Segment Information

We report our results of operations for our reportable segments consistent with the manner in which our chief operating decision maker ("CODM") reviews the business to assess performance and allocate resources. We identify our CODM to be a group consisting of our Chairman of the Board, President and Chief Executive Officer, and our Chief Financial Officer.

We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines (collectively, "Insurance Operations") are evaluated on (i) 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 Investment segment results.

Our CODM uses these measures of profit or loss to allocate resources for each segment predominantly in the annual budget and forecasting process, considering budget-to-actual variances when allocating capital and personnel to the segments throughout the year. The CODM also uses these profit measures for evaluating (i) segment performance, (ii) pricing in our Insurance Operations, and (iii) employee compensation.

We do not allocate interest expense, corporate expenses, and assets to our segments. We allocate taxes to our investments segment as we manage that segment on after-tax results. While we allocate taxes to our Insurance Operations, we do not manage those segments on after-tax results.

Our combined insurance operations have some geographic concentrations, particularly in certain states in the Northeastern region of the country. In 2025, approximately 34% of NPW were related to insurance policies written in New Jersey (16%), Pennsylvania (10%), and New York (8%).

We had a goodwill balance of $7.8 million at both December 31, 2025, and 2024, on our Consolidated Balance Sheets that relates to our Standard Commercial Lines reporting unit.

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


Revenue by Segment	Years ended December 31,
($ in thousands)	2025		2024		2023
Standard Commercial Lines:
Net premiums earned ("NPE"):
General liability	$	1,231,380	1,125,491		1,020,362
Commercial automobile	1,162,500		1,058,228		916,140
Commercial property	767,734		685,568		586,267
Workers compensation	310,021		327,725		333,669
Businessowners’ policies	196,200		169,321		140,547
Bonds	52,485		49,748		46,215
Other	33,588		31,475		28,584

Total Standard Commercial Lines NPE	3,753,908		3,447,556		3,071,784
Standard Personal Lines:
Net premiums earned:
Personal automobile	202,678		226,138		200,027
Homeowners	194,290		185,651		154,828
Other	11,222		13,128		10,358

Total Standard Personal Lines NPE	408,190		424,917		365,213
E&S Lines:
Net premiums earned:
Casualty lines	360,990		307,895		261,144
Property lines	245,108		196,079		129,465

Total E&S Lines NPE	606,098		503,974		390,609
Total Insurance Operations NPE	4,768,196		4,376,447		3,827,606
Investments:
Net investment income	531,150		457,051		388,650
Net realized and unrealized investment gains (losses)	8,330		(2,949)		(3,552)
Total Investments revenues	539,480		454,102		385,098
Total segment revenues	$	5,307,676	$	4,830,549	$	4,212,704
Other income	29,252		31,115		19,402
Total revenues	$	5,336,928	$	4,861,664	$	4,232,106

(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.


2025	Standard Commercial Lines		Standard Personal Lines	E&S Lines	Total Insurance Operations	Investments	Total Reportable Segments
($ in thousands)
Total segment revenues	$	3,753,908	408,190	606,098	4,768,196	539,480	5,307,676

Loss and loss expense incurred:
Net catastrophe losses	98,522		41,139	29,535	169,196	—	169,196
Non-catastrophe property loss and loss expense	489,811		138,003	53,377	681,191	—	681,191
(Favorable)/unfavorable prior year casualty reserve development	65,000		15,000	10,000	90,000	—	90,000
Current year casualty loss costs	1,839,988		121,510	255,841	2,217,339	—	2,217,339
Total loss and loss expense incurred	2,493,321		315,652	348,753	3,157,726	—	3,157,726
Net underwriting expenses incurred:
Commissions to distribution partners	692,680		24,166	136,932	853,778	—	853,778
Salaries and employee benefits	317,289		36,236	29,581	383,106	—	383,106
Other segment expenses	182,390		34,765	16,901	234,056	—	234,056
Total net underwriting expenses incurred	1,192,359		95,167	183,414	1,470,940	—	1,470,940
Dividends to policyholders	3,642		—	—	3,642	—	3,642

Segment income (loss), before income tax	64,586		(2,629)	73,931	135,888	539,480	675,368
Total income tax (expense) benefit					(28,537)	(111,736)	(140,273)
Segment income (loss), after income tax					107,351	427,744	535,095

Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss), before income tax							675,368
Interest expense							(49,322)
Corporate expenses							(36,449)
Income before income tax							589,597
Income tax (expense) benefit on segment income (loss)							(140,273)
Income tax (expense) benefit on interest and corporate expenses							17,087
Total income tax (expense) benefit							(123,186)
Net income							466,411
Preferred stock dividends							(9,200)
Net income available to common stockholders							457,211


2024	Standard Commercial Lines		Standard Personal Lines	E&S Lines	Total Insurance Operations	Investments	Total Reportable Segments
($ in thousands)
Total segment revenues	$	3,447,556	424,917	503,974	4,376,447	454,102	4,830,549

Loss and loss expense incurred:
Net catastrophe losses	181,546		79,965	22,992	284,503	—	284,503
Non-catastrophe property loss and loss expense	459,537		164,045	58,025	681,607	—	681,607
(Favorable)/unfavorable prior year casualty reserve development	286,000		5,000	20,000	311,000	—	311,000
Current year casualty loss costs	1,574,532		115,591	197,251	1,887,374	—	1,887,374
Total loss and loss expense incurred	2,501,615		364,601	298,268	3,164,484	—	3,164,484
Net underwriting expenses incurred:
Commissions to distribution partners	639,180		30,270	111,349	780,799	—	780,799
Salaries and employee benefits	290,880		37,024	25,547	353,451	—	353,451
Other segment expenses	154,360		32,507	16,930	203,797	—	203,797
Total net underwriting expenses incurred	1,084,420		99,801	153,826	1,338,047	—	1,338,047
Dividends to policyholders	6,504		—	—	6,504	—	6,504

Segment income (loss), before income tax	(144,983)		(39,485)	51,880	(132,588)	454,102	321,514
Income tax (expense) benefit					27,843	(93,815)	(65,972)
Segment income (loss), after income tax					(104,745)	360,287	255,542

Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss), before income tax							321,514
Interest expense							(28,878)
Corporate expenses							(34,602)
Income before income tax							258,034
Income tax (expense) benefit on segment income (loss)							(65,972)
Income tax (expense) benefit on interest and corporate expenses							14,950
Total income tax (expense) benefit							(51,022)
Net income							207,012
Preferred stock dividends							(9,200)
Net income available to common stockholders							197,812


2023	Standard Commercial Lines		Standard Personal Lines	E&S Lines	Total Insurance Operations	Investments	Total Reportable Segments
($ in thousands)
Total segment revenues	$	3,071,784	365,213	390,609	3,827,606	385,098	4,212,704

Loss and loss expense incurred:
Net catastrophe losses	150,518		69,315	24,677	244,510	—	244,510
Non-catastrophe property loss and loss expense	461,593		156,890	31,901	650,384	—	650,384
(Favorable)/unfavorable prior year casualty reserve development	(15,500)		14,000	(5,000)	(6,500)	—	(6,500)
Current year casualty loss costs	1,322,593		112,980	160,318	1,595,891	—	1,595,891
Total loss and loss expense incurred	1,919,204		353,185	211,896	2,484,285	—	2,484,285
Net underwriting expenses incurred:
Commissions to distribution partners	571,078		22,052	87,055	680,185	—	680,185
Salaries and employee benefits	267,375		38,830	21,800	328,005	—	328,005
Other segment expenses	150,066		30,409	15,102	195,577	—	195,577
Total net underwriting expenses incurred	988,519		91,291	123,957	1,203,767	—	1,203,767
Dividends to policyholders	6,755		—	—	6,755	—	6,755

Segment income (loss), before income tax	157,306		(79,263)	54,756	132,799	385,098	517,897
Income tax (expense) benefit					(27,888)	(78,369)	(106,257)
Segment income (loss), after income tax					104,911	306,729	411,640

Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss), before income tax							517,897
Interest expense							(28,799)
Corporate expenses							(30,686)
Income before income tax							458,412
Income tax (expense) benefit on segment income (loss)							(106,257)
Income tax (expense) benefit on interest and corporate expenses							13,083
Total income tax (expense) benefit							(93,174)
Net income							365,238
Preferred stock dividends							(9,200)
Net income available to common stockholders							356,038

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 expenses, postage and telephone expenses, 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	Years ended December 31,
	2025		2024	2023
Standard Commercial Lines segment	1.7	%	(4.0)	5.0
Standard Personal Lines segment	(0.1)		(1.1)	(2.5)
E&S Lines segment	1.8		1.4	1.7
Total insurance operations	3.4		(3.7)	4.2

Net investment income earned	13.3		12.8	12.4
Net realized and unrealized investment gains (losses)	0.2		(0.1)	(0.1)
Total investments segment	13.5		12.7	12.3

Other	(2.5)		(2.0)	(2.2)

ROE	14.4	%	7.0	14.3


Combined Ratio	Years ended December 31,
	2025				2024		2023
	Amount		Ratio		Amount	Ratio	Amount	Ratio
Standard Commercial Lines:
Net premiums earned	$	3,753,908			3,447,556		3,071,784
Loss and loss expense incurred	2,493,321		66.4	%	2,501,615	72.5	1,919,204	62.5
Net underwriting expenses incurred	1,192,359		31.8		1,084,420	31.5	988,519	32.2
Dividends to policyholders	3,642		0.1		6,504	0.2	6,755	0.2
Underwriting income (loss)	64,586		98.3		(144,983)	104.2	157,306	94.9

Standard Personal Lines:
Net premiums earned	408,190				424,917		365,213
Loss and loss expense incurred	315,652		77.3		364,601	85.8	353,185	96.7
Net underwriting expenses incurred	95,167		23.3		99,801	23.5	91,291	25.0
Underwriting income (loss)	(2,629)		100.6		(39,485)	109.3	(79,263)	121.7

E&S Lines:
Net premiums earned	606,098				503,974		390,609
Loss and loss expense incurred	348,753		57.5		298,268	59.2	211,896	54.3
Net underwriting expenses incurred	183,414		30.3		153,826	30.5	123,957	31.7
Underwriting income (loss)	73,931		87.8		51,880	89.7	54,756	86.0

Total Insurance Operations:
Net premiums earned	4,768,196				4,376,447		3,827,606
Loss and loss expense incurred	3,157,726		66.3		3,164,484	72.3	2,484,285	64.9
Net underwriting expenses incurred	1,470,940		30.8		1,338,047	30.6	1,203,767	31.4
Dividends to policyholders	3,642		0.1		6,504	0.1	6,755	0.2
Underwriting income (loss)	135,888		97.2		(132,588)	103.0	132,799	96.5

1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.

Historical Timeline

Fiscal Year	Filed
2025	Feb 9, 2026	Showing above
2024	Feb 10, 2025

2023	Feb 9, 2024

2022	Feb 10, 2023

2021	Feb 11, 2022

2020	Feb 12, 2021

2019	Feb 12, 2020

2018	Feb 15, 2019

2017	Feb 20, 2018

2016	Feb 22, 2017

2015	Feb 24, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

SELECTIVE INSURANCE GROUP INC Segments Disclosure

Historical Timeline

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