INVESTOR PRESENTATION First Quarter 2025 Copyright © 2025 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3 SAFE HARBOR STATEMENT INTRODUCTION 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. We make certain statements and reference other information in this presentation that are "forward-looking statements" as defined in the Private ...

Financial Data and Key Metrics Changes - The company reported a combined ratio of 96.1% for Q1 2025, with after-tax net investment income of $96 million and a return on equity of 14.4% [7][27] - Net premiums written increased by 7%, driven by growth in excess and surplus lines and standard commercial lines [7] - Personal lines premiums decreased by 12% as part of a strategy to improve profitability [8][14] - Net income available to common stockholders rose by 34% in the quarter, with fully diluted EPS and non-GAAP operating EPS both at $1.76 [27][28] - Book value per share increased by 5% due to profitability and a reduction in after-tax net unrealized fixed income security losses [29] Business Line Data and Key Metrics Changes - Standard Commercial Lines reported a combined ratio of 96.4%, with renewal pure pricing increasing to 9.1% [11] - Excess and surplus lines saw a 20% growth in policy count and an average renewal pure pricing increase of 8.7% [12] - Personal Lines delivered a combined ratio of 98%, with renewal pure pricing at 24.1% despite a 58% decrease in new business [13][15] Market Data and Key Metrics Changes - Overall renewal pure pricing across all insurance segments was 10.3%, which is approximately three points above the loss trend assumption [10] - The company added 30 new agency locations in Q1 2025, contributing to geographic expansion and market share growth [23] Company Strategy and Development Direction - The company aims to restore consistent underwriting margins and operating ROEs, focusing on pricing new and renewal business based on loss trends [9][10] - Investments in technology and artificial intelligence are prioritized to enhance underwriting scalability and improve claims outcomes [25] - The company is committed to disciplined underwriting and will not sacrifice profitability for growth [21] Management Comments on Operating Environment and Future Outlook - Management acknowledged significant macroeconomic uncertainties, including financial market performance and potential recession risks, but remains focused on long-term value creation [19][20] - The company expects to maintain its full-year guidance for a combined ratio between 96% and 97% and an operating ROE in the mid-teens [8][36] Other Important Information - The company repurchased $19.4 million of common stock during the first quarter, with $56 million remaining under its repurchase authorization [31] - The investment portfolio is conservatively positioned, with 92% in fixed income and short-term investments, and an average credit quality of A+ [35] Q&A Session Summary Question: Can you provide updates on casualty loss trend assumptions? - Management confirmed that casualty loss trends remain at about 8.5%, with general liability trends around 9% driven by severity [42][43] Question: What are the implications of seasonality this year? - Management indicated that the anticipated seasonality is largely driven by non-catastrophe property, consistent with historical patterns [54][58] Question: How is the competitive environment affecting pricing? - Management noted that their pricing targets are likely above the broader market, impacting new business but maintaining strong retention rates [81][84] Question: Have there been any changes in pushback from agents regarding pricing? - Management stated that there has not been significant pushback from agents, although there is ongoing concern about rate fatigue among customers [110][111]

Core Insights - Selective Insurance reported revenue of $1.29 billion for Q1 2025, reflecting a 10.2% increase year-over-year, but fell short of the Zacks Consensus Estimate of $1.3 billion by 0.89% [1] - The company's EPS for the quarter was $1.76, up from $1.33 in the same quarter last year, but below the consensus estimate of $1.89, resulting in a surprise of -6.88% [1] Financial Performance Metrics - Underwriting expense ratio was reported at 31.6%, matching the four-analyst average estimate [4] - Loss and loss expense ratio stood at 64.4%, slightly better than the 64.6% average estimate [4] - Combined ratio was 96.1%, outperforming the average estimate of 96.4% [4] - Net premiums earned were $1.16 billion, slightly below the $1.17 billion estimate, but represented a 10.3% increase year-over-year [4] - Net investment income earned was $120.70 million, compared to the estimate of $123.30 million, marking a 12% year-over-year increase [4] - Standard Personal Lines net premiums earned were $103.70 million, below the estimate of $110.06 million, showing a minor decline of 0.1% year-over-year [4] - Standard Commercial Lines net premiums earned were $912.20 million, slightly below the estimate of $914.23 million, but reflecting a 9.4% year-over-year increase [4] - Excess and Surplus Lines net premiums earned were $142.90 million, exceeding the estimate of $142.47 million, with a significant year-over-year increase of 26.5% [4] - Other income was reported at $5.50 million, below the estimate of $7.82 million, indicating a year-over-year decline of 29.5% [4] Stock Performance - Shares of Selective Insurance have returned +1.9% over the past month, contrasting with the Zacks S&P 500 composite's -6.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Performance - Gross premiums written for Q1 2025 reached $1,428.8 million, a 8.5% increase from $1,321.9 million in Q1 2024[8] - Net premiums written increased by 14% year-over-year to $1,240.4 million, compared to $1,089.6 million in Q1 2024[8] - Net income available to common stockholders for Q1 2025 was $107.6 million, compared to $80.2 million in Q1 2024, reflecting a 34.3% increase[8] - Non-GAAP operating income for Q1 2025 was $107.4 million, compared to $81.5 million in Q1 2024, marking a 31.8% increase[8] - Net investment income for Q1 2025 was $95.6 million, slightly down from $97.3 million in Q4 2024[16] - Net premiums earned reached $912.2 million, up from $834.1 million in the same quarter last year[22] - The company reported a GAAP underwriting income of $10.7 million, compared to $14.0 million in the prior year[33] - Net income available to common stockholders for Q1 2025 was $107.6 million, an increase from $93.2 million in Q4 2024[48] - Non-GAAP operating income for Q1 2025 was $107.4 million, compared to $99.6 million in the previous quarter[48] - The diluted earnings per share for Q1 2025 was $1.76, up from $1.52 in Q4 2024[48] Underwriting Performance - Underwriting income before tax improved significantly to $45.6 million, up from a loss of $173.7 million in Q2 2024[8] - The loss and loss expense ratio improved to 64.4% from 67.0% in Q1 2024, indicating better underwriting performance[8] - The GAAP combined ratio for Q1 2025 was 96.1%, a decrease from 98.2% in Q1 2024, showing improved operational efficiency[8] - GAAP underwriting income for Q1 2025 was $45.6 million, significantly up from $16.8 million in Q4 2024[19] - The combined ratio improved to 96.1% for Q1 2025, down from 98.5% in Q4 2024, indicating better underwriting performance[19] - The combined ratio improved to 96.4%, down from 98.8% in the same quarter last year, indicating better underwriting performance[22] - The loss and loss expense ratio decreased to 63.8%, compared to 66.7% in the prior year quarter[22] - The underwriting expense ratio was 32.5%, slightly up from 31.7% in the prior year quarter[22] - The combined ratio for the quarter was 92.5%, a slight improvement from 87.6% in the same quarter last year[33] - The loss and loss expense ratio decreased to 61.6% from 56.7% year-over-year[33] Asset and Liability Management - Total assets increased to $14,197.6 million, up from $12,056.1 million in Q1 2024, representing a growth of 17.7%[8] - Total assets increased to $14,197.6 million as of March 31, 2025, up from $13,514.2 million at December 31, 2024, representing a growth of 5.0%[13] - Total liabilities rose to $10,939.0 million as of March 31, 2025, from $10,394.1 million at December 31, 2024, an increase of 5.2%[13] - The company maintained a debt to total capitalization ratio of 21.7%, up from 14.3% in Q1 2024, indicating increased leverage[8] - The ratio of debt to total capitalization increased to 21.7% in Q1 2025, up from 14.0% in Q4 2024, indicating a higher leverage position[16] Investment Performance - Total investments increased to $10,288.6 million, up from $9,641.8 million, representing a growth of 6.7%[42] - Fixed income securities at fair value reached $8,630.0 million, accounting for 84% of total investments, consistent with previous quarters[42] - Short-term investments rose to $631.1 million, a significant increase of 24% compared to $509.3 million in the previous quarter[42] - Equity securities at fair value increased to $266.5 million, up from $213.6 million, reflecting a growth of 24.7%[42] - The weighted average credit quality of fixed income and short-term investments remained stable at A+[42] - The company holds $134.5 million in U.S. government obligations, which is 2% of total fixed income investments[42] - Private equity funds have a remaining commitment of $322.6 million, indicating ongoing investment strategies[43] - Total fixed income investments at carry value amounted to $8,888.2 million, showing a consistent trend across reporting periods[42] - The number of alternative investment funds is 99, with a total market value of $783.6 million[43] - The company maintains a non-investment grade credit quality of 3% within its fixed income and short-term investments[42] Pricing and Business Growth - Direct new business written was $251.3 million for Q1 2025, compared to $232.0 million in Q4 2024, showing growth in new business acquisition[19] - Renewal pure price increases averaged 10.3% in Q1 2025, slightly down from 10.7% in Q4 2024, reflecting stable pricing trends[19] - Direct new business written was $172.2 million, showing an increase from $172.1 million in the same quarter last year[22] - Renewal pure price increases averaged 9.1%, up from 7.6% in the prior year quarter[22] - Net catastrophe losses for the quarter were $19.8 million, compared to $38.5 million in the same quarter last year[22] - Net catastrophe losses for the quarter were $16.4 million, compared to a gain of $2.9 million in the prior year[33]

Core Viewpoint - Selective Insurance Group, Inc. (SIGI) is currently experiencing a short-term bullish trend, trading above its 50-day simple moving average, despite a 17.2% decline from its 52-week high [1][2]. Financial Performance - As of April 11, 2025, SIGI's share price was $86.63, down from a 52-week high of $104.67 [1]. - SIGI has underperformed the industry with a year-to-date loss of 7.4% [5]. - The average target price from seven analysts is $93.57 per share, indicating a potential upside of 8.8% from the last closing price [12]. - The Zacks Consensus Estimate for 2025 earnings is $7.43, reflecting a 127.2% year-over-year increase, with revenues projected to rise by 10.4% to $5.4 billion [14]. Valuation Metrics - SIGI shares are trading at a price-to-book ratio of 1.8, which is higher than the industry average of 1.61 [9]. - Return on equity for SIGI was 7.3%, below the industry average of 8.3% [18]. - Return on invested capital was 3.7%, lagging behind the industry average of 6.4% [20]. Growth Strategy - The company aims to improve organic growth by appointing new distribution partners to achieve a 25% agent market share and expanding into new states [21]. - SIGI has successfully expanded its commercial lines presence to 27 states and plans further geographic expansion [22]. - The company estimates an after-tax net investment income of $405 million in 2025, supported by a growing invested asset base and higher book yields [23]. Market Position - SIGI's wealth distribution strategy includes regular dividend increases and share buybacks, with a dividend yield of 1.8%, making it attractive for yield-seeking investors [25]. - Despite a favorable leverage position, increasing expenses have impacted margin expansion, leading to a cautious outlook on the stock [26].

Core Viewpoint - Selective Insurance Group Inc. (SIGI) is expected to grow due to rising premiums driven by solid renewal pure pricing, high retention, and new business growth in Commercial Lines and Excess and Supply Lines [1] Earnings History - SIGI has consistently underperformed, lagging earnings estimates in the last four quarters with an average negative earnings surprise of 58.78% [2] - Over the past five years, earnings have declined by 4.3%, while the industry average growth was 19.3% [2] Factors Favoring SIGI - The company is focused on improving organic growth, with its Commercial Lines business increasing its share of distribution partners' overall premium to 12% and aiming for a 25% agent market share [3] - SIGI's overall premium is expected to benefit from improved pricing, new business growth, and a high retention ratio [3] Geographic Expansion - SIGI relies on geographic expansion for growth and diversification, successfully expanding in New Hampshire and the Southwest region, including Arizona, Colorado, Utah, and Mexico [4] - The company now has a commercial lines presence in 27 states and plans to expand further [4] Investment Performance - Despite a low interest rate environment, SIGI has delivered impressive investment results, with net investment income expected to grow due to an increased invested asset base and higher book yields [5] - The company regularly raises dividends and buys back shares, offering a higher dividend yield compared to its industry, making it attractive for yield-seeking investors [5] Concerns for SIGI - As a property and casualty insurer, SIGI is exposed to catastrophe losses from natural disasters, which can induce underwriting volatility and affect the combined ratio [6] - The company estimates a GAAP combined ratio of 96% to 97% in 2025, including net catastrophe losses of 6 points, with an underlying combined ratio expected in the 90-91% range [6] Financial Metrics - SIGI's debt levels have remained stable, with leverage comparing favorably to the industry average, but its times interest earned is unfavorable compared to the industry [7] - The company expects the expense ratio to increase to approximately 31.5% in 2025, driven by rising expenses primarily due to increasing loss and loss expense [7] Return on Capital - SIGI's trailing 12-month return on equity was 7.3%, below the industry average of 8.3%, indicating inefficiency in utilizing shareholders' funds [8] - The return on invested capital in the trailing 12 months was 3.7%, lagging the industry average of 6.3% [8] Key Industry Players - Other notable players in the insurance industry include The Progressive Corporation (PGR), Kingstone Companies (KINS), and Palomar Holdings (PLMR) [9]

Core Viewpoint - Selective Insurance reported a mixed performance in its fourth-quarter earnings, with operating income missing estimates and a decline in underwriting income, while total revenues increased year-over-year [2][3][4]. Financial Performance - The fourth-quarter operating income was $1.62 per share, missing the Zacks Consensus Estimate by 18.1% and down 16% from the previous year [2]. - Total revenues reached $1.3 billion, a 14.4% increase from the prior year, but fell short of the Zacks Consensus Estimate by 1% [3]. - Net premiums written (NPW) rose 10% year-over-year to $1.1 billion, driven by a 10.7% increase in average renewal pure price [3]. - After-tax net investment income grew 24% year-over-year to $97 million [3]. Underwriting and Losses - After-tax net underwriting income was $13.3 million, a significant decrease of 73.5% year-over-year [4]. - The combined ratio deteriorated by 480 basis points to 98.5%, while the loss and loss expense ratio worsened by 540 basis points to 67.8% [4]. - Total expenses increased by 19.2% year-over-year to $1.1 billion, primarily due to higher loss and loss expenses [4]. Segment Performance - Standard Commercial Lines NPW increased by 9% year-over-year to $833.4 million, with a combined ratio of 100.2% [5]. - Standard Personal Lines NPW decreased by 3% year-over-year to $103.6 million, with a combined ratio improving to 91.7% [6]. - Excess & Surplus Lines NPW rose by 27% year-over-year to $152.6 million, with a combined ratio of 93.1% [7]. Full-Year Highlights - Full-year operating earnings were $3.27 per share, down 44% year-over-year, with NPW reaching a record $4.6 billion, up 12% [8]. - The combined ratio for the year deteriorated by 650 basis points to 103% [8]. Financial Position - As of December 31, 2024, total assets were $13.5 billion, a 15% increase from the end of 2023 [9]. - Book value per share increased by 6% year-over-year to $47.99 [9]. Shareholder Returns - In 2024, the company repurchased shares worth $8.7 million and declared a quarterly cash dividend of 38 cents per share [10]. Guidance - For 2025, the company estimates a GAAP combined ratio of 96% to 97% and after-tax net investment income of $405 million [11]. Market Position - Selective Insurance has seen downward revisions in estimates, leading to a Zacks Rank of 4 (Sell) [14].

Core Insights - Selective Insurance (NASDAQ: SIGI) ranks as the 34th largest insurance carrier in the United States, with net premiums written amounting to $4.6 billion in 2024 [1] Company Overview - The company offers both commercial and personal insurance policies and is involved in the excess and surplus lines market [1] Investment Community - The CrickAnt serves as an actuary for an insurance company and contributes to the Cash Flow Club, which focuses on analyzing company cash flows and capital access [1] - The Cash Flow Club provides features such as access to a leader's personal income portfolio targeting yields of over 6%, community chat, a "Best Opportunities" List, performance transparency, and coverage of various sectors including energy midstream, commercial mREITs, BDCs, and shipping [1]

Investment Income and Financial Performance - The company generated net investment income primarily from fixed income investments, commercial mortgage loans, equity securities, and alternative investments, partially offset by investment expenses[25]. - The company aims to maximize the economic value of its investment portfolio by achieving stable, risk-adjusted after-tax net investment income[73]. Insurance Operations and Market Strategy - The company’s insurance operations primarily sell one-year term policies, with loss and loss expense reserves being a critical accounting estimate for future claims[27][28]. - In 2024, the company expanded its Standard Commercial Lines business into Maine, Nevada, Oregon, Washington, and West Virginia, with plans to enter Kansas, Montana, and Wyoming in the next two years[35]. - The company categorizes its Standard Commercial Lines customers into five strategic business units, with contractors representing 44% of the total direct premium written (DPW)[34]. - The company faces substantial competition in the insurance marketplace, particularly in Standard Commercial Lines and E&S Lines, with market share fragmented among many companies[72]. Technology and Innovation - The company leverages technology, including machine learning and generative AI, to enhance operational efficiency and decision-making processes[46]. - The company has a dedicated innovation team to monitor industry trends and advance strategic ideas, fostering a culture of innovation[51]. - The company is modernizing its Standard Commercial Lines agency interface platform to streamline quoting and issuance for small businesses, focusing on risks with policy premiums under $25,000[58]. - In 2024, the company integrated its claims system with third-party vendors to enhance efficiency and customer experience, including introducing digital payment solutions[67]. Risk Management and Claims Operations - The company has 100 Risk Management Specialists in the field, enhancing risk management and reducing exposure to property, liability, and workers' compensation risks[54]. - In 2024, the company launched a Risk Management Center (RMC) to provide Standard Commercial Lines customers with on-demand access to self-service risk management resources[57]. - The company is executing a multi-year claims system modernization strategy to improve efficiency and customer experience, aiming to reduce cycle times and claims adjudication costs[66]. - The risk governance structure includes an Executive Risk Committee (ERC) that meets quarterly to review significant risks and capital adequacy[91]. - The Reserve Committee meets quarterly to monitor loss and loss expense reserve levels and reports to the Board's Audit Committee[93]. Employee Engagement and Diversity - The company has approximately 2,800 employees and was recognized as a Great Place to Work Certified organization for the fifth consecutive year[99]. - The company was also recognized by Forbes as one of "America's Best Mid-Size Employers" for the fourth time[99]. - Women represented 57% of the non-officer workforce and 36% of the officer workforce as of December 31, 2024, showing a slight increase in officer diversity[105]. - The company has implemented a Flexible Work Location Policy requiring most office-based non-management employees to be in their assigned office 40% of the time[103]. - The company has a robust employee training and development program, including initiatives like the Next Generation of Leaders program and the RISE program[102]. Sustainability and Environmental Impact - The company integrates sustainability principles into its business, focusing on human capital development and environmental impact mitigation[98]. - The company is committed to reducing its carbon emissions relative to revenues over the long term through various initiatives[119]. - The company has prohibited new direct equity or debt investments in thermal coal enterprises, reflecting its commitment to sustainability[117]. - The established catastrophic risk tolerance requires that no more than 10% of stockholders' equity is exposed to a loss from a hurricane event at a 99.6% confidence level[116]. - The company actively monitors its investment exposure to carbon-intensive industries to manage climate-related risks[110]. - The company aims to mitigate climate change impact through proactive risk management and responsive claims handling services[106].

INVESTOR PRESENTATION Fourth Quarter 2024 Copyright © 2025 by Selective Insurance Group, Inc. All rights reserved. Exhibit 99.3 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 Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our inte ...