Selective Insurance : Second Quarter 2024 Investor Presentation

2nd QUARTER 2024

INVESTOR PRESENTATION

Copyright © 2024 by Selective Insurance. All rights reserved.

Safe Harbor Statement

We make certain statements and reference other information in this presentation that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement

safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements

We discuss factors that could cause our actual results to differ materially from those we project, forecast, or estimate in forward-looking statements in further detail in Selective's public filings with the United States Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements - whether as a result of new information, future events or otherwise - other than as the federal securities laws may require.

This presentation also includes certain non-GAAP financial measures within the meaning of Regulation G, including "non- GAAP operating earnings per share," "non-GAAP operating income," "non-GAAP operating return on equity," and "adjusted

book value per share." Definitions of these non-GAAP measures and a reconciliation to the most comparable GAAP figures are available in our Annual Report on Form 10-K and our Supplemental Investor Package, both found on our website <www.selective.com> under "Investors/Reports & Earnings." We believe investors and other interested persons find these measurements helpful, as they provide a consistent basis for comparing our results between quarters and with our industry competitors. These non-GAAP measures, however, may not be comparable to similarly titled measures used outside of the insurance industry. Investors are cautioned not to unduly rely on these non-GAAP measures in assessing our overall financial performance.

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INTRODUCTION

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Every day, our interactions with our customers and

distribution partners reinforce the importance of our role in rebuilding lives and businesses, making communities safer, and supporting economic expansion.

4

A Leader in U.S. Property & Casualty Insurance

Superior track record driven by disciplined execution

10 consecutive years of double-digit Operating Return on Equity

A+ (Superior) rating by A.M. Best

$4.1 billion of net premiums written in 2023

37th largest P&C carrier in the United Stated States*

Clear path for continued, profitable growth

NASDAQ: SIGI (common stock)

NASDAQ: SIGIP (preferred)

[e-mail]

*Based on 2022 net premiums written in AM Best's annual list of "Top 200 U.S. Property/Casualty Writers"	5
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Sustainable Competitive Advantages

Our unique	Our ability to	Our franchise	Our commitment
field model,	develop and	value	to delivering
placing	integrate	distribution	a superior
empowered	sophisticated	model, defined	omni-channel
underwriting	tools for risk	by meaningful	customer
staff in	selection,	and close	experience,
proximity to our	pricing, and	business	enhanced by
distribution	claims	relationships	digital platforms
partners	management	with a group of	and value-added
and customers		top-notch	services
		independent
		agents

Our highly

engaged and aligned team of skilled and committed employees

Our success is based on a unique combination of competitive advantages. Taken together, they create a winning formula for Selective.

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Differentiated Operating Model

Unique, locally	• Locally based underwriting, claims, and
safety management specialists
based field model
• Proven ability to develop and integrate
	actionable tools
	• Enables effective portfolio management
	in an uncertain loss trend environment
Franchise value	• Approximately 1,550 distribution partners
distribution	selling our standard lines products and services
model with	through approximately 2,650 office locations
high-quality
• ~850 of these distribution partners sell
partners
	our personal lines products
	• ~90 wholesale agents sell our E&S
	business
	• ~6,400 distribution partners sell National
	Flood Insurance Program products
	across 50 states

"Everyone with Selective makes our customers feel like the #1 priority. The ease of working with Selective is unmatched." - Selective Agent

2023 Net Premiums Written

11%

Excess and

Surplus Lines

10%

Standard

Personal

Lines

$4

Billion

79%

Standard

Commercial

Lines

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Ten Consecutive Years of Double-DigitNon-GAAP Operating ROEs

Non-GAAP Operating ROE

15%

10%

14.4%

11.7%

SIGI Peer Avg.

5%

0%

2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	1Q24
		Note: Peer Average includes CINF, CNA, HIG, THG, TRV, and UFCS

12.2%

average

from 2014

to 2023

						Operating ROE	2022	2023
						Investments	9.4%	12.4%
Consistently		100 basis points		100 basis points
generating ROEs		of combined		of pre-tax
Underwriting	5.4%	4.2%
exceeding our		ratio translates		investment yield
Other	(2.4)%	(2.2)%
cost of capital		to ~120 basis		translates to ~260
and peer group		points of ROE*		basis points
Total	12.4%	14.4%
average				of ROE*

*Calculated using average equity

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Excellent Operating Results with Low Historical Volatility

NPW CAGR vs. Average Combined Ratio

Combined Ratio (Average & Volatility)

						10%			105%
					SIGI	9%
						8%		10-Year Average Combined Ratio
						7%	10-Year NPW CAGR	100%		Industry
		Industry
				6%
						5%
						4%
						3%	95%
						2%		SIGI
						1%
						0%			90%
104%	102%	100%	98%	96%	94%	92%			0	2	4	6	8

10-Year Average Combined Ratio

10-Year Standard Deviation of Combined Ratio (σ)

Note: White dots represent P&C peers: CINF, CNA, HIG, THG, TRV, and UFCS; 10-year avg based on 2014-2023
Industry Source: © 2024 Conning, Inc. Used with permission. [Statutory data]	9
CAGR = Compound Annual Growth Rate

Track Record of Disciplined, Profitable Growth

NPW ($ in billions)

$4

$3

$2

$1

$-

Net Premiums Written

$4.1

9% CAGR*

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

$7.00

$6.00

$5.00

$4.00 $3.00

$2.00

$1.00

$-

Operating Earnings per Share

$5.89

12% CAGR*

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

With current market share of ~1% in Commercial Lines, Selective

has meaningful runway to deliver above-industry growth

*Compound annual growth rate

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