0001171843-17-004342.txt : 20170726 0001171843-17-004342.hdr.sgml : 20170726 20170726162225 ACCESSION NUMBER: 0001171843-17-004342 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20170726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170726 DATE AS OF CHANGE: 20170726 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: 17983104 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_072617.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 26, 2017


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


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

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

☐

Section 2 – Financial Information

Item 2.02.

Results of Operations and Financial Condition.

On July 26, 2017, Selective Insurance Group, Inc. (the “Company”) issued a press release announcing results for the second quarter ended June 30, 2017. The press release is attached hereto as Exhibit 99.1.

Section 7 – Regulation FD

Item 7.01.

Regulation FD Disclosure.

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

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

Section 9 – Financial Statements and Exhibits

Item 9.01.

Financial Statements and Exhibits.

(d)	Exhibits

	99.1	Press Release of Selective Insurance Group, Inc. dated July 26, 2017

99.2

Financial Supplement, Second Quarter 2017

SIGNATURES

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

		SELECTIVE INSURANCE GROUP, INC.


Date: July 26, 2017	By:	/s/ Michael H. Lanza
		Michael H. Lanza
		Executive Vice President and General Counsel

EXHIBIT INDEX

Exhibit No.

Description

99.1

Press Release of Selective Insurance Group, Inc. dated July 26, 2017

99.2

Financial Supplement, Second Quarter 2017

EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

Selective Reports Second Quarter 2017 Net Income per Diluted Share of $0.70 and Operating Income¹ per Diluted Share of $0.68

In the second quarter of 2017:

Net premiums written grew 6%

GAAP combined ratio was 94.7%

Statutory combined ratio was 93.1%

After-tax net investment income was $30.3 million

Annualized return on average equity (“ROE”) was 10.2% and operating ROE¹ was 9.9%

Branchville, NJ – July 26, 2017 – Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported its financial results for the second quarter ended June 30, 2017. Net income per diluted share was $0.70, compared to $0.74 a year ago, and operating income¹ per diluted share was $0.68, compared to $0.72 a year ago.

“Our solid results this year reflect the successful execution of our strategy to generate disciplined and profitable growth. We reported a profitable second quarter statutory combined ratio of 93.1%,” said Gregory E. Murphy, Chairman and Chief Executive Officer. “Our net premiums written growth of 6% was driven by renewal pure price increases of 3.0% in our standard lines, new standard lines business opportunities, and overall growth in E&S. For the first six months of 2017, our statutory combined ratio was an excellent 91.4%, net premiums written were up 6%, after-tax net investment income grew 23% to $57.8 million, and our annualized operating ROE was 11.5%.”

Mr. Murphy continued, “Effective July 1, we began quoting new business in Arizona and New Hampshire, where our respective 16 and 9 appointed agents control about 25% of the available commercial lines premium. We continue to invest in our franchise value by enhancing our relationships with “ivy-league” distribution partners, implementing sophisticated underwriting tools and technologies, and providing superior experience to our customers and agents through our best-in-class employees.”

Operating Highlights

	Quarter Ended		Change	Year Ended		Change
Consolidated Financial Results	June 30,			June 30,
$ in millions, except per share data	2017	2016		2017	2016
Net premiums written	$613.8	$578.1	6%	$1,212.5	$1,143.5	6%
Net premiums earned	$568.0	$531.9	7%	$1,128.9	$1,054.4	7%
Net investment income earned	$41.4	$31.2	33%	$78.8	$62.0	27%
Net realized gains (losses), pre-tax	$1.7	$1.8	(2)%	$0.7	$(0.9)	173%
Total revenues	$614.5	$568.7	8%	$1,215.0	$1,120.2	8%
Net underwriting income, after-tax	$19.7	$28.5	(31)%	$51.7	$55.1	(6)%
Net investment income, after-tax	$30.3	$23.5	29%	$57.8	$47.1	23%
Net income	$41.4	$43.6	(5)%	$91.9	$80.6	14%
Operating income¹	$40.3	$42.5	(5)%	$91.4	$81.2	13%
GAAP combined ratio	94.7%	91.8%	2.9 pts	93.0%	92.0%	1.0 pt
Statutory combined ratio	93.1%	90.1%	3.0 pts	91.4%	90.4%	1.0 pt
Catastrophe losses	5.2 pts	1.6 pts	3.6 pts	3.7 pts	2.2 pts	1.5 pts
Non-catastrophe property losses	12.9 pts	12.1 pts	0.8 pts	12.8 pts	12.4 pts	0.4 pts
(Favorable) prior year statutory reserve development on casualty lines	(2.5) pts	(1.9) pts	(0.6) pts	(2.5) pts	(2.6) pts	0.1 pts
Net income per diluted share	$0.70	$0.74	(5)%	$1.55	$1.38	12%
Operating income per diluted share¹	$0.68	$0.72	(6)%	$1.54	$1.39	11%
Weighted average diluted shares	59.2M	58.6M	1%	59.2M	58.6M	1%
Book value per share				$28.32	$26.86	5%

Standard Commercial Lines

Standard Commercial Lines premiums, which represent 78% of total second quarter 2017 net premiums written, were up 7% compared to the second quarter of 2016. This growth reflects strong renewal pure price increases of 3.1%, retention of 83%, and a 3% increase in new business to $98 million. The quarter’s statutory combined ratio was 90.6%, up 2.0 points from a year ago, reflecting an increase of 2.9 points in catastrophe losses and an increase of 0.8 points of non-catastrophe losses, which was partially offset by a 1.0 point increase in favorable prior year casualty reserve development. In addition, the expense ratio was 1.1 points lower than in the second quarter of 2016.

	Quarter Ended		Change	Year Ended		Change
Standard Commercial Lines	June 30,			June 30,
$ in millions, statutory results	2017	2016		2017	2016
Net premiums written	$478.9	$449.0	7%	$962.5	$904.1	6%
Net premiums earned	$443.6	$411.3	8%	$882.0	$814.2	8%
GAAP combined ratio	92.2%	90.2%	2.0 pts	91.2%	91.3%	(0.1) pts
Statutory loss & loss expense ratio	56.9%	53.8%	3.1 pts	56.0%	54.5%	1.5 pts
Statutory underwriting expense ratio	33.3%	34.4%	(1.1) pts	33.3%	34.2%	(0.9) pts
Statutory dividends to policyholders ratio	0.4%	0.4%	-	0.2%	0.4%	(0.2) pts
Statutory combined ratio	90.6%	88.6%	2.0 pts	89.5%	89.1%	0.4 pts
Catastrophe losses	3.8 pts	0.9 pts	2.9 pts	2.7 pts	1.9 pts	0.8 pts
(Favorable) prior year statutory reserve development on casualty lines	(3.9) pts	(2.9) pts	(1.0) pt	(3.8) pts	(3.7) pts	(0.1) pts

Standard Personal Lines

Standard Personal Lines premiums, which represent 13% of total second quarter 2017 net premiums written, increased 3% compared to the second quarter of 2016, largely driven by a 37% increase in new business to $13 million. The statutory combined ratio in the second quarter was 105.9%, a 16.0-point increase from the same period last year. Catastrophe losses were 13.0 points compared to 3.0 points in the second quarter of 2016. In addition, adverse prior year casualty reserve development of $3 million added 4.2 points to the combined ratio compared to no prior year casualty reserve development in the second quarter of 2016.

	Quarter Ended		Change	Year Ended		Change
Standard Personal Lines	June 30,			June 30,
$ in millions, statutory results	2017	2016		2017	2016
Net premiums written	$78.1	$75.6	3%	$142.8	$137.5	4%
Net premiums earned	$71.7	$70.8	1%	$142.9	$141.0	1%
GAAP combined ratio	108.0%	91.4%	16.6 pts	100.5%	89.6%	10.9 pts
Statutory loss & loss expense ratio	76.4%	59.6%	16.8 pts	69.3%	58.1%	11.2 pts
Statutory underwriting expense ratio	29.5%	30.3%	(0.8) pts	30.5%	32.0%	(1.5) pts
Statutory combined ratio	105.9%	89.9%	16.0 pts	99.8%	90.1%	9.7 pts
Catastrophe losses	13.0 pts	3.0 pts	10.0 pts	9.3 pts	3.1 pts	6.2 pts
Unfavorable prior year statutory reserve development on casualty lines	4.2 pts	-	4.2 pts	3.5 pts	-	3.5 pts

Excess and Surplus Lines

Excess and Surplus Lines premiums, which account for 9% of total second quarter 2017 net premiums written, increased by 6% in the second quarter of 2017. The principal drivers of this growth were a 3.7% overall price increase coupled with higher retention rates. The statutory combined ratio for the second quarter was 97.0%, down 5.7 points from a year ago, primarily due to no prior year casualty reserve development, which was 4.0 points unfavorable a year ago.

	Quarter Ended		Change	Year Ended		Change
Excess and Surplus Lines	June 30,			June 30,
$ in millions, statutory results	2017	2016		2017	2016
Net premiums written	$56.8	$53.6	6%	$107.2	$101.9	5%
Net premiums earned	$52.8	$49.8	6%	$104.0	$99.2	5%
GAAP combined ratio	97.5%	105.1%	(7.6) pts	97.2%	101.1%	(3.9) pts
Statutory loss & loss expense ratio	64.3%	69.6%	(5.3) pts	63.2%	69.3%	(6.1) pts
Statutory underwriting expense ratio	32.7%	33.1%	(0.4) pts	33.3%	31.3%	2.0 pts
Statutory combined ratio	97.0%	102.7%	(5.7) pts	96.5%	100.6%	(4.1) pts
Catastrophe losses	5.7 pts	5.4 pts	0.3 pts	4.2 pts	3.2 pts	1.0 pt
Unfavorable prior year statutory reserve development on casualty lines	-	4.0 pts	(4.0) pts	-	3.0 pts	(3.0) pts

Investment Income

After-tax investment income in the second quarter was $30 million, up 29% compared to a year ago. The improvement was driven by higher yields on our core fixed income portfolio. In addition, our alternative investment portfolio generated $5.2 million in pre-tax income compared to a $0.6 million loss in the second quarter of 2016. After-tax new money yields averaged 2.2% during the quarter.

	Quarter Ended		Change	Year Ended		Change
Investments	June 30,			June 30,
$ in millions, except per share data	2017	2016		2017	2016
Net investment income earned, after-tax	$30.3	$23.5	29%	$57.8	$47.1	23%
Net investment income per share	$0.51	$0.40	28%	$0.98	$0.80	23%
Effective tax rate	26.9%	24.6%	2.3 pts	26.8%	24.0%	2.8 pts
Average yields:
Fixed Income Securities:
Pre-tax				3.0%	2.7%	0.3 pts
After-tax				2.2%	2.0%	0.2 pts
Portfolio:
Pre-tax				2.9%	2.4%	0.5 pts
After-tax				2.1%	1.8%	0.3 pts

Balance Sheet

Balance Sheet	June 30,	December 31,	Change
$ in millions, except per share data	2017	2016	Change
Total assets	$7,528.2	$7,355.8	2%
Total investments	$5,503.0	$5,364.9	3%
Long-term debt	$438.9	$438.7	-
Stockholders’ equity	$1,652.6	$1,531.4	8%
Invested assets per dollar of stockholders’ equity	$3.33	$3.50	(5)%
Statutory surplus	$1,653.2	$1,583.8	4%
Book value per share	$28.32	$26.42	7%

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

Selective’s Board of Directors declared a $0.16 per share quarterly cash dividend on common stock that is payable September 01, 2017, to stockholders of record as of August 15, 2017.

Guidance

After two quarters of better than expected results, we are revising our full-year expectations to the following:

A statutory combined ratio excluding catastrophe losses, of 89.5%, an improvement of 100 basis points from our original guidance. This assumes no additional prior year casualty reserve development;

Catastrophe losses of 3.5 points;

After-tax investment income of $113 million, up from our original guidance of $110 million; and

Weighted average shares outstanding of 59.2 million.

The supplemental investor package, including financial information that is not part of this press release, is available on the Investors page of Selective’s website at www.Selective.com. Selective’s quarterly analyst conference call will be simulcast at 10:00 a.m. ET, on Thursday, July 27, 2017 at www.Selective.com. The webcast will be available for rebroadcast until the close of business on August 28, 2017.

About Selective Insurance Group, Inc.

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

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

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

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

Reconciliation of Net Income to Operating Income

$ in millions	Quarter Ended		Year Ended
	June 30,		June 30,
	2017	2016	2017	2016
Net income	$41.4	$43.6	$91.9	$80.6
Exclude: Net realized (gains) losses	$(1.7)	$(1.8)	$(0.7)	$0.9
Exclude: Tax on net realized (gains) losses	$0.6	$0.7	$0.2	$(0.3)
Operating income	$40.3	$42.5	$91.4	$81.2

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

	Quarter Ended		Year Ended
	June 30,		June 30,
	2017	2016	2017	2016
Net income per diluted share	$0.70	$0.74	$1.55	$1.38
Exclude: Net realized (gains) losses	$(0.03)	$(0.03)	$(0.01)	$0.02
Exclude: Tax on net realized (gains) losses	$0.01	$0.01	-	$(0.01)
Operating income per diluted share	$0.68	$0.72	$1.54	$1.39

Reconciliation of ROE and Operating ROE

	Quarter Ended		Year Ended
	June 30,		June 30,
	2017	2016	2017	2016
Return on average equity	10.2%	11.5%	11.5%	10.9%
Exclude: Net realized (gains) losses	(0.4)%	(0.5)%	(0.1)%	0.1%
Exclude: Tax on net realized (gains) losses	0.1%	0.2%	0.1%	-
Operating return on average equity	9.9%	11.2%	11.5%	11.0%

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:
Rohan Pai	Jamie M. Beal
973-948-1364	973-948-1234
Rohan.Pai@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

FINANCIAL SUPPLEMENT

SECOND QUARTER 2017

Forward-Looking Statements

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

☐ difficult conditions in global capital markets and the economy;

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

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

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

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

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

☐ the concentration of our business in the Eastern Region;

☐ the cost and availability of reinsurance;

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

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

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

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

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

☐ our entry into new markets and businesses; and

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

Selective Insurance Group, Inc. & Consolidated Subsidiaries

TABLE OF CONTENTS

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

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

Consolidated Investment Income	9
Consolidated Composition of Invested Assets	10

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

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

Ratings and Contact Information	14

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

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

For Period Ended
Net premiums written	$	613.8			598.7			515.0			578.8			578.1			1,212.5			1,143.5
Change in net premiums written, from comparable prior year period		6	%		6			9			6			9			6			9

Underwriting income, before-tax	$	30.3			49.2			35.2			32.0			43.8			79.5			84.7
Net investment income earned, before-tax		41.4			37.4			35.4			33.4			31.2			78.8			62.0
Net realized investment gains (losses), before-tax		1.7			(1.0	)		(7.7	)		3.7			1.8			0.7			(0.9	)

Net income	$	41.4			50.4			39.4			38.5			43.6			91.9			80.6
Operating income*		40.3			51.1			44.4			36.1			42.5			91.4			81.2

At Period End
Total assets		7,528.2			7,404.1			7,355.8			7,363.2			7,189.6			7,528.2			7,189.6
Total invested assets		5,503.0			5,460.8			5,364.9			5,368.4			5,266.5			5,503.0			5,266.5
Stockholders' equity		1,652.6			1,592.6			1,531.4			1,574.9			1,552.7			1,652.6			1,552.7
Shares outstanding		58.4			58.2			58.0			57.9			57.8			58.4			57.8

Per Share and Share Data

Net income per diluted share	$	0.70			0.85			0.67			0.66			0.74			1.55			1.38
Operating income per diluted share*		0.68			0.86			0.75			0.62			0.72			1.54			1.39

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

Book value per share	$	28.32			27.34			26.42			27.22			26.86			28.32			26.86

Dividends paid per share		0.16			0.16			0.16			0.15			0.15			0.32			0.30

Financial Ratios

Loss and loss expense ratio		60.2	%		56.6			58.4			58.3			56.1			58.4			56.5
Underwriting expense ratio		34.2			34.6			35.2			35.7			35.4			34.4			35.2
Dividends to policyholders ratio		0.3			-			-			0.1			0.3			0.2			0.3
GAAP combined ratio		94.7	%		91.2			93.6			94.1			91.8			93.0			92.0

Annualized ROE		10.2			12.9			10.1			9.8			11.5			11.5			10.9

Annualized operating ROE*		9.9			13.1			11.4			9.2			11.2			11.5			11.0

Debt to total capitalization		21.0			21.6			22.3			21.2			20.0			21.0			20.0

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

Invested assets per dollar of stockholders' equity	$	3.33			3.43			3.50			3.41			3.39			3.33			3.39

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

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

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


Revenues
Net premiums earned	$	568.0			560.9			552.8			542.4			531.9			1,128.9			1,054.4
Net investment income earned		41.4			37.4			35.4			33.4			31.2			78.8			62.0
Net realized investment gains (losses)		3.0			2.4			(3.7	)		4.0			2.3			5.4			3.2
Other-than-temporary impairments		(1.2	)		(3.5	)		(4.0	)		(0.3	)		(0.5	)		(4.7	)		(4.1	)
Other income		3.3			3.2			1.9			2.2			3.9			6.5			4.8
Total revenues		614.5			600.5			582.4			581.7			568.7			1,215.0			1,120.2

Expenses
Losses and loss expenses incurred		341.6			317.5			322.9			316.3			298.5			659.0			595.6
Policy acquisition costs		196.8			196.2			196.0			193.8			190.7			393.1			374.0
Interest expense		6.1			6.1			5.8			5.7			5.6			12.2			11.2
Other expenses		11.1			13.1			7.3			10.4			11.6			24.2			25.2
Total expenses		555.6			532.9			532.0			526.2			506.4			1,088.5			1,006.0

Income before federal income tax		58.9			67.6			50.3			55.4			62.3			126.5			114.2
Federal income tax expense		17.5			17.1			11.0			16.9			18.7			34.6			33.6

Net income	$	41.4			50.4			39.4			38.5			43.6			91.9			80.6

Exclude: Net realized investment (gains) losses, after tax		(1.1	)		0.7			5.0			(2.4	)		(1.1	)		(0.4	)		0.6

Operating income *	$	40.3			51.1			44.4			36.1			42.5			91.4			81.2

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

Net income per share (diluted)	$	0.70			0.85			0.67			0.66			0.74			1.55			1.38

Operating income per share (diluted) *	$	0.68			0.86			0.75			0.62			0.72			1.54			1.39

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

Note: Amounts may not foot due to rounding.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)


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


ASSETS
Investments
Fixed income securities, held-to-maturity, at carrying value	$	72.5			84.8			101.6			130.5			160.3
Fixed income securities, available-for-sale, at fair value		5,018.7			4,867.0			4,792.5			4,832.5			4,671.8
Equity securities, available-for-sale, at fair value		161.7			154.9			146.8			147.3			152.9
Short-term investments		133.7			247.2			221.7			169.6			205.5
Other investments		116.4			106.8			102.4			88.5			76.1
Total investments		5,503.0			5,460.8			5,364.9			5,368.4			5,266.5
Cash		8.6			0.5			0.5			1.5			1.5
Interest and dividends due or accrued		40.2			40.2			40.2			39.9			39.9
Premiums receivable, net of allowance		764.3			707.7			681.6			711.6			706.6
Reinsurance recoverable, net of allowance		601.9			580.4			621.5			640.0			592.4
Prepaid reinsurance premiums		151.9			145.4			146.3			152.0			145.5
Current federal income tax		-			-			2.5			-			-
Deferred federal income tax		60.4			72.2			84.8			41.7			47.7
Property and equipment, net of accumulated depreciation and amortization		66.3			68.5			69.6			69.8			68.6
Deferred policy acquisition costs		234.9			227.6			222.6			235.9			228.6
Goodwill		7.8			7.8			7.8			7.8			7.8
Other assets		88.8			92.9			113.5			94.6			84.5

Total assets	$	7,528.2			7,404.1			7,355.8			7,363.2			7,189.6

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for losses and loss expenses	$	3,731.2			3,679.5			3,691.7			3,686.6			3,590.2
Unearned premiums		1,352.1			1,299.8			1,262.8			1,306.3			1,263.5
Short-term debt		-			-			-			45.0			60.0
Long-term debt		438.9			438.8			438.7			378.6			328.4
Current federal income tax		2.1			11.6			-			6.5			8.7
Accrued salaries and benefits		103.2			96.3			132.9			103.6			118.7
Other liabilities		248.2			285.6			298.4			261.8			267.4
Total liabilities	$	5,875.6			5,811.5			5,824.5			5,788.3			5,636.9

Stockholder's Equity
Preferred stock of $0 par value per share	$	-			-			-			-			-
Common stock of $2 par value per share		204.3			204.1			203.2			203.0			202.9
Additional paid-in capital		360.0			354.2			347.3			342.8			340.1
Retained earnings		1,641.8			1,609.9			1,568.9			1,538.9			1,509.2
Accumulated other comprehensive income (loss)		24.5			2.1			(16.0	)		62.2			72.0
Treasury stock, at cost		(578.0	)		(577.7	)		(572.1	)		(572.1	)		(571.5	)
Total stockholders' equity	$	1,652.6			1,592.6			1,531.4			1,574.9			1,552.7
Commitments and contingencies

Total liabilities and stockholders' equity	$	7,528.2			7,404.1			7,355.8			7,363.2			7,189.6

Note: Amounts may not foot due to rounding

Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS

(Unaudited)

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

Book value per share
Stockholders' equity	$	1,652.6			1,592.6			1,531.4			1,574.9			1,552.7			1,652.6			1,552.7
Common shares issued and outstanding, at period end		58.4			58.2			58.0			57.9			57.8			58.4			57.8
Book value per share	$	28.32			27.34			26.42			27.22			26.86			28.32			26.86
Book value per share excluding unrealized gain (loss) on fixed income securities		27.25			26.65			25.98			25.53			25.00			27.25			25.00

Financial results (after-tax)
Underwriting income		19.7			32.0			22.9			20.8			28.5			51.7			55.1
Net investment income		30.3			27.5			26.4			24.9			23.5			57.8			47.1
Interest expense		(4.0	)		(4.0	)		(3.8	)		(3.7	)		(3.7	)		(7.9	)		(7.3	)
Other expense		(5.8	)		(4.4	)		(1.1	)		(5.9	)		(5.9	)		(10.1	)		(13.6	)
Net realized gains (losses)		1.1			(0.7	)		(5.0	)		2.4			1.1			0.4			(0.6	)
Total after-tax net income		41.4			50.4			39.4			38.5			43.6			91.9			80.6

Return on average equity
Insurance segments		4.9	%		8.2			5.9			5.3			7.5			6.5			7.5
Net investment income		7.5			7.0			6.8			6.4			6.2			7.3			6.4
Interest expense		(1.0	)		(1.0	)		(1.0	)		(0.9	)		(1.0	)		(1.0	)		(1.0	)
Other expense		(1.5	)		(1.1	)		(0.3	)		(1.6	)		(1.5	)		(1.3	)		(1.9	)
Net realized gains (losses), net of tax at 35%		0.3			(0.2	)		(1.3	)		0.6			0.3			-			(0.1	)
Annualized ROE		10.2			12.9			10.1			9.8			11.5			11.5			10.9
Exclude: Net realized (gains) losses, net of tax at 35%		(0.3	)		0.2			1.3			(0.6	)		(0.3	)		-			0.1
Annualized Operating ROE*		9.9	%		13.1			11.4			9.2			11.2			11.5			11.0

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			-
3.03% Borrowings from FHLBI		60.0			60.0			60.0			-			-			60.0			-
0.63% Borrowings from FHLBI		-			-			-			-			15.0			-			15.0
1.25% Borrowings from FHLBI		-			-			-			45.0			45.0			-			45.0
7.25% Senior notes		49.7			49.7			49.6			49.6			49.6			49.7			49.6
6.70% Senior notes		99.0			99.0			99.0			98.9			98.9			99.0			98.9
5.875% Senior notes		180.2			180.2			180.1			180.0			179.9			180.2			179.9
Total debt		438.9			438.8			438.7			423.6			388.4			438.9			388.4
Stockholders' equity		1,652.6			1,592.6			1,531.4			1,574.9			1,552.7			1,652.6			1,552.7
Total capitalization	$	2,091.5			2,031.4			1,970.1			1,998.5			1,941.1			2,091.5			1,941.1
Ratio of debt to total capitalization		21.0	%		21.6			22.3			21.2			20.0			21.0			20.0

Policyholders' surplus	$	1,653.2			1,622.3			1,583.8			1,551.2			1,506.5			1,653.2			1,506.5

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

Note: Amounts may not foot due to rounding

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INSURANCE OPERATIONS

STATEMENT OF OPERATIONS

(Unaudited)

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

Underwriting results
Net premiums written	$	613.8			598.7			515.0			578.8			578.1			1,212.5			1,143.5
Change in net premiums written, from comparable prior year period		6	%		6			9			6			9			6			9

Net premiums earned	$	568.0			560.9			552.8			542.4			531.9			1,128.9			1,054.4
Losses and loss expenses incurred		341.6			317.5			322.9			316.3			298.5			659.0			595.6
Net underwriting expenses incurred		194.2			194.3			194.8			193.6			188.1			388.5			370.8
Dividends to policyholders		1.9			(0.1	)		(0.2	)		0.5			1.6			1.8			3.3
GAAP underwriting gain	$	30.3			49.2			35.2			32.0			43.8			79.5			84.7


Catastrophe losses	$	29.3			12.2			26.6			10.4			8.4			41.5			22.8
(Favorable) prior years' casualty reserve development		(14.3	)		(14.4	)		(23.0	)		(19.0	)		(10.0	)		(28.7	)		(27.0	)

Underwriting ratios
Loss and loss expenses ratio		60.2	%		56.6			58.4			58.3			56.1			58.4			56.5
Underwriting Expense ratio		34.2			34.6			35.2			35.7			35.4			34.4			35.2
Dividends to policyholders ratio		0.3			-			-			0.1			0.3			0.2			0.3
Combined ratio		94.7	%		91.2			93.6			94.1			91.8			93.0			92.0


Catastrophe losses		5.2	pts		2.2			4.8			1.9			1.6			3.7			2.2
(Favorable) prior years' casualty reserve development		(2.5	) pts		(2.6	)		(4.2	)		(3.5	)		(1.9	)		(2.5	)		(2.6	)
Combined ratio before catastrophes		89.5	%		89.0			88.8			92.2			90.2			89.3			89.8

Combined ratio before catastrophes and prior years' development		92.0			91.6			93.0			95.7			92.1			91.8			92.4

Other Statistics
Non-catastrophe property losses	$	73.3			71.4			70.0			78.5			64.3			144.7			130.8
Non-catastrophe property losses		12.9	pts		12.7			12.7			14.5			12.1			12.8			12.4
Direct new business	$	136.1			124.7			123.8			125.4			130.5			260.8			248.1

Note: Amounts may not foot due to rounding.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

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

Underwriting results
Net premiums written	$	478.9			483.5			392.2			449.5			449.0			962.5			904.1
Change in net premiums written, from comparable prior year period		7	%		6			10			9			9			6			9

Net premiums earned	$	443.6			438.4			429.7			421.6			411.3			882.0			814.2
Losses and loss expenses incurred		252.9			241.6			230.3			238.2			221.6			494.4			445.0
Net underwriting expenses incurred		154.0			154.4			154.4			152.7			147.9			308.4			294.8
Dividends to policyholders		1.9			(0.1	)		(0.2	)		0.5			1.6			1.8			3.3
GAAP underwriting gain	$	34.8			42.5			45.2			30.1			40.2			77.3			71.1

Catastrophe losses	$	17.0			6.9			13.6			6.2			3.6			23.9			15.3
(Favorable) prior years' casualty reserve development		(17.3	)		(16.4	)		(28.5	)		(19.0	)		(12.0	)		(33.7	)		(30.0	)


Underwriting ratios
Loss and loss expenses ratio		57.1	%		55.1			53.6			56.5			53.9			56.0			54.7
Underwriting expense ratio		34.7			35.2			35.9			36.3			35.9			35.0			36.2
Dividends to policyholders ratio		0.4			-			-			0.1			0.4			0.2			0.4
Combined ratio		92.2	%		90.3			89.5			92.9			90.2			91.2			91.3


Catastrophe losses		3.8	pts		1.6			3.2			1.5			0.9			2.7			1.9
(Favorable) prior years' casualty reserve development		(3.9	) pts		(3.7	)		(6.6	)		(4.5	)		(2.9	)		(3.8	)		(3.7	)
Combined ratio before catastrophes		88.4	%		88.7			86.3			91.4			89.3			88.5			89.4

Combined ratio before catastrophes and prior years' development		92.3			92.4			92.9			95.9			92.2			92.3			93.1

Other statistics
Non-catastrophe property losses	$	48.2			49.8			45.6			51.6			41.6			98.0			85.2
Non-catastrophe property losses		10.9	pts		11.4			10.6			12.2			10.1			11.1			10.5
Direct new business	$	98.0			89.5			85.2			89.2			95.5			187.5			183.2
Renewal pure price increases		3.1	%		3.0			2.7			2.5			2.6			3.1			2.7
Retention		83	%		85			84			84			83			83			83

Note: Amounts may not foot due to rounding.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD PERSONAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

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

Underwriting results
Net premiums written	$	78.1			64.7		68.1			76.2			75.6			142.8			137.5
Change in net premiums written, from comparable prior year period		3	%		4		3			(1	)		(1	)		4			(2	)

Net premiums earned	$	71.7			71.2		70.9			68.7			70.8			142.9			141.0
Losses and loss expenses incurred		54.7			44.3		54.3			41.6			42.2			99.0			81.9
Net underwriting expenses incurred		22.7			21.8		23.2			22.8			22.5			44.5			44.4
GAAP underwriting (loss) gain	$	(5.8	)		5.1		(6.6	)		4.3			6.1			(0.7	)		14.7

Catastrophe losses	$	9.4			3.9		11.4			2.5			2.1			13.3			4.3
Unfavorable prior years' casualty reserve development		3.0			2.0		2.5			-			-			5.0			-


Underwriting ratios
Loss and loss expenses ratio		76.3	%		62.2		76.5			60.5			59.6			69.3			58.1
Underwriting expense ratio		31.7			30.6		32.8			33.3			31.8			31.2			31.5
Combined ratio		108.0	%		92.8		109.3			93.8			91.4			100.5			89.6


Catastrophe losses		13.0	pts		5.5		16.0			3.6			3.0			9.3			3.1
Unfavorable prior years' casualty reserve development		4.2	pts		2.8		3.5			—			—			3.5			—
Combined ratio before catastrophes		95.0	%		87.3		93.3			90.2			88.4			91.2			86.5

Combined ratio before catastrophes and prior years' development		90.8			84.5		89.8			90.2			88.4			87.7			86.5

Other Statistics
Non-catastrophe property losses	$	20.0			16.3		17.6			18.9			18.4			36.4			34.7
Non-catastrophe property losses		27.9	pts		22.9		24.8			27.6			25.9			25.4			24.6
Direct new business	$	13.2			11.4		10.7			12.0			9.6			24.6			17.0
Renewal pure price increases		2.6	%		2.7		4.1			4.7			5.2			2.7			5.1
Retention		84	%		84		84			83			83			84			82

Note: Amounts may not foot due to rounding.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

EXCESS AND SURPLUS LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

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

Underwriting results
Net premiums written	$	56.8			50.5		54.8			53.0			53.6			107.2		101.9
Change in net premiums written, from comparable prior year period		6	%		4		6			(2	)		18			5		23

Net premiums earned	$	52.8			51.2		52.1			52.2			49.8			104.0		99.2
Losses and loss expenses incurred		34.0			31.6		38.3			36.5			34.6			65.6		68.7
Net underwriting expenses incurred		17.5			18.1		17.3			18.1			17.7			35.5		31.6
GAAP underwriting gain (loss)	$	1.3			1.6		(3.5	)		(2.4	)		(2.5	)		2.9		(1.1	)

Catastrophe losses	$	3.0			1.4		1.6			1.7			2.7			4.4		3.2
Unfavorable prior years' casualty reserve development		-			-		3.0			-			2.0			-		3.0


Underwriting ratios
Loss and loss expenses ratio		64.4	%		61.7		73.5			69.9			69.5			63.0		69.3
Underwriting expense ratio		33.1			35.2		33.1			34.6			35.6			34.2		31.8
Combined ratio		97.5	%		96.9		106.6			104.5			105.1			97.2		101.1


Catastrophe losses		5.7	pts		2.7		3.1			3.3			5.4			4.2		3.2
Unfavorable prior years' casualty reserve development		-	pts		-		5.8			-			4.0			-		3.0
Combined ratio before catastrophes		91.8	%		94.2		103.5			101.2			99.7			93.0		97.9

Combined ratio before catastrophes and prior years' development		91.8			94.2		97.7			101.2			95.7			93.0		94.9

Other Statistics
Non-catastrophe property losses	$	5.1			5.3		6.8			7.9			4.4			10.4		10.8
Non-catastrophe property losses		9.7	pts		10.3		13.0			15.2			8.7			10.0		10.9
Direct new business	$	24.9			23.8		27.9			24.2			25.4			48.7		47.9
Price increases		3.7	%		7.1		4.6			5.8			4.3			5.6		4.1

Note: Amounts may not foot due to rounding.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INVESTMENT INCOME

(Unaudited)

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

Net Investment Income
Fixed income securities
Taxable	$	28.4		27.5		23.9		22.5		21.2		55.8		42.2
Tax-exempt		9.3		9.4		9.6		10.0		10.6		18.7		21.2
Total fixed income securities		37.7		36.9		33.5		32.5		31.8		74.6		63.4
Equity securities		1.4		1.5		1.4		1.5		2.2		2.9		4.4
Other investments		5.2		1.6		3.0		1.6		(0.6	)	6.8		(1.7	)
Short-term investments		0.4		0.3		0.2		0.2		0.1		0.6		0.3
Investment income		44.7		40.2		38.1		35.8		33.5		84.9		66.5
Investment expenses		(3.3	)	(2.8	)	(2.6	)	(2.4	)	(2.3	)	(6.1	)	(4.5	)
Investment tax expense		(11.1	)	(10.0	)	(9.0	)	(8.5	)	(7.7	)	(21.1	)	(14.9	)
Total net investment income, after-tax	$	30.3		27.5		26.4		24.9		23.5		57.8		47.1

Net realized capital gains (losses)
Fixed income securities	$	2.6		2.0		(6.8	)	2.2		0.4		4.6		0.9
Equity securities		0.3		-		3.1		1.9		2.0		0.4		2.3
Short term		-		-		-		-		-		-		-
Other investments		-		0.5		-		-		-		0.5		-
Gross gains (losses)		3.0		2.4		(3.7	)	4.0		2.3		5.4		3.2
Other-than-temporary impairment losses		(1.2	)	(3.5	)	(4.0	)	(0.3	)	(0.5	)	(4.7	)	(4.1	)
Total net realized capital gains (losses)	$	1.7		(1.0	)	(7.7	)	3.7		1.8		0.7		(0.9	)

Change in unrealized gains (losses)	$	34.0		27.2		(110.0	)	(16.7	)	53.9		61.2		122.2

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

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


Effective tax rate on net investment income		26.9	%	26.6		25.5		25.4		24.6		26.8		24.0
New money purchase rates for fixed income securities, before-tax		3.0		3.1		3.0		2.9		3.5		3.1		3.0
New money purchase rates for fixed income securities, after-tax		2.2		2.1		2.1		2.0		2.4		2.1		2.1
Effective duration of fixed income portfolio including short term (in years)		3.7		3.6		3.8		3.7		3.7		3.7		3.7

Note: Amounts may not foot due to rounding.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED COMPOSITION OF INVESTED ASSETS

(Unaudited)

	June 30,					March 31,				December 31,				September 30,				June 30,
	2017					2017				2016				2016				2016
($ in millions)	Amount		Percent			Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent

Fixed income securities, at fair value	$	5,094.3		92.5	%		4,955.4		90.7		4,897.8		91.2		4,968.6		92.5		4,838.8		91.8
Equity securities, at fair value		161.7		2.9			154.9		2.8		146.8		2.7		147.3		2.7		152.9		2.9
Other investments		116.4		2.1			106.8		2.0		102.4		1.9		88.5		1.6		76.1		1.4
Short-term investments		133.7		2.4			247.2		4.5		221.7		4.1		169.6		3.2		205.5		3.9
Total investments	$	5,506.1		100.0	%		5,464.3		100.0		5,368.6		100.0		5,374.0		100.0		5,273.3		100.0

Fixed income portfolio, at carry value
U.S. government obligations	$	68.0		1.3	%		88.3		1.8		77.3		1.6		89.9		1.8		96.2		2.0
Foreign government obligations		18.7		0.4			32.6		0.7		26.9		0.5		9.5		0.2		9.0		0.2
State and municipal		1,458.7		28.7			1,349.9		27.3		1,457.4		29.8		1,551.5		31.3		1,594.2		33.0
Corporate		1,840.1		36.1			1,850.2		37.4		2,020.3		41.3		2,219.7		44.7		2,061.9		42.7
Collateralized loan obligations ("CLOs") and other asset-backed securities ("ABS")		702.5		13.8			678.4		13.7		529.0		10.8		284.5		5.7		258.8		5.4
Residential mortgage-backed securities ("RMBS")		724.0		14.2			688.6		13.9		525.2		10.7		538.9		10.9		551.6		11.4
Commercial mortgage-backed securities ("CMBS")		279.2		5.5			263.8		5.3		258.0		5.3		269.1		5.4		260.4		5.4
Total fixed income securities	$	5,091.2		100.0	%		4,951.8		100.0		4,894.1		100.0		4,963.0		100.0		4,832.1		100.0

Weighted average credit quality
Investment grade credit quality	$	4,944.2		97.1	%		4,807.3		97.0		4,747.7		96.9		4,805.6		96.7		4,755.6		98.3
Non-investment grade credit quality		150.1		2.9			148.1		3.0		150.0		3.1		163.1		3.3		83.3		1.7
Total fixed income securities, at fair value	$	5,094.3		100.0	%		4,955.4		100.0		4,897.9		100.0		4,968.6		100.0		4,838.9		100.0

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


Expected maturities of fixed income securities at carry value
Due in one year or less	$	341.0		6.7	%		371.4		7.5		429.6		8.8		550.3		11.1		567.3		11.7
Due after one year through five years		2,124.7		41.7			2,026.9		40.9		2,179.1		44.5		2,466.0		49.7		2,491.1		51.6
Due after five years through 10 years		2,388.0		46.9			2,302.5		46.5		2,099.2		42.9		1,831.6		36.9		1,657.9		34.3
Due after 10 years		237.6		4.7			251.0		5.1		186.2		3.8		115.1		2.3		115.8		2.4
Total fixed income securities	$	5,091.2		100.0	%		4,951.8		100.0		4,894.1		100.0		4,963.0		100.0		4,832.1		100.0






Alternative investments	June 30, 2017
	Number		Original			Remaining		Current
Strategy	of Funds		Commitment			Commitment		Market Value
Private equity		22	$	182.8			76.0		46.9
Private credit		12		126.0			57.4		29.9
Real assets		8		99.0			31.2		20.8
Total		42	$	407.8			164.7		97.7

Note: Amounts may not foot due to rounding.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Combined Insurance Company Subsidiaries

Statutory Results by Line of Business

Quarter Ended June 30, 2017

(Unaudited)

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

Homeowners	$	35,095		(2.5	) %	$	32,467		(2.8	) %		65.8			9.2			34.0			-		109.0			84.4		$	(3,829	)
Auto		41,071		8.2			37,663		5.0			67.7			10.8			33.0			-		111.5			104.3			(5,439	)
Other (including flood)		1,941		19.2			1,542		0.7			87.9			(32.6	)		(127.7	)		-		(72.2	)		(129.2	)		3,162
Total	$	78,107		3.3		$	71,672		1.2			67.2			9.2			29.5			-		105.9			89.9		$	(6,106	)

Standard Commercial Lines:

Commercial property		81,971		3.3			78,052		6.1			58.2			5.6			37.5			0.1		101.4			78.2			(2,572	)
Workers compensation		81,354		2.9			79,460		5.6			33.0			16.2			26.9			2.2		78.3			87.7			16,744
General liability		158,721		9.1			141,503		9.5			30.0			14.7			33.7			-		78.4			83.5			24,763
Auto		119,063		9.3			108,316		9.5			71.6			11.3			31.1			0.1		114.1			107.0			(18,643	)
Businessowners' policies		25,121		(0.6	)		24,989		1.4			32.5			11.3			38.0			-		81.8			82.4			4,490
Bonds		8,363		22.2			6,986		23.3			(17.6	)		6.3			53.2			-		41.9			74.6			3,323
Other		4,324		5.9			4,288		8.8			(0.2	)		(0.1	)		56.6			-		56.3			56.4			1,852
Total	$	478,917		6.7		$	443,594		7.9			44.8			12.1			33.3			0.4		90.6			88.6		$	29,957

E&S	$	56,790		6.0		$	52,764		5.9			51.5			12.8			32.7			-		97.0			102.7		$	251

Total Insurance Operations	$	613,814		6.2		$	568,030		6.8			48.2			11.8			32.8			0.3		93.1			90.1		$	24,102

Note: Amounts may not foot due to rounding.

				2017			2016
	Losses Paid		$	253,507		$	241,720
	LAE Paid			53,969			51,045
	Total Paid		$	307,476		$	292,765

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Combined Insurance Company Subsidiaries

Statutory Results by Line of Business

Year-to-Date Ended June 30, 2017

(Unaudited)

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

Homeowners	$	61,630		(1.5	) %	$	65,167		(1.7	) %		52.3			8.8			36.3			-			97.4			85.0		$	3,001
Auto		77,791		8.1			74,613		4.1			66.8			10.8			33.2			-			110.8			104.5			(9,114	)
Other (including flood)		3,382		12.8			3,093		1.2			71.4			(28.5	)		(137.7	)		-			(94.9	)		(136.1	)		6,426
Total	$	142,803		3.8		$	142,873		1.3			60.2			9.1			30.5			-			99.8			90.1		$	313

Standard Commercial Lines:

Commercial property		162,474		4.8			154,443		7.4			50.8			5.4			37.6			(0.2	)		93.7			84.8			6,747
Workers compensation		173,194		1.6			158,786		5.0			44.0			14.9			26.4			1.6			86.9			84.3			16,989
General liability		313,858		8.2			281,487		9.4			31.0			11.0			33.9			(0.1	)		75.8			83.4			57,058
Auto		236,449		8.9			215,445		10.9			67.7			10.9			31.4			(0.1	)		109.9			106.0			(28,027	)
Businessowners' policies		51,321		2.5			49,834		2.6			39.4			11.3			37.6			-			88.3			88.6			5,283
Bonds		16,154		26.5			13,484		21.2			(3.8	)		6.4			52.6			-			55.2			77.8			4,638
Other		9,015		5.4			8,529		9.7			(0.2	)		0.1			55.7			-			55.6			55.1			3,513
Total	$	962,465		6.5		$	882,008		8.3			45.4			10.6			33.3			0.2			89.5			89.1		$	66,201

E&S	$	107,250		5.3		$	104,003		4.8			48.6			14.6			33.3			-			96.5			100.6		$	2,598

Total Insurance Operations	$	1,212,518		6.0		$	1,128,884		7.1			47.6			10.6			33.0			0.2			91.4			90.4		$	69,111

Note: Amounts may not foot due to rounding.

			2017			2016
	Losses Paid		$	495,486		$	452,393
	LAE Paid			102,482			97,169
	Total Paid		$	597,968		$	549,562

Selective Insurance Group, Inc. & Consolidated Subsidiaries

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

(Unaudited)

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

Reconciliation of net income to operating income
Net income	$	41.4			50.4			39.4			38.5			43.6			91.9			80.6
Exclude: Net realized (gains) losses		(1.7	)		1.0			7.7			(3.7	)		(1.8	)		(0.7	)		0.9
Exclude: Tax on net realized (gains) losses		0.6			(0.4	)		(2.7	)		1.3			0.7			0.2			(0.3	)
Operating income	$	40.3			51.1			44.4			36.1			42.5			91.4			81.2


Reconciliation of net income per diluted share to operating income per diluted share
Net income per diluted share	$	0.70			0.85			0.67			0.66			0.74			1.55			1.38
Exclude: Net realized (gains) losses		(0.03	)		0.02			0.13			(0.06	)		(0.03	)		(0.01	)		0.02
Exclude: Tax on net realized (gains) losses		0.01			(0.01	)		(0.05	)		0.02			0.01			-			(0.01	)
Operating income per diluted share	$	0.68			0.86			0.75			0.62			0.72			1.54			1.39


Reconciliation of annualized ROE to annualized operating ROE
Annualized ROE		10.2	%		12.9			10.1			9.8			11.5			11.5			10.9
Exclude: Net realized (gains) losses		(0.4	)		0.3			2.0			(0.9	)		(0.5	)		(0.1	)		0.1
Exclude: Tax on net realized (gains) losses		0.1			(0.1	)		(0.7	)		0.3			0.2			0.1			-
Annualized operating ROE		9.9	%		13.1			11.4			9.2			11.2			11.5			11.0

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

Note: Amounts may not foot due to rounding.

Selective Insurance Group, Inc. & Consolidated Subsidiaries

RATINGS AND CONTACT INFORMATION

Address:

As of June 30, 2017

40 Wantage Avenue

A.M. Best

Standard & Poor’s

Moody's

Fitch

Branchville, NJ 07890

Financial Strength Ratings:

A+

Corporate Website:

Long-Term Debt Credit Rating

bbb+

BBB

Baa2

BBB+

www.Selective.com

Investor Contact:

Rohan Pai

REGISTRAR AND TRANSFER AGENT

Senior Vice President

Wells Fargo Shareowner Services

Investor Relations & Treasurer

P.O. Box 64854

Phone: 973-948-1364

St. Paul, MN 55164

Rohan.Pai@Selective.com

866-877-6351

Media Contact:

Jamie M. Beal

Assistant Vice President

Director of Communications

Phone: 973-948-1234

Jamie.Beal@Selective.com

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