Document

0000230557-18-000022.txt : 20180502 0000230557-18-000022.hdr.sgml : 20180502 20180502165056 ACCESSION NUMBER: 0000230557-18-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20180502 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180502 DATE AS OF CHANGE: 20180502 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: 18800386 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 q12018pressrelease8-k.htm 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)	May 2, 2018

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 May 2, 2018, Selective Insurance Group, Inc. (the “Company”) issued a press release announcing results for the first quarter ended March 31, 2018. 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 May 2, 2018

99.2 Financial Supplement, First Quarter 2018

EXHIBIT INDEX



Exhibit No.	Description
99.1	Press Release of Selective Insurance Group, Inc. dated May 2, 2018
99.2	Financial Supplement, First Quarter 2018

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:	May 2, 2018	By:	/s/ Michael H. Lanza
			Michael H. Lanza
			Executive Vice President and General Counsel

EX-99.1 2 q12018pressreleaseexh991.htm EXHIBIT 99.1 Exhibit

Exhibit 99.1

Selective Reports Results for the First Quarter of 2018 - Net Income per Diluted Share of $0.32; Non-GAAP Operating Income¹ per Diluted Share of $0.46

In the first quarter of 2018:


•	Net premiums written grew 4%


•	Combined ratio was 99.2%


•	After-tax net investment income was up 30%, to $36 million


•	Annualized return on equity of 4.5% and non-GAAP return on equity of 6.5%

Branchville, NJ - May 2, 2018 - Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported its financial results for the first quarter ended March 31, 2018. Net income per diluted share was $0.32 compared to $0.85 a year ago, and non-GAAP operating income¹ per diluted share was $0.46 compared to $0.86 a year ago.

“Our significant progress in generating profitable growth was masked by elevated catastrophe and non-catastrophe property losses, primarily related to the severe winter weather we experienced," said Gregory E. Murphy, Chairman and Chief Executive Officer. "We incurred $26 million of catastrophe losses and $106 million of total non-catastrophe insured property losses, which together exceeded our expectations by approximately $33 million, or $0.44 per share in the quarter. Our non-GAAP operating return on average equity ("ROE")¹ was 6.5%, underperforming our target of 12.0% for 2018. While the first quarter financial results did not meet our expectations, events such as these reinforce the value we bring to our distribution partners and customers through our prompt response and excellent customer service that rebuild their lives and businesses."

Mr. Murphy continued, "Net premiums written grew 4% in the quarter, driven by continued solid growth in our standard commercial and personal lines segments, offset by a decline in premiums for excess and surplus lines. We achieved commercial lines renewal pure price increases of 3.2% during the first quarter of 2018, which was up from the full year 2017 level of 2.9%, while maintaining an impressive 85% retention rate. We are proud of our inside underwriters' ability to continue to generate renewal pure price increases that were in excess of expected overall claim inflation. Excess and surplus premiums declined in the quarter as we continued our efforts to improve profitability in this line through targeted underwriting actions. After-tax net investment income increased 30% in the quarter, to $36 million, driven largely by the implementation of tax reform this year, coupled with higher pre-tax yields on our fixed income investments."

Operating Highlights



Consolidated Financial Results	Quarter ended March 31,						Change
$ and shares in millions, except per share data	2018				2017		Change
Net premiums written	$	624.6			598.7		4		%
Net premiums earned	591.8				560.9		6
Net investment income earned	43.2				37.4		16
Net realized and unrealized losses, pre-tax	(10.5		)		(1.0	)	(909	)
Total revenues	626.7				600.5		4
Net underwriting income, after-tax	3.7				32.0		(88	)
Net investment income, after-tax	35.8				27.5		30
Net income	18.9				50.4		(62	)
Non-GAAP operating income¹	27.3				51.1		(47	)
Combined ratio	99.2			%	91.2		8.0		pts
Loss and loss expense ratio	65.0				56.6		8.4
Underwriting expense ratio	33.8				34.6		(0.8	)
Dividends to policyholders ratio	0.4				—		0.4
Catastrophe losses	4.4			pts	2.2		2.2
Non-catastrophe property losses	17.9				12.7		5.2
(Favorable) prior year statutory reserve development on casualty lines	(1.4		)		(2.6	)	1.2
Net income per diluted share	$	0.32			0.85		(62	)	%
Non-GAAP operating income per diluted share¹	0.46				0.86		(47	)
Weighted average diluted shares	59.6				59.1		1
Book value per share	$	28.25			27.34		3

Standard Commercial Lines

Standard Commercial Lines premiums, which represented 82% of our first quarter 2018 net premiums written, were up 5% in the quarter compared to a year ago. This growth reflects strong renewal pure price increases of 3.2%, excellent retention of 85%, and new business growth of 9%, to $98 million. The combined ratio in the first quarter was 98.5% an increase of 8.2 points from a year ago, driven by an increase in catastrophe losses of 2.7 points, an increase in non-catastrophe property losses of 3.8 points, and lower levels of favorable prior year casualty reserve development.



Standard Commercial Lines	Quarter ended March 31,						Change
$ in millions	2018				2017		Change
Net premiums written	$	509.1			483.5		5		%
Net premiums earned	465.4				438.4		6
Combined ratio	98.5			%	90.3		8.2		pts
Loss and loss expense ratio	63.0				55.1		7.9
Underwriting expense ratio	35.0				35.2		(0.2	)
Dividends to policyholders ratio	0.5				—		0.5
Catastrophe losses	4.3			pts	1.6		2.7
Non-catastrophe property losses	15.2				11.4		3.8
(Favorable) prior year statutory reserve development on casualty lines	(1.7		)		(3.7	)	2.0

Standard Personal Lines

Standard Personal Lines premiums, which represented 11% of our first quarter 2018 net premiums written, increased 5% in the first quarter compared to a year ago, driven largely by strong renewal pure price increases of 3.8%, excellent retention of 85%, and a 4% increase in new business, to $12 million. The combined ratio in the first quarter was 102.0%, a 9.2-point increase from a year ago, which was driven by increases in non-catastrophe property losses of 11.6 points and catastrophe losses of 3.7 points. The elevated losses were partially offset by a 3.2 point decrease in the expense ratio and an improvement in prior year casualty development of 2.8 points compared to last year.



Standard Personal Lines	Quarter ended March 31,				Change
$ in millions	2018			2017	Change
Net premiums written	$	67.9		64.7	5		%
Net premiums earned	74.3			71.2	4
Combined ratio	102.0		%	92.8	9.2		pts
Loss and loss expense ratio	74.6			62.2	12.4
Underwriting expense ratio	27.4			30.6	(3.2	)
Catastrophe losses	9.2		pts	5.5	3.7
Non-catastrophe property losses	34.5			22.9	11.6
Unfavorable prior year statutory reserve development on casualty lines	—			2.8	(2.8	)

Excess and Surplus Lines

Excess and Surplus Lines premiums, which represented 7% of our first quarter 2018 net premiums written, decreased 6% in the first quarter compared to a year ago, driven by a 23% reduction in new business, reflecting our focus on improving profitability by implementing price increases and targeted underwriting actions. The combined ratio for the first quarter was 101.1%, 4.2 points higher than a year ago. This increase was mainly driven by an increase in current year loss costs of 4.8 points, coupled with elevated non-catastrophe property losses that were 7.5 points higher than a year ago. These impacts were partially offset by reductions in catastrophe losses of 3.9 points and the expense ratio of 3.1 points compared to a year ago.



Excess and Surplus Lines	Quarter ended March 31,					Change
$ in millions	2018				2017	Change
Net premiums written	$	47.6			50.5	(6	)	%
Net premiums earned	52.2				51.2	2
Combined ratio	101.1			%	96.9	4.2		pts
Loss and loss expense ratio	69.0				61.7	7.3
Underwriting expense ratio	32.1				35.2	(3.1	)
Catastrophe losses	(1.2		)	pts	2.7	(3.9	)
Non-catastrophe property losses	17.8				10.3	7.5

Investment Income

After-tax net investment income in the first quarter was $36 million, up 30% compared to a year ago. The improvement was driven by the reduction in the corporate federal tax rate in 2018 as a result of the implementation of tax reform, along with higher pre-tax yields on our core fixed income securities portfolio. After-tax new money yields averaged 2.6% during the quarter.



Investments	Quarter ended March 31,				Change
$ in millions, except per share data	2018			2017	Change
Net investment income earned, after-tax	$	35.8		27.5	30		%
Net investment income per share	0.60			0.46	30
Effective tax rate	17.2		%	26.6	(9.4	)	pts
Average yields:
Fixed income securities:
Pre-tax	3.2		%	3.0	0.2		pts
After-tax	2.7			2.2	0.5
Portfolio:
Pre-tax	3.0			2.8	0.2
After-tax	2.5			2.0	0.5

Balance Sheet



$ in millions, except per share data	March 31, 2018		December 31, 2017	Change
Total assets	$	7,659.9	7,686.4	—	%
Total investments	5,678.6		5,685.2	—
Short-term debt	55.0		—	NM
Long-term debt	439.2		439.1	—
Stockholders’ equity	1,659.8		1,713.0	(3	)
Invested assets per dollar of stockholders’ equity	3.42		3.32	3
Book value per share	28.25		29.28	(4	)

The 4% decrease in book value per share reflects unrealized losses on our investment portfolio coupled with dividends paid to shareholders, partially offset by net income earned in the quarter. Selective's Board of Directors declared an $0.18 per share quarterly cash dividend on common stock that is payable June 1, 2018, to shareholders of record as of May 15, 2018.

Guidance

For 2018, Selective has updated its full year guidance and expects to generate the following results:


•	A GAAP combined ratio, excluding catastrophe losses, of approximately 92.0%. This assumes no additional prior year casualty reserve development;


•	Catastrophe losses of 3.5 points;


•	After-tax net investment income of $150 million, which includes $8 million of after-tax net investment income from our alternative investments;


•	An overall effective tax rate of approximately 18%, which includes an effective tax rate of 17% for net investment income, reflecting a tax rate of 5.25% for tax-advantaged municipal bonds and a tax rate of approximately 21% for all other investments; and


•	Weighted average shares outstanding of 59.6 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 9:00 a.m. ET, on Thursday, May 3, 2018 at www.Selective.com. The webcast will be available for rebroadcast until the close of business on June 5, 2018.

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 Non-GAAP Operating Income and Certain Other Non-GAAP Measures

Non-GAAP operating income, non-GAAP operating earnings per diluted share, and non-GAAP operating return on average equity differ from net income, earnings per share, and return on equity, respectively, by the exclusion of after-tax net realized and unrealized gains and losses on investments, if any. They are used as important financial measures by management, analysts, and investors, because the realization of net investment gains and losses on sales of securities 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 unrealized gains and losses on equity securities, 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 non-GAAP operating income, non-GAAP operating earnings per diluted share, and non-GAAP operating return on average equity, respectively, are provided in the tables below.

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

Reconciliation of Net Income to Non-GAAP Operating Income



$ in millions	Quarter ended March 31,
$ in millions	2018			2017
Net income	$	18.9		50.4
Exclude: Net realized (gains) losses and OTTI	(3.5		)	1.0
Exclude: Net unrealized losses	14.1			—
Net realized losses, OTTI, and unrealized losses	10.5			1.0
Exclude: Tax on net realized losses, OTTI, and unrealized losses	(2.2		)	(0.4	)
Non-GAAP operating income	$	27.3		51.1

Reconciliation of Net Income per Diluted Share to Non-GAAP Operating Income per Diluted Share



	Quarter ended March 31,
	2018			2017
Net income per diluted share	$	0.32		0.85
Exclude: Net realized (gains) losses and OTTI	(0.06		)	0.02
Exclude: Net unrealized losses	0.24			—
Net realized losses, OTTI, and unrealized losses	0.18			0.02
Exclude: Tax on net realized losses, OTTI, and unrealized losses	(0.04		)	(0.01	)
Non-GAAP operating income per diluted share	$	0.46		0.86

Reconciliation of ROE to Non-GAAP Operating ROE



	Quarter ended March 31,
	2018			2017
Return on Average Equity	4.5		%	12.9
Exclude: Net realized (gains) losses and OTTI	(0.8	)		0.3
Exclude: Net unrealized losses	3.3			—
Net realized losses, OTTI, and unrealized losses	2.5			0.3
Exclude: Tax on net realized losses, OTTI, and unrealized losses	(0.5	)		(0.1	)
Non-GAAP Operating Return on Average Equity	6.5		%	13.1

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

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 q12018pressreleasesuppleme.htm EXHIBIT 99.2 Exhibit

Exhibit 99.2

FINANCIAL SUPPLEMENT

FIRST QUARTER 2018

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 Commercial Lines GAAP Line of Business Results	7
Standard Personal Lines Statement of Operations and Supplemental Data	8
Standard Personal Lines GAAP Line of Business Results	9
Excess and Surplus Lines Statement of Operations and Supplemental Data	10
Excess and Surplus Lines GAAP Line of Business Results	11

Consolidated Investment Income	12
Consolidated Composition of Invested Assets	13

Reconciliation of Net Income to Non-GAAP Operating Income and Certain Other Non-GAAP Measures	14

Ratings and Contact Information	15

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)



		Quarter ended
		Mar. 31,				Dec. 31,		Sept. 30,	June 30,	Mar. 31,
($ and shares in millions, except per share data)		2018				2017		2017	2017	2017

For Period Ended
	Gross premiums written	$	720.5			642.3		715.4	712.9	689.5
	Net premiums written	624.6				553.8		604.3	613.8	598.7
	Change in net premiums written, from comparable prior year period	4			%	8		4	6	6

	Underwriting income, before-tax	$	4.7			42.4		32.4	30.3	49.2
	Net investment income earned, before-tax	43.2				42.6		40.4	41.4	37.4
	Net realized and unrealized investment (losses) gains, before-tax*	(10.5		)		(1.1	)	6.8	1.7	(1.0	)

	Net income	$	18.9			30.2		46.7	41.4	50.4
	Non-GAAP operating income**	27.3				51.2		42.3	40.3	51.1

At Period End
	Total assets	7,659.9				7,686.4		7,812.1	7,528.2	7,404.1
	Total invested assets	5,678.6				5,685.2		5,710.8	5,503.0	5,460.8
	Stockholders' equity	1,659.8				1,713.0		1,699.4	1,652.6	1,592.6
	Shares outstanding	58.7				58.5		58.4	58.4	58.2

Per Share and Share Data
	Net income per diluted share	$	0.32			0.51		0.79	0.70	0.85
	Non-GAAP operating income per diluted share**	0.46				0.86		0.72	0.68	0.86

	Weighted average diluted shares outstanding	59.6				59.5		59.3	59.2	59.1

	Book value per share	$	28.25			29.28		29.10	28.32	27.34

	Dividends paid per share	0.18				0.18		0.16	0.16	0.16

Financial Ratios
	Loss and loss expense ratio	65.0			%	57.8		60.2	60.2	56.6
	Underwriting expense ratio	33.8				34.7		33.9	34.2	34.6
	Dividends to policyholders ratio	0.4				0.3		0.2	0.3	—
	GAAP combined ratio	99.2			%	92.8		94.3	94.7	91.2

	Annualized ROE	4.5				7.1		11.2	10.2	12.9

	Annualized non-GAAP operating ROE**	6.5				12.0		10.1	9.9	13.1

	Debt to total capitalization	22.9				20.4		20.5	21.0	21.6

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

	Invested assets per dollar of stockholders' equity	$	3.42			3.32		3.36	3.33	3.43

*	Refer to Page 2 for components of realized and unrealized investment losses and gains.
**	Non-GAAP measure. Refer to Page 14 for definition.

Page 1

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)



		Quarter ended
		Mar. 31,			Dec. 31,		Sept. 30,		June 30,		Mar. 31,
($ and shares in millions, except per share data)		2018			2017		2017		2017		2017

Revenues
	Net premiums earned	$	591.8		590.1		572.1		568.0		560.9
	Net investment income earned	43.2			42.6		40.4		41.4		37.4
	Net realized and unrealized (losses) gains:
	Net realized investment gains (losses) on disposals	4.7			(1.0	)	6.9		3.0		2.4
	Other-than-temporary impairments	(1.2		)	(0.1	)	(0.1	)	(1.2	)	(3.5	)
	Unrealized losses on equity securities	(14.1		)	—		—		—		—
	Total net realized and unrealized (losses) gains	(10.5		)	(1.1	)	6.8		1.7		(1.0	)
	Other income	2.2			2.2		2.0		3.3		3.2
	Total revenues	626.7			633.7		621.3		614.5		600.5

Expenses
	Loss and loss expenses incurred	384.9			341.5		344.6		341.6		317.5
	Amortization of deferred policy acquisition costs	121.1			119.2		118.1		116.6		115.4
	Other insurance expenses	83.2			89.3		78.9		82.9		82.1
	Interest expense	6.2			6.1		6.1		6.1		6.1
	Corporate expenses	11.3			9.6		6.3		8.5		11.9
	Total expenses	606.8			565.6		554.0		555.6		532.9

Income before federal income taxes		19.9			68.2		67.3		58.9		67.6
Federal income tax expense		1.0			37.9		20.6		17.5		17.1

Net Income		$	18.9		30.2		46.7		41.4		50.4

Exclude: Net realized investment losses (gains), after tax		8.3			0.7		(4.4	)	(1.1	)	0.7

Exclude: Tax reform impact - deferred tax write-off		—			20.2		—		—		—

Non-GAAP operating income*		$	27.3		51.2		42.3		40.3		51.1

Weighted average shares outstanding (diluted)		59.6			59.5		59.3		59.2		59.1

	Net income per share (diluted)	$	0.32		0.51		0.79		0.70		0.85

	Non-GAAP operating income per share (diluted)*	$	0.46		0.86		0.72		0.68		0.86

*	Non-GAAP measure. Refer to Page 14 for definition.

	Note: Amounts may not foot due to rounding.

Page 2

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)



			Mar. 31,			Dec. 31,		Sept. 30,		June 30,		Mar. 31,
($ in millions, except per share data)			2018			2017		2017		2017		2017

ASSETS
Investments
	Fixed income securities, held-to-maturity, at carrying value		$	41.6		42.1		65.0		72.5		84.8
	Fixed income securities, available-for-sale, at fair value		5,141.6			5,162.5		5,133.4		5,018.7		4,867.0
	Equity securities, at fair value		168.8			182.7		175.3		161.7		154.9
	Short-term investments		183.0			165.6		216.3		133.7		247.2
	Other investments		143.6			132.3		120.8		116.4		106.8
		Total investments	5,678.6			5,685.2		5,710.8		5,503.0		5,460.8
Cash			0.7			0.5		0.7		8.6		0.5
Restricted cash			16.3			44.2		18.0		8.1		14.4
Interest and dividends due or accrued			42.0			40.9		40.8		40.2		40.2
Premiums receivable, net of allowance			766.3			747.0		769.8		764.3		707.7
Reinsurance recoverable, net of allowance			560.9			594.8		661.2		601.9		580.4
Prepaid reinsurance premiums			151.4			153.5		161.4		151.9		145.4
Current federal income tax			0.2			3.2		—		—		—
Deferred federal income tax			48.2			32.0		52.9		60.4		72.2
Property and equipment, net of accumulated depreciation and amortization			62.0			64.0		66.3		66.3		68.5
Deferred policy acquisition costs			239.3			235.1		242.2		234.9		227.6
Goodwill			7.8			7.8		7.8		7.8		7.8
Other assets			86.2			78.2		80.2		80.6		78.5
		Total assets	$	7,659.9		7,686.4		7,812.1		7,528.2		7,404.1

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense			$	3,792.1		3,771.2		3,835.8		3,731.2		3,679.5
Unearned premiums			1,380.3			1,349.6		1,393.8		1,352.1		1,299.8
Short-term debt			55.0			—		—		—		—
Long-term debt			439.2			439.1		439.0		438.9		438.8
Current federal income tax			—			—		6.7		2.1		11.6
Accrued salaries and benefits			90.5			131.9		113.1		103.2		96.3
Other liabilities			243.1			281.6		324.3		248.2		285.6
		Total liabilities	$	6,000.2		5,973.5		6,112.8		5,875.6		5,811.5

Stockholder's Equity
Preferred stock of $0 par value per share			$	—		—		—		—		—
Common stock of $2 par value per share			205.3			204.6		204.4		204.3		204.1
Additional paid-in capital			375.2			367.7		362.7		360.0		354.2
Retained earnings			1,731.8			1,698.6		1,679.0		1,641.8		1,609.9
Accumulated other comprehensive (loss) income			(68.2		)	20.2		31.3		24.5		2.1
Treasury stock, at cost			(584.2		)	(578.1	)	(578.1	)	(578.0	)	(577.7	)
		Total stockholders' equity	$	1,659.8		1,713.0		1,699.4		1,652.6		1,592.6
Commitments and contingencies

		Total liabilities and stockholders' equity	$	7,659.9		7,686.4		7,812.1		7,528.2		7,404.1

Note: Amounts may not foot due to rounding.

Page 3

Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS

(Unaudited)



			Quarter ended
			Mar. 31,				Dec. 31,		Sept. 30,		June 30,		Mar. 31,
($ and shares in millions, except per share data)			2018				2017		2017		2017		2017

Book value per share
		Stockholders' equity	$	1,659.8			1,713.0		1,699.4		1,652.6		1,592.6
		Common shares issued and outstanding, at period end	58.7				58.5		58.4		58.4		58.2
		Book value per share	$	28.25			29.28		29.10		28.32		27.34
		Book value per share excluding unrealized gain or loss on fixed income securities	28.19				28.34		27.92		27.25		26.65

Financial results (after-tax)
		Underwriting income	3.7				27.5		21.1		19.7		32.0
		Net investment income	35.8				31.2		29.6		30.3		27.5
		Interest expense	(4.9		)		(4.0	)	(4.0	)	(4.0	)	(4.0	)
		Corporate expense	(7.4		)		(3.6	)	(4.4	)	(5.8	)	(4.4	)
		Net realized and unrealized investment (losses) gains*	(8.3		)		(0.7	)	4.4		1.1		(0.7	)
		Tax reform impact - deferred tax write-off	—				(20.2	)	—		—		—
		Total after-tax net income	18.9				30.2		46.7		41.4		50.4

Return on average equity
		Insurance segments	0.9			%	6.5		5.0		4.9		8.2
		Net investment income	8.5				7.3		7.1		7.5		7.0
		Interest expense	(1.2		)		(0.9	)	(0.9	)	(1.0	)	(1.0	)
		Corporate expense	(1.7		)		(0.9	)	(1.1	)	(1.5	)	(1.1	)
		Net realized and unrealized investment (losses) gains, net of tax	(2.0		)		(0.2	)	1.1		0.3		(0.2	)
		Tax reform impact - deferred tax write-off	—				(4.7	)	—		—		—
		Annualized ROE	4.5				7.1		11.2		10.2		12.9
		Exclude: Net realized and unrealized losses (gains), net of tax	2.0				0.2		(1.1	)	(0.3	)	0.2
		Exclude: Tax reform impact - deferred tax write-off	—				4.7		—		—		—
		Annualized Non-GAAP Operating ROE**	6.5			%	12.0		10.1		9.9		13.1

Debt and total capitalization
	Notes payable:
		1.61% Borrowings from FHLBNY	$	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
		1.98% Borrowings from FHLBNY	55.0				—		—		—		—
		3.03% Borrowings from FHLBI	60.0				60.0		60.0		60.0		60.0
		7.25% Senior Notes	49.7				49.7		49.7		49.7		49.7
		6.70% Senior Notes	99.0				99.0		99.0		99.0		99.0
		5.875% Senior Notes	180.5				180.4		180.3		180.2		180.2
	Total debt		494.2				439.1		439.0		438.9		438.8
	Stockholders' equity		1,659.8				1,713.0		1,699.4		1,652.6		1,592.6
	Total capitalization		$	2,154.0			2,152.1		2,138.4		2,091.5		2,031.4
	Ratio of debt to total capitalization		22.9			%	20.4		20.5		21.0		21.6

Policyholders' surplus			$	1,673.8			1,672.9		1,684.4		1,653.2		1,622.3

*		Refer to Page 2 for components of realized and unrealized investment losses and gains.
**		Non-GAAP measure. Refer to Page 14 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
		Mar. 31,				Dec. 31,		Sept. 30,		June 30,		Mar. 31,
($ in millions)		2018				2017		2017		2017		2017

Underwriting results
Net premiums written		$	624.6			553.8		604.3		613.8		598.7
Change in net premiums written, from comparable prior year period		4			%	8		4		6		6

Net premiums earned		$	591.8			590.1		572.1		568.0		560.9
Losses and loss expenses incurred		384.9				341.5		344.6		341.6		317.5
Net underwriting expenses incurred		199.7				204.5		194.0		194.2		194.3
Dividends to policyholders		2.4				1.8		1.0		1.9		(0.1	)
GAAP underwriting gain		$	4.7			42.4		32.4		30.3		49.2


Catastrophe losses		$	26.0			2.0		23.7		29.3		12.2
(Favorable) prior year casualty reserve development		(8.0		)		(10.0	)	(9.9	)	(14.3	)	(14.4	)

Underwriting ratios
Loss and loss expense ratio		65.0			%	57.8		60.2		60.2		56.6
Underwriting expense ratio		33.8				34.7		33.9		34.2		34.6
Dividends to policyholders ratio		0.4				0.3		0.2		0.3		—
	Combined ratio	99.2			%	92.8		94.3		94.7		91.2


Catastrophe losses		4.4			pts	0.3		4.1		5.2		2.2
(Favorable) prior year casualty reserve development		(1.4		)	pts	(1.7	)	(1.7	)	(2.5	)	(2.6	)
	Combined ratio before catastrophe losses	94.8			%	92.5		90.2		89.5		89.0

	Combined ratio before catastrophe losses and prior year casualty development	96.2				94.2		91.9		92.0		91.6

Other Statistics
Non-catastrophe property losses		$	105.7			87.1		71.8		73.3		71.4
Non-catastrophe property losses		17.9			pts	14.8		12.6		12.9		12.7
Direct new business		$	128.1			117.6		131.1		136.1		124.7


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
		Mar. 31,				Dec. 31,		Sept. 30,		June 30,		Mar. 31,
($ in millions)		2018				2017		2017		2017		2017

Underwriting results
Net premiums written		$	509.1			424.2		472.1		478.9		483.5
Change in net premiums written, from comparable prior year period		5			%	8		5		7		6

Net premiums earned		$	465.4			461.2		445.3		443.6		438.4
Losses and loss expenses incurred		293.5				258.8		254.9		252.9		241.6
Net underwriting expenses incurred		162.6				163.8		154.0		154.0		154.4
Dividends to policyholders		2.4				1.8		1.0		1.9		(0.1	)
GAAP underwriting gain		$	6.8			36.9		35.3		34.8		42.5


Catastrophe losses		$	19.8			1.9		14.3		17.0		6.9
(Favorable) prior year casualty reserve development		(8.0		)		(13.0	)	(19.9	)	(17.3	)	(16.4	)

Underwriting ratios
Loss and loss expense ratio		63.0			%	56.1		57.3		57.1		55.1
Underwriting expense ratio		35.0				35.5		34.6		34.7		35.2
Dividends to policyholders ratio		0.5				0.4		0.2		0.4		—
	Combined ratio	98.5			%	92.0		92.1		92.2		90.3


Catastrophe losses		4.3			pts	0.4		3.2		3.8		1.6
(Favorable) prior year casualty reserve development		(1.7		)	pts	(2.8	)	(4.5	)	(3.9	)	(3.7	)
	Combined ratio before catastrophe losses	94.2			%	91.6		88.9		88.4		88.7

	Combined ratio before catastrophe losses and prior year casualty development	95.9				94.4		93.4		92.3		92.4

Other Statistics
Non-catastrophe property losses		$	70.8			57.9		49.1		48.2		49.8
Non-catastrophe property losses		15.2			pts	12.5		11.0		10.9		11.4
Direct new business		$	97.9			83.8		96.9		98		89.5
Renewal pure price increases		3.2			%	2.9		2.7		3.1		3.0
Retention		85			%	84		85		83		85


Note: Amounts may not foot due to rounding.

Page 6

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)



	Quarter Ended March 31, 2018													Quarter Ended March 31, 2017
	Commercial			Workers	General	Commercial								Commercial		Workers	General		Commercial
($ in millions)	Property			Compensation	Liability	Auto		BOP		Bonds	Other		Total	Property		Compensation	Liability		Auto		BOP	Bonds	Other	Total
Net premiums written	$	85.2		88.9	164.5	129.8		26.7		8.8	5.1		509.1	80.5		91.8	155.1		117.4		26.2	7.8	4.7	483.5
Net premiums earned	80.3			78.8	149.8	118.2		25.6		8.1	4.4		465.4	76.4		79.3	140.0		107.1		24.8	6.5	4.2	438.4

Loss and loss expense ratio	77.1		%	47.9	55.3	78.0		69.5		13.6	(0.4	)	63.0	48.5		68.7	39.4		74.2		57.4	17.5	0.2	55.1
Underwriting expense ratio	38.1			29.3	35.2	33.1		36.4		62.7	59.1		35.0	37.9		28.7	36.1		33.7		38.2	60.7	57.7	35.2
Dividend ratio	0.3			2.0	0.2	0.2		—		—	—		0.5	(0.4	)	1.1	(0.2	)	(0.3	)	—	—	—	—
Combined ratio	115.5		%	79.2	90.7	111.3		105.9		76.3	58.7		98.5	86.0		98.5	75.3		107.6		95.6	78.2	57.9	90.3

Underwriting gain (loss)	$	(12.4	)	16.4	13.9	(13.4	)	(1.5	)	1.9	1.8		6.8	10.7		1.2	34.6		(8.2	)	1.1	1.4	1.8	42.5



Note: Amounts may not foot due to rounding.

Page 7

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)



		Quarter ended
		Mar. 31,				Dec. 31,	Sept. 30,	June 30,		Mar. 31,
($ in millions)		2018				2017	2017	2017		2017

Underwriting results
Net premiums written		$	67.9			72.8	81.2	78.1		64.7
Change in net premiums written, from comparable prior year period		5			%	7	7	3		4

Net premiums earned		$	74.3			74.2	72.6	71.7		71.2
Losses and loss expenses incurred		55.4				48.2	42.1	54.7		44.3
Net underwriting expenses incurred		20.3				22.5	22.3	22.7		21.8
GAAP underwriting gain (loss)		$	(1.5	)		3.6	8.2	(5.8	)	5.1


Catastrophe losses		$	6.8			0.7	2.2	9.4		3.9
Unfavorable prior year casualty reserve development		—				3.0	—	3.0		2.0

Underwriting ratios
Loss and loss expense ratio		74.6			%	64.9	58.0	76.3		62.2
Underwriting expense ratio		27.4				30.3	30.7	31.7		30.6
	Combined ratio	102.0			%	95.2	88.7	108.0		92.8


Catastrophe losses		9.2			pts	1.0	3.0	13.0		5.5
Unfavorable prior year casualty reserve development		—			pts	4.0	—	4.2		2.8
	Combined ratio before catastrophe losses	92.8			%	94.2	85.7	95.0		87.3

	Combined ratio before catastrophe losses and prior year casualty development	92.8				90.2	85.7	90.8		84.5

Other Statistics
Non-catastrophe property losses		$	25.6			20.8	19.1	20.0		16.3
Non-catastrophe property losses		34.5			pts	28.0	26.3	27.9		22.9
Direct new business		$	11.8			12.7	13.6	13.2		11.4
Renewal pure price increases		3.8			%	3.7	3.1	2.6		2.7
Retention		85			%	84	84	84		84


Note: Amounts may not foot due to rounding.

Page 8

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)



	Quarter Ended March 31, 2018									Quarter Ended March 31, 2017
	Personal									Personal
($ in millions)	Auto			Homeowners		Other		Total		Auto		Homeowners	Other		Total
Net premiums written	$	40.1		26.3		1.5		67.9		36.7		26.5	1.4		64.7
Net premiums earned	40.4			32.2		1.6		74.3		37.0		32.7	1.6		71.2

Loss and loss expense ratio	71.7		%	81.5		13.2		74.6		76.7		47.4	30.3		62.2
Underwriting expense ratio	34.9			30.0		(213.8	)	27.4		37.0		35.1	(217.6	)	30.6
Combined ratio	106.6		%	111.5		(200.6	)	102.0		113.7		82.5	(187.3	)	92.8

Underwriting (loss) gain	$	(2.7	)	(3.7	)	4.8		(1.5	)	(5.1	)	5.7	4.5		5.1



Note: Amounts may not foot due to rounding.

Page 9

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS AND SURPLUS LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)



		Quarter ended
		Mar. 31,				Dec. 31,		Sept. 30,		June 30,	Mar. 31,
($ in millions)		2018				2017		2017		2017	2017

Underwriting results
Net premiums written		$	47.6			56.9		51.0		56.8	50.5
Change in net premiums written, from comparable prior year period		(6		)	%	4		(4	)	6	4

Net premiums earned		$	52.2			54.6		54.2		52.8	51.2
Losses and loss expenses incurred		36.0				34.5		47.6		34.0	31.6
Net underwriting expenses incurred		16.8				18.3		17.7		17.5	18.1
GAAP underwriting gain (loss)		$	(0.6	)		1.9		(11.1	)	1.3	1.6


Catastrophe losses		$	(0.6	)		(0.6	)	7.3		3.0	1.4
Unfavorable prior year casualty reserve development		—				—		10.0		—	—

Underwriting ratios
Loss and loss expense ratio		69.0			%	63.0		87.8		64.4	61.7
Underwriting expense ratio		32.1				33.5		32.6		33.1	35.2
	Combined ratio	101.1			%	96.5		120.4		97.5	96.9


Catastrophe losses		(1.2		)	pts	(1.0	)	13.5		5.7	2.7
Unfavorable prior year casualty reserve development		—			pts	—		18.4		—	—
	Combined ratio before catastrophe losses	102.3			%	97.5		106.9		91.8	94.2

	Combined ratio before catastrophe losses and prior year casualty development	102.3				97.5		88.5		91.8	94.2

Other Statistics
Non-catastrophe property losses		$	9.3			8.5		3.7		5.1	5.3
Non-catastrophe property losses		17.8			pts	15.5		6.8		9.7	10.3
Direct new business		$	18.3			21.2		20.6		24.9	23.8
Overall new/renewal price increases		4.4			%	3.3		3.2		3.7	7.1


Note: Amounts may not foot due to rounding.

Page 10

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS & SURPLUS LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)



	Quarter Ended March 31, 2018							Quarter Ended March 31, 2017
($ in millions)	Casualty			Property		Total		Casualty	Property	Total
Net premiums written	$	34.7		12.9		47.6		36.9	13.6	50.5
Net premiums earned	38.5			13.7		52.2		37.9	13.3	51.2

Loss and loss expense ratio	69.5		%	67.4		69.0		63.8	55.9	61.7
Underwriting expense ratio	31.6			33.7		32.1		34.6	36.9	35.2
Combined ratio	101.1		%	101.1		101.1		98.4	92.8	96.9

Underwriting gain (loss)	$	(0.4	)	(0.2	)	(0.6	)	0.6	1.0	1.6



Note: Amounts may not foot due to rounding.

Page 11

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INVESTMENT INCOME

(Unaudited)



		Quarter ended
		Mar. 31,				Dec. 31,		Sept. 30,		June 30,		Mar. 31,
($ in millions)		2018				2017		2017		2017		2017

Net investment income
Fixed income securities
	Taxable	$	32.4			29.6		29.1		28.4		27.5
	Tax-exempt	9.6				10.2		9.8		9.3		9.4
Total fixed income securities		42.0				39.8		38.9		37.7		36.9
Equity securities		2.0				2.0		1.6		1.4		1.5
Other investments		1.6				3.4		2.7		5.2		1.6
Short-term investments		0.5				0.5		0.4		0.4		0.3
Investment income		46.1				45.6		43.5		44.7		40.2
Investment expenses		(2.9		)		(3.1	)	(3.1	)	(3.3	)	(2.8	)
Investment tax expense		(7.4		)		(11.4	)	(10.9	)	(11.1	)	(10.0	)
Total net investment income, after-tax		$	35.8			31.2		29.6		30.3		27.5

Net realized and unrealized capital (losses) gains
	Fixed income securities	$	(3.3	)		0.4		2.0		2.6		2.0
	Equity securities	8.0				(0.6	)	4.9		0.3		—
	Short-term investments	—				—		—		—		—
	Other investments	—				(0.8	)	—		—		0.5
Realized net gains (losses) on the disposal of securities		4.7				(1.0	)	6.9		3.0		2.4
Other-than-temporary impairment losses		(1.2		)		(0.1	)	(0.1	)	(1.2	)	(3.5	)
Unrealized (losses) gains on equity securities		(14.1		)		—		—		—		—
Total net realized and unrealized capital (losses) gains recognized in net income, before-tax		$	(10.5	)		(1.1	)	6.8		1.7		(1.0	)

Change in unrealized (losses) gains recognized in other comprehensive income, before-tax		$	(80.8	)		(11.3	)	10.0		34.0		27.2


Average investment yields
	Fixed income securities, before-tax	3.2			%	3.1		3.0		3.0		3.0
	Fixed income securities, after-tax	2.7				2.2		2.2		2.2		2.2

	Total portfolio, before-tax	3.0			%	3.0		2.9		3.0		2.8
	Total portfolio, after-tax	2.5				2.2		2.1		2.2		2.0


Effective tax rate on net investment income		17.2			%	26.8		26.8		26.9		26.6
New money purchase rates for fixed income securities, before-tax		3.3				2.9		3.2		3.0		3.1
New money purchase rates for fixed income securities, after-tax		2.6				2.1		2.3		2.2		2.1
Effective duration of fixed income portfolio including short-term (in years)		3.8				3.7		3.6		3.7		3.6


Note: Amounts may not foot due to rounding.

Page 12

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS

(Unaudited)



	Mar. 31,					Dec. 31,		Sept. 30,		June 30,		Mar. 31,
	2018					2017		2017		2017		2017
($ in millions)	Amount		Percent			Amount	Percent	Amount	Percent	Amount	Percent	Amount	Percent

Fixed income securities, at fair value	$	5,184.9	92		%	5,206.6	92	5,201.1	91	5,094.3	93	4,955.4	91
Equity securities, at fair value	168.8		3			182.7	3	175.3	3	161.7	3	154.9	3
Other investments	143.6		2			132.3	2	120.8	2	116.4	2	106.8	2
Short-term investments	183.0		3			165.6	3	216.3	4	133.7	2	247.2	5
Total investments	$	5,680.3	100		%	5,687.1	100	5,713.6	100	5,506.1	100	5,464.3	100

Fixed income portfolio, at carry value
U.S. government obligations	$	50.9	1		%	49.7	1	59.6	1	68.0	1	88.3	2
Foreign government obligations	18.2		—			18.6	—	18.8	—	18.7	—	32.6	1
Obligations of state and political subdivisions	1,343.3		26			1,608.2	31	1,526.6	29	1,458.7	29	1,349.9	27
Corporate securities	1,638.2		32			1,634.4	31	1,812.1	35	1,840.1	36	1,850.2	37
Collateralized loan obligations and other asset-backed securities	794.5		15			795.5	15	754.0	15	702.5	14	678.4	14
Residential mortgage-backed securities	911.5		18			714.9	14	719.2	14	724.0	14	688.6	14
Commercial mortgage-backed securities	426.6		8			383.4	7	308.1	6	279.2	6	263.8	5
Total fixed income securities	$	5,183.2	100		%	5,204.7	100	5,198.4	100	5,091.2	100	4,951.8	100

Weighted average credit quality
Investment grade credit quality	$	5,033.1	97		%	5,055.6	97	5,047.1	97	4,944.2	97	4,807.3	97
Non-investment grade credit quality	151.8		3			151.0	3	154.0	3	150.1	3	148.1	3
Total fixed income securities, at fair value	$	5,184.9	100		%	5,206.6	100	5,201.1	100	5,094.3	100	4,955.4	100

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	$	242.8	5		%	326.9	6	364.9	7	341.0	7	371.4	8
Due after one year through five years	1,958.7		38			2,122.6	41	2,178.3	42	2,124.7	42	2,026.9	41
Due after five years through 10 years	2,745.7		53			2,518.4	48	2,386.0	46	2,388.0	47	2,302.5	47
Due after 10 years	236.0		5			236.8	5	269.3	5	237.6	5	251.0	5
Total fixed income securities	$	5,183.2	100		%	5,204.7	100	5,198.4	100	5,091.2	100	4,951.8	100



Alternative investments	March 31, 2018
							Current
	Number of		Original			Remaining	Market
Strategy	Funds		Commitment			Commitment	Value
Private equity	29		$	210.5		102.9	54.9
Private credit	13		172.3			94.3	38.2
Real assets	10		111.0			35.5	26.1
Total	52		$	493.7		232.7	119.2


Note: Amounts may not foot due to rounding.

Page 13

Selective Insurance Group, Inc. & Consolidated Subsidiaries

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

(Unaudited)



	Quarter ended
	Mar. 31,				Dec. 31,		Sept. 30,		June 30,		Mar. 31,
($ in millions, except per share data)	2018				2017		2017		2017		2017

Reconciliation of net income to non-GAAP operating income
Net income	$	18.9			30.2		46.7		41.4		50.4
Exclude: Net realized (gains) losses and OTTI*	(3.5		)		1.1		(6.8	)	(1.7	)	1.0
Exclude: Net unrealized losses*	14.1				—		—		—		—
Net realized losses (gains), OTTI, and unrealized losses*	10.5				1.1		(6.8	)	(1.7	)	1.0
Exclude: Tax on net realized (losses) gains, OTTI, and unrealized (losses) gains	(2.2		)		(0.3	)	2.4		0.6		(0.4	)
Exclude: Tax reform impact - deferred tax write-off	—				20.2		—		—		—
Non-GAAP operating income	$	27.3			51.2		42.3		40.3		51.1


Reconciliation of net income per diluted share to non-GAAP operating income per diluted share
Net income per diluted share	$	0.32			0.51		0.79		0.70		0.85
Exclude: Net realized (gains) losses and OTTI	(0.06		)		0.02		(0.11	)	(0.03	)	0.02
Exclude: Net unrealized losses	0.24				—		—		—		—
Net realized losses (gains), OTTI, and unrealized losses	0.18				0.02		(0.11	)	(0.03	)	0.02
Exclude: Tax on net realized (losses) gains, OTTI, and unrealized (losses) gains	(0.04		)		(0.01	)	0.04		0.01		(0.01	)
Exclude: Tax reform impact - deferred tax write-off	—				0.34		—		—		—
Non-GAAP operating income per diluted share	$	0.46			0.86		0.72		0.68		0.86


Reconciliation of annualized ROE to annualized non-GAAP operating ROE
Annualized ROE	4.5			%	7.1		11.2		10.2		12.9
Exclude: Net realized (gains) losses and OTTI	(0.8		)		0.3		(1.6	)	(0.4	)	0.3
Exclude: Net unrealized losses	3.3				—		—		—		—
Net realized losses (gains), OTTI, and unrealized losses	2.5				0.3		(1.6	)	(0.4	)	0.3
Exclude: Tax on net realized (losses) gains, OTTI, and unrealized (losses) gains	(0.5		)		(0.1	)	0.5		0.1		(0.1	)
Exclude: Tax reform impact - deferred tax write-off	—				4.7		—		—		—
Annualized non-GAAP operating ROE	6.5			%	12.0		10.1		9.9		13.1



Non-GAAP operating income, non-GAAP operating earnings per diluted share, and non-GAAP operating return on average equity differ from net income, earnings per share, and return on equity, respectively, by the exclusion of after-tax net realized and unrealized gains and losses on investments, if any, and the deferred tax write-off that was recognized in 2017 in relation to tax reform. They are used as important financial measures by management, analysts, and investors, because the realization of investment gains and losses on sales of securities in any given period is largely discretionary as to timing. In addition, these net realized investment gains and losses, the deferred tax write-off, as well as other-than-temporary investment impairments that are charged to earnings, and unrealized gains and losses on equity securities, 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 non-GAAP operating income, non-GAAP operating earnings per diluted share, and non-GAAP operating return on average equity, respectively, are provided in the tables above.








* Refer to Page 2 for components of realized and unrealized investment losses and gains.

Note: Amounts may not foot due to rounding.

Page 14

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION



Address:	As of March 31, 2018
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	EQ 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
Vice President
Director of Communications
Phone: 973-948-1234
Jamie.Beal@Selective.com

Page 15

GRAPHIC 4 selectivelogo123117.jpg begin 644 selectivelogo123117.jpg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end