Selective Insurance : Reports 4th Quarter 2020 Earnings

Exhibit 99.1

Selective Reports Fourth Quarter 2020 Net Income of $2.10 per Diluted Common Share and Non-GAAP Operating

Income1 of $1.84 per Diluted Common Share

In the fourth quarter of 2020, we reported:

• Net premiums written ("NPW") growth of 8% compared to the fourth quarter of 2019;
• GAAP combined ratio of 88.1%;
• Annualized return on common equity ("ROE") of 20.6% and non-GAAP operating ROE1 of 18.0%;
• After-taxnet investment income of $55 million, up 18% compared to the fourth quarter of 2019; and
• Book value per share of $42.38, up 6% in the fourth quarter.

Branchville, NJ - January 28, 2021 - Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported financial results for the fourth quarter ended December 31, 2020, with net income per diluted common share of $2.10 and non-GAAP operating income1 per diluted common share of $1.84.

"We delivered excellent financial results this quarter with an 18.0% non-GAAP operating ROE, non-GAAP operating income per diluted common share of $1.84, and an 88.1% combined ratio. We had strong commercial lines NPW growth of 10% despite a challenging macroeconomic backdrop, driven by 5.1% renewal pure price increases, solid 86% retention, and new business growth of 2% - a continued testament to our franchise distribution partner relationships, superior underwriting tools, and talented employees. Our insurance and investment segments were both strong contributors to our results in the quarter," said John Marchioni, President and CEO.

"For the year, despite the significant economic and social impacts created by COVID-19 as well as the elevated catastrophe losses totaling 8.0 points on the combined ratio, we generated our seventh consecutive year of double-digitnon-GAAP operating ROEs, a truly impressive achievement. By assisting our customers through the challenges posed by COVID-19, and our superior claims handling and customer service related to the numerous catastrophic losses, we once again reinforced the value we bring to the market. Our ability to generate consistent and superior financial performance over time is based on our longstanding commitment to serving all of our stakeholders. Our franchise relationships with best-in-class distribution partners, sophisticated underwriting tools, unique operating model, and customer experience focus position us well for continued profitable growth," continued Mr. Marchioni.

As an ongoing demonstration of our corporate success, on December 2, 2020, Selective issued $200 million of perpetual preferred stock, which was well received by the capital markets as evidenced by the attractive 4.60% dividend rate. Proceeds from the offering will be used for general corporate purposes, which may include the repurchase of common stock. This marks the first preferred stock offering in the Company's 94-year history. In conjunction with the offering, the Company announced that its Board of Directors authorized a new $100 million share repurchase program. Mr. Marchioni stated, "With the preferred stock transaction, we continued to enhance the Company's financial flexibility and optimize our capital structure. Our share repurchase program gives us the option to opportunistically buy back shares when it is in the best interest of our shareholders."

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Operating Highlights

Consolidated Financial Results	Quarter ended December 31,		Year-to-Date December 31,
$ and shares in millions, except per share data	2020	2019	Change	2020	2019	Change

Net premiums written

Net premiums earned

Net investment income earned

Net realized and unrealized gains (losses), pre-tax Total revenues

Net underwriting income, after-tax

Net investment income, after-tax

Net income available to common stockholders

Non-GAAP operating income1

Combined ratio

Loss and loss expense ratio

Underwriting expense ratio

Dividends to policyholders ratio

Catastrophe losses

Non-catastrophe property losses and loss expenses (Favorable) prior year reserve development on casualty lines

Net income available to common stockholders per diluted common share

Non-GAAP operating income per diluted common share1 Weighted average diluted common shares

Book value per common share

$	681.5		628.2	8	%	$	2,773.1		2,679.4	3	%
	704.9		668.4	5			2,681.8		2,597.2	3
	68.5		57.6	19			227.1		222.5	2
	20.1		(0.9)	n/m			(4.2)		14.4	(129)
	798.4		728.9	10			2,922.3		2,846.5	3
	66.4		43.1	54			107.7		129.6	(17)
	55.5		46.8	18			184.6		181.2	2
	127.1		81.9	55			246.4		271.6	(9)
	111.2		82.5	35			249.7		264.4	(6)
	88.1	%	91.8	(3.7) pts		94.9	%	93.7	1.2	pts
	54.4		57.6	(3.2)			61.0		59.7	1.3
	33.4		34.1	(0.7)			33.8		33.8	-
	0.3		0.1	0.2			0.1		0.2	(0.1)
	2.8	pts	1.0	1.8			8.0	pts	3.1	4.9
	16.2		15.1	1.1			15.3		15.8	(0.5)
	(5.0)		(3.0)	(2.0)			(3.2)		(2.3)	(0.9)
$	2.10		1.36	54	%	$	4.09		4.53	(10) %
	1.84		1.37	34			4.15		4.40	(6)
	60.4		60.1	-			60.3		60.0	-
$	42.38		36.91	15			42.38		36.91	15

Overall Insurance Operations

For the fourth quarter, the overall NPW growth of 8% compared to the fourth quarter of 2019, was due to solid retention, new business growth, and strong 4.8% renewal pure price increases. Our combined ratio was an excellent 88.1% in the quarter, compared to 91.8% in the prior year period, driven by favorable reserve development, generating 10.8 points of annualized ROE.

For the year, NPW growth was 3% and included 4 points of negative impact from specific COVID-19-related items. The combined ratio of 94.9% included elevated catastrophe losses, that were partially offset by favorable prior year casualty reserve development and lower non-catastrophe property losses. Our Insurance operations contributed 4.6 points of ROE for the year.

Standard Commercial Lines Segment

For the fourth quarter, Standard Commercial Lines premiums, which were 80% of total NPW in 2020, were up a significant 10% compared to the prior year period, driven by 5.1% renewal pure price increases, 2% increase in new business, to $97 million, and strong retention of 86%. The improvement in the fourth quarter combined ratio of 86.8% compared to 90.0% in the prior year period reflects the impact of the items outlined in the table below.

Standard Commercial Lines Segment	Quarter ended December 31,				Year-to-Date December 31,
$ in millions		2020		2019	Change	2020		2019	Change
Net premiums written	$	551.1		500.1	10	% $	2,230.6		2,137.1	4	%
Net premiums earned		567.5		530.6	7			2,143.2		2,049.6	5
Combined ratio		86.8	%	90.0	(3.2) pts	92.9	%	92.9	-	pts
Loss and loss expense ratio		52.1		55.0	(2.9)			58.1		58.0	0.1
Underwriting expense ratio		34.4		34.9	(0.5)			34.6		34.7	(0.1)
Dividends to policyholders ratio		0.3		0.1	0.2			0.2		0.2	-
Catastrophe losses		1.3	pts	0.4	0.9			5.5	pts	2.6	2.9
Non-catastrophe property losses and loss expenses		14.2		13.2	1.0			13.8		13.8	-
(Favorable) prior year reserve development on casualty lines		(6.2)		(4.9)	(1.3)			(4.0)		(3.4)	(0.6)

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Standard Personal Lines Segment

For the fourth quarter, Standard Personal Lines premiums, which represented 11% of total NPW in 2020, were down 2% compared to the prior year period. Renewal pure price increases were 1.1%, retention was 84%, and new business was up 13% compared to the prior year. The fourth quarter combined ratio was 93.6%, down 4.9 points from a year ago, driven by the items outlined in the table below.

Standard Personal Lines Segment	Quarter ended December 31,				Year-to-Date December 31,
$ in millions		2020		2019	Change	2020		2019	Change
Net premiums written	$	69.7		70.9	(2)	% $	295.2		304.6	(3)	%
Net premiums earned		75.4		76.6	(2)			299.1		307.7	(3)
Combined ratio		93.6	%	98.5	(4.9)	pts	105.2	%	97.3	7.9	pts
Loss and loss expense ratio		67.8		69.0	(1.2)			78.0		68.6	9.4
Underwriting expense ratio		25.8		29.5	(3.7)			27.2		28.7	(1.5)
Catastrophe losses		14.8	pts	3.9	10.9			25.9	pts	6.8	19.1
Non-catastrophe property losses and loss expenses		33.7		33.9	(0.2)			28.7		34.0	(5.3)
Unfavorable prior year reserve development on casualty lines		-		5.2	(5.2)			-		1.9	(1.9)

Excess and Surplus Lines Segment

For the fourth quarter, Excess and Surplus Lines premiums, which represented 9% of total NPW in 2020, were up a solid 6% compared to the prior year period, driven by strong new business growth of 23% and renewal pure price increases of 7.4%. The fourth quarter combined ratio was 93.4%, down 6.1 points from a year ago, driven by the items outlined in the table below.

Excess and Surplus Lines Segment	Quarter ended December 31,				Year-to-Date December 31,
$ in millions		2020		2019	Change	2020		2019	Change
Net premiums written	$	60.7		57.2	6	% $	247.3		237.8	4	%
Net premiums earned		62.0		61.2	1			239.5		239.8	-
Combined ratio		93.4	%	99.5	(6.1)	pts	99.9	%	95.9	4.0	pts
Loss and loss expense ratio		60.1		66.3	(6.2)			65.5		63.5	2.0
Underwriting expense ratio		33.3		33.2	0.1			34.4		32.4	2.0
Catastrophe losses		1.9	pts	2.3	(0.4)			8.4	pts	2.4	6.0
Non-catastrophe property losses and loss expenses		13.8		8.4	5.4			11.6		9.3	2.3
Unfavorable prior year reserve development on casualty lines		-		3.3	(3.3)			-		0.8	(0.8)

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Investments Segment

Net investment income, after-tax, was up a healthy 18% in the quarter, to $55.5 million. The increase was driven by alternative investment gains of $14 million after-tax, which are reported on a one-quarter lag. For the year, after-tax investment income was up 2% from 2019 and the after-tax earned income yield on the portfolio averaged 2.6%. Invested assets per dollar of common stockholders' equity was $2.96 at December 31, 2020, and the investment portfolio generated 7.8 points of non-GAAP operating ROE in 2020.

Investments Segment	Quarter ended December 31,				Year-to-Date December 31,
$ in millions, except per share data		2020		2019	Change	2020		2019	Change
Net investment income earned, after-tax	$	55.5		46.8	18	% $	184.6		181.2	2	%
Net investment income per common share		0.92		0.78	18			3.06		3.02	1
Effective tax rate		19.1	%	18.7	0.4	pts	18.7	%	18.6	0.1	pts
Average yields:
Fixed income securities:
Pre-tax		3.2	%	3.5	(0.3)	pts	3.2	%	3.6	(0.4)	pts
After-tax		2.6		2.8	(0.2)			2.6		2.9	(0.3)
Portfolio:
Pre-tax		3.7		3.5	0.2			3.2		3.5	(0.3)
After-tax		3.0		2.8	0.2			2.6		2.9	(0.3)
Annualized ROE contribution		9.0		8.6	0.4			7.8		9.1	(1.3)

Balance Sheet

$ in millions, except per share data	December 31, 2020	December 31, 2019	Change
Total assets	$	9,687.9	8,797.2	10	%
Total investments		7,505.6	6,688.7	12
Long-term debt		550.7	550.6	-
Stockholders' equity		2,738.9	2,194.9	25
Common stockholders' equity		2,538.9	2,194.9	16
Invested assets per dollar of common stockholders' equity		2.96	3.05	(3)
Net premiums written to policyholders' surplus		1.30x	1.39x	(0.9x)
Book value per common share		42.38	36.91	15

Book value per common share increased 15% during the year, driven by $4.09 of net income per diluted common share and $2.25 of net unrealized gains on our fixed income securities portfolio, partially offset by $0.94 of dividends on our common stock paid to shareholders. During the fourth quarter, the company did not repurchase any of its common stock under the newly authorized repurchase program. We repaid our remaining $167 million of short-term Federal Home Loan Bank borrowings in December. Our debt to capitalization ratio decreased to 16.7% at December 31, 2020, from 23.1% at September 30, 2020.

Selective's Board of Directors declared:

• A cash dividend of $0.25 per common share that is payable March 1, 2021, to holders of record on February 12, 2021; and
• A cash dividend of $306.6666667 per share of 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.3066666667 per depository share) that is payable on March 15, 2021 to holders of record as of March 1, 2021.

Guidance

For 2021, our full-year guidance is as follows:

• A GAAP combined ratio, excluding catastrophe losses, of 91.0%. Our combined ratio estimate assumes no prior-year casualty reserve development;
• Catastrophe losses of 4.0 points on the combined ratio;
• After-taxnet investment income of $182.0 million that includes $16.0 million in after-tax net investment income from our alternative investments;

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