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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: June 30, 2026

or 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from_____________________________to_____________________________
 
Commission File Number: 001-33067

Selective Insurance Logo.jpg

SELECTIVE INSURANCE GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)

New Jersey22-2168890
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890
(Address of Principal Executive Offices) (Zip Code
Registrant's telephone number, including area code: (973) 948-3000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, par value $2 per shareSIGIThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par valueSIGIPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐Emerging growth company☐
Non-accelerated filer☐Smaller reporting company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 17, 2026, there were 59,569,119 shares of common stock, par value $2.00 per share, outstanding. 

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SELECTIVE INSURANCE GROUP, INC.
Table of Contents
  Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
SELECTIVE INSURANCE GROUP, INC.
CONSOLIDATED BALANCE SHEETS		Unaudited
($ in thousands, except share amounts)June 30, 2026December 31, 2025
ASSETS  
Investments:  
Fixed income securities, held-to-maturity – at carrying value (fair value: $19,540 – 2026; $23,939 – 2025)
$20,107 23,942 
Less: allowance for credit losses— — 
Fixed income securities, held-to-maturity, net of allowance for credit losses20,107 23,942 
Fixed income securities, available-for-sale – at fair value
(allowance for credit losses: $39,102 – 2026 and $31,287 – 2025; amortized cost: $10,131,816 – 2026 and $9,576,878 – 2025)
9,909,753 9,457,176 
Commercial mortgage loans – at carrying value (fair value: $267,408 – 2026 and $274,895 – 2025)
273,175 277,895 
Less: allowance for credit losses(3,464)(213)
Commercial mortgage loans, net of allowance for credit losses269,711 277,682 
Equity securities – at fair value (cost: $377,480 – 2026; $370,104 – 2025)
413,106 384,416 
Short-term investments378,879 648,542 
Alternative investments473,864 418,525 
Other investments111,440 92,157 
Total investments (Note 4 and 5)$11,576,860 11,302,440 
Cash557 346 
Restricted cash10,370 17,612 
Accrued investment income101,571 92,003 
Premiums receivable1,661,814 1,555,201 
Less: allowance for credit losses (Note 6)(24,100)(21,300)
Premiums receivable, net of allowance for credit losses1,637,714 1,533,901 
Reinsurance recoverable954,248 917,495 
Less: allowance for credit losses (Note 7)(2,000)(2,000)
Reinsurance recoverable, net of allowance for credit losses952,248 915,495 
Prepaid reinsurance premiums273,062 266,332 
Current federal income tax1,939 — 
Deferred federal income tax137,880 110,905 
Property and equipment – at cost, net of accumulated depreciation and amortization of: $311,425 – 2026; $297,211 – 2025
116,498 106,390 
Deferred policy acquisition costs484,585 492,270 
Goodwill7,849 7,849 
Other assets314,816 310,167 
Total assets$15,615,949 15,155,710 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Reserve for loss and loss expense (Note 8)$7,681,439 7,225,398 
Unearned premiums2,765,749 2,745,521 
Long-term debt900,959 901,873 
Current federal income tax— 16,939 
Accrued salaries and benefits122,186 140,786 
Other liabilities482,629 516,218 
Total liabilities$11,952,962 11,546,735 
Stockholders’ Equity:  
Preferred stock of $0 par value per share:
$200,000 200,000 
Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2026 and 2025
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 106,269,113 – 2026; 106,006,544 – 2025
212,538 212,013 
Additional paid-in capital614,724 591,272 
Retained earnings3,671,632 3,500,774 
Accumulated other comprehensive income (loss) (Note 11)(225,078)(151,660)
Treasury stock – at cost (shares:  46,700,278 – 2026; 45,930,091 – 2025)
(810,829)(743,424)
Total stockholders’ equity$3,662,987 3,608,975 
Commitments and contingencies
Total liabilities and stockholders’ equity$15,615,949 15,155,710 
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
1
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SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME		Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands, except per share amounts)2026202520262025
Revenues:  
Net premiums earned$1,215,508 1,188,057 $2,432,704 2,346,814 
Net investment income earned150,167 127,968 292,550 248,659 
Net realized and unrealized investment gains (losses)11,971 4,172 3,670 4,401 
Other income9,389 6,548 17,036 12,057 
Total revenues1,387,035 1,326,745 2,745,960 2,611,931 
Expenses:  
Loss and loss expense incurred816,266 823,898 1,631,770 1,570,223 
Amortization of deferred policy acquisition costs248,050 250,307 501,460 497,741 
Other insurance expenses136,192 122,823 270,876 247,693 
Interest expense13,215 13,256 26,436 22,829 
Corporate expenses10,467 7,556 28,371 25,654 
Total expenses1,224,190 1,217,840 2,458,913 2,364,140 
Income (loss) before income tax
162,845 108,905 287,047 247,791 
Income tax expense (benefit):
  
Current37,047 20,501 67,469 54,094 
Deferred(3,587)2,461 (7,483)(2,142)
Total income tax expense (benefit)
33,460 22,962 59,986 51,952 
Net income (loss)
$129,385 85,943 $227,061 195,839 
Preferred stock dividends2,300 2,300 4,600 4,600 
Net income (loss) available to common stockholders
$127,085 83,643 $222,461 191,239 
Earnings per common share:  
Net income (loss) available to common stockholders - Basic
$2.13 1.37 $3.72 3.14 
Net income (loss) available to common stockholders - Diluted
$2.11 1.36 $3.69 3.12 
                The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


2
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SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
Net income (loss)$129,385 85,943 $227,061 195,839 
Other comprehensive income (loss), net of tax:  
Unrealized gains (losses) on investment securities:  
Unrealized holding gains (losses) arising during period(10,835)33,074 (75,509)87,789 
Unrealized gains (losses) on securities with credit loss recognized in earnings4,107 8,707 (10,551)18,793 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities2,622 (343)3,935 (559)
Credit loss (benefit) expense992 (701)7,433 (1,198)
Total unrealized gains (losses) on investment securities(3,114)40,737 (74,692)104,825 
Defined benefit pension and post-retirement plans:  
Amounts reclassified into net income (loss):
Net actuarial loss637 689 1,274 1,378 
Total defined benefit pension and post-retirement plans637 689 1,274 1,378 
Other comprehensive income (loss)(2,477)41,426 (73,418)106,203 
Comprehensive income (loss)$126,908 127,369 $153,643 302,042 

 The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


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SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY		Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands, except share and per share amounts)2026202520262025
Preferred stock:
Beginning of period$200,000 200,000 $200,000 200,000 
Issuance of preferred stock— — — — 
End of period200,000 200,000 200,000 200,000 
Common stock:  
Beginning of period212,376 211,673 212,013 211,219 
Dividend reinvestment plan13 12 27 24 
Stock purchase and compensation plans149 147 498 589 
End of period212,538 211,832 212,538 211,832 
Additional paid-in capital:  
Beginning of period605,602 571,289 591,272 557,042 
Dividend reinvestment plan561 510 1,110 1,018 
Stock purchase and compensation plans8,561 8,633 22,342 22,372 
End of period614,724 580,432 614,724 580,432 
Retained earnings:  
Beginning of period3,570,453 3,223,731 3,500,774 3,139,489 
Net income (loss)
129,385 85,943 227,061 195,839 
Dividends to preferred stockholders(2,300)(2,300)(4,600)(4,600)
Dividends to common stockholders(25,906)(23,330)(51,603)(46,684)
End of period3,671,632 3,284,044 3,671,632 3,284,044 
Accumulated other comprehensive income (loss):  
Beginning of period(222,601)(272,068)(151,660)(336,845)
Other comprehensive income (loss) (2,477)41,426 (73,418)106,203 
End of period(225,078)(230,642)(225,078)(230,642)
Treasury stock:  
Beginning of period(778,451)(676,085)(743,424)(650,829)
Acquisition of treasury stock - share repurchase authorization(32,118)— (62,316)(19,421)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(260)(202)(5,089)(6,037)
End of period(810,829)(676,287)(810,829)(676,287)
Total stockholders’ equity$3,662,987 3,369,379 $3,662,987 3,369,379 
Dividends declared per preferred share$287.50 287.50 $575.00 575.00 
Dividends declared per common share$0.43 0.38 $0.86 0.76 
Preferred stock, shares outstanding:
Beginning of period 8,000 8,000 8,000 8,000 
Issuance of preferred stock— — — — 
End of period8,000 8,000 8,000 8,000 
Common stock, shares outstanding:
Beginning of period59,866,794 60,772,988 60,076,453 60,847,896 
Dividend reinvestment plan6,510 5,973 13,395 12,180 
Stock purchase and compensation plan74,741 73,561 249,174 294,417 
Acquisition of treasury stock - share repurchase authorization(376,131)— (713,434)(233,611)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(3,079)(2,969)(56,753)(71,329)
End of period59,568,835 60,849,553 59,568,835 60,849,553 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS		Six Months ended June 30,
($ in thousands)20262025
Operating Activities  
Net income (loss)$227,061 195,839 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: 
Depreciation and amortization17,432 15,733 
Stock-based compensation expense18,245 17,682 
Undistributed gains of equity method investments(11,904)(5,725)
Distributions in excess of current year income of equity method investments8,083 8,505 
Net realized and unrealized (gains) losses(3,670)(4,401)
(Gain) loss on disposal of fixed assets— (72)
Changes in assets and liabilities:  
Increase in reserve for loss and loss expense, net of reinsurance recoverable419,288 401,112 
Increase in unearned premiums, net of prepaid reinsurance13,498 182,258 
(Increase) decrease in net federal income taxes(26,337)(35,020)
Increase in premiums receivable(103,813)(194,745)
Increase in deferred policy acquisition costs7,685 (31,087)
Increase in accrued investment income(9,561)(10,109)
Increase (decrease) in accrued salaries and benefits(18,600)(13,944)
(Increase) decrease in other assets(11,198)(4,220)
Increase (decrease) in other liabilities(75,775)(70,874)
Net cash provided by (used in) operating activities450,434 450,932 
Investing Activities  
Purchases of fixed income securities, held-to-maturity— (2,400)
Purchases of fixed income securities, available-for-sale(2,009,166)(1,628,299)
Purchases of commercial mortgage loans(20,218)(50,785)
Purchases of equity securities(7,376)(107,094)
Purchases of alternative investments and other investments(74,151)(65,373)
Purchases of short-term investments(4,476,044)(7,173,300)
Sales of fixed income securities, available-for-sale788,679 463,280 
Proceeds from commercial mortgage loans24,938 9,188 
Sales of short-term investments4,745,620 7,151,330 
Redemption and maturities of fixed income securities, held-to-maturity3,835 3,224 
Redemption and maturities of fixed income securities, available-for-sale694,702 555,893 
Sales of equity securities— 7,125 
Sales of alternative investments and other investments62 44,567 
Distributions from alternative investments and other investments15,930 13,416 
Purchases of property and equipment(25,041)(20,260)
Net cash provided by (used in) investing activities(338,230)(799,488)
Financing Activities  
Dividends to preferred stockholders(4,600)(4,600)
Dividends to common stockholders(49,857)(45,189)
Acquisition of treasury stock(67,405)(25,458)
Net proceeds from stock purchase and compensation plans3,964 4,560 
Proceeds from borrowings (net of debt issuance costs of $4.1 million in 2025)
— 395,857 
Repayments of finance lease obligations(1,337)(1,403)
Net cash provided by (used in) financing activities(119,235)323,767 
Net increase (decrease) in cash and restricted cash(7,031)(24,789)
Cash and restricted cash, beginning of period17,958 63,024 
Cash and restricted cash, end of period$10,927 38,235 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
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NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation
The words "Company," "we," "us," or "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements ("Financial Statements") in conformity with (i) United States ("U.S.") generally accepted accounting principles ("GAAP"), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that we consider normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the second quarters ended June 30, 2026 ("Second Quarter 2026") and June 30, 2025 ("Second Quarter 2025"), and the six-month periods ended June 30, 2026 ("Six Months 2026") and June 30, 2025 ("Six Months 2025"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report") filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 
We adopted no accounting pronouncements in Six Months 2026.

Pronouncements to be effective in the future
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires disaggregated disclosure of income statement expenses. This ASU does not change the expense captions on the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. This ASU can be applied prospectively. Retrospective application and early adoption are permitted. As ASU 2024-03 only requires additional disclosure, it will not have a material impact on our financial condition and results of operations.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) ("ASU 2025-06"). ASU 2025-06 updates the accounting guidance for internal-use software by eliminating references to software development project stages, thereby requiring companies to start capitalizing software costs when (i) management has authorized and committed to funding the project and (ii) it is probable the project will be completed and the software will be used as intended. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, with early adoption permitted. Amendments can be applied either (i) prospectively, (ii) through a modified transition approach based on the existing projects status and whether software costs were capitalized before the date of adoption, or (iii) retrospectively. We are currently evaluating the impact of ASU 2025-06 on the Company's financial condition and results of operations.

In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements (“ASU 2025‑11”). ASU 2025‑11 clarifies the scope, form, content, and disclosure requirements applicable to interim financial reporting under U.S. GAAP. The ASU improves the navigability of Topic 270 and provides clearer guidance on when the interim reporting requirements apply. Specifically, the amendments (i) clarify that Topic 270 applies to entities that provide interim financial statements and accompanying notes in accordance with GAAP, (ii) add a comprehensive list of required interim disclosures drawn from other FASB topics, and (iii) introduce a disclosure principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity. The ASU is not intended to change the fundamental nature of interim reporting, or expand or reduce existing disclosure requirements. ASU 2025‑11 is effective for interim reporting periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The guidance may be applied prospectively or retrospectively. Because ASU 2025‑11 primarily provides clarifying guidance and requires disclosures in certain circumstances, it will not have a material impact on our financial condition or results of operations.
6
NOTE 3. Statements of Cash Flows
Supplemental cash flow information was as follows:

 Six Months ended
June 30,
($ in thousands)20262025
Cash paid (received) during the period for:  
Interest$26,013 14,278 
Federal income tax81,000 83,269 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases5,221 5,053 
Operating cash flows from financing leases74 139 
Financing cash flows from finance leases1,337 1,403 
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1
20,879 39,742 
Conversion of AFS fixed income securities to equity securities— 736 
Conversion of commercial mortgage loan ("CML") to alternative investment
— 3,300 
Assets acquired under operating lease arrangements265 2,062 
Non-cash purchase of property and equipment18 13 
1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)June 30, 2026December 31, 2025
Cash$557 346 
Restricted cash10,370 17,612 
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows$10,927 17,958 

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

NOTE 4. Investments
(a) Information regarding our AFS securities as of June 30, 2026 and December 31, 2025, were as follows:

June 30, 2026Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$175,656 — 21 (15,984)159,693 
Foreign government17,113 (79)26 (890)16,170 
Obligations of states and political subdivisions558,518 (305)6,924 (22,450)542,687 
Corporate securities3,699,163 (12,398)34,161 (78,950)3,641,976 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")2,656,921 (14,917)15,754 (42,384)2,615,374 
Residential mortgage-backed securities ("RMBS")
2,361,588 (11,394)10,522 (76,017)2,284,699 
Commercial mortgage-backed securities ("CMBS")662,857 (9)1,833 (15,527)649,154 
Total AFS fixed income securities$10,131,816 (39,102)69,241 (252,202)9,909,753 

7
December 31, 2025Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$177,877 — 108 (14,778)163,207 
Foreign government10,768 (16)47 (797)10,002 
Obligations of states and political subdivisions567,757 (259)6,342 (23,883)549,957 
Corporate securities3,409,875 (7,691)73,842 (71,862)3,404,164 
CLO and other ABS2,570,451 (11,902)26,596 (34,859)2,550,286 
RMBS2,127,004 (11,284)21,547 (61,334)2,075,933 
CMBS713,146 (135)5,221 (14,605)703,627 
Total AFS fixed income securities$9,576,878 (31,287)133,703 (222,118)9,457,176 

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2026Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$12 68 — (1)— — 79 
Obligations of states and political subdivisions305 — — — — — 305 
Corporate securities13,065 1,767 — (1,624)(810)— 12,398 
CLO and other ABS14,029 190 — 787 (89)— 14,917 
RMBS11,393 — — 74 (73)— 11,394 
CMBS15 — — (6)— — 9 
Total AFS fixed income securities$38,819 2,025 — (770)(972)— 39,102 

Quarter ended June 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$19 — — 2 — — 21 
Obligations of states and political subdivisions419 27 — (36)(20)— 390 
Corporate securities12,616 306 — (2,979)(372)— 9,571 
CLO and other ABS5,499 182 — 1,607 (58)— 7,230 
RMBS11,342 — — 185 (105)— 11,422 
CMBS280 — — (181)— — 99 
Total AFS fixed income securities$30,175 515 — (1,402)(555)— 28,733 

Six Months ended June 30, 2026Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$16 68 — (5)— — 79 
Obligations of states and political subdivisions259 61 — (12)(3)— 305 
Corporate securities7,691 5,371 — 656 (1,320)— 12,398 
CLO and other ABS11,902 499 — 2,606 (90)— 14,917 
RMBS11,284 37 — 254 (181)— 11,394 
CMBS135 — — (126)— — 9 
Total AFS fixed income securities$31,287 6,036 — 3,373 (1,594)— 39,102 
8
Six Months ended June 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$21 — — — — — 21 
Obligations of states and political subdivisions570 32 — (106)(106)— 390 
Corporate securities14,924 935 — (5,142)(1,146)— 9,571 
CLO and other ABS4,889 1,652 — 876 (187)— 7,230 
RMBS11,544 — — 138 (260)— 11,422 
CMBS— 99 — — — — 99 
Total AFS fixed income securities$31,948 2,718 — (4,234)(1,699)— 28,733 

During Six Months 2026 and Six Months 2025, we had no write-offs or recoveries of our AFS fixed income securities.

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report. Accrued interest on AFS securities was $99.1 million as of June 30, 2026, and $88.9 million as of December 31, 2025. We did not record any material write-offs of accrued interest in Six Months 2026 or Six Months 2025.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

June 30, 2026Less than 12 months12 months or longerTotal
($ in thousands)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
AFS fixed income securities:    
U.S. government and government agencies$52,769 (686)96,350 (15,298)149,119 (15,984)
Foreign government7,412 (26)7,836 (864)15,248 (890)
Obligations of states and political subdivisions73,677 (860)182,590 (21,590)256,267 (22,450)
Corporate securities755,727 (10,554)641,057 (68,396)1,396,784 (78,950)
CLO and other ABS1,056,123 (15,205)384,607 (27,179)1,440,730 (42,384)
RMBS944,556 (11,813)569,997 (64,204)1,514,553 (76,017)
CMBS193,428 (2,451)222,544 (13,076)415,972 (15,527)
Total AFS fixed income securities$3,083,692 (41,595)2,104,981 (210,607)5,188,673 (252,202)

December 31, 2025Less than 12 months12 months or longerTotal
($ in thousands)Fair
Value		Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
AFS fixed income securities:    
U.S. government and government agencies$28,710 (57)110,826 (14,721)139,536 (14,778)
Foreign government— — 9,058 (797)9,058 (797)
Obligations of states and political subdivisions53,076 (604)230,441 (23,279)283,517 (23,883)
Corporate securities128,218 (3,070)830,001 (68,792)958,219 (71,862)
CLO and other ABS573,832 (6,993)462,469 (27,866)1,036,301 (34,859)
RMBS283,926 (1,913)672,455 (59,421)956,381 (61,334)
CMBS53,716 (1,009)304,054 (13,596)357,770 (14,605)
Total AFS fixed income securities$1,121,478 (13,646)2,619,304 (208,472)3,740,782 (222,118)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The increase in gross unrealized losses at June 30, 2026, compared to December 31, 2025, was primarily driven by an increase in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of June 30, 2026. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

9
(c) AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2026, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's expected maturities. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
AFSHTM
($ in thousands)Fair ValueCarrying ValueFair Value
Due in one year or less$541,089 — — 
Due after one year through five years3,618,127 20,107 19,540 
Due after five years through ten years4,120,238 — — 
Due after ten years1,630,299 — — 
Total fixed income securities$9,909,753 20,107 19,540 

(d) The following table summarizes our alternative investment portfolio by strategy:

June 30, 2026December 31, 2025
($ in thousands)Carrying ValueRemaining CommitmentMaximum Exposure to LossCarrying ValueRemaining CommitmentMaximum Exposure to Loss
Alternative Investments  
   Private equity$383,798 196,058 579,856 335,415 194,275 529,690 
   Private credit40,491 89,688 130,179 37,029 133,639 170,668 
   Real assets49,575 45,987 95,562 46,081 48,385 94,466 
Total alternative investments$473,864 331,733 805,597 418,525 376,299 794,824 

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2026 or 2025.

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). We also had certain securities on deposit with various state and regulatory agencies at June 30, 2026, to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at June 30, 2026:

($ in millions)FHLBI CollateralFHLBNY Collateral
State and Regulatory Deposits
Total
U.S. government and government agencies$— — 24.5 24.5 
Obligations of states and political subdivisions— — 0.7 0.7 
RMBS64.0 18.4 0.5 82.9 
CMBS— 5.2 — 5.2 
Total pledged as collateral$64.0 23.6 25.7 113.3 

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of June 30, 2026, or December 31, 2025.

(g) The components of pre-tax net investment income earned were as follows:

 Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
Fixed income securities$134,641 115,733 $261,268 220,815 
Commercial mortgage loans ("CMLs")
4,086 3,761 8,315 7,376 
Equity securities5,520 4,908 9,722 8,475 
Short-term investments3,157 5,267 8,697 11,500 
Alternative investments8,608 4,004 15,483 11,083 
Other investments446 163 486 394 
Investment expenses(6,291)(5,868)(11,421)(10,984)
Net investment income earned$150,167 127,968 $292,550 248,659 

10
The increase in net investment income earned in Second Quarter 2026 and Six Months 2026 compared to the same prior-year periods was primarily driven by active portfolio management resulting in higher after-tax portfolio yield and operating cash flow deployment.

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
Gross gains on sales$2,592 2,154 $5,906 3,881 
Gross losses on sales(5,811)(2,394)(10,358)(4,777)
Net realized gains (losses) on disposals(3,219)(240)(4,452)(896)
Net unrealized gains (losses) on equity securities19,845 3,640 21,315 4,690 
Net credit loss benefit (expense) on fixed income investments(4,651)772 (12,805)1,366 
Losses on securities for which we have the intent to sell(4)— (388)(759)
Net realized and unrealized investment gains (losses)$11,971 4,172 $3,670 4,401 

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period$19,845 3,018 $21,315 3,539 
On securities sold in period— 622 — 1,151 
Total unrealized gains (losses) recognized in income on equity securities$19,845 3,640 $21,315 4,690 

NOTE 5. Fair Value Measurements
The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2026, and December 31, 2025:

June 30, 2026December 31, 2025
($ in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes
$49,939 56,471 49,936 56,973 
6.70% Senior Notes
99,631 107,389 99,617 110,244 
5.90% Senior Notes
399,921 414,623 399,917 419,869 
5.375% Senior Notes
294,795 276,511 294,737 277,541 
3.03% borrowings from FHLBI
60,000 59,685 60,000 59,625 
Subtotal long-term debt904,286 914,679 904,207 924,252 
Unamortized debt issuance costs(5,559)(5,904)
Finance lease obligations2,232 3,570 
Total long-term debt$900,959 901,873 


For discussion regarding fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

11
The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2026, and December 31, 2025:

June 30, 2026 Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
Active Markets for
Identical Assets/
Liabilities (Level 1)		Significant Other
 Observable
Inputs
 (Level 2)		Significant Unobservable
 Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$159,693 32,801 126,892 — 
Foreign government16,170 — 16,170 — 
Obligations of states and political subdivisions542,687 — 535,278 7,409 
Corporate securities3,641,976 — 3,265,812 376,164 
CLO and other ABS2,615,374 — 2,263,614 351,760 
RMBS2,284,699 — 2,244,820 39,879 
CMBS649,154 — 648,820 334 
Total AFS fixed income securities9,909,753 32,801 9,101,406 775,546 
Equity securities:
Common stock1
411,283 114,156 858 — 
Preferred stock1,823 1,823 — — 
Total equity securities413,106 115,979 858 — 
Short-term investments378,879 358,715 20,164 — 
Total assets measured at fair value$10,701,738 507,495 9,122,428 775,546 

December 31, 2025 Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
 Active Markets for
Identical Assets/Liabilities
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant Unobservable
Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$163,207 39,472 123,735 — 
Foreign government10,002 — 10,002 — 
Obligations of states and political subdivisions549,957 — 542,548 7,409 
Corporate securities3,404,164 — 3,035,053 369,111 
CLO and other ABS2,550,286 — 1,985,197 565,089 
RMBS2,075,933 — 2,075,933 — 
CMBS703,627 — 703,292 335 
Total AFS fixed income securities9,457,176 39,472 8,475,760 941,944 
Equity securities:
Common stock1
382,577 107,125 653 — 
Preferred stock1,839 1,839 — — 
Total equity securities384,416 108,964 653 — 
Short-term investments648,542 637,751 10,791 — 
Total assets measured at fair value$10,490,134 786,187 8,487,204 941,944 
1Investments amounting to $296.3 million at June 30, 2026, and $274.8 million at December 31, 2025, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are subject to restrictions on redemption, and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

12
The following tables provide a summary of Level 3 changes in Six Months 2026 and Six Months 2025:

June 30, 2026
($ in thousands)Obligations of States and Political SubdivisionsCorporate SecuritiesCLO and Other ABSRMBSCMBSTotal
Fair value, December 31, 2025
$7,409 369,111 565,089 — 335 941,944 
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")(4)(3,481)(4,615)(520)4 (8,616)
   Net realized and unrealized gains (losses)2 (302)(138)— — (438)
Net investment income earned— 72 39 (29)(1)81 
Purchases— 94,568 121,369 40,464 — 256,401 
Sales— — — — — — 
Issuances— — — — — — 
Settlements(64)(44,754)(55,099)(36)(4)(99,957)
Transfers into Level 32,771 123,563 70,687 — — 197,021 
Transfers out of Level 3(2,705)(162,613)(345,572)— — (510,890)
Fair value, June 30, 2026
$7,409 376,164 351,760 39,879 334 775,546 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end2 (315)(51)— — (364)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end(4)(3,745)(4,134)(520)5 (8,398)

June 30, 2025
($ in thousands)Obligations of States and Political SubdivisionsCorporate SecuritiesCLO and Other ABSCMBSCommon StockTotal
Fair value, December 31, 2024
$7,426 242,679 367,994 340 808 619,247 
Total net gains (losses) for the period included in:
OCI59 3,874 228 (2)— 4,159 
   Net realized and unrealized gains (losses)117 141 21 — 655 934 
Net investment income earned— 23 28 5 — 56 
Purchases— 12,684 62,211 — — 74,895 
Sales— — — — — — 
Issuances— — — — — — 
Settlements(72)(9,156)(31,732)(4)(1,463)(42,427)
Transfers into Level 3— 17,576 85,788 — — 103,364 
Transfers out of Level 3— — (3,501)— — (3,501)
Fair value, June 30, 2025
$7,530 267,821 481,037 339 — 756,727 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end117 140 21 — — 278 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end59 3,877 (452)(2)— 3,482 

During Six Months 2026, we transferred securities with a fair value of $510.9 million from Level 3 to Level 2 in the fair value hierarchy. These investments were primarily corporate securities, CLOs and other ABS that were transferred on June 30, 2026 as we transitioned to a matrix-pricing methodology that provides sufficient observable inputs to support Level 2 classification and eliminates the prior need to rely on significant unobservable inputs in determining fair value.
13

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2026, and December 31, 2025:

June 30, 2026
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRange Weighted Average
Internal valuations:
CLO and other ABS68,112 
Discounted Cash Flow
Illiquidity Spread
2.0% - 19.6%
8.3%
Total internal valuations68,112 
Other1
707,434 
Total Level 3 securities$775,546 

December 31, 2025
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRangeWeighted Average
Internal valuations:
Corporate securities$175,433 Discounted Cash FlowIlliquidity Spread
(4.4)% - 5.3%
1.9%
CLO and other ABS295,307 Discounted Cash FlowIlliquidity Spread
(1.8)% - 19.6%
2.3%
Total internal valuations470,740 
Other1
471,204 
Total Level 3 securities$941,944 
1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in determining fair value. An increase in this assumption would result in a lower fair value measurement.

The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at June 30, 2026, and December 31, 2025:

June 30, 2026 Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
HTM:    
Corporate securities$19,540 — 19,540 — 
Total HTM fixed income securities19,540 — 19,540 — 
CMLs$267,408 — — 267,408 
Financial Liabilities    
Long-term debt:
7.25% Senior Notes
$56,471 — 56,471 — 
6.70% Senior Notes
107,389 — 107,389 — 
5.90% Senior Notes
414,623 — 414,623 — 
5.375% Senior Notes
276,511 — 276,511 — 
3.03% borrowings from FHLBI
59,685 — 59,685 — 
Total long-term debt$914,679 — 914,679 — 

14
December 31, 2025 Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
HTM:    
Corporate securities$23,939 — 23,939 — 
Total HTM fixed income securities23,939 — 23,939 — 
CMLs$274,895 — — 274,895 
Financial Liabilities    
Long-term debt:
7.25% Senior Notes
$56,973 — 56,973 — 
6.70% Senior Notes
110,244 — 110,244 — 
5.90% Senior Notes
419,869 — 419,869 — 
5.375% Senior Notes
277,541 — 277,541 — 
3.03% borrowings from FHLBI
59,625 — 59,625 — 
Total long-term debt$924,252 — 924,252 — 

NOTE 6. Allowance for Credit Losses on Premiums Receivable
The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
Balance at beginning of period$22,400 21,600 $21,300 20,400 
Current period change for expected credit losses3,789 1,933 6,848 5,799 
Write-offs charged against the allowance for credit losses(2,300)(2,314)(4,537)(5,203)
Recoveries211 581 489 804 
Allowance for credit losses, end of period$24,100 21,800 $24,100 21,800 

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

15
NOTE 7. Reinsurance
We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2026, and December 31, 2025:

June 30, 2026
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$155,513 105 155,618 
A+566,547 3,067 569,614 
A142,876 3,116 145,992 
A-68 109 177 
Total rated reinsurers865,004 6,397 871,401 
Non-rated reinsurers
Federal and state pools81,022 — 81,022 
Other than federal and state pools1,780 45 1,825 
Total non-rated reinsurers82,802 45 82,847 
Total reinsurance recoverable, gross$947,806 6,442 954,248 
Less: allowance for credit losses(2,000)
Total reinsurance recoverable, net952,248 

December 31, 2025
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$153,275 1,681 154,956 
A+529,027 5,556 534,583 
A130,457 974 131,431 
A-1,166 114 1,280 
Total rated reinsurers813,925 8,325 822,250 
Non-rated reinsurers
Federal and state pools82,322 — 82,322 
Other than federal and state pools12,862 61 12,923 
Total non-rated reinsurers95,184 61 95,245 
Total reinsurance recoverable, gross$909,109 8,386 917,495 
Less: allowance for credit losses(2,000)
Total reinsurance recoverable, net915,495 

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)
2026202520262025
Balance at beginning of period$2,000 2,000 $2,000 2,000 
Current period change for expected credit losses— — — — 
Write-offs charged against the allowance for credit losses— — — — 
Recoveries— — — — 
Allowance for credit losses, end of period$2,000 2,000 $2,000 2,000 

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

16
The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. "Reinsurance" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
Premiums written:    
Direct$1,415,973 1,490,805 $2,831,633 2,913,656 
Assumed5,921 5,441 12,771 11,418 
Ceded(201,200)(207,617)(398,202)(396,002)
Net1,220,694 1,288,629 2,446,202 2,529,072 
Premiums earned:    
Direct1,404,205 1,373,080 2,810,927 2,713,526 
Assumed6,316 5,922 13,250 12,073 
Ceded(195,013)(190,945)(391,473)(378,785)
Net1,215,508 1,188,057 2,432,704 2,346,814 
Loss and loss expense incurred:
    
Direct909,014 929,929 1,763,732 1,760,601 
Assumed6,790 5,137 13,770 10,635 
Ceded(99,538)(111,168)(145,732)(201,013)
Net$816,266 823,898 $1,631,770 1,570,223 

NOTE 8. Reserve for Loss and Loss Expense
The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

Six Months ended
June 30,
($ in thousands)20262025
Gross reserve for loss and loss expense, at beginning of period$7,225,398 6,589,801 
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period877,843 1,022,245 
Net reserve for loss and loss expense, at beginning of period6,347,555 5,567,556 
Incurred loss and loss expense for claims occurring in the: 
Current year1,658,989 1,535,575 
Prior years(27,219)34,648 
Total incurred loss and loss expense1,631,770 1,570,223 
Paid loss and loss expense for claims occurring in the:  
Current year342,237 320,366 
Prior years884,034 865,344 
Total paid loss and loss expense1,226,271 1,185,710 
Net reserve for loss and loss expense, at end of period6,753,054 5,952,069 
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period928,385 859,087 
Gross reserve for loss and loss expense, at end of period7,681,439 6,811,156 

Favorable prior year property reserve development was $27.2 million in Six Months 2026. We did not record any favorable or unfavorable prior year casualty reserve development in Six Months 2026.

Prior year reserve development in Six Months 2025 was unfavorable by $34.6 million, consisting of $50.0 million of unfavorable casualty reserve development, partially offset by $15.4 million of favorable property reserve development. Our Standard Commercial Lines segment drove the unfavorable casualty reserve development consisting of (i) $25.0 million in our commercial automobile line of business, related to severities primarily in accident years 2022 through 2024 and (ii) $20.0 million in our general liability line of business, driven by higher severities primarily in accident years 2022 and 2023. We also had an unfavorable development of $5.0 million in our personal automobile line of business, primarily related to increased severities in accident year 2024.




17
NOTE 9. Segment Information
We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

(a) The following table presents revenues by segments and a reconciliation to consolidated revenue.

Revenue by SegmentQuarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
Standard Commercial Lines:  
Net premiums earned ("NPE"):
  
General liability$318,688 305,843 $633,790 600,530 
Commercial automobile291,411 288,759 587,791 572,344 
Commercial property198,475 191,027 400,109 377,557 
Workers compensation81,906 82,024 161,727 161,060 
Businessowners' policies52,443 48,416 104,202 95,309 
Bonds9,921 13,255 22,008 26,513 
Other9,200 8,311 18,176 16,532 
Total Standard Commercial Lines NPE
962,044 937,635 1,927,803 1,849,845 
Standard Personal Lines:
Net premiums earned:
Personal automobile44,656 51,287 91,320 104,255 
Homeowners49,937 48,312 100,016 96,255 
Other3,046 2,778 6,331 5,522 
Total Standard Personal Lines NPE
97,639 102,377 197,667 206,032 
E&S Lines:
Net premiums earned:
Casualty lines92,663 87,400 182,174 172,519 
Property lines63,162 60,645 125,060 118,418 
Total E&S Lines NPE
155,825 148,045 307,234 290,937 
Investments:    
Net investment income earned150,167 127,968 292,550 248,659 
Net realized and unrealized investment gains (losses)11,971 4,172 3,670 4,401 
Total Investments revenue162,138 132,140 296,220 253,060 
Total segments revenue1,377,646 1,320,197 2,728,924 2,599,874 
Other income9,389 6,548 17,036 12,057 
Total revenues $1,387,035 1,326,745 $2,745,960 2,611,931 
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(b) The following tables present information about our segments' pre- and after-tax income, significant expenses, and reconciliations to consolidated results for the periods indicated.

Quarter Ended June 30, 2026Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$962,044 97,639 155,825 1,215,508 162,138 1,377,646 
Loss and loss expense incurred:
Net catastrophe losses48,666 11,937 7,936 68,539 — 68,539 
Non-catastrophe property loss and loss expense122,894 31,195 16,409 170,498 — 170,498 
(Favorable)/unfavorable prior year casualty reserve development— — — — — — 
Current year casualty loss costs
480,689 25,872 70,668 577,229 — 577,229 
Total loss and loss expense incurred652,249 69,004 95,013 816,266 — 816,266 
Net underwriting expenses incurred:
Commissions to distribution partners171,877 5,465 35,612 212,954 — 212,954 
Salaries and employee benefits81,857 10,296 9,220 101,373 — 101,373 
Other segment expenses
48,366 8,446 3,224 60,036 — 60,036 
Total net underwriting expenses incurred302,100 24,207 48,056 374,363 — 374,363 
Dividends to policyholders490 — — 490 — 490 
Segment income (loss), before income tax
7,205 4,428 12,756 24,389 162,138 186,527 
Income tax (expense) benefit
(5,122)(33,475)(38,597)
Segment income (loss), after income tax
19,267 128,663 147,930 
Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss)186,527 
Interest expense(13,215)
Corporate expenses(10,467)
Income before income tax
162,845 
Income tax (expense) benefit on segment income (loss)
(38,597)
Income tax (expense) benefit on interest and corporate expenses
5,136 
Total income tax (expense) benefit
(33,460)
Net income129,385 
Preferred stock dividends(2,300)
Net income available to common stockholders127,085 
19
Quarter Ended June 30, 2025Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$937,635 102,377 148,045 1,188,057 132,140 1,320,197 
Loss and loss expense incurred:
Net catastrophe losses50,881 14,591 14,460 79,932 — 79,932 
Non-catastrophe property loss and loss expense131,883 28,271 13,085 173,239 — 173,239 
(Favorable)/unfavorable prior year casualty reserve development45,000 — — 45,000 — 45,000 
Current year casualty loss costs
439,002 27,115 59,610 525,727 — 525,727 
Total loss and loss expense incurred666,766 69,977 87,155 823,898 — 823,898 
Net underwriting expenses incurred:
Commissions to distribution partners173,406 6,522 33,769 213,697 — 213,697 
Salaries and employee benefits78,667 8,805 7,498 94,970 — 94,970 
Other segment expenses
43,789 8,523 4,452 56,764 — 56,764 
Total net underwriting expenses incurred295,862 23,850 45,719 365,431 — 365,431 
Dividends to policyholders1,151 — — 1,151 — 1,151 
Segment income (loss), before income tax
(26,144)8,550 15,171 (2,423)132,140 129,717 
Income tax (expense) benefit
509 (27,423)(26,914)
Segment income (loss), after income tax
(1,914)104,717 102,803 
Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss)129,717 
Interest expense(13,256)
Corporate expenses(7,556)
Income before income tax
108,905 
Income tax (expense) benefit on segment income (loss)
(26,914)
Income tax (expense) benefit on interest and corporate expenses
3,952 
Total Income tax (expense) benefit
(22,962)
Net income85,943 
Preferred stock dividends(2,300)
Net income available to common stockholders83,643 

























20
Six Months ended June 30, 2026
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$1,927,803 197,667 307,234 2,432,704 296,220 2,728,924 
Loss and loss expense incurred:
Net catastrophe losses105,849 25,137 12,903 143,889 — 143,889 
Non-catastrophe property loss and loss expense250,668 60,450 37,439 348,557 — 348,557 
(Favorable)/unfavorable prior year casualty reserve development— — — — — — 
Current year casualty loss costs
952,566 52,716 134,042 1,139,324 — 1,139,324 
Total loss and loss expense incurred1,309,083 138,303 184,384 1,631,770 — 1,631,770 
Net underwriting expenses incurred:
Commissions to distribution partners347,404 11,321 70,684 429,409 — 429,409 
Salaries and employee benefits166,779 19,392 16,636 202,807 — 202,807 
Other segment expenses
97,944 17,065 6,885 121,894 — 121,894 
Total net underwriting expenses incurred612,127 47,778 94,205 754,110 — 754,110 
Dividends to policyholders1,190 — — 1,190 — 1,190 
Segment income (loss), before federal income tax5,403 11,586 28,645 45,634 296,220 341,854 
Federal income tax (expense) benefit(9,583)(61,050)(70,633)
Segment income (loss), after federal income tax36,051 235,170 271,221 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)341,854 
Interest expense(26,436)
Corporate expenses(28,371)
Income before federal income tax287,047 
Federal income tax (expense) benefit on segment income (loss)(70,633)
Federal income tax (expense) benefit on interest and corporate expenses10,647 
Total federal income tax (expense) benefit(59,986)
Net income227,061 
Preferred stock dividends(4,600)
Net income available to common stockholders222,461 
21
Six Months ended June 30, 2025
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$1,849,845 206,032 290,937 2,346,814 253,060 2,599,874 
Loss and loss expense incurred:
Net catastrophe losses70,692 21,704 30,893 123,289 — 123,289 
Non-catastrophe property loss and loss expense260,675 64,759 26,501 351,935 — 351,935 
(Favorable)/unfavorable prior year casualty reserve development45,000 5,000 — 50,000 — 50,000 
Current year casualty loss costs
872,065 55,183 117,751 1,044,999 — 1,044,999 
Total loss and loss expense incurred1,248,432 146,646 175,145 1,570,223 — 1,570,223 
Net underwriting expenses incurred:
Commissions to distribution partners343,577 13,874 66,475 423,926 — 423,926 
Salaries and employee benefits158,455 17,443 15,107 191,005 — 191,005 
Other segment expenses
90,473 17,482 8,357 116,312 — 116,312 
Total net underwriting expenses incurred592,505 48,799 89,939 731,243 — 731,243 
Dividends to policyholders2,134 — — 2,134 — 2,134 
Segment income (loss), before federal income tax6,774 10,587 25,853 43,214 253,060 296,274 
Federal income tax (expense) benefit(9,075)(52,541)(61,616)
Segment income (loss), after federal income tax34,139 200,519 234,658 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)296,274 
Interest expense(22,829)
Corporate expenses(25,654)
Income before federal income tax247,791 
Federal income tax (expense) benefit on segment income (loss)(61,616)
Federal income tax (expense) benefit on interest and corporate expenses9,664 
Total federal income tax (expense) benefit(51,952)
Net income195,839 
Preferred stock dividends(4,600)
Net income available to common stockholders191,239 

The "Other segment expenses" primarily consist of (i) fees paid for licenses, (ii) depreciation expense, and (iii) general overhead items to operate our business operations, including travel, postage, telephone, and utility expenses. "Loss and loss expense incurred" includes a portion of salaries and employee benefits related to claims personnel.

(c) The following tables present reconciliations of our segments' ROE contributions and combined ratios to consolidated results.

ROE
Quarter ended June 30, Six Months ended June 30,
2026202520262025
Standard Commercial Lines segment0.7 %(2.6)0.3 %0.4 
Standard Personal Lines segment 0.4 0.9 0.5 0.5 
E&S Lines segment1.2 1.5 1.3 1.3 
Total insurance operations2.3 (0.2)2.1 2.2 
Net investment income earned
13.9 13.0 13.6 12.9 
Net realized and unrealized investment gains (losses)1.1 0.4 0.2 0.2 
Total investments segment 15.0 13.4 13.8 13.1 
Other(2.5)(2.5)(2.9)(2.8)
ROE14.8 10.7 13.0 12.5 

22
Combined Ratio
Quarter ended June 30,Six Months ended June 30,
2026202520262025
AmountRatioAmountRatioAmountRatioAmount Ratio
Standard Commercial Lines:
Net premiums earned
$962,044 937,635 $1,927,803 1,849,845 
Loss and loss expense incurred
652,249 67.8 
%
666,766 71.1 1,309,083 67.8 
%
1,248,432 67.5 
Net underwriting expenses incurred1
302,100 31.4 295,862 31.6 612,127 31.8 592,505 32.0 
Dividends to policyholders
490 0.1 1,151 0.1 1,190 0.1 2,134 0.1 
Underwriting income (loss)
7,205 99.3 (26,144)102.8 5,403 99.7 6,774 99.6 
Standard Personal Lines:
Net premiums earned
97,639 102,377 197,667 206,032 
Loss and loss expense incurred69,004 70.7 69,977 68.3 138,303 69.9 146,646 71.2 
Net underwriting expenses incurred1
24,207 24.8 23,850 23.3 47,778 24.2 48,799 23.7 
Underwriting income (loss)
4,428 95.5 8,550 91.6 11,586 94.1 10,587 94.9 
E&S Lines:
Net premiums earned
155,825 148,045 307,234 290,937 
Loss and loss expense incurred
95,013 61.0 87,155 58.9 184,384 60.0 175,145 60.2 
Net underwriting expenses incurred1
48,056 30.8 45,719 30.9 94,205 30.7 89,939 30.9 
Underwriting income (loss)
12,756 91.8 15,171 89.8 28,645 90.7 25,853 91.1 
Total Insurance Operations:
Net premiums earned
1,215,508 1,188,057 2,432,704 2,346,814 
Loss and loss expense incurred
816,266 67.2 823,898 69.3 1,631,770 67.1 1,570,223 66.9 
Net underwriting expenses incurred1
374,363 30.8 365,431 30.8 754,110 31.0 731,243 31.2 
Dividends to policyholders
490 — 1,151 0.1 1,190 — 2,134 0.1 
Underwriting income (loss)
24,389 98.0 (2,423)100.2 45,634 98.1 43,214 98.2 
1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.

NOTE 10. Retirement Plans
The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the "Pension Plan"). The Pension Plan is closed to new entrants, and its benefits ceased accruing after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. "Retirement Plans" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

The following tables provide information about the Pension Plan:

Pension Plan
Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
Net Periodic Pension Cost (Benefit):
Interest cost$3,695 3,973 $7,391 7,946 
Expected return on plan assets(5,782)(5,339)(11,565)(10,678)
Amortization of unrecognized net actuarial loss799 868 1,599 1,736 
Total net periodic pension cost (benefit)1
$(1,288)(498)$(2,575)(996)
1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

Pension Plan
Six Months ended June 30
20262025
Weighted-Average Expense Assumptions:
Discount rate5.48 %5.69 %
Effective interest rate for calculation of interest cost4.94 5.42 
Expected return on plan assets6.85 6.60 

23
NOTE 11. Comprehensive Income (Loss)
The components of comprehensive income (loss), both gross and net of tax, for Second Quarter 2026 and Six Months 2026 and Second Quarter 2025 and Six Months 2025 were as follows:

Second Quarter 2026   
($ in thousands)GrossTaxNet
Net income (loss)
$162,845 33,460 129,385 
Components of OCI:   
Unrealized gains (losses) on investment securities:
   
Unrealized holding gains (losses) during the period(13,709)(2,874)(10,835)
Unrealized gains (losses) on securities with credit loss recognized in earnings5,199 1,092 4,107 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities3,318 696 2,622 
Credit loss (benefit) expense1,255 263 992 
    Total unrealized gains (losses) on investment securities(3,937)(823)(3,114)
Defined benefit pension and post-retirement plans:   
Amounts reclassified into net income (loss):
   
Net actuarial (gain) loss806 169 637 
    Total defined benefit pension and post-retirement plans806 169 637 
Other comprehensive income (loss)(3,131)(654)(2,477)
Comprehensive income (loss)$159,714 32,806 126,908 
Second Quarter 2025   
($ in thousands)GrossTaxNet
Net income (loss)
$108,905 22,962 85,943 
Components of OCI:   
Unrealized gains (losses) on investment securities:   
Unrealized holding gains (losses) during the period41,864 8,790 33,074 
Unrealized gains (losses) on securities with credit loss recognized in earnings11,022 2,315 8,707 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(434)(91)(343)
Credit loss (benefit) expense(887)(186)(701)
    Total unrealized gains (losses) on investment securities51,565 10,828 40,737 
Defined benefit pension and post-retirement plans:   
Amounts reclassified into net income (loss):
   
Net actuarial (gain) loss873 184 689 
    Total defined benefit pension and post-retirement plans873 184 689 
Other comprehensive income (loss)52,438 11,012 41,426 
Comprehensive income (loss)$161,343 33,974 127,369 
24
Six Months 2026
($ in thousands)GrossTaxNet
Net income (loss)
$287,047 59,986 227,061 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period(95,581)(20,072)(75,509)
Unrealized gains (losses) on securities with credit loss recognized in earnings(13,356)(2,805)(10,551)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities4,981 1,046 3,935 
Credit loss (benefit) expense9,409 1,976 7,433 
Total unrealized gains (losses) on investment securities(94,547)(19,855)(74,692)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss1,613 339 1,274 
Total defined benefit pension and post-retirement plans1,613 339 1,274 
Other comprehensive income (loss)(92,934)(19,516)(73,418)
Comprehensive income (loss)$194,113 40,470 153,643 
Six Months 2025
($ in thousands)GrossTaxNet
Net income (loss)
$247,791 51,952 195,839 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period111,124 23,335 87,789 
Unrealized gains (losses) on securities with credit loss recognized in earnings23,788 4,995 18,793 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(708)(149)(559)
Credit loss (benefit) expense(1,516)(318)(1,198)
Total unrealized gains (losses) on investment securities132,688 27,863 104,825 
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss1,745 367 1,378 
Total defined benefit pension and post-retirement plans1,745 367 1,378 
Other comprehensive income (loss)134,433 28,230 106,203 
Comprehensive income (loss)$382,224 80,182 302,042 

The following table shows each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes), including balances and changes, as of June 30, 2026:

June 30, 2026Net Unrealized Gains (Losses) on Investment SecuritiesDefined Benefit Pension and Post-Retirement PlansTotal AOCI
($ in thousands)
Credit Loss Related1
All
Other		Investments
Subtotal
Balance, December 31, 2025
$(44,973)(24,861)(69,834)(81,826)(151,660)
OCI before reclassifications(10,551)(75,509)(86,060)— (86,060)
Amounts reclassified from AOCI7,433 3,935 11,368 1,274 12,642 
Net current period OCI(3,118)(71,574)(74,692)1,274 (73,418)
Balance, June 30, 2026
$(48,091)(96,435)(144,526)(80,552)(225,078)
1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.









25
The reclassifications out of AOCI were as follows:

Quarter ended
June 30,		Six Months ended
June 30,		Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)2026202520262025
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses
$3,318 (434)$4,981 (708)Net realized and unrealized investment gains (losses)
Tax (benefit) expense
(696)91 (1,046)149 Total income tax expense (benefit)
Net of taxes
2,622 (343)3,935 (559)Net income (loss)
Credit loss related
Credit loss (benefit) expense1,255 (887)9,409 (1,516)Net realized and unrealized investment gains (losses)
Tax (benefit) expense
(263)186 (1,976)318 Total income tax expense (benefit)
Net of taxes
992 (701)7,433 (1,198)Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss 185 200 371 401 Loss and loss expense incurred
Net actuarial loss621 673 1,242 1,344 Other insurance expenses
Total
806 873 1,613 1,745 Income (loss) before income tax
Tax (benefit) expense(169)(184)(339)(367)Total income tax expense (benefit)
Net of taxes637 689 1,274 1,378 Net income (loss)
Total reclassifications for the period$4,251 (355)$12,642 (379)Net income (loss)

NOTE 12. Equity
On October 22, 2025, the Company announced that its Board of Directors authorized a new share repurchase program under which the Company may repurchase issued and outstanding shares of common stock up to $200 million, exclusive of any excise tax impact. This program was effective on October 27, 2025, and has no expiration date. Activity under the authorization was as follows:

Six Months ended June 30, 2026
Total Number of Shares Purchased
Total Cost1
(in millions)
Remaining Authorization
as of 6/30/26
(in millions)
Authorized Share Repurchase Program713,434 $61.9 108.1 
1Excludes commissions and excise tax.

NOTE 13. Earnings per Common Share
The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

Quarter ended
June 30,		Six Months ended
June 30,
(in thousands, except per share amounts)2026202520262025
Net income (loss) available to common stockholders:
$127,085 83,643 $222,461 191,239 
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic59,65860,84459,82060,855
Effect of dilutive securities - stock compensation plans524 439492421
Weighted average common shares outstanding - diluted60,18261,28360,31261,276
EPS:
Basic$2.13 1.37 $3.72 3.14 
Diluted2.11 1.36 3.69 3.12 









26
NOTE 14. Related Party Transactions
Vanguard, one of the world’s largest investment management companies, previously reported that it had purchased our common shares in the ordinary course of its investment business and had previously filed Schedules 13G/A with the SEC. Based on their February 13, 2024 filing of Schedule 13G/A, their beneficial ownership was 10.24% of our common stock as of December 29, 2023.

Subsequently, on March 27, 2026, The Vanguard Group, Inc. filed a Schedule 13G/A with the SEC indicating that due to an internal alignment, The Vanguard Group, Inc. will report beneficial interests on a disaggregated basis from its subsidiaries or business units. On April 29, 2026, Vanguard Portfolio Management filed a Schedule 13G reporting that it held 5.87% of the Parent’s common shares as of March 31, 2026. On April 30, 2026, Vanguard Capital Management filed a Schedule 13G reporting that it held 5.24% of the Parent’s common shares as of March 31, 2026. Both of these amounts are below the related party disclosure threshold.

NOTE 15. Litigation
As of June 30, 2026, we are not involved in any legal action that we believe could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

In the ordinary course of conducting business, we are parties in various legal actions. Most matters involve claims litigation handled by our ten insurance subsidiaries (collectively, the "Insurance Subsidiaries") in their capacities as: (i) liability insurers defending or indemnifying third-party claims brought against our customers; (ii) insurers responding to first-party coverage claims; or (iii) liability insurers seeking declaratory judgments regarding coverage obligations. We recognize these matters through unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial condition, results of operations, or cash flows.

From time to time, our Insurance Subsidiaries are named as defendants in other legal actions, including some alleging large or indeterminate amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, including allegations related to medical provider reimbursement under workers compensation or automobile insurance policies, or reimbursement practices involving automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe we have valid defenses to these allegations and account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. Litigation outcomes are inherently unpredictable, and certain matters involve large or indeterminate amounts. Adverse outcomes could materially affect our consolidated results of operations or cash flows in the period in which they occur.

27
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements
The terms “Company,” “we,” “us,” and “our” refer to Selective Insurance Group, Inc. (the “Parent”) and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10‑Q, including information incorporated by reference, are “forward‑looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The PSLRA provides a safe harbor for forward‑looking statements under the Securities Act of 1933 and the Securities Exchange Act of 1934.

Forward‑looking statements include our expectations, intentions, beliefs, projections, estimates, or forecasts regarding future events or financial performance. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, activity levels, or performance to differ materially from those expressed or implied in the forward‑looking statements. In some cases, forward‑looking statements may be identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “project,” “predict,” “potential,” “pro forma,” “seek,” “target,” “continue,” or similar terms.

Forward‑looking statements are predictions only, and we cannot guarantee that the expectations expressed in such statements will prove correct. We undertake no obligation to publicly update or revise any forward‑looking statements, except as required by law.

We discuss factors that could cause actual results to differ materially from those expressed in forward‑looking statements in Item 1A, “Risk Factors,” of this Form 10‑Q. These risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors may emerge at any time. We cannot predict these new factors, their potential impact on our business, or the extent to which any factor – or combination of factors – may cause actual results to differ materially from those expressed in forward‑looking statements. In light of these risks, uncertainties, and assumptions, the forward‑looking events discussed in this report may not occur.

Introduction
We classify our business into four reportable segments:

•Standard Commercial Lines;
•Standard Personal Lines;
•Excess and Surplus Lines ("E&S Lines"); and
•Investments.

For additional information about these segments, refer to Note 9. "Segment Information" in Item 1. "Financial Statements." of this Form 10-Q and Note 12. "Segment Information" in Item 8. "Financial Statements and Supplementary Data." of our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report").

We write our Standard Commercial and Standard Personal Lines products and services through nine of our insurance subsidiaries, some of which participate in the federal government's National Flood Insurance Program's ("NFIP") Write Your Own Program. We write our E&S products through another subsidiary, Mesa Underwriters Specialty Insurance Company, a nationally authorized non-admitted carrier for customers who generally cannot obtain coverage in the standard marketplace. Collectively, we refer to our ten insurance subsidiaries as the "Insurance Subsidiaries."

The following is Management’s Discussion and Analysis ("MD&A") of our financial condition and consolidated results of operations, including an evaluation of the amounts and certainty of cash flows from operations and outside sources, trends, and uncertainties that may have a material impact in future periods. Investors should read the MD&A in conjunction with Item 1. "Financial Statements." of this Form 10-Q and the consolidated financial statements in our 2025 Annual Report filed with the United States ("U.S.") Securities and Exchange Commission.

In the MD&A, we discuss and analyze the following:

•Critical Accounting Policies and Estimates;
•Financial Highlights of Results for the second quarters ended June 30, 2026 ("Second Quarter 2026") and June 30, 2025 ("Second Quarter 2025"); and the six-month periods ended June 30, 2026 ("Six Months 2026") and June 30, 2025 ("Six Months 2025")
•Results of Operations and Related Information by Segment;
•Federal Income Taxes;
•Liquidity and Capital Resources; and
•Ratings.
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Table of Contents
Critical Accounting Policies and Estimates
Our unaudited interim consolidated financial statements include amounts for which we have made informed estimates and judgments for transactions not yet completed. These estimates and judgments affect the reported amounts in our consolidated financial statements. Our 2025 Annual Report outlines the estimates and judgments most critical to the preparation of the consolidated financial statements: (i) reserve for loss and loss expense; (ii) investment valuation and the allowance for credit losses on available-for-sale ("AFS") fixed income securities; and (iii) reinsurance. These estimates and judgments require our use of assumptions about highly uncertain matters that could change as facts and circumstances develop. Different estimates or judgments could result in materially different reported amounts. For additional information regarding our critical accounting policies and estimates, refer to pages 38 through 45 of our 2025 Annual Report.

Financial Highlights of Results for Second Quarter and Six Months 2026 and Second Quarter and Six Months 20251

Quarter ended
June 30,		Change
% or Points		Six Months ended
June 30,		Change
% or Points
($ and shares in thousands, except per share amounts)20262025 20262025
Financial Data:
Revenues
$1,387,035 1,326,745 5 %$2,745,960 2,611,931 5 %
After-tax net investment income119,206 101,421 18  232,271 197,042 18  
After-tax underwriting income (loss)19,267 (1,914)(1,107)36,051 34,139 6 
Net income (loss) before federal income tax162,845 108,905 50 287,047 247,791 16 
Net income (loss)129,385 85,943 51 227,061 195,839 16 
Net income (loss) available to common stockholders127,085 83,643 52 222,461 191,239 16 
Key Metrics:
Combined ratio98.0 %100.2 (2.2)pts98.1 %98.2 (0.1)pts
Invested assets per dollar of common stockholders' equity$3.34 3.33 — %$3.34 3.33 — %
Annualized after-tax yield on investment portfolio4.2 %3.9 0.3 pts4.1 
%
3.9 0.2 pts
Return on common equity ("ROE")14.8 10.7 4.1 13.0 12.5 0.5 
Net premiums written ("NPW") to statutory surplus$1.30 1.45 (10)%$1.30 1.45 (10)
%
Per Common Share Amounts:
Diluted net income (loss) per share$2.11 1.36 55 %$3.69 3.12 18 %
Book value per share58.13 52.09 12 58.13 52.09 12 
Dividends declared per share to common stockholders0.43 0.38 13 0.86 0.76 13 
Non-GAAP Information:
Non-GAAP operating income (loss)2
$117,629 80,348 46 %$219,562 187,762 17 %
Non-GAAP operating income (loss) per diluted common share2
1.95 1.31 49 3.64 3.06 19 
Non-GAAP operating ROE2
13.7 %10.3 3.4 pts12.8 %12.3 0.5 pts
Adjusted book value per common share2
$60.56 54.48 11 %$60.56 54.48 11 %
1Refer to the Glossary of Terms attached to our 2025 Annual Report as Exhibit 99.1 for definitions of terms used in this Form 10-Q.
2Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating ROE are comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and ROE, respectively, but exclude after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are important financial measures used by us, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized investment gains and losses on investments could distort the analysis of trends.

The tables below provide reconciliations of our GAAP to non-GAAP measures:

Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
Net income (loss) available to common stockholders
$127,085 83,643 $222,461 191,239 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
(11,971)(4,172)(3,670)(4,401)
Tax on reconciling items2,515 877 771 924 
Non-GAAP operating income (loss)
$117,629 80,348 $219,562 187,762 

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Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share
Quarter ended
June 30,		Six Months ended
June 30,
2026202520262025
Net income (loss) available to common stockholders per diluted common share
$2.11 1.36 $3.69 3.12 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
(0.20)(0.07)(0.06)(0.07)
Tax on reconciling items0.04 0.02 0.01 0.01 
Non-GAAP operating income (loss) per diluted common share
$1.95 1.31 $3.64 3.06 

Reconciliation of ROE to non-GAAP operating ROEQuarter ended
June 30,		Six Months ended
June 30,
2026202520262025
ROE14.8 %10.7 13.0 %12.5 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
(1.4)(0.5)(0.2)(0.3)
Tax on reconciling items0.3 0.1 — 0.1 
Non-GAAP operating ROE13.7 %10.3 12.8 %12.3 

Reconciliation of book value per common share to adjusted book value per common shareQuarter ended
June 30,		Six Months ended
June 30,
2026202520262025
Book value per common share$58.13 52.09 $58.13 52.09 
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax3.07 3.03 3.07 3.03 
Tax on reconciling items(0.64)(0.64)(0.64)(0.64)
Adjusted book value per common share$60.56 54.48 $60.56 54.48 

The following table depicts the components of ROE and non-GAAP operating ROE:

ROE and non-GAAP operating ROE ComponentsQuarter ended
June 30,		Change PointsSix Months ended
June 30,		Change Points
2026202520262025
Standard Commercial Lines Segment0.7 %(2.6)3.3 0.3 %0.4 (0.1)
Standard Personal Lines Segment0.4 0.9 (0.5)0.5 0.5 — 
E&S Lines Segment1.2 1.5 (0.3)1.3 1.3 — 
Total insurance operations2.3 (0.2)2.5 2.1 2.2 (0.1)
Net investment income earned
13.9 13.0 0.9 13.6 12.9 0.7 
Net realized and unrealized investment gains (losses)1.1 0.4 0.7 0.2 0.2 — 
Total investments segment15.0 13.4 1.6 13.8 13.1 0.7 
Other(2.5)(2.5)— (2.9)(2.8)(0.1)
ROE14.8 10.7 4.1 13.0 12.5 0.5 
Net realized and unrealized investment (gains) losses, after tax(1.1)(0.4)(0.7)(0.2)(0.2)— 
Non-GAAP operating ROE13.7 10.3 3.4 12.8 12.3 0.5 

In Second Quarter 2026, we delivered an ROE of 14.8% and a non-GAAP operating ROE of 13.7%, higher by 4.1 points and 3.4 points, respectively, compared to Second Quarter 2025. Improved underwriting results complemented strong after-tax investment income of $119 million. Our overall combined ratio of 98.0% for Second Quarter 2026 was 2.2 points better than 100.2% in Second Quarter 2025, primarily driven by (i) lower catastrophe and non-catastrophe property losses and (ii) no prior year casualty reserve development in any segment or line of business in Second Quarter 2026, compared to 3.8 points of unfavorable prior year casualty reserve development a year ago. These items were partially offset by 3.4 points of higher current year casualty loss costs. All three insurance segments profitably contributed to the 2.3 points of ROE from insurance operations in Second Quarter 2026, which was up 2.5 points from the prior-year quarter, primarily driven by improvement in our standard commercial lines segment.

On a year-to-date basis, our 13.0% ROE and 12.8% operating ROE were both higher than the 12.5% and 12.3%, respectively, generated in Six Months 2025. Stronger net investment income in Six Months 2026 drove the improvement.


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Table of Contents
Outlook
In Second Quarter 2026, we marked our eighth consecutive quarter of double-digit operating returns with an operating ROE of 13.7% and returned $58 million to common stockholders through regular dividends and opportunistic share repurchases, reinforcing our commitment to delivering long-term value. As Selective celebrated its 100th anniversary this year, we are proud of our history, the work our employees do, and the value we deliver our policyholders, distribution partners, and shareholders. We remain focused on a set of key priorities across the company to drive future success, including:

•Relentlessly improving on the fundamentals across risk selection, individual policy pricing, and claims outcomes. Risk selection, granular and accurate risk pricing, and prompt, fair claims adjudication are foundational capabilities we have built over many decades and remain focused on today.

•Diversifying revenue and income within and across our three insurance segments. Growth levers include achieving greater market share and segment diversification in Standard Commercial Lines, potential geographic expansion in Standard Personal Lines, and increasing our product and distribution capabilities in E&S Lines and other specialty lines.

•Further leveraging the use of data analytics and technology, including general-purpose, industry-trained, and agentic artificial intelligence ("AI") solutions, to drive operational efficiency and improved underwriting and claim outcomes. Early AI successes in claims, underwriting, and risk management are delivering measurable outcomes in accuracy, speed, and productivity, positioning us to responsibly scale AI across the organization. We have also made considerable progress in modernizing our policy acquisition and claims systems. For example, system enhancements in our E&S Lines segment have created significant operational efficiency, positioning us for premium growth with limited headcount additions.

•Building a connected, accountable, and empowered organization by developing talent and aligning on prioritized goals.

We remain committed to making strategic investments that fuel continued growth, innovation, and performance excellence. As we position ourselves for the future, we have several strategies to grow market share profitably over time:

•In our existing footprint, we are focused on growing with existing partners and strategically appointing new agency locations. During Six Months 2026, we added 100 agency locations and we had a net increase of 100 agency locations in 2025.

•Careful and deliberate geographic expansion. Since 2017, we have added fourteen states to our Standard Commercial Lines footprint, including Kansas in 2025. In Six Months 2026, these expansion states produced $242 million in premium, representing approximately 9% of total direct premiums written. We began writing business in Montana and Wyoming as of July 1, 2026.

Our full-year expectations for 2026 are as follows:

•A GAAP combined ratio of 96.5% to 97.5%, including net catastrophe losses of 6.0 points. Our combined ratio estimate assumes no prior year casualty reserve development, as we record our best estimate each quarter. We do not make assumptions about future reserve development;
•After-tax net investment income of $480 million, up from our initial guidance of $465 million;
•An overall effective tax rate of 21.5%; and
•Weighted average shares of 60.2 million on a fully diluted basis, reflecting the shares repurchased in Six Months 2026 and assuming no additional repurchases under our share repurchase authorization.
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Table of Contents
Results of Operations and Related Information by Segment
Insurance Operations
The following table provides quantitative information for analyzing the combined ratio:

All LinesQuarter ended
June 30,		Change % or PointsSix Months ended
June 30,		Change % or Points
($ in thousands)20262025 20262025
Insurance Operations Results:   
NPW
$1,220,694 1,288,629 (5)%$2,446,202 2,529,072 (3)%
Net premiums earned (“NPE”)1,215,508 1,188,057 2  2,432,704 2,346,814 4  
Less:    
Loss and loss expense incurred816,266 823,898 (1) 1,631,770 1,570,223 4  
Net underwriting expenses incurred374,363 365,431 2 754,110 731,243 3 
Dividends to policyholders490 1,151 (57) 1,190 2,134 (44) 
Underwriting income (loss)
$24,389 (2,423)(1,107)%$45,634 43,214 6 %
Combined Ratios:    
Loss and loss expense ratio67.2 %69.3 (2.1)pts 67.1 %66.9 0.2 pts 
Underwriting expense ratio30.8 30.8 — 31.0 31.2 (0.2)
Dividends to policyholders ratio— 0.1 (0.1) — 0.1 (0.1) 
Combined ratio98.0 100.2 (2.2) 98.1 98.2 (0.1) 

Lower NPW in Second Quarter 2026 and Six Months 2026 compared to the same prior-year periods reflect reduced new business in a competitive environment and deliberate actions to enhance underwriting profitability. Retention in our Standard Commercial Lines segment was down two points in both Second Quarter 2026 and Six Months 2026, reflecting our granular pricing actions to drive lower retention on underperforming business. While enhancing underwriting profitability is a primary focus, we are also executing on strategies to support future growth opportunities, including expanding our geographic footprint and broadening our E&S distribution capabilities with retail access.

Quarter ended
June 30,		Six Months ended
June 30,
($ in millions)2026202520262025
Direct new business premiums$206.1 248.1 $420.0 499.4 
Renewal pure price increases6.5 %9.9 6.8 %10.1 

Growth in NPE of 2% in Second Quarter 2026 and 4% in Six Months 2026 compared to the same prior-year periods is decelerating as the impact of lower NPW is materializing through the earnings process.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,		Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$— 45,000 (100)%$— 50,000 (100)%
Current year casualty loss costs577,229 525,727 10 1,139,324 1,044,999 9 
Net catastrophe losses68,539 79,932 (14)143,889 123,289 17 
Non-catastrophe property loss and loss expenses170,498 173,239 (2)348,557 351,935 (1)
Total loss and loss expense incurred816,266 823,898 (1)1,631,770 1,570,223 4 
Impact on Loss and Loss Expense Ratio:
   
(Favorable) unfavorable prior year casualty reserve development— 
%
3.8 (3.8)
pts
— 
%
2.1 (2.1)
pts
Current year casualty loss costs47.6 44.2 3.4 46.9 44.5 2.4 
Net catastrophe losses5.6 6.7 (1.1)5.9 5.3 0.6 
Non-catastrophe property loss and loss expenses14.0 14.6 (0.6)14.3 15.0 (0.7)
Total impact on loss and loss expense ratio
67.2 69.3 (2.1)67.1 66.9 0.2 
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Table of Contents
(Favorable)/Unfavorable Prior Year Casualty Reserve DevelopmentQuarter ended
June 30,		Six Months ended
June 30,
($ in millions)2026202520262025
General liability$— 20.0 $— 20.0 
Commercial automobile— 25.0 — 25.0 
   Total Standard Commercial Lines— 45.0 — 45.0 
Personal automobile— — — 5.0 
   Total Standard Personal Lines— — — 5.0 
Total (favorable) unfavorable prior year casualty reserve development
$— 45.0 $— 50.0 
(Favorable) unfavorable impact on loss ratio
— pts3.8 — pts2.1 

The loss and loss expense ratio decreased 2.1 points in Second Quarter 2026 compared to Second Quarter 2025, driven by (i) lower net catastrophe and non-catastrophe property losses reflecting less severe wind and convective storms impacting our footprint and (ii) no prior year casualty reserve development in Second Quarter 2026, compared to 3.8 points of unfavorable prior year casualty reserve development in the year-ago quarter. These items were partially offset by higher current year casualty loss costs.

In Six Months 2026, the loss and loss expense ratio increased 0.2 points compared to Six Months 2025, with higher current year loss costs and catastrophe losses predominantly offset by improvements in prior year casualty reserve development and non-catastrophe property losses.

There was no prior year casualty reserve development in any segment or line of business in Second Quarter 2026 or Six Months 2026. The unfavorable prior year casualty reserve development in Second Quarter 2025 and Six Months 2025 was primarily driven by (i) our commercial automobile line of business that experienced increased severities in accident years 2022 through 2024 and (ii) our general liability line of business that experienced increased severities in accident years 2022 and 2023.

Current year casualty loss costs were higher in Second Quarter 2026 and Six Months 2026 compared to the same prior-year periods, driven by elevated commercial automobile claim frequencies in the first half of the year and the increased loss trend assumptions that we recognized over the course of 2025 that are included in our expectations for 2026.

Standard Commercial Lines Segment

Quarter ended
June 30,
Change % or Points
 Six Months ended
June 30,
Change % or Points
($ in thousands)20262025 20262025
Insurance Segments Results:    
NPW$961,850 1,018,004 (6)%$1,954,237 2,021,229 (3)%
NPE962,044 937,635 3  1,927,803 1,849,845 4  
Less:       
Loss and loss expense incurred652,249 666,766 (2) 1,309,083 1,248,432 5  
Net underwriting expenses incurred302,100 295,862 2  612,127 592,505 3  
Dividends to policyholders490 1,151 (57) 1,190 2,134 (44) 
Underwriting income (loss)
7,205 (26,144)(128)$5,403 6,774 (20)
Combined Ratios:      
Loss and loss expense ratio67.8 %71.1 (3.3)pts67.8 %67.5 0.3 pts
Underwriting expense ratio31.4 31.6 (0.2) 31.8 32.0 (0.2) 
Dividends to policyholders ratio0.1 0.1 —  0.1 0.1 —  
Combined ratio99.3 102.8 (3.5) 99.7 99.6 0.1  

Lower NPW in Second Quarter 2026 and Six Months 2026 compared Second Quarter 2025 and Six Months 2025 reflected reduced new business and targeted actions on our renewal portfolio. Stronger new business pricing, informed by our view of expected loss trends, combined with a competitive environment, drove lower acquisition rates on new business. We are leveraging our granular insights and differentiated operating model to drive higher renewal retention on our best-performing business and meaningfully lower retention on our poorer-performing business through appropriate rating actions. While overall rate increases have moderated and retention is lower than the prior-year period, we expect these mix improvement actions to contribute to improved profitability.



33
Table of Contents
Quarter ended
June 30,		Six Months ended
June 30,
($ in millions)2026202520262025
Direct new business premiums$124.0 158.2 $256.0 330.3 
Retention81 %83 %81 %83 
Renewal pure price increases6.5 8.9 6.8 9.0 

Growth in NPE of 3% in Second Quarter 2026 and 4% in Six Months 2026 compared to the same prior-year periods is decelerating as the impact of lower NPW is materializing through the earnings process.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,		Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$— 45,000 (100)%$— 45,000 (100)%
Current year casualty loss costs480,689 439,002 9 952,566 872,065 9 
Net catastrophe losses48,666 50,881 (4)105,849 70,692 50 
Non-catastrophe property loss and loss expenses122,894 131,883 (7)250,668 260,675 (4)
Total loss and loss expense incurred652,249 666,766 (2)1,309,083 1,248,432 5 
Impact on Loss and Loss Expense Ratio:
   
(Favorable) unfavorable prior year casualty reserve development— 
%
4.8 (4.8)
pts
— 
%
2.4 (2.4)
pts
Current year casualty loss costs49.9 46.8 3.1 49.3 47.2 2.1 
Net catastrophe losses5.1 5.4 (0.3)5.5 3.8 1.7 
Non-catastrophe property loss and loss expenses12.8 14.1 (1.3)13.0 14.1 (1.1)
Total impact on loss and loss expense ratio
67.8 71.1 (3.3)67.8 67.5 0.3 

The loss and loss expense ratio decreased 3.3 points in Second Quarter 2026 compared to Second Quarter 2025, primarily due to (i) no net prior year casualty reserve development in the current year quarter compared to 4.8-points of unfavorable prior year casualty reserve development in the year-ago quarter and (ii) lower non-catastrophe property losses, reflecting less severe wind and convective storms impacting our footprint in Second Quarter 2026 compared to Second Quarter 2025. These items were partially offset by higher current year casualty loss costs.

In Six Months 2026, the loss and loss expense ratio increased 0.3 points compared to Six Months 2025, with higher current year loss costs and catastrophe losses, predominantly offset by improvements in prior year casualty reserve development and non-catastrophe losses. The increase in catastrophe losses was driven by higher frequency and severity of winter storms and thunderstorm events that impacted our footprint this year compared to last, mainly in the first quarter of 2026.

The details of the prior year casualty reserve development by line of business were as follows:

(Favorable)/Unfavorable Prior Year Casualty Reserve DevelopmentQuarter ended
June 30,		Six Months ended
June 30,
($ in millions)
2026202520262025
General liability$— 20.0 $— 20.0 
Commercial automobile— 25.0 — 25.0 
Total Standard Commercial Lines
— 45.0 — 45.0 

Prior year casualty reserve development in Second Quarter 2025 and Six Months 2025 reflected (i) increased severities in accident years 2022 through 2024 in our commercial automobile line of business, and (ii) increased severities in accident years 2022 and 2023 in our general liability line of business.

Higher current year casualty loss costs in Second Quarter 2026 and Six Months 2026 reflected the increased loss trend assumptions we recognized throughout 2025 and included in our expectations for 2026. Elevated severity trend assumptions attributable to social inflation on our general liability and commercial automobile liability lines of business, as well as elevated commercial automobile claim frequencies in the first half of 2026, drove the increase in current year casualty loss costs. Lower workers compensation loss trends provided a partial offset from decreasing claim frequencies in our 2026 expectations.
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Information about our most significant Standard Commercial Lines of business follows:

General Liability
 Quarter ended
June 30,
Change % or Points1
Six Months ended
June 30,
Change % or Points1
($ in thousands)2026202520262025
NPW$328,108 341,641 (4)%$662,165 675,537 (2)%
  Direct new business34,899 44,655 n/a72,656 98,319 n/a
  Retention83 %83 n/a82 %83 n/a
  Renewal pure price increases8.7 11.9 n/a9.0 12.0 n/a
NPE$318,688 305,843 4 %$633,790 600,530 6 %
Underwriting income (loss)
(19,706)(31,295)(37)(43,508)(47,208)(8)
Combined ratio106.2 %110.2 (4.0)pts106.9 %107.9 (1.0)pts
% of total Standard Commercial Lines NPW34 34  34 33 
1n/a: not applicable.

NPW was down in Second Quarter 2026 and Six Months 2026 compared to the same prior-year periods, reflecting deliberate actions to enhance underwriting profitability. In sectors and markets where pricing does not align with our view of rate need, we are taking targeted underwriting actions, including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.

Growth in NPE of 4% in Second Quarter 2026 and 6 % in Six Months 2026 is decelerating as the impact of lower NPW in 2026 is materializing through the earnings process.

The combined ratio decreased 4.0 points in Second Quarter 2026 and 1.0 in Six Months 2026 compared to the same prior-year periods, primarily driven by the following:

Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,
Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$— 20,000 (100)%$— 20,000 (100)%
Current year casualty loss costs238,105 220,610 8 473,110 434,284 9 
Total loss and loss expense incurred238,105 240,610 (1)473,110 454,284 4 
Impact on Loss and Loss Expense Ratio:
   
(Favorable) unfavorable prior year casualty reserve development— 
%
6.5 (6.5)
pts
— 
%
3.3 (3.3)
pts
Current year casualty loss costs74.8 72.2 2.6 74.7 72.4 2.3 
Total impact on loss and loss expense ratio
74.8 78.7 (3.9)74.7 75.7 (1.0)

The general liability line of business has experienced a long-term historical trend of meaningful severity increases, partially offset by claim frequency decreases. We attribute the increased severities to elevated social inflation, which we view as an industry dynamic characterized by higher claimant propensity for attorney representation and litigation, longer settlement times, and higher settlement values. Certain jurisdictions with expanded liability theories and higher damage awards pose increased challenges. We are closely monitoring these jurisdictions and the broader trends across our business.

These dynamics have impacted our view of current year loss costs. The increased loss trend assumptions that we recognized over the course of 2025 that are included in our expectations for 2026, drove a 2.6-point increase in current year casualty loss costs in Second Quarter 2026 and a 2.3-point increase in Six Months 2026 compared to the same prior-year periods.

We did not record any prior year casualty reserve development in Second Quarter 2026 and Six Months 2026. We recorded $20.0 million of unfavorable prior year casualty reserve development in Second Quarter 2025 and Six Months 2025, which was driven by increased severities in accident years 2022 and 2023.

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Table of Contents
Commercial Automobile
 Quarter ended
June 30,
Change % or Points1
Six Months ended
June 30,
Change % or Points1
($ in thousands)2026202520262025
NPW$289,879 312,966 (7)%$591,395 625,620 (5)%
  Direct new business27,463 41,996 n/a55,931 87,866 n/a
  Retention80 %83 n/a81 %84 n/a
  Renewal pure price increases
9.3 10.4 n/a9.2 10.5 n/a
NPE$291,411 288,759 1 %$587,791 572,344 3 %
Underwriting income (loss)
(5,349)(8,425)(37)215 (781)(128)
Combined ratio101.8 %102.9 (1.1)pts100.0 %100.1 (0.1)pts
% of total Standard Commercial Lines NPW30 31  30 31  
1n/a: not applicable.

NPW decreased 7% in Second Quarter 2026 and 5% in Six Months 2026 compared to the same prior-year periods, driven by underwriting actions to improve profitability, such as achieving renewal pure price increases and tightening underwriting guidelines for fleet exposures. Lower renewal pure price increases this year compared to last were driven by a reduction in rates for physical damage that were partially offset by higher commercial automobile liability rates.

Growth in NPE of 1% in Second Quarter 2026 and 3% in Six Months 2026 compared to the same prior-year periods is decelerating as the impact of lower NPW in 2026 is materializing through the earnings process.

The combined ratio decreased 1.1 points in Second Quarter 2026 and 0.1 points in Six Months 2026 compared to the same prior-year periods, and included the following:

Quarter ended
June 30,
Change % or Points
Six Months ended
June 30,
Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$— 25,000 (100)%$— 25,000 (100)%
Current year casualty loss costs169,780 141,819 20 332,500 286,558 16 
Net catastrophe losses2,390 4,134 (42)2,783 5,611 (50)
Non-catastrophe property loss and loss expenses38,563 40,697 (5)76,850 83,245 (8)
Total loss and loss expense incurred210,733 211,650 — 412,133 400,414 3 
Impact on Loss and Loss Expense Ratio:
   
(Favorable) unfavorable prior year casualty reserve development— %8.7 (8.7)
pts
— %4.4 (4.4)
pts
Current year casualty loss costs58.2 49.1 9.1 56.6 50.0 6.6 
Net catastrophe losses0.8 1.4 (0.6)0.5 1.0 (0.5)
Non-catastrophe property loss and loss expenses13.2 14.1 (0.9)13.1 14.5 (1.4)
Total impact on loss and loss expense ratio
72.2 73.3 (1.1)70.2 69.9 0.3 

We did not record any prior year casualty reserve development in Second Quarter 2026 and Six Months 2026, compared to $25.0 million recorded in Second Quarter 2025 and Six Months 2025. Current year casualty loss costs were higher in Second Quarter 2026 and Six Months 2026 compared to the same prior-year periods, driven by elevated claim frequencies in the first half of the year and the increased loss trend assumptions we recognized throughout 2025 that are included in our expectations for 2026.

In the aggregate, net catastrophe and non-catastrophe property losses were 1.5-points lower in Second Quarter 2026 and 1.9- points lower in Six Months 2026 compared to the same prior-year periods, and provided a partial offset to the increase in current year loss costs. This reduction was driven by (i) the earned impact of renewal pure price increases and (ii) period-to-period variability of catastrophe and non-catastrophe property losses.

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Table of Contents
Commercial Property1
 Quarter ended
June 30,
Change % or Points2
Six Months ended
June 30,
Change % or Points2
($ in thousands)2026202520262025
NPW$198,984 207,930 (4)%$397,819 404,184 (2)%
  Direct new business40,550 43,137 n/a82,576 84,553 n/a
  Retention80 %81 n/a80 %82 n/a
Renewal pure price increases
3.6 7.8 n/a4.3 8.1 n/a
NPE$198,475 191,027 4 %$400,109 377,557 6 %
Underwriting income (loss)
20,214 7,441 172 27,180 37,453 (27)
Combined ratio89.8 %96.1 (6.3)pts93.2 %90.1 3.1 pts
% of total Standard Commercial Lines NPW21 20  20 20 
1Includes Inland Marine.
2n/a: not applicable.

NPW decreased 4% in Second Quarter 2026 and 2% Six Months 2026 compared to the same prior-year periods, reflecting lower new business and deliberate actions to strengthen underwriting profitability.

Growth in NPE of 4% in Second Quarter 2026 and 6% in Six Months 2026 continued to reflect the impact of NPW growth through the first quarter of 2026, but is pressured by the impact of lower NPW this quarter.

The combined ratio decreased 6.3 points in Second Quarter 2026 compared to Second Quarter 2025, and increased 3.1 points in Six Months 2026 compared to Six Months 2025, and included the following:

Second Quarter 2026Second Quarter 2025
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
Net catastrophe losses$41,418 20.9 pts33,938 17.8 3.1 pts
Non-catastrophe property loss and loss expenses68,385 34.5 83,204 43.6 (9.1)
Total$109,803 55.4 117,142 61.4 (6.0)
Six Months 2026Six Months 2025
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
Net catastrophe losses$91,294 22.8 pts50,300 13.3 9.5 pts
Non-catastrophe property loss and loss expenses145,364 36.3 159,778 42.3 (6.0)
Total$236,658 59.1 210,078 55.6 3.5 

In the aggregate, net catastrophe and non-catastrophe property losses were lower in Second Quarter 2026 compared to Second Quarter 2025, but were higher in Six Months 2026 compared to Six Months 2025. The increase in net catastrophe losses was driven by higher frequency and severity of winter storms and thunderstorm events that impacted our footprint this year compared to last, mainly in the first quarter of 2026.

Workers Compensation
 Quarter ended
June 30,
Change % or Points1
Six Months ended
June 30,
Change % or Points1
($ in thousands)2026202520262025
NPW$76,619 83,003 (8)%$159,313 169,149 (6)%
Direct new business8,718 12,103 n/a17,547 25,837 n/a
Retention81 %83 n/a82 %84 n/a
Renewal pure price increases (decreases)(4.0)(4.3)n/a(3.4)(3.7)n/a
NPE$81,906 82,024 — %$161,727 161,060 — %
Underwriting income (loss)
2,848 (2,900)(198)1,757 (7,578)(123)
Combined ratio96.5 %103.5 (7.0)pts98.9 %104.7 (5.8)pts
% of total Standard Commercial Lines NPW8 8  8 8 
1n/a: not applicable.


37
Table of Contents
NPW decreased 8% in Second Quarter 2026 and 6% in Six Months 2026 compared to the same prior-year periods, primarily due to negative rate changes. These rate level reductions were driven by continued decreases in workers compensation rating bureau loss costs, which form the basis for our filed rating plans, and heavily influence marketplace pricing for this line of business. Additionally, retention is down compared to the same prior-year periods, resulting from underwriting actions taken to improve profitability.

The combined ratio decreased 7.0 points in Second Quarter 2026 and 5.8 points in Six Months 2026 compared to the same prior-year periods and included the following:

Second Quarter 2026Second Quarter 2025
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
(Favorable) unfavorable prior year casualty reserve development$— — pts— — — pts
Current year casualty loss costs58,812 71.8 63,284 77.1 (5.3)
Total
$58,812 71.8 $63,284 77.1 (5.3)
Six Months 2026Six Months 2025
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
(Favorable) unfavorable prior year casualty reserve development$— — pts— — — pts
Current year casualty loss costs118,862 73.5 124,827 77.5 (4.0)
Total$118,862 73.5 $124,827 77.5 (4.0)

Lower current year casualty loss costs in Second Quarter 2026 and Six Months 2026 compared to the same prior-year periods were primarily driven by decreased claim frequencies leading to improved loss trends. In addition, the combined ratio benefited from a 2.1-point reduction in underwriting expenses in Second Quarter 2026 and a 1.8-point reduction in Six Months 2026 compared to the same prior-year periods, which was primarily driven by lower commissions on this line of business.

Standard Personal Lines Segment
Quarter ended
June 30,
Change % or Points
 Six Months ended
June 30,
Change % or Points
($ in thousands)20262025 20262025
Insurance Segments Results:    
NPW$101,502 110,456 (8)%$183,971 197,969 (7)%
NPE97,639 102,377 (5) 197,667 206,032 (4) 
Less:    
Loss and loss expense incurred69,004 69,977 (1) 138,303 146,646 (6) 
Net underwriting expenses incurred24,207 23,850 1 47,778 48,799 (2)
Underwriting income (loss)$4,428 8,550 (48)$11,586 10,587 9 
Combined Ratios:    
Loss and loss expense ratio70.7 %68.3 2.4 pts69.9 %71.2 (1.3)pts
Underwriting expense ratio24.8 23.3 1.5 24.2 23.7 0.5 
Combined ratio95.5 91.6 3.9  94.1 94.9 (0.8) 

Lower NPW and NPE in Second Quarter 2026 and Six Months 2026 compared to the same prior-year periods was driven by reductions in direct new business and lower renewal pure price increases. New business decreased 36% in Second Quarter 2026 and 27% in Six Months 2026 compared to the same prior-year periods, driven by (i) market conditions, including an increasingly competitive market for auto insurance and (ii) restrictions we have in place to manage overall growth in the State of New Jersey. We have received regulatory approvals for increased rate levels in most of our footprint states and are focused on growth in our target market segment where we believe our rates are adequate. In Second Quarter 2026 and Six Months 2026 we achieved renewal pure price increases of 8.9% and 9.6%, respectively. Additionally, we continue to focus our efforts on our target mass affluent market, with 98% of new business through Six Months 2026 being in our target market.

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The following table depicts direct new business, retention, and renewal pure price increases for the Second Quarter 2026 and Six Months 2026:

Quarter ended
June 30,		Change
% or
Points		Six Months ended
June 30,		Change
% or
Points
($ in millions)2026202520262025
Direct new business premiums1
$8.3 12.9 (36)%$15.8 21.8 (27)%
Retention79 %79 — pts79 %77 2 pts
Renewal pure price increases8.9 19.0 (10.1)9.6 21.3 (11.7)
1Excludes our Flood direct premiums written, which are 100% ceded to the NFIP and do not impact NPW.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,		Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$— — n/a%$— 5,000 (100)%
Current year casualty loss costs25,872 27,115 (5)52,716 55,183 (4)
Net catastrophe losses11,937 14,591 (18)25,137 21,704 16 
Non-catastrophe property loss and loss expenses31,195 28,271 10 60,450 64,759 (7)
Total loss and loss expense incurred69,004 69,977 (1)138,303 146,646 (6)
Impact on Loss and Loss Expense Ratio:
   
(Favorable) unfavorable prior year casualty reserve development— %— — 
pts
— %2.4 (2.4)
pts
Current year casualty loss costs26.6 26.4 0.2 26.6 26.9 (0.3)
Net catastrophe losses12.2 14.3 (2.1)12.7 10.5 2.2 
Non-catastrophe property loss and loss expenses31.9 27.6 4.3 30.6 31.4 (0.8)
Total impact on loss and loss expense ratio
70.7 68.3 2.4 69.9 71.2 (1.3)

The loss and loss expense ratio increased 2.4 points in Second Quarter 2026 compared to Second Quarter 2025, primarily driven by higher non-catastrophe losses due to normal period-to-period variability of such losses. Non-catastrophe losses were partially offset by net catastrophe losses that were lower in Second Quarter 2026 compared to Second Quarter 2025 due to lower frequency and severity of weather-related catastrophe events this year compared to last year.

The 1.3-point decrease in the loss and loss expense ratio in Six Months 2026 compared to Six Months 2025 was driven primarily by the absence of prior year casualty reserve development as illustrated in the table below:
(Favorable)/Unfavorable Prior Year Casualty Reserve DevelopmentQuarter ended
June 30,		Six Months ended
June 30,
($ in millions)2026202520262025
Homeowners$— — — — 
Personal automobile— — — 5.0 
Total Standard Personal Lines— — — 5.0 

The $5.0 million of unfavorable prior year casualty reserve development in Six Months 2025 was primarily driven by increased severities in accident year 2024 related to the New Jersey portfolio.

Underwriting Expenses
Our underwriting expense ratio increased 1.5 points and 0.5 points in Second Quarter 2026 and Six Months 2026, respectively, compared to the prior year periods, as lower NPE has put pressure on our underwriting expense ratio.

39
E&S Lines Segment
 Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,
Change % or Points
($ in thousands)2026202520262025
Insurance Segments Results:   
NPW$157,342 160,169 (2)%$307,994 309,874 (1)%
NPE155,825 148,045 5  307,234 290,937 6  
Less:        
Loss and loss expense incurred95,013 87,155 9  184,384 175,145 5  
Net underwriting expenses incurred48,056 45,719 5  94,205 89,939 5  
Underwriting income (loss)12,756 15,171 (16)28,645 25,853 11 
Combined Ratios:        
Loss and loss expense ratio61.0 %58.9 2.1 pts60.0 %60.2 (0.2)pts
Underwriting expense ratio30.8 30.9 (0.1)30.7 30.9 (0.2)
Combined ratio91.8 89.8 2.0  90.7 91.1 (0.4) 

Increased competition in the marketplace and our continued underwriting discipline contributed to a decline in NPW of 2% in Second Quarter 2026 and 1% in Six Months 2026 compared to the same prior-year periods. This NPW decline was primarily due to more capacity entering the excess and surplus lines marketplace and the admitted markets' expansion in appetite for business previously written by excess and surplus lines companies. NPW includes the impact of the following:

Quarter ended
June 30,		Change
% or
Points		Six Months ended
June 30,		Change
% or
Points
($ in millions)2026202520262025
Direct new business premiums$73.8 77.0 (4)%$148.2 147.2 1 %
Retention62 %65 (3)61 %65 (4)
Renewal pure price increases3.4 9.3 (5.9)3.6 9.0 (5.4)

Despite the decline in NPW during 2026, NPE grew 5% in Second Quarter 2026 and 6% in Six Months 2026 compared to the same prior-year periods, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,		Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
Current year casualty loss costs$70,668 59,610 19 
%
$134,042 117,751 14 
%
Net catastrophe losses7,936 14,460 (45)12,903 30,893 (58)
Non-catastrophe property loss and loss expenses16,409 13,085 25 37,439 26,501 41 
Total loss and loss expense incurred95,013 87,155 9 184,384 175,145 5 
Impact on Loss and Loss Expense Ratio:
   
Current year casualty loss costs45.4 
%
40.3 5.1 
pts
43.6 
%
40.5 3.1 
pts
Net catastrophe losses5.1 9.8 (4.7)4.2 10.6 (6.4)
Non-catastrophe property loss and loss expenses10.5 8.8 1.7 12.2 9.1 3.1 
Total impact on loss and loss expense ratio
61.0 58.9 2.1 60.0 60.2 (0.2)

The loss and loss expense ratio increased 2.1 points in Second Quarter 2026 and decreased 0.2 points in Six Months 2026 compared to the same prior-year periods. In both Second Quarter 2026 and Six Months 2026, the loss and loss expense ratio was increased by (i) higher current year casualty loss costs, primarily driven by higher embedded severity assumptions due to social inflation and (ii) higher non-catastrophe property loss and loss expenses, reflecting normal period-to-period variability associated with property losses. Net catastrophe losses provided an offset to these items in both periods, with Six Months 2026 having a larger offset as the California Palisades Fire impacted the first quarter of 2025.


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Reinsurance
We successfully completed negotiations of our July 1, 2026 excess of loss treaties that cover Standard Commercial Lines, Standard Personal Lines, and E&S Lines.

We renewed the Casualty Excess of Loss Treaty ("Casualty Treaty") with coverage for $87 million in excess of a $3 million retention per loss occurrence, which is the same as the expiring treaty. We continue to retain a portion of the first layer through an 8% co-participation, compared to a 20% co-participation in the expiring treaty. The 2026 treaty year deposit premium increased primarily due to increased premium rates and lower co-participation in the first layer.

We also renewed the Property Excess of Loss Treaty ("Property Treaty") with the same retention as the expiring treaty, but with a $20 million increase in limit. The treaty now provides coverage for $115 million in excess of a $5 million retention for losses on a per-risk basis. The treaty year deposit premium decreased modestly, primarily driven by a reduction in rates.

The following table summarizes the Casualty Treaty and Property Treaty arrangements covering our Insurance Subsidiaries:

Treaty NameReinsurance CoverageTerrorism Coverage
Casualty Treaty (covers all insurance operations)
There are six layers covering $87 million in excess of $3 million. Losses other than terrorism losses are subject to the following:

- 92% of $3 million in excess of $3 million layer provides 81 reinstatements, $246 million annual aggregate limit;
- 100% of $6 million in excess of $6 million layer provides 15 reinstatements, $96 million annual aggregate limit;
- 100% of $9 million in excess of $12 million layer provides three reinstatements, $36 million annual aggregate limit;
- 100% of $9 million in excess of $21 million layer provides one reinstatement, $18 million annual aggregate limit;
- 100% of $20 million in excess of $30 million layer provides one reinstatement, $40 million annual aggregate limit; and
- 100% of $40 million in excess of $50 million layer provides one reinstatement, $80 million annual aggregate limit.
x.x
All NBCR losses are excluded. All other losses stemming from the acts of terrorism are subject to the following:

- 92% of $3 million in excess of $3 million layer with $15 million net annual terrorism aggregate limit;
- 100% of $6 million in excess of $6 million layer with $30 million net annual terrorism aggregate limit;
- 100% of $9 million in excess of $12 million layer with $27 million net annual terrorism aggregate limit;
- 100% of $9 million in excess of $21 million layer with $18 million net annual terrorism aggregate limit;
- 100% of $20 million in excess of $30 million layer with $40 million net annual terrorism aggregate limit; and
- 100% of $40 million in excess of $50 million layer with $80 million net annual terrorism aggregate limit.
Property Treaty (covers all insurance operations)
There are three layers covering 100% of $115 million in excess of $5 million. Losses other than Terrorism Risk Insurance Program Reauthorization Act ("TRIPRA") certified losses are subject to the following reinstatements and annual aggregate limits:

- $5 million in excess of $5 million layer provides 15 reinstatements, $80 million in aggregate limits;
- $30 million in excess of $10 million layer provides four reinstatements, $150 million in aggregate limits; and
- $80 million in excess of $40 million layer provides one reinstatement, $160 million in aggregate limits.
All nuclear, biological, chemical, and radioactive ("NBCR") losses are excluded regardless of whether or not they are certified under the TRIPRA. For non-NBCR losses, the treaty distinguishes between acts committed on behalf of foreign persons or foreign interests ("Foreign Terrorism") and those that are not. The treaty provides annual aggregate limits for Foreign Terrorism (other than NBCR) acts of $15 million for the first layer, $60 million for the second layer, and $80 million for the third layer. Non-Foreign Terrorism losses (other than NBCR) are covered to the same extent as non-terrorism losses.

Investments
Our Investments segment's objectives are to maximize the economic value of our investment portfolio by achieving stable, risk-adjusted after-tax net investment income and generating long-term growth in book value per share. Our strategies consider prevailing market conditions, our enterprise risk tolerances, and other risk implications by:

•Maximizing the portfolio's overall total return by investing (i) the premiums from our insurance operations, (ii) amounts generated through our capital management strategies, including debt and equity security issuances, and (iii) profits of our business, and

•Maintaining (i) a well-diversified portfolio across issuers, sectors, and asset classes and (ii) a fixed income securities portfolio with high credit quality and acceptable duration and maturity profiles to provide ample liquidity.

The effective duration of our fixed income and short-term investments was 4.3 years as of June 30, 2026. We monitor and manage the effective duration to maximize yield while managing interest rate risk at an acceptable level. We buy and sell investments with the intent of maximizing investment returns in the current market environment, while balancing capital preservation and ensuring adequate liquidity to support our insurance business.

Our fixed income and short-term investments represented 91% of invested assets at June 30, 2026, and 92% at December 31, 2025. Our fixed income and short-term investments portfolio had a weighted average credit rating of "A+" and investment grade holdings represented 97% of the total fixed income and short-term investment portfolio on both dates.
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For further details on the composition, credit quality, and various risks to which our portfolio is subject, see Item 7A. "Quantitative and Qualitative Disclosures About Market Risk." of our 2025 Annual Report.

Total Invested Assets
($ in thousands)June 30, 2026December 31, 2025Change
Total invested assets$11,576,860 11,302,440 2 %
Invested assets per dollar of common stockholders' equity3.34 3.32 1 
Components of unrealized gains (losses) – before tax:
Fixed income securities(182,961)(88,415)107 %
Equity securities35,626 14,311 149 
Net unrealized gains (losses) – before tax(147,335)(74,104)99 
Components of unrealized gains (losses) – after tax:
Fixed income securities(144,539)(69,848)107 
Equity securities28,145 11,306 149 
Net unrealized gains (losses) – after tax(116,394)(58,542)99 

Invested assets increased $274.4 million at June 30, 2026, compared to December 31, 2025, primarily reflecting our active investment of operating cash flows, which were 18% of NPW in Six Months 2026, partially offset by a $94.5 million increase in pre-tax net unrealized losses in our fixed income portfolio primarily due to higher interest rates at June 30, 2026 compared to December 31, 2025.
Net Investment Income
Net investment income earned components were as follows:

 Quarter ended
June 30,		Change
% or Points		Six Months ended
June 30,		Change
% or Points
($ in thousands)2026202520262025
Fixed income securities$134,641 115,733 16 %$261,268 220,815 18 %
Commercial mortgage loans ("CMLs")4,086 3,761 9 8,315 7,376 13 
Equity securities5,520 4,908 12 9,722 8,475 15 
Short-term investments3,157 5,267 (40)8,697 11,500 (24)
Alternative investments8,608 4,004 115 15,483 11,083 40 
Other investments446 163 174 486 394 23 
Investment expenses(6,291)(5,868)7 (11,421)(10,984)4 
Net investment income earned – before tax150,167 127,968 17 292,550 248,659 18 
Net investment income tax expense(30,961)(26,547)17 (60,279)(51,617)17 
Net investment income earned – after tax$119,206 101,421 18 $232,271 197,042 18 
Effective tax rate20.6 %20.7 (0.1)pts20.6 %20.8 (0.2)pts
Annualized after-tax yield on fixed income investments4.4 4.2 0.2 4.3 4.1 0.2 
Annualized after-tax yield on investment portfolio4.2 3.9 0.3 4.1 3.9 0.2 

After-tax net investment income earned increased 18% in both Second Quarter 2026 and Six Months 2026 compared to the same prior-year periods, primarily driven by (i) active portfolio management resulting in higher after-tax portfolio yield and (ii) operating cash flow deployment.

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Realized and Unrealized Gains and Losses
When evaluating securities for sale, our general philosophy is to reduce our exposure to securities and sectors based on economic evaluations of whether (i) the fundamentals for that security or sector have deteriorated or (ii) the timing is appropriate to trade opportunistically for other securities with better economic-return characteristics. Net realized and unrealized gains and losses for the indicated periods were as follows:

 Quarter ended
June 30,		Change
%		Six Months ended
June 30,		Change
%
($ in thousands)2026202520262025
Net realized gains (losses) on disposals$(3,219)(240)1,241 %$(4,452)(896)397 %
Net unrealized gains (losses) on equity securities19,845 3,640 445 21,315 4,690 354 
Net credit loss benefit (expense) on fixed income investments
(4,651)772 (702)(12,805)1,366 (1,037)
Losses on securities for which we have the intent to sell(4)— 100 (388)(759)(49)
Total net realized and unrealized investment gains (losses)$11,971 4,172 187 $3,670 4,401 (17)

The change in net realized and unrealized investment gains in Second Quarter 2026 and Six Months 2026, compared to the same prior-year periods, was primarily due to an increase in valuations reflecting the current public equities market. The increase in unrealized gains on equity securities in Six Months 2026, compared to Six Months 2025, was partially offset by an increase in net credit loss expense on fixed income investments, primarily driven by higher interest rates in Six Months 2026 compared to Six Months 2025. The higher interest rates increased unrealized losses on our fixed income investments, thereby increasing the amount of recognized credit losses.

Income Taxes
The following table provides information regarding income taxes.

Quarter ended
June 30,		Six Months ended
June 30,
($ in millions)2026202520262025
Income tax expense
$33.5 23.0 $60.0 52.0 
Effective tax rate1
20.8 %21.5 21.2 %21.4 
1The effective tax rate is calculated by taking "Total income tax expense (benefit)" divided by "Income (loss) before income tax" less "Preferred stock dividends" on our Consolidated Statements of Income.

Liquidity and Capital Resources
Capital resources and liquidity reflect our ability to generate cash flows from business operations, borrow funds at competitive rates, and raise new capital to meet our operating and growth needs.

Liquidity
We manage liquidity by generating sufficient cash flows to meet our business operations' short-term and long-term cash requirements. We adjust our liquidity requirements based on economic conditions, market conditions, and future cash flow commitments, as discussed further below.

Sources of Liquidity
The Parent's sources of cash historically have consisted of dividends from the Insurance Subsidiaries, the Parent's investment portfolio, borrowings under third-party lines of credit, intercompany revolving demand loan agreements with certain Insurance Subsidiaries, and the issuance of equity (common or preferred) and debt securities. We continue to monitor these sources, considering our short-term and long-term liquidity and capital preservation strategies.

The Parent's cash and components of its investment portfolio were as follows:

($ in thousands)June 30, 2026December 31, 2025
Fixed income securities$221,565 254,851 
Equity securities51,177 49,978 
Short-term investments97,111 78,973 
Alternative investments21,416 21,603 
Cash100 248 
Total investments and cash$391,369 405,653 

Short-term investments have historically been maintained in "AAA" rated money market funds and fixed income securities are comprised of high-quality, liquid government and corporate securities.
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The amount and composition of the Parent's investment portfolio may change over time based on various factors, including the amount and availability of dividends from our Insurance Subsidiaries, investment income, expenses, other Parent cash needs, such as dividends payable to stockholders, asset allocation investment decisions, inorganic growth opportunities, debt retirement, and share repurchases. We have an established target for the Parent to maintain liquid investments of at least twice its expected annual net cash outflow needs.

Insurance Subsidiary Dividends
The Insurance Subsidiaries generate liquidity through insurance float, created by collecting premiums and earning investment income before paying claims. The float period can extend over many years. Our investment portfolio consists of securities with maturity dates that continually provide a source of cash flow for claims payments in the ordinary course of business. To protect our Insurance Subsidiaries' capital, we purchase reinsurance coverage for significantly large claims or catastrophes that may occur.

The Insurance Subsidiaries paid $140 million in total dividends to the Parent in Six Months 2026. As of December 31, 2025, our allowable ordinary maximum dividend is $466 million for 2026. All Insurance Subsidiary dividends to the Parent are (i) subject to the approval and/or review of its domiciliary state insurance regulator and (ii) generally payable only from earned statutory surplus reported in its annual statements as of the preceding December 31. Although domiciliary state insurance regulators have historically approved Insurance Subsidiary dividends, there is no assurance they will approve future dividends.

New Jersey corporate law also limits the maximum amount of dividends the Parent can pay our stockholders if either (i) the Parent would be unable to pay its debts as they become due in the usual course of business or (ii) the Parent’s total assets would be less than its total liabilities. The Parent’s ability to pay dividends to stockholders is also impacted by (i) covenants in its credit agreement that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization, and (ii) the terms of our preferred stock that prohibit dividends from being declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period.

For additional information regarding dividend restrictions and financial covenants, where applicable, see Note 11. "Indebtedness," Note 17. "Equity," and Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

Line of Credit
On June 30, 2025, the Parent entered into a Credit Agreement with the lenders named therein (the "Lenders") and Wells Fargo Bank, National Association, as administrative agent ("Line of Credit"). Under the Line of Credit, the Lenders have agreed to provide the Parent with a $100 million revolving credit facility that can be increased to $200 million with the Lenders' consent. The Line of Credit will mature on June 30, 2028, and has a variable interest rate based on the Parent’s debt ratings. In Second Quarter 2026, we executed a $1.0 million overnight borrowing on the Line of Credit as a periodic validation of processes for accessing capital and liquidity resources. No additional borrowings were made under the Line of Credit in Six Months 2026. For additional information regarding the Line of Credit and corresponding representations, warranties, and covenants, see Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

Four Insurance Subsidiaries are members of Federal Home Loan Bank ("FHLB") branches, as shown in the following table. Membership requires the ownership of branch stock and includes the right to access liquidity. All Federal Home Loan Bank of Indianapolis ("FHLBI") and Federal Home Loan Bank of New York ("FHLBNY") borrowings are required to be secured by investments pledged as collateral. For additional information regarding collateral outstanding, refer to Note 4. "Investments" in Item 1. "Financial Statements." of this Form 10-Q.

BranchInsurance Subsidiary Member
FHLBI
Selective Insurance Company of South Carolina1
Selective Insurance Company of the Southeast1
FHLBNY
Selective Insurance Company of America
Selective Insurance Company of New York ("SICNY")
1These subsidiaries are jointly referred to as the "Indiana Subsidiaries" because they are domiciled in Indiana.

The Line of Credit permits aggregate borrowings from the FHLBI and the FHLBNY up to 10% of the respective member company’s admitted assets for the previous year. SICNY is domiciled in New York, which limits its FHLBNY borrowings to the lesser of 5% of admitted assets for the most recently completed fiscal quarter or 10% of the previous year-end's admitted assets. As of June 30, 2026, we had remaining capacity of $690.5 million for FHLB borrowings, with a $28.6 million additional stock purchase requirement to allow the member companies to borrow their remaining capacity amounts.
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Short-term Borrowings
We made no material short-term borrowings from FHLB branches during Six Months 2026; however in Second Quarter 2026, we executed an insignificant overnight borrowing from FHLBNY as a periodic validation of processes for accessing capital and liquidity resources.

Intercompany Loan Agreements
The Parent has lending agreements with the Indiana Subsidiaries, approved by the Indiana Department of Insurance, that provide the Parent with additional intercompany liquidity. Like the Line of Credit, these lending agreements limit the Parent’s borrowings from the Indiana Subsidiaries to 10% of the admitted assets of the respective Indiana Subsidiary. The outstanding balance on these intercompany loans was $35.0 million as of both June 30, 2026 and December 31, 2025. The remaining capacity under these intercompany loan agreements was $198.0 million as of both June 30, 2026 and December 31, 2025. We have other insurance regulator-approved intercompany agreements that facilitate liquidity management between the Parent and the Insurance Subsidiaries to enhance flexibility.

Capital Market Activities
The Parent had no private or public stock issuances during Six Months 2026.

During Six Months 2026, we repurchased 713,434 shares of our common stock under our existing share repurchase program for $61.9 million, excluding commissions paid and estimated excise tax. We had $108.1 million of remaining capacity under our share repurchase program as of June 30, 2026. For additional information on this share repurchase program, refer to Note 17. "Equity" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

Uses of Liquidity
The Parent uses the liquidity generated from the sources discussed above to pay dividends to our stockholders, among other things. Dividends on shares of the Parent's common and preferred stock are declared and paid at the discretion of the Board of Directors ("Board") based on our operating results, financial condition, capital requirements, contractual restrictions, and other relevant factors. Our Board declared:

•    A quarterly cash dividend on common stock of $0.43 per common share payable on September 1, 2026, to holders of record as of August 17, 2026; and
•    A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on September 15, 2026, to holders of record as of August 31, 2026.

Our ability to meet our interest and principal repayment obligations on our debt and our ability to continue to pay dividends to our stockholders is dependent on (i) liquidity at the Parent, (ii) the ability of the Insurance Subsidiaries to pay dividends, if necessary, and/or (iii) the availability of other sources of liquidity to the Parent. Our next borrowing principal repayment is $60 million to FHLBI due on December 16, 2026.

Restrictions on the Insurance Subsidiaries' ability to declare and pay dividends without alternative liquidity options, could materially affect our ability to service debt and pay dividends on common and preferred stock.

Capital Resources
Capital resources ensure we can pay policyholder claims, furnish the financial strength to support underwriting insurance risks, and facilitate continued business growth. At June 30, 2026, we had GAAP stockholders' equity and statutory surplus of $3.7 billion. With total debt of $901 million at June 30, 2026, our debt-to-capital ratio was 19.7%. For additional information on our statutory surplus, see Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

Our current and long-term material cash requirements associated with (i) loss and loss expense reserves, (ii) contractual obligations under operating and financing leases for office space and equipment, and (iii) notes payable, funded primarily with operating cash flows, have not materially changed since December 31, 2025. The Insurance Subsidiaries' net loss and loss expense reserves duration was 3.0 years at December 31, 2025.

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The following table summarizes certain contractual obligations we had at June 30, 2026, that may require us to invest additional amounts into our investment portfolio, which we would fund primarily with operating cash flows.

($ in millions)Amount of Obligation
Fixed income securities$556.3 
Alternative investments331.7 
Equity securities15.3 
CMLs15.2 
Total$918.5 

There is no certainty (i) these additional investments will be required or (ii) about the timing of funding. We expect to have the capacity to fund these commitments through our normal operating and investing activities as they come due.

Our other cash requirements include, without limitation, dividends to stockholders, capital expenditures, and other operating expenses, including commissions to our distribution partners, labor costs, premium taxes, general and administrative expenses, and income taxes.

As of June 30, 2026 and December 31, 2025, we had no (i) material guarantees on behalf of others and trading activities involving non-exchange traded contracts accounted for at fair value, (ii) material transactions with related parties other than those disclosed in Note 18. "Related Party Transactions" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report and Note 14. "Related Party Transactions" in Item 1. "Financial Statements." of this Form 10-Q, and (iii) material relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Consequently, we are not exposed to any material financing, liquidity, market, or credit risk related to off-balance sheet arrangements.

We continually monitor our cash requirements and the capital resources we maintain at the holding company and Insurance Subsidiary levels. As part of our long-term capital strategy, we strive to maintain capital metrics that support our targeted financial strength relative to the macroeconomic environment. Based on our analysis and market conditions, we may take a variety of actions, including, without limitation, contributing capital to the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing existing debt, repurchasing shares of the Parent’s common stock, and adjusting common stockholders’ dividends.

Our capital management strategy is intended to protect the interests of the Insurance Subsidiaries' policyholders and our stockholders, and to enhance our financial strength and underwriting capacity. We have a strong capital base and high-quality underwriting portfolio, positioning us well to capitalize on potential market opportunities.

Book value per common share increased to $58.13 as of June 30, 2026, from $56.74 as of December 31, 2025. This increase was primarily attributable to $3.69 of net income per diluted common share, partially offset by a $1.25 increase in after-tax net unrealized losses on our fixed income securities portfolio and $0.86 in common stockholder dividends. The increase in after-tax unrealized losses on our fixed income securities portfolio was primarily driven by an increase in benchmark U.S. Treasury rates. Our adjusted book value per share, which is book value per share excluding total after-tax unrealized gains or losses on investments included in accumulated other comprehensive income (loss), increased to $60.56 as of June 30, 2026, from $57.91 as of December 31, 2025.

Cash Flows
Net cash provided by operating activities of $450 million in Six Months 2026 remained relatively flat compared to $451 million in Six Months 2025.

Net cash used in investing activities decreased to $338 million in Six Months 2026, compared to $799 million in Six Months 2025. Six Months 2025 was elevated as a result of investing proceeds from our $400 million, 5.9% Senior Note issuance in February 2025. These proceeds also drove the $324 million in net cash provided by financing activities in Six Months 2025, compared to net cash used in financing activities in Six Months 2026 of $119 million.

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Ratings
Our ratings remain the same as reported in our "Overview" section of Item 1. "Business." of our 2025 Annual Report and are as follows:

Nationally Recognized Statistical Rating Organizations
Financial Strength RatingOutlook
AM Best CompanyA+Stable
Moody's Investors Services
A2Stable
Fitch Ratings ("Fitch")A+Stable
Standard & Poor's Global Ratings
AStable

On April 29, 2026, Fitch reaffirmed our "A+" rating with a "stable" outlook. In taking this rating action, Fitch cited our (i) business profile as having favorable competitive positioning within our core standard lines businesses, driven by strong independent agency relationships and (ii) strong capital position.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes in the information about market risk set forth in our 2025 Annual Report.

ITEM 4. CONTROLS AND PROCEDURES.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this report. Management performed this evaluation using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework ("COSO Framework") in 2013. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of the end of such period are (i) effective in recording, processing, summarizing, and reporting information on a timely basis that we are required to disclose in the reports that we file or submit under the Exchange Act, and (ii) effective in ensuring that information that we are required to disclose in the reports that we file or submit under the Exchange Act is appropriately accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions about required disclosure.

No changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) occurred during Second Quarter 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

In the ordinary course of our insurance operations, we are routinely engaged in legal proceedings with inherently unpredictable outcomes that could have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. For additional information regarding our legal risks, refer to Note 15. "Litigation" in Item 1. "Financial Statements." of this Form 10-Q and Item 1A. "Risk Factors." in Part II. "Other Information." As of June 30, 2026, we are not party to any pending legal proceedings that we believe could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

ITEM 1A. RISK FACTORS.

Certain risk factors can significantly impact our business, liquidity, capital resources, results of operations, financial condition, and debt ratings. These risk factors might affect, alter, or change our actions in executing our long-term capital strategy. Examples include, without limitation, contributing capital to any or all our ten Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing our existing debt and/or equity securities, or increasing or decreasing common stockholders' dividends. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge at any time. Consequently, we can neither predict such new risk factors nor assess the potential future impact on our business. Except as discussed below, there have been no material changes from the risk factors disclosed in Item 1A. "Risk Factors." in our 2025 Annual Report.


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Recent geopolitical developments could adversely and materially affect our business, results of operations, financial condition, and growth.
Recent geopolitical developments, including military conflict in the Middle East, have contributed to increased volatility in global energy markets and international shipping activity. Though we only write business domestically in the United States, and our insurance operations do not have direct exposure to businesses or individuals in the Middle East, these developments have resulted in higher energy and transportation costs, supply‑chain delays, and volatility in global financial markets. Such conditions may adversely affect global economic activity and the market value of our investment portfolio and could increase our loss costs and reinsurance expense.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table provides information regarding our purchases of our common stock in Second Quarter 2026:

Period
Total Number of
Shares Purchased1
Average Price
Paid per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Programs2
Approximate Dollar Value of
Shares that May Yet
Be Purchased Under the Announced Programs
(in millions)2
April 1 – 30, 2026354,221 $84.96 353,104 $110.0 
May 1 – 31, 202623,917 81.19 23,027 108.1 
June 1 – 30, 20261,072 87.69 — 108.1 
Total379,210 $84.73 376,131 $108.1 
1Total number of shares purchased includes 3,079 shares purchased from employees to satisfy tax withholding obligations associated with the vesting of their restricted stock units.
2For information on our publicly announced share repurchase program, refer to Note 17. "Equity" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

During the three months ended June 30, 2026, no director or officer of the Company adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement") or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K).

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ITEM 6. EXHIBITS.

Exhibit No. 
Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**101
The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
**104
The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in iXBRL.
* Filed herewith.
** Furnished and not filed herewith.
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SELECTIVE INSURANCE GROUP, INC.
Registrant 
Date:July 24, 2026/s/ John J. Marchioni
 John J. Marchioni
 Chairman of the Board, President and Chief Executive Officer
(principal executive officer)
Date:July 24, 2026/s/ Patrick S. Brennan
Patrick S. Brennan
Executive Vice President and Chief Financial Officer
(principal financial officer)

50

Exhibit 31.1
  
Certification pursuant to Rule 13a-14(a), as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
  
I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:
 
1. I have reviewed this quarterly report on Form 10-Q of the Company;
 
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:July 24, 2026/s/ John J. Marchioni
 John J. Marchioni
 President and Chief Executive Officer
 

Exhibit 31.2
  
Certification pursuant to Rule 13a-14(a), as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
  
I, PATRICK S. BRENNAN, Executive Vice President and Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:
 
1. I have reviewed this quarterly report on Form 10-Q of the Company;
 
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:July 24, 2026/s/ Patrick S. Brennan
 Patrick S. Brennan
 Executive Vice President and Chief Financial Officer

Exhibit 32.1
 
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

 
I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended June 30, 2026 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:July 24, 2026/s/ John J. Marchioni
 John J. Marchioni
 President and Chief Executive Officer

Exhibit 32.2
 
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

 
I, PATRICK S. BRENNAN, Executive Vice President and Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended June 30, 2026 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:July 24, 2026/s/ Patrick S. Brennan
 Patrick S. Brennan
 Executive Vice President and Chief Financial Officer