Selective Insurance Group, Inc. · NASDAQ:SIGI
Selective Insurance — Q1 2026 Earnings Presentation
31 slides from Selective Insurance's earnings presentation, Apr 23, 2026
Slide 1: Selective Insurance Group Q1 2026 Earnings Presentation
Copyright © 2026 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 is SELECTIVE INSURANCE®
Slide 4: Our interactions reinforce the importance of our role
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 34th largest ROE: Combined Ratio: Standard Clear path for A+ (Superior) P&C carrier in Commercial continued, rating by 1Q26: 11.2% 1Q26: 98.3% the United Lines Segment profitable growth AM Best States* 2025: 14.4% 2025: 97.2% comprises 79% of Net 5-Year
Slide 6: Organizational Priorities
ORGANIZATIONAL PRIORITIES Relentlessly Diversify revenue Advance our use of Build a more improve on the and income by data and technology connected, fundamentals. Adopt leveraging our (including AI) to accountable, and and enhance integrated product transform raw empowered practices that drive model
Slide 7: Differentiated Operating Model
DIFFERENTIATED OPERATING MODEL 2025 NET PREMIUMS WRITTEN • Underwriting, claims, and risk management specialists placed alongside our customers and distribution partners UNIQUE FIELD MODEL • Proven ability to develop and integrate actionable tools • Enables effective portfolio management in $4.9 bal
Slide 8: Non-GAAP Operating ROE
NON-GAAP OPERATING ROE* SIGI Peer Avg. SIGI 10-YEAR AVERAGE: 12.1% 15% Peer 10-Year Average: 9.2% 12.0% OPERATING ROE* 2025 2024 Investments 13.3% 12.8% 10% Underwriting 3.4% (3.7)% Other (2.5)% (2.0)% Total 14.2% 7.1% 5% Generating ROEs 100 basis points 100 basis points exceeding our of combined ra
Slide 9: Sustained Track Record of Profitability
SUSTAINED TRACK RECORD OF PROFITABILITY NPW CAGR VS. AVERAGE COMBINED RATIO COMBINED RATIO (AVERAGE & VOLATILITY) 10% 105% 10-YEAR AVERAGE COMBINED RATIO SIGI 9% 8% 10-YEAR NPW CAGR 7% Industry 100% Industry 6% 5% 4% 95% SIGI 3% 2% 1% 0% 90% 106% 104% 102% 100% 98% 96% 94% 0 1 2 3 4 5 6 7 10-YEAR AV
Slide 10: Track Record of Disciplined, Profitable Growth
TRACK RECORD OF DISCIPLINED, PROFITABLE GROWTH NET PREMIUMS WRITTEN COMBINED RATIO $5B 8.9% CAGR* 105% Underlying Combined Ratio** $4.9M Reported GAAP Combined Ratio $4B 100% 98.3% $3B NPW 95% $2B 90% 92.1% $1B $0B 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 2019 2
Slide 11: Path for Profitable Growth
PATH FOR PROFITABLE GROWTH ADVANCING DIVERSIFICATION THROUGH GEOGRAPHIC AND E&S EXPANSION, ALONG WITH STANDARD STANDARD PERSONAL LINES MASS AFFLUENT STRATEGY COMMERCIAL LINES PERSONAL LINES Targeting 3% market share in Transition to mass-affluent existing footprint over the long-term well underway S
Slide 12: 2026 Guidance
GAAP COMBINED RATIO: 96.5% to 97.5% • 6 points of catastrophe losses • Assumes no prior year casualty reserve development 2026 AFTER-TAX NET INVESTMENT INCOME: $465M GUIDANCE* OVERALL EFFECTIVE TAX RATE: 21.5% WEIGHTED AVERAGE DILUTED SHARES: 60.5M 12 *as of April 22, 2026
Slide 13: Segment Performance
SEGMENT PERFORMANCE SELECTIVE INSURANCE® a
Slide 14: Standard Commercial Lines
STANDARD COMMERCIAL LINES 79% OF 2025 NET PREMIUMS WRITTEN (NPW) • Account-based approach with $4B granular data and sophisticated tools COMBINED RATIO 105% to support underwriting decisions $3B 100.2% • Focus on maintaining NPW $2B 94.3% underwriting discipline and 95% achieving price adequacy $1B
Slide 15: Point of Renewal Retention
PORTFOLIO APPROACH DRIVES PORTFOLIO MANAGEMENT APPROACH YIELDS HIGHER BUSINESS MIX IMPROVEMENTS RETENTION AND RATE ACCOUNT-SPECIFIC PRICING, INCLUDING: 1Q26 COMMERCIAL LINES PRICING BY RETENTION GROUP • Predictive modeling • Relative loss frequency and Renewal Pure Price severity 16% 95% • Pricing d
Slide 16: Excess & Surplus Lines
EXCESS & SURPLUS LINES 13% OF 2025 NET PREMIUMS WRITTEN • Profitable and growing portfolio of NPW commercial risks GAAP Combined Ratio 120% • Small and middle market focus $600M Underlying Combined Ratio with $6,000 average premium COMBINED RATIO 110% $500M per policyholder $400M 100% • Modernized t
Slide 17: Standard Personal Lines
STANDARD PERSONAL LINES 8% OF 2025 NET PREMIUMS WRITTEN • Strategic shift to mass affluent NPW target market well underway $500M GAAP Combined Ratio • Strong existing product set and Underlying Combined Ratio 120% servicing capabilities COMBINED RATIO $400M 110% • Profitability improvement driven by
Slide 18: Investment Income and Operating Return
CONSERVATIVE INVESTMENT LONG-TERM INVESTMENT APPROACH SUPPORTING BALANCE PORTFOLIO SHEET STRENGTH • Disciplined, insurance-aligned portfolio designed to generate durable income, protect capital, and deliver attractive long-term returns • High credit quality, well-diversified portfolio Invested Asset
Slide 19: Financial Overview
FINANCIAL OVERVIEW SELECTIVE INSURANCE® .
Slide 20: Enterprise Risk Management and Catastrophe Losses
ENTERPRISE RISK MANAGEMENT STRONG BALANCE SHEET AND UNDERWRITING CONTROLS WITH PRUDENT RESERVING PRACTICES AVERAGE PREMIUM PER POLICYHOLDER CATASTROPHE LOSS MITIGATION INITIATIVES INCLUDE: STANDARD COMMERCIAL EXCESS & SURPLUS PERSONAL LINES • Exposure management, including $20.6K $6.0K $4.1K strict
Slide 21: Prudent Reinsurance Structure
PRUDENT REINSURANCE STRUCTURE 2026 PROPERTY CATASTROPHE TREATY HIGHLIGHTS: 2026 PROPERTY CATASTROPHE PROGRAM • $1.5B exhaustion point and $700M IN EXCESS OF $800M $100M retention 46% covered through Catastrophe Bond 93% Placed • Top layer of $700M x $800M is (3-year risk period ending December 2026)
Slide 22: Disciplined Financial Planning & Quarterly Reserve Review
QUARTERLY RESERVE REVIEW Strong reserve discipline facilitated by in-depth quarterly reserve reviews, semi-annual independent reviews, and independent year- end opinion DISCIPLINED DETAILED PLANNING PROCESS FINANCIAL Detailed ground up premium, expense, and loss PLANNING & planning, with monthly for
Slide 23: Other Liability Occurrence
OTHER LIABILITY OCCURRENCE Initial: initial loss ratio booked for each accident year** @ 36 Months: loss ratio at third year-end evaluation** ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) YE-25: loss ratio as of year-end 2025** SELECTIVE P&C INDUSTRY Based on preliminary Schedule P information 85%
Slide 24: Commercial Auto Liability
COMMERCIAL AUTO LIABILITY Initial: initial loss ratio booked for each accident year** @ 36 Months: loss ratio at third year-end evaluation** ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) YE-25: loss ratio as of year-end 2025** SELECTIVE P&C INDUSTRY Based on preliminary Schedule P information 85%
Slide 25: Workers Compensation
WORKERS COMPENSATION Initial: initial loss ratio booked for each accident year** @ 36 Months: loss ratio at third year-end evaluation** ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) YE-25: loss ratio as of year-end 2025** SELECTIVE P&C INDUSTRY Based on preliminary Schedule P information 85% 85% 8
Slide 26: Strong Capital Position
STRONG CAPITAL POSITION Operating cash flow of NPW-to-Surplus ratio of Target 20-25% dividend Board approved $221M in 1Q26, compared 1.35x as of 3/31/26 payout ratio over time a $200M share repurchase to $1.2B in 2025 authorization in 2025 We believe investing in Quarterly dividend Issued $400M of i
Slide 27: Balancing Expense Discipline with Strategic Investments
BALANCING EXPENSE DISCIPLINE WITH STRATEGIC INVESTMENTS STRATEGIC INVESTMENTS INCLUDE: 36% • New platforms for Small Business and E&S 35% • Claim system modernization 34% • Geographic expansion GAAP EXPENSE RATIO • Customer experience 33% 32% AREAS FOR OPERATIONAL 31.2% ENHANCEMENTS INCLUDE: 31% • F
Slide 28: Focus on ROE and Growth in Book Value Per Share
FOCUS ON ROE* AND GROWTH IN BOOK VALUE PER SHARE $60 $56.58 GENERATING NON-GAAP BOOK VALUE PER SHARE $50 OPERATING ROE* IN LINE WITH OUR LONG-TERM TARGET $40 SUPERIOR GROWTH IN BOOK VALUE PER SHARE $30 EXPECT HIGHER TOTAL SHAREHOLDER RETURNS $20 OVER TIME $10 $0 2016 2017 2018 2019 2020 2021 2022 20
Slide 29: Forward With Purpose
FORWARD WITH PURPOSE SELECTIVE INSURANCE® i
Slide 30: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY OUR PRIMARY OBJECTIVES ARE TO: KEY SUSTAINABILITY ACCOMPLISHMENTS: Help our customers put their lives and businesses back “A” rating from MSCI together after experiencing a covered loss Help make our customers and communities safer Solar facility can generate approxima
Slide 31: Copyright © 2026 Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3
Copyright © 2026 Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3
Selective Insurance Group — Q1 2026 Earnings Presentation on 6ix