using the presentation materials, which include supplemental financial information about the Company, that are furnished as Exhibit 99.3 hereto and incorporated herein by reference.

The information contained in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. The Company makes no admission as to the materiality of any information in this report or the exhibits attached hereto.

Important information may be disseminated initially or exclusively via the Company’s corporate website, www.selective.com/investors. Investors should consult the site to access this information. Any website addresses included herein are inactive textual references only. The information contained on any such website referenced herein is not incorporated into this Current Report on Form 8-K.

Section 9 – Financial Statements and Exhibits

Item 9.01.    Financial Statements and Exhibits.

(d)    Exhibits

Exhibit No.    Description of Exhibit

99.1    Press Release of Selective Insurance Group, Inc. dated July 23, 2026
99.2    Financial Supplement, Second Quarter 2026
99.3    Selective Insurance Group, Inc. Second Quarter 2026 Investor Presentation
104     The cover page from this Current Report on Form 8-K, formatted in Inline XBRL



SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SELECTIVE INSURANCE GROUP, INC.
Date:July 23, 2026By:/s/ Michael H. Lanza
Michael H. Lanza
Executive Vice President and General Counsel



Exhibit 99.1
image1a.gif

Selective Reports Second Quarter 2026 Results

Net Income per Diluted Common Share of $2.11 and Non-GAAP Operating Income1 per
Diluted Common Share of $1.95;
Return on Common Equity ("ROE") of 14.8% and Non-GAAP Operating ROE1 of 13.7%

In the second quarter of 2026:

•Net premiums written ("NPW") decreased 5% from the second quarter of 2025;
•The GAAP combined ratio was 98.0%, compared to 100.2% in the second quarter of 2025;
•Commercial Lines renewal pure price increases averaged 6.5%, compared to 8.9% in the second quarter of 2025;
•After-tax net investment income was $119 million, up 18% from the second quarter of 2025;
•Book value per common share was $58.13, up 3% from last quarter; and
•Adjusted book value per common share¹ was $60.56, up 3% from last quarter.
    
Branchville, NJ - July 23, 2026 - Selective Insurance Group, Inc. (NASDAQ: SIGI) reported financial results for the second quarter ended June 30, 2026, with net income per diluted common share of $2.11 and non-GAAP operating income1 per diluted common share of $1.95. ROE was 14.8% and non-GAAP operating ROE1 was 13.7%.

For the quarter, Selective's combined ratio was 98.0%. Catastrophe losses were 5.6 points, and there was no net prior year casualty reserve development. NPW decreased 5% from a year ago driven by a 6% decrease in Standard Commercial Lines. Renewal pure price increases were 6.5%. Net investment income increased 18% from a year ago, to $119 million after-tax, generating 13.9 points of annualized ROE in the quarter.

“Our results reflect disciplined execution in an increasingly competitive environment. Operating ROE in the quarter was 13.7%, which marked our eighth consecutive quarter of double-digit operating returns. With our strong capital position and commitment to delivering long-term value, we returned 45% of after-tax net income through our regular dividend and $32 million of share repurchases. Even with this capital return, book value per share grew 3% in the quarter,” said John J. Marchioni, Chairman, President and Chief Executive Officer.

“Over the last two years, we have taken deliberate actions to improve the quality and long-term profitability of our underwriting portfolio. While those decisions contributed to lower premium in the quarter, they reflect the underwriting discipline that has long differentiated Selective and our commitment to pursuing growth where risk-adjusted returns are most attractive.”

“During the second quarter, we celebrated our 100th year in business and 50th year as a publicly traded company – milestones made possible by the talented employees, high-quality distribution partners, customers, and investors who have fueled our success. Having successfully navigated a century of market cycles, we remain confident in our ability to adapt, execute, and create long-term value. The actions we are taking to strengthen our portfolio reflect the same disciplined approach that has guided Selective’s success and position us well to deliver sustainable, profitable growth over the long-term,” concluded Mr. Marchioni.






1


Operating Highlights

Consolidated Financial ResultsQuarter Ended June 30,ChangeYear-to-Date June 30, Change
$ and shares in millions, except per share data2026202520262025
Net premiums written$1,220.7 1,288.6 (5)%$2,446.2 2,529.1 (3)%
Net premiums earned1,215.5 1,188.1 2 2,432.7 2,346.8 4 
Net investment income earned150.2 128.0 17 292.6 248.7 18 
Net realized and unrealized gains (losses), pre-tax12.0 4.2 187 3.7 4.4 (17)
Total revenues1,387.0 1,326.7 5 2,746.0 2,611.9 5 
Net underwriting income (loss), after-tax19.3 (1.9)(1,107)36.1 34.1 6 
Net investment income, after-tax119.2 101.4 18 232.3 197.0 18 
Net income (loss) available to common stockholders
127.1 83.6 52 222.5 191.2 16 
Non-GAAP operating income (loss)1
117.6 80.3 46 219.6 187.8 17 
Combined ratio98.0 %100.2 (2.2)pts98.1 %98.2 (0.1)pts
Loss and loss expense ratio67.2 69.3 (2.1)67.1 66.9 0.2 
Underwriting expense ratio30.8 30.8 — 31.0 31.2 (0.2)
Dividends to policyholders ratio— 0.1 (0.1)— 0.1 (0.1)
Net catastrophe losses5.6 pts6.7 (1.1)5.9 pts5.3 0.6 
Non-catastrophe property losses and loss expenses14.0 14.6 (0.6)14.3 15.0 (0.7)
(Favorable) unfavorable prior year reserve development on casualty lines
— 3.8 (3.8)— 2.1 (2.1)
Current year casualty loss costs
47.6 44.2 3.4 46.9 44.5 2.4 
Net income (loss) available to common stockholders per diluted common share$2.11 1.36 55 %$3.69 3.12 18 %
Non-GAAP operating income (loss) per diluted common share1
1.95 1.31 49 3.64 3.06 19 
Weighted average diluted common shares60.261.3(2)60.361.3(2)
Book value per common share$58.13 52.09 12 $58.13 52.09 12 
Adjusted book value per common share1
60.56 54.48 11 60.56 54.48 11 

Overall Insurance Operations

In the second quarter, overall NPW decreased 5%, as we continued to implement rate and non-rate actions to enhance underwriting profitability. Average renewal pure price increased 6.5%, down 3.4 points from a year ago. Our combined ratio was 98.0%, 2.2 points better than a year ago, primarily due to lower catastrophe and non-catastrophe property losses. There was no prior year casualty reserve development in the second quarter in any segment or line of business, compared to 3.8 points of unfavorable prior year reserve development a year ago. This was partially offset by higher current year casualty loss costs.

Overall, insurance segment performance generated 2.3 points of ROE in the second quarter of 2026, up 2.5 points from the second quarter of 2025.

Standard Commercial Lines Segment

In the second quarter, Standard Commercial Lines premiums, which account for 79% of total NPW, decreased 6% from a year ago driven by lower new business. Average renewal pure price increases were 6.5% and retention was 81%, reflecting granular actions to improve our profitability. These actions include driving higher renewal retention on our best-performing business and meaningfully lower retention on poorer-performing business. The second quarter combined ratio was 99.3%, 3.5 points better than a year ago, primarily due to no net prior year casualty reserve development in the current year quarter and lower non-catastrophe property losses, partially offset by higher current year casualty loss costs.
2



The following table shows the variances in key quarter-to-date and year-to-date measures:

Standard Commercial Lines SegmentQuarter Ended June 30,ChangeYear-to-Date June 30, Change
$ in millions2026202520262025
Net premiums written $961.9 1,018.0 (6)%$1,954.2 2,021.2 (3)%
Net premiums earned962.0 937.6 3 1,927.8 1,849.8 4 
Combined ratio99.3 %102.8 (3.5)pts99.7 %99.6 0.1 pts
Loss and loss expense ratio67.8 71.1 (3.3)67.8 67.5 0.3 
Underwriting expense ratio31.4 31.6 (0.2)31.8 32.0 (0.2)
Dividends to policyholders ratio0.1 0.1 — 0.1 0.1 — 
Net catastrophe losses5.1 pts5.4 (0.3)5.5 pts3.8 1.7 
Non-catastrophe property losses and loss expenses12.8 14.1 (1.3)13.0 14.1 (1.1)
(Favorable) unfavorable prior year reserve development on casualty lines
— 4.8 (4.8)— 2.4 (2.4)
Current year casualty loss costs
49.9 46.8 3.1 49.3 47.2 2.1 

Standard Personal Lines Segment

In the second quarter, Standard Personal Lines premiums, which represent 8% of total NPW, declined 8% and new business decreased 36% from a year ago. Renewal pure price was 8.9% and retention was 79%. The second quarter 2026 combined ratio increased 3.9 points from a year ago, to 95.5%, driven by higher non-catastrophe losses and a higher expense ratio, partially offset by lower catastrophe losses.

The following table shows the variances in key quarter-to-date and year-to-date measures:

Standard Personal Lines SegmentQuarter Ended June 30,ChangeYear-to-Date June 30, Change
$ in millions2026202520262025
Net premiums written $101.5 110.5 (8)%$184.0 198.0 (7)%
Net premiums earned97.6 102.4 (5)197.7 206.0 (4)
Combined ratio95.5 %91.6 3.9 pts94.1 %94.9 (0.8)pts
Loss and loss expense ratio70.7 68.3 2.4 69.9 71.2 (1.3)
Underwriting expense ratio24.8 23.3 1.5 24.2 23.7 0.5 
Net catastrophe losses12.2 pts14.3 (2.1)12.7 pts10.5 2.2 
Non-catastrophe property losses and loss expenses31.9 27.6 4.3 30.6 31.4 (0.8)
Unfavorable prior year reserve development on casualty lines
— — — — 2.4 (2.4)
Current year casualty loss costs
26.6 26.4 0.2 26.6 26.9 (0.3)

Excess and Surplus Lines Segment

For the second quarter, Excess and Surplus Lines premiums, which represent 13% of total NPW, declined 2% from the prior-year period, with average renewal pure price increases of 3.4%. The second quarter 2026 combined ratio was 91.8%, 2.0 points higher than a year ago. The increase was due to higher current year casualty loss costs and non-catastrophe property losses, partially offset by lower catastrophe losses.

The following table shows the variances in key quarter-to-date and year-to-date measures:

Excess and Surplus Lines SegmentQuarter Ended June 30,ChangeYear-to-Date June 30, Change
$ in millions2026202520262025
Net premiums written $157.3 160.2 (2)%$308.0 309.9 (1)%
Net premiums earned155.8 148.0 5 307.2 290.9 6 
Combined ratio91.8 %89.8 2.0 pts90.7 %91.1 (0.4)pts
Loss and loss expense ratio61.0 58.9 2.1 60.0 60.2 (0.2)
Underwriting expense ratio30.8 30.9 (0.1)30.7 30.9 (0.2)
Net catastrophe losses5.1 pts9.8 (4.7)4.2 pts10.6 (6.4)
Non-catastrophe property losses and loss expenses10.5 8.8 1.7 12.2 9.1 3.1 
(Favorable) prior year reserve development on casualty lines
— — — — — — 
Current year casualty loss costs
45.4 40.3 5.1 43.6 40.5 3.1 
3



Investments Segment

For the second quarter, after-tax net investment income was $119 million, up 18% from a year ago. The after-tax income yield averaged 4.4% for the fixed income securities portfolio and 4.2% for the overall portfolio. With invested assets per dollar of common stockholders' equity of $3.34 as of June 30, 2026, net investment income generated 13.9 points of annualized ROE.

Investments SegmentQuarter Ended June 30,ChangeYear-to-Date June 30, Change
$ in millions, except per share data2026202520262025
Net investment income earned, after-tax$119.2 101.4 18 %$232.3 197.0 18 %
Net investment income per common share 1.98 1.65 20 3.85 3.22 20 
Effective tax rate20.6 %20.7 (0.1)pts20.6 %20.8 (0.2)pts
Average yields:
Portfolio:
Pre-tax5.2 4.9 0.3 5.2 4.9 0.3 
After-tax4.2 3.9 0.3 4.1 3.9 0.2 
Fixed income securities:
Pre-tax5.5 %5.3 0.2 pts5.4 %5.2 0.2 pts
After-tax4.4 4.2 0.2 4.3 4.1 0.2 
Annualized ROE contribution13.9 13.0 0.9 13.6 12.9 0.7 

Balance Sheet

$ in millions, except per share dataJune 30, 2026December 31, 2025Change
Total assets$15,615.9 15,155.7 3 %
Total investments 11,576.9 11,302.4 2 
Long-term debt901.0 901.9 — 
Stockholders’ equity3,663.0 3,609.0 1 
Common stockholders' equity3,463.0 3,409.0 2 
Invested assets per dollar of common stockholders’ equity3.34 3.32 1 
Net premiums written to policyholders' surplus1.30 1.36 (4)
Book value per common share58.13 56.74 2 
Adjusted book value per common share1
60.56 57.91 5 
Debt to total capitalization19.7 %20.0 %(0.3)pts

Book value per common share increased by $1.39, or 2%, during the first half of 2026. The increase was primarily attributable to $3.69 of net income per diluted common share, partially offset by $1.25 increase in after-tax net unrealized losses on our fixed income securities portfolio and $0.86 in common stockholder dividends. The increase in after-tax net unrealized losses on our fixed income securities portfolio was primarily driven by higher interest rates. In the second quarter of 2026, the Company repurchased $32 million, or 376,131 shares, of common stock at an average price of $84.72.

Selective's Board of Directors also declared:

•    A quarterly cash dividend on common stock of $0.43 per common share payable on September 1, 2026, to holders of record as of August 17, 2026; and
•    A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on September 15, 2026, to holders of record as of August 31, 2026.

Guidance
For 2026, our full-year expectations are as follows:

•A GAAP combined ratio of 96.5% to 97.5%, including net catastrophe losses of 6.0 points. Our combined ratio estimate assumes no prior year casualty reserve development, as we record our best estimate each quarter. We do not make assumptions about future reserve development;
•After-tax net investment income of $480 million, up from our initial guidance of $465 million;
•An overall effective tax rate of 21.5%; and
•Weighted average shares of 60.2 million on a fully diluted basis, reflecting the shares repurchased in Six Months 2026 and assuming no additional repurchases under our share repurchase authorization.
4



The supplemental investor package, with financial information not included in this press release, is available on the Investors page of Selective’s website at www.Selective.com.

Selective’s quarterly analyst conference call will be simulcast at 8:00 AM ET, on Friday, July 24, 2026, on www.Selective.com. The webcast will be available for rebroadcast until the close of business on August 21, 2026.

About Selective Insurance Group, Inc.
Selective Insurance Group, Inc. (Nasdaq: SIGI) is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard insurance for commercial and personal risks and specialty insurance for commercial risks. Selective also offers flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and employer of choice is widely recognized, with awards and honors including listing in Forbes Best Midsize Employers and certification for seven consecutive years as a Great Place to Work®.

1Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) and Certain Other Non-GAAP Measures
Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating return on common equity differ from net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and return on common equity, respectively, by the exclusion of after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share differs from book value per common share by excluding 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 to be 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 below.

Note: All amounts included in this release exclude intercompany transactions.

Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss)
$ in millionsQuarter Ended June 30,Year-to-Date June 30,
2026202520262025
Net income (loss) available to common stockholders
$127.1 83.6 222.5 191.2 
Net realized and unrealized investment (gains) losses included in net income, before tax(12.0)(4.2)(3.7)(4.4)
Tax on reconciling items2.5 0.9 0.8 0.9 
Non-GAAP operating income (loss)
$117.6 80.3 219.6 187.8 

Reconciliation of Net Income (Loss) Available to Common Stockholders per Diluted Common Share to Non-GAAP Operating Income (Loss) per Diluted Common Share
Quarter Ended June 30,Year-to-Date June 30,
2026202520262025
Net income (loss) available to common stockholders per diluted common share
$2.11 1.36 3.69 3.12 
Net realized and unrealized investment (gains) losses included in net income, before tax(0.20)(0.07)(0.06)(0.07)
Tax on reconciling items0.04 0.02 0.01 0.01 
Non-GAAP operating income (loss) per diluted common share
$1.95 1.31 3.64 3.06 

5


Reconciliation of Return on Common Equity to Non-GAAP Operating Return on Common Equity
Quarter Ended June 30,Year-to-Date June 30,
2026202520262025
Return on Common Equity14.8 %10.7 13.0 12.5 
Net realized and unrealized investment (gains) losses included in net income, before tax(1.4)(0.5)(0.2)(0.3)
Tax on reconciling items0.3 0.1 — 0.1 
Non-GAAP Operating Return on Common Equity13.7 %10.3 12.8 12.3 

Reconciliation of Book Value per Common Share to Adjusted Book Value per Common Share
Quarter Ended June 30,Year-to-Date June 30,
2026202520262025
Book value per common share$58.13 52.09 58.13 52.09 
Total unrealized investment (gains) losses included in accumulated other comprehensive (loss) income, before tax3.07 3.03 3.07 3.03 
Tax on reconciling items(0.64)(0.64)(0.64)(0.64)
Adjusted book value per common share$60.56 54.48 60.56 54.48 

Note: Amounts in the tables above may not foot due to rounding.
6


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 that any stated expectation will occur or 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.

Investor Contact:
Brad B. Wilson
973-948-1283
Brad.Wilson@Selective.com
Media Contact:
Jamie M. Beal
973-948-1234
Jamie.Beal@Selective.com
Selective Insurance Group, Inc.
40 Wantage Avenue
Branchville, New Jersey 07890
www.Selective.com
7


Exhibit 99.2















selectiveinsurancergb.jpg


FINANCIAL SUPPLEMENT
SECOND QUARTER 2026


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 that any stated expectation will occur or 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.


Selective Insurance Group, Inc. & Consolidated Subsidiaries

TABLE OF CONTENTS

Page
Consolidated Financial Highlights
1
Consolidated Statements of Operations
2
Consolidated Balance Sheets
3
Financial Metrics
4
Consolidated Insurance Operations Statement of Operations
5
Standard Commercial Lines Statement of Operations and Supplemental Data
6
Standard Commercial Lines GAAP Line of Business Results
7
Standard Personal Lines Statement of Operations and Supplemental Data
8
Standard Personal Lines GAAP Line of Business Results
9
Excess and Surplus Lines Statement of Operations and Supplemental Data
10
Excess and Surplus Lines GAAP Line of Business Results
11
Consolidated Investment Income
12
Consolidated Composition of Invested Assets
13
Credit Quality of Invested Assets
14
Reconciliation of Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) and Certain Other Non-GAAP Measures
15
Ratings and Contact Information
16




Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ and shares in millions, except per share data)2026202620252025202520262025
For Period Ended
Gross premiums written$1,421.9 1,422.5 1,318.0 1,419.3 1,496.2 2,844.4 2,925.1 
Net premiums written1,220.7 1,225.5 1,129.5 1,207.9 1,288.6 2,446.2 2,529.1 
Change in net premiums written, from comparable prior year period(5)%(1)4 4 5 (3)6 
Underwriting income (loss), before-tax$24.4 21.2 76.0 16.7 (2.4)45.6 43.2 
Net investment income earned, before-tax150.2 142.4 143.8 138.7 128.0 292.6 248.7 
Net realized and unrealized investment gains (losses), before-tax12.0 (8.3)(4.1)8.1 4.2 3.7 4.4 
Net income (loss)
129.4 97.7 155.2 115.3 85.9 227.1 195.8 
Net income (loss) available to common stockholders(1)
127.1 95.4 152.9 113.0 83.6 222.5 191.2 
Non-GAAP operating income (loss)(2)
117.6 101.9 156.2 106.7 80.3 219.6 187.8 
At Period End
Total assets$15,615.9 15,321.9 15,155.7 14,980.4 14,468.4 15,615.9 14,468.4 
Total invested assets11,576.9 11,391.2 11,302.4 11,051.5 10,553.6 11,576.9 10,553.6 
Stockholders' equity3,663.0 3,587.4 3,609.0 3,490.0 3,369.4 3,663.0 3,369.4 
Common stockholders' equity(3)
3,463.0 3,387.4 3,409.0 3,290.0 3,169.4 3,463.0 3,169.4 
Common shares outstanding59.6 59.9 60.1 60.4 60.8 59.6 60.8 
Per Share and Share Data
Net income (loss) available to common stockholders per common share (diluted)
$2.11 1.58 2.52 1.85 1.36 3.69 3.12 
Non-GAAP operating income (loss) per common share (diluted)(2)
1.95 1.69 2.57 1.75 1.31 3.64 3.06 
Weighted average common shares outstanding (diluted)60.2 60.5 60.7 61.0 61.3 60.3 61.3 
Book value per common share$58.13 56.58 56.74 54.46 52.09 58.13 52.09 
Adjusted book value per common share(2)
60.56 58.94 57.91 55.83 54.48 60.56 54.48 
Dividends paid per common share0.43 0.43 0.43 0.38 0.38 0.86 0.76 
Financial Ratios
Loss and loss expense ratio67.2 %67.0 63.2 67.9 69.3 67.1 66.9 
Underwriting expense ratio30.8 31.2 30.5 30.6 30.8 31.0 31.2 
Dividends to policyholders ratio— 0.1 0.1 0.1 0.1 — 0.1 
GAAP combined ratio98.0 %98.3 93.8 98.6 100.2 98.1 98.2 
Return on common stockholders' equity ("ROE")14.8 11.2 18.3 14.0 10.7 13.0 12.5 
Non-GAAP operating ROE(2)
13.7 12.0 18.7 13.2 10.3 12.8 12.3 
Debt to total capitalization19.7 20.1 20.0 20.5 21.1 19.7 21.1 
Net premiums written to policyholders' surplus1.30 1.35 1.36 1.42 1.45 1.30 1.45 
Invested assets per dollar of common stockholders' equity$3.34 3.36 3.32 3.36 3.33 3.34 3.33 
(1)
Net income (loss) available to common stockholders is net income (loss) reduced by preferred stock dividends.
(2)
Non-GAAP measure. Refer to Page 15 for definition.
(3)
Excludes equity related to preferred stock.
Page 1

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ and shares in millions, except per share data)2026202620252025202520262025
Revenues
Net premiums earned$1,215.5 1,217.2 1,216.7 1,204.7 1,188.1 2,432.7 2,346.8 
Net investment income earned150.2 142.4 143.8 138.7 128.0 292.6 248.7 
Net realized and unrealized gains (losses)12.0 (8.3)(4.1)8.1 4.2 3.7 4.4 
Other income9.4 7.6 8.5 8.7 6.5 17.0 12.1 
Total revenues1,387.0 1,358.9 1,364.9 1,360.1 1,326.7 2,746.0 2,611.9 
Expenses
Loss and loss expense incurred816.3815.5 768.5 819.0 823.9 1,631.8 1,570.2 
Amortization of deferred policy acquisition costs248.1253.4 254.5 250.2 250.3 501.5 497.7 
Other insurance expenses136.2134.7 126.3 127.5 122.8 270.9247.7 
Interest expense13.213.2 13.2 13.3 13.3 26.422.8 
Corporate expenses10.517.9 6.3 4.4 7.6 28.425.7 
Total expenses1,224.2 1,234.7 1,168.8 1,214.4 1,217.8 2,458.9 2,364.1 
Income (loss) before income tax$162.8 124.2 196.1 145.7 108.9 287.0247.8 
Income tax expense (benefit)33.5 26.5 40.9 30.4 23.0 60.0 52.0 
Net income (loss)$129.4 97.7 155.2 115.3 85.9 227.1195.8 
Preferred stock dividends2.32.3 2.3 2.3 2.3 4.64.6 
Net income (loss) available to common stockholders
$127.1 95.4 152.9 113.0 83.6 222.5191.2
Net realized and unrealized investment (gains) losses, after tax(1)
(9.5)6.6 3.3 (6.4)(3.3)(2.9)(3.5)
Non-GAAP operating income (loss)(2)
$117.6 101.9 156.2 106.7 80.3 219.6 187.8 
Weighted average common shares outstanding (diluted)60.260.5 60.7 61.0 61.3 60.361.3 
Net income (loss) available to common stockholders per common share (diluted)
$2.11 1.58 2.52 1.85 1.36 3.69 3.12 
Non-GAAP operating income (loss) per common share (diluted)(2)
$1.95 1.69 2.57 1.75 1.31 3.64 3.06 
(1)
Amounts are provided to reconcile net income (loss) available to common stockholders to non-GAAP operating income (loss).
(2)
Non-GAAP measure. Refer to Page 15 for definition.
Note: Amounts may not foot due to rounding.
Page 2

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS
(Unaudited)

June 30,Mar. 31,Dec. 31,Sept. 30,June 30,
($ in millions, except per share data)20262026202520252025
ASSETS
Investments
Fixed income securities, held-to-maturity, net of allowance for credit losses$20.1 21.3 23.9 24.2 24.6 
Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses9,909.8 9,727.8 9,457.2 9,275.4 8,876.7 
Commercial mortgage loans, net of allowance for credit losses269.7 273.7 277.7 273.5 271.9 
Equity securities, at fair value413.1 388.3 384.4 380.1 318.1 
Short-term investments378.9 451.8 648.5 587.9 531.4 
Alternative investments473.9 431.4 418.5 417.1 435.0 
Other investments111.4 96.9 92.2 93.3 96.0 
Total investments

11,576.9 11,391.2 11,302.4 11,051.5 10,553.6 
Cash0.6 0.2 0.3 0.4 0.4 
Restricted cash10.4 10.7 17.6 23.7 37.9 
Accrued investment income101.6 93.7 92.0 86.8 86.9 
Premiums receivable, net of allowance for credit losses1,637.7 1,582.2 1,533.9 1,616.5 1,662.6 
Reinsurance recoverable, net of allowance for credit losses952.2 907.7 915.5 947.4 881.4 
Prepaid reinsurance premiums273.1 266.9 266.3 274.4 252.6 
Current federal income tax1.9 — — 0.6 13.2 
Deferred federal income tax137.9 133.7 110.9 113.0 120.7 
Property and equipment, net of accumulated depreciation and amortization116.5 109.9 106.4 102.4 100.0 
Deferred policy acquisition costs484.6 491.2 492.3 510.3 510.4 
Goodwill7.8 7.8 7.8 7.8 7.8 
Other assets314.8 326.7 310.2 245.4 241.1 
Total assets$15,615.9 15,321.9 15,155.7 14,980.4 14,468.4 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense$7,681.4 7,418.4 7,225.4 7,076.4 6,811.2 
Unearned premiums2,765.7 2,754.4 2,745.5 2,840.8 2,815.7 
Long-term debt901.0 901.4 901.9 902.3 902.7 
Current federal income tax— 44.8 16.9 — — 
Accrued salaries and benefits122.2 115.2 140.8 131.8 107.7 
Other liabilities482.6 500.4 516.2 539.1 461.7 
Total liabilities
$11,953.0 11,734.6 11,546.7 11,490.4 11,099.1 
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 share212.5 212.4 212.0 211.9 211.8 
Additional paid-in capital614.7 605.6 591.3 584.4 580.4 
Retained earnings3,671.6 3,570.5 3,500.8 3,373.9 3,284.0 
Accumulated other comprehensive income (loss)
(225.1)(222.6)(151.7)(167.3)(230.6)
Treasury stock, at cost(810.8)(778.5)(743.4)(712.9)(676.3)
Total stockholders' equity$3,663.0 3,587.4 3,609.0 3,490.0 3,369.4 
Commitments and contingencies
Total liabilities and stockholders' equity$15,615.9 15,321.9 15,155.7 14,980.4 14,468.4 
Note: Amounts may not foot due to rounding.
Page 3

Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ and shares in millions, except per share data)2026202620252025202520262025
Book value per common share
Common stockholders' equity$3,463.0 3,387.4 3,409.0 3,290.0 3,169.4 3,463.0 3,169.4 
Common shares issued and outstanding, at period end59.6 59.9 60.1 60.4 60.8 59.6 60.8 
Book value per common share$58.13 56.58 56.74 54.46 52.09 58.13 52.09 
Adjusted book value per common share(1)
60.56 58.94 57.91 55.83 54.48 60.56 54.48 
Financial results (after-tax)
Underwriting income (loss)19.3 16.8 60.0 13.2 (1.9)36.1 34.1 
Net investment income119.2 113.1 114.2 110.0 101.4 232.3 197.0 
Interest expense and preferred stock dividends(12.7)(12.7)(12.8)(12.8)(12.8)(25.5)(22.6)
Corporate expense(8.1)(15.2)(5.2)(3.7)(6.4)(23.3)(20.8)
Net realized and unrealized investment gains (losses)9.5 (6.6)(3.3)6.4 3.3 2.9 3.5 
Total after-tax net income (loss) available to common stockholders
127.1 95.4 152.9 113.0 83.6 222.5 191.2 
Return on average equity
Insurance segments2.3 %2.0 7.2 1.6 (0.2)2.1 2.2 
Net investment income13.9 13.3 13.6 13.6 13.0 13.6 12.9 
Interest expense and preferred stock dividends(1.5)(1.5)(1.5)(1.6)(1.6)(1.5)(1.5)
Corporate expense(1.0)(1.8)(0.6)(0.4)(0.9)(1.4)(1.3)
Net realized and unrealized investment gains (losses)1.1 (0.8)(0.4)0.8 0.4 0.2 0.2 
ROE14.8 11.2 18.3 14.0 10.7 13.0 12.5 
Net realized and unrealized (gains) losses(2)
(1.1)0.8 0.4 (0.8)(0.4)(0.2)(0.2)
Non-GAAP Operating ROE(1)
13.7 %12.0 18.7 13.2 10.3 12.8 12.3 
Debt and total capitalization
Notes payable:
3.03% Borrowings from Federal Home Loan Bank of Indianapolis$60.0 60.0 60.0 60.0 60.0 60.0 60.0 
7.25% Senior Notes49.9 49.9 49.8 49.8 49.8 49.9 49.8 
5.90% Senior Notes396.6 396.4 396.3 396.2 396.0 396.6 396.0 
6.70% Senior Notes99.5 99.5 99.4 99.4 99.4 99.5 99.4 
5.375% Senior Notes292.8 292.8 292.7 292.6 292.6 292.8 292.6 
Finance lease obligations2.2 2.9 3.6 4.2 4.9 2.2 4.9 
Total debt901.0 901.4 901.9 902.3 902.7 901.0 902.7 
Stockholders' equity3,663.0 3,587.4 3,609.0 3,490.0 3,369.4 3,663.0 3,369.4 
Total capitalization$4,563.9 4,488.8 4,510.8 4,392.3 4,272.1 4,563.9 4,272.1 
Ratio of debt to total capitalization19.7 %20.1 20.0 20.5 21.1 19.7 21.1 
Policyholders' surplus$3,692.1 3,601.0 3,573.3 3,407.4 3,288.5 3,692.1 3,288.5 
(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.
Page 4

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INSURANCE OPERATIONS
STATEMENT OF OPERATIONS
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions)2026202620252025202520262025
Underwriting results
Net premiums written$1,220.7 1,225.5 1,129.5 1,207.9 1,288.6 2,446.2 2,529.1 
Change in net premiums written, from comparable prior year period(5)%(1)4 4 5 (3)6 
Net premiums earned$1,215.5 1,217.2 1,216.7 1,204.7 1,188.1 2,432.7 2,346.8 
Losses and loss expenses incurred816.3 815.5 768.5 819.0 823.9 1,631.8 1,570.2 
Net underwriting expenses incurred374.4 379.7 371.6 368.1 365.4 754.1 731.2 
Dividends to policyholders0.5 0.7 0.6 0.9 1.2 1.2 2.1 
GAAP underwriting income (loss)$24.4 21.2 76.0 16.7 (2.4)45.6 43.2 
Net catastrophe losses$68.5 75.4 21.0 24.9 79.9 143.9 123.3 
(Favorable) unfavorable prior year casualty reserve development— — — 40.0 45.0 — 50.0 
Underwriting ratios
Loss and loss expense ratio67.2 %67.0 63.2 67.9 69.3 67.1 66.9 
Underwriting expense ratio30.8 31.2 30.5 30.6 30.8 31.0 31.2 
Dividends to policyholders ratio— 0.1 0.1 0.1 0.1 — 0.1 
Combined ratio98.0 %98.3 93.8 98.6 100.2 98.1 98.2 
Net catastrophe losses5.6 pts6.2 1.7 2.1 6.7 5.9 5.3 
(Favorable) unfavorable prior year casualty reserve development— — — 3.3 3.8 — 2.1 
Combined ratio before net catastrophe losses92.4 %92.1 92.1 96.5 93.5 92.2 92.9 
Combined ratio before net catastrophe losses and prior year casualty development92.4 %92.1 92.1 93.2 89.7 92.2 90.8 
Other Statistics
Non-catastrophe property loss and loss expenses$170.5 178.1 159.6 169.6 173.2 348.6 351.9 
Non-catastrophe property loss and loss expenses14.0 pts14.6 13.1 14.1 14.6 14.3 15.0 
Direct new business$206.1 214.0 223.7 233.2 248.1 420.0 499.4 
Renewal pure price increases6.5%7.2 8.3 9.6 9.9 6.8 10.1 
Note: Amounts may not foot due to rounding.

Page 5

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions)2026202620252025202520262025
Underwriting results
Net premiums written$961.9 992.4 875.6 940.8 1,018.0 1,954.2 2,021.2 
Change in net premiums written, from comparable prior year period(6)%(1)5 4 6 (3)7 
Net premiums earned$962.0 965.8 956.8 947.3 937.6 1,927.8 1,849.8 
Losses and loss expenses incurred652.2 656.8 586.9 658.0 666.8 1,309.1 1,248.4 
Net underwriting expenses incurred302.1 310.0 301.2 298.6 295.9 612.1 592.5 
Dividends to policyholders0.5 0.7 0.6 0.9 1.2 1.2 2.1 
GAAP underwriting income (loss)$7.2 (1.8)68.0 (10.2)(26.1)5.4 6.8 
Net catastrophe losses$48.7 57.2 12.8 15.0 50.9 105.8 70.7 
(Favorable) unfavorable prior year casualty reserve development— — (15.0)35.0 45.0 — 45.0 
Underwriting ratios
Loss and loss expense ratio67.8 %68.0 61.3 69.5 71.1 67.8 67.5 
Underwriting expense ratio31.4 32.1 31.5 31.5 31.6 31.8 32.0 
Dividends to policyholders ratio0.1 0.1 0.1 0.1 0.1 0.1 0.1 
Combined ratio99.3 %100.2 92.9 101.1 102.8 99.7 99.6 
Net catastrophe losses5.1 pts5.9 1.3 1.6 5.4 5.5 3.8 
(Favorable) unfavorable prior year casualty reserve development— — (1.6)3.7 4.8 — 2.4 
Combined ratio before net catastrophe losses94.2 %94.3 91.6 99.5 97.4 94.2 95.8 
Combined ratio before net catastrophe losses and prior year casualty development94.2 %94.3 93.2 95.8 92.6 94.2 93.4 
Other Statistics
Non-catastrophe property loss and loss expenses$122.9 127.8 110.4 118.7 131.9 250.7 260.7 
Non-catastrophe property loss and loss expenses12.8 pts13.2 11.5 12.5 14.1 13.0 14.1 
Direct new business$124.0 132.0 137.0 146.6 158.2 256.0 330.3 
Renewal pure price increases6.5 %7.1 7.5 8.9 8.9 6.8 9.0 
Retention81 82 82 82 83 81 83 
Note: Amounts may not foot due to rounding.

Page 6

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter ended June 30, 2026Quarter ended June 30, 2025
GeneralCommercialCommercialWorkersGeneralCommercialCommercialWorkers
($ in millions)LiabilityAuto
Property(1)
CompensationBOPBondsOtherTotalLiabilityAuto
Property(1)
CompensationBOPBondsOtherTotal
Net premiums written$328.1 289.9 199.0 76.6 50.1 8.7 9.4 961.9 341.6 313.0 207.9 83.0 50.3 13.6 8.6 1,018.0 
Net premiums earned318.7 291.4 198.5 81.9 52.4 9.9 9.2 962.0 305.8 288.8 191.0 82.0 48.4 13.3 8.3 937.6 
Underwriting income (loss)(19.7)(5.3)20.2 2.8 4.7 (0.4)4.9 7.2 (31.3)(8.4)7.4 (2.9)2.5 2.0 4.5 (26.1)
Loss and loss expense ratio74.8 %72.2 55.3 71.8 58.7 40.2 — 67.8 78.7 73.3 61.4 77.1 62.7 29.1 (2.1)71.1 
Underwriting expense ratio31.5 29.7 34.6 23.1 32.3 63.9 46.7 31.4 31.5 29.6 34.7 25.2 32.1 55.5 48.0 31.6 
Dividend ratio(0.1)(0.1)(0.1)1.6 — — — 0.1 — — — 1.2 — — — 0.1 
Combined ratio106.2 %101.8 89.8 96.5 91.0 104.1 46.7 99.3 110.2 102.9 96.1 103.5 94.8 84.6 45.9 102.8 
Net catastrophe losses— 0.8 20.9 — 9.3 — — 5.1 — 1.4 17.8 — 26.5 — — 5.4 
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — 6.5 8.7 — — — — — 4.8 
Combined ratio before net catastrophe losses and prior year casualty development106.2 %101.0 68.9 96.5 81.7 104.1 46.7 94.2 103.7 92.8 78.3 103.5 68.3 84.6 45.9 92.6 
Year-to-Date June 30, 2026Year-to-Date June 30, 2025
GeneralCommercialCommercialWorkersGeneralCommercialCommercialWorkers
($ in millions)LiabilityAuto
Property(1)
CompensationBOPBondsOtherTotalLiabilityAuto
Property(1)
CompensationBOPBondsOtherTotal
Net premiums written$662.2 591.4 397.8 159.3 104.0 20.1 19.5 1,954.2 675.5 625.6 404.2 169.1 101.2 28.0 17.6 2,021.2 
Net premiums earned633.8 587.8 400.1 161.7 104.2 22.0 18.2 1,927.8 600.5 572.3 377.6 161.1 95.3 26.5 16.5 1,849.8 
Underwriting income (loss)(43.5)0.2 27.2 1.8 9.7 0.7 9.4 5.4 (47.2)(0.8)37.5 (7.6)12.6 3.8 8.6 6.8 
Loss and loss expense ratio74.7 %70.2 59.1 73.5 57.6 37.0 0.6 67.8 75.7 69.9 55.7 77.5 53.6 29.1 0.5 67.5 
Underwriting expense ratio32.2 29.9 34.1 24.3 33.1 59.6 47.9 31.8 32.2 30.2 34.4 26.1 33.2 56.8 47.7 32.0 
Dividend ratio— (0.1)— 1.1 — — — 0.1 — — — 1.1 — — — 0.1 
Combined ratio106.9 %100.0 93.2 98.9 90.7 96.6 48.5 99.7 107.9 100.1 90.1 104.7 86.8 85.9 48.2 99.6 
Net catastrophe losses— 0.5 22.8 — 11.3 — — 5.5 — 1.0 13.3 — 15.5 — — 3.8 
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — 3.3 4.4 — — — — — 2.4 
Combined ratio before net catastrophe losses and prior year casualty development106.9 %99.5 70.4 98.9 79.4 96.6 48.5 94.2 104.6 94.7 76.8 104.7 71.3 85.9 48.2 93.4 
(1) Includes Inland Marine.
Note: Amounts may not foot due to rounding.

Page 7

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES
STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions)2026202620252025202520262025
Underwriting results
Net premiums written$101.5 82.5 95.5 104.2 110.5 184.0 198.0 
Change in net premiums written, from comparable prior year period(8)%(6)(8)(6)(5)(7)(8)
Net premiums earned$97.6 100.0 100.6 101.5 102.4 197.7 206.0 
Losses and loss expenses incurred69.0 69.3 79.7 89.3 70.0 138.3 146.6 
Net underwriting expenses incurred24.2 23.6 23.9 22.5 23.9 47.8 48.8 
GAAP underwriting income (loss)$4.4 7.2 (3.0)(10.2)8.6 11.6 10.6 
Net catastrophe losses$11.9 13.2 7.3 12.2 14.6 25.1 21.7 
(Favorable) unfavorable prior year casualty reserve development— — 5.0 5.0 — — 5.0 
Underwriting ratios
Loss and loss expense ratio70.7 %69.2 79.3 88.0 68.3 69.9 71.2 
Underwriting expense ratio24.8 23.6 23.7 22.1 23.3 24.2 23.7 
Combined ratio95.5 %92.8 103.0 110.1 91.6 94.1 94.9 
Net catastrophe losses12.2 pts13.2 7.2 12.0 14.3 12.7 10.5 
(Favorable) unfavorable prior year casualty reserve development— — 5.0 4.9 — — 2.4 
Combined ratio before net catastrophe losses83.3 %79.6 95.8 98.1 77.3 81.4 84.4 
Combined ratio before net catastrophe losses and prior year casualty development83.3 %79.6 90.8 93.2 77.3 81.4 82.0 
Other Statistics
Non-catastrophe property loss and loss expenses$31.2 29.3 33.3 39.9 28.3 60.5 64.8 
Non-catastrophe property loss and loss expenses31.9 pts29.2 33.1 39.3 27.6 30.6 31.4 
Direct new business$8.3 7.6 10.9 12.8 12.9 15.8 21.8 
Renewal pure price increases8.9 %10.6 15.1 16.9 19.0 9.6 21.3 
Retention79 78 80 79 79 79 77 
Note: Amounts may not foot due to rounding.

Page 8

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter ended June 30, 2026Quarter ended June 30, 2025
PersonalPersonal
($ in millions)AutoHomeownersOtherTotalAutoHomeownersOtherTotal
Net premiums written$43.8 54.3 3.3 101.5 52.7 54.6 3.2 110.5 
Net premiums earned44.7 49.9 3.0 97.6 51.3 48.3 2.8 102.4 
Underwriting income (loss)(2.6)2.9 4.2 4.4 0.4 3.0 5.2 8.6 
Loss and loss expense ratio79.0 %65.1 41.6 70.7 74.1 66.0 4.1 68.3 
Underwriting expense ratio26.9 29.2 (79.1)24.8 25.1 27.8 (89.6)23.3 
Combined ratio105.9 %94.3 (37.5)95.5 99.2 93.8 (85.5)91.6 
Net catastrophe losses1.0 23.0 — 12.2 0.8 29.3 — 14.3 
(Favorable) unfavorable prior year casualty reserve development— — — — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development104.9 %71.3 (37.5)83.3 98.4 64.5 (85.5)77.3 
Year-to-Date June 30, 2026Year-to-Date June 30, 2025
PersonalPersonal
($ in millions)AutoHomeownersOtherTotalAutoHomeownersOtherTotal
Net premiums written$81.8 95.9 6.2 184.0 98.1 94.4 5.6 198.0 
Net premiums earned91.3 100.0 6.3 197.7 104.3 96.3 5.5 206.0 
Underwriting income (loss)(2.3)5.4 8.5 11.6 (5.5)6.4 9.7 10.6 
Loss and loss expense ratio76.2 %66.1 40.7 69.9 79.7 65.5 9.8 71.2 
Underwriting expense ratio26.4 28.5 (75.4)24.2 25.6 27.8 (85.0)23.7 
Combined ratio102.6 %94.6 (34.7)94.1 105.3 93.3 (75.2)94.9 
Net catastrophe losses0.8 24.4 — 12.7 0.5 22.0 — 10.5 
(Favorable) unfavorable prior year casualty reserve development— — — — 4.8 — — 2.4 
Combined ratio before net catastrophe losses and prior year casualty development101.8 %70.2 (34.7)81.4 100.0 71.3 (75.2)82.0 
Note: Amounts may not foot due to rounding.

Page 9

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS AND SURPLUS LINES
STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions)2026202620252025202520262025
Underwriting results
Net premiums written$157.3 150.7 158.4 162.9 160.2 308.0 309.9 
Change in net premiums written, from comparable prior year period(2)%1 4 14 9 (1)14 
Net premiums earned$155.8 151.4 159.3 155.9 148.0 307.2 290.9 
Losses and loss expenses incurred95.0 89.4 101.8 71.8 87.2 184.4 175.1 
Net underwriting expenses incurred48.1 46.1 46.5 47.0 45.7 94.2 89.9 
GAAP underwriting income (loss)$12.8 15.9 11.0 37.1 15.2 28.6 25.9 
Net catastrophe losses$7.9 5.0 0.9 (2.3)14.5 12.9 30.9 
(Favorable) unfavorable prior year casualty reserve development— — 10.0 — — — — 
Underwriting ratios
Loss and loss expense ratio61.0 %59.0 63.9 46.1 58.9 60.0 60.2 
Underwriting expense ratio30.8 30.5 29.2 30.1 30.9 30.7 30.9 
Combined ratio91.8 %89.5 93.1 76.2 89.8 90.7 91.1 
Net catastrophe losses5.1 pts3.3 0.6 (1.5)9.8 4.2 10.6 
(Favorable) unfavorable prior year casualty reserve development— — 6.3 — — — — 
Combined ratio before net catastrophe losses86.7 %86.2 92.5 77.7 80.0 86.5 80.5 
Combined ratio before net catastrophe losses and prior year casualty development86.7 %86.2 86.2 77.7 80.0 86.5 80.5 
Other Statistics
Non-catastrophe property loss and loss expenses$16.4 21.0 15.9 11.0 13.1 37.4 26.5 
Non-catastrophe property loss and loss expenses10.5 pts13.9 10.0 7.0 8.8 12.2 9.1 
Direct new business$73.8 74.4 75.8 73.9 77.0 148.2 147.2 
Renewal pure price increases3.4 %4.1 7.8 8.3 9.3 3.6 9.0 
Note: Amounts may not foot due to rounding.

Page 10

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS & SURPLUS LINES
GAAP LINE OF BUSINESS RESULTS
(Unaudited)

Quarter ended June 30, 2026Quarter ended June 30, 2025
($ in millions)CasualtyPropertyTotalCasualtyPropertyTotal
Net premiums written$93.0 64.4 157.3 93.9 66.2 160.2 
Net premiums earned92.7 63.2 155.8 87.4 60.6 148.0 
Underwriting income (loss)(6.7)19.4 12.8 0.3 14.9 15.2 
Loss and loss expense ratio76.3 %38.6 61.0 68.2 45.5 58.9 
Underwriting expense ratio30.9 30.7 30.8 31.5 30.0 30.9 
Combined ratio107.2 %69.3 91.8 99.7 75.5 89.8 
Net catastrophe losses— 12.6 5.1 — 23.8 9.8 
(Favorable) unfavorable prior year casualty reserve development— — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development107.2 %56.7 86.7 99.7 51.7 80.0 
Year-to-Date June 30, 2026Year-to-Date June 30, 2025
($ in millions)CasualtyPropertyTotalCasualtyPropertyTotal
Net premiums written$184.0 124.0 308.0 184.6 125.2 309.9 
Net premiums earned182.2 125.1 307.2 172.5 118.4 290.9 
Underwriting income (loss)(8.3)36.9 28.6 (0.1)26.0 25.9 
Loss and loss expense ratio73.5 %40.3 60.0 68.3 48.4 60.2 
Underwriting expense ratio31.0 30.2 30.7 31.8 29.6 30.9 
Combined ratio104.5 %70.5 90.7 100.1 78.0 91.1 
Net catastrophe losses— 10.3 4.2 — 26.1 10.6 
(Favorable) unfavorable prior year casualty reserve development— — — — — — 
Combined ratio before net catastrophe losses and prior year casualty development104.5 %60.2 86.5 100.1 51.9 80.5 
Note: Amounts may not foot due to rounding.


Page 11

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INVESTMENT INCOME
(Unaudited)

Quarter endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions)2026202620252025202520262025
Net investment income
Fixed income securities
Taxable$131.3 123.1 118.1 114.7 113.9 254.4 217.5 
Tax-exempt3.3 3.5 3.2 2.5 1.8 6.8 3.3 
Total fixed income securities134.6 126.6 121.3 117.2 115.7 261.3 220.8 
Commercial mortgage loans4.1 4.2 4.1 4.0 3.8 8.3 7.4 
Equity securities5.5 4.2 10.2 5.2 4.9 9.7 8.5 
Alternative investments8.6 6.9 9.5 11.8 4.0 15.5 11.1 
Other investments0.4 — 0.2 0.2 0.2 0.5 0.4 
Short-term investments3.2 5.5 5.1 5.7 5.3 8.7 11.5 
Investment income156.5 147.5 150.4 144.1 133.8 304.0 259.6 
Investment expenses(6.3)(5.1)(6.5)(5.4)(5.9)(11.4)(11.0)
Investment tax expense(31.0)(29.3)(29.7)(28.7)(26.5)(60.3)(51.6)
Total net investment income, after-tax$119.2 113.1 114.2 110.0 101.4 232.3 197.0 
Net realized and unrealized investment gains (losses), pre-tax$12.0 (8.3)(4.1)8.1 4.2 3.7 4.4 
Change in unrealized gains (losses) recognized in other comprehensive income, pre-tax$(3.9)(90.6)16.4 79.3 51.6 (94.5)132.7 
Average investment yields
Fixed income investments, pre-tax5.5 %5.3 5.2 5.2 5.3 5.4 5.2 
Fixed income investments, after-tax4.4 4.2 4.1 4.1 4.2 4.3 4.1 
Total portfolio, pre-tax5.2 %5.0 5.1 5.1 4.9 5.2 4.9 
Total portfolio, after-tax4.2 4.0 4.1 4.1 3.9 4.1 3.9 
Effective tax rate on net investment income20.6 %20.6 20.6 20.7 20.7 20.6 20.8 
New money purchase rates for fixed income investments, pre-tax6.0 5.7 6.0 5.8 5.7 5.8 5.9 
New money purchase rates for fixed income investments, after-tax4.7 4.5 4.7 4.6 4.6 4.6 4.7 
Effective duration of fixed income investments including short-term (in years)4.3 4.3 4.1 4.1 4.2 4.3 4.2 
Note: Amounts may not foot due to rounding.
Page 12

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS
(Unaudited)

June 30,Mar. 31,Dec. 31,Sept. 30,June 30,
20262026202520252025
($ in millions)AmountPercentAmountPercentAmountPercentAmountPercentAmountPercent
Fixed income securities, at fair value$9,929.3 86 %9,748.6 86 9,481.1 84 9,299.7 84 8,901.1 84 
Commercial mortgage loans, at fair value267.4 2 268.3 2 274.9 2 269.1 2 266.2 3 
Total fixed income investments10,196.7 88 10,016.8 88 9,756.0 86 9,568.8 87 9,167.3 87 
Short-term investments378.9 3 451.8 4 648.5 6 587.9 5 531.4 5 
Total fixed income and short-term investments10,575.6 91 10,468.6 92 10,404.6 92 10,156.7 92 9,698.8 92 
Equity securities, at fair value413.1 4 388.3 3 384.4 3 380.1 3 318.1 3 
Alternative investments473.9 4 431.4 4 418.5 4 417.1 4 435.0 4 
Other investments111.4 1 96.9 1 92.2 1 93.3 1 96.0 1 
Total investments$11,574.0 100  %11,385.2 100 11,299.7 100 11,047.2 100 10,547.8 100 
Fixed income investments, at carry value
U.S. government obligations$159.7 2 %176.8 2 163.2 2 143.4 1 129.4 1 
Foreign government obligations16.2 — 8.8 — 10.0 — 10.0 — 10.5 — 
Obligations of state and political subdivisions542.7 5 565.1 6 550.0 6 561.0 6 458.7 5 
Corporate securities3,662.1 36 3,554.7 35 3,428.1 35 3,383.5 35 3,338.6 36 
Collateralized loan obligations and other asset-backed securities2,615.4 26 2,571.2 26 2,550.3 26 2,478.7 26 2,276.2 25 
Residential mortgage-backed securities 2,284.7 22 2,168.9 22 2,075.9 21 1,998.9 21 1,943.6 21 
Commercial mortgage-backed securities 649.2 6 703.6 7 703.6 7 724.1 8 744.2 8 
Commercial mortgage loans269.7 3 273.7 3 277.7 3 273.5 3 271.9 3 
Total fixed income investments$10,199.6 100  %10,022.8 100 9,758.8 100 9,573.1 100 9,173.1 100 
Expected maturities of fixed income investments at carry value
Due in one year or less$601.0 6 %587.9 6 646.0 7 603.5 6 587.8 6 
Due after one year through five years3,775.6 37 4,093.5 41 3,963.9 41 3,811.7 40 3,802.7 41 
Due after five years through 10 years4,160.1 41 3,835.4 38 3,932.9 40 3,959.3 41 3,712.8 40 
Due after 10 years1,662.8 16 1,506.0 15 1,216.0 12 1,198.6 13 1,069.8 12 
Total fixed income investments$10,199.6 100  %10,022.8 100 9,758.8 100 9,573.1 100 9,173.1 100 
Weighted average credit quality of fixed income and short-term investments
Investment grade credit quality$10,220.8 97 %10,105.6 97 10,047.3 97 9,809.6 97 9,351.7 96 
Non-investment grade credit quality354.8 3 363.0 3 357.2 3 347.1 3 347.1 4 
Total fixed income and short-term investments, at fair value$10,575.6 100  %10,468.6 100 10,404.6 100 10,156.7 100 9,698.8 100 
Weighted average credit quality of fixed income and short-term investments A+  A+  A+  A+  A+
Alternative investmentsJune 30, 2026
Current
Number ofOriginalRemainingMarket
StrategyFundsCommitmentCommitmentValue
Private equity72 $535.1 196.1 383.8 
Private credit23 144.3 89.7 40.5 
Real assets13 102.8 46.0 49.6 
Total108 $782.2 331.7 473.9 
Note: Amounts may not foot due to rounding.
Page 13

Selective Insurance Group, Inc. & Consolidated Subsidiaries
CREDIT QUALITY OF INVESTED ASSETS
(Unaudited)

At June 30, 2026 Credit Rating
($ in millions)Amortized CostFair
Value		% of Invested AssetsYield to WorstEffective Duration in YearsAverage Life in YearsAAAAAABBBNon-Investment GradeNot Rated
Fixed income investments:
U.S. government obligations$176 $160 1.4 5.0 5.5 11.5 $— $160 $— $— $— $— 
Foreign government obligations17 16 0.1 5.2 5.8 7.2 1 2 4 10 — — 
State and municipal obligations559 543 4.7 4.7 7.0 8.3 77 266 189 11 — — 
Corporate securities3,719 3,662 31.6 5.4 5.0 6.8 29 427 1,661 1,379 166 — 
Mortgage-backed securities:
Residential mortgage-backed securities ("RMBS"):
Agency RMBS1,770 1,716 14.8 5.1 5.8 7.8 — 1,715 — — — — 
Non-agency RMBS591 569 4.9 5.6 3.5 4.7 473 60 29 4 2 — 
Total RMBS2,362 2,285 19.7 5.3 5.2 7.0 473 1,776 29 4 2 — 
Commercial mortgage-backed securities ("CMBS")
Agency CMBS119 113 1.0 4.9 5.0 6.5 3 110 — — — — 
Non-agency CMBS544 536 4.6 5.4 2.5 3.4 456 56 18 — 6 — 
Total CMBS663 649 5.6 5.3 2.9 3.9 459 166 18 — 6 — 
Total mortgage-backed securities3,024 2,934 25.3 5.3 4.7 6.3 932 1,942 48 4 8 — 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS"):
CLOs896 877 7.6 6.9 1.4 3.1 460 219 92 47 19 40 
Commercial ABS699 686 5.9 3.5 2.4 3.2 104 95 425 62 1 — 
Consumer ABS431 426 3.7 2.7 1.2 1.7 253 110 59 5 — — 
Other ABS631 626 5.4 0.3 0.2 0.3 5 53 319 146 44 59 
Total CLOs and ABS2,657 2,615 22.6 7.1 2.9 4.4 821 477 895 259 65 99 
Total securitized assets5,681 5,549 47.9 6.2 3.8 5.4 1,753 2,418 943 263 72 100 
Commercial mortgage loans273 267 2.3 5.9 2.6 3.5 — 21 108 121 17 — 
Total fixed income investments10,425 10,197 88.1 5.8 4.4 6.1 1,860 3,293 2,904 1,785 255 100 
Short-term investments379 379 3.3 3.6 0.00.0379 — — — — — 
Total fixed income and short-term investments10,804 10,576 91.4 5.7 4.35.92,239 3,293 2,904 1,785 255 100 
Total fixed income securities and short-term investments by credit rating percentage21.2 %31.1 %27.5 %16.9 %2.4 %0.9 %
Equity securities:
Common stock(1)
376 411 3.6 — — — — — — — — 411 
Preferred stock2 2 — — — — — — — 2 — — 
Total equity securities377 413 3.6 — — — — — — 2 — 411 
Alternative investments
Private equity384 384 3.3 — — — — — — — — 384 
Private credit40 40 0.3 — — — — — — — — 40 
Real assets50 50 0.4 — — — — — — — — 50 
Total alternative investments474 474 4.1 — — — — — — — — 474 
Other investments 111 111 1.0 — — — — — — — — 111 
Total invested assets$11,767 $11,574 100.0 %— — — $2,239 $3,293 $2,904 $1,786 $255 $1,096 
(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.
Page 14

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 endedYear-to-date
June 30,Mar. 31,Dec. 31,Sept. 30,June 30,June 30,June 30,
($ in millions, except per share data)2026202620252025202520262025
Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Net income (loss) available to common stockholders
$127.1 95.4 152.9 113.0 83.6 222.5 191.2 
Net realized and unrealized investment (gains) losses included in net income, before tax(12.0)8.3 4.1 (8.1)(4.2)(3.7)(4.4)
Tax on reconciling items2.5 (1.7)(0.8)1.7 0.9 0.8 0.9 
Non-GAAP operating income (loss)
$117.6 101.9 156.2 106.7 80.3 219.6 187.8 
Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share
Net income (loss) available to common stockholders per diluted common share
$2.11 1.58 2.52 1.85 1.36 3.69 3.12 
Net realized and unrealized investment (gains) losses included in net income, before tax(0.20)0.14 0.07 (0.13)(0.07)(0.06)(0.07)
Tax on reconciling items0.04 (0.03)(0.02)0.03 0.02 0.01 0.01 
Non-GAAP operating income (loss) per diluted common share
$1.95 1.69 2.57 1.75 1.31 3.64 3.06 
Reconciliation of ROE to non-GAAP operating ROE
ROE14.8 %11.2 18.3 14.0 10.7 13.0 12.5 
Net realized and unrealized investment (gains) losses included in net income, before tax(1.4)1.0 0.5 (1.0)(0.5)(0.2)(0.3)
Tax on reconciling items0.3 (0.2)(0.1)0.2 0.1 — 0.1 
Non-GAAP operating ROE13.7 %12.0 18.7 13.2 10.3 12.8 12.3 
Reconciliation of book value per common share to adjusted book value per common share
Book value per common share$58.13 56.58 56.74 54.46 52.09 58.13 52.09 
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax
3.07 2.99 1.47 1.73 3.03 3.07 3.03 
Tax on reconciling items(0.64)(0.63)(0.30)(0.36)(0.64)(0.64)(0.64)
Adjusted book value per common share$60.56 58.94 57.91 55.83 54.48 60.56 54.48 
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.
Page 15

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION

Address:As of June 30, 2026
40 Wantage AvenueAM BestStandard & Poor'sMoody'sFitch
Branchville, NJ 07890Financial Strength Ratings:A+AA2A+
Preferred Stock Rating:n/aBB+Ba1BBB-
Corporate Website:Long-Term Debt Credit Rating:a-BBBBaa2BBB+
www.Selective.com
Investor Contact:REGISTRAR AND TRANSFER AGENT
Brad B. WilsonEQ Shareowner Services
Senior Vice PresidentP.O. Box 64854
Phone: 973-948-1283St. Paul, MN 55164
Brad.Wilson@Selective.com866-877-6351
Media Contact:
Jamie M. Beal
Vice President
Director of Communications
Phone: 973-948-1234
Jamie.Beal@Selective.com

Page 16
Copyright © 2026 Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3 SECOND QUARTER

 

SAFE HARBOR STATEMENT We make certain statements and reference other information in this presentation that are “forward-looking statements” as 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. We discuss factors that could cause our actual results to differ materially from those we project, forecast, or estimate in forward- looking statements in further detail in Selective’s public filings with the United States Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements – whether as a result of new information, future events or otherwise – other than as the federal securities laws may require. This presentation also includes certain non-GAAP financial measures within the meaning of Regulation G, including “non-GAAP operating earnings per share,” “non-GAAP operating income,” “non-GAAP operating return on equity,” and “adjusted book value per share.” Definitions of these non-GAAP measures and a reconciliation to the most comparable GAAP figures are available in our Annual Report on Form 10-K and our Supplemental Investor Package, both found on our website www.selective.com under “Investors/Reports & Earnings.” Our commentary references non-GAAP measures we and the investment community use to make it easier to evaluate our insurance business. These non-GAAP measures, however, may not be comparable to similarly titled measures used outside of the insurance industry. Investors are cautioned not to unduly rely on these non-GAAP measures in assessing our overall financial performance. 2

 

 

Every day, our interactions with our customers and distribution partners reinforce the importance of our role in rebuilding lives and businesses, making communities safer, and supporting economic expansion. 4

 

A+ (Superior) rating by AM Best ROE: 1H26: 13.0% 2025: 14.4% 5-Year average: 11.9% 10-year average: 11.5% 35th largest P&C carrier in the United States* $4.9B of net premiums written in 2025 Added 100 agency locations in 1H26 Expanding geographically with the goal of a near national footprint Combined Ratio: 1H26: 98.1% 2025: 97.2% 5-Year average: 96.9% 10-year average: 95.4% Standard Commercial Lines Segment comprises 79% of Net Premiums Written 5 A LEADER IN U.S. PROPERTY & CASUALTY INSURANCE *Based on 2025 net premiums written in AM Best’s annual list of “Top 200 U.S. Property/Casualty Writers” NASDAQ: SIGI (Common Stock) NASDAQ: SIGIP (Preferred) INVESTOR.RELATIONS@SELECTIVE.COM

 

Diversify revenue and income by leveraging our integrated product model to deliver better end-to-end customer experience and profitable growth in priority segments. Relentlessly improve on the fundamentals. Adopt and enhance practices that drive superior individual and portfolio-level outcomes in risk selection, loss prediction, pricing, and claims. Advance our use of data and technology (including AI) to transform raw information into actionable insights that drive better decisions and increase operational efficiency. Build a more connected, accountable, and empowered organization by developing talent and aligning on prioritized goals. 6 ORGANIZATIONAL PRIORITIES

 

7 DIFFERENTIATED OPERATING MODEL UNIQUE FIELD MODEL • Underwriting, claims, and risk management specialists placed alongside our customers and distribution partners • Proven ability to develop and integrate actionable tools • Enables effective portfolio management in balancing rate and retention FRANCHISE VALUE DISTRIBUTION MODEL WITH HIGH-QUALITY PARTNERS • Approximately 1,680 distribution partners selling our standard lines products and services at about 2,940 office locations* o ~730 of these distribution partners sell our personal lines products o ~80 wholesale agents sell our E&S business o ~6,520 distribution partners sell National Flood Insurance Program products across 50 states 2 0 2 5 N E T P R E M I U M S W R I T T E N $4.9 BILLION 13% Excess and Surplus Lines 8% Standard Personal Lines 79% Standard Commercial Lines *Figures as of year-end 2025

 

8 0% 5% 10% 15% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 SIGI Peer Avg. NON-GAAP OPERATING ROE* Note: Peer Average includes CINF, CNA, HIG, THG, TRV, and UFCS Note: 10-year avg based on 2016-2025 *Refer to “Safe Harbor Statement” on page 2 of this presentation for further detail regarding certain non-GAAP financial measures **Based on average equity OPERATING ROE* 2025 2024 Investments 13.3% 12.8% Underwriting 3.4% (3.7)% Other (2.5)% (2.0)% Total 14.2% 7.1% Generating ROEs exceeding our cost of capital and peer group average over time 100 basis points of combined ratio translates to ~110 basis points of ROE** 100 basis points of pre-tax investment yield translates to ~270 basis points of ROE** SIGI 10-YEAR AVERAGE: 12.1% Peer 10-Year Average: 9.2% 12.8%

 

9 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 94%96%98%100%102%104%106% 1 0 - Y E A R N P W C A G R 1 0 - Y E A R A V E R A G E C O M B I N E D R A T I O 90% 95% 100% 105% 0 1 2 3 4 5 6 7 1 0 - Y E A R A V E R A G E C O M B I N E D R A T I O 1 0 - Y E A R S T A N D A R D D E V I A T I O N O F C O M B I N E D R A T I O N P W C A G R V S . A V E R A G E C O M B I N E D R A T I O Note: White dots represent P&C peers: CINF, CNA, HIG, THG, TRV, and UFCS; 10-year avg based on 2016-2025 Industry Source: © 2025 Conning, Inc. Used with permission. [Statutory data] CAGR = Compound Annual Growth Rate C O M B I N E D R A T I O ( A V E R A G E & V O L A T I L I T Y ) SUSTAINED TRACK RECORD OF PROFITABILITY SIGI Industry Industry SIGI

 

10 92.2% 98.1% 85% 90% 95% 100% 105% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 $0B $1B $2B $3B $4B $5B 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 N P W $4.9M With current market share of ~1.5% in Commercial Lines, Selective has meaningful runway to deliver above-industry growth TRACK RECORD OF DISCIPLINED, PROFITABLE GROWTH 8.9% CAGR* *Compound annual growth rate **Underlying GAAP combined ratio excludes catastrophe losses and prior year casualty reserve development N E T P R E M I U M S W R I T T E N C O M B I N E D R A T I O Underlying Combined Ratio** Reported GAAP Combined Ratio

 

11 PATH FOR PROFITABLE GROWTH ADVANCING DIVERSIFICATION THROUGH GEOGRAPHIC AND E&S EXPANSION, ALONG WITH PERSONAL LINES MASS AFFLUENT STRATEGY STANDARD COMMERCIAL LINES FOOTPRINT: Expansion States since 2017 Targeting 3% market share in existing footprint over the long-term • Targeting 12% share of wallet with existing distribution partners • Targeting 25% agent market share in existing markets Disciplined approach to geographic expansion • Added sixteen states to our Standard Commercial Lines footprint since 2017 • Goal of operating our Standard Commercial Lines business with a near national footprint; operating model will vary by market 100 new agency appointments in the first half of 2026 • Focused on growing with existing partners and strategically appointing new agency location in our existing footprint STANDARD COMMERCIAL LINES Transition to mass affluent well underway Better aligns our organizational capabilities with a market where we believe we can succeed over the long term STANDARD PERSONAL LINES Opportunistic, profitable growth strategy Expansion of capabilities and products EXCESS & SURPLUS LINES Core Footprint prior to 2017

 

2026 GUIDANCE* GAAP COMBINED RATIO: 96.5% to 97.5% • 6 points of catastrophe losses • Assumes no prior year casualty reserve development AFTER-TAX NET INVESTMENT INCOME: $480M OVERALL EFFECTIVE TAX RATE: 21.5% WEIGHTED AVERAGE DILUTED SHARES: 60.2M *as of July 23, 2026 12

 

 

14 STANDARD COMMERCIAL LINES 79% OF 2025 NET PREMIUMS WRITTEN (NPW) • Account-based approach with granular data and sophisticated tools to support underwriting decisions • Focus on maintaining underwriting discipline and achieving price adequacy • Targeting renewal pure price increases and mix improvement to drive margin improvement • Underwriting refinements focused on underperforming areas 38 STATE & DC FOOTPRINT CLIPS: Willis Towers Watson Commercial Lines Insurance Pricing Survey; 1H26 pricing is as of 1Q26 6.8% 2.5% 76% 80% 84% 88% 0% 4% 8% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 R E T E N T I O N P R I C I N G Retention Renewal Pure Price CLIPS Pricing 99.7% 94.2% 85% 95% 105% $0B $2B $4B $6B 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 NPW GAAP Combined Ratio Underlying Combined Ratio N P W C O M B I N E D R A T I O

 

15 PORTFOLIO APPROACH DRIVES BUSINESS MIX IMPROVEMENT PORTFOLIO MANAGEMENT APPROACH YIELDS HIGHER RETENTION AND RATE ACCOUNT-SPECIFIC PRICING, INCLUDING: • Predictive modeling • Relative loss frequency and severity • Pricing deviation • Hazard and segment considerations 2025 DPW MIX 1% Bonds 26% Mercantile & Services 43% Contractors 14% Manufacturing & Wholesale 16% Community & Public Services 2 Q 2 6 v s 2 Q 2 5 C O M M E R C I A L L I N E S P R I C I N G B Y R E T E N T I O N G R O U P R e t e n t i o n ( L i n e s ) a n d R e n e w a l P u r e P r i c e ( B a r s ) 50% 60% 70% 80% 90% 0% 4% 8% 12% 16% 20% Excellent Above Average Average Below Average Low & Very Low R E N E W A L P U R E P R I C E P O I N T O F R E N E W A L R E T E N T I O N RETENTION RATE % of 2Q26 Premium 22% 24% 29% 15% 11%

 

16 EXCESS & SURPLUS LINES 13% OF 2025 NET PREMIUMS WRITTEN • Profitable and growing portfolio of commercial risks • Small and middle market focus with $6,000 average premium per policyholder • Modernized technology platform • ~80 wholesale general agents with limited binding authority within prescribed underwriting and pricing guidelines 50 STATE & DC FOOTPRINT 3.6% 0% 3% 5% 8% 10% 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 R E N E W A L P U R E P R I C E 90.7% 86.5% 70% 80% 90% 100% 110% 120% $0M $100M $200M $300M $400M $500M $600M 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 NPW GAAP Combined Ratio Underlying Combined Ratio N P W C O M B I N E D R A T I O

 

17 STANDARD PERSONAL LINES 8% OF 2025 NET PREMIUMS WRITTEN • Strategic shift to mass affluent target market well underway • Strong existing product set and servicing capabilities • Profitability improvement driven by pricing and tighter terms and conditions • Expected future growth in states where pricing aligns with profitability objectives 15 STATE FOOTPRINT 9.6% 0% 5% 10% 15% 20% 25% 2021 2022 2023 2024 2025 1H 2026 R E N E W A L P U R E P R I C E 94.1% 81.4% 70% 80% 90% 100% 110% 120% $0M $100M $200M $300M $400M $500M 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 NPW GAAP Combined Ratio Underlying Combined Ratio N P W C O M B I N E D R A T I O

 

18 CONSERVATIVE INVESTMENT PORTFOLIO LONG-TERM INVESTMENT APPROACH SUPPORTING BALANCE SHEET STRENGTH • Disciplined, insurance-aligned portfolio designed to generate durable income, protect capital, and deliver attractive long-term returns • High credit quality, well-diversified portfolio constructed to perform across market cycles • 91% allocation to fixed income and short-term as of 6/30/26: o 97% rated investment grade o 4.3-year effective duration o A+ average credit rating • Growth in invested assets driven by profitable insurance operations and strong operating cash flows INVESTMENT PORTFOLIO, 6/30/26 $11.6 B 4.1% 0% 1% 2% 3% 4% $4B $6B $8B $10B $12B 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 Invested Assets After-Tax Portfolio Yield 13.6% 0% 3% 6% 9% 12% $0M $100M $200M $300M $400M 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 After-Tax NII NII ROE I N V E S T E D A S S E T S A F T E R - T A X P O R T F O L I O Y I E L D A F T E R - T A X N E T I N V E S T M E N T I N C O M E O P E R A T I N G R E T U R N O N E Q U I T Y 4% Equities 5% Alts & Other 3% Short-Term 88% Fixed Income

 

 

20 Industry Source: © 2026 AM Best. Used with permission. ENTERPRISE RISK MANAGEMENT STRONG BALANCE SHEET AND UNDERWRITING CONTROLS WITH PRUDENT RESERVING PRACTICES CATASTROPHE LOSS MITIGATION INITIATIVES INCLUDE: • Exposure management, including strict coastal guidelines • Focus on geographic diversification and growth that minimizes peak peril aggregations • Prudent reinsurance program 1-IN-250 PROBABLE MAXIMUM LOSS* AS A % OF GAAP EQUITY I M P A C T O F C A T A S T R O P H E L O S S E S O N C O M B I N E D R A T I O 3.5 7.6 0 2 4 6 8 10 C O M B I N E D R A T I O P O I N T S SIGI Industry Average 7% 4% 5% 0% 10% 2023 2024 2025 *Single event hurricane losses are net of reinsurance, after tax, and reinstatement premiums as of 1/1/26; GAAP equity as of 12/31/25 A V E R A G E P R E M I U M P E R P O L I C Y H O L D E R STANDARD COMMERCIAL EXCESS & SURPLUS PERSONAL LINES $20.6K $6.0K $4.1K

 

21 PRUDENT REINSURANCE STRUCTURE 2026 PROPERTY CATASTROPHE TREATY HIGHLIGHTS: • $1.5B exhaustion point and $100M retention • Top layer of $700M x $800M is 71% collateralized • 1-in-250 PML = 5% of GAAP equity PROPERTY EXCESS OF LOSS TREATY COVERS LOSSES UP TO $115M IN EXCESS OF $5M RETENTION ON A PER RISK BASIS CASUALTY EXCESS OF LOSS TREATY COVERS LOSSES UP TO $87M IN EXCESS OF $3M RETENTION ON A PER OCCURRENCE BASIS 2 0 2 6 P R O P E R T Y C A T A S T R O P H E P R O G R A M $700M IN EXCESS OF $800M 46% covered through Catastrophe Bond (3-year risk period ending December 2026) 93% Placed $400M IN EXCESS OF $400M 100% Placed $200M IN EXCESS OF $200M 100% Placed $100M IN EXCESS OF $100M 100% Placed RETENTION: $100M

 

DISCIPLINED FINANCIAL PLANNING & RESERVING PRACTICES QUARTERLY RESERVE REVIEW Strong reserve discipline facilitated by in-depth quarterly reserve reviews, semi-annual independent reviews, and independent year- end opinion DETAILED PLANNING PROCESS Detailed ground up premium, expense, and loss planning, with monthly forecasts SPECIFIC UNDERWRITING & PRICING ACTIONS Rate analyses, predictive modeling, and policy level guidance facilitate specific pricing and underwriting actions RIGOROUS RESULTS MONITORING Extensive pricing, underwriting, and claims results monitoring provides on-going feedback 22

 

23 OTHER LIABILITY OCCURRENCE ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) 71.7% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *DCC = Defense & Cost Containment **Data sourced from Schedule P Initial: initial loss ratio booked for each accident year** @ 36 Months: loss ratio at third year-end evaluation** YE-25: loss ratio as of year-end 2025** S E L E C T I V E P & C I N D U S T R Y 67.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 For more mature accident years, Selective’s booked loss ratio at 36 months is similar to the loss ratio at the most recent report (year-end 2025). For the industry, there has been a more meaningful amount of unfavorable development after 36 months. We believe this points to the quality of our reserving process. Based on preliminary Schedule P information

 

24 COMMERCIAL AUTO LIABILITY ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) 74.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *DCC = Defense & Cost Containment **Data sourced from Schedule P Initial: initial loss ratio booked for each accident year** @ 36 Months: loss ratio at third year-end evaluation** YE-25: loss ratio as of year-end 2025** S E L E C T I V E P & C I N D U S T R Y 73.6% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Similar to Other Liability Occurrence, Commercial Auto liability loss ratios in more mature accident years at 36 months are closer to the loss ratio at the most recent report (year-end 2025) for Selective versus the industry. Based on preliminary Schedule P information

 

25 WORKERS COMPENSATION ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) 66.1% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *DCC = Defense & Cost Containment **Data sourced from Schedule P Initial: initial loss ratio booked for each accident year** @ 36 Months: loss ratio at third year-end evaluation** YE-25: loss ratio as of year-end 2025** S E L E C T I V E P & C I N D U S T R Y 71.3% 45% 50% 55% 60% 65% 70% 75% 80% 85% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 For Workers Compensation, both Selective and Industry have reported favorable development within the first 36 months of an accident year, with additional favorable development after 36 months. Based on preliminary Schedule P information

 

Operating cash flow of $450M in 1H26, compared to $1.2B in 2025 Issued $400M of Senior Notes in February 2025 NPW-to-Surplus ratio of 1.30x as of 6/30/26 We believe investing in profitable, organic growth is the most attractive long-term capital deployment opportunity Target 20-25% dividend payout ratio over time Quarterly dividend increased 13%, to $0.43 per common share, in 4Q 2025 Board approved a $200M share repurchase authorization in 2025 Repurchased $86M of common stock in 2025 and $62M in 1H26 $108M of remaining authorization at 6/30/26 26 STRONG CAPITAL POSITION AM BEST: A+ FITCH: A+ S&P: A MOODY’S: A2 FINANCIAL STRENGTH RATINGS

 

27 31.0% 28% 29% 30% 31% 32% 33% 34% 35% 36% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 G A A P E X P E N S E R A T I O BALANCING EXPENSE DISCIPLINE WITH STRATEGIC INVESTMENTS STRATEGIC INVESTMENTS INCLUDE: • Small Business and E&S platforms • Claim system modernization • Geographic expansion • Customer experience AREAS FOR OPERATIONAL ENHANCEMENTS INCLUDE: • Further leveraging our use of data, analytics, and technology, including artificial intelligence • AI claims tools • Automation of Contractual Risk Transfers

 

28 FOCUS ON ROE* AND GROWTH IN BOOK VALUE PER SHARE $58.13 $0 $10 $20 $30 $40 $50 $60 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6/30/2026 B O O K V A L U E P E R S H A R E GENERATING NON-GAAP OPERATING ROE* IN LINE WITH OUR LONG-TERM TARGET SUPERIOR GROWTH IN BOOK VALUE PER SHARE EXPECT HIGHER TOTAL SHAREHOLDER RETURNS OVER TIME *Refer to “Safe Harbor Statement” on page 2 of this presentation for further detail regarding certain non-GAAP financial measures

 

 

Help our customers put their lives and businesses back together after experiencing a covered loss Help make our customers and communities safer Support economic growth by providing capital that protects against covered losses and allows businesses to invest confidently in their operations “A” rating from MSCI Solar facility generated approximately 3.3M kWh of energy in 2025 that we sell to others Continue sharing our approach to climate-related risks and opportunities through the publication of our Task Force on Climate- related Financial Disclosures 30 OUR APPROACH TO SUSTAINABILITY SUSTAINABILITY INITIATIVES ARE EMBEDDED INTO SELECTIVE’S BUSINESS. WE AIM TO DELIVER SIGNIFICANT VALUE OVER TIME TO OUR CUSTOMERS, DISTRIBUTION PARTNERS, EMPLOYEES, AND SHAREHOLDERS. OUR PRIMARY OBJECTIVES ARE TO: KEY SUSTAINABILITY ACCOMPLISHMENTS:

 

Copyright © 2026 Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3 SECOND QUARTER

 

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