分组1 - Selective Insurance reported quarterly earnings of $1.31 per share, missing the Zacks Consensus Estimate of $1.55 per share, and showing an earnings surprise of -15.48% [1] - The company posted revenues of $1.32 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.90%, compared to year-ago revenues of $1.19 billion [2] - The stock has underperformed the market, losing about 2.8% since the beginning of the year, while the S&P 500 gained 7.3% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $1.76 on $1.35 billion in revenues, and for the current fiscal year, it is $7.21 on $5.33 billion in revenues [7] - The Zacks Industry Rank for Insurance - Property and Casualty is currently in the top 38% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Arch Capital Group, another company in the same industry, is expected to report quarterly earnings of $2.31 per share, reflecting a year-over-year change of -10.1%, with revenues expected to be $4.65 billion, up 18% from the year-ago quarter [9][10]

[Report Overview](index=1&type=section&id=Report%20Overview) This report provides unaudited historical GAAP line of business supplement information for Selective Insurance Group, Inc. and Consolidated Subsidiaries - The report presents data covering the period from March 2023 through March 2025[1](index=1&type=chunk) [Table of Contents](index=2&type=section&id=TABLE%20OF%20CONTENTS) The report categorizes business lines into Standard Commercial, Standard Personal, and Excess & Surplus Lines - The report covers specific lines including General Liability, Commercial Automobile, Commercial Property, Workers Compensation, Businessowners' Policies (BOP), Bonds, Commercial Other, Personal Automobile, Personal Homeowners, Personal Other, E&S Casualty, and E&S Property[3](index=3&type=chunk) [Standard Commercial Lines](index=3&type=section&id=STANDARD%20COMMERCIAL%20LINES) The Standard Commercial Lines segment demonstrated improved underwriting performance in Q1 2025, reporting an underwriting income of **$32.9 million**, a significant increase from **$10.4 million** in Q1 2024, with the combined ratio improving to **96.4%** from **98.8%** year-over-year, despite some underlying cost pressures [General Liability](index=3&type=section&id=General%20Liability) General Liability experienced a significant underwriting loss of **$15.9 million** in Q1 2025, compared to a **$29.4 million** loss in Q1 2024, with the combined ratio improving to **105.4%** from **110.8%** year-over-year General Liability - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 333.9 | $ 307.4 | +8.6% | | Net premiums earned | $ 294.7 | $ 273.4 | +7.8% | | Underwriting income (loss) | $ (15.9) | $ (29.4) | +45.9% (less loss) | | Loss and loss expense ratio | 72.5 % | 78.8 % | -6.3 pts | | Combined ratio | 105.4 % | 110.8 % | -5.4 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to **105.4%** in Q1 2025 from **92.5%** in Q1 2024, indicating a deterioration in underlying performance[5](index=5&type=chunk) [Commercial Automobile](index=4&type=section&id=Commercial%20Automobile) Commercial Automobile reported an underwriting income of **$7.6 million** in Q1 2025, a notable improvement from **$0.3 million** in Q1 2024, with the combined ratio improving to **97.3%** from **99.9%** year-over-year Commercial Automobile - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 312.7 | $ 285.6 | +9.5% | | Net premiums earned | $ 283.6 | $ 251.7 | +12.7% |\ | Underwriting income (loss) | $ 7.6 | $ 0.3 | +2433.3% | | Loss and loss expense ratio | 66.6 % | 69.7 % | -3.1 pts | | Combined ratio | 97.3 % | 99.9 % | -2.6 pts | - The combined ratio before net catastrophe losses and prior year casualty development improved to **96.8%** in Q1 2025 from **99.3%** in Q1 2024[7](index=7&type=chunk) [Commercial Property](index=5&type=section&id=Commercial%20Property) Commercial Property generated an underwriting income of **$30.0 million** in Q1 2025, a substantial increase from **$9.6 million** in Q1 2024, with the combined ratio significantly improving to **83.9%** from **94.1%** year-over-year Commercial Property - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 196.3 | $ 174.5 | +12.5% | | Net premiums earned | $ 186.5 | $ 161.6 | +15.4% | | Underwriting income (loss) | $ 30.0 | $ 9.6 | +212.5% | | Loss and loss expense ratio | 49.8 % | 59.0 % | -9.2 pts | | Combined ratio | 83.9 % | 94.1 % | -10.2 pts | | Net catastrophe losses | 8.8 % | 20.3 % | -11.5 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to **75.1%** in Q1 2025 from **73.8%** in Q1 2024, indicating a slight deterioration in underlying performance when excluding catastrophes[9](index=9&type=chunk) [Workers Compensation](index=6&type=section&id=Workers%20Compensation) Workers Compensation reported an underwriting loss of **$4.7 million** in Q1 2025, a decline from an **$18.2 million** income in Q1 2024, with the combined ratio deteriorating to **105.9%** from **79.3%** year-over-year Workers Compensation - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 86.1 | $ 98.8 | -12.9% | | Net premiums earned | $ 79.0 | $ 87.8 | -10.1% | | Underwriting income (loss) | $ (4.7) | $ 18.2 | -125.8% | | Loss and loss expense ratio | 77.8 % | 52.2 % | +25.6 pts | | Combined ratio | 105.9 % | 79.3 % | +26.6 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to **105.9%** in Q1 2025 from **96.4%** in Q1 2024, indicating a significant deterioration in underlying performance[11](index=11&type=chunk) [Businessowners' Policies (BOP)](index=7&type=section&id=Businessowners'%20Policies%20(BOP)) Businessowners' Policies (BOP) achieved an underwriting income of **$10.1 million** in Q1 2025, a substantial improvement from **$5.4 million** in Q1 2024, with the combined ratio improving to **78.5%** from **86.4%** year-over-year BOP - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 51.0 | $ 44.7 | +14.1% | | Net premiums earned | $ 46.9 | $ 39.9 | +17.5% | | Underwriting income (loss) | $ 10.1 | $ 5.4 | +87.0% | | Loss and loss expense ratio | 44.0 % | 51.9 % | -7.9 pts | | Combined ratio | 78.5 % | 86.4 % | -7.9 pts | | Net catastrophe losses | 4.2 % | 10.6 % | -6.4 pts | - The combined ratio before net catastrophe losses and prior year casualty development improved to **74.3%** in Q1 2025 from **75.8%** in Q1 2024[14](index=14&type=chunk) [Bonds](index=8&type=section&id=Bonds) Bonds reported an underwriting income of **$1.7 million** in Q1 2025, slightly lower than **$2.1 million** in Q1 2024, with the combined ratio increasing to **87.1%** from **82.8%** year-over-year Bonds - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 14.4 | $ 12.4 | +16.1% | | Net premiums earned | $ 13.3 | $ 12.1 | +9.9% | | Underwriting income (loss) | $ 1.7 | $ 2.1 | -19.0% | | Loss and loss expense ratio | 28.9 % | 27.6 % | +1.3 pts | | Combined ratio | 87.1 % | 82.8 % | +4.3 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to **87.1%** in Q1 2025 from **82.8%** in Q1 2024[17](index=17&type=chunk) [Commercial Other](index=9&type=section&id=Commercial%20Other) Commercial Other maintained strong underwriting income of **$4.1 million** in Q1 2025, comparable to **$4.3 million** in Q1 2024, with the combined ratio slightly increasing to **50.5%** from **44.0%** year-over-year Commercial Other - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 8.9 | $ 8.2 | +8.5% | | Net premiums earned | $ 8.2 | $ 7.6 | +7.9% | | Underwriting income (loss) | $ 4.1 | $ 4.3 | -4.7% | | Loss and loss expense ratio | 3.2 % | 0.7 % | +2.5 pts | | Underwriting expense ratio | 47.4 % | 43.4 % | +4.0 pts | | Combined ratio | 50.5 % | 44.0 % | +6.5 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to **50.5%** in Q1 2025 from **44.0%** in Q1 2024[20](index=20&type=chunk) [Total Standard Commercial Lines](index=10&type=section&id=Total%20Standard%20Commercial%20Lines) The Total Standard Commercial Lines segment reported an underwriting income of **$32.9 million** in Q1 2025, a significant increase from **$10.4 million** in Q1 2024, with the combined ratio improving to **96.4%** from **98.8%** year-over-year, despite some underlying cost pressures Total Standard Commercial Lines - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 1,003.2 | $ 931.7 | +7.7% | | Net premiums earned | $ 912.2 | $ 834.1 | +9.4% | | Underwriting income | $ 32.9 | $ 10.4 | +216.3% | | Combined ratio | 96.4 % | 98.8 % | -2.4 pts | | Combined ratio before net catastrophe losses and prior year casualty development | 94.2 % | 90.0 % | +4.2 pts | [Standard Personal Lines](index=11&type=section&id=STANDARD%20PERSONAL%20LINES) The Standard Personal Lines segment showed a positive turnaround in Q1 2025, achieving an underwriting income of **$2.0 million** compared to a **$5.3 million** loss in Q1 2024, with the combined ratio improving to **98.0%** from **105.1%** year-over-year [Personal Automobile](index=11&type=section&id=Personal%20Automobile) Personal Automobile reported an underwriting loss of **$5.9 million** in Q1 2025, an improvement from an **$11.5 million** loss in Q1 2024, with the combined ratio improving to **111.2%** from **120.2%** year-over-year Personal Automobile - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 45.3 | $ 55.0 | -17.6% | | Net premiums earned | $ 53.0 | $ 57.0 | -7.0% | | Underwriting income (loss) | $ (5.9) | $ (11.5) | +48.7% (less loss) | | Loss and loss expense ratio | 85.1 % | 94.2 % | -9.1 pts | | Combined ratio | 111.2 % | 120.2 % | -9.0 pts | | (Favorable) unfavorable prior year casualty reserve development | 9.4 | 8.8 | +0.6 pts | - The combined ratio before net catastrophe losses and prior year casualty development improved to **101.6%** in Q1 2025 from **110.2%** in Q1 2024[25](index=25&type=chunk) [Personal Homeowners](index=12&type=section&id=Personal%20Homeowners) Personal Homeowners achieved an underwriting income of **$3.4 million** in Q1 2025, a positive turnaround from a **$1.6 million** income in Q1 2024, with the combined ratio significantly improving to **92.8%** from **96.4%** year-over-year Personal Homeowners - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 39.8 | $ 42.2 | -5.7% | | Net premiums earned | $ 47.9 | $ 44.1 | +8.6% | | Underwriting income (loss) | $ 3.4 | $ 1.6 | +112.5% | | Loss and loss expense ratio | 65.0 % | 68.2 % | -3.2 pts | | Combined ratio | 92.8 % | 96.4 % | -3.6 pts | | Net catastrophe losses | 14.6 % | 25.3 % | -10.7 pts | - The combined ratio before net catastrophe losses and prior year casualty development improved to **78.2%** in Q1 2025 from **82.4%** in Q1 2024[28](index=28&type=chunk) [Personal Other](index=13&type=section&id=Personal%20Other) Personal Other reported a strong underwriting income of **$4.5 million** in Q1 2025, comparable to **$4.6 million** in Q1 2024, with the combined ratio remaining negative at **(64.8)%** in Q1 2025 Personal Other - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 2.4 | $ 2.8 | -14.3% | | Net premiums earned | $ 2.7 | $ 2.8 | -3.6% | | Underwriting income (loss) | $ 4.5 | $ 4.6 | -2.2% | | Loss and loss expense ratio | 15.5 % | 20.0 % | -4.5 pts | | Underwriting expense ratio | (80.3) % | (85.9) % | +5.6 pts | | Combined ratio | (64.8) % | (65.9) % | +1.1 pts | - The combined ratio before net catastrophe losses and prior year casualty development was **(64.8)%** in Q1 2025, compared to **(65.9)%** in Q1 2024, reflecting consistent strong performance[32](index=32&type=chunk) [Total Standard Personal Lines](index=14&type=section&id=Total%20Standard%20Personal%20Lines) The Total Standard Personal Lines segment showed a positive turnaround in Q1 2025, achieving an underwriting income of **$2.0 million** compared to a **$5.3 million** loss in Q1 2024, with the combined ratio improving to **98.0%** from **105.1%** year-over-year Total Standard Personal Lines - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 87.5 | $ 99.9 | -12.4% | | Net premiums earned | $ 103.7 | $ 103.8 | -0.1% | | Underwriting income (loss) | $ 2.0 | $ (5.3) | +137.7% (less loss) | | Combined ratio | 98.0 % | 105.1 % | -7.1 pts | | Net catastrophe losses | 6.9 % | 11.4 % | -4.5 pts | | (Favorable) unfavorable prior year casualty reserve development | 4.8 | — | N/A | | Combined ratio before net catastrophe losses and prior year casualty development | 86.3 % | 93.7 % | -7.4 pts | [Excess & Surplus Lines](index=15&type=section&id=EXCESS%20%26%20SURPLUS%20LINES) The Excess & Surplus Lines segment reported an underwriting income of **$10.7 million** in Q1 2025, a decrease from **$14.0 million** in Q1 2024, with the combined ratio increasing to **92.5%** from **87.6%** year-over-year [E&S Casualty](index=15&type=section&id=E%26S%20Casualty) E&S Casualty reported a slight underwriting loss of **$0.4 million** in Q1 2025, a decline from an income of **$4.5 million** in Q1 2024, with the combined ratio increasing to **100.5%** from **93.7%** year-over-year E&S Casualty - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 90.7 | $ 77.1 | +17.6% | | Net premiums earned | $ 85.1 | $ 71.6 | +18.9% | | Underwriting income (loss) | $ (0.4) | $ 4.5 | -108.9% | | Loss and loss expense ratio | 68.3 % | 62.7 % | +5.6 pts | | Combined ratio | 100.5 % | 93.7 % | +6.8 pts | - The combined ratio before net catastrophe losses and prior year casualty development increased to **100.5%** in Q1 2025 from **93.7%** in Q1 2024[37](index=37&type=chunk) [E&S Property](index=16&type=section&id=E%26S%20Property) E&S Property generated an underwriting income of **$11.1 million** in Q1 2025, an increase from **$9.5 million** in Q1 2024, with the combined ratio increasing to **80.7%** from **77.1%** year-over-year E&S Property - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 59.0 | $ 47.9 | +23.2% | | Net premiums earned | $ 57.8 | $ 41.4 | +39.6% | | Underwriting income (loss) | $ 11.1 | $ 9.5 | +16.8% | | Loss and loss expense ratio | 51.6 % | 46.4 % | +5.2 pts | | Combined ratio | 80.7 % | 77.1 % | +3.6 pts | | Net catastrophe losses | 28.4 % | 11.9 % | +16.5 pts | - The combined ratio before net catastrophe losses and prior year casualty development decreased to **52.3%** in Q1 2025 from **65.2%** in Q1 2024, indicating a significant improvement in underlying performance[40](index=40&type=chunk) [Total Excess & Surplus Lines](index=17&type=section&id=Total%20Excess%20%26%20Surplus%20Lines) The Total Excess & Surplus Lines segment reported an underwriting income of **$10.7 million** in Q1 2025, a decrease from **$14.0 million** in Q1 2024, with the combined ratio increasing to **92.5%** from **87.6%** year-over-year Total Excess & Surplus Lines - Key Financials (Quarter-Ended Mar. 31) | Metric ($ in millions) | Mar. 31, 2025 | Mar. 31, 2024 | YoY Change | | :--------------------- | :------------ | :------------ | :--------- | | Net premiums written | $ 149.7 | $ 125.0 | +19.8% | | Net premiums earned | $ 142.9 | $ 113.0 | +26.5% | | Underwriting income (loss) | $ 10.7 | $ 14.0 | -23.5% | | Loss and loss expense ratio | 61.6 % | 56.7 % | +4.9 pts | | Combined ratio | 92.5 % | 87.6 % | +4.9 pts | | Net catastrophe losses | 11.5 % | 4.3 % | +7.2 pts | | (Favorable) unfavorable prior year casualty reserve development | — | — | N/A | | Combined ratio before net catastrophe losses and prior year casualty development | 81.0 % | 83.3 % | -2.3 pts |

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Selective Insurance, driven by higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - Selective Insurance is expected to report quarterly earnings of $1.55 per share, reflecting a significant year-over-year increase of +240.9% [3]. - Revenue projections stand at $1.31 billion, indicating a growth of 9.7% compared to the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, suggesting stability in analyst expectations [4]. - The Most Accurate Estimate for Selective Insurance is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +1.94% [11]. Earnings Surprise Prediction - A positive Earnings ESP is generally a strong indicator of an earnings beat, especially when combined with a favorable Zacks Rank [9]. - However, Selective Insurance currently holds a Zacks Rank of 4, complicating the prediction of an earnings beat despite the positive Earnings ESP [11]. Historical Performance - In the last reported quarter, Selective Insurance was expected to earn $1.89 per share but only achieved $1.76, resulting in a surprise of -6.88% [12]. - The company has not surpassed consensus EPS estimates in any of the last four quarters [13]. Conclusion - While Selective Insurance is not positioned as a compelling earnings-beat candidate, investors should consider various factors beyond earnings expectations when making investment decisions [16].

Core Viewpoint - Selective Insurance Group, Inc. (SIGI) is trading at a premium compared to the Zacks Property and Casualty Insurance industry, with a price-to-book value of 1.69X, higher than the industry average of 1.55X, but lower than the Finance sector's 4.12X and the Zacks S&P 500 Composite's 8.01X [1] Group 1: Stock Performance - Selective Insurance shares have decreased by 4.7% over the past year, underperforming the industry, sector, and Zacks S&P 500 composite, which grew by 17.2%, 18.1%, and 8.8% respectively [3] - The stock closed at $87.44, which is 15.5% below its 52-week high of $103.56, and is trading below the 50-day and 200-day simple moving averages of $87.75 and $90.59, indicating downward momentum [4] Group 2: Growth Projections - The Zacks Consensus Estimate for Selective Insurance's 2025 earnings per share indicates a year-over-year increase of 122%, with revenues projected at $5.33 billion, reflecting a 9.5% year-over-year improvement [8] - The consensus estimates for 2026 earnings per share and revenues suggest increases of 13.9% and 7.7% respectively from the 2025 estimates [8] Group 3: Analyst Sentiment - Three out of five analysts covering SIGI have lowered their estimates for 2025, and two have done so for 2026 over the past 60 days, with the consensus estimate for 2025 earnings down by 2% and for 2026 down by 0.6% [9] Group 4: Financial Metrics - Selective Insurance is expected to achieve after-tax net investment income of $405 million for 2025, driven by improved book yields from fixed-income securities in a higher interest rate environment [7][15] - The company has demonstrated a nine-year CAGR of nearly 8.8% in dividends, with a recent 9% hike approved for the quarterly cash dividend in Q3 2024, resulting in a dividend yield of 1.7%, significantly higher than the industry average of 0.2% [16] Group 5: Operational Efficiency - The return on equity for Selective Insurance in the trailing 12 months was 8%, surpassing the industry average of 7.8%, indicating effective utilization of shareholders' funds [17] Group 6: Market Position and Challenges - Selective Insurance is well-positioned to benefit from strong renewal rates, favorable E&S lines marketplace conditions, and higher income from fixed-income securities, although challenges such as exposure to catastrophe loss and rising expenses remain [18][19]

Core Viewpoint - Selective Insurance (SIGI) has experienced a 3% decline in share price over the past month, underperforming the S&P 500, raising questions about its future performance leading up to the next earnings release [1] Estimates Movement - Fresh estimates for Selective Insurance have trended downward over the past month, indicating a negative outlook [2] VGM Scores - Selective Insurance holds a strong Growth Score of A but has a low Momentum Score of F. The stock has a value grade of B, placing it in the top 40% for this investment strategy. The aggregate VGM Score for the stock is A, which is significant for investors not focused on a single strategy [3] Outlook - The overall trend of estimates for Selective Insurance has been downward, with a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [4] Industry Performance - Selective Insurance is part of the Zacks Insurance - Property and Casualty industry. Another player in this sector, Progressive (PGR), has seen a 4.5% increase in share price over the past month. Progressive reported revenues of $20.62 billion for the last quarter, reflecting a year-over-year increase of 20.7% [5] Progressive's Earnings Expectations - Progressive is projected to report earnings of $3.76 per share for the current quarter, which represents a year-over-year increase of 41.9%. The Zacks Consensus Estimate for Progressive has changed by +8.3% over the last 30 days, maintaining a Zacks Rank of 3 (Hold) and a VGM Score of A [6]

Group 1 - Selective Insurance (NASDAQ: SIGI) is one of the largest insurance carriers in the U.S., specializing in commercial and personal insurance coverages [1] - The company also operates in the excess and surplus market, indicating a diverse portfolio in the insurance sector [1] - The CrickAnt, an actuary, contributes to the Cash Flow Club, focusing on company cash flows and access to capital, which may provide insights into investment opportunities in the insurance industry [1] Group 2 - The Cash Flow Club offers features such as access to a leader's personal income portfolio targeting yields of 6%+, community chat, and a "Best Opportunities" List, which may be beneficial for investors [1]

Financial Performance - Revenues for Q1 2025 reached $1,285,186, a 10% increase from $1,164,959 in Q1 2024[73] - After-tax net investment income rose to $95,621, reflecting a 12% increase compared to $85,640 in the previous year[73] - Net income available to common stockholders increased by 34% to $107,596 from $80,218 in Q1 2024[73] - Non-GAAP operating ROE for Q1 2025 was 14.4%, exceeding the 12% target and up from 11.7% in Q1 2024[75] - Net Premiums Written (NPW) increased by 7% to $1,240,443, and Net Premiums Earned (NPE) grew by 10% to $1,158,757 in Q1 2025 compared to Q1 2024[81] - Underwriting income rose significantly by 140% to $45,637 in Q1 2025, compared to $19,031 in Q1 2024[81] - Net cash provided by operating activities increased to $284.0 million in First Quarter 2025, compared to $114.2 million in First Quarter 2024[154] Combined Ratio and Underwriting Performance - The combined ratio improved to 96.1%, down 2.1 points from 98.2% in Q1 2024[73] - The combined ratio improved to 96.1%, down from 98.2%, reflecting a 2.1-point decrease year-over-year[81] - The combined ratio improved by 2.6 points to 97.3% in Q1 2025, reflecting a decrease in the loss and loss expense ratio to 66.6%[102] - The loss and loss expense ratio for Standard Commercial Lines improved to 63.8%, down from 66.7% in Q1 2024[91] - The combined ratio for Commercial Property decreased by 10.2 points to 83.9% in Q1 2025, with net catastrophe losses significantly lower at $16.4 million[104] - The combined ratio for Workers Compensation increased by 26.6 points to 105.9% in Q1 2025, impacted by higher current year casualty loss costs[106] - The loss and loss expense ratio for Standard Personal Lines improved by 7.3 points to 73.9% in Q1 2025, aided by a favorable prior year casualty reserve development of $5 million[110] - The combined ratio for E&S Lines increased by 4.9 points to 92.5% in Q1 2025, with loss and loss expense incurred rising by 37% to $87,990[113] Business Growth and Strategy - New business moderated as rate increases accelerated, but policy retention remained strong[79] - The company added 30 agency locations in Q1 2025, contributing to a net increase of 200 agency locations in 2024[79] - The company expects to write new business in Kansas, Montana, and Wyoming by the end of 2026[80] - Overall renewal pure pricing across insurance segments was 10.3%, up 2.2 points from the previous year[80] - The thirteen states added since 2017 produced $350 million in premium, representing approximately 10% of Standard Commercial Lines NPW[80] Investment Performance - Total invested assets grew by 7% to $10,295,310 thousand as of March 31, 2025, up from $9,651,297 thousand at December 31, 2024[119] - Net investment income earned increased by 12% to $95,621 thousand in Q1 2025 from $85,640 thousand in Q1 2024[121] - Net unrealized losses before tax decreased by 26% to $(232,510) thousand in Q1 2025 from $(314,680) thousand in Q1 2024[119] - The annualized after-tax yield on the investment portfolio decreased slightly to 3.8% in Q1 2025 from 3.9% in Q1 2024[121] - Net unrealized gains on equity securities increased by 52% to $1,050,000 in Q1 2025 from $692,000 in Q1 2024[122] Capital Management - The company maintains a solid capital base and high-quality underwriting portfolio, enhancing financial strength and underwriting capacity[152] - The company may take various actions to manage capital, including contributing capital to Insurance Subsidiaries and repurchasing shares[151] - The company issued $400 million of 5.90% Senior Notes due 2035, resulting in net proceeds of $395.9 million, which includes a $200 million capital contribution to the Insurance Subsidiaries[139] - The company repurchased 233,611 shares of common stock for $19.4 million, with $56.1 million of remaining capacity under the share repurchase program as of March 31, 2025[140] - As of March 31, 2025, the company had GAAP stockholders' equity of $3.3 billion and a debt-to-capital ratio of 21.7%[144] Tax and Regulatory - Federal income tax expense for Q1 2025 was $28,990,000, up from $20,048,000 in Q1 2024, resulting in an effective tax rate of 21.2%[123]

Core Viewpoint - Selective Insurance reported solid Q1 2025 results, maintaining full-year GAAP guidance of a 96%-97% combined ratio, driven by pricing discipline and portfolio optimization [4][8][11] Financial Performance - Combined ratio for Q1 2025 was 96.1%, including 3.7 points of catastrophe losses and 0.4 points of unfavorable prior year casualty reserve development [11] - Return on equity and operating return on equity were both 14.4% [3][11] - Net premiums written grew by 7%, primarily from excess and surplus lines and standard commercial lines, while personal lines premiums decreased by 12% due to profit improvement actions [8][11] - After-tax net investment income was $96 million, up 12% year-over-year [3][11] - Book value per share increased by 5% during the quarter [3] Pricing and Underwriting - Overall renewal pure pricing increased by 10.3%, up 2.2 points year-over-year, with personal lines renewal pure price at 24.1% [3][4][9] - Standard commercial lines renewal pure price was 9.1%, with general liability at 12% and commercial property and auto both exceeding 10% [3][9] - Workers' compensation pricing remained negative at approximately -3% [5][9] Strategic Initiatives - The company added 30 new agency locations in Q1 2025 and expanded into 13 new states since 2017, contributing $350 million in premiums written for standard commercial lines during 2024 [5][9] - Management expects rate changes to remain above loss trends but moderate compared to 2024 increases [5][9] Market Environment - The insurance industry faces significant macroeconomic uncertainty, including financial market performance and potential recession risks [9][10] - Social inflation continues to impact average casualty severities, prompting the company to focus on restoring consistent underwriting margins and operating ROEs [9][10] Investment Strategy - The investment portfolio remains conservatively positioned, with total fixed income and short-term investments representing 92% of the portfolio at quarter-end [11] - The average credit quality of the portfolio is A plus, with a duration of 4.1 years [11]

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]