Selective Insurance Group, Inc. · NASDAQ:SIGI
Selective Insurance — Investor Day (September 2006)
119 slides from Selective Insurance's investor day presentation, Sep 12, 2006
Slide 1: Selective Insurance Group, Inc. 2006 Investor Day
Selective Insurance Group, Inc. 2006 Investor Day Unrelenting Focus on Expanding our Strengths
Slide 2: Overview
Overview Jennifer DiBerardino Vice President, Investor Relations Assistant Treasurer (SICA)
Slide 3: Agenda
Q&A Agenda SVP, Chief Field Ops., Marketing Officer Chuck Musilli Field Model SVP, Casualty Underwriting (SICA) Kathy Muedder Workers Compensation SVP, Chief CL Underwriting Officer Ed Pulkstenis Commercial Lines SVP, Personal Lines and Flood (SICA) John Marchioni Personal Lines Reception and Techno
Slide 4: Forward-looking statements
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 Exchang
Slide 5: Selective's Profile
Selective’s Profile Super-regional carrier with 20-state footprint Field-based business model $1.7B in 2005 revenues 86% Commercial Lines; 14% Personal Lines 750 independent agents, averaging $2M in premium Unique competitive advantages -- High-Tech, High-Touch Total footprint market opportunity: $1
Slide 6: Profitable Growth
$ in millions Profitable Growth % Investors ask… What drives Selective’s track record of financial strength?
Slide 7: Industry premium growth rates through market cycles
Investors ask… Note: Shaded areas denote hard market periods. Source: A.M. Best, Insurance Information Institute 1984-87 1975-78 2001-04 How will Selective Outperform the industry through all Market cycles? Industry premium growth rates
Slide 8: Improving workers compensation
Investors ask… How are we Improving Workers compensation? Why is the current strategy different? [Photo] [Photo]
Slide 9: Why expand personal lines?
Investors ask… Why expand personal lines? [Photo]
Slide 10: Value of technology to agents and Selective
Investors ask… What value does Technology Deliver to agents and Selective? [Photo] [Photo]
Slide 11: Field model and agency relationships
Investors ask… What do Selective’s field model and excellent agency relationships really mean? [Photo]
Slide 12: Why buy Selective?
Investors ask… Why buy Selective? [Photo] [Photo]
Slide 13: Strong Financial Track Record
Strong Financial Track Record Dale A. Thatcher Executive Vice President Chief Financial Officer, Treasurer
Slide 14: Elements of Financial Strength
Elements of Financial Strength Rating agency emphasis on Enterprise Risk Management Measured use of reinsurance Investment portfolio management Conservative reserving philosophy Natural catastrophe management Profitable growth Proactive capital management [Photo]
Slide 15: What Financial Strength Means to our Agents
What Financial Strength Means to our Agents Consistency in the marketplace “A+” (Superior) rating from A.M. Best 45 years running Powerful marketing tool for agents Independent verification that Selective is doing it right Moody’s Investor Service “A2” Fitch Ratings “A+” Standard & Poor’s “A+”
Slide 16: Enterprise Risk Management Philosophy
Enterprise Risk Management Philosophy Started five years ago Management creates a risk management culture Forward-looking focus Collaborative process Identification Measurement Monitoring Trigger definition Action plans Scanning for emerging risks
Slide 17: Selective Reinsurance Philosophy
Selective Reinsurance Philosophy Conservative buyer of reinsurance No finite reinsurance contracts Relationship buyer Market Security Committee Buy reinsurance primarily for: Catastrophic protection/survivability Earnings stability [Photo]
Slide 18: Natural Catastrophe Management
Natural Catastrophe Management Risk model changes lead to increased CAT cover; $250M in excess of $20M * Short-term, high frequency Percentages are net of tax, reinsurance & reinstatement premium 6.6% 2.7% 6.0 Historic 11.1% 3.1% 6.0 Stochastic* View 3.0% 2.5% 5.0.1 1 in 250 year 1 in 150 year RMS M
Slide 19: Assessment of Business Concentration Risk
Assessment of Business Concentration Risk
Slide 20: Assessment of Business Concentration Risk
Assessment of Business Concentration Risk
Slide 21: Assessment of Business Concentration Risk
Assessment of Business Concentration Risk
Slide 22: Assessment of Business Concentration Risk
Assessment of Business Concentration Risk
Slide 23: Assessment of Business Concentration Risk
Assessment of Business Concentration Risk
Slide 24: Strong Financial Track Record
Strong Financial Track Record Net Operating Cash Flow ($ in millions) $153M net operating cash flow through June ‘06
Slide 25: Generating Strong Investment Income
Generating Strong Investment Income Investment Income – After-tax ($ in millions) $57M after-tax investment income through June ‘06
Slide 26: Conservative Investment Philosophy
Conservative Investment Philosophy Invested Assets as of June 30, 2006 $3.2B investment portfolio Average “AA” bond quality Over 99% of portfolio investment grade 4.1 year average duration 3.5% after-tax yield on total investment portfolio $3.23 of invested assets per $ of stockholders’ equity
Slide 27: Conservative Investment Philosophy
Conservative Investment Philosophy 6.2% 2.5% 8.7% 5 Years 10 Years 3 Years 1 Year 3.6% 5.7% 4.6% Outperformance 8.3% 11.2% 8.6% S&P stock index 11.9% 16.9% 13.2% Total SIGI equity performance As of June 30, 2006
Slide 28: Profitable…
Profitable… $ in millions Statutory Combined Ratio %
Slide 29: …Growth
…Growth $ in millions Net Premiums Written Growth %
Slide 30: What Financial Strength Means to Our Agents
What Financial Strength Means to Our Agents Bruce White, Partner Johnson, Kendall & Johnson [Video Available @ www.selective.com]
Slide 31: Proactive Capital Management
Proactive Capital Management Generating excess capital Active repurchase programs 2.2M shares repurchased through 8/31/06 under current 5M share authorization Refinanced $150M 30-year public debt 2004-2005 Private exchange of $58.5M senior convertible notes Dividend increases past three years; 16% i
Slide 32: Resulting in Strong Shareholder Returns
Resulting in Strong Shareholder Returns 106.7 94.7 $ in millions NPW, Combined Ratio and Stock Price %
Slide 33: Driving Profitable Growth in Commercial Lines
Driving Profitable Growth in Commercial Lines Ed Pulkstenis Senior Vice President Chief Commercial Lines Underwriting Officer
Slide 34: Strategies Focused on Driving Profitable Growth
% 10 consecutive quarters below 100% Commercial Lines Statutory Combined Ratio 2003 2004 2005 2006 Strategies Focused on Driving Profitable Growth
Slide 35: Business Units - Supporting Profitable Growth
Business Units - Supporting Profitable Growth [Photo] [Photo] [Photo] [Photo]
Slide 36: Strategic Business Units
Strategic Business Units Specialty Mercantile & Service Manufacturers & Wholesalers Contractors *as of 12/31/05 [Photo] [Photo] [Photo] [Photo]
Slide 37: Maintaining Profitable Growth: Sophisticated Underwriting
Maintaining Profitable Growth Strategic Business Units (SBUs) Exposure analysis Coverage Pricing . [Video Available @ www.selective.com] Sophisticated Underwriting Ken Johnston Producer, Middle Peninsula Insurance Agency
Slide 38: Maintaining Profitable Growth: Product
Maintaining Profitable Growth Strategic Business Units (SBUs) Opportunities Product Development Pricing Marketing [Photo] [Photo] [Photo] [Photo] Product
Slide 39: Maintaining Profitable Growth: Price Monitoring
Maintaining Profitable Growth Strategic Business Units (SBUs) Base rate changes Company deviations Individual account credit Exposure [Photo] Price Monitoring
Slide 40: Maintaining Profitable Growth: Safety Management
Maintaining Profitable Growth Strategic Business Units (SBUs) Rebranding of traditional loss control Stewardship and retention Account improvement [Photo] [Photo] Safety Management
Slide 41: Product expansion timeline
2002 2003 2000 2001 2004 2005 2006 2003 – 2006 Compounded Growth Rate of 24% *coming soon Limited BOP Limited BOP Limited BOP Limited BOP Limited BOP Limited Contractors Limited Contractors Limited Contractors Limited Contractors Expanded Contractors Expanded BOP $190,000 Limited BOP Limited Contrac
Slide 42: Field business analytics
FIELD 1 SNES TENT Evaluate & Price Accounts Profitable & lasses for Remedia BUSINESS ANALYTICS
Slide 43: Segmentation and operational areas
Customer Segment 2 ½ Yr Combined Ratio Growth Market Penetration 67.5% Segment 2 67.3% Segment 1 115.5% Segment 80 104.0% Segment 79 88.5% Segment 42 88.1% Segment 40 88.4% Segment 41 87.9% Segment 39 *as of 6/30/06 Marketing Safety Mgt Training Pricing Boundary Control Corrective Action Higher Aver
Slide 44: Segmentation and growth
*as of 6/30/06 Customer Segment 2 ½ Yr Combined Ratio Growth Market Penetration 67.5% Segment 2 67.3% Segment 1 115.5% Segment 80 104.0% Segment 79 88.5% Segment 42 88.1% Segment 40 88.4% Segment 41 87.9% Segment 39 New Business +21%* New Business +2%* Segmentation Growth
Slide 45: Kiroutedge
Kiroutedge "a ACNE Ta
Slide 46: Maintaining Profitable Growth through Predictive Modeling
Drives consistency of traditional predictors of loss Identifies new predictors of loss Allows ranking of individual accounts for: precision pricing targeted retention Safety Management Maintaining Profitable Growth through Predictive Modeling Provides actuarially sound guidance for individual accoun
Slide 47: Workers Compensation Accounts
80% of premium 20% of premium 20% of premium accounts for 6 points on overall WC combined ratio *as of 3Q 2005 Workers Compensation Accounts < $100,000*
Slide 48: Workers Compensation Profitable Growth Strategy
Kathleen Muedder Senior Vice President Casualty Underwriting (SICA) Workers Compensation Profitable Growth Strategy
Slide 49: Workers Compensation Strategy
Workers Compensation (WC) Strategy Reduce loss ratio Targeting a 7-point improvement in WC combined ratio by year-end 2007 Pts. better than WC loss ratio Grow most profitable business 10 pts. Best policy sizes 6 pts. Best states 8 pts. Best classes 12 pts. Best deciles
Slide 50: Workers Compensation…Insurance?
Workers Compensation…Insurance? Workers comp IS a benefit delivery system State statutes Set terms Define how we pay Change Workers comp is NOT like other commercial lines of insurance [Photo]
Slide 51: Workers Compensation Strategy: Underwriting
Workers Compensation Strategy Underwriting
Slide 52: Workers Compensation Strategy: Underwriting Tools
Workers Compensation Strategy Underwriting Tools
Slide 53: Workers Compensation Strategy: Holistic Approach
Workers Compensation Strategy Holistic Approach
Slide 54: Workers Compensation Opportunities
Workers Compensation Opportunities 30% of business insurance dollars spent on workers compensation Source: RIMS (2004); III, NFIB Firms with revenues > $1B Workers Compensation 3rd biggest challenge facing small-business owners in 2004 Up from 7th in 2001
Slide 55: Workers Compensation Opportunities
Workers Compensation Opportunities 58% GET IT RIGHT FIRST Round out accounts $550M+ opportunity Multiple customer touchpoints Safe workplace Premium accuracy Pay medical bills Focus on return to work Package Policies with WC 42% Package Policies without WC
Slide 56: Knowledge Management at Work
Knowledge Management at Work “Knowledge management tools help us to grow profitably and judiciously.” Suzanne Maggio Agency Management Specialist [Video Available @ www.selective.com]
Slide 57: Profitable Growth Strategy
Profitable Growth Strategy tools holistic Pts. better than WC loss ratio Grow most profitable business 10 pts. Best policy sizes 6 pts. Best states 8 pts. Best classes 12 pts. Best deciles
Slide 58: Personal Lines Opportunity for Profitable Growth
John Marchioni Senior Vice President Personal Lines and Flood (SICA) Personal Lines Opportunity for Profitable Growth
Slide 59: Personal Lines Market Opportunity
Assets to Protect A B C Sources: A.M. Best, DSI Personal Lines Market Opportunity Significant Assets Minimal Assets Total PL market opportunity of $97B; Independent agents control $39B Agency Direct $11 Billion $85 Billion $12 Billion SIGI 20 States
Slide 60: Independent Agency Channel
* Source: IIABA P-C Insurance Market report Independent Agency Channel 78% of midsize independent agents view Personal Lines as very important source of future revenue Agents focus on holding PL market share
Slide 61: Personal Lines Strategic Fit
Personal Lines Strategic Fit Opportunity for profitable growth Increase market share in existing footprint Product and revenue diversification Enhance agency relationships Improve expense ratio
Slide 62: Applying Commercial Lines Success Drivers to Personal Lines
Applying Commercial Lines Success Drivers to Personal Lines Competitive pricing Competitive coverages Broad underwriting appetite Marketplace consistency Excellent agency relationships Strong agency plant Ease of doing business Superior claims service Focus of key initiatives: people, production, pr
Slide 63: Personal Lines Strategy: People
Personal Lines Strategy: People New leadership team Key competencies Product management Marketing and competitive intelligence Project execution [Photo] [Photo]
Slide 64: Personal Lines: Pricing Sophistication
Multivariate pricing model New rating variables Exponential increase in number of “price points” Expanded appetite More granular territories Roll-out: Auto: all states 2006 Homeowners: all states 2007 Personal Lines: Pricing Sophistication
Slide 65: Personal Lines: Pricing Flexibility
Personal Lines: Pricing Flexibility “Multiple pricing tiers make a difference.” Jennifer Jenkins, Producer Middle Peninsula Insurance Agency [Video Available @ www.selective.com]
Slide 66: Production: Personal Lines Service Center
Strong agency demand Opened May 2006; $35M by year-end Expect to service 35% of PL premium Production: Personal Lines Service Center [Photo] [Photo]
Slide 67: New Business Today
71% Review & Issue 14% Company Input 15% Straight Through New Business Today
Slide 68: New Business 2007
85% Straight Through 5% Company Input 10% Review & Issue New Business 2007
Slide 69: SelectPLUS
“SelectPLUS… allows our agency to grow.” SelectPLUS Jennifer Jenkins, Producer Middle Peninsula Insurance Agency [Video Available @ www.selective.com]
Slide 70: Production: Agency Systems Integration
Production: Agency Systems Integration Leverage commercial lines knowledge Eliminate double entry and integrate with: Agency management systems Comparative raters Rollout: Auto: 2006 Homeowners: 2007 [Photo]
Slide 71: Measures of Success: 2010
Measures of Success: 2010 Agents’ Market of Choice “Top 3” in 65% of existing Selective agencies Consistent Profitability Combined ratio below 95% ROE > 12%
Slide 72: Technology Fuels Opportunities for Profitable Growth
Jeff Kamrowski Senior Vice President Business Services Unit & Accounts (SICA) Technology Fuels Opportunities for Profitable Growth ®
Slide 73: Agents Want
Agents Want Company partners to grow with To lower the cost of doing business High quality service [Photo] [Photo] [Photo]
Slide 74: Selective Delivers Value in Partnership with Agents
Selective Delivers Value in Partnership with Agents Superior technology designed by agents for agents Focus on all aspects of the business cycle Initial quoting Policy issuance Customer care Process includes Regional user groups National user conferences Industry affairs participation [Photo] [Photo
Slide 75: Technology Supports Profitable Growth
Technology Supports Profitable Growth Real-time technology supports growth without a proportionate growth in labor Straight through processing models for all policy production systems Focuses on revenue generation Improves customer service Agency Entered New Business % Commercial Lines Personal Line
Slide 76: Technology Drives Efficiency
Technology Drives Efficiency Business process workflow management Eliminates redundancy Reduces dependency on paper Improves cycle time Linda Allen, CSR/Producer Middle Peninsula Agency [Video Available @ www.selective.com]
Slide 77: Customer Centric Focus
Customer Centric Focus Customer view of pricing and service Real-time customer relationship management Ken Johnston, Producer Middle Peninsula Agency [Video Available @ www.selective.com]
Slide 78: Excellence in Execution
Excellence in Execution Utilization Rate Rolled Out System 2005 2004 2003 2000 2000 12% CL premium issued through xSELerate 79% new business transactions initiated by agents 90% new business transactions initiated by agents 55% new business premium initiated by agents 100% Small business system Pers
Slide 79: xSELerate Demonstration
xSELerate Demonstration [Video Available @ www.selective.com]
Slide 80: What Technology Means to Selective
What Technology Means to Selective Leading edge technology $119M quoted through xSELerate since implementation Premium Quoted through xSELerate 2005 2006 $ in millions
Slide 81: What Technology Means to Agents
What Technology Means to Agents Mike Breedlove, Vice President WS Pharr Agency [Video Available @ www.selective.com]
Slide 82: What Sets Selective's Technology Apart
What Sets Selective’s Technology Apart from the Competition? Difficult to replicate Applications designed to satisfy our customers’ business challenges Real benefit to agents, customers and Selective Culture of continuous improvement Systems up and running today! [Photo] [Photo] [Photo] [Photo]
Slide 83: Field Model
Field Model Chuck Musilli Senior Vice President Chief Field Operations, Marketing Officer
Slide 84: Better Aligned with Agents and Desired Markets: Previous Alignment
Better Aligned with Agents and Desired Markets RI MD NJ DE Improve support of agencies and relationships Move high-level leaders closer to the business Capitalize on untapped potential in profitable markets 80 business classes 106 territories Total Commercial Lines Market Opportunity $104B MN IA MO
Slide 85: Better Aligned with Agents and Desired Markets: Current Alignment
Better Aligned with Agents and Desired Markets Improve support of agencies and relationships Move high-level leaders closer to the business Capitalize on untapped potential in profitable markets 80 business classes 106 territories RI MD NJ DE Total Commercial Lines Market Opportunity $104B MN IA MO
Slide 86: Mid-America – Now Three Regions
Better Aligned with Agents and Desired Markets Improve support of agencies and relationships Move high-level leaders closer to the business Capitalize on untapped potential in profitable markets 80 business classes 106 territories Total Commercial Lines Market Opportunity $104B MN IA MO WI IL IN KY
Slide 87: Market Planning Emphasizes Potential
Market Planning Emphasizes Potential Market Planning matches Selective agents and market share with opportunity Total commercial lines market opportunity in Ohio ~ $8B Market Opportunities in Ohio
Slide 88: Market Planning Emphasizes Potential
Market Planning Emphasizes Potential Total Commercial Lines Market Opportunity in Ohio ~ $8B 2005-Selective agents’ CL premium in Ohio $430M (4.3% of market share) 2005-Selective’s CL premium in Ohio $18.6M (<1% of market share)
Slide 89: Commercial Lines Market Opportunities
Market Opportunity $ 27B $104B Large Accounts $ 36B Middle Market $ 41B Small Business Commercial Lines Market Opportunities
Slide 90: Commercial Lines Market Opportunities: Small Business
Market Opportunity $ 27B $104B Large Accounts $ 36B Middle Market Commercial Lines Market Opportunities $ 41B Small Business Predictive modeling Automated underwriting Pipeline expansion
Slide 91: Commercial Lines Market Opportunities: Middle Market
Market Opportunity $ 27B $104B Large Accounts $ 41B Small Business Commercial Lines Market Opportunities $ 36B Middle Market Adding AMSs Adding agencies Web-based marketing support
Slide 92: Commercial Lines Market Opportunities: Large Accounts
Market Opportunity $104B $ 36B Middle Market $ 41B Small Business Commercial Lines Market Opportunities $ 27B Large Accounts 3 Year CAGR 27% C/R high 80’s Actively adding production capacity
Slide 93: Leveraging our Agency Advantage
Leveraging our Agency Advantage Deployed 65 new agents Helped agents hire 26 new producers Offered producer training with focus on market planning [Photo] Fiscal Year Ending 2Q 2006
Slide 94: Agency Management Specialist (AMS)
Agency Management Specialist (AMS) 82 AMS territories 7 new territories this year Deployed 4 AMS apprentices (14 in training) [Photo] Fiscal Year Ending 2Q 2006
Slide 95: Agency Management Specialist: High-Touch Matters
Agency Management Specialist (AMS) High-Touch Matters [Video Available @ www.selective.com] AMS decision making means quick turnaround Suzanne Maggio Agency Management Specialist
Slide 96: Field Underwriting Model Key to Continued Outperformance
Field Underwriting Model Key to Continued Outperformance DPW in millions Commercial Lines New Business
Slide 97: Claims Management Specialist (CMS) Adds Real Value
Claims Management Specialist (CMS) Adds Real Value [Video Available @ www.selective.com] Dave Hauer Claims Management Specialist
Slide 98: CMSs Add Real Value
CMSs Add Real Value Exceptional customer service Timely, thorough investigations Prompt, accurate reserving Loss and LAE ratios lower than industry [Photo] [Photo] [Photo]
Slide 99: Selective HR Solutions
Selective HR Solutions 2006 launch of Employer Protection Program (EPP) As of August 2006: Total worksite employees up 10% to 26,700 Prospective accounts in EPP sales pipeline up 43% New EPP accounts sold by Selective agents up 24% EPP improves client retention: positions agents as experts [Photo] R
Slide 100: Part of a Broad Generalist Appetite
Part of a Broad Generalist Appetite [Video Available @ www.selective.com] Selective HR Solutions’ Employer Protection Program (EPP) Sam Wallace, Jr. President, Williamsburg Merchants, Inc.
Slide 101: Joe Harrow's Selective Support Team Makes a Difference
High-Tech, Joe Harrow’s Selective Support Team Makes a Difference [Photo] [Photo] [Photo] High-Touch Suzanne Maggio - AMS Dave Hauer - CMS Rob Eubank – Safety Management
Slide 102: Joe Harrow
Joe Harrow President Middle Peninsula Insurance Agency Williamsburg, Virginia
Slide 103: Creating and Capturing Value
Greg Murphy Chairman, President Chief Executive Officer Creating and Capturing Value
Slide 104: Macro Conditions Affecting Industry Cycles
Changes in rating agency behavior Increased focus on strategy Greater attention to: Enterprise Risk Management Cycle management Pricing value at risk Less than 9% of CL carriers “A+” or better New, more sophisticated mgt. teams More companies reserving at “best estimate” Investor focus on price incr
Slide 105: Selective's Competitive Advantages
Strategic focus Relationships Execution [Photo] Selective’s Competitive Advantages
Slide 106: Constant Technology and Strategy Deployment
1993 1994 1995 1996 1997 1998 2000 1999 2001 2003 2002 2004 2006 2005 Constant Technology and Strategy Deployment Greg Murphy named CEO Acquired SHRS Expanded into Connecticut Established SBUs Northeast Expansion Established Field Model (AMS/CMS) Greg Murphy named President Expanded to Rhode Island
Slide 107: What Drives Performance?
[Photo] What Drives Performance? GROWTH PROFITABILITY
Slide 108: How Do We Want To Grow?
[Photo] Acquisition? How Do We Want To Grow? Organically?
Slide 109: How Do We Want To Grow? Organically
[Photo] How Do We Want To Grow? Organically The challenge is nobody surrenders without a fight
Slide 110: Creating Value Through Premium Growth
% *Source: AM Best On average 3.6 points better Creating Value Through Premium Growth Commercial Lines Net Premium Written % Growth
Slide 111: Field Underwriting Model Key to Continued Outperformance
MN IA MO WI IL IN KY OH MI MI GA SC NC VA PA NY MD NJ RI DE CT Lynchpin of Success Represents 300+ field personnel Field Underwriting Model Key to Continued Outperformance
Slide 112: Strategies Designed to Generate Future Growth
If overall market share reached 4%, DPW would equal $5B MN IA MO WI IL I N KY OH MI MI GA SC NC VA PA NY MD NJ CT RI DE % Marketshare: < 1%: 1- 4%: 4%+: MD NJ DE “High-tech” ease of doing business Driving more business through One & Done Seamlessly quoting more business through xSELerate Personal li
Slide 113: Creating Value: Higher Levels of Profitability
% *Source: A.M. Best Creating Value: Higher Levels of Profitability SIGI outperforms industry by 7.6 pts on average Loss & LAE Ratio
Slide 114: Profitability Scorecard
250 500 750 1,250 1,000 1,500 Cumulative Premiums ($ millions) -20 0 20 40 60 80 100 120 140 160 180 90% of 80 business classes profitable Eight consecutive quarters of commercial lines profitability All strategic business units profitable All six regions profitable 78% of Selective’s agencies profi
Slide 115: Strategies to Further Enhance Profitability
Knowledge Management Workers Compensation Predictive Modeling SIU; Claims; Safety Management [Photo] Strategies to Further Enhance Profitability
Slide 116: Why Agents Grow with Selective
[Video Available @ www.selective.com] Why Agents Grow with Selective
Slide 117: Positioned to Deliver Long-term, Profitable Growth
% Selective vs. Benchmarks Total Return as of August 31, 2006 Positioned to Deliver Long-term, Profitable Growth
Slide 118: Why Own Selective?
Financial strength Footprint Agency franchise Organic growth opportunities Right business model Experienced, focused management team Culture of continuous improvement Focused on future outperformance [Photo] Why Own Selective?
Slide 119: Selective Insurance Group, Inc. 2006 Investor Day
Selective Insurance Group, Inc. 2006 Investor Day Unrelenting Focus on Expanding our Strengths
Selective Insurance Group — Investor Day (September 2006) on 6ix