Selective Insurance Group, Inc. · NASDAQ:SIGI
Selective Insurance — Q4 2025 Earnings Presentation
31 slides from Selective Insurance's earnings presentation, Jan 30, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
INVESTOR PRESENTATION Fourth Quarter 2025 Copyright © 2026 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT Certain statements in this presentation, 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
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 34th largest ROE: Combined Standard Clear path for A+ (Superior) P&C carrier in Ratio: Commercial continued, rating by 2025: 14.4% the United Lines Segment profitable AM Best States* 5-Year average: 2025: 97.2% comprises 79% growth 11.9% 5-Year average:
Slide 6: Sustainable Competitive Advantages
SUSTAINABLE COMPETITIVE ADVANTAGES Our unique Our ability to Our franchise Our commitment Our highly operating model develop and value to delivering engaged and that places integrate distribution a superior aligned team of empowered sophisticated model, defined omni-channel extremely decision-makers
Slide 7: Differentiated Operating Model
DIFFERENTIATED OPERATING MODEL 2025 NET PREMIUMS WRITTEN • Underwriting, claims, and safety management specialists placed alongside 13% Excess and our customers and distribution partners Surplus Lines Unique field model • Proven ability to develop and integrate 8% actionable tools $4.9 Standard Pers
Slide 8: Non-GAAP Operating ROE
NON-GAAP OPERATING ROE SIGI 15% 14.2% SIGI 10-Year Average: 11.5% Peer Avg. Peer 10-Year Average: 8.6% Operating ROE 2025 2024 10% Investments 13.3% 12.8% Underwriting 3.4% (3.7)% Other (2.5)% (2.0)% 5% Total 14.2% 7.1% Generating ROEs 100 basis points 100 basis points 0% 2016 2017 2018 2019 2020 20
Slide 9: Sustained Track Record of Profitability
SUSTAINED TRACK RECORD OF PROFITABILITY NPW CAGR VS. AVERAGE COMBINED RATIO COMBINED RATIO (AVERAGE & VOLATILITY) 10% 105% SIGI 9% (‘16-’25) 10-Year Average Combined Ratio 8% 10-Year NPW CAGR Industry Industry 7% 100% 6% 5% SIGI 4% (‘16-’25) 3% 95% 2% 1% 0% 90% 104% 102% 100% 98% 96% 94% 0 2 4 6 8 1
Slide 10: Track Record of Disciplined, Profitable Growth
TRACK RECORD OF DISCIPLINED, PROFITABLE GROWTH NET PREMIUMS WRITTEN COMBINED RATIO $4.9 $5 8.9% CAGR* 105% $4 100% $3 97.2% NPW ($ in billions) 95% $2 90% Underlying Combined Ratio** $1 91.8% Reported Combined Ratio $- 85% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 20
Slide 11: Path for Profitable Growth
PATH FOR PROFITABLE GROWTH STANDARD COMMERCIAL LINES STANDARD PERSONAL LINES EXCESS AND SURPLUS LINES Targeting 3% market share in existing Transition to mass-affluent well underway Opportunistic, profitable growth footprint over the long-term Focusing where we believe our strong strategy o Targetin
Slide 12: 2026 Guidance
2026 GUIDANCE* 96.5% to 97.5% GAAP combined ratio • 6 points of catastrophe losses • Assumes no prior year casualty reserve development After-tax net investment income $465 million Overall effective tax rate 21.5% Weighted average diluted shares 61 million *As of January 30, 2026 12
Slide 13: Segment Performance
SEGMENT PERFORMANCE
Slide 14: Standard Commercial Lines
STANDARD COMMERCIAL LINES 79% of 2025 Net Premiums Written (“NPW”) • 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 f
Slide 15: Portfolio Approach Drives Business Mix Improvements
PORTFOLIO APPROACH DRIVES BUSINESS MIX IMPROVEMENTS 4Q25 Standard Commercial Lines Pricing by Retention Group • Portfolio management approach yields Renewal Pure Price Point of Renewal Retention higher retention and rate • Account-specific pricing, including: Point of Renewal Retention 16% 90% • Pre
Slide 16: Excess & Surplus Lines
EXCESS & SURPLUS LINES 13% of 2025 Net Premiums Written • Profitable and growing portfolio of commercial risks • Small and middle market focus with $6,000 average premium per policyholder • Modernized technology platform • ~80 wholesale general agents with limited binding authority within prescribed
Slide 17: Standard Personal Lines
STANDARD PERSONAL LINES 8% of 2025 Net Premiums Written • 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 count
Slide 18: Conservative Investment Portfolio
CONSERVATIVE INVESTMENT PORTFOLIO Long-term investment philosophy and focus on managing risk Investment Portfolio at • Consistent strategy focused on optimizing the economic value of our investment portfolio by Fixed Income achieving stable, risk-adjusted after-tax net investment income and generati
Slide 19: Financial Overview
FINANCIAL OVERVIEW
Slide 20: Enterprise Risk Management
ENTERPRISE RISK MANAGEMENT • Strong balance sheet and underwriting controls 1-IN-250 PROBABLE MAXIMUM AVERAGE PREMIUM PER POLICYHOLDER: with prudent reserving practices LOSS* AS A % OF GAAP EQUITY • Catastrophe loss mitigation initiatives include: 10% Standard Commercial $20.6K o Exposure management
Slide 21: Prudent Reinsurance Structure
PRUDENT REINSURANCE STRUCTURE 2026 PROPERTY CATASTROPHE PROGRAM • 2026 property catastrophe treaty highlights: $700M in excess of $800M 46% covered through Catastrophe Bond 93% Placed o $1.5B exhaustion point and $100M retention (3-year risk period ending December 2026) o Top layer of $700M x $800M
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 Detailed ground up premium, expense, and loss FINANCIAL planning, with monthly forecasts PLANN
Slide 23: Other Liability Occurrence Accident Year Loss Ratio
OTHER LIABILITY OCCURRENCE ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) Selective P&C Industry 85% Key 85% 80% Initial = initial loss ratio booked for each accident year @ 36 Months = loss ratio at third year-end evaluation 80% 75% YE-24 = loss ratio as of year-end 2024 78.4% 77.4% Data sourced f
Slide 24: Commercial Auto Liability Accident Year Loss Ratio
COMMERCIAL AUTO LIABILITY ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) Selective P&C Industry 85% 85% 82.3% 80.9% 81.1% 80% 80% 80.0% 80.8% 78.2% 76.1% 75.4% 77.1% 75.6% 75.4% 75.9% 75% 75% 72.9% 74.0% 72.4% 70% 70.9% 66.7% 70% 69.2% 67.6% 65% 65% 64.1% 60% 60% Key 55% Initial = initial loss rati
Slide 25: Workers Compensation Accident Year Loss Ratio
WORKERS COMPENSATION ACCIDENT YEAR NET LOSS & DCC* RATIO (STATUTORY) Selective P&C Industry 85% 85% Key 80% Initial = initial loss ratio booked for each accident year 80% @ 36 Months = loss ratio at third year-end evaluation YE-24 = loss ratio as of year-end 2024 75% Data sourced from Schedule P 75%
Slide 26: Strong Capital Position
STRONG CAPITAL POSITION Full year operating cash NPW-to-Surplus Target 20-25% dividend Board authorized a new flow of $1.2 billion, ratio of 1.36x for 2025 payout ratio over time $200 million share compared to $1.1 billion repurchase program in We believe investing in Quarterly dividend 2025 Issued
Slide 27: Balancing Expense Discipline with Strategic Investments
BALANCING EXPENSE DISCIPLINE WITH STRATEGIC INVESTMENTS 36% • Recent and current strategic investments 35% include: o New platforms for Small Business and E&S 34% o Claim system modernization GAAP Expense Ratio 33% o Geographic expansion 32% o Customer experience 30.8% • Areas for operational enhanc
Slide 28: Focus on ROE and Growth in Book Value per Share
FOCUS ON ROE AND GROWTH IN BOOK VALUE PER SHARE $60 $56.74 $50 Book Value per Share $40 $30 $26.42 $20 $10 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Generating non-GAAP Superior growth in Expected higher total operating ROE* in line with book value per share shareholder returns over time
Slide 29: Forward with Purpose
FORWARD WITH PURPOSE
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 “AA” rating from MSCI back together after experiencing a covered loss Built a solar facility at the Branchville office that can Help make our customers
Slide 31: Investor Presentation Fourth Quarter 2025
INVESTOR PRESENTATION Fourth Quarter 2025 Copyright © 2026 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3
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