Selective Insurance Group, Inc. · NASDAQ:SIGI
Selective Insurance — Q3 2026 Earnings Presentation
32 slides from Selective Insurance's earnings presentation, Oct 22, 2026
Slide 1: Third Quarter 2026
THIRD QUARTER 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 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 35th largest ROE: Combined Ratio: Standard Added A+ (Superior) P&C carrier in Commercial 120 agency rating by 9M26: 13.8% 9M26: 97.7% the United Lines Segment locations in 9M26 AM Best States* 2025: 14.4% 2025: 97.2% comprises 79% of Net 5-Year average:
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% 14.3% Peer 10-Year Average: 9.2% 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% 97.7% $3B NPW 95% $2B 90% $1B 91.9% $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 STANDARD STANDARD THROUGH GEOGRAPHIC AND COMMERCIAL LINES PERSONAL LINES E&S EXPANSION, ALONG WITH PERSONAL LINES MASS Targeting 3% market share in Transition to mass affluent AFFLUENT STRATEGY existing footprint over the long-term well underway •
Slide 12: Guidance
GAAP COMBINED RATIO: 96.5% to 97.5% • 5.5 points of catastrophe losses • Assumes no prior year casualty reserve development 2026 AFTER-TAX NET INVESTMENT INCOME: $490M GUIDANCE* OVERALL EFFECTIVE TAX RATE: 21.5% WEIGHTED AVERAGE DILUTED SHARES: 59.9M 12 *as of October 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 110% granular data and sophisticated tools COMBINED RATIO 99.1% to support underwriting decisions 100% • Focus on maintaining NPW $2B underwriting discipline and 93.9% 90% achieving price adequacy • Ta
Slide 15: Point of Renewal Retention
PORTFOLIO APPROACH DRIVES PORTFOLIO MANAGEMENT APPROACH YIELDS HIGHER BUSINESS MIX IMPROVEMENT RETENTION AND RATE ACCOUNT-SPECIFIC PRICING, INCLUDING: 3Q26 vs 3Q25 COMMERCIAL LINES PRICING BY RETENTION GROUP • Predictive modeling Retention (Lines) and Renewal Pure Price (Bars) • Relative loss freque
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% 89.3% • Modern
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 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 4.2% • High credit quality, well-diversified portfolio Invested
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 & Reserving Practices
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 Repurchased $86M of common $818M in 9M26, compared 1.25x as of 9/30/26 payout ratio over time stock in 2025 and $117M to $1.2B in full-year 2025 in 9M26 We believe investing in Quarterly dividend Issued $40
Slide 27: Balancing Expense Discipline with Strategic Investments
BALANCING EXPENSE DISCIPLINE WITH STRATEGIC INVESTMENTS STRATEGIC INVESTMENTS INCLUDE: • Small Business and E&S platforms 36% • Claim system modernization 35% • Geographic expansion • Customer experience 34% GAAP EXPENSE RATIO 33% AREAS FOR OPERATIONAL 32% 31.4% ENHANCEMENTS INCLUDE: 31% • Further l
Slide 28: Responsibly Scaling AI Across the Organization
RESPONSIBLY SCALING AI ACROSS THE ORGANIZATION AI assembles, prefills, applies rules, and recommends. Accountable people make material decisions. Investing with Discipline Enhancing Capabilities Strengthening Execution More than doubled strategic In Claims, AI now reviews all UNDERWRITING Improved s
Slide 29: Focus on ROE and Growth in Book Value Per Share
FOCUS ON ROE* AND GROWTH IN BOOK VALUE PER SHARE $62.00 $60 GENERATING NON-GAAP BOOK VALUE PER SHARE $50 Book Value per Share $55.02 OPERATING ROE* IN LINE WITH Adjusted Book Value per Share* OUR LONG-TERM TARGET $40 SUPERIOR GROWTH IN BOOK VALUE PER SHARE $30 EXPECT HIGHER TOTAL SHAREHOLDER RETURNS
Slide 30: Forward With Purpose
FORWARD WITH PURPOSE SELECTIVE INSURANCE® i
Slide 31: 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 generated approximatel
Slide 32: Third Quarter
THIRD QUARTER Copyright © 2026 Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3
Selective Insurance Group — Q3 2026 Earnings Presentation on 6ix