Document

0000230557-17-000017.txt : 20171025 0000230557-17-000017.hdr.sgml : 20171025 20171025165310 ACCESSION NUMBER: 0000230557-17-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20171025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20171025 DATE AS OF CHANGE: 20171025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SELECTIVE INSURANCE GROUP INC CENTRAL INDEX KEY: 0000230557 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 222168890 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33067 FILM NUMBER: 171153486 BUSINESS ADDRESS: STREET 1: 40 WANTAGE AVENUE CITY: BRANCHVILLE STATE: NJ ZIP: 07890 BUSINESS PHONE: 9739483000 MAIL ADDRESS: STREET 1: 40 WANTAGE AVE STREET 2: 40 WANTAGE AVE CITY: BRANCHVILLE STATE: NJ ZIP: 07890 FORMER COMPANY: FORMER CONFORMED NAME: SRI CORP DATE OF NAME CHANGE: 19860508 8-K 1 q32017pressrelease8-k.htm FORM 8-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934



Date of Report (Date of earliest event reported)	October 25, 2017

SELECTIVE INSURANCE GROUP, INC.

(Exact name of registrant as specified in its charter)



New Jersey	001-33067	22-2168890
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)



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

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

Not Applicable

(Former name or former address, if changed since last report.)

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

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Emerging growth company o

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

Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition.

On October 25, 2017, Selective Insurance Group, Inc. (the “Company”) issued a press release announcing results for the third quarter ended September 30, 2017. The press release is attached hereto as Exhibit 99.1.

Section 7 – Regulation FD

Item 7.01. Regulation FD Disclosure.

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

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

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release of Selective Insurance Group, Inc. dated October 25, 2017

99.2 Financial Supplement, Third Quarter 2017

SIGNATURES

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



		SELECTIVE INSURANCE GROUP, INC.

Date:	October 25, 2017	By:	/s/ Michael H. Lanza
			Michael H. Lanza
			Executive Vice President and General Counsel

EXHIBIT INDEX



Exhibit No.	Description
99.1	Press Release of Selective Insurance Group, Inc. dated October 25, 2017
99.2	Financial Supplement, Third Quarter 2017

EX-99.1 2 q32017pressreleaseexh991.htm EXHIBIT 99.1 Exhibit

Exhibit 99.1

Selective Reports Strong Results for the Third Quarter of 2017 - Net Income per Diluted Share of $0.79; Operating Income¹ per Diluted Share of $0.72; Dividend Increase of 13% to $0.18 per Share

In the third quarter of 2017:


•	Net premiums written grew 4%


•	GAAP combined ratio was 94.3%


•	Statutory combined ratio was 93.7%


•	After-tax net investment income was $29.6 million


•	Annualized return on average equity (“ROE”) was 11.2% and operating ROE¹ was 10.1%

Branchville, NJ - October 25, 2017 - Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported its financial results for the third quarter ended September 30, 2017. Net income per diluted share was $0.79, up 20% compared to $0.66 a year ago, and operating income¹ per diluted share was $0.72, up 16% compared to $0.62 a year ago.

“We had strong results - a profitable 93.7% statutory combined ratio - in a quarter with record industry-wide catastrophe losses," said Gregory E. Murphy, Chairman and Chief Executive Officer. "While Hurricanes Harvey and Irma added 2.5 points to our combined ratio, our overall financial results this quarter are a testament to the strength of our disciplined underwriting franchise and prudent risk appetite. Net premiums written grew 4%, driven by renewal pure price increases of 2.7% in our standard commercial lines, and new standard lines business opportunities."

Mr. Murphy continued, "For the first nine months of 2017, our annualized operating ROE was 11.0%. Our state expansion efforts in Arizona and New Hampshire are on track. We remain committed to maintaining underwriting discipline as we continue to seek growth opportunities. We continue to invest in sophisticated underwriting tools and technologies to provide superior experiences to our customers and agents through our best-in-class employees, which should generate financial outperformance relative to the industry over time. As we move into 2018, we are well positioned to produce strong operating returns on equity for several reasons: (i) Commercial Lines written renewal pure price increases for 2017 of 2.9%; (ii) underwriting and claim improvements; and (iii) an after-tax fixed income portfolio new money yield of 2.2%, which has run at or above our sales and maturity rate."

Selective’s Board of Directors declared a 13% increase in the quarterly cash dividend on common stock, to $0.18 per share, that is payable December 1, 2017, to stockholders of record as of November 15, 2017.

Operating Highlights



Consolidated Financial Results	Quarter ended September 30,						Change			Year to Date September 30,						Change
$ and shares in millions, except per share data	2017				2016		Change			2017				2016		Change
Net premiums written	$	604.3			578.8		4		%	$	1,816.8			1,722.3		5		%
Net premiums earned	572.1				542.4		5			1,700.9				1,596.8		7
Net investment income earned	40.4				33.4		21			119.3				95.3		25
Net realized gains, pre-tax	6.8				3.7		84			7.5				2.7		172
Total revenues	621.3				581.7		7			1,836.2				1,701.9		8
Net underwriting income, after-tax	21.1				20.8		1			72.8				75.9		(4	)
Net investment income, after-tax	29.6				24.9		19			87.3				72.0		21
Net income	46.7				38.5		21			138.6				119.1		16
Operating income¹	42.3				36.1		17			133.7				117.3		14
GAAP combined ratio	94.3			%	94.1		0.2		pts	93.4			%	92.7		0.7		pts
Statutory combined ratio	93.7				92.9		0.8			92.2				91.2		1.0
Catastrophe losses	4.1			pts	1.9		2.2			3.8			pts	2.1		1.7
Non-catastrophe property losses	12.6				14.5		(1.9	)		12.7				13.1		(0.4	)
(Favorable) prior year statutory reserve development on casualty lines	(1.7		)		(3.5	)	1.8			(2.3		)		(2.9	)	0.6
Net income per diluted share	$	0.79			0.66		20		%	$	2.34			2.03		15		%
Operating income per diluted share¹	0.72				0.62		16			2.26				2.00		13
Weighted average diluted shares	59.3				58.7		1			59.2				58.6		1
Book value per share	$	29.10			27.22		7			29.10				27.22		7

Standard Commercial Lines

Standard Commercial Lines premiums, which represent 78% of total third quarter 2017 net premiums written, were up 5% compared to a year ago. This growth reflects strong renewal pure price increases of 2.7%, excellent retention of 85%, and a 9% increase in new business. The statutory combined ratio in the third quarter was 91.7%, down 0.3 points from a year ago. The 1.3 point decrease in the expense ratio and lower non-catastrophe property losses were partially offset by an increase of 1.7 points in catastrophe losses. Favorable prior year casualty reserve development was 4.5 points, in line with the third quarter of 2016.



Standard Commercial Lines	Quarter ended September 30,						Change			Year to Date September 30,						Change
$ in millions, statutory results	2017				2016		Change			2017				2016		Change
Net premiums written	$	472.1			449.5		5		%	$	1,434.5			1,353.6		6		%
Net premiums earned	445.3				421.6		6			1,327.3				1,235.8		7
GAAP combined ratio	92.1			%	92.9		(0.8	)	pts	91.5			%	91.8		(0.3	)	pts
Statutory loss & loss expense ratio	57.4				56.5		0.9			56.5				55.2		1.3
Statutory underwriting expense ratio	34.1				35.4		(1.3	)		33.5				34.6		(1.1	)
Statutory dividends to policyholders ratio	0.2				0.1		0.1			0.2				0.3		(0.1	)
Statutory combined ratio	91.7				92.0		(0.3	)		90.2				90.1		0.1
Catastrophe losses	3.2			pts	1.5		1.7			2.9			pts	1.7		1.2
(Favorable) prior year statutory reserve development on casualty lines	(4.5		)		(4.5	)	—			(4.0		)		(4.0	)	—

Standard Personal Lines

Standard Personal Lines premiums, which represent 13% of total third quarter 2017 net premiums written, increased 7% compared to a year ago, driven largely by a 14% increase in new business, to $14 million. The statutory combined ratio in the third quarter was 86.4%, a 5.6-point decrease from a year ago. This improvement reflected a 2.9 point decrease in the expense ratio and a lower level of catastrophe and non-catastrophe property losses.



Standard Personal Lines	Quarter ended September 30,				Change			Year to Date September 30,				Change
$ in millions, statutory results	2017			2016	Change			2017			2016	Change
Net premiums written	$	81.2		76.2	7		%	$	224.0		213.8	5		%
Net premiums earned	72.6			68.7	6			215.5			209.7	3
GAAP combined ratio	88.7		%	93.8	(5.1	)	pts	96.5		%	90.9	5.6		pts
Statutory loss & loss expense ratio	58.0			60.7	(2.7	)		65.5			58.9	6.6
Statutory underwriting expense ratio	28.4			31.3	(2.9	)		29.7			31.8	(2.1	)
Statutory combined ratio	86.4			92.0	(5.6	)		95.2			90.7	4.5
Catastrophe losses	3.0		pts	3.6	(0.6	)		7.2		pts	3.2	4.0
Unfavorable prior year statutory reserve development on casualty lines	—			—	—			2.3			—	2.3

Excess and Surplus Lines

Excess and Surplus ("E&S") Lines premiums, which accounted for 9% of total third quarter 2017 net premiums written, decreased 4% compared to a year ago. Written premium in this segment was negatively impacted by highly competitive market conditions, particularly for new business, which was down 15% from a year ago. The statutory combined ratio for the third quarter was 120.1%, up 18.7 points from a year ago. This increase was mainly due to 18.4 points of adverse prior year casualty reserve development and a 10.2 point increase in catastrophe losses compared to a year ago, primarily related to Hurricane Harvey, partially offset by a lower level of non-catastrophe property losses.



Excess and Surplus Lines	Quarter ended September 30,				Change			Year to Date September 30,				Change
$ in millions, statutory results	2017			2016	Change			2017			2016	Change
Net premiums written	$	51.0		53.0	(4	)	%	$	158.3		154.9	2	%
Net premiums earned	54.2			52.2	4			158.2			151.3	5
GAAP combined ratio	120.4		%	104.5	15.9		pts	105.2		%	102.3	2.9	pts
Statutory loss & loss expense ratio	87.8			70.0	17.8			71.6			69.5	2.1
Statutory underwriting expense ratio	32.3			31.4	0.9			33.0			31.4	1.6
Statutory combined ratio	120.1			101.4	18.7			104.6			100.9	3.7
Catastrophe losses	13.5		pts	3.3	10.2			7.4		pts	3.2	4.2
Unfavorable prior year statutory reserve development on casualty lines	18.4			—	18.4			6.3			2.0	4.3

Investment Income

After-tax net investment income in the third quarter was $30 million, up 19% compared to a year ago. The improvement was driven by higher yields on our core fixed income securities portfolio. Our alternative investments portfolio generated $2.7 million in pre-tax income, compared to $1.6 million in the third quarter of 2016. After-tax new money yields averaged 2.3% during the quarter.



Investments	Quarter ended September 30,				Change		Year to Date September 30,				Change
$ in millions, except per share data	2017			2016	Change		2017			2016	Change
Net investment income earned, after-tax	$	29.6		24.9	19	%	$	87.3		72.0	21	%
Net investment income per share	0.50			0.42	19		1.47			1.23	20
Effective tax rate	26.8		%	25.4	1.4	pts	26.8		%	24.5	2.3	pts
Average yields:
Fixed income securities:
Pre-tax							3.0		%	2.7	0.3	pts
After-tax							2.2			2.0	0.2
Portfolio:
Pre-tax							2.9			2.4	0.5
After-tax							2.1			1.8	0.3

Balance Sheet



$ in millions, except per share data	September 30, 2017		December 31, 2016	Change
Total assets	$	7,812.1	7,355.8	6	%
Total investments	5,710.8		5,364.9	6
Long-term debt	439.0		438.7	—
Stockholders’ equity	1,699.4		1,531.4	11
Invested assets per dollar of stockholders’ equity	3.36		3.50	(4	)
Statutory surplus	1,684.4		1,583.8	6
Book value per share	29.10		26.42	10

The 10% increase in book value per share reflects net income and unrealized gains on our investment portfolio, partially offset by dividends to shareholders.

Third Quarter Catastrophe Loss Activity

Losses from Hurricanes Harvey and Irma totaled $14 million in the quarter. This includes $6 million of net losses from Hurricane Harvey, of which $5 million was in our E&S Lines. Hurricane Irma's impact was $8 million, of which $7 million was in our Standard Commercial Lines.

Guidance

After three quarters of results, we are increasing our full-year 2017 after-tax net investment income guidance by $2 million, to $115 million, with all other assumptions remaining the same. Our full-year expectations are as follows:


•	A statutory combined ratio, excluding catastrophe losses, of approximately 89.5%. This assumes no prior year casualty reserve development in the fourth quarter;


•	Catastrophe losses of 3.5 points;


•	After-tax net investment income of $115 million; and


•	Weighted average shares outstanding of 59.2 million.

The supplemental investor package, including financial information that is not part of this press release, is available on the Investors page of Selective’s website at www.Selective.com. Selective’s quarterly analyst conference call will be simulcast at 10:00 a.m. ET, on Thursday, October 26, 2017 at www.Selective.com. The webcast will be available for rebroadcast until the close of business on November 27, 2017.

About Selective Insurance Group, Inc.

Selective Insurance Group, Inc. is a holding company for ten property and casualty insurance companies rated “A” (Excellent) by A.M. Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks, and flood insurance underwritten by the National Flood Insurance Program. Selective maintains a website at www.Selective.com.

¹Reconciliation of Net Income to Operating Income and Certain Other Non-GAAP Measures

Operating income, operating earnings per share, and operating return on equity differ from net income, earnings per share, and return on equity, respectively, by the exclusion of after-tax net realized gains and losses on investments and the results of discontinued operations, if any. They are used as important financial measures by management, analysts, and investors, because the realization of net investment gains and losses in any given period is largely discretionary as to timing. In addition, these net realized investment gains and losses, as well as other-than-temporary investment impairments that are charged to earnings and the results of discontinued operations, could distort the analysis of trends. These operating measurements are not intended as a substitute for net income, earnings per share, or return on equity prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income, earnings per share, and return on equity to operating income, operating earnings per share, and operating return on equity, respectively, are provided in the tables below. Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners Accounting Practices and Procedures Manual and, therefore, is not reconciled to GAAP.

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

Reconciliation of Net Income to Operating Income



$ in millions	Quarter ended September 30,					Year to Date September 30,
$ in millions	2017			2016		2017			2016
Net income	$	46.7		38.5		$	138.6		119.1
Exclude: Net realized gains	(6.8		)	(3.7	)	(7.5		)	(2.7	)
Exclude: Tax on net realized gains	2.4			1.3		2.6			0.9
Operating income	$	42.3		36.1		$	133.7		117.3

Reconciliation of Net Income per Diluted Share to Operating Income per Diluted Share



	Quarter ended September 30,					Year to Date September 30,
	2017			2016		2017			2016
Net income per diluted share	$	0.79		0.66		$	2.34		2.03
Exclude: Net realized gains	(0.11		)	(0.06	)	(0.13		)	(0.05	)
Exclude: Tax on net realized gains	0.04			0.02		0.05			0.02
Operating income per diluted share	$	0.72		0.62		$	2.26		2.00

Reconciliation of ROE to Operating ROE



	Quarter ended September 30,					Year to Date September 30,
	2017			2016		2017			2016
Return on Average Equity	11.2		%	9.8		11.4		%	10.7
Exclude: Net realized gains	(1.6	)		(0.9	)	(0.6	)		(0.2	)
Exclude: Tax on net realized gains	0.5			0.3		0.2			—
Operating Return on Average Equity	10.1		%	9.2		11.0		%	10.5

Forward-Looking Statements

In this press release, Selective and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections regarding Selective's future operations and performance.

Certain statements in this report, including information incorporated by reference, are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. These statements relate to our intentions, beliefs, projections, estimations, or forecasts of future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels of activity, or performance to be materially different from those expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by use of words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue” or other comparable terminology. These statements are only predictions, and we can give no assurance that such expectations will prove to be correct. We undertake no obligation, other than as may be required under the federal securities laws, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Factors that could cause our actual results to differ materially from those projected, forecasted, or estimated by us in forward-looking statements, include, but are not limited to:


•	difficult conditions in global capital markets and the economy;


•	deterioration in the public debt and equity markets and private investment marketplace that could lead to investment losses and fluctuations in interest rates;


•	ratings downgrades could affect investment values and, therefore, statutory surplus;


•	the adequacy of our loss reserves and loss expense reserves;


•	the frequency and severity of natural and man-made catastrophic events, including, but not limited to, hurricanes, tornadoes, windstorms, earthquakes, hail, terrorism, explosions, severe winter weather, floods, and fires;


•	adverse market, governmental, regulatory, legal, or judicial conditions or actions;


•	the concentration of our business in the Eastern Region;


•	the cost and availability of reinsurance;


•	our ability to collect on reinsurance and the solvency of our reinsurers;


•	uncertainties related to insurance premium rate increases and business retention;


•	changes in insurance regulations that impact our ability to write and/or cease writing insurance policies in one or more states;


•	recent federal financial regulatory reform provisions that could pose certain risks to our operations;


•	our ability to maintain favorable ratings from rating agencies, including A.M. Best, Standard & Poor’s, Moody’s, and Fitch;


•	our entry into new markets and businesses; and


•	other risks and uncertainties we identify in filings with the United States Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K and other periodic reports.

These risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors emerge from time-to-time. We can neither predict such new risk factors nor can we assess the impact, if any, of such new risk factors on our businesses or the extent to which any factor or combination of factors may cause actual results to differ materially from those expressed or implied in any forward-looking statements in this report. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur.

Selective’s SEC filings can be accessed through the Investors page of Selective’s website, www.Selective.com, or through the SEC’s EDGAR Database at www.sec.gov (Selective EDGAR CIK No. 0000230557).



Investor Contact: Rohan Pai 973-948-1364 Rohan.Pai@Selective.com	Media Contact: Jamie M. Beal 973-948-1234 Jamie.Beal@Selective.com

Selective Insurance Group, Inc. 40 Wantage Avenue Branchville, New Jersey 07890 www.Selective.com

EX-99.2 3 q32017pressreleasesuppleme.htm EXHIBIT 99.2 Exhibit

Exhibit 99.2

FINANCIAL SUPPLEMENT

THIRD QUARTER 2017

Forward-Looking Statements

Factors that could cause our actual results to differ materially from those projected, forecasted, or estimated by us in forward-looking statements, include, but are not limited to:


▪	difficult conditions in global capital markets and the economy;


▪	deterioration in the public debt and equity markets and private investment marketplace that could lead to investment losses and fluctuations in interest rates;


▪	ratings downgrades could affect investment values and, therefore, statutory surplus;


▪	the adequacy of our loss reserves and loss expense reserves;


▪	the frequency and severity of natural and man-made catastrophic events, including, but not limited to, hurricanes, tornadoes, windstorms, earthquakes, hail, terrorism, explosions, severe winter weather, floods, and fires;


▪	adverse market, governmental, regulatory, legal, or judicial conditions or actions;


▪	the concentration of our business in the Eastern Region;


▪	the cost and availability of reinsurance;


▪	our ability to collect on reinsurance and the solvency of our reinsurers;


▪	uncertainties related to insurance premium rate increases and business retention;


▪	changes in insurance regulations that impact our ability to write and/or cease writing insurance policies in one or more states;


▪	recent federal financial regulatory reform provisions that could pose certain risks to our operations;


▪	our ability to maintain favorable ratings from rating agencies, including A.M. Best, Standard & Poor’s, Moody’s, and Fitch;


▪	our entry into new markets and businesses; and


▪	other risks and uncertainties we identify in filings with the United States Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K and other periodic reports.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

TABLE OF CONTENTS



	Page
Consolidated Financial Highlights	1
Consolidated Statements of Operations	2
Consolidated Balance Sheets	3
Financial Metrics	4

Consolidated Insurance Operations Statement of Operations	5
Standard Commercial Lines Statement of Operations and Supplemental Data	6
Standard Personal Lines Statement of Operations and Supplemental Data	7
Excess and Surplus Lines Statement of Operations and Supplemental Data	8

Consolidated Investment Income	9
Consolidated Composition of Invested Assets	10

Statutory Results by Line of Business - Quarter Ended September 30, 2017	11
Statutory Results by Line of Business - Year-to-Date Ended September 30, 2017	12

Reconciliation of Net Income to Operating Income and Certain Other Non-GAAP Measures	13

Ratings and Contact Information	14

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)



		Quarter ended									Year-to-date
		Sept. 30,			June 30,	Mar. 31,		Dec. 31,		Sept. 30,	Sept. 30,	Sept. 30,
($ and shares in millions, except per share data)		2017			2017	2017		2016		2016	2017	2016

For Period Ended
	Gross premiums written	$	715.4		712.9	689.5		602.3		677.5	2,117.8	2,003.7
	Net premiums written	604.3			613.8	598.7		515.0		578.8	1,816.8	1,722.3
	Change in net premiums written, from comparable prior year period	4		%	6	6		9		6	5	8

	Underwriting income, before-tax	$	32.4		30.3	49.2		35.2		32.0	112.0	116.8
	Net investment income earned, before-tax	40.4			41.4	37.4		35.4		33.4	119.3	95.3
	Net realized investment gains (losses), before-tax	6.8			1.7	(1.0	)	(7.7	)	3.7	7.5	2.7

	Net income	$	46.7		41.4	50.4		39.4		38.5	138.6	119.1
	Operating income*	42.3			40.3	51.1		44.4		36.1	133.7	117.3

At Period End
	Total assets	7,812.1			7,528.2	7,404.1		7,355.8		7,363.2	7,812.1	7,363.2
	Total invested assets	5,710.8			5,503.0	5,460.8		5,364.9		5,368.4	5,710.8	5,368.4
	Stockholders' equity	1,699.4			1,652.6	1,592.6		1,531.4		1,574.9	1,699.4	1,574.9
	Shares outstanding	58.4			58.4	58.2		58.0		57.9	58.4	57.9

Per Share and Share Data
	Net income per diluted share	$	0.79		0.70	0.85		0.67		0.66	2.34	2.03
	Operating income per diluted share*	0.72			0.68	0.86		0.75		0.62	2.26	2.00

	Weighted average diluted shares outstanding	59.3			59.2	59.1		58.9		58.7	59.2	58.6

	Book value per share	$	29.10		28.32	27.34		26.42		27.22	29.10	27.22

	Dividends paid per share	0.16			0.16	0.16		0.16		0.15	0.48	0.45

Financial Ratios
	Loss and loss expense ratio	60.2		%	60.2	56.6		58.4		58.3	59.0	57.1
	Underwriting expense ratio	33.9			34.2	34.6		35.2		35.7	34.2	35.4
	Dividends to policyholders ratio	0.2			0.3	—		—		0.1	0.2	0.2
	GAAP combined ratio	94.3		%	94.7	91.2		93.6		94.1	93.4	92.7

	Annualized ROE	11.2			10.2	12.9		10.1		9.8	11.4	10.7

	Annualized operating ROE*	10.1			9.9	13.1		11.4		9.2	11.0	10.5

	Debt to total capitalization	20.5			21.0	21.6		22.3		21.2	20.5	21.2

	Net premiums written to policyholders' surplus	1.4		x	1.4x	1.4x		1.4x		1.4x	1.4x	1.4x

	Invested assets per dollar of stockholders' equity	$	3.36		3.33	3.43		3.50		3.41	3.36	3.41


*	Non-GAAP measure. Refer to Page 13 for definition.

Page 1

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)



		Quarter ended											Year-to-date
		Sept. 30,			June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ and shares in millions, except per share data)		2017			2017		2017		2016		2016		2017		2016

Revenues
	Net premiums earned	$	572.1		568.0		560.9		552.8		542.4		1,700.9		1,596.8
	Net investment income earned	40.4			41.4		37.4		35.4		33.4		119.3		95.3
	Net realized investment gains (losses)	6.9			3.0		2.4		(3.7	)	4.0		12.3		7.2
	Other-than-temporary impairments	(0.1		)	(1.2	)	(3.5	)	(4.0	)	(0.3	)	(4.8	)	(4.5	)
	Other income	2.0			3.3		3.2		1.9		2.2		8.5		7.0
	Total revenues	621.3			614.5		600.5		582.4		581.7		1,836.2		1,701.9

Expenses
	Losses and loss expenses incurred	344.6			341.6		317.5		322.9		316.3		1,003.6		911.9
	Policy acquisition costs	194.6			196.8		196.2		196.0		193.8		587.7		567.8
	Interest expense	6.1			6.1		6.1		5.8		5.7		18.3		16.9
	Other expenses	8.7			11.1		13.1		7.3		10.4		32.9		35.7
	Total expenses	554.0			555.6		532.9		532.0		526.2		1,642.4		1,532.3

Income before federal income taxes		67.3			58.9		67.6		50.3		55.4		193.8		169.6
Federal income tax expense		20.6			17.5		17.1		11.0		16.9		55.2		50.5

Net Income		$	46.7		41.4		50.4		39.4		38.5		138.6		119.1

Exclude: Net realized investment (gains) losses, after tax		(4.4		)	(1.1	)	0.7		5.0		(2.4	)	(4.9	)	(1.8	)

Operating income*		$	42.3		40.3		51.1		44.4		36.1		133.7		117.3

Weighted average shares outstanding (diluted)		59.3			59.2		59.1		58.9		58.7		59.2		58.6

	Net income per share (diluted)	$	0.79		0.70		0.85		0.67		0.66		2.34		2.03

	Operating income per share (diluted)*	$	0.72		0.68		0.86		0.75		0.62		2.26		2.00

*	Non-GAAP measure. Refer to Page 13 for definition.

	Note: Amounts may not foot due to rounding.

Page 2

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)



			Sept. 30,			June 30,		Mar. 31,		Dec. 31,		Sept. 30,
($ in millions, except per share data)			2017			2017		2017		2016		2016

ASSETS
Investments
	Fixed income securities, held-to-maturity, at carrying value		$	65.0		72.5		84.8		101.6		130.5
	Fixed income securities, available-for-sale, at fair value		5,133.4			5,018.7		4,867.0		4,792.5		4,832.5
	Equity securities, available-for-sale, at fair value		175.3			161.7		154.9		146.8		147.3
	Short-term investments		216.3			133.7		247.2		221.7		169.6
	Other investments		120.8			116.4		106.8		102.4		88.5
		Total investments	5,710.8			5,503.0		5,460.8		5,364.9		5,368.4
Cash			0.7			8.6		0.5		0.5		1.5
Interest and dividends due or accrued			40.8			40.2		40.2		40.2		39.9
Premiums receivable, net of allowance			769.8			764.3		707.7		681.6		711.6
Reinsurance recoverable, net of allowance			661.2			601.9		580.4		621.5		640.0
Prepaid reinsurance premiums			161.4			151.9		145.4		146.3		152.0
Current federal income tax			—			—		—		2.5		—
Deferred federal income tax			52.9			60.4		72.2		84.8		41.7
Property and equipment, net of accumulated depreciation and amortization			66.3			66.3		68.5		69.6		69.8
Deferred policy acquisition costs			242.2			234.9		227.6		222.6		235.9
Goodwill			7.8			7.8		7.8		7.8		7.8
Other assets			98.2			88.8		92.9		113.5		94.6
		Total assets	$	7,812.1		7,528.2		7,404.1		7,355.8		7,363.2

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for losses and loss expenses			$	3,835.8		3,731.2		3,679.5		3,691.7		3,686.6
Unearned premiums			1,393.8			1,352.1		1,299.8		1,262.8		1,306.3
Short-term debt			—			—		—		—		45.0
Long-term debt			439.0			438.9		438.8		438.7		378.6
Current federal income tax			6.7			2.1		11.6		—		6.5
Accrued salaries and benefits			113.1			103.2		96.3		132.9		103.6
Other liabilities			324.3			248.2		285.6		298.4		261.8
		Total liabilities	$	6,112.8		5,875.6		5,811.5		5,824.5		5,788.3

Stockholder's Equity
Preferred stock of $0 par value per share			$	—		—		—		—		—
Common stock of $2 par value per share			204.4			204.3		204.1		203.2		203.0
Additional paid-in capital			362.7			360.0		354.2		347.3		342.8
Retained earnings			1,679.0			1,641.8		1,609.9		1,568.9		1,538.9
Accumulated other comprehensive income (loss)			31.3			24.5		2.1		(16.0	)	62.2
Treasury stock, at cost			(578.1		)	(578.0	)	(577.7	)	(572.1	)	(572.1	)
		Total stockholders' equity	$	1,699.4		1,652.6		1,592.6		1,531.4		1,574.9
Commitments and contingencies

		Total liabilities and stockholders' equity	$	7,812.1		7,528.2		7,404.1		7,355.8		7,363.2

Note: Amounts may not foot due to rounding.

Page 3

Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS

(Unaudited)



			Quarter ended												Year-to-date
			Sept. 30,				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ and shares in millions, except per share data)			2017				2017		2017		2016		2016		2017		2016

Book value per share
		Stockholders' equity	$	1,699.4			1,652.6		1,592.6		1,531.4		1,574.9		1,699.4		1,574.9
		Common shares issued and outstanding, at period end	58.4				58.4		58.2		58.0		57.9		58.4		57.9
		Book value per share	$	29.10			28.32		27.34		26.42		27.22		29.10		27.22
		Book value per share excluding unrealized gain on fixed income securities	27.92				27.25		26.65		25.98		25.53		27.92		25.53

Financial results (after-tax)
		Underwriting income	21.1				19.7		32.0		22.9		20.8		72.8		75.9
		Net investment income	29.6				30.3		27.5		26.4		24.9		87.3		72.0
		Interest expense	(4.0		)		(4.0	)	(4.0	)	(3.8	)	(3.7	)	(11.9	)	(11.0	)
		Other expense	(4.4		)		(5.8	)	(4.4	)	(1.1	)	(5.9	)	(14.5	)	(19.5	)
		Net realized gains (losses)	4.4				1.1		(0.7	)	(5.0	)	2.4		4.9		1.8
		Total after-tax net income	46.7				41.4		50.4		39.4		38.5		138.6		119.1

Return on average equity
		Insurance segments	5.0			%	4.9		8.2		5.9		5.3		6.0		6.8
		Net investment income	7.1				7.5		7.0		6.8		6.4		7.2		6.5
		Interest expense	(0.9		)		(1.0	)	(1.0	)	(1.0	)	(0.9	)	(1.0	)	(1.0	)
		Other expense	(1.1		)		(1.5	)	(1.1	)	(0.3	)	(1.6	)	(1.2	)	(1.8	)
		Net realized gains (losses), net of tax at 35%	1.1				0.3		(0.2	)	(1.3	)	0.6		0.4		0.2
		Annualized ROE	11.2				10.2		12.9		10.1		9.8		11.4		10.7
		Exclude: Net realized (gains) losses, net of tax at 35%	(1.1		)		(0.3	)	0.2		1.3		(0.6	)	(0.4	)	(0.2	)
		Annualized Operating ROE*	10.1			%	9.9		13.1		11.4		9.2		11.0		10.5

Debt and total capitalization
	Notes payable:
		1.61% Borrowings from FHLBNY	$	25.0			25.0		25.0		25.0		25.0		25.0		25.0
		1.56% Borrowings from FHLBNY	25.0				25.0		25.0		25.0		25.0		25.0		25.0
		3.03% Borrowings from FHLBI	60.0				60.0		60.0		60.0		—		60.0		—
		1.25% Borrowings from FHLBI	—				—		—		—		45.0		—		45.0
		7.25% Senior Notes	49.7				49.7		49.7		49.6		49.6		49.7		49.6
		6.70% Senior Notes	99.0				99.0		99.0		99.0		98.9		99.0		98.9
		5.875% Senior Notes	180.3				180.2		180.2		180.1		180.0		180.3		180.0
	Total debt		439.0				438.9		438.8		438.7		423.6		439.0		423.6
	Stockholders' equity		1,699.4				1,652.6		1,592.6		1,531.4		1,574.9		1,699.4		1,574.9
	Total capitalization		$	2,138.4			2,091.5		2,031.4		1,970.1		1,998.5		2,138.4		1,998.5
	Ratio of debt to total capitalization		20.5			%	21.0		21.6		22.3		21.2		20.5		21.2

Policyholders' surplus			$	1,684.4			1,653.2		1,622.3		1,583.8		1,551.2		1,684.4		1,551.2

*		Non-GAAP measure. Refer to Page 13 for definition.

		Note: Amounts may not foot due to rounding.

Page 4

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INSURANCE OPERATIONS

STATEMENT OF OPERATIONS

(Unaudited)



		Quarter ended												Year-to-date
		Sept. 30,				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ in millions)		2017				2017		2017		2016		2016		2017		2016

Underwriting results
Net premiums written		$	604.3			613.8		598.7		515.0		578.8		1,816.8		1,722.3
Change in net premiums written, from comparable prior year period		4			%	6		6		9		6		5		8

Net premiums earned		$	572.1			568.0		560.9		552.8		542.4		1,700.9		1,596.8
Losses and loss expenses incurred		344.6				341.6		317.5		322.9		316.3		1,003.6		911.9
Net underwriting expenses incurred		194.0				194.2		194.3		194.8		193.6		582.5		564.4
Dividends to policyholders		1.0				1.9		(0.1	)	(0.2	)	0.5		2.9		3.8
GAAP underwriting gain		$	32.4			30.3		49.2		35.2		32.0		112.0		116.8


Catastrophe losses		$	23.7			29.3		12.2		26.6		10.4		65.3		33.2
(Favorable) prior years' casualty reserve development		(9.9		)		(14.3	)	(14.4	)	(23.0	)	(19.0	)	(38.6	)	(46.0	)

Underwriting ratios
Loss and loss expense ratio		60.2			%	60.2		56.6		58.4		58.3		59.0		57.1
Underwriting expense ratio		33.9				34.2		34.6		35.2		35.7		34.2		35.4
Dividends to policyholders ratio		0.2				0.3		—		—		0.1		0.2		0.2
	Combined ratio	94.3			%	94.7		91.2		93.6		94.1		93.4		92.7


Catastrophe losses		4.1			pts	5.2		2.2		4.8		1.9		3.8		2.1
(Favorable) prior years' casualty reserve development		(1.7		)	pts	(2.5	)	(2.6	)	(4.2	)	(3.5	)	(2.3	)	(2.9	)
	Combined ratio before catastrophe losses	90.2			%	89.5		89.0		88.8		92.2		89.6		90.6

	Combined ratio before catastrophe losses and prior years' development	91.9				92.0		91.6		93.0		95.7		91.9		93.5

Other Statistics
Non-catastrophe property losses		$	71.8			73.3		71.4		70.0		78.5		216.5		209.2
Non-catastrophe property losses		12.6			pts	12.9		12.7		12.7		14.5		12.7		13.1
Direct new business		$	131.1			136.1		124.7		123.8		125.4		391.9		373.5


Note: Amounts may not foot due to rounding.

Page 5

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)



		Quarter ended												Year-to-date
		Sept. 30,				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ in millions)		2017				2017		2017		2016		2016		2017		2016

Underwriting results
Net premiums written		$	472.1			478.9		483.5		392.2		449.5		1,434.5		1,353.6
Change in net premiums written, from comparable prior year period		5			%	7		6		10		9		6		9

Net premiums earned		$	445.3			443.6		438.4		429.7		421.6		1,327.3		1,235.8
Losses and loss expenses incurred		254.9				252.9		241.6		230.3		238.2		749.3		683.2
Net underwriting expenses incurred		154.0				154.0		154.4		154.4		152.7		462.4		447.5
Dividends to policyholders		1.0				1.9		(0.1	)	(0.2	)	0.5		2.9		3.8
GAAP underwriting gain		$	35.3			34.8		42.5		45.2		30.1		112.6		101.2


Catastrophe losses		$	14.3			17.0		6.9		13.6		6.2		38.1		21.5
(Favorable) prior years' casualty reserve development		(19.9		)		(17.3	)	(16.4	)	(28.5	)	(19.0	)	(53.6	)	(49.0	)

Underwriting ratios
Loss and loss expense ratio		57.3			%	57.1		55.1		53.6		56.5		56.5		55.3
Underwriting expense ratio		34.6				34.7		35.2		35.9		36.3		34.8		36.2
Dividends to policyholders ratio		0.2				0.4		—		—		0.1		0.2		0.3
	Combined ratio	92.1			%	92.2		90.3		89.5		92.9		91.5		91.8


Catastrophe losses		3.2			pts	3.8		1.6		3.2		1.5		2.9		1.7
(Favorable) prior years' casualty reserve development		(4.5		)	pts	(3.9	)	(3.7	)	(6.6	)	(4.5	)	(4.0	)	(4.0	)
	Combined ratio before catastrophe losses	88.9			%	88.4		88.7		86.3		91.4		88.6		90.1

	Combined ratio before catastrophe losses and prior years' development	93.4				92.3		92.4		92.9		95.9		92.6		94.1

Other Statistics
Non-catastrophe property losses		$	49.1			48.2		49.8		45.6		51.6		147.0		136.8
Non-catastrophe property losses		11.0			pts	10.9		11.4		10.6		12.2		11.1		11.1
Direct new business		$	96.9			98.0		89.5		85.2		89.2		284.4		272.4
Renewal pure price increases		2.7			%	3.1		3.0		2.7		2.5		2.9		2.6
Retention		85			%	83		85		84		84		84		83


Note: Amounts may not foot due to rounding.

Page 6

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)



		Quarter ended										Year-to-date
		Sept. 30,			June 30,		Mar. 31,	Dec. 31,		Sept. 30,		Sept. 30,	Sept. 30,
($ in millions)		2017			2017		2017	2016		2016		2017	2016

Underwriting results
Net premiums written		$	81.2		78.1		64.7	68.1		76.2		224.0	213.8
Change in net premiums written, from comparable prior year period		7		%	3		4	3		(1	)	5	(2	)

Net premiums earned		$	72.6		71.7		71.2	70.9		68.7		215.5	209.7
Losses and loss expenses incurred		42.1			54.7		44.3	54.3		41.6		141.1	123.5
Net underwriting expenses incurred		22.3			22.7		21.8	23.2		22.8		66.8	67.2
GAAP underwriting gain (loss)		$	8.2		(5.8	)	5.1	(6.6	)	4.3		7.5	19.0


Catastrophe losses		$	2.2		9.4		3.9	11.4		2.5		15.4	6.8
Unfavorable prior years' casualty reserve development		—			3.0		2.0	2.5		—		5.0	—

Underwriting ratios
Loss and loss expense ratio		58.0		%	76.3		62.2	76.5		60.5		65.5	58.9
Underwriting expense ratio		30.7			31.7		30.6	32.8		33.3		31.0	32.0
	Combined ratio	88.7		%	108.0		92.8	109.3		93.8		96.5	90.9


Catastrophe losses		3.0		pts	13.0		5.5	16.0		3.6		7.2	3.2
Unfavorable prior years' casualty reserve development		—		pts	4.2		2.8	3.5		—		2.3	—
	Combined ratio before catastrophe losses	85.7		%	95.0		87.3	93.3		90.2		89.3	87.7

	Combined ratio before catastrophe losses and prior years' development	85.7			90.8		84.5	89.8		90.2		87.0	87.7

Other Statistics
Non-catastrophe property losses		$	19.1		20.0		16.3	17.6		18.9		55.4	53.6
Non-catastrophe property losses		26.3		pts	27.9		22.9	24.8		27.6		25.7	25.6
Direct new business		$	13.6		13.2		11.4	10.7		12.0		38.2	29.0
Renewal pure price increases		3.1		%	2.6		2.7	4.1		4.7		2.8	5.0
Retention		84		%	84		84	84		83		84	82


Note: Amounts may not foot due to rounding.

Page 7

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS AND SURPLUS LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)



		Quarter ended										Year-to-date
		Sept. 30,				June 30,	Mar. 31,	Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ in millions)		2017				2017	2017	2016		2016		2017		2016

Underwriting results
Net premiums written		$	51.0			56.8	50.5	54.8		53.0		158.3		154.9
Change in net premiums written, from comparable prior year period		(4		)	%	6	4	6		(2	)	2		13

Net premiums earned		$	54.2			52.8	51.2	52.1		52.2		158.2		151.3
Losses and loss expenses incurred		47.6				34.0	31.6	38.3		36.5		113.2		105.2
Net underwriting expenses incurred		17.7				17.5	18.1	17.3		18.1		53.2		49.6
GAAP underwriting (loss) gain		$	(11.1	)		1.3	1.6	(3.5	)	(2.4	)	(8.2	)	(3.5	)


Catastrophe losses		$	7.3			3.0	1.4	1.6		1.7		11.7		4.9
Unfavorable prior years' casualty reserve development		10.0				—	—	3.0		—		10.0		3.0

Underwriting ratios
Loss and loss expense ratio		87.8			%	64.4	61.7	73.5		69.9		71.6		69.5
Underwriting expense ratio		32.6				33.1	35.2	33.1		34.6		33.6		32.8
	Combined ratio	120.4			%	97.5	96.9	106.6		104.5		105.2		102.3


Catastrophe losses		13.5			pts	5.7	2.7	3.1		3.3		7.4		3.2
Unfavorable prior years' casualty reserve development		18.4			pts	—	—	5.8		—		6.3		2.0
	Combined ratio before catastrophe losses	106.9			%	91.8	94.2	103.5		101.2		97.8		99.1

	Combined ratio before catastrophe losses and prior years' development	88.5				91.8	94.2	97.7		101.2		91.5		97.1

Other Statistics
Non-catastrophe property losses		$	3.7			5.1	5.3	6.8		7.9		14.1		18.8
Non-catastrophe property losses		6.8			pts	9.7	10.3	13.0		15.2		8.9		12.4
Direct new business		$	20.6			24.9	23.8	27.9		24.2		69.3		72.1
Overall new/renewal price increases		3.2			%	3.7	7.1	4.6		5.8		5.5		4.8


Note: Amounts may not foot due to rounding.

Page 8

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INVESTMENT INCOME

(Unaudited)



		Quarter ended												Year-to-date
		Sept. 30,				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ in millions)		2017				2017		2017		2016		2016		2017		2016

Net investment income
Fixed income securities
	Taxable	$	29.1			28.4		27.5		23.9		22.5		84.9		64.7
	Tax-exempt	9.8				9.3		9.4		9.6		10.0		28.5		31.2
Total fixed income securities		38.9				37.7		36.9		33.5		32.5		113.4		95.9
Equity securities		1.6				1.4		1.5		1.4		1.5		4.5		5.9
Other investments		2.7				5.2		1.6		3.0		1.6		9.5		—
Short-term investments		0.4				0.4		0.3		0.2		0.2		1.0		0.5
Investment income		43.5				44.7		40.2		38.1		35.8		128.4		102.2
Investment expenses		(3.1		)		(3.3	)	(2.8	)	(2.6	)	(2.4	)	(9.1	)	(6.9	)
Investment tax expense		(10.9		)		(11.1	)	(10.0	)	(9.0	)	(8.5	)	(32.0	)	(23.3	)
Total net investment income, after-tax		$	29.6			30.3		27.5		26.4		24.9		87.3		72.0

Net realized capital gains (losses)
	Fixed income securities	$	2.0			2.6		2.0		(6.8	)	2.2		6.6		3.1
	Equity securities	4.9				0.3		—		3.1		1.9		5.2		4.1
	Short-term investments	—				—		—		—		—		—		—
	Other investments	—				—		0.5		—		—		0.5		—
Gross gains (losses)		6.9				3.0		2.4		(3.7	)	4.0		12.3		7.2
Other-than-temporary impairment losses		(0.1		)		(1.2	)	(3.5	)	(4.0	)	(0.3	)	(4.8	)	(4.5	)
Total net realized capital gains (losses), before-tax		$	6.8			1.7		(1.0	)	(7.7	)	3.7		7.5		2.7

Change in unrealized gains (losses), before-tax		$	10.0			34.0		27.2		(110.0	)	(16.7	)	71.2		105.6


Average investment yields
	Fixed income securities, before-tax	3.0			%	3.0		3.0		2.7		2.6		3.0		2.7
	Fixed income securities, after-tax	2.2				2.2		2.2		2.0		2.0		2.2		2.0

	Total portfolio, before-tax	2.9			%	3.0		2.8		2.6		2.5		2.9		2.4
	Total portfolio, after-tax	2.1				2.2		2.0		2.0		1.9		2.1		1.8


Effective tax rate on net investment income		26.8			%	26.9		26.6		25.5		25.4		26.8		24.5
New money purchase rates for fixed income securities, before-tax		3.2				3.0		3.1		3.0		2.9		3.1		2.9
New money purchase rates for fixed income securities, after-tax		2.3				2.2		2.1		2.1		2.0		2.2		2.1
Effective duration of fixed income portfolio including short term (in years)		3.6				3.7		3.6		3.8		3.7		3.6		3.7


Note: Amounts may not foot due to rounding.

Page 9

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS

(Unaudited)



	Sept. 30,					June 30,		Mar. 31,		Dec. 31,		Sept. 30,
	2017					2017		2017		2016		2016
($ in millions)	Amount		Percent			Amount	Percent	Amount	Percent	Amount	Percent	Amount	Percent

Fixed income securities, at fair value	$	5,201.1	91.0		%	5,094.3	92.5	4,955.4	90.7	4,897.8	91.2	4,968.6	92.5
Equity securities, at fair value	175.3		3.1			161.7	2.9	154.9	2.8	146.8	2.7	147.3	2.7
Other investments	120.8		2.1			116.4	2.1	106.8	2.0	102.4	1.9	88.5	1.6
Short-term investments	216.3		3.8			133.7	2.4	247.2	4.5	221.7	4.1	169.6	3.2
Total investments	$	5,713.6	100.0		%	5,506.1	100.0	5,464.3	100.0	5,368.6	100.0	5,374.0	100.0

Fixed income portfolio, at carry value
U.S. government obligations	$	59.6	1.1		%	68.0	1.3	88.3	1.8	77.3	1.6	89.9	1.8
Foreign government obligations	18.8		0.4			18.7	0.4	32.6	0.7	26.9	0.5	9.5	0.2
Obligations of state and political subdivisions	1,526.6		29.4			1,458.7	28.7	1,349.9	27.3	1,457.4	29.8	1,551.5	31.3
Corporate securities	1,812.1		34.9			1,840.1	36.1	1,850.2	37.4	2,020.3	41.3	2,219.7	44.7
Collateralized loan obligations and other asset-backed securities	754.0		14.5			702.5	13.8	678.4	13.7	529.0	10.8	284.5	5.7
Residential mortgage-backed securities	719.2		13.8			724.0	14.2	688.6	13.9	525.2	10.7	538.9	10.9
Commercial mortgage-backed securities	308.1		5.9			279.2	5.5	263.8	5.3	258.0	5.3	269.1	5.4
Total fixed income securities	$	5,198.4	100.0		%	5,091.2	100.0	4,951.8	100.0	4,894.1	100.0	4,963.0	100.0

Weighted average credit quality
Investment grade credit quality	$	5,047.1	97.0		%	4,944.2	97.1	4,807.3	97.0	4,747.7	96.9	4,805.6	96.7
Non-investment grade credit quality	154.0		3.0			150.1	2.9	148.1	3.0	150.0	3.1	163.1	3.3
Total fixed income securities, at fair value	$	5,201.1	100.0		%	5,094.3	100.0	4,955.4	100.0	4,897.8	100.0	4,968.6	100.0

Weighted average credit quality of fixed income portfolio	AA-					AA-		AA-		AA-		AA-


Expected maturities of fixed income securities at carry value
Due in one year or less	$	364.9	7.0		%	341.0	6.7	371.4	7.5	429.6	8.8	550.3	11.1
Due after one year through five years	2,178.3		41.9			2,124.7	41.7	2,026.9	40.9	2,179.1	44.5	2,466.0	49.7
Due after five years through 10 years	2,386.0		45.9			2,388.0	46.9	2,302.5	46.5	2,099.2	42.9	1,831.6	36.9
Due after 10 years	269.3		5.2			237.6	4.7	251.0	5.1	186.2	3.8	115.1	2.3
Total fixed income securities	$	5,198.4	100.0		%	5,091.2	100.0	4,951.8	100.0	4,894.1	100.0	4,963.0	100.0



Alternative investments	September 30, 2017
							Current
	Number of		Original			Remaining	Market
Strategy	Funds		Commitment			Commitment	Value
Private equity	24		$	191.3		81.5	47.7
Private credit	12		126.0			53.6	33.3
Real assets	9		101.0			31.5	21.6
Total	45		$	418.3		166.6	102.6


Note: Amounts may not foot due to rounding.

Page 10

Selective Insurance Group, Inc. & Consolidated Subsidiaries

COMBINED INSURANCE COMPANY SUBSIDIARIES

STATUTORY RESULTS BY LINE OF BUSINESS

Quarter Ended September 30, 2017

(Unaudited)



	Net						Net								Underwriting		Dividends to	Combined		Combined
	Premiums		Percent				Premiums		Percent			Loss	LAE		Expense		Policyholders	Ratio		Ratio		Underwriting
($ in thousands)	Written		Change				Earned		Change			Ratio	Ratio		Ratio		Ratio	2017		2016		Gain/(Loss)
Standard Personal Lines:

Homeowners	$	36,363	0.6			%	$	32,215	0.6		%	38.5	8.5		33.3		—	80.3		86.4		$	4,966
Auto	43,154		13.2				38,612		10.7			62.3	10.5		32.0		—	104.8		110.3		(3,312		)
Other (including flood)	1,678		(15.2		)		1,774		(1.2	)		50.8	(113.3	)	(172.0	)	—	(234.5	)	(165.3	)	5,771
Total	$	81,195	6.5				$	72,601	5.7			51.4	6.6		28.4		—	86.4		92.0		$	7,425

Standard Commercial Lines:

Commercial property	$	84,664	2.4				$	78,151	5.5			46.9	5.1		37.0		0.1	89.1		85.2		$	6,076
Workers compensation	80,252		(1.7		)		77,580		(1.3	)		41.3	10.5		28.2		1.3	81.3		80.2		13,736
General liability	147,858		4.5				141,059		5.3			35.0	13.2		34.9		—	83.1		84.7		21,475
Auto	121,749		12.1				111,711		11.0			72.9	8.7		31.5		—	113.1		114.5		(17,744		)
Businessowners' policies	24,602		2.6				25,019		2.3			45.9	11.1		38.1		—	95.1		106.8		1,374
Bonds	8,488		26.2				7,420		28.0			11.3	6.0		56.0		—	73.3		75.0		1,385
Other	4,438		3.6				4,310		5.4			0.3	0.3		59.2		—	59.8		60.6		1,657
Total	$	472,051	5.0				$	445,250	5.6			47.6	9.8		34.1		0.2	91.7		92.0		$	27,959

E&S	$	51,031	(3.7		)		$	54,204	3.9			71.1	16.7		32.3		—	120.1		101.4		$	(9,883	)

Total Insurance Operations	$	604,277	4.4				$	572,055	5.5			50.2	10.1		33.2		0.2	93.7		92.9		$	25,501

Note: Amounts may not foot due to rounding.

			2017				2016
	Losses Paid		$	249,478			226,037
	LAE Paid		48,905				48,335
	Total Paid		$	298,383			274,372

Page 11

Selective Insurance Group, Inc. & Consolidated Subsidiaries

COMBINED INSURANCE COMPANY SUBSIDIARIES

STATUTORY RESULTS BY LINE OF BUSINESS

Year-to-Date Ended September 30, 2017

(Unaudited)



	Net						Net									Underwriting		Dividends to		Combined		Combined
	Premiums		Percent				Premiums		Percent			Loss		LAE		Expense		Policyholders		Ratio		Ratio		Underwriting
($ in thousands)	Written		Change				Earned		Change			Ratio		Ratio		Ratio		Ratio		2017		2016		Gain/(Loss)
Standard Personal Lines:

Homeowners	$	97,993	(0.7		)	%	$	97,382	(1.0	)	%	47.7		8.7		35.2		—		91.6		85.4		$	7,967
Auto	120,945		9.9				113,225		6.3			65.2		10.7		32.8		—		108.7		106.4		(12,426		)
Other (including flood)	5,060		1.6				4,867		0.3			63.9		(59.4	)	(149.1	)	—		(144.6	)	(146.2	)	12,196
Total	$	223,998	4.8				$	215,474	2.7			57.3		8.2		29.7		—		95.2		90.7		$	7,737

Standard Commercial lines:

Commercial property	$	247,138	4.0				$	232,594	6.8			49.5		5.3		37.4		(0.1	)	92.1		85.0		$	12,823
Workers compensation	253,446		0.6				236,366		2.8			43.1		13.5		27.0		1.5		85.1		82.8		30,726
General liability	461,716		6.9				422,546		8.0			32.2		11.8		34.2		—		78.2		83.9		78,533
Auto	358,198		10.0				327,156		10.9			69.5		10.1		31.5		(0.1	)	111.0		108.9		(45,771		)
Businessowners' policies	75,923		2.5				74,853		2.5			41.6		11.2		37.8		—		90.6		94.7		6,657
Bonds	24,642		26.4				20,904		23.5			1.6		6.2		53.8		—		61.6		76.8		6,024
Other	13,453		4.8				12,839		8.2			(0.1	)	0.2		56.9		—		57.0		56.9		5,168
Total	$	1,434,516	6.0				$	1,327,258	7.4			46.2		10.3		33.5		0.2		90.2		90.1		$	94,160

E&S	$	158,281	2.2				$	158,207	4.5			56.3		15.3		33.0		—		104.6		100.9		$	(7,285	)

Total Insurance Operations	$	1,816,795	5.5				$	1,700,939	6.5			48.5		10.5		33.0		0.2		92.2		91.2		$	94,612

Note: Amounts may not foot due to rounding.

			2017				2016
	Losses Paid		$	744,964			678,430
	LAE Paid		151,837				145,504
	Total Paid		$	896,801			823,934

Page 12

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RECONCILIATION OF NET INCOME TO OPERATING INCOME AND CERTAIN OTHER NON-GAAP MEASURES

(Unaudited)



	Quarter ended												Year-to-date
	Sept. 30,				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
($ in millions, except per share data)	2017				2017		2017		2016		2016		2017		2016

Reconciliation of net income to operating income
Net income	$	46.7			41.4		50.4		39.4		38.5		138.6		119.1
Exclude: Net realized (gains) losses	(6.8		)		(1.7	)	1.0		7.7		(3.7	)	(7.5	)	(2.7	)
Exclude: Tax on net realized gains (losses)	2.4				0.6		(0.4	)	(2.7	)	1.3		2.6		0.9
Operating income	$	42.3			40.3		51.1		44.4		36.1		133.7		117.3


Reconciliation of net income per diluted share to operating income per diluted share
Net income per diluted share	$	0.79			0.70		0.85		0.67		0.66		2.34		2.03
Exclude: Net realized (gains) losses	(0.11		)		(0.03	)	0.02		0.13		(0.06	)	(0.13	)	(0.05	)
Exclude: Tax on net realized gains (losses)	0.04				0.01		(0.01	)	(0.05	)	0.02		0.05		0.02
Operating income per diluted share	$	0.72			0.68		0.86		0.75		0.62		2.26		2.00


Reconciliation of annualized ROE to annualized operating ROE
Annualized ROE	11.2			%	10.2		12.9		10.1		9.8		11.4		10.7
Exclude: Net realized (gains) losses	(1.6		)		(0.4	)	0.3		2.0		(0.9	)	(0.6	)	(0.2	)
Exclude: Tax on net realized gains (losses)	0.5				0.1		(0.1	)	(0.7	)	0.3		0.2		—
Annualized operating ROE	10.1			%	9.9		13.1		11.4		9.2		11.0		10.5



Operating income, operating earnings per share, and operating return on equity differ from net income, earnings per share, and return on equity, respectively, by the exclusion of after-tax net realized gains and losses on investments and the results of discontinued operations, if any. They are used as important financial measures by management, analysts, and investors, because the realization of net investment gains and losses in any given period is largely discretionary as to timing. In addition, these net realized investment gains and losses, as well as other-than-temporary investment impairments that are charged to earnings and the results of discontinued operations, could distort the analysis of trends. These operating measurements are not intended as a substitute for net income, earnings per share, or return on equity prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of net income, earnings per share, and return on equity to operating income, operating earnings per share, and operating return on equity, respectively, are provided in the tables above. Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners Accounting Practices and Procedures Manual and, therefore, is not reconciled to GAAP.







Note: Amounts may not foot due to rounding.

Page 13

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION



Address:	As of September 30, 2017
40 Wantage Avenue		A.M. Best	Standard & Poor's	Moody's	Fitch
Branchville, NJ 07890	Financial Strength Ratings:	A	A	A2	A+

Corporate Website:	Long-Term Debt Credit Rating:	bbb+	BBB	Baa2	BBB+
www.Selective.com



Investor Contact:	REGISTRAR AND TRANSFER AGENT
Rohan Pai	Wells Fargo Shareowner Services
Senior Vice President	P.O. Box 64854
Investor Relations & Treasurer	St. Paul, MN 55164
Phone: 973-948-1364	866-877-6351
Rohan.Pai@Selective.com

Media Contact:
Jamie M. Beal
Assistant Vice President
Director of Communications
Phone: 973-948-1234
Jamie.Beal@Selective.com

Page 14

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