0001171843-16-011275.txt : 20160727 0001171843-16-011275.hdr.sgml : 20160727 20160727165025 ACCESSION NUMBER: 0001171843-16-011275 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20160727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160727 DATE AS OF CHANGE: 20160727 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: 161787261 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 f8k_072716.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)			July 27, 2016


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))

Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition.

On July 27, 2016, Selective Insurance Group, Inc. (the “Company”) issued a press release announcing results for the second quarter ended June 30, 2016. 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 July 27, 2016

99.2

Supplemental Investor Package, Second Quarter 2016

SIGNATURES

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

	SELECTIVE INSURANCE GROUP, INC.



Date: July 27, 2016	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 July 27, 2016
99.2	Supplemental Investor Package, Second Quarter 2016

EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

Selective Reports Second Quarter 2016 Net Income per Diluted Share of $0.74 and Operating Income¹ per Diluted Share up 16% to $0.72

In the second quarter of 2016:

Net premiums written grew 9%

GAAP combined ratio was 91.8%

Statutory combined ratio was 90.1%

After-tax net investment income declined 5%

Total return on equity was 11.5% and operating return on equity¹ was 11.2%

Branchville, NJ – July 27, 2016 – Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported its financial results for the second quarter ended June 30, 2016. Net income per diluted share was $0.74, compared to $0.58 a year ago, and operating income¹per diluted share grew 16% to $0.72, compared to $0.62 a year ago.

“In the second quarter, we generated a 90.1% statutory combined ratio, or 88.5% excluding catastrophe losses,” said Gregory E. Murphy, Chairman and Chief Executive Officer. “Growth in the quarter was strong with a 9% increase in overall net premiums written, driven by stable retention and 3.0% renewal pure price increases in standard lines, along with higher levels of new business. As we evaluate growth, we prioritize opportunities in our current footprint where we have substantial long-term premium opportunity by increasing our share of wallet and agent market share. Over time, however, we expect to add new footprint states to further improve geographic diversification and grow the organization.”

Murphy continued, “At Selective, our goal is to generate an operating return on equity that, over time, exceeds our weighted average cost of capital by 300 basis points. In the first half of 2016 and for full year 2015, we exceeded this goal. We remain focused on delivering underwriting and claims improvements as well as achieving renewal pure price increases that meet or exceed expected claims inflation.”

Consolidated Financial Results $ in millions, except per share data	Quarter Ended June 30,		Change	Year-to-date June 30,		Change
	2016	2015	Change	2016	2015	Change
Net premiums written	$578.1	$532.1	9%	$1,143.5	$1,050.2	9%
Net premiums earned	$531.9	$490.3	8%	$1,054.4	$966.4	9%
Net investment income earned	$31.2	$32.2	(3)%	$62.0	$59.1	5%
Net realized gains (losses), pre-tax	$1.8	$(3.4)	152%	$(0.9)	$15.5	(106)%
Total revenues	$568.7	$522.0	9%	$1,120.2	$1,045.9	7%
Operating income¹	$42.5	$36.0	18%	$81.2	$63.4	28%
Net realized gains (losses), net of tax	$1.1	$(2.2)	152%	$(0.6)	$10.1	(106)%
Net income	$43.6	$33.8	29%	$80.6	$73.5	10%
Statutory combined ratio	90.1%	93.5%	(3.4) pts	90.4%	93.2%	(2.8) pts
Catastrophe losses	1.6 pts	4.9 pts	(3.3) pts	2.2 pts	5.1 pts	(2.9) pts
Non-catastrophe property losses	12.1 pts	14.4 pts	(2.3) pts	12.4 pts	14.6 pts	(2.2) pts
(Favorable) prior year statutory reserve development on casualty lines	(1.9) pts	(4.1) pts	2.2 pts	(2.6) pts	(4.1) pts	1.5 pts
GAAP combined ratio	91.8%	94.1%	(2.3) pts	92.0%	94.3%	(2.3) pts
Operating income per diluted share¹	$0.72	$0.62	16%	$1.39	$1.10	26%
Net income per diluted share	$0.74	$0.58	28%	$1.38	$1.27	9%
Weighted average diluted shares	58.6M	57.8M	1%	58.6M	57.8M	1%
Book value per share				$26.86	$22.95	17%

¹Operating income differs from net income by the exclusion of realized gains and losses on investments. It is used as an important financial measure by management, analysts, and investors, because the realization of investment gains and losses on sales in any given period is largely discretionary as to timing. In addition, these 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. Operating income is not intended as a substitute for net income prepared in accordance with U.S. generally accepted accounting principles (GAAP). A reconciliation of operating income to net income is provided in the Consolidated Financial Results table. 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.

Operating Highlights

Standard Commercial Lines

Standard Commercial Lines premiums were up 9% in the second quarter, reflecting renewal pure price increases of 2.6%, steady retention at 83%, and a 6% increase in new business to $96 million. The quarter’s statutory combined ratio improved by 1.5 points to 88.6%. Lower catastrophe and non-catastrophe property losses contributed to the improvement in the combined ratio.

Standard Commercial Lines $ in millions, statutory results	Quarter Ended June 30,		Change	Year-to-date June 30,		Change
	2016	2015	Change	2016	2015	Change
Net premiums written	$449.0	$410.8	9%	$904.1	$826.1	9%
Net premiums earned	$411.3	$377.2	9%	$814.2	$742.7	10%
Statutory loss & loss expense ratio	53.8%	55.7%	(1.9) pts	54.5%	56.1%	(1.6) pts
Statutory underwriting expense ratio	34.4%	33.9%	0.5 pts	34.2%	33.3%	0.9 pts
Statutory dividends to policyholders ratio	0.4%	0.5%	(0.1) pts	0.4%	0.5%	(0.1) pts
Statutory combined ratio	88.6%	90.1%	(1.5) pts	89.1%	89.9%	(0.8) pts
GAAP combined ratio	90.2%	90.7%	(0.5) pts	91.3%	91.2%	0.1 pts

Standard Personal Lines

Standard Personal Lines premiums were down slightly compared to the second quarter of 2015, retention improved by one point to 83%, and renewal pure price was 5.2%.

The statutory combined ratio in the second quarter for Standard Personal Lines was 89.9%, which is a 15.5 point improvement from the same period last year. The profitable combined ratio in the current quarter benefited from catastrophe and non-catastrophe property losses that were lower than the prior year period by 8.5 points and 5.8 points, respectively.

Standard Personal Lines $ in millions, statutory results	Quarter Ended June 30,		Change	Year-to-date June 30,		Change
	2016	2015	Change	2016	2015	Change
Net premiums written	$75.6	$76.0	(1)%	$137.5	$141.0	(2)%
Net premiums earned	$70.8	$72.1	(2)%	$141.0	$144.5	(2)%
Statutory loss & loss expense ratio	59.6%	75.0%	(15.4) pts	58.1%	74.2%	(16.1) pts
Statutory underwriting expense ratio	30.3%	30.4%	(0.1) pts	32.0%	31.0%	1.0 pt
Statutory combined ratio	89.9%	105.4%	(15.5) pts	90.1%	105.2%	(15.1) pts
GAAP combined ratio	91.4%	106.5%	(15.1) pts	89.6%	104.9%	(15.3) pts

Excess and Surplus Lines

Excess and Surplus Lines net premiums written increased 18% in the quarter with a 4.8% overall pure price increase for the segment and strong new business. The statutory combined ratio in the second quarter was 102.7%, which included 5.4 points of catastrophe losses and adverse prior year casualty reserve development of $2 million, or 4.0 points. Efforts to improve margins in excess and surplus lines include shifting our mix of business, claims improvements, and targeted price increases on challenged segments.

Excess & Surplus Lines $ in millions, statutory results	Quarter Ended June 30,		Change	Year-to-date June 30,		Change
	2016	2015	Change	2016	2015	Change
Net premiums written	$53.6	$45.3	18%	$101.9	$83.1	23%
Net premiums earned	$49.8	$41.0	21%	$99.2	$79.1	25%
Statutory loss & loss expense ratio	69.6%	67.2%	2.4 pts	69.3%	67.4%	1.9 pts
Statutory underwriting expense ratio	33.1%	35.5%	(2.4) pts	31.3%	35.1%	(3.8) pts
Statutory combined ratio	102.7%	102.7%	-	100.6%	102.5%	(1.9) pts
GAAP combined ratio	105.1%	103.6%	1.5 pts	101.1%	103.8%	(2.7) pts

Investment Income

After-tax investment income in the second quarter was $24 million, down 5% compared to a year ago. Pre-tax income increased 4% in the fixed income portfolio driven by a higher invested asset base. This income was partially offset by a pre-tax loss of $0.6 million in alternative investments, which report on a one-quarter lag, compared to income of $1.4 million in the second quarter of 2015.

Investments $ in millions, except per share data	Quarter Ended June 30,		Change	Year-to-date June 30,		Change
Investments $ in millions, except per share data	2016	2015	Change	2016	2015	Change
Invested assets per dollar of stockholders’ equity				$3.39	$3.76	(10)%
Net investment income earned, after-tax	$23.5	$24.8	(5)%	$47.1	$46.0	2%
Net investment income per share	$0.40	$0.43	(7)%	$0.80	$0.80	-
Effective tax rate	24.6%	23.1%	1.5 pts	24.0%	22.2%	1.8 pts
Average yields:
Fixed Income Securities:
Pre-tax				2.7%	2.8%	(0.1) pts
After-tax				2.0%	2.1%	(0.1) pts
Portfolio:
Pre-tax				2.4%	2.4%	-
After-tax				1.8%	1.9%	(0.1) pts

Balance Sheet

Balance Sheet $ in millions, except per share data	June 30,	December 31,	Change
Balance Sheet $ in millions, except per share data	2016	2015	Change
Total assets	$7,189.6	$6,904.4	4%
Investment portfolio	$5,266.5	$5,089.3	3%
Notes payable	$388.4	$388.2	-
Statutory surplus	$1,506.5	$1,426.3	6%
Stockholders’ equity	$1,552.7	$1,398.0	11%
Book value per share	$26.86	$24.37	10%

The increase in book value per share reflects net income of $1.38 and a $1.37 increase in unrealized investment gains, partially offset by $0.30 in shareholders’ dividends.

Selective’s Board of Directors declared a $0.15 per share quarterly cash dividend on common stock payable September 1, 2016, to stockholders of record as of August 15, 2016.

Guidance

Having achieved better-than-expected results in the first six months, Selective expects to generate the following results for full-year 2016:

A statutory combined ratio excluding catastrophes of approximately 89.5%, which is an improvement of 1.5 points from our previous guidance of 91%. This assumes no additional prior year casualty reserve development;

Catastrophe losses of 3.5 points;

	·	After-tax investment income of approximately $95 million; and
	·	Weighted average shares of approximately 58.5 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 8:30 a.m. ET, on Thursday, July 28, 2016 at www.Selective.com. The webcast will be available for rebroadcast until the close of business on August 29, 2016.

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.

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:	Media Contact:
Dale A. Thatcher	Jamie M. Beal
973-948-3000	973-948-1234
Investor.Relations@Selective.com	Jamie.Beal@Selective.com

Selective Insurance Group, Inc.

40 Wantage Avenue

Branchville, New Jersey 07890

www.Selective.com

EX-99.2 3 exh_992.htm EXHIBIT 99.2

Exhibit 99.2

Supplemental Investor Package

Second Quarter 2016

Investor Contact:

Dale A. Thatcher

Tel: 973-948-3000

Investor.Relations@Selective.com

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Selected Balance Sheet Data

(unaudited)

	June 30,							June 30,							December 31,
($ in thousands, except per share data)	2016							2015							2015
						Unrecognized/							Unrecognized/							Unrecognized/
	Balance			Market		Unrealized		Balance			Market		Unrealized		Balance			Market		Unrealized
	Sheet			Value		Gain		Sheet			Value		Gain		Sheet			Value		Gain
Invested Assets:
Corporate bonds ¹	$	3,132,689			3,135,192		80,119	$	2,782,479			2,785,884		36,643	$	2,955,001			2,957,427		8,276
Government and Municipal bonds		1,699,394			1,703,655		92,059		1,658,198			1,666,636		35,307		1,654,556			1,660,320		55,901
Total fixed income securities		4,832,083			4,838,847		172,178		4,440,677			4,452,520		71,950		4,609,557			4,617,747		64,177
Equities		152,938			152,938		26,057		228,883			228,883		10,745		207,051			207,051		13,235
Short-term investments		205,451			205,451		-		168,349			168,349		-		194,819			194,819		-
Other investments		76,051			76,051		-		85,420			85,420		-		77,842			77,842		-
Total invested assets	$	5,266,523			5,273,287		198,235		4,923,329			4,935,172		82,695		5,089,269			5,097,459		77,412


Invested assets per $ of stockholders' equity		3.39							3.76							3.64

Total assets		7,189,641							6,777,952							6,904,433

Liabilities:
Reserve for loss and loss expenses		3,590,169							3,535,433							3,517,728
Unearned premium reserve		1,263,450							1,177,901							1,169,710

Total liabilities		5,636,904							5,467,639							5,506,392

Stockholders' equity		1,552,737							1,310,313							1,398,041

Total debt to capitalization ratio		20.0	%						22.8	%						21.7	%

Book value per share		26.86							22.95							24.37

Book value per share excluding
unrealized gain or loss on fixed income portfolio		25.00							22.26							23.74

NPW per insurance segment employee		1,011							945							979

Statutory premiums to surplus ratio		1.4	x						1.5	x						1.5	x

Statutory surplus		1,506,535							1,344,630							1,426,320

¹Includes mortgage-backed and asset-backed securities.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Selected Income Statement Data

(unaudited)

		Quarter Ended June 30,												Year-to-Date June 30,
($ in thousands, except per share amounts)		2016						2015						2016						2015
					Per diluted share						Per diluted share						Per diluted share						Per diluted share
Consolidated
Revenue		$	568,747					$	521,973					$	1,120,221					$	1,045,865
Operating income			42,454			0.72			35,991			0.62			81,244			1.39			63,425			1.10
Net realized gains (losses), after tax			1,147			0.02			(2,223	)		(0.04	)		(611	)		(0.01	)		10,051			0.17
Net income			43,601			0.74			33,768			0.58			80,633			1.38			73,476			1.27
Return on equity			11.5	%					10.3	%					10.9	%					11.4	%
Operating return on equity			11.2	%					11.0	%					11.0	%					9.8	%

Total Insurance Operations
Gross premiums written			673,650						626,368						1,326,248						1,231,232
Net premiums written			578,140						532,133						1,143,499						1,050,221
Net premiums earned			531,932						490,309						1,054,390						966,432
Underwriting gain	- before tax		43,777						29,124						84,732						55,145
	- after tax		28,455			0.49			18,930			0.33			55,076			0.94			35,844			0.62
GAAP combined ratio			91.8	%					94.1	%					92.0	%					94.3	%

Standard Commercial Lines
Net premiums earned			411,277						377,205						814,166						742,738
GAAP combined ratio			90.2	%					90.7	%					91.3	%					91.2	%
Standard Personal Lines
Net premiums earned			70,824						72,071						141,029						144,550
GAAP combined ratio			91.4	%					106.5	%					89.6	%					104.9	%
Excess and Surplus Lines
Net premiums earned			49,831						41,033						99,195						79,144
GAAP combined ratio			105.1	%					103.6	%					101.1	%					103.8	%

Investments
Net investment income	- before tax		31,182						32,230						61,951						59,147
	- after tax		23,525			0.40			24,779			0.43			47,085			0.80			45,987			0.80
Effective tax rate			24.6	%					23.1	%					24.0	%					22.2	%
Annualized after-tax yield on investment portfolio															1.8	%					1.9	%
Annualized after-tax, after-interest expense yield															1.5	%					1.6	%
Invested assets per $ of stockholders' equity															3.39						3.76

Other expenses (net of other income)
Interest expense	- before tax		(5,620	)					(5,612	)					(11,226	)					(11,216	)
	- after tax		(3,653	)		(0.06	)		(3,649	)		(0.06	)		(7,297	)		(0.12	)		(7,291	)		(0.13	)

Other expense - after tax		$	(5,873	)		(0.11	)	$	(4,069	)		(0.08	)	$	(13,620	)		(0.23	)	$	(11,115	)		(0.19	)

Diluted weighted avg shares outstanding			58,598						57,805						58,552						57,761

Selective Insurance Group, Inc. & Consolidated Subsidiaries

GAAP Insurance Operations Results

(unaudited)

Second Quarter
($ in thousands)	Quarter Ended June 30, 2016				Quarter Ended June 30, 2015

	Standard Commercial Lines	Standard Personal Lines	Excess & Surplus Lines	Grand Total	Standard Commercial Lines	Standard Personal Lines	Excess & Surplus Lines	Grand Total
Net Premiums Written	449,008	75,576	53,556	578,140	410,821	75,986	45,326	532,133
Net Premiums Earned	411,277	70,824	49,831	531,932	377,205	72,071	41,033	490,309
Loss and Loss Expense Incurred	221,618	42,212	34,649	298,479	210,088	53,933	27,540	291,561
Net Underwriting Expenses Incurred	147,868	22,487	17,703	188,058	130,032	22,793	14,955	167,780
Dividends to Policyholders	1,618	-	-	1,618	1,844	-	-	1,844
GAAP Underwriting Gain (Loss)	40,173	6,125	(2,521)	43,777	35,241	(4,655)	(1,462)	29,124

GAAP Ratios
Loss and Loss Expense Ratio	53.9%	59.6%	69.5%	56.1%	55.7%	74.8%	67.1%	59.5%
Underwriting Expense Ratio	35.9%	31.8%	35.6%	35.4%	34.5%	31.7%	36.5%	34.2%
Dividends to Policyholders Ratio	0.4%	0.0%	0.0%	0.3%	0.5%	0.0%	0.0%	0.4%
Combined Ratio	90.2%	91.4%	105.1%	91.8%	90.7%	106.5%	103.6%	94.1%

Year-to-Date
($ in thousands)	Year-to-Date June 30, 2016				Year-to-Date June 30, 2015

	Standard Commercial Lines	Standard Personal Lines	Excess & Surplus Lines	Grand Total	Standard Commercial Lines	Standard Personal Lines	Excess & Surplus Lines	Grand Total
Net Premiums Written	904,071	137,545	101,883	1,143,499	826,079	141,010	83,132	1,050,221
Net Premiums Earned	814,166	141,029	99,195	1,054,390	742,738	144,550	79,144	966,432
Loss and Loss Expense Incurred	444,968	81,907	68,748	595,623	416,236	106,902	53,422	576,560
Net Underwriting Expenses Incurred	294,822	44,392	31,550	370,764	257,856	44,769	28,733	331,358
Dividends to Policyholders	3,271	-	-	3,271	3,369	-	-	3,369
GAAP Underwriting Gain (Loss)	71,105	14,730	(1,103)	84,732	65,277	(7,121)	(3,011)	55,145

GAAP Ratios
Loss and Loss Expense Ratio	54.7%	58.1%	69.3%	56.5%	56.0%	74.0%	67.5%	59.7%
Underwriting Expense Ratio	36.2%	31.5%	31.8%	35.2%	34.7%	30.9%	36.3%	34.3%
Dividends to Policyholders Ratio	0.4%	0.0%	0.0%	0.3%	0.5%	0.0%	0.0%	0.3%
Combined Ratio	91.3%	89.6%	101.1%	92.0%	91.2%	104.9%	103.8%	94.3%

Selective Insurance Group, Inc. and Consolidated Subsidiaries

GAAP Investment Income

June 2016 (unaudited)

			Quarter Ended		%	Year-to-Date		%
			June	June	Increase	June	June	Increase
($ in thousands, except per share data)			2016	2015	(Decrease)	2016	2015	(Decrease)
Investment Income:
	Interest:
		Fixed Income Securities	$31,753	30,659	4	$63,397	61,626	3
		Short-term	142	23	517	301	48	527
	Other Investments		(611)	1,422	(143)	(1,677)	(2,118)	21
	Dividends		2,204	2,384	(8)	4,434	4,176	6
			33,488	34,488	(3)	66,455	63,732	4

Investment Expense			2,306	2,258	2	4,504	4,585	(2)

Net Investment Income Before Tax			31,182	32,230	(3)	61,951	59,147	5

Tax			7,657	7,451	3	14,866	13,160	13

Net Investment Income After Tax			$23,525	24,779	(5)	$47,085	45,987	2

Net Investment Income per Share			$ 0.40	0.43	(7)	$ 0.80	0.80	0


Effective Tax Rate			24.6%	23.1%		24.0%	22.2%

Average Yields :

Fixed Income Securities:
	Pre Tax					2.69%	2.79%
	After Tax					2.01%	2.12%

Portfolio:
	Pre Tax					2.39%	2.43%
	After Tax					1.82%	1.89%


			Quarter Ended			Year-to-Date
			June	June		June	June
Net Realized Gains (Losses)			2016	2015		2016	2015
		Fixed Income Securities	171	288		(219)	667
		Equity Securities	1,594	(3,708)		(716)	15,450
		Other Investments	-	-		(4)	(654)

		Total	1,765	(3,420)		(939)	15,463
		Net of Tax	1,147	(2,223)		(611)	10,051

As of June 30, 2016 year-to-date new money rates for fixed income securities were 3.0% on a pre-tax basis and 2.1% on an after-tax basis.

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2016 Statutory Results by Line of Business

Quarter Ended June 2016 (unaudited)

	Net					Net											Underwriting			Dividends to
	Premiums		Percent			Premiums		Percent			Loss			LAE			Expense			Policyholders			Combined Ratio			Combined Ratio			Underwriting
($ in thousands)	Written		Change			Earned		Change			Ratio			Ratio			Ratio			Ratio			2016			2015			Gain (Loss)
Standard Personal Lines:

Homeowners	$	35,993		(0.8	)%	$	33,411		(0.9	)%		40.2	%		8.8	%		35.3	%		0.0	%		84.4	%		114.3	%	$	4,308
Auto		37,956		0.1	%		35,881		(2.3	)%		58.7	%		11.4	%		34.2	%		0.0	%		104.3	%		106.4	%		(2,248	)
Other (including flood)		1,627		(8.7	)%		1,532		(4.3	)%		68.1	%		(23.9	)%		(173.5	)%		0.0	%		(129.2	)%		(93.1	)%		2,503
Total	$	75,576		(0.5	)%	$	70,824		(1.7	)%		50.2	%		9.4	%		30.3	%		0.0	%		89.9	%		105.4	%	$	5,737

Standard Commercial Lines:

Commercial property	$	79,354		12.2	%	$	73,591		10.6	%		35.4	%		5.0	%		37.5	%		0.3	%		78.2	%		95.3	%	$	13,883
Workers compensation		79,074		4.8	%		75,251		6.1	%		43.6	%		14.1	%		28.7	%		1.3	%		87.7	%		89.2	%		8,167
General liability		145,489		8.1	%		129,283		8.5	%		34.4	%		13.9	%		35.0	%		0.2	%		83.5	%		77.6	%		15,696
Auto		108,888		12.2	%		98,896		11.5	%		64.4	%		9.9	%		32.5	%		0.2	%		107.0	%		100.6	%		(10,191	)
Businessowners' policies		25,275		7.2	%		24,651		6.4	%		33.3	%		11.5	%		37.6	%		0.0	%		82.4	%		108.6	%		4,114
Bonds		6,846		17.7	%		5,665		11.0	%		12.8	%		7.4	%		54.3	%		0.0	%		74.6	%		86.6	%		800
Other		4,082		14.9	%		3,940		10.9	%		0.3	%		0.2	%		55.9	%		0.0	%		56.4	%		55.8	%		1,639
Total	$	449,008		9.3	%	$	411,277		9.0	%		42.8	%		11.0	%		34.4	%		0.4	%		88.6	%		90.1	%	$	34,107

E&S	$	53,556		18.2	%	$	49,831		21.4	%		49.1	%		20.5	%		33.1	%		0.0	%		102.7	%		102.7	%	$	(2,571	)

Total Insurance Operations	$	578,140		8.6	%	$	531,932		8.5	%		44.3	%		11.7	%		33.8	%		0.3	%		90.1	%		93.5	%	$	37,274

Note: Some amounts may not foot due to rounding.

				2016			2015
		Losses Paid	$	241,720		$	224,744
		LAE Paid		51,045			49,067
		Total Paid	$	292,765		$	273,811

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2016 Statutory Results by Line of Business

Year-to-Date June 2016 (unaudited)

	Net					Net											Underwriting			Dividends to
	Premiums		Percent			Premiums		Percent			Loss			LAE			Expense			Policyholders			Combined Ratio			Combined Ratio			Underwriting
($ in thousands)	Written		Change			Earned		Change			Ratio			Ratio			Ratio			Ratio			2016			2015			Gain (Loss)
Standard Personal Lines:

Homeowners	$	62,566		(2.8	)%	$	66,311		(1.7	)%		38.6	%		8.4	%		38.0	%		0.0	%		85.0	%		113.8	%	$	11,380
Auto		71,979		(2.1	)%		71,661		(2.8	)%		58.2	%		11.2	%		35.1	%		0.0	%		104.5	%		106.5	%		(3,368	)
Other (including flood)		3,000		(4.7	)%		3,057		(8.7	)%		64.3	%		(31.8	)%		(168.6	)%		0.0	%		(136.1	)%		(103.0	)%		7,119
Total	$	137,545		(2.5	)%	$	141,029		(2.4	)%		49.1	%		9.0	%		32.0	%		0.0	%		90.1	%		105.2	%	$	15,131

Standard Commercial Lines:

Commercial property	$	154,998		9.4	%	$	143,769		9.7	%		41.4	%		4.8	%		38.6	%		0.4	%		84.8	%		96.9	%	$	17,483
Workers compensation		170,386		7.0	%		151,251		8.5	%		41.8	%		14.0	%		27.3	%		1.1	%		84.3	%		89.9	%		18,531
General liability		290,195		9.5	%		257,368		9.9	%		35.5	%		12.6	%		35.0	%		0.2	%		83.4	%		75.3	%		31,106
Auto		217,096		12.1	%		194,315		11.0	%		63.9	%		9.4	%		32.4	%		0.3	%		106.0	%		100.0	%		(19,021	)
Businessowners' policies		50,069		4.7	%		48,555		5.8	%		38.2	%		11.5	%		38.9	%		0.0	%		88.6	%		113.6	%		4,961
Bonds		12,771		15.8	%		11,129		10.1	%		12.8	%		7.4	%		57.5	%		0.0	%		77.8	%		85.6	%		1,526
Other		8,556		13.0	%		7,779		10.8	%		(0.4	)%		0.2	%		55.3	%		0.0	%		55.1	%		53.9	%		3,064
Total	$	904,071		9.4	%	$	814,166		9.6	%		44.0	%		10.5	%		34.2	%		0.4	%		89.1	%		89.9	%	$	57,650

E&S	$	101,883		22.6	%	$	99,195		25.3	%		49.3	%		20.0	%		31.3	%		0.0	%		100.6	%		102.5	%	$	(1,475	)

Total Insurance Operations	$	1,143,499		8.9	%	$	1,054,390		9.1	%		45.2	%		11.2	%		33.7	%		0.3	%		90.4	%		93.2	%	$	71,306

Note: Some amounts may not foot due to rounding.

				2016			2015
		Losses Paid	$	452,393		$	419,110
		LAE Paid		97,169			94,061
		Total Paid	$	549,562		$	513,171

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2016 Net Catastrophe Losses and Prior Year Casualty Reserve Development

Statutory Results by Line of Business

(unaudited)

	Quarter Ended										Year-to-Date
Net Catastrophe Losses Incurred	June 30, 2016					June 30, 2015					June 30, 2016					June 30, 2015
($ in thousands)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio			Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio			Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio			Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio

Standard Personal Lines	$	2,104		3.0	%	$	8,279		11.5	%	$	4,329		3.1	%	$	14,597		10.1	%

Standard Commercial Lines	$	3,623		0.9	%	$	13,609		3.6	%	$	15,272		1.9	%	$	32,258		4.3	%

E&S	$	2,689		5.4	%	$	2,092		5.1	%	$	3,184		3.2	%	$	2,444		3.1	%

Total Insurance Operations	$	8,416		1.6	%	$	23,980		4.9	%	$	22,785		2.2	%	$	49,299		5.1	%

Prior Year Casualty Reserve Development	Quarter Ended												Year-to-Date
(Favorable) / Unfavorable	June 30, 2016						June 30, 2015						June 30, 2016						June 30, 2015
($ in thousands)	Loss and Loss Expense Incurred			Impact on Loss and Loss Expense Ratio			Loss and Loss Expense Incurred			Impact on Loss and Loss Expense Ratio			Loss and Loss Expense Incurred			Impact on Loss and Loss Expense Ratio			Loss and Loss Expense Incurred			Impact on Loss and Loss Expense Ratio

Standard Personal Lines	$	-			0.0	%	$	-			0.0	%	$	-			0.0	%	$	-			0.0	%

Standard Commercial Lines	$	(12,000	)		(2.9	)%	$	(21,000	)		(5.6	)%	$	(30,000	)		(3.7	)%	$	(42,000	)		(5.7	)%

E&S	$	2,000			4.0	%	$	1,000			2.4	%	$	3,000			3.0	%	$	2,000			2.5	%

Total Insurance Operations	$	(10,000	)		(1.9	)%	$	(20,000	)		(4.1	)%	$	(27,000	)		(2.6	)%	$	(40,000	)		(4.1	)%

Note: Some amounts may not foot due to rounding.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Consolidated Balance Sheets

	Unaudited
($ in thousands, except share amounts)	June 30, 2016			December 31, 2015
ASSETS
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value: $167,061 – 2016; $209,544 – 2015)	$	160,297			201,354
Fixed income securities, available-for-sale – at fair value (amortized cost: $4,506,580 – 2016; $4,352,514 – 2015)		4,671,786			4,408,203
Equity securities, available-for-sale – at fair value (cost: $126,881 – 2016; $193,816 – 2015)		152,938			207,051
Short-term investments (at cost which approximates fair value)		205,451			194,819
Other investments		76,051			77,842
Total investments		5,266,523			5,089,269
Cash		1,530			898
Interest and dividends due or accrued		39,941			38,501
Premiums receivable, net of allowance for uncollectible accounts of: $4,624 – 2016; $4,422 – 2015		706,555			615,164
Reinsurance recoverables, net of allowance for uncollectible accounts of: $6,100 – 2016; $5,700 – 2015		592,423			561,968
Prepaid reinsurance premiums		145,520			140,889
Deferred federal income tax		47,696			92,696
Property and equipment – at cost, net of accumulated depreciation and amortization of: $193,997 – 2016; $188,548 – 2015		68,573			65,701
Deferred policy acquisition costs		228,554			213,159
Goodwill		7,849			7,849
Other assets		84,477			78,339
Total assets	$	7,189,641			6,904,433

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserve for loss and loss expenses	$	3,590,169			3,517,728
Unearned premiums		1,263,450			1,169,710
Short-term debt		60,000			60,000
Long-term debt		328,433			328,192
Current federal income tax		8,670			7,442
Accrued salaries and benefits		118,733			167,336
Other liabilities		267,449			255,984
Total liabilities	$	5,636,904			5,506,392

Stockholders’ Equity:
Preferred stock of $0 par value per share:	$	—			—
Authorized shares 5,000,000; no shares issued or outstanding
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 101,451,214 – 2016; 100,861,372 – 2015		202,903			201,723
Additional paid-in capital		340,109			326,656
Retained earnings		1,509,242			1,446,192
Accumulated other comprehensive income (loss)		72,007			(9,425	)
Treasury stock – at cost (shares: 43,638,649 – 2016; 43,500,642 – 2015)		(571,524	)		(567,105	)
Total stockholders’ equity	$	1,552,737			1,398,041
Commitments and contingencies
Total liabilities and stockholders’ equity	$	7,189,641			6,904,433

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Unaudited Consolidated Statements of Income

	Quarter Ended June 30,						Six Months Ended June 30,
($ in thousands, except per share amounts)	2016			2015			2016			2015
Revenues:
Net premiums earned	$	531,932			490,309			1,054,390			966,432
Net investment income earned		31,182			32,230			61,951			59,147
Net realized gains (losses):
Net realized investment gains		2,314			1,031			3,203			22,008
Other-than-temporary impairments		(559	)		(4,451	)		(4,152	)		(6,545	)
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income		10			—			10			—
Total net realized gains (losses)		1,765			(3,420	)		(939	)		15,463
Other income		3,868			2,854			4,819			4,823
Total revenues		568,747			521,973			1,120,221			1,045,865

Expenses:
Loss and loss expense incurred		298,479			291,561			595,623			576,560
Policy acquisition costs		190,731			169,770			373,958			334,493
Interest expense		5,620			5,612			11,226			11,216
Other expenses		11,606			8,265			25,228			20,541
Total expenses		506,436			475,208			1,006,035			942,810

Income before federal income tax		62,311			46,765			114,186			103,055

Federal income tax expense:
Current		18,318			7,733			32,402			19,987
Deferred		392			5,264			1,151			9,592
Total federal income tax expense		18,710			12,997			33,553			29,579

Net income	$	43,601			33,768			80,633			73,476

Earnings per share:
Basic net income	$	0.75			0.59			1.40			1.29

Diluted net income	$	0.74			0.58			1.38			1.27

Dividends to stockholders	$	0.15			0.14			0.30			0.28

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Unaudited Consolidated Statements of Comprehensive Income

	Quarter Ended June 30,						Six Months Ended June 30,
($ in thousands)	2016			2015			2016			2015
Net income	$	43,601			33,768			80,633			73,476

Other comprehensive income (loss), net of tax:
Unrealized gains on investment securities:
Unrealized holding gains (losses) arising during period		36,188			(39,160	)		78,917			(23,574	)
Non-credit portion of other-than-temporary impairments recognized in other comprehensive income		(6	)		—			(6	)		—
Amounts reclassified into net income:
Held-to-maturity securities		(12	)		(120	)		(59	)		(290	)
Non-credit other-than-temporary impairments		—			—			—			232
Realized (gains) losses on available-for-sale securities		(1,145	)		2,225			609			(10,707	)
Total unrealized gains (losses) on investment securities		35,025			(37,055	)		79,461			(34,339	)

Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss		985			1,111			1,971			2,222
Total defined benefit pension and post-retirement plans		985			1,111			1,971			2,222
Other comprehensive income (loss)		36,010			(35,944	)		81,432			(32,117	)
Comprehensive income (loss)	$	79,611			(2,176	)		162,065			41,359

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Unaudited Consolidated Statements of Stockholders’ Equity

	Six Months Ended June 30,
($ in thousands)	2016			2015
Common stock:
Beginning of year	$	201,723			199,896
Dividend reinvestment plan (shares: 20,808 – 2016; 26,843 – 2015)		42			54
Stock purchase and compensation plans (shares: 569,034 – 2016; 611,076 – 2015)		1,138			1,222
End of period		202,903			201,172

Additional paid-in capital:
Beginning of year		326,656			305,385
Dividend reinvestment plan		696			677
Stock purchase and compensation plans		12,757			11,233
End of period		340,109			317,295

Retained earnings:
Beginning of year		1,446,192			1,313,440
Net income		80,633			73,476
Dividends to stockholders ($0.30 per share – 2016; $0.28 per share – 2015)		(17,583	)		(16,235	)
End of period		1,509,242			1,370,681

Accumulated other comprehensive income (loss):
Beginning of year		(9,425	)		19,788
Other comprehensive income (loss)		81,432			(32,117	)
End of period		72,007			(12,329	)

Treasury stock:
Beginning of year		(567,105	)		(562,923	)
Acquisition of treasury stock (shares: 138,007 – 2016; 129,352 – 2015)		(4,419	)		(3,583	)
End of period		(571,524	)		(566,506	)
Total stockholders’ equity	$	1,552,737			1,310,313

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Unaudited Consolidated Statements of Cash Flow

	Six Months Ended June 30,
($ in thousands)	2016			2015
Operating Activities
Net income	$	80,633			73,476

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		30,155			29,085
Stock-based compensation expense		7,203			6,049
Undistributed losses of equity method investments		1,677			2,117
Net realized losses (gains)		939			(15,463	)

Changes in assets and liabilities:
Increase in reserve for loss and loss expenses, net of reinsurance recoverables		41,986			66,609
Increase in unearned premiums, net of prepaid reinsurance		89,109			83,789
Decrease in net federal income taxes		2,380			19,232
Increase in premiums receivable		(91,391	)		(88,813	)
Increase in deferred policy acquisition costs		(15,395	)		(17,616	)
(Increase) decrease in interest and dividends due or accrued		(1,030	)		395
Decrease in accrued salaries and benefits		(48,603	)		(18,171	)
Increase in other assets		(3,877	)		(743	)
(Decrease) increase in other liabilities		(34,659	)		25,651
Net adjustments		(21,506	)		92,121
Net cash provided by operating activities		59,127			165,597

Investing Activities
Purchase of fixed income securities, available-for-sale		(411,538	)		(463,758	)
Purchase of fixed income securities, held-to-maturity		(4,235	)		—
Purchase of equity securities, available-for-sale		(16,796	)		(177,386	)
Purchase of other investments		(17,734	)		(2,947	)
Purchase of short-term investments		(691,496	)		(732,278	)
Sale of fixed income securities, available-for-sale		22,114			22,323
Sale of short-term investments		680,865			695,901
Redemption and maturities of fixed income securities, held-to-maturity		44,615			68,704
Redemption and maturities of fixed income securities, available-for-sale		264,244			254,995
Sale of equity securities, available-for-sale		83,793			135,548
Distributions from other investments		13,380			17,840
Purchase of property and equipment		(8,187	)		(7,591	)
Net cash used in investing activities		(40,975	)		(188,649	)

Financing Activities
Dividends to stockholders		(16,569	)		(15,211	)
Acquisition of treasury stock		(4,419	)		(3,583	)
Net proceeds from stock purchase and compensation plans		4,368			4,037
Proceeds from borrowings		55,000			15,000
Repayments of borrowings		(55,000	)		—
Excess tax benefits from share-based payment arrangements		1,761			1,549
Repayments of capital lease obligations		(2,661	)		(2,331	)
Net cash used in financing activities		(17,520	)		(539	)
Net increase (decrease) in cash		632			(23,591	)
Cash, beginning of year		898			23,959
Cash, end of period	$	1,530			368

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

Statutory Balance Sheets

(unaudited)

	June 30,			June 30,			December 31,
($ in thousands)	2016			2015			2015

ASSETS
Bonds	$	4,604,199			4,317,425			4,491,136
Common stocks		139,419			211,119			194,789
Preferred stocks		12,950			17,742			11,856
Affiliated mortgage loan		34,749			35,567			35,163
Other investments		124,004			137,366			128,788
Short-term investments		177,354			144,696			165,678
Total investments		5,092,675			4,863,915			5,027,410

Cash on hand and in banks		(18,294	)		(27,701	)		(34,378	)
Interest and dividends due and accrued		39,892			38,438			38,466
Premiums receivable		700,827			644,590			609,146
Reinsurance recoverable on paid losses and expenses		15,482			7,224			10,949
Deferred tax recoverable		152,565			140,904			142,066
EDP equipment		448			406			390
Equities and deposits in pools and associations		11,827			10,930			10,920
Receivable for sold securities		2,295			3,695			17
Other assets		27,075			25,226			28,300
Total assets	$	6,024,792			5,707,627			5,833,286

LIABILITIES
Reserve for losses	$	2,450,518			2,438,075			2,426,583
Reinsurance payable on paid loss and loss expense		3,337			3,301			2,841
Reserve for loss expenses		546,060			518,171			525,322
Unearned premiums		1,117,930			1,032,615			1,028,820
Reserve for commissions payable		74,020			62,229			89,740
Ceded balances payable		35,741			28,475			37,222
Federal income tax payable		17,505			15,291			25,644
Premium and other taxes payable		21,474			23,076			23,998
Borrowed money		60,029			60,029			60,031
Reserve for dividends to policyholders		7,225			5,192			5,805
Reserves for unauthorized reinsurance		2,030			7,661			2,030
Payable for securities		51,981			15,929			6,204
Funds withheld on account of others		7,490			7,503			6,806
Accrued salaries and benefits		59,827			53,551			77,933
Other liabilities		63,090			91,899			87,987
Total liabilities		4,518,257			4,362,997			4,406,966


POLICYHOLDERS' SURPLUS
Capital		42,725			42,725			42,725
Paid in surplus		492,869			492,869			492,869
Unassigned surplus		970,941			809,036			890,726
Total policyholders' surplus		1,506,535			1,344,630			1,426,320
Total liabilities and policyholders' surplus	$	6,024,792			5,707,627			5,833,286

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

Statutory Statements Of Income

(unaudited)

	Quarter Ended										Six Months Ended
	June										June
($ in thousands)	2016					2015					2016					2015
UNDERWRITING
Net premiums written	$	578,140					532,133					1,143,499					1,050,221

Net premiums earned		531,932					490,309					1,054,390					966,432

Net losses paid		241,720					224,744					452,393					419,110
Change in reserve for losses		(5,768	)				5,530					23,935					39,544
Net losses incurred		235,952		44.3	%		230,274		47.0	%		476,328		45.2	%		458,654		47.5	%

Net loss expenses paid		51,045					49,067					97,169					94,061
Change in reserve for loss expenses		11,111					12,418					20,738					24,661
Net loss expenses incurred		62,156		11.7	%		61,485		12.5	%		117,907		11.2	%		118,722		12.2	%

Net underwriting expenses incurred		198,201		34.4	%		180,898		33.9	%		389,118		34.0	%		351,836		33.5	%

Total deductions		496,309					472,657					983,353					929,212
Statutory underwriting gain		35,623					17,652					71,037					37,220

Net loss from premium balances charged off		(633	)				(703	)				(1,324	)				(1,313	)
Finance charges and other income		3,902					2,922					4,864					4,916
Total other income		3,269		-0.6	%		2,219		-0.3	%		3,540		-0.3	%		3,603		-0.3	%
Policyholders' dividends incurred		(1,618	)	0.3	%		(1,844	)	0.4	%		(3,271	)	0.3	%		(3,369	)	0.3	%
Total underwriting gain		37,274		90.1	%		18,027		93.5	%		71,306		90.4	%		37,454		93.2	%

INVESTMENT
Net investment income earned		30,899					32,155					61,522					59,282
Net realized gain		1,762					(3,422	)				(942	)				15,461
Total income before income tax		69,935					46,760					131,886					112,197

Federal income tax expense		21,902					12,530					38,505					19,791

Net income	$	48,033					34,230					93,381					92,406

Policyholders' Surplus
Surplus, beginning of period	$	1,461,326					1,322,422					1,426,320					1,307,842

Net income		48,033					34,230					93,381					92,406
Change in deferred taxes		1,149					(1,959	)				1,501					(12,153	)
Change in net unrealized capital gains / (losses)		2,926					(637	)				8,237					(13,547	)
Dividends to stockholders		(15,253	)				(14,438	)				(30,507	)				(28,876	)
Change in non-admitted assets		6,924					3,398					4,742					(4,271	)
Change in Overfunded Contra Asset		(22,653	)				(280	)				(23,700	)				(561	)
Qual Pen Trans Liab		24,061					1,843					26,517					3,689
Excess Plan Trans Liab		19					43					38					86
PRL Plan Trans Liab		3					8					6					15

Net change in surplus for period		45,209					22,208					80,215					36,788

Surplus, end of period	$	1,506,535					1,344,630					1,506,535					1,344,630

Statutory underwriting gain	$	37,274					18,027					71,306					37,454

Adjustments under GAAP:
Deferred policy acquisition costs		7,606					11,268					15,395					17,616
Other, net		(1,103	)				(171	)				(1,969	)				75
GAAP underwriting gain	$	43,777					29,124					84,732					55,145

Note: Some amounts or ratios may not foot due to rounding

Selective Insurance Group, Inc. and Consolidated Subsidiaries
Alternative Investments
June 30, 2016
(unaudited)

	Number	Original	Remaining	Current
Strategy	of Funds	Commitment	Commitment	Market Value
Private Equity	10	118,498,351	34,116,513	28,438,848
Private Credit	7	80,000,000	23,242,735	23,336,118
Real Assets	7	100,000,000	30,273,409	14,132,399
TOTAL - ALTERNATIVE INVESTMENTS	24	298,498,351	87,632,657	65,907,365



Exhibit may not foot due to rounding

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