1Q 2024 Financial Supplement

Exhibit 99.2

FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

Forward-Looking Statements

Certain statements in this report, including information incorporated by reference, are "forward-looking statements" defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," "continue," or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, except as may be required by law.

Factors that could cause our actual results to differ materially from what we project, forecast, or estimate in forward-looking statements include, without limitation:

Challenging conditions in the economy, global capital markets, the banking sector, and commercial real estate, including prolonged higher inflation, could increase loss costs and negatively impact investment portfolios;
Deterioration in the public debt, public equity, or private investment markets that could lead to investment losses and interest rate fluctuations;
Ratings downgrades on individual securities we own could affect investment values and, therefore, statutory surplus;
The adequacy of our loss reserves and loss expense reserves;
Frequency and severity of catastrophic events, including natural events that may be impacted by climate change, such as hurricanes, severe convective storms, tornadoes, windstorms, earthquakes, hail, severe winter weather, floods, and fires, and man-made events such as criminal and terrorist acts, including cyber-attacks, explosions, and civil unrest;
Adverse market, governmental, regulatory, legal, political, or judicial conditions or actions, including social inflation;
The significant geographic concentration of our business in the easteportion of the United States;
The cost, terms and conditions, and availability of reinsurance;
Our ability to collect on reinsurance and the solvency of our reinsurers;
The impact of changes in U.S. trade policies and imposition of tariffs on imports that may lead to higher than anticipated inflationary trends for our loss and loss expenses;
Related to COVID-19, we have successfully defended against payment of COVID-19-related business interruption losses based on our policies' terms, conditions, and exclusions. However, should the highest courts determine otherwise, our loss and loss expenses may increase, our related reserves may not be adequate, and our financial condition and liquidity may be materially impacted.
Ongoing wars and conflicts impacting global economic, banking, commodity, and financial markets, exacerbating ongoing economic challenges, including inflation and supply chain disruption, which influences insurance loss costs, premiums, and investment valuations;
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;
The effects of data privacy or cyber security laws and regulations on our operations;
Major defect or failure in our internal controls or information technology and application systems that result in harm to our brand in the marketplace, increased senior executive focus on crisis and reputational management issues, and/or increased expenses, particularly if we experience a significant privacy breach;
Potential tax or federal financial regulatory reform provisions that could pose certain risks to our operations;
Our ability to maintain favorable financial ratings, which may include sustainability considerations, from rating agencies, including AM 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 our Annual Report on Form 10-K and other periodic reports.

Selective Insurance Group, Inc. & Consolidated Subsidiaries
TABLE OF CONTENTS
	Page
Consolidated Financial Highlights	1
Consolidated Statements of Operations	2
Consolidated Balance Sheets	3
Financial Metrics	4
Consolidated Insurance Operations Statement of Operations	5
Standard Commercial Lines Statement of Operations and Supplemental Data	6
Standard Commercial Lines GAAP Line of Business Results	7
Standard Personal Lines Statement of Operations and Supplemental Data	8
Standard Personal Lines GAAP Line of Business Results	9
Excess and Surplus Lines Statement of Operations and Supplemental Data	10
Excess and Surplus Lines GAAP Line of Business Results	11
Consolidated Investment Income	12
Consolidated Composition of Invested Assets	13
Credit Quality of Invested Assets	14
Reconciliation of Net Income Available to Common Stockholders to Non-GAAP Operating Income and
	15
Certain OtherNon-GAAPMeasures
Ratings and Contact Information	16

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

				Quarter ended
	Mar. 31,		Dec. 31,			Sept. 30,	June 30,	Mar. 31,
($ and shares in millions, except per share data)	2024	2023	2023	2023	2023
For Period Ended

Gross premiums written Net premiums written

Change in net premiums written, from comparable prior year period

Underwriting income (loss), before-tax Net investment income earned, before-tax

Net realized and unrealized investment gains (losses), before-tax

Net income

Net income available to common stockholders(1)

Non-GAAP operating income(2)

At Period End

Total assets

Total invested assets

Stockholders' equity

Common stockholders' equity(3)

Common shares outstanding

Per Share and Share Data

Net income available to common stockholders per common share (diluted) Non-GAAP operating income per common share (diluted)(2)

Weighted average common shares outstanding (diluted) Book value per common share

Adjusted book value per common share(2) Dividends paid per common share

Financial Ratios

Loss and loss expense ratio

Underwriting expense ratio

Dividends to policyholders ratio

GAAP combined ratio

Retuon common stockholders' equity ("ROE")

Non-GAAP operating ROE(2)

Debt to total capitalization

Net premiums written to policyholders' surplus

Invested assets per dollar of common stockholders' equity

1,321.9
1,156.6
16 %

19.0
107.8
(1.6)

82.5
80.2
81.5

12,056.1

8,745.7

3,006.5

2,806.5

60.8

1.31
1.33
61.2

46.17
50.97
0.35

67.0 %

30.9

0.3

98.2 %

11.5

11.7

14.3

1.55

3.12

1,149.7	1,223.5	1,238.1	1,138.2
991.5	1,058.3	1,084.9	999.8
17	17	17	12
63.6	31.6	(1.5)	39.2
98.6	100.9	97.7	91.5
5.4	(6.9)	(5.4)	3.3
124.8	89.2	58.6	92.6
122.5	86.9	56.3	90.3
118.3	92.3	60.6	87.6
11,802.5	11,428.0	11,217.2	11,015.0
8,693.7	8,195.9	8,133.2	8,029.4
2,954.4	2,644.4	2,671.4	2,669.4
2,754.4	2,444.4	2,471.4	2,469.4
60.6	60.6	60.6	60.5
2.01	1.42	0.92	1.48
1.94	1.51	0.99	1.44
61.0	61.0	60.9	60.9
45.42	40.35	40.81	40.82
50.03	48.54	47.34	46.61
0.35	0.30	0.30	0.30
62.4	65.8	68.6	62.9
31.1	30.9	31.4	32.6
0.2	0.1	0.2	0.2
93.7		96.8		100.2	95.7
18.9	14.1	9.1	15.1
18.2	15.0	9.8	14.6
14.6	16.0	15.9	15.9
1.51	1.53	1.52	1.46
3.16	3.35	3.29	3.25

Net income available to common stockholders is net income reduced by preferred stock dividends.
Non-GAAPmeasure. Refer to Page 15 for definition.
Excludes equity related to preferred stock.

Page 1

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

($ and shares in millions, except per share data)

Revenues

Quarter ended

Mar. 31,	Dec. 31,		Sept. 30,		June 30,		Mar. 31,
2024	2023		2023		2023		2023

Net premiums earned

Net investment income earned

Net realized and unrealized gains (losses)

Other income

Total revenues

Expenses

Loss and loss expense incurred

Amortization of deferred policy acquisition costs

Other insurance expenses

Interest expense

Corporate expenses

Total expenses

Income before federal income tax

Federal income tax expense

Net Income

Preferred stock dividends

Net income available to common stockholders

Net realized and unrealized investment (gains) losses, after tax(1)

Non-GAAP operating income(2)

Weighted average common shares outstanding (diluted)

Net income available to common stockholders per common share (diluted)

Non-GAAP operating income per common share (diluted)(2)

$	1,050.9
	107.8
	(1.6)
	7.8
	1,165.0
	704.3
	219.4
	116.0
	7.2
	15.5
	1,062.4
	102.6
	20.0
	82.5
	2.3
	80.2
	1.3

$	81.5
	61.2
$	1.31
$	1.33

1,001.2	981.9	942.2	902.3
98.6	100.9	97.7	91.5
5.4	(6.9)	(5.4)	3.3
5.5		5.2		6.1	2.6
1,110.7	1,081.1	1,040.5	999.8
624.8	645.9	646.1	567.4
210.5	201.1	194.8	189.8
107.8	108.5	108.9	108.6
7.2	7.2	7.3	7.2
3.4		5.9		9.3	12.1
953.7	968.6	966.4	885.1
157.0	112.5	74.2	114.8
32.1		23.3		15.5	22.2
124.8	89.2	58.6	92.6
2.3		2.3		2.3	2.3
122.5	86.9	56.3	90.3
(4.3)	5.4	4.3	(2.6)

118.2		92.3		60.6	87.6
61.0	61.0	60.9	60.9
2.01	1.42	0.92	1.48
1.94	1.51	0.99	1.44

Amounts are provided to reconcile net income available to common stockholders to non-GAAP operating income.
Non-GAAPmeasure. Refer to Page 15 for definition. Note: Amounts may not foot due to rounding.

Page 2

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

		Mar. 31,
($ in millions, except per share data)		2024
ASSETS
Investments
Fixed income securities, held-to-maturity, net of allowance for credit losses	$	20.3
Fixed income securities, available-for-sale, at fair value, net of allowance for credit losses		7,583.5
Commercial mortgage loans, net of allowance for credit losses		208.0
Equity securities, at fair value		194.3
Short-term investments		247.9
Alternative investments		402.7
Other investments		89.0
Total investments		8,745.7
Cash		0.1
Restricted cash		11.7
Accrued investment income		68.0
Premiums receivable, net of allowance for credit losses		1,439.1
Reinsurance recoverable, net of allowance for credit losses		651.4
Prepaid reinsurance premiums		208.0
Deferred federal income tax		144.7
Property and equipment, net of accumulated depreciation and amortization		82.7
Deferred policy acquisition costs		448.3
Goodwill		7.8
Other assets		248.5
Total assets	$	12,056.1
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Reserve for loss and loss expense	$	5,501.8
Unearned premiums		2,441.0
Long-term debt		503.3
Current federal income tax		26.5
Accrued salaries and benefits		97.9
Other liabilities		479.1
Total liabilities	$	9,049.6
Stockholders' Equity
Preferred stock of $0 par value per share	$	200.0
Common stock of $2 par value per share		210.9
Additional paid-in capital		534.3
Retained earnings		3,088.2
Accumulated other comprehensive income (loss)		(385.0)
Treasury stock, at cost		(641.9)
Total stockholders' equity	$	3,006.5
Commitments and contingencies
Total liabilities and stockholders' equity	$	12,056.1

Note: Amounts may not foot due to rounding.

Dec. 31,		Sept. 30,		June 30,	Mar. 31,
2023		2023		2023	2023
22.7	23.2	23.7	24.7
7,499.2	7,027.1	7,032.3	6,964.5
188.4	185.9	175.4	157.2
187.2	125.6	121.6	132.2
309.3	315.0	319.5	302.8
395.8	446.8	389.2	380.0
91.2	72.2	71.5	68.1
8,693.7		8,195.9		8,133.2	8,029.4
0.2	0.1	0.4	0.1
13.1	13.2	20.9	35.5
66.3	62.2	59.4	57.3
1,313.1	1,330.0	1,286.5	1,154.2
656.8	685.3	646.8	667.0
203.3	205.2	190.4	174.6
140.2	199.3	171.9	158.1
83.3	81.4	81.3	83.4
424.9	425.8	413.8	387.9
7.8	7.8	7.8	7.8
199.8	221.7	204.8	259.5
11,802.5		11,428.0		11,217.2	11,015.0
5,336.9	5,301.4	5,177.0	5,099.5
2,330.7	2,342.2	2,251.0	2,092.4
503.9	504.6	503.6	504.2
6.3	2.5	2.6	20.3
122.0	114.2	92.0	88.8
548.4	518.6	519.6	540.5
8,848.2		8,783.5		8,545.8	8,345.6
200.0	200.0	200.0	200.0
210.4	210.3	210.3	210.1
522.7	516.9	512.0	502.7
3,029.4	2,928.2	2,859.6	2,821.6
(373.0)	(575.9)	(475.7)	(430.3)
(635.2)	(635.1)	(634.8)	(634.7)
2,954.4		2,644.4		2,671.4	2,669.4
11,802.5		11,428.0		11,217.2	11,015.0

Page 3

Selective Insurance Group, Inc. & Consolidated Subsidiaries

FINANCIAL METRICS

(Unaudited)

						Quarter ended
		Mar. 31,			Dec. 31,		Sept. 30,		June 30,		Mar. 31,
($ and shares in millions, except per share data)		2024		2023	2023	2023	2023
Book value per common share
Common stockholders' equity	$	2,806.5		2,754.4	2,444.4	2,471.4	2,469.4
Common shares issued and outstanding, at period end		60.8		60.6	60.6	60.6	60.5
Book value per common share	$	46.17			45.42		40.35	40.81		40.82
Adjusted book value per common share(2)		50.97		50.03	48.54	47.34	46.61
Financial results (after-tax)
Underwriting income (loss)		15.0		50.2	25.0	(1.2)	31.0
Net investment income		85.6		78.4	80.2	77.8	73.1
Interest expense and preferred stock dividends		(8.0)		(8.0)	(8.0)	(8.0)	(8.0)
Corporate expense		(11.2)		(2.4)	(4.9)	(8.0)	(8.4)
Net realized and unrealized investment gains (losses)		(1.3)		4.3	(5.4)	(4.3)	2.6
Total after-tax net income available to common stockholders		80.2			122.5		86.9		56.3		90.3
Retuon average equity
Insurance segments		2.2	%	7.7	4.1	(0.2)	5.2
Net investment income		12.3		12.1	13.1	12.6	12.2
Interest expense and preferred stock dividends		(1.1)		(1.2)	(1.3)	(1.3)	(1.3)
Corporate expense		(1.7)		(0.4)	(0.9)	(1.3)	(1.5)
Net realized and unrealized investment gains (losses)		(0.2)		0.7	(0.9)	(0.7)	0.5
ROE		11.5			18.9		14.1		9.1		15.1
Net realized and unrealized (gains) losses(1)		0.2		(0.7)	0.9	0.7	(0.5)
Non-GAAP Operating ROE(2)		11.7	%		18.2		15.0		9.8		14.6
Debt and total capitalization
Notes payable:
3.03% Borrowings from Federal Home Loan Bank of Indianapolis		60.0		60.0	60.0	60.0	60.0
7.25% Senior Notes		49.8		49.8	49.8	49.8	49.8
6.70% Senior Notes		99.4		99.3	99.3	99.3	99.3
5.375% Senior Notes		292.2		292.2	292.1	292.0	292.0
Finance Lease Obligations		1.9		2.6	3.4	2.5	3.1
Total debt		503.3			503.9		504.6		503.6		504.2
Stockholders' equity		3,006.5		2,954.4	2,644.4	2,671.4	2,669.4
Total capitalization	$	3,509.8			3,458.3		3,149.0		3,175.0		3,173.6
Ratio of debt to total capitalization		14.3	%	14.6	16.0	15.9	15.9
Policyholders' surplus	$	2,777.3		2,742.3	2,612.5	2,525.2	2,518.3

Amounts are provided to reconcile ROE to non-GAAP operating ROE.
Non-GAAPmeasure. Refer to Page 15 for definition. Note: Amounts may not foot due to rounding.

Page 4

Selective Insurance Group, Inc. & Consolidated Subsidiaries

CONSOLIDATED INSURANCE OPERATIONS

STATEMENT OF OPERATIONS

(Unaudited)

					Quarter ended
		Mar. 31,			Dec. 31,		Sept. 30,		June 30,	Mar. 31,
($ in millions)		2024		2023	2023	2023	2023
Underwriting results

Net premiums written	$	1,156.6		991.5	1,058.3	1,084.9	999.8
Change in net premiums written, from comparable prior year period		16	%	17	17	17	12
Net premiums earned	$	1,050.9		1,001.2	981.9	942.2	902.3
Losses and loss expenses incurred		704.3		624.8	645.9	646.1	567.4
Net underwriting expenses incurred		324.4		311.1	303.1	295.7	293.9
Dividends to policyholders		3.3			1.8		1.4		1.8	1.8
GAAP underwriting income (loss)	$	19.0			63.6		31.6		(1.5)	39.2
Net catastrophe losses	$	55.2		24.6	64.6	100.0	55.3
(Favorable) unfavorable prior year casualty reserve development		35.0		10.0		-	(3.5)	(13.0)
Underwriting ratios
Loss and loss expense ratio		67.0	%	62.4	65.8	68.6	62.9
Underwriting expense ratio		30.9		31.1	30.9	31.4	32.6
Dividends to policyholders ratio		0.3			0.2		0.1		0.2	0.2
Combined ratio		98.2	%		93.7		96.8		100.2	95.7
Net catastrophe losses		5.3	pts	2.5	6.6	10.6	6.1
(Favorable) unfavorable prior year casualty reserve development		3.3			1.0		-		(0.4)	(1.4)
Combined ratio before net catastrophe losses		92.9	%	91.2	90.2	89.6	89.6
Combined ratio before net catastrophe losses and prior year casualty development		89.6	%	90.2	90.2	90.0	91.0
Other Statistics
Non-catastropheproperty loss and loss expenses	$	171.2		172.1	172.8	157.2	148.2
Non-catastropheproperty loss and loss expenses		16.3	pts	17.2	17.6	16.7	16.4
Direct new business	$	260.8		232.7	232.3	241.6	216.9
Renewal pure price increases		8.1	%	7.4	7.0	6.4	6.6

Note: Amounts may not foot due to rounding.

Page 5

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

STATEMENT OF OPERATIONS AND SUPPLEMENTAL DATA

(Unaudited)

						Quarter ended
		Mar. 31,			Dec. 31,			Sept. 30,	June 30,	Mar. 31,
($ in millions)		2024		2023	2023	2023	2023
Underwriting results

Net premiums written	$	931.7		764.3	833.6	870.1	813.3
Change in net premiums written, from comparable prior year period		15	%	13	15	14	10
Net premiums earned	$	834.1		792.1	785.3	762.7	731.6
Losses and loss expenses incurred		555.8		482.6	493.8	495.5	447.3
Net underwriting expenses incurred		264.6		252.9	248.9	243.2	243.6
Dividends to policyholders		3.3			1.8			1.4	1.8	1.8
GAAP underwriting income (loss)	$	10.4			54.9			41.3	22.1	38.9
Net catastrophe losses	$	38.5		16.1	36.7	62.6	35.1
(Favorable) unfavorable prior year casualty reserve development		35.0		5.0	(3.0)	(7.5)	(10.0)
Underwriting ratios
Loss and loss expense ratio		66.7	%	61.0	62.8	65.0	61.2
Underwriting expense ratio		31.7		31.9	31.7	31.9	33.3
Dividends to policyholders ratio		0.4			0.2			0.2	0.2	0.2
Combined ratio		98.8	%		93.1			94.7	97.1	94.7
Net catastrophe losses		4.6	pts	2.0	4.7	8.2	4.8
(Favorable) unfavorable prior year casualty reserve development		4.2			0.6			(0.4)	(1.0)	(1.4)
Combined ratio before net catastrophe losses		94.2	%	91.1	90.0	88.9	89.9
Combined ratio before net catastrophe losses and prior year casualty development		90.0	%	90.5	90.4	89.9	91.3
Other Statistics
Non-catastropheproperty loss and loss expenses	$	115.0		122.0	122.8	111.4	105.5
Non-catastropheproperty loss and loss expenses		13.8	pts	15.4	15.6	14.6	14.4
Direct new business	$	172.1		145.2	145.5	159.1	147.7
Renewal pure price increases		7.6	%	7.3	7.1	6.7	7.0
Retention		86		86	86	85	86

Note: Amounts may not foot due to rounding.

Page 6

Selective Insurance Group, Inc. & Consolidated Subsidiaries

STANDARD COMMERCIAL LINES

GAAP LINE OF BUSINESS RESULTS

(Unaudited)

				Quarter ended March 31, 2024								Quarter ended March 31, 2023
	General		Commercial	Commercial	Workers						General	Commercial	Commercial	Workers
($ in millions)	Liability		Auto	Property(1)	Compensation BOP Bonds Other Total		Liability	Auto	Property(1)	Compensation BOP Bonds Other Total
Net premiums written	$307.4		285.6	174.5	98.8	44.7	12.4	8.2	931.7	272.1	240.2	151.6	93.4	36.6	11.8	7.6	813.3
Net premiums earned	273.4		251.7	161.6	87.8	39.9	12.1	7.6	834.1	243.3	217.4	135.3	84.2	33.2	11.4	6.9	731.6
Loss and loss expense ratio	78.8	%	69.7	59.0	52.2	51.9	27.6	0.7	66.7	56.0	74.3	55.1	54.0	80.3	24.8	(0.3)	61.2
Underwriting expense ratio	31.7		29.9	34.6	26.2	34.5	55.2	43.4	31.7	32.8	31.0	37.3	27.4	38.6	57.4	54.6	33.3
Dividend ratio	0.3		0.3	0.5	0.9	-	-	(0.1)	0.4	0.1	0.1	0.2	1.3	-	-	0.1	0.2
Combined ratio	110.8	%	99.9	94.1	79.3	86.4	82.8	44.0	98.8	88.9	105.4	92.6	82.7	118.9	82.2	54.4	94.7
Underwriting income (loss)	$ (29.4)		0.3	9.6	18.2	5.4	2.1	4.3	10.4	27.1	(11.7)	10.1	14.6	(6.3)	2.0	3.1	38.9
(1) Includes Inland Marine.
Note: Amounts may not foot due to rounding.

Page 7

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Selective Insurance Group Inc. published this content on 01 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 10:32:19 UTC.

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