Selective Insurance (NASDAQ: SIGI) Q1 2026 profit falls as losses rise

Rhea-AI Filing Summary

Selective Insurance Group reported first-quarter 2026 revenue of $1.36 billion, up 6% from a year earlier, driven by 5% growth in net premiums earned and higher investment income.

Net income fell to $97.7 million from $109.9 million, and diluted EPS declined to $1.58 from $1.76. The combined ratio worsened to 98.3% from 96.1%, as catastrophe losses and current-year casualty loss costs increased, particularly in Standard Commercial Lines.

After-tax net investment income rose to about $113 million, supporting an 11.2% ROE and 12.0% non‑GAAP operating ROE. The company repurchased 337,303 shares for $30 million under a $200 million authorization and reiterated 2026 targets, including a GAAP combined ratio of 96.5%–97.5% and after-tax net investment income of $465 million.

Key Figures

Total revenues: $1,358.9M Net income: $97.7M Diluted EPS: $1.58 +5 more

8 metrics

Total revenues $1,358.9M Quarter ended March 31, 2026

Net income $97.7M Quarter ended March 31, 2026

Diluted EPS $1.58 Quarter ended March 31, 2026 vs $1.76 in 2025

Combined ratio 98.3% Quarter ended March 31, 2026 (96.1% in 2025)

Net investment income $142.4M Quarter ended March 31, 2026

Return on equity 11.2% Quarter ended March 31, 2026

Net premiums written $1,225.5M Quarter ended March 31, 2026

Share repurchases $30.0M for 337,303 shares Authorized program activity in Q1 2026

Key Terms

combined ratio, net investment income earned, non-GAAP operating income, catastrophe losses, +2 more

6 terms

combined ratio financial

"Our overall combined ratio of 98.3% for First Quarter 2026 was 2.2 points higher than the 96.1% in First Quarter 2025"

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 investment income earned financial

"Net investment income earned | $ | 142,383 | 120,691"

non-GAAP operating income financial

"Non-GAAP operating income (loss) 2 | $ | 101,933 | 107,414"

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

"Net catastrophe losses were 2.5 points higher in First Quarter 2026 compared to First Quarter 2025"

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.

social inflation financial

"We attribute the increased severities to elevated social inflation, which we view as an industry dynamic"

A rise in insurance losses and legal payouts driven by changing social attitudes, more aggressive lawsuits, larger jury awards, and broader definitions of liability. It matters to investors because it can quietly increase an insurer’s claims costs and required reserves, reduce profits, and raise the risk of sudden losses—similar to a slowly rising tide that makes operating costs higher across the industry and can change how a company is valued.

National Flood Insurance Program financial

"some of which participate in the federal government's National Flood Insurance Program's ("NFIP") Write Your Own Program"

A national flood insurance program is a government-backed insurance system that sells or guarantees flood coverage to property owners where private insurers are unwilling or unable to provide it. Like a safety net under homes in flood-prone areas, it spreads the cost of flood damage across many policyholders and can affect property values, mortgage availability, reconstruction costs, and the financial exposure of banks and insurers—information investors use to assess real estate, lending and insurance risks.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2026

or 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_____________________________to_____________________________

Commission File Number: 001-33067

SELECTIVE INSURANCE GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

New Jersey						22-2168890
(State or Other Jurisdiction of Incorporation or Organization)						(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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol (s)

Name of each exchange on which registered

Common Stock, par value $2 per share

SIGI

The 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 value

SIGIP

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Emerging growth company

☐

Non-accelerated filer

☐

Smaller reporting 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.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 17, 2026, there were 59,869,520 shares of common stock, par value $2.00 per share, outstanding. 

Table of Contents

			SELECTIVE INSURANCE GROUP, INC.
			Table of Contents
						Page No.
PART I.   FINANCIAL INFORMATION						1
Item 1.			Financial Statements			1
			Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025			1
			Unaudited Consolidated Statements of Income for the Quarter Ended March 31, 2026 and 2025			2
			Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Quarter Ended March 31, 2026 and 2025			3
			Unaudited Consolidated Statements of Stockholders' Equity for the Quarter Ended March 31, 2026 and 2025			4
			Unaudited Consolidated Statements of Cash Flows for the Quarter Ended March 31, 2026 and 2025			5
			Notes to Unaudited Interim Consolidated Financial Statements			6
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			24
			Forward-Looking Statements			24
			Introduction			24
			Critical Accounting Policies and Estimates			25
			Financial Highlights of Results for First Quarter March 31, 2026 and 2025			25
			Results of Operations and Related Information by Segment			28
			Income Taxes			37
			Liquidity and Capital Resources			37
			Ratings			40
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			40
Item 4.			Controls and Procedures			41
PART II.  OTHER INFORMATION						41
Item 1.			Legal Proceedings			41
Item 1A.			Risk Factors			41
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			42
Item 3.			Defaults Upon Senior Securities			42
Item 4.			Mine Safety Disclosures			42
Item 5.			Other Information			42
Item 6.			Exhibits			42
Signatures						43

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

SELECTIVE INSURANCE GROUP, INC. CONSOLIDATED BALANCE SHEETS						Unaudited
($ in thousands, except share amounts)						March 31, 2026						December 31, 2025
ASSETS
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value: $20,789 – 2026; $23,939 – 2025)						$	21,311					23,942
Less: allowance for credit losses						—						—
Fixed income securities, held-to-maturity, net of allowance for credit losses						21,311						23,942
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $38,819 – 2026 and $31,287 – 2025; amortized cost: $9,945,636 – 2026 and $9,576,878 – 2025)						9,727,775						9,457,176
Commercial mortgage loans – at carrying value (fair value: $268,273 – 2026 and $274,895 – 2025)						273,901						277,895
Less: allowance for credit losses						(206)						(213)
Commercial mortgage loans, net of allowance for credit losses						273,695						277,682
Equity securities – at fair value (cost: $372,495 – 2026; $370,104 – 2025)						388,277						384,416
Short-term investments						451,793						648,542
Alternative investments						431,419						418,525
Other investments						96,923						92,157
Total investments (Note 4 and 5)						$	11,391,193					11,302,440
Cash						176						346
Restricted cash						10,717						17,612
Accrued investment income						93,737						92,003
Premiums receivable						1,604,607						1,555,201
Less: allowance for credit losses (Note 6)						(22,400)						(21,300)
Premiums receivable, net of allowance for credit losses						1,582,207						1,533,901
Reinsurance recoverable						909,684						917,495
Less: allowance for credit losses (Note 7)						(2,000)						(2,000)
Reinsurance recoverable, net of allowance for credit losses						907,684						915,495
Prepaid reinsurance premiums						266,875						266,332
Deferred federal income tax						133,651						110,905
Property and equipment – at cost, net of accumulated depreciation and amortization of: $304,611 – 2026; $297,211 – 2025						109,912						106,390
Deferred policy acquisition costs						491,206						492,270
Goodwill						7,849						7,849
Other assets						326,727						310,167
Total assets						$	15,321,934					15,155,710
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserve for loss and loss expense (Note 8)						$	7,418,420					7,225,398
Unearned premiums						2,754,376						2,745,521
Long-term debt						901,422						901,873
Current federal income tax						44,799						16,939
Accrued salaries and benefits						115,177						140,786
Other liabilities						500,361						516,218
Total liabilities						$	11,734,555					11,546,735
Stockholders’ Equity:
Preferred stock of $0 par value per share:						$	200,000					200,000
Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2026 and 2025
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 106,187,862 – 2026; 106,006,544 – 2025						212,376						212,013
Additional paid-in capital						605,602						591,272
Retained earnings						3,570,453						3,500,774
Accumulated other comprehensive income (loss) (Note 11)						(222,601)						(151,660)
Treasury stock – at cost (shares:  46,321,068 – 2026; 45,930,091 – 2025)						(778,451)						(743,424)
Total stockholders’ equity						$	3,587,379					3,608,975
Commitments and contingencies
Total liabilities and stockholders’ equity						$	15,321,934					15,155,710

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

1

Table of Contents

SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME						Quarter ended March 31,
($ in thousands, except per share amounts)						2026						2025
Revenues:
Net premiums earned						$	1,217,196					1,158,757
Net investment income earned						142,383						120,691
Net realized and unrealized investment gains (losses)						(8,301)						229
Other income						7,647						5,509
Total revenues						1,358,925						1,285,186
Expenses:
Loss and loss expense incurred						815,504						746,325
Amortization of deferred policy acquisition costs						253,410						247,434
Other insurance expenses						134,684						124,870
Interest expense						13,221						9,573
Corporate expenses						17,904						18,098
Total expenses						1,234,723						1,146,300
Income (loss) before income tax						124,202						138,886
Income tax expense (benefit):
Current						30,422						33,593
Deferred						(3,896)						(4,603)
Total income tax expense (benefit)						26,526						28,990
Net income (loss)						$	97,676					109,896
Preferred stock dividends						2,300						2,300
Net income (loss) available to common stockholders						$	95,376					107,596
Earnings per common share:
Net income (loss) available to common stockholders - Basic						$	1.59					1.77
Net income (loss) available to common stockholders - Diluted						$	1.58					1.76

    

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

2

Table of Contents

SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)						Quarter ended March 31,
($ in thousands)						2026						2025
Net income (loss)						$	97,676					109,896
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) arising during period						(64,674)						54,715
Unrealized gains (losses) on securities with credit loss recognized in earnings						(14,658)						10,086
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities						1,313						(216)
Credit loss (benefit) expense						6,441						(497)
Total unrealized gains (losses) on investment securities						(71,578)						64,088
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial loss						637						689
Total defined benefit pension and post-retirement plans						637						689
Other comprehensive income (loss)						(70,941)						64,777
Comprehensive income (loss)						$	26,735					174,673

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY						Quarter ended March 31,
($ in thousands, except share and per share amounts)						2026						2025
Preferred stock:
Beginning of period						$	200,000					200,000
Issuance of preferred stock						—						—
End of period						200,000						200,000
Common stock:
Beginning of period						212,013						211,219
Dividend reinvestment plan						14						12
Stock purchase and compensation plans						349						442
End of period						212,376						211,673
Additional paid-in capital:
Beginning of period						591,272						557,042
Dividend reinvestment plan						549						508
Stock purchase and compensation plans						13,781						13,739
End of period						605,602						571,289
Retained earnings:
Beginning of period						3,500,774						3,139,489
Net income (loss)						97,676						109,896
Dividends to preferred stockholders						(2,300)						(2,300)
Dividends to common stockholders						(25,697)						(23,354)
End of period						3,570,453						3,223,731
Accumulated other comprehensive income (loss):
Beginning of period						(151,660)						(336,845)
Other comprehensive income (loss)						(70,941)						64,777
End of period						(222,601)						(272,068)
Treasury stock:
Beginning of period						(743,424)						(650,829)
Acquisition of treasury stock - share repurchase authorization						(30,198)						(19,421)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans						(4,829)						(5,835)
End of period						(778,451)						(676,085)
Total stockholders’ equity						$	3,587,379					3,258,540
Dividends declared per preferred share						$	287.50					287.50
Dividends declared per common share						$	0.43					0.38
Preferred stock, shares outstanding:
Beginning of period						8,000						8,000
Issuance of preferred stock						—						—
End of period						8,000						8,000
Common stock, shares outstanding:
Beginning of period						60,076,453						60,847,896
Dividend reinvestment plan						6,885						6,207
Stock purchase and compensation plan						174,433						220,856
Acquisition of treasury stock - share repurchase authorization						(337,303)						(233,611)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans						(53,674)						(68,360)
End of period						59,866,794						60,772,988

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS						Quarter ended March 31,
($ in thousands)						2026						2025
Operating Activities
Net income (loss)						$	97,676					109,896
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization						9,613						9,131
Stock-based compensation expense						13,121						12,823
Undistributed gains of equity method investments						(7,004)						(5,006)
Distributions in excess of current year income of equity method investments						6,004						3,266
Net realized and unrealized (gains) losses						8,301						(229)
(Gain) loss on disposal of fixed assets						—						(72)
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable						200,833						157,255
Increase in unearned premiums, net of prepaid reinsurance						8,312						81,686
(Increase) decrease in net federal income taxes						23,973						31,850
Increase in premiums receivable						(48,306)						(71,936)
Increase in deferred policy acquisition costs						1,064						(13,188)
Increase in accrued investment income						(1,696)						(201)
Increase (decrease) in accrued salaries and benefits						(25,609)						(16,051)
(Increase) decrease in other assets						(12,722)						(7,421)
Increase (decrease) in other liabilities						(52,112)						(7,816)
Net cash provided by (used in) operating activities						221,448						283,987
Investing Activities
Purchases of fixed income securities, held-to-maturity						—						(2,400)
Purchases of fixed income securities, available-for-sale						(998,979)						(861,837)
Purchases of commercial mortgage loans						(4,788)						(32,332)
Purchases of equity securities						(2,391)						(57,682)
Purchases of alternative investments and other investments						(21,411)						(22,129)
Purchases of short-term investments						(2,232,334)						(4,802,547)
Sales of fixed income securities, available-for-sale						342,405						241,928
Proceeds from commercial mortgage loans						8,782						8,260
Sales of short-term investments						2,429,117						4,681,279
Redemption and maturities of fixed income securities, held-to-maturity						2,670						2,465
Redemption and maturities of fixed income securities, available-for-sale						313,984						262,911
Sales of equity securities						—						6,336
Sales of alternative investments and other investments						(2)						—
Distributions from alternative investments and other investments						7,784						3,859
Purchases of property and equipment						(10,937)						(13,013)
Net cash provided by (used in) investing activities						(166,100)						(584,902)
Financing Activities
Dividends to preferred stockholders						(2,300)						(2,300)
Dividends to common stockholders						(24,842)						(22,268)
Acquisition of treasury stock						(35,027)						(25,200)
Net proceeds from stock purchase and compensation plans						421						787
Proceeds from borrowings (net of debt issuance costs of $4.1 million)						—						395,867
Repayments of finance lease obligations						(665)						(701)
Net cash provided by (used in) financing activities						(62,413)						346,185
Net increase (decrease) in cash and restricted cash						(7,065)						45,270
Cash and restricted cash, beginning of period						17,958						63,024
Cash and restricted cash, end of period						$	10,893					108,294

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation

The words "Company," "we," "us," or "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements ("Financial Statements") in conformity with (i) United States ("U.S.") generally accepted accounting principles ("GAAP"), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the first quarters ended March 31, 2026 ("First Quarter 2026") and March 31, 2025 ("First Quarter 2025"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report") filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 

We adopted no accounting pronouncements in First Quarter 2026.

Pronouncements to be effective in the future

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires disaggregated disclosure of income statement expenses. This ASU does not change the expense captions on the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. This ASU can be applied prospectively. Retrospective application and early adoption are permitted. As ASU 2024-03 only requires additional disclosure, it will not have a material impact on our financial condition and results of operations.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) ("ASU 2025-06"). ASU 2025-06 updates the accounting guidance for internal-use software by eliminating references to software development project stages, thereby requiring companies to start capitalizing software costs when (i) management has authorized and committed to funding the project, and (ii) it is probable the project will be completed and the software will be used as intended. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, with early adoption permitted. Amendments can be applied either (i) prospectively, (ii) through a modified transition approach based on the existing projects status and whether software costs were capitalized before the date of adoption, or (iii) retrospectively. We are currently evaluating the impact of ASU 2025-06 on the Company's financial condition and results of operations.

In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements (“ASU 2025‑11”). ASU 2025‑11 clarifies the scope, form, content, and disclosure requirements applicable to interim financial reporting under U.S. GAAP. The ASU improves the navigability of Topic 270 and provides clearer guidance on when the interim reporting requirements apply. Specifically, the amendments (1) clarify that Topic 270 applies to entities that provide interim financial statements and accompanying notes in accordance with GAAP, (2) add a comprehensive list of required interim disclosures drawn from other FASB topics, and (3) introduce a disclosure principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity. The ASU is not intended to change the fundamental nature of interim reporting, or expand or reduce existing disclosure requirements. ASU 2025‑11 is effective for interim reporting periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The guidance may be applied prospectively or retrospectively. Because ASU 2025‑11 primarily provides clarifying guidance and requires disclosures in certain circumstances, it will not have a material impact on our financial condition or results of operations.

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NOTE 3. Statements of Cash Flows

Supplemental cash flow information was as follows:

						Quarter ended March 31,
($ in thousands)						2026						2025
Cash paid (received) during the period for:
Interest						$	8,558					8,591
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						2,608						2,474
Operating cash flows from financing leases						41						74
Financing cash flows from finance leases						665						701
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1						15,326						18,802
Conversion of AFS fixed income securities to equity securities						—						736
Assets acquired under operating lease arrangements						—						572
Non-cash purchase of property and equipment						13						101

1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)						March 31, 2026						December 31, 2025
Cash						$	176					346
Restricted cash						10,717						17,612
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows						$	10,893					17,958

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

NOTE 4. Investments

(a) Information regarding our AFS securities as of March 31, 2026 and December 31, 2025, were as follows:

March 31, 2026						Cost/ Amortized Cost						Allowance for Credit Losses						Unrealized Gains						Unrealized Losses						Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies						$	192,404					—						24						(15,620)						176,808
Foreign government						9,613						(12)						33						(880)						8,754
Obligations of states and political subdivisions						585,674						(305)						4,864						(25,142)						565,091
Corporate securities						3,591,560						(13,065)						38,836						(83,897)						3,533,434
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")						2,613,702						(14,029)						17,674						(46,140)						2,571,207
Residential mortgage-backed securities ("RMBS")						2,236,479						(11,393)						12,956						(69,136)						2,168,906
Commercial mortgage-backed securities ("CMBS")						716,204						(15)						3,016						(15,630)						703,575
Total AFS fixed income securities						$	9,945,636					(38,819)						77,403						(256,445)						9,727,775

December 31, 2025						Cost/ Amortized Cost						Allowance for Credit Losses						Unrealized Gains						Unrealized Losses						Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies						$	177,877					—						108						(14,778)						163,207
Foreign government						10,768						(16)						47						(797)						10,002
Obligations of states and political subdivisions						567,757						(259)						6,342						(23,883)						549,957
Corporate securities						3,409,875						(7,691)						73,842						(71,862)						3,404,164
CLO and other ABS						2,570,451						(11,902)						26,596						(34,859)						2,550,286
RMBS						2,127,004						(11,284)						21,547						(61,334)						2,075,933
CMBS						713,146						(135)						5,221						(14,605)						703,627
Total AFS fixed income securities						$	9,576,878					(31,287)						133,703						(222,118)						9,457,176

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The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended March 31, 2026						Beginning Balance						Current Provision for Securities without Prior Allowance						Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration						Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities						Reductions for Securities Sold						Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period						Ending Balance
($ in thousands)
Foreign government						$	16					—						—						(4)						—						—						12
Obligations of states and political subdivisions						259						93						—						(44)						(3)						—						305
Corporate securities						7,691						4,903						—						981						(510)						—						13,065
CLO and other ABS						11,902						650						—						1,478						(1)						—						14,029
RMBS						11,284						47						—						170						(108)						—						11,393
CMBS						135						—						—						(120)						—						—						15
Total AFS fixed income securities						$	31,287					5,693						—						2,461						(622)						—						38,819

Quarter ended March 31, 2025						Beginning Balance						Current Provision for Securities without Prior Allowance						Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration						Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities						Reductions for Securities Sold						Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period						Ending Balance
($ in thousands)
Foreign government						$	21					—						—						(2)						—						—						19
Obligations of states and political subdivisions						570						6						—						(71)						(86)						—						419
Corporate securities						14,924						1,109						—						(2,643)						(774)						—						12,616
CLO and other ABS						4,889						677						—						62						(129)						—						5,499
RMBS						11,544						—						—						(47)						(155)						—						11,342
CMBS						—						279						—						1						—						—						280
Total AFS fixed income securities						$	31,948					2,071						—						(2,700)						(1,144)						—						30,175

During First Quarter 2026 and First Quarter 2025, we had no write-offs or recoveries of our AFS fixed income securities.

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report. Accrued interest on AFS securities was $91.2 million as of March 31, 2026, and $88.9 million as of December 31, 2025. We did not record any material write-offs of accrued interest in First Quarter 2026 or First Quarter 2025.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

March 31, 2026						Less than 12 months												12 months or longer												Total
($ in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies						$	59,910					(445)						108,429						(15,175)						168,339						(15,620)
Foreign government						—						—						7,824						(880)						7,824						(880)
Obligations of states and political subdivisions						101,650						(1,410)						206,943						(23,732)						308,593						(25,142)
Corporate securities						726,764						(10,480)						716,030						(73,417)						1,442,794						(83,897)
CLO and other ABS						999,538						(15,841)						428,699						(30,299)						1,428,237						(46,140)
RMBS						788,303						(8,072)						601,291						(61,064)						1,389,594						(69,136)
CMBS						125,566						(1,840)						279,711						(13,790)						405,277						(15,630)
Total AFS fixed income securities						$	2,801,731					(38,088)						2,348,927						(218,357)						5,150,658						(256,445)

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December 31, 2025						Less than 12 months												12 months or longer												Total
($ in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies						$	28,710					(57)						110,826						(14,721)						139,536						(14,778)
Foreign government						—						—						9,058						(797)						9,058						(797)
Obligations of states and political subdivisions						53,076						(604)						230,441						(23,279)						283,517						(23,883)
Corporate securities						128,218						(3,070)						830,001						(68,792)						958,219						(71,862)
CLO and other ABS						573,832						(6,993)						462,469						(27,866)						1,036,301						(34,859)
RMBS						283,926						(1,913)						672,455						(59,421)						956,381						(61,334)
CMBS						53,716						(1,009)						304,054						(13,596)						357,770						(14,605)
Total AFS fixed income securities						$	1,121,478					(13,646)						2,619,304						(208,472)						3,740,782						(222,118)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The increase in gross unrealized losses at March 31, 2026, compared to December 31, 2025, was primarily driven by an increase in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of March 31, 2026. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(c) AFS and held-to-maturity ("HTM") fixed income securities at March 31, 2026, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's expected maturities. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

						AFS						HTM
($ in thousands)						Fair Value						Carrying Value						Fair Value
Due in one year or less						$	547,335					—						—
Due after one year through five years						3,906,457						21,311						20,789
Due after five years through 10 years						3,801,244						—						—
Due after 10 years						1,472,739						—						—
Total fixed income securities						$	9,727,775					21,311						20,789

(d) The following table summarizes our alternative investment portfolio by strategy:

						March 31, 2026																		December 31, 2025
($ in thousands)						Carrying Value						Remaining Commitment						Maximum Exposure to Loss						Carrying Value						Remaining Commitment						Maximum Exposure to Loss
Alternative Investments
Private equity						$	346,909					225,088						571,997						335,415						194,275						529,690
Private credit						37,067						127,794						164,861						37,029						133,639						170,668
Real assets						47,443						46,450						93,893						46,081						48,385						94,466
Total alternative investments						$	431,419					399,332						830,751						418,525						376,299						794,824

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2026 or 2025.

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). We also had certain securities on deposit with various state and regulatory agencies at March 31, 2026, to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

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The following table summarizes the market value of these securities at March 31, 2026:

($ in millions)						FHLBI Collateral						FHLBNY Collateral												State and Regulatory Deposits						Total
U.S. government and government agencies						$	—					—												24.6						24.6
Obligations of states and political subdivisions						—						—												1.5						1.5
RMBS						64.8						19.1												0.5						84.4
CMBS						—						5.3												—						5.3
Total pledged as collateral						$	64.8					24.4												26.6						115.8

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of March 31, 2026, or December 31, 2025.

(g) The components of pre-tax net investment income earned were as follows:

						Quarter ended March 31,
($ in thousands)						2026						2025
Fixed income securities						$	126,627					105,082
Commercial mortgage loans ("CMLs")						4,229						3,615
Equity securities						4,202						3,567
Short-term investments						5,540						6,233
Alternative investments						6,875						7,079
Other investments						40						231
Investment expenses						(5,130)						(5,116)
Net investment income earned						$	142,383					120,691

The increase in net investment income earned in First Quarter 2026 compared to First Quarter 2025, was primarily driven by active portfolio management and operating cash flow deployment.

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

						Quarter ended March 31,
($ in thousands)						2026						2025
Gross gains on sales						$	3,314					1,727
Gross losses on sales						(4,547)						(2,383)
Net realized gains (losses) on disposals						(1,233)						(656)
Net unrealized gains (losses) on equity securities						1,470						1,050
Net credit loss benefit (expense) on fixed income investments						(8,154)						594
Losses on securities for which we have the intent to sell						(384)						(759)
Net realized and unrealized investment gains (losses)						$	(8,301)					229

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

						Quarter ended March 31,
($ in thousands)						2026						2025
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period						$	1,470					555
On securities sold in period						—						495
Total unrealized gains (losses) recognized in income on equity securities						$	1,470					1,050

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NOTE 5. Fair Value Measurements

The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of March 31, 2026, and December 31, 2025:

						March 31, 2026												December 31, 2025
($ in thousands)						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes						$	49,937					55,919						49,936						56,973
6.70% Senior Notes						99,624						108,211						99,617						110,244
5.90% Senior Notes						399,920						411,351						399,917						419,869
5.375% Senior Notes						294,766						268,860						294,737						277,541
3.03% borrowings from FHLBI						60,000						59,624						60,000						59,625
Subtotal long-term debt						904,247						903,965						904,207						924,252
Unamortized debt issuance costs						(5,730)												(5,904)
Finance lease obligations						2,905												3,570
Total long-term debt						$	901,422											901,873

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at March 31, 2026, and December 31, 2025:

March 31, 2026												Fair Value Measurements Using
($ in thousands)						Assets  Measured at  Fair Value						Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)						Significant Other  Observable Inputs  (Level 2)						Significant Unobservable  Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies						$	176,808					39,299						137,509						—
Foreign government						8,754						—						8,754						—
Obligations of states and political subdivisions						565,091						—						560,353						4,738
Corporate securities						3,533,434						—						3,075,261						458,173
CLO and other ABS						2,571,207						—						1,909,037						662,170
RMBS						2,168,906						—						2,145,662						23,244
CMBS						703,575						—						703,238						337
Total AFS fixed income securities						9,727,775						39,299						8,539,814						1,148,662
Equity securities:
Common stock1						386,474						104,502						761						—
Preferred stock						1,803						1,803						—						—
Total equity securities						388,277						106,305						761						—
Short-term investments						451,793						441,072						10,721						—
Total assets measured at fair value						$	10,567,845					586,676						8,551,296						1,148,662

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December 31, 2025												Fair Value Measurements Using
($ in thousands)						Assets  Measured at  Fair Value						Quoted Prices in  Active Markets for Identical Assets/Liabilities (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies						$	163,207					39,472						123,735						—
Foreign government						10,002						—						10,002						—
Obligations of states and political subdivisions						549,957						—						542,548						7,409
Corporate securities						3,404,164						—						3,035,053						369,111
CLO and other ABS						2,550,286						—						1,985,197						565,089
RMBS						2,075,933						—						2,075,933						—
CMBS						703,627						—						703,292						335
Total AFS fixed income securities						9,457,176						39,472						8,475,760						941,944
Equity securities:
Common stock1						382,577						107,125						653						—
Preferred stock						1,839						1,839						—						—
Total equity securities						384,416						108,964						653						—
Short-term investments						648,542						637,751						10,791						—
Total assets measured at fair value						$	10,490,134					786,187						8,487,204						941,944

1Investments amounting to $281.2 million at March 31, 2026, and $274.8 million at December 31, 2025, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are subject to restrictions on redemption, and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

The following tables provide a summary of Level 3 changes in First Quarter 2026 and First Quarter 2025:

March 31, 2026
($ in thousands)									Obligations of States and Political Subdivisions						Corporate Securities						CLO and Other ABS						RMBS						CMBS						Common Stock						Total
Fair value, December 31, 2025									$	7,409					369,111						565,089						—						335						—						941,944
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")									4						(4,831)						(8,511)						(277)						6						—						(13,609)
Net realized and unrealized gains (losses)									30						(358)						(135)						—						—						—						(463)
Net investment income earned									—						12						20						(8)						(1)						—						23
Purchases									—						51,107						61,760						23,529						—						—						136,396
Sales									—						—						—						—						—						—						—
Issuances									—						—						—						—						—						—						—
Settlements									—						(33,544)						(7,139)						—						(3)						—						(40,686)
Transfers into Level 3									—						78,871						51,464						—						—						—						130,335
Transfers out of Level 3									(2,705)						(2,195)						(378)						—						—						—						(5,278)
Fair value, March 31, 2026									$	4,738					458,173						662,170						23,244						337						—						1,148,662
Change in unrealized gains (losses) for the period included in earnings for assets held at period end									30						(372)						(135)						—						—						—						(477)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end									4						(5,138)						(8,516)						(278)						7						—						(13,921)

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March 31, 2025
($ in thousands)			Obligation of state and Political Subdivisions						Corporate Securities						CLO and Other ABS												CMBS						Common Stock						Total
Fair value, December 31, 2024			$	7,426					242,679						367,994												340						808						619,247
Total net gains (losses) for the period included in:
OCI			91						2,109						(1,710)												3						—						493
Net realized and unrealized gains (losses)			89						101						(92)												—						33						131
Net investment income earned			—						12						(43)												5						—						(26)
Purchases			—						1,908						30,454												—						—						32,362
Sales			—						—						—												—						—						—
Issuances			—						—						—												—						—						—
Settlements			—						(5,892)						(7,080)												(3)						—						(12,975)
Transfers into Level 3			—						—						23,279												—						—						23,279
Transfers out of Level 3			—						—						—												—						—						—
Fair value, March 31, 2025			$	7,606					240,917						412,802												345						841						662,511
Change in unrealized gains (losses) for the period included in earnings for assets held at period end			89						101						(92)												—						33						131
Change in unrealized gains (losses) for the period included in OCI for assets held at period end			91						2,149						(1,710)												3						—						533

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at March 31, 2026, and December 31, 2025:

March 31, 2026

($ in thousands)

Assets Measured at Fair Value

Valuation Techniques

Unobservable Inputs

Range

Weighted Average

Internal valuations:

Corporate securities

$

159,475

Discounted Cash Flow

Illiquidity Spread

(4.4)% - 5.3%

2.0%

CLO and other ABS

374,354

Discounted Cash Flow

Illiquidity Spread

(1.8)% - 19.6%

1.9%

Total internal valuations

533,829

Other1

614,833

Total Level 3 securities

$

1,148,662

December 31, 2025

($ in thousands)

Assets Measured at Fair Value

Valuation Techniques

Unobservable Inputs

Range

Weighted Average

Internal valuations:

Corporate securities

$

175,433

Discounted Cash Flow

Illiquidity Spread

(4.4)% - 5.3%

1.9%

CLO and other ABS

295,307

Discounted Cash Flow

Illiquidity Spread

(1.8)% - 19.6%

2.3%

Total internal valuations

470,740

Other1

471,204

Total Level 3 securities

$

941,944

1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in determining fair value. An increase in this assumption would result in a lower fair value measurement.

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The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at March 31, 2026, and December 31, 2025:

March 31, 2026												Fair Value Measurements Using
($ in thousands)						Assets/ Liabilities Disclosed at Fair Value						Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities						$	20,789					—						20,789						—
Total HTM fixed income securities						20,789						—						20,789						—
CMLs						$	268,273					—						—						268,273
Financial Liabilities
Long-term debt:
7.25% Senior Notes						$	55,919					—						55,919						—
6.70% Senior Notes						108,211						—						108,211						—
5.90% Senior Notes						411,351						—						411,351						—
5.375% Senior Notes						268,860						—						268,860						—
3.03% borrowings from FHLBI						59,624						—						59,624						—
Total long-term debt						$	903,965					—						903,965						—

December 31, 2025												Fair Value Measurements Using
($ in thousands)						Assets/ Liabilities Disclosed at Fair Value						Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities						$	23,939					—						23,939						—
Total HTM fixed income securities						23,939						—						23,939						—
CMLs						$	274,895					—						—						274,895
Financial Liabilities
Long-term debt:
7.25% Senior Notes						$	56,973					—						56,973						—
6.70% Senior Notes						110,244						—						110,244						—
5.90% Senior Notes						419,869						—						419,869						—
5.375% Senior Notes						277,541						—						277,541						—
3.03% borrowings from FHLBI						59,625						—						59,625						—
Total long-term debt						$	924,252					—						924,252						—

NOTE 6. Allowance for Credit Losses on Premiums Receivable

The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

						Quarter ended March 31,
($ in thousands)						2026						2025
Balance at beginning of period						$	21,300					20,400
Current period change for expected credit losses						3,059						3,866
Write-offs charged against the allowance for credit losses						(2,237)						(2,889)
Recoveries						278						223
Allowance for credit losses, end of period						$	22,400					21,600

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

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NOTE 7. Reinsurance

We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating and (ii) an aging analysis of our past due reinsurance recoverable balances as of March 31, 2026, and December 31, 2025:

						March 31, 2026
($ in thousands)						Current						Past Due						Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++						$	153,177					463						153,640
A+						528,667						3,850						532,517
A						138,780						268						139,048
A-						457						109						566
Total rated reinsurers						821,081						4,690						825,771
Non-rated reinsurers
Federal and state pools						81,879						—						81,879
Other than federal and state pools						1,991						43						2,034
Total non-rated reinsurers						83,870						43						83,913
Total reinsurance recoverable, gross						$	904,951					4,733						909,684
Less: allowance for credit losses																		(2,000)
Total reinsurance recoverable, net																		907,684

						December 31, 2025
($ in thousands)						Current						Past Due						Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++						$	153,275					1,681						154,956
A+						529,027						5,556						534,583
A						130,457						974						131,431
A-						1,166						114						1,280
Total rated reinsurers						813,925						8,325						822,250
Non-rated reinsurers
Federal and state pools						82,322						—						82,322
Other than federal and state pools						12,862						61						12,923
Total non-rated reinsurers						95,184						61						95,245
Total reinsurance recoverable, gross						$	909,109					8,386						917,495
Less: allowance for credit losses																		(2,000)
Total reinsurance recoverable, net																		915,495

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

						Quarter ended March 31,
($ in thousands)						2026						2025
Balance at beginning of period						$	2,000					2,000
Current period change for expected credit losses						—						—
Write-offs charged against the allowance for credit losses						—						—
Recoveries						—						—
Allowance for credit losses, end of period						$	2,000					2,000

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

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The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. "Reinsurance" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

						Quarter ended March 31,
($ in thousands)						2026						2025
Premiums written:
Direct						$	1,415,661					1,422,851
Assumed						6,850						5,977
Ceded						(197,003)						(188,385)
Net						1,225,508						1,240,443
Premiums earned:
Direct						1,406,722						1,340,446
Assumed						6,934						6,151
Ceded						(196,460)						(187,840)
Net						1,217,196						1,158,757
Loss and loss expense incurred:
Direct						854,718						830,672
Assumed						6,979						5,498
Ceded						(46,193)						(89,845)
Net						$	815,504					746,325

NOTE 8. Reserve for Loss and Loss Expense

The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

						Quarter Ended March 31,
($ in thousands)						2026						2025
Gross reserve for loss and loss expense, at beginning of period						$	7,225,398					6,589,801
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period						877,843						1,022,245
Net reserve for loss and loss expense, at beginning of period						6,347,555						5,567,556
Incurred loss and loss expense for claims occurring in the:
Current year						831,097						759,992
Prior years						(15,593)						(13,667)
Total incurred loss and loss expense						815,504						746,325
Paid loss and loss expense for claims occurring in the:
Current year						116,581						105,268
Prior years						497,106						487,152
Total paid loss and loss expense						613,687						592,420
Net reserve for loss and loss expense, at end of period						6,549,372						5,721,461
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period						869,048						889,394
Gross reserve for loss and loss expense, at end of period						$	7,418,420					6,610,855

Favorable prior year property reserve development was $15.6 million in First Quarter 2026. We did not record any favorable or unfavorable prior year casualty reserve development in First Quarter 2026.

Prior year reserve development in First Quarter 2025 was favorable by $13.7 million, consisting of $18.7 million of favorable property reserve development, partially offset by $5.0 million of unfavorable casualty reserve development. The unfavorable casualty reserve development related to our Standard Personal Lines segment and reflected $5.0 million in unfavorable development, primarily related to increased severities in accident year 2024 in the personal automobile line of business.

NOTE 9. Segment Information

We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

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In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

(a) The following table presents revenues by segments and a reconciliation to consolidated revenue.

Revenue by Segment						Quarter ended March 31,
($ in thousands)						2026						2025
Standard Commercial Lines:
Net premiums earned ("NPE"):
General liability						$	315,102					294,687
Commercial automobile						296,380						283,585
Commercial property						201,634						186,530
Workers compensation						79,821						79,036
Businessowners' policies						51,759						46,893
Bonds						12,087						13,258
Other						8,976						8,221
Total Standard Commercial Lines NPE						965,759						912,210
Standard Personal Lines:
Net premiums earned:
Personal automobile						46,664						52,968
Homeowners						50,079						47,943
Other						3,285						2,744
Total Standard Personal Lines NPE						100,028						103,655
E&S Lines:
Net premiums earned:
Casualty lines						89,511						85,119
Property lines						61,898						57,773
Total E&S Lines NPE						151,409						142,892
Investments:
Net investment income earned						142,383						120,691
Net realized and unrealized investment gains (losses)						(8,301)						229
Total Investments revenue						134,082						120,920
Total segments revenue						1,351,278						1,279,677
Other income						7,647						5,509
Total revenues						$	1,358,925					1,285,186

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(b) The following tables present information about our segments' pre- and after-tax income, significant expenses, and reconciliations to consolidated results for the periods indicated.

Quarter Ended March 31, 2026						Standard Commercial Lines						Standard Personal Lines						E&S Lines						Total Insurance Operations						Investments						Total Reportable Segments
($ in thousands)
Total segment revenues						$	965,759					100,028						151,409						1,217,196						134,082						1,351,278
Loss and loss expense incurred:
Net catastrophe losses						57,184						13,200						4,966						75,350						—						75,350
Non-catastrophe property loss and loss expense						127,774						29,256						21,029						178,059						—						178,059
(Favorable)/unfavorable prior year casualty reserve development						—						—						—						—						—						—
Current year casualty loss costs						471,876						26,843						63,376						562,095						—						562,095
Total loss and loss expense incurred						656,834						69,299						89,371						815,504						—						815,504
Net underwriting expenses incurred:
Commissions to distribution partners						175,527						5,857						35,071						216,455						—						216,455
Salaries and employee benefits						84,922						9,096						7,416						101,434						—						101,434
Other segment expenses						49,578						8,618						3,662						61,858						—						61,858
Total net underwriting expenses incurred						310,027						23,571						46,149						379,747						—						379,747
Dividends to policyholders						700						—						—						700						—						700
Segment income (loss), before income tax						(1,802)						7,158						15,889						21,245						134,082						155,327
Income tax (expense) benefit																								(4,461)						(27,574)						(32,035)
Segment income (loss), after income tax																								16,784						106,508						123,292
Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss)																																				155,327
Interest expense																																				(13,221)
Corporate expenses																																				(17,904)
Income before income tax																																				124,202
Income tax (expense) benefit on segment income (loss)																																				(32,035)
Income tax (expense) benefit on interest and corporate expenses																																				5,509
Total income tax (expense) benefit																																				(26,526)
Net income																																				97,676
Preferred stock dividends																																				(2,300)
Net income available to common stockholders																																				95,376

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Quarter Ended March 31, 2025						Standard Commercial Lines						Standard Personal Lines						E&S Lines						Total Insurance Operations						Investments						Total Reportable Segments
($ in thousands)
Total segment revenues						$	912,210					103,655						142,892						1,158,757						120,920						1,279,677
Loss and loss expense incurred:
Net catastrophe losses						19,811						7,113						16,433						43,357						—						43,357
Non-catastrophe property loss and loss expense						128,791						36,489						13,416						178,696						—						178,696
(Favorable)/unfavorable prior year casualty reserve development						—						5,000						—						5,000						—						5,000
Current year casualty loss costs						433,064						28,067						58,141						519,272						—						519,272
Total loss and loss expense incurred						581,666						76,669						87,990						746,325						—						746,325
Net underwriting expenses incurred:
Commissions to distribution partners						170,170						7,351						32,707						210,228						—						210,228
Salaries and employee benefits						79,591						8,595						7,595						95,781						—						95,781
Other segment expenses						46,882						9,003						3,918						59,803						—						59,803
Total net underwriting expenses incurred						296,643						24,949						44,220						365,812						—						365,812
Dividends to policyholders						983						—						—						983						—						983
Segment income (loss), before income tax						32,918						2,037						10,682						45,637						120,920						166,557
Income tax (expense) benefit																								(9,584)						(25,118)						(34,702)
Segment income (loss), after income tax																								36,053						95,802						131,855
Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss)																																				166,557
Interest expense																																				(9,573)
Corporate expenses																																				(18,098)
Income before income tax																																				138,886
Income tax (expense) benefit on segment income (loss)																																				(34,702)
Income tax (expense) benefit on interest and corporate expenses																																				5,712
Total Income tax (expense) benefit																																				(28,990)
Net income																																				109,896
Preferred stock dividends																																				(2,300)
Net income available to common stockholders																																				107,596

The "Other segment expenses" primarily consist of (i) fees paid for licenses, (ii) depreciation expense, and (iii) general overhead items to operate our business operations, including travel, postage, telephone, and utility expenses. "Loss and loss expense incurred" includes a portion of salaries and employee benefits related to claims personnel.

(c) The following tables present reconciliations of our segments' ROE contributions and combined ratios to consolidated results.

ROE						Quarter ended March 31,
						2026									2025
Standard Commercial Lines segment						(0.2)			%						3.5
Standard Personal Lines segment						0.7									0.2
E&S Lines segment						1.5									1.1
Total insurance operations						2.0									4.8
Net investment income earned						13.3									12.8
Net realized and unrealized investment gains (losses)						(0.8)									—
Total investments segment						12.5									12.8
Other						(3.3)									(3.2)
ROE						11.2									14.4

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Combined Ratio			Quarter ended March 31,
			2026															2025
			Amount						Ratio									Amount						Ratio
Standard Commercial Lines:
Net premiums earned			$	965,759														912,210
Loss and loss expense incurred			656,834						68.0			%						581,666						63.8
Net underwriting expenses incurred1			310,027						32.1									296,643						32.5
Dividends to policyholders			700						0.1									983						0.1
Underwriting income (loss)			(1,802)						100.2									32,918						96.4
Standard Personal Lines:
Net premiums earned			100,028															103,655
Loss and loss expense incurred			69,299						69.2									76,669						73.9
Net underwriting expenses incurred1			23,571						23.6									24,949						24.1
Underwriting income (loss)			7,158						92.8									2,037						98.0
E&S Lines:
Net premiums earned			151,409															142,892
Loss and loss expense incurred			89,371						59.0									87,990						61.6
Net underwriting expenses incurred1			46,149						30.5									44,220						30.9
Underwriting income (loss)			15,889						89.5									10,682						92.5
Total Insurance Operations:
Net premiums earned			1,217,196															1,158,757
Loss and loss expense incurred			815,504						67.0									746,325						64.4
Net underwriting expenses incurred1			379,747						31.2									365,812						31.6
Dividends to policyholders			700						0.1									983						0.1
Underwriting income (loss)			21,245						98.3									45,637						96.1

1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.

NOTE 10. Retirement Plans

The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the "Pension Plan"). The Pension Plan is closed to new entrants, and its benefits ceased accruing after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. "Retirement Plans" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

The following tables provide information about the Pension Plan:

						Pension Plan
						Quarter ended March 31,
($ in thousands)						2026						2025
Net Periodic Pension Cost (Benefit):
Interest cost						$	3,696					3,973
Expected return on plan assets						(5,783)						(5,339)
Amortization of unrecognized net actuarial loss						800						868
Total net periodic pension cost (benefit)1						$	(1,287)					(498)

1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

						Pension Plan
						Three Months ended March 31
						2026						2025
Weighted-Average Expense Assumptions:
Discount rate						5.48		%				5.69		%
Effective interest rate for calculation of interest cost						4.94						5.42
Expected return on plan assets						6.85						6.60

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NOTE 11. Comprehensive Income (Loss)

The components of comprehensive income (loss), both gross and net of tax, for First Quarter 2026 and First Quarter 2025 were as follows:

First Quarter 2026
($ in thousands)						Gross						Tax						Net
Net income (loss)						$	124,202					26,526						97,676
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period						(81,872)						(17,198)						(64,674)
Unrealized gains (losses) on securities with credit loss recognized in earnings						(18,555)						(3,897)						(14,658)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities						1,663						350						1,313
Credit loss (benefit) expense						8,154						1,713						6,441
Total unrealized gains (losses) on investment securities						(90,610)						(19,032)						(71,578)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss						807						170						637
Total defined benefit pension and post-retirement plans						807						170						637
Other comprehensive income (loss)						(89,803)						(18,862)						(70,941)
Comprehensive income (loss)						$	34,399					7,664						26,735
First Quarter 2025
($ in thousands)						Gross						Tax						Net
Net income (loss)						$	138,886					28,990						109,896
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period						69,260						14,545						54,715
Unrealized gains (losses) on securities with credit loss recognized in earnings						12,766						2,680						10,086
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities						(274)						(58)						(216)
Credit loss (benefit) expense						(629)						(132)						(497)
Total unrealized gains (losses) on investment securities						81,123						17,035						64,088
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss						872						183						689
Total defined benefit pension and post-retirement plans						872						183						689
Other comprehensive income (loss)						81,995						17,218						64,777
Comprehensive income (loss)						$	220,881					46,208						174,673

The following table shows each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes), including balances and changes, as of March 31, 2026:

March 31, 2026						Net Unrealized Gains (Losses) on Investment Securities																		Defined Benefit Pension and Post-Retirement Plans						Total AOCI
($ in thousands)						Credit Loss Related1						All Other						Investments Subtotal
Balance, December 31, 2025						$	(44,973)					(24,861)						(69,834)						(81,826)						(151,660)
OCI before reclassifications						(14,658)						(64,674)						(79,332)						—						(79,332)
Amounts reclassified from AOCI						6,441						1,313						7,754						637						8,391
Net current period OCI						(8,217)						(63,361)						(71,578)						637						(70,941)
Balance, March 31, 2026						$	(53,190)					(88,222)						(141,412)						(81,189)						(222,601)

1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

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The reclassifications out of AOCI were as follows:

									Quarter ended March 31,																		Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)									2026						2025
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses									$	1,663					(274)																		Net realized and unrealized investment gains (losses)
Tax (benefit) expense									(350)						58																		Total income tax expense (benefit)
Net of taxes									1,313						(216)																		Net income (loss)
Credit loss related
Credit loss (benefit) expense									8,154						(629)																		Net realized and unrealized investment gains (losses)
Tax (benefit) expense									(1,713)						132																		Total income tax expense (benefit)
Net of taxes									6,441						(497)																		Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss									186						201																		Loss and loss expense incurred
Net actuarial loss									621						671																		Other insurance expenses
Total									807						872																		Income (loss) before income tax
Tax (benefit) expense									(170)						(183)																		Total income tax expense (benefit)
Net of taxes									637						689																		Net income (loss)
Total reclassifications for the period									$	8,391					(24)																		Net income (loss)

NOTE 12. Equity

On October 22, 2025, the Company announced that its Board of Directors authorized a new share repurchase program under which the Company may repurchase issued and outstanding shares of common stock up to $200 million, exclusive of any excise tax impact. This program was effective on October 27, 2025 and has no expiration date. Activity under the authorization was as follows:

Quarter ended March 31, 2026

Total Number of Shares Purchased

Total Cost1 (in millions)

Remaining Authorization as of 3/31/26 (in millions)

Authorized Share Repurchase Program

337,303

30.0

140.0

1Excludes commissions and excise tax.

NOTE 13. Earnings per Common Share

The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

						Quarter ended March 31,
(in thousands, except per share amounts)						2026						2025
Net income (loss) available to common stockholders:						$	95,376					107,596
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic						59,990						60,865
Effect of dilutive securities - stock compensation plans						493						426
Weighted average common shares outstanding - diluted						60,483						61,291
EPS:
Basic						$	1.59					1.77
Diluted						1.58						1.76

NOTE 14. Related Party Transactions

Vanguard, one of the world’s largest investment management companies, previously reported that it had purchased our common shares in the ordinary course of its investment business and had previously filed Schedules 13G/A with the SEC. Based on their February 13, 2024 filing of Schedule 13G/A, their beneficial ownership was 10.24% of our common stock as of December 29, 2023.

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Subsequently, on March 27, 2026, The Vanguard Group, Inc. filed a Schedule 13G/A with the SEC indicating that it holds no interest in our common shares. The filing indicated that due to an internal alignment, The Vanguard Group, Inc. will report beneficial interests on a disaggregated basis from its subsidiaries or business units. The disaggregated reporting for our common shares has not yet been filed with the SEC. We do not expect Vanguard or its subsidiaries to be deemed a controlling person for the purposes of applicable insurance law, but we will continue to monitor the filings when they occur.

NOTE 15. Litigation

As of March 31, 2026, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial condition, results of operations, or cash flows.

From time to time, our Insurance Subsidiaries are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe we have valid defenses to these allegations and account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. Litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate. Adverse outcomes could have a material adverse effect on our consolidated results of operations or cash flows in the quarterly or annual period in which they occur.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

The terms “Company,” “we,” “us,” and “our” refer to Selective Insurance Group, Inc. (the “Parent”) and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10‑Q, including information incorporated by reference, are “forward‑looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The PSLRA provides a safe harbor for forward‑looking statements under the Securities Act of 1933 and the Securities Exchange Act of 1934.

Forward‑looking statements include our expectations, intentions, beliefs, projections, estimates, or forecasts regarding future events or financial performance. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, activity levels, or performance to differ materially from those expressed or implied in the forward‑looking statements. In some cases, forward‑looking statements may be identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “project,” “predict,” “potential,” “pro forma,” “seek,” “target,” “continue,” or similar terms.

Forward‑looking statements are predictions only, and we cannot guarantee that the expectations expressed in such statements will prove correct. We undertake no obligation to publicly update or revise any forward‑looking statements, except as required by law.

We discuss factors that could cause actual results to differ materially from those expressed in forward‑looking statements in Item 1A, “Risk Factors,” of this Form 10‑Q. These risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors may emerge at any time. We cannot predict these new factors, their potential impact on our business, or the extent to which any factor – or combination of factors – may cause actual results to differ materially from those expressed in forward‑looking statements. In light of these risks, uncertainties, and assumptions, the forward‑looking events discussed in this report may not occur.

Introduction

We classify our business into four reportable segments:

•Standard Commercial Lines;

•Standard Personal Lines;

•Excess and Surplus Lines ("E&S Lines"); and

•Investments.

For more details about these segments, refer to Note 9. "Segment Information" in Item 1. "Financial Statements." of this Form 10-Q and Note 12. "Segment Information" in Item 8. "Financial Statements and Supplementary Data." of our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report").

We write our Standard Commercial and Standard Personal Lines products and services through nine of our insurance subsidiaries, some of which participate in the federal government's National Flood Insurance Program's ("NFIP") Write Your Own Program. We write our E&S products through another subsidiary, Mesa Underwriters Specialty Insurance Company, a nationally authorized non-admitted carrier for customers who generally cannot obtain coverage in the standard marketplace. Collectively, we refer to our ten insurance subsidiaries as the "Insurance Subsidiaries."

The following is Management’s Discussion and Analysis ("MD&A") of our financial condition and consolidated results of operations, including an evaluation of the amounts and certainty of cash flows from operations and outside sources, trends, and uncertainties that may have a material impact in future periods. Investors should read the MD&A in conjunction with Item 1. "Financial Statements." of this Form 10-Q and the consolidated financial statements in our 2025 Annual Report filed with the United States ("U.S.") Securities and Exchange Commission.

In the MD&A, we will discuss and analyze the following:

•Critical Accounting Policies and Estimates;

•Financial Highlights of Results for the first quarters ended March 31, 2026 ("First Quarter 2026") and March 31, 2025 ("First Quarter 2025")

•Results of Operations and Related Information by Segment;

•Federal Income Taxes;

•Liquidity and Capital Resources; and

•Ratings.

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Critical Accounting Policies and Estimates

Our unaudited interim consolidated financial statements include amounts for which we have made informed estimates and judgments for transactions not yet completed. Such estimates and judgments affect the reported amounts in the consolidated financial statements. As outlined in our 2025 Annual Report, those estimates and judgments most critical to the preparation of the consolidated financial statements involved the following: (i) reserve for loss and loss expense; (ii) investment valuation and the allowance for credit losses on available-for-sale ("AFS") fixed income securities; and (iii) reinsurance. These estimates and judgments require our use of assumptions about highly uncertain matters that make them subject to change as facts and circumstances develop. If we applied different estimates and judgments, the financial statements might have reported materially different amounts. For additional information regarding our critical accounting policies and estimates, refer to pages 38 through 45 of our 2025 Annual Report.

Financial Highlights of Results for First Quarter 2026 and 20251

			Quarter ended March 31,															Change % or Points
($ and shares in thousands, except per share amounts)			2026									2025
Financial Data:
Revenues			$	1,358,925								1,285,186						6			%
After-tax net investment income			113,065									95,621						18
After-tax underwriting income (loss)			16,784									36,053						(53)
Net income (loss) before federal income tax			124,202									138,886						(11)
Net income (loss)			97,676									109,896						(11)
Net income (loss) available to common stockholders			95,376									107,596						(11)
Key Metrics:
Combined ratio			98.3			%						96.1						2.2			pts
Invested assets per dollar of common stockholders' equity			$	3.36								3.37						—			%
Annualized after-tax yield on investment portfolio			4.0			%						3.8						0.2			pts
Return on common equity ("ROE")			11.2									14.4						(3.2)
Net premiums written ("NPW") to statutory surplus			$	1.35								1.47						(8)			%
Per Common Share Amounts:
Diluted net income (loss) per share			$	1.58								1.76						(10)			%
Book value per share			56.58									50.33						12
Dividends declared per share to common stockholders			0.43									0.38						13
Non-GAAP Information:
Non-GAAP operating income (loss)2			$	101,933								107,414						(5)			%
Non-GAAP operating income (loss) per diluted common share2			1.69									1.76						(4)
Non-GAAP operating ROE2			12.0			%						14.4						(2.4)			pts
Adjusted book value per common share2			$	58.94								53.39						10			%

1Refer to the Glossary of Terms attached to our 2025 Annual Report as Exhibit 99.1 for definitions of terms used in this Form 10-Q.

2Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating ROE are comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and ROE, respectively, but exclude after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is 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 important financial measures used by us, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized investment gains and losses on investments could distort the analysis of trends.

The tables below provide reconciliations of our GAAP to non-GAAP measures:

Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)						Quarter ended March 31,
($ in thousands)						2026						2025
Net income (loss) available to common stockholders						$	95,376					107,596
Net realized and unrealized investment (gains) losses included in net income (loss), before tax						8,301						(229)
Tax on reconciling items						(1,744)						47
Non-GAAP operating income (loss)						$	101,933					107,414

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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 March 31,
						2026						2025
Net income (loss) available to common stockholders per diluted common share						$	1.58					1.76
Net realized and unrealized investment (gains) losses included in net income (loss), before tax						0.14						—
Tax on reconciling items						(0.03)						—
Non-GAAP operating income (loss) per diluted common share						$	1.69					1.76

Reconciliation of ROE to non-GAAP operating ROE						Quarter ended March 31,
						2026						2025
ROE						11.2		%				14.4
Net realized and unrealized investment (gains) losses included in net income (loss), before tax						1.0						—
Tax on reconciling items						(0.2)						—
Non-GAAP operating ROE						12.0		%				14.4

Reconciliation of book value per common share to adjusted book value per common share						Quarter ended March 31,
						2026						2025
Book value per common share						$	56.58					50.33
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax						2.99						3.88
Tax on reconciling items						(0.63)						(0.82)
Adjusted book value per common share						$	58.94					53.39

The following table depicts the components of ROE and non-GAAP operating ROE:

ROE and non-GAAP operating ROE Components						Quarter ended March 31,															Change Points
						2026									2025
Standard Commercial Lines Segment						(0.2)			%						3.5						(3.7)
Standard Personal Lines Segment						0.7									0.2						0.5
E&S Lines Segment						1.5									1.1						0.4
Total insurance operations						2.0									4.8						(2.8)
Net investment income earned						13.3									12.8						0.5
Net realized and unrealized investment gains (losses)						(0.8)									—						(0.8)
Total investments segment						12.5									12.8						(0.3)
Other						(3.3)									(3.2)						(0.1)
ROE						11.2									14.4						(3.2)
Net realized and unrealized investment (gains) losses, after tax						0.8									—						0.8
Non-GAAP operating ROE						12.0									14.4						(2.4)

In First Quarter 2026, we delivered an ROE of 11.2% and a non-GAAP operating ROE of 12.0%, driven by strong after-tax investment income of $113 million.

On a relative basis compared to last year, ROE declined 3.2 points and non-GAAP operating ROE declined 2.4 points in First Quarter 2026 compared to First Quarter 2025. This decline was driven by our insurance operations. Our overall combined ratio of 98.3% for First Quarter 2026 was 2.2 points higher than the 96.1% in First Quarter 2025, primarily driven by higher catastrophe losses and current year loss costs. The increased loss trend assumptions that we recognized over the course of 2025 are included in our expectations for 2026, which is the driver behind the increase in current year loss costs this year compared to last. The insurance segments contributed 2.0 points of ROE in First Quarter 2026, down 2.8 points from prior-year quarter.

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Outlook

In First Quarter 2026, we delivered a double-digit operating ROE of 12.0% and returned $56 million to common stockholders through regular dividends and opportunistic share repurchases, reinforcing our commitment to delivering long-term value. As Selective celebrates its 100th anniversary in 2026, we are proud of our history, the work our employees do, and the value we deliver our policyholders, distribution partners, and shareholders. To ensure our continued success, we remain focused on a set of key priorities across the company to drive future success, including:

•Relentlessly improving on the fundamentals across risk selection, individual policy pricing, and claims outcomes. Risk selection, granular and accurate risk pricing, and prompt, fair claims adjudication are foundational capabilities we have built over many decades and remain focused on today.

•Diversifying revenue and income within and across our three insurance segments. Growth levers include achieving greater market share and segment diversification in Standard Commercial Lines, potential geographic expansion in Standard Personal Lines, and increasing our product and distribution capabilities in E&S Lines and other specialty lines.

•Further leveraging the use of data analytics and technology, including general-purpose, industry-trained, and agentic artificial intelligence ("AI") solutions, to drive operational efficiency and improved underwriting and claim outcomes. Early AI successes in claims, underwriting, and risk management are delivering measurable outcomes in accuracy, speed, and productivity, positioning us to responsibly scale AI across the organization. We have also made considerable progress in modernizing our policy acquisition and claims systems. For example, system enhancements in our E&S Lines segment have created significant operational efficiency, with the segment’s premium production increasing significantly despite limited headcount growth.

•Building a connected, accountable, and empowered organization by developing talent and aligning on prioritized goals.

We remain committed to making strategic investments that fuel continued growth, innovation, and performance excellence. As we position ourselves for the future, we have several strategies to grow market share profitably:

•In our existing footprint, we are focused on growing with existing partners and strategically appointing new agency locations. In First Quarter 2026, we had a net increase of approximately thirty agency locations, and we had a net increase of 100 agency locations in 2025.

•Careful and deliberate geographic expansion. Since 2017, we have added fourteen states to our Standard Commercial Lines footprint, including Kansas in 2025. In First Quarter 2026, these expansion states produced $125 million in premium, representing approximately 9% of total direct premiums written and 1% marginal total premium growth. We expect to write new business in Montana and Wyoming by the end of 2026.

Our full-year expectations for 2026 are as follows:

•A GAAP combined ratio of 96.5% to 97.5%, including net catastrophe losses of 6 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 $465 million;

•An overall effective tax rate of 21.5%; and

•Weighted average shares of 60.5 million on a fully diluted basis, down from 61 million in our initial guidance. This reflects share repurchases in First Quarter 2026, but does not make assumptions about future share repurchases under our existing authorization.

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Results of Operations and Related Information by Segment

Insurance Operations

The following table provides quantitative information for analyzing the combined ratio:

All Lines						Quarter ended March 31,												Change % or Points
($ in thousands)						2026						2025
Insurance Operations Results:
NPW						$	1,225,508					1,240,443						(1)			%
Net premiums earned (“NPE”)						1,217,196						1,158,757						5
Less:
Loss and loss expense incurred						815,504						746,325						9
Net underwriting expenses incurred						379,747						365,812						4
Dividends to policyholders						700						983						(29)
Underwriting income (loss)						$	21,245					45,637						(53)			%
Combined Ratios:
Loss and loss expense ratio						67.0			%			64.4						2.6			pts
Underwriting expense ratio						31.2						31.6						(0.4)
Dividends to policyholders ratio						0.1						0.1						—
Combined ratio						98.3						96.1						2.2

NPW decreased modestly in First Quarter 2026 compared to First Quarter 2025, reflecting lower new business in a competitive environment and deliberate actions to enhance underwriting profitability. While this is a primary focus of ours, we are also executing strategies to support future growth opportunities, including expanding our geographic footprint and broadening our E&S distribution capabilities with retail access.

						Quarter ended March 31,
($ in millions)						2026						2025
Direct new business premiums						$	214.0					251.3
Renewal pure price increases						7.2		%				10.3

NPE grew 5% in First Quarter 2026 compared to the First Quarter 2025, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.

Loss and Loss Expenses

The following table provides quantitative information for analyzing loss and loss expense incurred:

						Quarter ended March 31,															Change % or Points
($ in thousands)						2026									2025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development						$	—								5,000						(100)			%
Current year casualty loss costs						562,095									519,272						8
Net catastrophe losses						75,350									43,357						74
Non-catastrophe property loss and loss expenses						178,059									178,696						—
Total loss and loss expense incurred						815,504									746,325						9
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development						—			%						0.4						(0.4)			pts
Current year casualty loss costs						46.2									44.9						1.3
Net catastrophe losses						6.2									3.7						2.5
Non-catastrophe property loss and loss expenses						14.6									15.4						(0.8)
Total impact on loss and loss expense ratio						67.0									64.4						2.6

The loss and loss expense ratio increased 2.6 points in First Quarter 2026 compared to First Quarter 2025, driven by higher net catastrophe losses and current year casualty loss costs. Net catastrophe losses were 2.5 points higher in First Quarter 2026 compared to First Quarter 2025, due to a higher frequency and severity of winter storms and thunderstorm events that impacted our footprint this year compared to last.

Current year casualty loss costs were higher in First Quarter 2026 compared to the same prior-year period, as the increased loss trend assumptions that we recognized over the course of 2025 are included in our expectations for 2026.

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Standard Commercial Lines Segment

						Quarter ended March 31,															Change % or Points
($ in thousands)						2026									2025
Insurance Segments Results:
NPW						$	992,387								1,003,225						(1)			%
NPE						965,759									912,210						6
Less:
Loss and loss expense incurred						656,834									581,666						13
Net underwriting expenses incurred						310,027									296,643						5
Dividends to policyholders						700									983						(29)
Underwriting income (loss)						(1,802)									32,918						(105)
Combined Ratios:
Loss and loss expense ratio						68.0			%						63.8						4.2			pts
Underwriting expense ratio						32.1									32.5						(0.4)
Dividends to policyholders ratio						0.1									0.1						—
Combined ratio						100.2									96.4						3.8

NPW decreased modestly in First Quarter 2026 compared to First Quarter 2025, reflecting lower new business and retention in a competitive environment and deliberate actions to strengthen underwriting profitability. Retention is flat with year-end 2025, but down three-points compared to First Quarter 2025 due to pricing and underwriting actions aimed at improving profitability.

						Quarter ended March 31,
($ in millions)						2026									2025
Direct new business premiums						$	132.0								172.2
Retention						82			%						85			%
Renewal pure price increases						7.1									9.1

NPE grew 6% in First Quarter 2026 compared to First Quarter 2025, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.

Loss and Loss Expenses

The following table provides quantitative information for analyzing loss and loss expense incurred:

						Quarter ended March 31,															Change % or Points
($ in thousands)						2026									2025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development						$	—								—						—			%
Current year casualty loss costs						471,876									433,064						9
Net catastrophe losses						57,184									19,811						189
Non-catastrophe property loss and loss expenses						127,774									128,791						(1)
Total loss and loss expense incurred						656,834									581,666						13
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development						—			%						—						—			pts
Current year casualty loss costs						48.9									47.5						1.4
Net catastrophe losses						5.9									2.2						3.7
Non-catastrophe property loss and loss expenses						13.2									14.1						(0.9)
Total impact on loss and loss expense ratio						68.0									63.8						4.2

The loss and loss expense ratio increased 4.2 points in First Quarter 2026 compared to First Quarter 2025, driven by higher net catastrophe losses and current year casualty loss costs. Net catastrophe property losses increased the loss and loss expense ratio by 3.7 points in First Quarter 2026 compared to the same prior-year period, driven by a higher frequency and severity of winter storms and thunderstorm events that impacted our footprint this year compared to last.

Current year casualty loss costs were higher in First Quarter 2026 compared to the same prior-year period as the increased loss trend assumptions that we recognized over the course of 2025 are included in our expectations for 2026. Elevated severity trend assumptions attributable to social inflation on our general liability and commercial automobile liability lines of business drove the increased loss trend assumptions. Lower workers compensation loss trends provided a partial offset due to decreasing claim frequencies in our 2026 expectations.

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Refer to the line of business sections below for qualitative discussion on the significant drivers of changes in current year casualty loss costs.

Information about our most significant Standard Commercial Lines of business follows:

General Liability
						Quarter ended March 31,															Change % or Points1
($ in thousands)						2026									2025
NPW						$	334,057								333,896						—			%
Direct new business						37,757									53,665						n/a
Retention						83			%						85						n/a
Renewal pure price increases						9.2									12.0						n/a
NPE						$	315,102								294,687						7			%
Underwriting income (loss)						(23,802)									(15,913)						50
Combined ratio						107.6			%						105.4						2.2			pts
% of total Standard Commercial Lines NPW						34									33

1n/a: not applicable.

NPW growth was flat in First Quarter 2026 compared to the same prior-year period, reflecting deliberate actions to enhance underwriting profitability. In sectors and markets where pricing does not align with our view of rate need, we are taking targeted underwriting actions, including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.

NPE grew 7% in First Quarter 2026 compared to First Quarter 2025, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.

The combined ratio increased 2.2 points in First Quarter 2026 compared to First Quarter 2025, primarily driven by the following:

						Quarter ended March 31,															Change % or Points
($ in thousands)						2026									2025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development						$	—								—						—			%
Current year casualty loss costs						235,005									213,674						10
Total loss and loss expense incurred						235,005									213,674						10
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development						—			%						—						—			pts
Current year casualty loss costs						74.6									72.5						2.1
Total impact on loss and loss expense ratio						74.6									72.5						2.1

The general liability line of business has experienced a long-term historical trend of meaningful severity increases, partially offset by claim frequency decreases. We attribute the increased severities to elevated social inflation, which we view as an industry dynamic characterized by higher claimant propensity for attorney representation and litigation, longer settlement times, and higher settlement values. Certain jurisdictions with expanded liability theories and higher damage awards pose increased challenges. We are closely monitoring these jurisdictions and the broader trends across our business.

These dynamics have impacted our view of current year loss costs. We embedded a 2.1-point increase in current year casualty loss costs in First Quarter 2026 compared to First Quarter 2025, driven by higher social inflation-related severity assumptions.

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Commercial Automobile
						Quarter ended March 31,															Change % or Points1
($ in thousands)						2026									2025
NPW						$	301,516								312,654						(4)			%
Direct new business						28,467									45,871						n/a
Retention						82			%						85						n/a
Renewal pure price increases						9.1									10.6						n/a
NPE						$	296,380								283,585						5			%
Underwriting income (loss)						5,564									7,644						(27)
Combined ratio						98.1			%						97.3						0.8			pts
% of total Standard Commercial Lines NPW						30									31

1n/a: not applicable.

NPW decreased 4% in First Quarter 2026 compared to the same prior-year period, driven by underwriting actions to improve profitability, such as achieving renewal pure price increases and tightening underwriting guidelines for fleet exposures. Lower renewal pure price increases this year compared to last were driven by a reduction in rates for physical damage that were partially offset by higher commercial automobile liability rates.

NPE grew 5% in First Quarter 2026 compared to the First Quarter 2025, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.

The combined ratio increased 0.8 points in First Quarter 2026 compared to the same prior-year period, and included the following:

						Quarter ended March 31,															Change % or Points
($ in thousands)						2026									2025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development						$	—								—						—			%
Current year casualty loss costs						162,718									144,739						12
Net catastrophe losses						394									1,477						(73)
Non-catastrophe property loss and loss expenses						38,288									42,548						(10)
Total loss and loss expense incurred						201,400									188,764						7
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development						—			%						—						—			pts
Current year casualty loss costs						55.0									51.1						3.9
Net catastrophe losses						0.1									0.5						(0.4)
Non-catastrophe property loss and loss expenses						12.9									15.0						(2.1)
Total impact on loss and loss expense ratio						68.0									66.6						1.4

We did not record any prior year casualty reserve development in First Quarter 2026 or First Quarter 2025. Current year casualty loss costs were higher in First Quarter 2026 compared to the same prior-year period, as the increased loss trend assumptions we recognized over the course of 2025 are included in our expectations for 2026.

Non-catastrophe property losses were 2.1 points lower in First Quarter 2026 compared First Quarter 2025 and provided a partial offset to the increase in current year loss costs. This reduction was driven by (i) the earned impact of higher renewal pure price increases and (ii) period-to-period variability of non-catastrophe property losses.

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Commercial Property1
						Quarter ended March 31,															Change % or Points2
($ in thousands)						2026									2025
NPW						$	198,835								196,254						1			%
Direct new business						42,026									41,416						n/a
Retention						81			%						84						n/a
Renewal pure price increases						5.1									8.5						n/a
NPE						$	201,634								186,530						8			%
Underwriting income (loss)						6,966									30,012						(77)
Combined ratio						96.5			%						83.9						12.6			pts
% of total Standard Commercial Lines NPW						20									20

1Includes Inland Marine.

2n/a: not applicable.

NPW grew a modest 1% in First Quarter 2026 compared to the same prior-year period, benefiting from direct new business, renewal pure price increases, and exposure growth on renewal policies.

The combined ratio increased 12.6 points in First Quarter 2026 compared to First Quarter 2025 and included the following:

						First Quarter 2026															First Quarter 2025
($ in thousands)						Loss and Loss Expense Incurred						Impact on Combined Ratio									Loss and Loss Expense Incurred						Impact on Combined Ratio						Change in Ratio
Net catastrophe losses						$	49,877					24.7			pts						16,362						8.8						15.9			pts
Non-catastrophe property loss and loss expenses						76,979						38.2									76,572						41.1						(2.9)
Total						$	126,856					62.9									92,934						49.9						13.0

Net catastrophe and non-catastrophe property losses increased the loss and loss expense ratio by an aggregate 13.0 points in First Quarter 2026 compared to First Quarter 2025. The increase in net catastrophe losses was driven by higher frequency and severity of winter storms and thunderstorm events that impacted our footprint this year compared to last.

Workers Compensation
						Quarter ended March 31,															Change % or Points1
($ in thousands)						2026									2025
NPW						$	82,694								86,146						(4)			%
Direct new business						8,829									13,734						n/a
Retention						83			%						84						n/a
Renewal pure price increases (decreases)						(2.8)									(3.2)						n/a
NPE						$	79,821								79,036						1			%
Underwriting income (loss)						(1,091)									(4,678)						(77)
Combined ratio						101.4			%						105.9						(4.5)			pts
% of total Standard Commercial Lines NPW						8									9

1n/a: not applicable.

NPW decreased 4% in First Quarter 2026 compared to First Quarter 2025, primarily due to decreases in renewal pure price and a reduction in direct new business.

The combined ratio decreased 4.5 points in First Quarter 2026 compared to the same prior-year period and included the following:

						First Quarter 2026															First Quarter 2025
($ in thousands)						Loss and Loss Expense Incurred						Impact on Combined Ratio									Loss and Loss Expense Incurred						Impact on Combined Ratio						Change in Ratio
(Favorable) unfavorable prior year casualty reserve development						$	—					—			pts						—						—						—			pts
Current year casualty loss costs						60,050						75.2									61,543						77.8						(2.6)
Total						$	60,050					75.2									$	61,543					77.8						(2.6)

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The combined ratio was favorably impacted by a decrease in current year casualty loss costs of 2.6 points in First Quarter 2026 compared to First Quarter 2025, primarily driven by decreasing claim frequencies leading to improved loss trends. In addition, the combined ratio benefited from a 1.6-point reduction in underwriting expenses in First Quarter 2026 compared to First Quarter 2025, which was primarily driven by lower commissions on this line of business.

Standard Personal Lines Segment

						Quarter ended March 31,															Change % or Points
($ in thousands)						2026									2025
Insurance Segments Results:
NPW						$	82,469								87,513						(6)			%
NPE						100,028									103,655						(3)
Less:
Loss and loss expense incurred						69,299									76,669						(10)
Net underwriting expenses incurred						23,571									24,949						(6)
Underwriting income (loss)						$	7,158								2,037						251
Combined Ratios:
Loss and loss expense ratio						69.2			%						73.9						(4.7)			pts
Underwriting expense ratio						23.6									24.1						(0.5)
Combined ratio						92.8									98.0						(5.2)

NPW decreased 6% in First Quarter 2026 compared to First Quarter 2025, primarily due to lower direct new business. New business decreased 15% in First Quarter 2026 compared to the same prior-year period, driven by (i) market conditions, including an increasingly competitive market for auto insurance, (ii) restrictions we have in place to manage overall growth in the State of New Jersey, and (iii) competition in other states due to our recent rate activity. We have received regulatory approvals for increased rate levels in most of our footprint states and are focused on growth where we believe our rates are adequate.

The following table depicts direct new business, retention,and renewal pure price increases for the First Quarter 2026:

						Quarter ended March 31,
($ in millions)						2026									2025
Direct new business premiums1						$	7.6								8.9
Retention						78			%						75
Renewal pure price increases						10.6									24.1

1Excludes our Flood direct premiums written, which are 100% ceded to the NFIP and do not impact NPW.

The change in NPE in First Quarter 2026 compared to First Quarter 2025 resulted from the same impacts to NPW described above.

Underwriting results for this segment improved in First Quarter 2026 compared to the same prior-year period as we are obtaining positive results from the actions we took to refine our pricing factors and prioritize rate filings. We expect 2026 rate changes to remain above loss trends and in First Quarter 2026, we achieved renewal pure price increases of 10.6%. Additionally, we continue to focus our efforts on our target mass affluent market, with 98% of new business in First Quarter 2026 being in our target market.

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Loss and Loss Expenses

The following table provides quantitative information for analyzing loss and loss expense incurred:

						Quarter ended March 31,															Change % or Points
($ in thousands)						2026									2025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development						$	—								5,000						(100)			%
Current year casualty loss costs						26,843									28,067						(4)
Net catastrophe losses						13,200									7,113						86
Non-catastrophe property loss and loss expenses						29,256									36,489						(20)
Total loss and loss expense incurred						69,299									76,669						(10)
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development						—			%						4.8						(4.8)			pts
Current year casualty loss costs						26.8									27.0						(0.2)
Net catastrophe losses						13.2									6.9						6.3
Non-catastrophe property loss and loss expenses						29.2									35.2						(6.0)
Total impact on loss and loss expense ratio						69.2									73.9						(4.7)

The loss and loss expense ratio decreased 4.7 points in First Quarter 2026 compared to First Quarter 2025, driven primarily by the absence of prior year casualty reserve development this quarter. First Quarter 2025 results included unfavorable development of $5 million, or 4.8 points, for our personal automobile line of business. This development was primarily driven by increased severities related to our New Jersey portfolio in accident year 2024.

Net catastrophe and non-catastrophe property losses slightly increased the loss and loss expense ratio by an aggregate 0.3 points in First Quarter 2026 compared to the same prior-year period. Net catastrophe losses were higher by 6.3 points and reflected higher frequency and severity of weather-related catastrophe events in First Quarter 2026 compared to First Quarter 2025. Non-catastrophe property losses were lower by 6.0 points, driven by (i) the earned impact of renewal pure price increases, and (ii) variability from period to period of non-catastrophe losses.

E&S Lines Segment

						Quarter ended March 31,															Change % or Points
($ in thousands)						2026									2025
Insurance Segments Results:
NPW						$	150,652								149,705						1			%
NPE						151,409									142,892						6
Less:
Loss and loss expense incurred						89,371									87,990						2
Net underwriting expenses incurred						46,149									44,220						4
Underwriting income (loss)						15,889									10,682						49
Combined Ratios:
Loss and loss expense ratio						59.0			%						61.6						(2.6)			pts
Underwriting expense ratio						30.5									30.9						(0.4)
Combined ratio						89.5									92.5						(3.0)

Increased competition in the marketplace moderated our NPW growth rate to 1% in First Quarter 2026 compared to First Quarter 2025, primarily due to more capacity entering the E&S marketplace and the admitted markets' appetite for business previously written by E&S companies. NPW includes the impact of the following:

						Quarter ended March 31,
($ in millions)						2026									2025
Direct new business premiums						$	74.4								70.2
Renewal pure price increases						4.1									8.7

NPE grew 6% in First Quarter 2026 compared to the First Quarter 2025, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.

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Loss and Loss Expenses

The following table provides quantitative information for analyzing loss and loss expense incurred:

						Quarter ended March 31,															Change % or Points
($ in thousands)						2026									2025
Loss and Loss Expense Incurred:
Current year casualty loss costs						$	63,376								58,141						9			%
Net catastrophe losses						4,966									16,433						(70)
Non-catastrophe property loss and loss expenses						21,029									13,416						57
Total loss and loss expense incurred						89,371									87,990						2
Impact on Loss and Loss Expense Ratio:
Current year casualty loss costs						41.8			%						40.7						1.1			pts
Net catastrophe losses						3.3									11.5						(8.2)
Non-catastrophe property loss and loss expenses						13.9									9.4						4.5
Total impact on loss and loss expense ratio						59.0									61.6						(2.6)

The loss and loss expense ratio decreased 2.6 points in First Quarter 2026 compared to the same prior-year period. This decrease was primarily driven by lower catastrophe losses in First Quarter 2026, as the January 2025 California Palisades Fire and several severe wind and thunderstorm events impacted First Quarter 2025. Partially offsetting the lower catastrophe losses were (i) higher non-catastrophe property loss and loss expenses in First Quarter 2026 compared to First Quarter 2025, due to normal period-to-period variability associated with property losses and (ii) higher current year casualty loss costs, primarily driven by higher embedded severity assumptions due to social inflation.

Investments

Our Investments segment's objectives are to maximize the economic value of our investment portfolio by achieving stable, risk-adjusted after-tax net investment income and generating long-term growth in book value per share. Our strategies consider prevailing market conditions, our enterprise risk tolerances, and other risk implications by:

•Maximizing the portfolio's overall total return by investing (i) the premiums from our insurance operations, (ii) amounts generated through our capital management strategies, including debt and equity security issuances, and (iii) profits of our business, and

•Maintaining (i) a well-diversified portfolio across issuers, sectors, and asset classes and (ii) a fixed income securities portfolio with high credit quality and acceptable duration and maturity profiles to provide ample liquidity.

The effective duration of our fixed income and short-term investments was 4.3 years as of March 31, 2026. We monitor and manage the effective duration to maximize yield while managing interest rate risk at an acceptable level. We buy and sell investments with the intent of maximizing investment returns in the current market environment, while balancing capital preservation and ensuring adequate liquidity to support our insurance business.

At both March 31, 2026 and December 31, 2025, our fixed income and short-term investments (i) represented 92% of invested assets, (ii) had a weighted average credit rating of "A+", and (iii) had investment grade holdings representing 97% of the total fixed income and short-term investment portfolio.

For further details on the composition, credit quality, and various risks to which our portfolio is subject, see Item 7A. "Quantitative and Qualitative Disclosures About Market Risk." of our 2025 Annual Report.

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Total Invested Assets
($ in thousands)						March 31, 2026						December 31, 2025						Change
Total invested assets						$	11,391,193					11,302,440						1			%
Invested assets per dollar of common stockholders' equity						3.36						3.32						1
Components of unrealized gains (losses) – before tax:
Fixed income securities						(179,042)						(88,415)						103			%
Equity securities						15,782						14,311						10
Net unrealized gains (losses) – before tax						(163,260)						(74,104)						120
Components of unrealized gains (losses) – after tax:
Fixed income securities						(141,444)						(69,848)						103
Equity securities						12,467						11,306						10
Net unrealized gains (losses) – after tax						(128,977)						(58,542)						120

Invested assets increased $88.8 million at March 31, 2026, compared to December 31, 2025, primarily reflecting our active investment of operating cash flows, which were 18% of NPW in First Quarter 2026, partially offset by a $90.6 million increase in pre-tax net unrealized losses in our fixed income portfolio primarily due to higher interest rates during First Quarter 2026.

Net Investment Income

Net investment income earned components were as follows:

						Quarter ended March 31,												Change % or Points
($ in thousands)						2026						2025
Fixed income securities						$	126,627					105,082						21			%
Commercial mortgage loans ("CMLs")						4,229						3,615						17
Equity securities						4,202						3,567						18
Short-term investments						5,540						6,233						(11)
Alternative investments						6,875						7,079						(3)
Other investments						40						231						(83)
Investment expenses						(5,130)						(5,116)						—
Net investment income earned – before tax						142,383						120,691						18
Net investment income tax expense						(29,318)						(25,070)						17
Net investment income earned – after tax						$	113,065					95,621						18
Effective tax rate						20.6		%				20.8						(0.2)			pts
Annualized after-tax yield on fixed income investments						4.2						4.0						0.2
Annualized after-tax yield on investment portfolio						4.0						3.8						0.2

After-tax net investment income earned increased 18% in First Quarter 2026 compared to First Quarter 2025, primarily driven by active portfolio management and operating cash flow deployment.

Realized and Unrealized Gains and Losses

When evaluating securities for sale, our general philosophy is to reduce our exposure to securities and sectors based on economic evaluations of whether (i) the fundamentals for that security or sector have deteriorated or (ii) the timing is appropriate to trade opportunistically for other securities with better economic-return characteristics. Net realized and unrealized gains and losses for the indicated periods were as follows:

						Quarter ended March 31,												Change %
($ in thousands)						2026						2025
Net realized gains (losses) on disposals						$	(1,233)					(656)						88			%
Net unrealized gains (losses) on equity securities						1,470						1,050						40
Net credit loss benefit (expense) on fixed income investments						(8,154)						594						(1,473)
Losses on securities for which we have the intent to sell						(384)						(759)						(49)
Total net realized and unrealized investment gains (losses)						$	(8,301)					229						(3,725)

Net credit loss expense on fixed income investments was $8.2 million in First Quarter 2026 compared to a benefit of $0.6 million in First Quarter 2025. The First Quarter 2026 expense was driven by higher interest rates in the quarter, which increased unrealized losses on our AFS securities, thereby increasing the amount of recognized credit losses.

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Income Taxes

The following table provides information regarding income taxes.

						Quarter ended March 31,
($ in millions)						2026						2025
Income tax expense						$	26.5					29.0
Effective tax rate1						21.8		%				21.2

1The effective tax rate is calculated by taking "Total income tax expense (benefit)" divided by "Income (loss) before income tax" less "Preferred stock dividends" on our Consolidated Statements of Income.

Liquidity and Capital Resources

Capital resources and liquidity reflect our ability to generate cash flows from business operations, borrow funds at competitive rates, and raise new capital to meet our operating and growth needs.

Liquidity

We manage liquidity by generating sufficient cash flows to meet our business operations' short-term and long-term cash requirements. We adjust our liquidity requirements based on economic conditions, market conditions, and future cash flow commitments, as discussed further below.

Sources of Liquidity

The Parent's sources of cash historically have consisted of dividends from the Insurance Subsidiaries, the Parent's investment portfolio, borrowings under third-party lines of credit, intercompany revolving demand loan agreements with certain Insurance Subsidiaries, and the issuance of equity (common or preferred) and debt securities. We continue to monitor these sources, considering our short-term and long-term liquidity and capital preservation strategies.

The Parent's cash and components of its investment portfolio were as follows:

($ in thousands)						March 31, 2026						December 31, 2025
Fixed income securities						$	244,827					254,851
Equity securities						49,091						49,978
Short-term investments						82,585						78,973
Alternative investments						19,609						21,603
Cash						82						248
Total investments and cash						$	396,194					405,653

Short-term investments have historically been maintained in "AAA" rated money market funds and fixed income securities are comprised of high-quality, liquid government and corporate securities.

The amount and composition of the Parent's investment portfolio may change over time based on various factors, including the amount and availability of dividends from our Insurance Subsidiaries, investment income, expenses, other Parent cash needs, such as dividends payable to stockholders, asset allocation investment decisions, inorganic growth opportunities, debt retirement, and share repurchases. We have an established target for the Parent to maintain liquid investments of at least twice its expected annual net cash outflow needs.

Insurance Subsidiary Dividends

The Insurance Subsidiaries generate liquidity through insurance float, created by collecting premiums and earning investment income before paying claims. The float period can extend over many years. Our investment portfolio consists of securities with maturity dates that continually provide a source of cash flow for claims payments in the ordinary course of business. To protect our Insurance Subsidiaries' capital, we purchase reinsurance coverage for significantly large claims or catastrophes that may occur.

The Insurance Subsidiaries paid $75 million in total dividends to the Parent in First Quarter 2026. As of December 31, 2025, our allowable ordinary maximum dividend is $466 million for 2026. All Insurance Subsidiary dividends to the Parent are (i) subject to the approval and/or review of its domiciliary state insurance regulator and (ii) generally payable only from earned statutory surplus reported in its annual statements as of the preceding December 31. Although domiciliary state insurance regulators have historically approved Insurance Subsidiary dividends, there is no assurance they will approve future dividends.

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New Jersey corporate law also limits the maximum amount of dividends the Parent can pay our stockholders if either (i) the Parent would be unable to pay its debts as they become due in the usual course of business or (ii) the Parent’s total assets would be less than its total liabilities. The Parent’s ability to pay dividends to stockholders is also impacted by (i) covenants in its credit agreement that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization, and (ii) the terms of our preferred stock that prohibit dividends from being declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period.

For additional information regarding dividend restrictions and financial covenants, where applicable, see Note 11. "Indebtedness," Note 17. "Equity," and Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

Line of Credit

On June 30, 2025, the Parent entered into a Credit Agreement with the lenders named therein (the "Lenders") and Wells Fargo Bank, National Association, as administrative agent ("Line of Credit"). Under the Line of Credit, the Lenders have agreed to provide the Parent with a $100 million revolving credit facility that can be increased to $200 million with the Lenders' consent. The Line of Credit will mature on June 30, 2028, and has a variable interest rate based on the Parent’s debt ratings. No borrowings were made under the Line of Credit in First Quarter 2026. For additional information regarding the Line of Credit and corresponding representations, warranties, and covenants, see Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

Four Insurance Subsidiaries are members of Federal Home Loan Bank ("FHLB") branches, as shown in the following table. Membership requires the ownership of branch stock and includes the right to access liquidity. All Federal Home Loan Bank of Indianapolis ("FHLBI") and Federal Home Loan Bank of New York ("FHLBNY") borrowings are required to be secured by investments pledged as collateral. For additional information regarding collateral outstanding, refer to Note 4. "Investments" in Item 1. "Financial Statements." of this Form 10-Q.

Branch			Insurance Subsidiary Member
FHLBI			Selective Insurance Company of South Carolina1 Selective Insurance Company of the Southeast1
FHLBNY			Selective Insurance Company of America Selective Insurance Company of New York ("SICNY")

1These subsidiaries are jointly referred to as the "Indiana Subsidiaries" because they are domiciled in Indiana.

The Line of Credit permits aggregate borrowings from the FHLBI and the FHLBNY up to 10% of the respective member company’s admitted assets for the previous year. SICNY is domiciled in New York, which limits its FHLBNY borrowings to the lesser of 5% of admitted assets for the most recently completed fiscal quarter or 10% of the previous year-end's admitted assets. As of March 31, 2026, we had remaining capacity of $689.8 million for FHLB borrowings, with a $28.6 million additional stock purchase requirement to allow the member companies to borrow their remaining capacity amounts.

Short-term Borrowings

We made no short-term borrowings from FHLB branches during First Quarter 2026.

Intercompany Loan Agreements

The Parent has lending agreements with the Indiana Subsidiaries, approved by the Indiana Department of Insurance, that provide the Parent with additional intercompany liquidity. Like the Line of Credit, these lending agreements limit the Parent’s borrowings from the Indiana Subsidiaries to 10% of the admitted assets of the respective Indiana Subsidiary. The outstanding balance on these intercompany loans was $35.0 million as of both March 31, 2026 and December 31, 2025. The remaining capacity under these intercompany loan agreements was $198.0 million as of both March 31, 2026 and December 31, 2025. We have other insurance regulator-approved intercompany agreements that facilitate liquidity management between the Parent and the Insurance Subsidiaries to enhance flexibility.

Capital Market Activities

The Parent had no private or public stock issuances during First Quarter 2026.

During First Quarter 2026, we repurchased 337,303 shares of our common stock under our existing share repurchase program for $30.0 million, excluding commissions paid and estimated excise tax. We had $140.0 million of remaining capacity under our share repurchase program as of March 31, 2026. For additional information on this share repurchase program, refer to Note 17. "Equity" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

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Uses of Liquidity

The Parent uses the liquidity generated from the sources discussed above to pay dividends to our stockholders, among other things. Dividends on shares of the Parent's common and preferred stock are declared and paid at the discretion of the Board of Directors ("Board") based on our operating results, financial condition, capital requirements, contractual restrictions, and other relevant factors. Our Board declared:

•    A quarterly cash dividend on common stock of $0.43 per common share payable on June 1, 2026, to holders of record on May 15, 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 June 15, 2026, to holders of record as of May 29, 2026.

Our ability to meet our interest and principal repayment obligations on our debt and our ability to continue to pay dividends to our stockholders is dependent on (i) liquidity at the Parent, (ii) the ability of the Insurance Subsidiaries to pay dividends, if necessary, and/or (iii) the availability of other sources of liquidity to the Parent. Our next borrowing principal repayment is $60 million to FHLBI due on December 16, 2026.

Restrictions on the Insurance Subsidiaries' ability to declare and pay dividends without alternative liquidity options, could materially affect our ability to service debt and pay dividends on common and preferred stock.

Capital Resources

Capital resources ensure we can pay policyholder claims, furnish the financial strength to support underwriting insurance risks, and facilitate continued business growth. At March 31, 2026, we had GAAP stockholders' equity and statutory surplus of $3.6 billion. With total debt of $901 million at March 31, 2026, our debt-to-capital ratio was 20.1%. For additional information on our statutory surplus, see Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

Our current and long-term material cash requirements associated with (i) loss and loss expense reserves, (ii) contractual obligations under operating and financing leases for office space and equipment, and (iii) notes payable, funded primarily with operating cash flows, have not materially changed since December 31, 2025. The Insurance Subsidiaries' net loss and loss expense reserves duration was 3.0 years at December 31, 2025.

The following table summarizes certain contractual obligations we had at March 31, 2026, that may require us to invest additional amounts into our investment portfolio, which we would fund primarily with operating cash flows.

($ in millions)						Amount of Obligation
Fixed income securities						$	535.0
Alternative investments						399.3
Equity securities						17.8
CMLs						13.2
Total						$	965.3

There is no certainty (i) these additional investments will be required or (ii) about the timing of funding. We expect to have the capacity to fund these commitments through our normal operating and investing activities as they come due.

Our other cash requirements include, without limitation, dividends to stockholders, capital expenditures, and other operating expenses, including commissions to our distribution partners, labor costs, premium taxes, general and administrative expenses, and income taxes.

As of March 31, 2026 and December 31, 2025, we had no (i) material guarantees on behalf of others and trading activities involving non-exchange traded contracts accounted for at fair value, (ii) material transactions with related parties other than those disclosed in Note 18. "Related Party Transactions" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report and Note 14. "Related Party Transactions" in Item 1. "Financial Statements." of this Form 10-Q, and (iii) material relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Consequently, we are not exposed to any material financing, liquidity, market, or credit risk related to off-balance sheet arrangements.

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We continually monitor our cash requirements and the capital resources we maintain at the holding company and Insurance Subsidiary levels. As part of our long-term capital strategy, we strive to maintain capital metrics that support our targeted financial strength relative to the macroeconomic environment. Based on our analysis and market conditions, we may take a variety of actions, including, without limitation, contributing capital to the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing existing debt, repurchasing shares of the Parent’s common stock, and adjusting common stockholders’ dividends.

Our capital management strategy is intended to protect the interests of the Insurance Subsidiaries' policyholders and our stockholders, and to enhance our financial strength and underwriting capacity. We have a strong capital base and high-quality underwriting portfolio, positioning us well to capitalize on potential market opportunities.

Book value per common share decreased to $56.58 as of March 31, 2026, from $56.74 as of December 31, 2025. This decrease was primarily attributable to a $1.20 increase in after-tax net unrealized losses on our fixed income securities portfolio and $0.43 in common stockholder dividends, partially offset by $1.58 of net income per diluted common share. The increase in after-tax unrealized losses on our fixed income securities portfolio was primarily driven by an increase in benchmark U.S. Treasury rates during the quarter. Our adjusted book value per share, which is book value per share excluding total after-tax unrealized gains or losses on investments included in accumulated other comprehensive income (loss), increased to $58.94 as of March 31, 2026, from $57.91 as of December 31, 2025.

Cash Flows

Net cash provided by operating activities decreased to $221 million in First Quarter 2026, compared to $284 million in First Quarter 2025, primarily driven by reduced underwriting results in our insurance operations. For more information on our underwriting results, refer to "Insurance Operations" above in this MD&A.

Net cash used in investing activities decreased to $166 million in First Quarter 2026, compared to $585 million in First Quarter 2025. First Quarter 2025 was elevated as a result of investing proceeds from our $400 million, 5.9% Senior Note issuance in February 2025. These proceeds also drove the $346.2 million in net cash provided by financing activities in First Quarter 2025, compared to net cash used in financing activities in First Quarter 2026 of $62.4 million.

Ratings

Our ratings remain the same as reported in our "Overview" section of Item 1. "Business." of our 2025 Annual Report and are as follows:

Nationally Recognized Statistical Rating Organizations

Financial Strength Rating

Outlook

AM Best Company

A+

Stable

Moody's Investors Services

A2

Stable

Fitch Ratings

A+

Stable

Standard & Poor's Global Ratings

A

Stable

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes in the information about market risk set forth in our 2025 Annual Report.

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ITEM 4. CONTROLS AND PROCEDURES.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this report. In performing this evaluation, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework ("COSO Framework") in 2013. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of the end of such period are (i) effective in recording, processing, summarizing, and reporting information on a timely basis that we are required to disclose in the reports that we file or submit under the Exchange Act, and (ii) effective in ensuring that information that we are required to disclose in the reports that we file or submit under the Exchange Act is appropriately accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions about required disclosure. No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) occurred during First Quarter 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

Incidental to our insurance operations, we are routinely engaged in legal proceedings with inherently unpredictable outcomes that could have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. For additional information regarding our legal risks, refer to Note 15. "Litigation" in Item 1. "Financial Statements." of this Form 10-Q and Item 1A. "Risk Factors." below in Part II. "Other Information." As of March 31, 2026, we have no material pending legal proceedings that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

ITEM 1A. RISK FACTORS.

Certain risk factors can significantly impact our business, liquidity, capital resources, results of operations, financial condition, and debt ratings. These risk factors might affect, alter, or change our actions in executing our long-term capital strategy. Examples include, without limitation, contributing capital to any or all our ten Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing our existing debt and/or equity securities, or increasing or decreasing common stockholders' dividends. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge at any time. Consequently, we can neither predict such new risk factors nor assess the potential future impact on our business. Except as discussed below, there have been no material changes from the risk factors disclosed in Item 1A. "Risk Factors." in our 2025 Annual Report.

Recent geopolitical developments could adversely and materially affect our business, results of operations, financial condition, and growth.

Recent geopolitical developments, including military conflict in the Middle East, have contributed to increased volatility in global energy markets and international shipping activity. Though we only write business domestically in the United States, and our insurance operations do not have direct exposure to businesses or individuals in the Middle East, these developments have resulted in higher energy and transportation costs, supply‑chain delays, and volatility in global financial markets. Such conditions may adversely affect global economic activity and the market value of our investment portfolio and could increase our loss costs and reinsurance expense.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table provides information regarding our purchases of our common stock in First Quarter 2026:

Period						Total Number of Shares Purchased1						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Programs2						Approximate Dollar Value of Shares that May Yet Be Purchased Under the Announced Programs (in millions)2
January 1 – 31, 2026						236						$	83.85					—						$	170.0
February 1 – 28, 2026						390,343						89.11						337,303						140.0
March 1 – 31, 2026						398						80.05						—						140.0
Total						390,977						$	89.10					337,303						$	140.0

1Total number of shares purchased includes 53,674 shares purchased from employees to satisfy tax withholding obligations associated with the vesting of their restricted stock units.

2For information on our publicly announced share repurchase program, refer to Note 17. "Equity" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

During the three months ended March 31, 2026, no director or officer of the Company adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement") or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K).

ITEM 6. EXHIBITS.

Exhibit No.
*31.1						Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
*31.2						Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
**32.1						Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**32.2						Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**101						The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
**104						The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in iXBRL.

* Filed herewith.

** Furnished and not filed herewith.

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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 thereunto duly authorized.

SELECTIVE INSURANCE GROUP, INC.

Registrant 

Date:

April 24, 2026

/s/ John J. Marchioni

John J. Marchioni

Chairman of the Board, President and Chief Executive Officer

(principal executive officer)

Date:

April 24, 2026

/s/ Patrick S. Brennan

Patrick S. Brennan

Executive Vice President and Chief Financial Officer

(principal financial officer)

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FAQ

How did Selective Insurance Group (SIGI) perform financially in Q1 2026?

Selective Insurance Group generated $1.36 billion in revenue in Q1 2026, up 6% year over year. Net income was $97.7 million, down 11%, as higher catastrophe and casualty losses offset stronger investment income and premium growth.

What happened to Selective Insurance Group’s (SIGI) combined ratio in Q1 2026?

Selective’s combined ratio rose to 98.3% in Q1 2026 from 96.1% a year earlier. The increase came mainly from higher catastrophe losses and higher current-year casualty loss costs, particularly within Standard Commercial Lines property and liability business.

How strong was Selective Insurance Group’s (SIGI) investment income in Q1 2026?

Selective reported $142.4 million of net investment income in Q1 2026, up from $120.7 million in 2025. After tax, this contributed about $113 million, supporting an overall 11.2% return on equity despite weaker underwriting results.

What were Selective Insurance Group’s (SIGI) Q1 2026 earnings per share?

Diluted earnings per share were $1.58 in Q1 2026, down from $1.76 a year earlier. On a non-GAAP basis, excluding realized and unrealized investment gains and losses, diluted operating EPS was $1.69, compared with $1.76 in Q1 2025.

Did Selective Insurance Group (SIGI) repurchase stock in Q1 2026?

Yes. Under its $200 million share repurchase program, Selective repurchased 337,303 common shares in Q1 2026 for $30 million. After these repurchases, $140 million remained authorized for future buybacks under the program.

What 2026 guidance did Selective Insurance Group (SIGI) provide?

For full-year 2026, Selective targets a GAAP combined ratio of 96.5%–97.5% including six points of catastrophe losses, $465 million of after-tax net investment income, a 21.5% effective tax rate, and about 60.5 million diluted shares outstanding on average.