Selective Insurance Group, Inc. · NASDAQ:SIGI
Selective Insurance — Q3 2025 Earnings Presentation
31 slides from Selective Insurance's earnings presentation, Oct 22, 2025
Slide 1: Investor Presentation Third Quarter 2025
INVESTOR PRESENTATION Third Quarter 2025 Copyright © 2025 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT We make certain statements and reference other information in this presentation that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The PSLRA provides a forward-looking statement safe harbor under the Securities Ac
Slide 3: Introduction
INTRODUCTION
Slide 4: Our role in rebuilding lives and businesses
Every day, our interactions with our customers and distribution partners reinforce the importance of our role in rebuilding lives and businesses, making communities safer, and supporting economic expansion. 4
Slide 5: A Leader in U.S. Property & Casualty Insurance
A LEADER IN U.S. PROPERTY & CASUALTY INSURANCE Standard Commercial Lines Segment comprises 79% of Net Premiums Written 5 *Based on 2024 net premiums written in AM Best’s annual list of “Top 200 U.S. Property/Casualty Writers” NASDAQ: SIGI (common stock) NASDAQ: SIGIP (preferred) Investor.Relations@S
Slide 6: Sustainable Competitive Advantages
SUSTAINABLE COMPETITIVE ADVANTAGES 6 NASDAQ: SIGIP (preferred) Our unique operating model that places empowered decision-makers alongside our customers and distribution partners Our ability to develop and integrate sophisticated tools that our front-line employees use to inform risk selection, prici
Slide 7: Differentiated Operating Model
DIFFERENTIATED OPERATING MODEL 7 Unique field model • Underwriting, claims, and safety management specialists placed alongside our customers and distribution partners • Proven ability to develop and integrate actionable tools • Enables effective portfolio management in balancing rate and retention F
Slide 8: Non-GAAP Operating ROE
0% 5% 10% 15% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 SIGI Peer Avg. NON-GAAP OPERATING ROE 8 Note: Peer Average includes CINF, CNA, HIG, THG, TRV, and UFCS Operating ROE 9M25 2024 Investments 13.2% 12.8% Underwriting 2.0% (3.7)% Other (2.6)% (2.0)% Total 12.6% 7.1% Generating RO
Slide 9: Sustained Track Record of Profitability
90% 95% 100% 105% 0 2 4 6 8 10 -Y ea r A ve ra ge C om bi ne d R at io 10-Year Standard Deviation of Combined Ratio 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 94%96%98%100%102%104% 10 -Y ea r N PW C AG R 10-Year Average Combined Ratio NPW CAGR VS. AVERAGE COMBINED RATIO Note: White dots represent P&C peers:
Slide 10: Track Record of Disciplined, Profitable Growth
$- $1 $2 $3 $4 $5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 N PW ($ in b ill io ns ) With current market share of ~1.5% in Commercial Lines, Selective has meaningful runway to deliver above-industry growth TRACK RECORD OF DISCIPLINED, PROFITABLE GROWTH *Compound annual growth rate NET PREMIU
Slide 11: Path for Profitable Growth
11 Transition to mass-affluent well underway Focusing where we believe our strong coverage and servicing capabilities will be more competitive Better aligns our organizational capabilities with a market where we believe we can succeed over the long term PATH FOR PROFITABLE GROWTH Targeting 3% market
Slide 12: 2025 Revised Guidance
2025 REVISED GUIDANCE* 12 GAAP combined ratio 97% to 98% • 4 points of catastrophe losses • Assumes no additional prior year casualty reserve development After-tax net investment income $420 million Overall effective tax rate 21.5% Weighted average diluted shares 61.1 million *As of October 22, 2025
Slide 13: Segment Performance
SEGMENT PERFORMANCE
Slide 14: Standard Commercial Lines
STANDARD COMMERCIAL LINES • Account-based approach with granular data and sophisticated tools to support underwriting decisions • Focus on maintaining underwriting discipline and achieving price adequacy • Targeting renewal pure price increases that reflect forward loss trend expectations • Underwri
Slide 15: Portfolio Approach Drives Business Mix Improvements
80% 85% 90% 95% 0% 4% 8% 12% 16% Excellent Above Average Average Below Average Low & Very Low Re ne w al P ur e Pr ic e Renewal Pure Price Point of Renewal Retention Po in t o f R en ew al R et en tio n PORTFOLIO APPROACH DRIVES BUSINESS MIX IMPROVEMENTS • Portfolio management approach yields higher
Slide 16: Excess & Surplus Lines
EXCESS & SURPLUS LINES • Profitable and growing portfolio of commercial risks • Small and middle market focus with $5,300 average premium per policyholder • Modernized technology platform • ~80 wholesale general agents with limited binding authority within prescribed underwriting and pricing guideli
Slide 17: Standard Personal Lines
• Strategic shift to mass affluent target market well underway • Strong existing product set and servicing capabilities • Aggressive profit improvement plan driven by accelerated pricing and tighter terms and conditions • Decreased policy counts in 2024 and year-to-date 2025 due to rate and underwri
Slide 18: Conservative Investment Portfolio
CONSERVATIVE INVESTMENT PORTFOLIO • Consistent strategy focused on optimizing the economic value of our investment portfolio by achieving stable, risk-adjusted after-tax net investment income and generating long-term growth in book value per share • Risk and return objectives balanced against prevai
Slide 19: Financial Overview
FINANCIAL OVERVIEW
Slide 20: Enterprise Risk Management
6.5 0 2 4 6 8 10 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Po in ts o n th e C om bi ne d R at io ENTERPRISE RISK MANAGEMENT 20 7% 4% 4% 0% 10% 2023 2024 2025 1-IN-250 PROBABLE MAXIMUM LOSS* AS A % OF GAAP EQUITY • St
Slide 21: Prudent Reinsurance Structure
PRUDENT REINSURANCE STRUCTURE 21 • 2025 property catastrophe treaty highlights: o $1.4B exhaustion point and $100M retention o Top layer of $600M x $800M is 75% collateralized o 1-in-250 PML = 4% of GAAP equity o Placed 97% of a new $20M x $20M Personal Lines-only layer • Property excess of loss tre
Slide 22: Disciplined Financial Planning & Reserving Practices
DISCIPLINED FINANCIAL PLANNING & RESERVING PRACTICES 22 Rigorous Results Monitoring Extensive pricing, underwriting, and claims results monitoring provides on-going feedback Detailed Planning Process Detailed ground up premium, expense, and loss planning, with monthly forecasts Specific Underwriting
Slide 23: Other Liability Occurrence Accident Year Loss Ratio
23 OTHER LIABILITY OCCURRENCE ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) Selective P&C Industry Key Initial = initial loss ratio booked for each accident year @ 36 Months = loss ratio at third year-end evaluation YE-24 = loss ratio as of year-end 2024 Data sourced from Schedule P • For more mat
Slide 24: Commercial Auto Liability Accident Year Loss Ratio
24 COMMERCIAL AUTO LIABILITY ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) Selective P&C Industry Similar to Other Liability Occurrence, Commercial Auto liability loss ratios in more mature accident years at 36 months are closer to the loss ratio at the most recent report (year-end 2024) for Selec
Slide 25: Workers Compensation Accident Year Loss Ratio
25 WORKERS COMPENSATION ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) Selective P&C Industry For Workers Compensation, both Selective and Industry have reported favorable development within the first 36 months of an accident year, with additional favorable development after 36 months. Key Initial
Slide 26: Strong Capital Position
STRONG CAPITAL POSITION Generated $1.1 billion of operating cash flow in 2024, up from $759 million in 2023 Year-to-date operating cash flow of $857 million, compared to $768 million in 9M24 26 FINANCIAL STRENGTH RATINGS NPW-to-Surplus ratio of 1.42x at September 30, 2025 We believe investing in org
Slide 27: Balancing Expense Discipline with Strategic Investments
33.0% 31.0% 28% 29% 30% 31% 32% 33% 34% 35% 36% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 G AA P Ex pe ns e R at io BALANCING EXPENSE DISCIPLINE WITH STRATEGIC INVESTMENTS 27 • Recent and current strategic investments include: o New platforms for Small Business and E&S o Claim
Slide 28: Focus on ROE and Growth in Book Value per Share
$22.54 $54.46 $0 $10 $20 $30 $40 $50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Bo ok V al ue p er S ha re FOCUS ON ROE AND GROWTH IN BOOK VALUE PER SHARE 28 *Refer to “Safe Harbor Statement” on page 2 of this presentation for further detail regarding certain non-GAAP financial measures Gener
Slide 29: Progress Through Impact
PROGRESS THROUGH IMPACT
Slide 30: Our Approach to Sustainability
30 Sustainability initiatives are embedded into Selective’ business. We aim to deliver significant value over time to our customers, distribution partners, employees, and shareholders. OUR APPROACH TO SUSTAINABILITY Help our customers put their lives and businesses back together after experiencing a
Slide 31: Third Quarter 2025 Copyright All rights reserved. Exhibit 99.3
INVESTOR PRESENTATION Third Quarter 2025 Copyright © 2025 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3
Selective Insurance Group — Q3 2025 Earnings Presentation on 6ix