Selective Insurance Group, Inc. (SIGI): Business Model Canvas [Dec-2025 Updated]

You're digging into the nuts and bolts of how Selective Insurance Group, Inc. actually makes money, and after two decades analyzing firms like this, I can tell you their engine runs on disciplined risk selection. Forget the fluff; their Q1 2025 data shows they pushed a 10.3% renewal price increase while backing it all with an A+ rating and $3.3 billion in GAAP equity as of Q1 2025. This canvas breaks down exactly how their exclusive agent network, focus on profitable retention, and target combined ratio of 96%-97% for the year create their value proposition. See the full strategic map below to understand their near-term playbook.

Selective Insurance Group, Inc. (SIGI) - Canvas Business Model: Key Partnerships

The core distribution channel for Selective Insurance Group, Inc. remains its network of independent agents, providing access to commercial, personal, and specialty risks across 36 Eastern, Southern, Midwestern, Western, and Southwestern states and the District of Columbia. You saw a clear push to expand this channel, with management reporting that 30 new agencies have partnered with Selective during the first quarter of 2025 alone. This expansion is strategically focused on states where the company has secured regulatory approval for adequate rates. Selective Insurance Group, Inc. is also a key servicing carrier within the National Flood Insurance Program's (NFIP) Write Your Own (WYO) program, a relationship it started back in 1984, and as of late 2025, it holds the position as the fourth-largest NFIP WYO carrier.

Here's a quick look at some key quantitative partnership metrics as reported through Q1/Q2 2025:

Partnership Area	Metric/Value	Reference Period/Detail
Independent Agent Network Expansion	30 new agencies added	Q1 2025
Geographic Footprint	36 states plus D.C.	As of late 2025
Reinsurance Risk Transfer	$1.4 billion exhaustion point	Catastrophe loss mitigation structure
Reinsurance Retention	$100 million retention	Catastrophe loss mitigation structure
NFIP WYO Ranking	Fourth-largest carrier	As of late 2025

Risk transfer and capital management rely heavily on relationships with reinsurance companies. Selective Insurance Group, Inc. maintains a prudent reinsurance structure designed to mitigate potential catastrophe losses. This structure provides protection with a $1.4 billion exhaustion point and a $100 million retention. This comprehensive program is a major factor supporting the company's balance sheet strength assessment of strongest by AM Best.

For operational efficiency, especially in claims, Selective Insurance Group, Inc. partners with technology vendors. You know they are focused on modernization, having previously selected Insurity's Claims Decisions solution to replace legacy systems and support claims across personal and commercial lines. More recently, Selective partnered with One Inc to integrate its ClaimsPay® digital payment solution, aiming to streamline claim fund delivery to policyholders through platforms like Venmo and PayPal. The CIO has also spoken about the potential for automation, AI, and machine learning to improve customer experience.

The partnership with the Federal Emergency Management Agency (FEMA) through the NFIP's WYO program is significant, allowing Selective Insurance Group, Inc. to offer structure and contents coverage for flood insurance in all 50 states. This segment is a distinct part of their offering, separate from their standard commercial and personal lines business.

Finance: finalize the Q4 2025 agency pipeline review by next Tuesday.

Selective Insurance Group, Inc. (SIGI) - Canvas Business Model: Key Activities

You're mapping out the core engine of Selective Insurance Group, Inc. (SIGI) as of late 2025. The Key Activities are where the rubber meets the road, turning strategy into measurable results. Here's a breakdown of what they are actively doing, grounded in their recent performance data.

Disciplined Underwriting and Pricing Actions

The focus here is on getting the price right for the risk assumed. Selective Insurance Group, Inc. is driving rate increases faster than loss trends in many areas. This discipline is evident across their segments, though Personal Lines saw the most aggressive pricing action to correct profitability.

Here are the pricing results from the first quarter of 2025:

Metric	Q1 2025 Value	Comparison/Context
Total Renewal Pure Price Increase	10.3%	Up from 8.1% in Q1 2024.
Standard Commercial Lines Renewal Pure Price	9.1% average	Retention was stable at 85%.
General Liability Pricing (within Commercial Lines)	12.0%	Accelerated from 10.6% in Q4 2024.
Standard Personal Lines Renewal Pure Price	24.1%	Retention was 75% as the company focused on profit improvement.
Excess and Surplus Lines Renewal Pure Price	8.7% average	Contributed to 20% NPW growth in the segment.

This pricing push directly impacted underwriting profitability. Underwriting income in Q1 2025 increased 140% to $36.1 million, up from $15 million the prior year.

Active Investment Management of the Fixed-Income Portfolio

Managing the investment portfolio is a critical activity, providing a significant boost to overall earnings. Selective Insurance Group, Inc. actively deploys capital from operations and new financing into investments, targeting attractive yields.

You saw strong investment results in early 2025, with after-tax net investment income reaching $96 million in Q1 2025, a 12% increase year-over-year. By Q3 2025, investment income was up 18% year-over-year.

The deployment activity was substantial:

• Deployed over $900 million in new assets in Q1 2025.
• The average pre-tax yield on those new Q1 2025 investments was 6%.
• The average pre-tax book yield on the whole portfolio increased to 5%.

This activity supports the overall financial flexibility, especially following the completion of a $400 million senior note issuance during Q1 2025.

Claims Handling and Loss Adjustment to Manage the Combined Ratio

Controlling claims costs, both current and past, is essential for hitting the combined ratio targets. The overall GAAP combined ratio for Q1 2025 was 96.1%, an improvement of 2.1 points from 98.2% in Q1 2024.

The management of prior year reserves was a positive factor in Q1 2025:

• Net unfavorable prior year casualty reserve development was only 0.4 points in Q1 2025.
• This compared favorably to 4.2 points of unfavorable development in Standard Commercial Lines in Q1 2024.

However, the Q3 2025 results showed that managing current and prior year development remains an ongoing effort, with the combined ratio at 98.6%, elevated by 3.3 points of unfavorable prior year casualty reserve development and 6.2 points of higher current year casualty loss costs. The company's full-year 2025 guidance for the combined ratio is set at 96% to 97%.

Strategic Geographic Expansion into New US States

Selective Insurance Group, Inc. is pursuing growth by expanding its footprint, though this is balanced with ensuring adequate rates are approved in new jurisdictions. The company is focused on strategic growth within its existing footprint and expanding outward.

Concrete actions taken include:

• Adding 30 new agency locations in Q1 2025.
• Strategic growth drivers include expanding into 5 new states by 2026.

This expansion is selective; for instance, Standard Personal Lines new business decreased by 58% in Q1 2025 due to focusing growth only in states where adequate rates have been filed and approved.

Modernizing Core Systems with Robotics and Artificial Intelligence

Technology adoption is a stated activity to drive operational efficiency, which helps the expense ratio and aids in underwriting and claims processing. The use of technology is cited as a basis for the company's favorable business profile.

Recent reports confirm this activity is ongoing:

• The firm is actively integrating artificial intelligence to improve underwriting and claims management processes, as noted in Q2 2025 updates.
• The favorable business profile is partly based on the use of technology to enhance underwriting and servicing capabilities.

Finance: draft 13-week cash view by Friday.

Selective Insurance Group, Inc. (SIGI) - Canvas Business Model: Key Resources

You're looking at the core assets that let Selective Insurance Group, Inc. (SIGI) compete-the stuff they own or control that makes their value proposition possible. Honestly, for an insurer, this is all about capital strength and the quality of their underwriting information.

The foundation is definitely their balance sheet. As of Q1 2025, they reported a strong capital position, specifically $3.3 billion of GAAP equity. This capital base supports their operations and allows them to take on risk. Furthermore, their financial strength is externally validated; AM Best affirmed the Financial Strength Rating (FSR) of A+ (Superior) for the pooled members of Selective Insurance Group, with a stable outlook, as of December 2025.

The investment portfolio is a major generator of income, which helps buffer underwriting results. Here's a look at the recent investment income figures:

Metric	Period	Amount (After-Tax)
Net Investment Income Guidance	Full Year 2025	$405 million
Net Investment Income	Q2 2025	$101 million
Net Investment Income	Q1 2025	$96 million

The Q1 deployment of $900 million in new investments was done at an average pre-tax yield of 6%. To be fair, management noted that alternative investments could face valuation headwinds, but the fixed income portfolio showed a solid after-tax yield of 4.0% in Q1 2025.

For granular risk selection, Selective Insurance Group, Inc. relies on its internal capabilities. They use sophisticated tools integrated for front-line staff to inform risk selection, pricing, and claims decisions. This technology focus helps them manage their business mix, which benefits from a low- to medium-hazard profile.

Their distribution network is another critical resource, built on deep relationships with independent agents. This network allows them to reach a broad customer base effectively:

• Operates in 36 Eastern, Southern, Midwestern, Western, and Southwestern states plus the District of Columbia.
• Standard Commercial Lines footprint reached 35 states and D.C. as of early 2025.
• Added 30 new agency locations in Q1 2025.
• Added 200 net new agencies during 2024.

The company is a holding company for ten property and casualty insurance companies. Finance: draft 13-week cash view by Friday.

Selective Insurance Group, Inc. (SIGI) - Canvas Business Model: Value Propositions

You're looking at the core promises Selective Insurance Group, Inc. (SIGI) makes to its customers and the market as of late 2025. These aren't just marketing slogans; they are backed by concrete financial strength and operational metrics.

Superior, personalized service delivered through a regional model

Selective emphasizes a close working relationship with its selected agencies. This isn't abstract; it translates into focused distribution efforts. The Commercial Lines segment, for instance, increased its share of distribution partners' total premiums to 12%. The strategy includes key initiatives like adding new distribution partners to target a 25% agent market share and entering additional states. This regional focus, enhanced by technology for underwriting and servicing, is a stated component supporting their favorable business profile.

Profitable risk transfer for commercial and personal lines

The company actively manages its book to ensure profitable risk transfer across its segments. You see the results of this discipline in the combined ratios, which is the key measure of underwriting profitability-lower is better. For the third quarter of 2025, the consolidated GAAP combined ratio was 98.6%, which is an improvement from 99.5% a year prior. The full-year 2025 guidance for the GAAP combined ratio is set between 97%-98%. Investment income also supports the overall financial picture; after-tax net investment income for Q3 2025 was $138.7 million, and the full-year 2025 expectation was $420 million.

Here's a quick look at how the segments stacked up in Q3 2025:

Segment	% of 2024 Total NPW (Approx.)	Q3 2025 Combined Ratio	Q3 2025 Renewal Pure Price	Q3 2025 Retention
Standard Commercial Lines	79%	101.1%	8.9%	82%
Excess & Surplus (E&S) Lines	12%	76.2%	8.3%	N/A
Standard Personal Lines	9%	110.1%	16.9%	79%

Robust coverage options for complex Excess & Surplus (E&S) risks

The E&S segment is a clear value driver, offering coverage where standard markets won't tread. This segment is showing strong growth and relative profitability. For the second quarter of 2025, E&S premiums increased 9% year-over-year, supported by average renewal pure price increases of 9.3%. The Q2 2025 combined ratio for E&S was 89.8%, which was 4.8 points better than the prior year. In Q3 2025, this segment maintained a strong combined ratio of 76.2%, while premiums earned grew 20.6% year-over-year for that quarter.

Stability and financial security backed by an A+ AM Best rating

Financial security is a core promise, and the ratings confirm this. As of December 4, 2025, AM Best affirmed the Financial Strength Rating (FSR) of A+ (Superior) for the pooled insurance company members of Selective Insurance Group. The Long-Term Issuer Credit Ratings (Long-Term ICR) for these members were affirmed at "aa-" (Superior), with a stable outlook. This assessment reflects the group's balance sheet strength, which AM Best assesses as strongest. This strength is supported by the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR).

Specialized risk management services for businesses

For commercial clients, the value proposition extends beyond the policy itself. Selective's underwriting results have historically benefited from a low- to medium-hazard business mix and a conservative underwriting philosophy. The group continues to implement various underwriting initiatives and targeted rate increases across its book of business to manage risk effectively.

• The group is a servicing carrier in the National Flood Insurance Program's "Write-Your-Own" program.
• General Liability pricing in Standard Commercial Lines accelerated to 12.0% in Q1 2025, up from 6.5% a year prior.
• The company has a history of underwriting profitability, with results favorable to the commercial casualty composite over five-year and 10-year averages.

Finance: draft 13-week cash view by Friday.

Selective Insurance Group, Inc. (SIGI) - Canvas Business Model: Customer Relationships

You're looking at how Selective Insurance Group, Inc. (SIGI) manages its connections with the people who buy and sell its policies as of late 2025. The core of their approach is built around their distribution network and a disciplined focus on the quality of the business they keep.

High-touch, collaborative relationship with independent agents

Selective Insurance Group sells its commercial and personal insurance products almost entirely through independent agents. This distribution model relies on a close, working relationship with these selected agencies, which is a key part of their favorable business profile. The company is actively working to deepen these ties, for instance, by continuing to expand its Standard Commercial Lines market share by increasing its share towards a 12% target of its agents' premiums.

Dedicated field model for localized underwriting and claims support

The company emphasizes a unique operating model that includes a strong focus on servicing its franchise distribution partners through a local presence. This local touch, supported by technology, is how they deliver the high-touch service expected by their agents and, by extension, their policyholders. While specific 2025 field staff metrics aren't public, the strategy centers on this localized support for underwriting and claims, which is crucial for managing risk in specific geographies.

Focus on profitable retention over pure volume growth

Selective Insurance Group management has been clear that emphasizing improving underwriting margins and tempering the top line in the current environment is prudent. This is a definite pivot toward profitable retention. You can see this in the Standard Personal Lines segment, where premiums declined 5% in the second quarter of 2025 as part of deliberate profit improvement actions. The company is willing to shrink where necessary to achieve better underwriting results, as evidenced by the Q1 2025 new business volume falling 58%.

Here's a quick look at how retention rates compare across the major lines through the first half of 2025:

Segment	Q2 2025 Renewal Retention	Q1 2025 Renewal Retention	Q2 2025 Renewal Pure Price
Standard Personal Lines	79%	75%	19.0%
Standard Commercial Lines	83%	85%	8.9%

The overall GAAP combined ratio improved significantly to 100.2% in Q2 2025 from 116.1% in Q2 2024, showing these disciplined actions are working to improve underwriting profitability.

Digital self-service via the Selective Mobile App

The company continues to enhance its customer servicing capabilities, which it views as a differentiator. This includes the adoption of digital services, such as the award-winning MySelective mobile app. The focus is on using technology to enhance both underwriting and servicing capabilities for their agents and customers.

The digital self-service tools support the following customer actions:

• Pay My Bill
• Report a Claim
• Find an Insurance Agent

Personalized service for the mass-affluent Personal Lines segment

Selective Insurance Group is strategically repositioning its Standard Personal Lines business, which accounted for 9% of total 2024 net premiums written (NPW), towards the mass-affluent market. This move leverages their strong coverage and service capabilities for this specific demographic. The focus on target business within Personal Lines is showing traction; in Q2 2025, target business grew 16% in the quarter, with nearly all new business falling into this mass-affluent category. The renewal pure price for this segment in Q2 2025 was 19%, reflecting the need to price adequately for this higher-limit profile.

Finance: draft 13-week cash view by Friday.

Selective Insurance Group, Inc. (SIGI) - Canvas Business Model: Channels

You're mapping out how Selective Insurance Group, Inc. gets its products into customers' hands, which is really the engine of their revenue stream. Their approach is definitely a blend of traditional, relationship-based sales and modern digital tools.

Exclusive network of independent insurance agents (primary channel)

The core of Selective Insurance Group, Inc.'s distribution remains its exclusive network of independent insurance agents across the United States. This is how they deliver their standard commercial, standard personal, and specialty insurance coverages. The company actively manages and grows this network, viewing the close working relationship with these selected agencies as a key part of its favorable business profile. For instance, in 2024, the existing partners and agencies increased by 200 for developing the commercial insurance portfolio. Then, during the first quarter of 2025, 30 new agencies partnered with Selective Insurance Group, Inc. to expand their footprint. This focus on agency relationships supports their 'High-Touch' component of their operating model.

The breakdown of Net Premiums Written (NPW) by segment, which flows through these channels, gives you a sense of where the volume is concentrated:

• Standard Commercial Lines: 79% of total 2024 NPW
• Excess and Surplus Lines: 12% of total 2024 NPW
• Standard Personal Lines: 9% of total 2024 NPW

Here's a quick look at the scale of their distribution footprint:

Channel Metric	Value (as of late 2025)	Source Period
New Agencies Added	30	Q1 2025
Existing Agency Growth	200 agencies added	2024
NFIP WYO Carrier Rank	Fourth-largest	As of 2025
NFIP States Served	50 states	As of 2025
Standard Commercial Lines NPW Share	79%	2024
Excess & Surplus Lines NPW Share	12%	2024

Direct digital platforms for policyholders (e.g., mobile app)

Selective Insurance Group, Inc. supports its policyholders with technology-driven solutions, which is the 'High-Tech' part of their model. Policyholders can personalize their experience using the MySelective online account and the associated mobile app, which is available on the Apple App Store and Google Play Store. Users get 24/7 access to convenient account management features. This includes access to the Risk Management Center, which is a unique perk for MySelective users. For their flood business, customers use MySelectiveFlood.com to manage claims, review policy details, and pay premiums.

Field underwriting and claims personnel embedded regionally

The 'High-Touch' aspect is delivered through their field personnel. Selective Insurance Group, Inc. maintains a local presence to service its franchise distribution partners and customers. While I don't have a precise headcount for field underwriting and claims staff as of late 2025, the strategy relies on this local embedding to complement the technology-driven servicing capabilities. This structure is designed to offer expert advice and responsive claims processing.

Selective's corporate website and digital marketing efforts

The corporate website, Selective.com, acts as a central hub for investor relations, where press releases and financial supplements are posted, and conference calls are webcast live. The availability of their mobile app on major platforms suggests a digital marketing push to drive adoption of these self-service tools. The company is also integrating artificial intelligence to improve underwriting and claims management processes, which indirectly affects the digital experience offered to agents and customers.

National Flood Insurance Program (NFIP) distribution

Selective Insurance Group, Inc. is a servicing carrier in the "Write-Your-Own" (WYO) program of the National Flood Insurance Program, which is administered by the Federal Emergency Management Agency (FEMA). Selective was one of the first companies to join this WYO program back in 1984, and as of 2025, they are the fourth-largest NFIP WYO carrier. They offer structure and contents coverage for both homes and businesses in all 50 states. The maximum coverage limits Congress currently authorizes for an NFIP policy include building coverage up to $250,000 for one- to four-family residential properties, and contents coverage up to $100,000.

Finance: draft 13-week cash view by Friday.

Selective Insurance Group, Inc. (SIGI) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Selective Insurance Group, Inc. (SIGI) as of the first quarter of 2025. This breakdown shows where the premium dollars are coming from right now, which is key to understanding their current strategy.

The customer base is clearly weighted toward commercial risks, but the strategic repositioning in Personal Lines and the growth in specialty lines are important dynamics to watch.

Here's a look at the segment distribution based on Q1 2025 Net Premiums Written (NPW) data:

Customer Segment	Q1 2025 NPW Share	Q1 2025 NPW Growth (YoY)	Key Pricing Metric (Renewal Pure Price)	Q1 2025 Combined Ratio
Standard Commercial Lines	81%	8%	9.1%	96.4%
Excess & Surplus (E&S) Lines	12%	20%	8.7% (Average Renewal Pure Price)	92.5%
Standard Personal Lines	7%	-12% (Deliberate Contraction)	24.1% (Renewal Pure Price)	98.0%

The Standard Commercial Lines segment remains the bedrock, accounting for 81% of NPW in Q1 2025, with a solid 8% premium growth for the quarter. Within this, General Liability saw pricing accelerate further to 12.0%. Retention held steady at 85%.

The Excess & Surplus (E&S) Lines segment is clearly a growth engine, with NPW increasing by 20% in Q1 2025. This segment is focused on hard-to-place or unique risks, and it delivered a strong combined ratio of 92.5% in the quarter.

For Standard Personal Lines, the customer base is undergoing a deliberate change. Premiums shrank by 12% in Q1 2025 as the company focused on profit improvement actions, including focusing on growth only in states where adequate rates were approved. This strategic shift targets the mass-affluent market, building an increased limit profile. The renewal pure price in this segment was high at 24.1%.

Regarding geographic reach, which defines where these segments can be served, Selective Insurance Group has been expanding its Commercial Lines footprint. As of mid-2025, Commercial Lines operations reached 27 states, including recent additions in the Southwest (Arizona, Colorado, Utah) and New Hampshire. To be fair, one of its subsidiaries, Mesa Underwriters Specialty Insurance Company, is licensed across All 50 states and the District of Columbia.

The focus on specific types of commercial entities is visible across the lines of business:

• Small to mid-sized commercial businesses are a key target, particularly within the E&S segment, which focuses on opportunistic growth for risks not available through standard insurers.
• Public entities and governmental organizations are served, in part, through Selective being a servicing carrier in the "Write-Your-Own" program of the National Flood Insurance Program (NFIP) administered by FEMA.

The company's overall renewal pure pricing across all segments in Q1 2025 was 10.3%. Finance: draft 13-week cash view by Friday.

Selective Insurance Group, Inc. (SIGI) - Canvas Business Model: Cost Structure

You're looking at the cost side of Selective Insurance Group, Inc. (SIGI) operations as of late 2025. This is where the premiums collected go, and honestly, it's dominated by claims.

Loss and Loss Adjustment Expenses (LAE) are the largest cost component. This is the core cost of insurance-paying out claims and the costs associated with handling them. While the exact dollar amount for total LAE isn't explicitly broken out separate from the combined ratio components, the loss ratio drives the whole picture. For instance, in the second quarter of 2025, the GAAP combined ratio hit 100.2%, which means losses and expenses equaled earned premium for that quarter.

The full-year 2025 expectation for the GAAP combined ratio was initially set between 96% and 97%, but this was later updated to a range of 97% to 98% following Q2 results, signaling continued pressure on loss costs.

The cost structure is clearly visible when you break down the combined ratio performance across the first half of 2025:

Metric	Q1 2025 Actual	Q2 2025 Actual	Full-Year 2025 Guidance (Updated)
GAAP Combined Ratio	96.1%	100.2%	97% to 98%
Catastrophe Losses (points)	3.7 points	6.7 points	6 points
Prior Year Casualty Reserve Development (points)	0.4 points (unfavorable)	3.8 points (unfavorable, or $45 million)	Assumes no further development (based on Q2 update)
Underlying Combined Ratio (Year-to-Date)	N/A	90.8%	90% to 91% (Q1 guidance)

Underwriting expenses, including agent commissions and salaries, make up the remainder of the combined ratio after losses. These are the costs of doing business-paying the agents who sell the policies and the staff who manage the operations. While specific dollar figures for total underwriting expenses aren't provided, the company's focus on pricing actions, like achieving a 10.3% total renewal pure price increase in Q1 2025, is a direct countermeasure to rising loss costs and expense inflation.

Catastrophe losses are a significant, though volatile, cost driver. The full-year 2025 expectation is set at 6 points of the combined ratio. This was exceeded in Q2 2025, where catastrophe losses accounted for 6.7 points of the 100.2% combined ratio. To be fair, Q1 2025 saw lower catastrophe losses at 3.7 points.

The company is actively managing its balance sheet, which impacts its fixed costs. In February 2025, Selective Insurance Group closed an offering of $400 million aggregate principal amount of its 5.900% Senior Notes due 2035. This issuance increased the debt-to-capital ratio to approximately 22% from 14% before the offering.

Interest expense on senior notes is a fixed financing cost. An analyst estimate for the full-year 2025 pre-tax interest expense, which would include the cost of the new notes, projected this cost to be $38.3 million. This is separate from the 'Other Expenses' estimate of $30 million in the same projection.

Regarding technology and system modernization investments, specific financial figures detailing the spend for 2025 were not explicitly itemized within the reported Q1 and Q2 2025 financial summaries found. The company does mention its unique operating model and franchise value distribution as enablers for its strategy.

• The Q1 2025 results showed net investment income of $96 million after-tax.
• The full-year 2025 after-tax net investment income guidance was reiterated at $405 million in Q1, later increased to $415 million in Q2.
• The expected effective tax rate for 2025 is approximately 21.5%.

Finance: draft 13-week cash view by Friday.

Selective Insurance Group, Inc. (SIGI) - Canvas Business Model: Revenue Streams

The revenue generation for Selective Insurance Group, Inc. is fundamentally driven by its core insurance operations, supplemented by income from its investment portfolio. You see this mix reflected clearly in the recent financial reporting.

Net Premiums Written (NPW) showed solid top-line momentum early in the year. For the first quarter of 2025, NPW increased by 7% year-over-year, reaching a total of $1.24 billion. This growth was not uniform across all segments, as the company actively managed certain lines for profitability.

Here is a snapshot of the Net Premiums Written growth by line for Q1 2025:

Line of Business	Q1 2025 NPW Growth (YoY)	Segment Share (Approx. Q1 2025 NPW)
Excess and Surplus Lines	20%	12%
Standard Commercial Lines	8%	81%
Standard Personal Lines	-12%	7%

Net Premiums Earned (NPE) for the first quarter of 2025 rose 10% year-over-year, totaling $1.2 billion. This earned premium base comes from the Commercial, Personal, and Excess and Surplus (E&S) lines that Selective underwrites.

Underwriting profit is a key component, directly tied to the combined ratio. In the first quarter of 2025, underwriting income reached $36.1 million. For the full year 2025, Selective Insurance Group, Inc. is targeting a GAAP combined ratio in the range of 97% to 98%, an update from the initial guidance of 96% to 97%.

Investment income provides a crucial, stable revenue stream. The latest guidance for after-tax net investment income for the full year 2025 has been reiterated and then increased to $415 million, up from the initial guidance of $405 million. For context, the after-tax net investment income in Q1 2025 was $96 million, and in Q2 2025 it was $101 million.

Beyond direct premiums and investments, Selective Insurance Group, Inc. also generates revenue through administrative services. The company offers flood insurance through the National Flood Insurance Program's Write Your Own Program, which involves administration fees.

• Full-year 2025 After-tax Net Investment Income Guidance: $415 million.
• FY2025 Targeted GAAP Combined Ratio: 97% to 98%.
• Q1 2025 Underwriting Income: $36.1 million.
• Q1 2025 Net Premiums Written: $1.24 billion.