Form 8-K SELECTIVE INSURANCE GROU For: Oct 29

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October 29, 2014 4:31 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

�

FORM 8-K

�

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

�

Date of Report (Date of earliest event reported)

October 29, 2014

�

SELECTIVE INSURANCE GROUP, INC.

(Exact name of registrant as specified in its charter)

�

New Jersey	001-33067	22-2168890
(State or other jurisdiction of incorporation)	(Commission File Number)	(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

�

Not Applicable

(Former name or former address, if changed since last report.)

�

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

�

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

�

Section 2 Financial Information

�

Item 2.02. Results of Operations and Financial Condition.

�

On October 29, 2014, Selective Insurance Group, Inc. (the Company) issued a press release announcing results for the third quarter ended September 30, 2014. The press release is attached hereto as Exhibit 99.1.

�

Section 7 Regulation FD

�

Item 7.01. Regulation FD Disclosure.

�

Attached as Exhibit 99.2 is supplemental financial information about the Company.

�

The information contained in this report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. The Company makes no admission as to the materiality of any information in this report or the exhibits attached hereto.

�

Section 9 Financial Statements and Exhibits

�

Item 9.01. Financial Statements and Exhibits.

�

(d) Exhibits

�

99.1

Press Release of Selective Insurance Group, Inc. dated October 29, 2014

�

99.2�

Supplemental Investor Package, Third Quarter 2014

�

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 hereunto duly authorized.

�

�	SELECTIVE INSURANCE GROUP, INC.
�	�	�	�
�	�	�	�
Date: October 29, 2014	By:	/s/ Michael H. Lanza	�
�	�	Michael H. Lanza Executive Vice President and General Counsel

�

EXHIBIT INDEX

�

Exhibit No.	�	Description
99.1	�	Press Release of Selective Insurance Group, Inc. dated October 29, 2014
99.2	�	Supplemental Investor Package, Third Quarter 2014

�

Exhibit 99.1

�

Selective Insurance Group, Inc.

40 Wantage Avenue

Branchville, New Jersey 07890

www.selective.com

For release at 4:15 p.m. (ET) on October 29, 2014

Investor Contact: Jennifer DiBerardino

973-948-1364, [email protected]

Media Contact: Gail Petersen

973-948-1307, [email protected]

Selective Insurance Group Reports

Third Quarter 2014 Earnings:

Net Income Increased 63%

Operating Income Increased 81%

Dividend Increased 8% to $0.14 per Share

Branchville, NJ October 29, 2014 Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported its financial results for the third quarter ended September 30, 2014. Net income per diluted share was up 63% to $0.93 from $0.57 in 2013, and operating income1 per diluted share was up 81% to $0.76 from $0.42 in the third quarter 2013. Selectives Board of Directors approved an 8% increase in the quarterly cash dividend, to $0.14 from $0.13 per share, which will be payable December 1, 2014 to stockholders of record as of November 14, 2014.��

We posted excellent third quarter results, said Gregory E. Murphy, Chairman and Chief Executive Officer. The overall statutory combined ratio of 91.5%, coupled with after-tax net investment income growth of 5%, generated strong operating income per diluted share growth of 81% to $0.76. Three years ago, we established a plan to achieve a statutory combined ratio, excluding catastrophes, of 92% for 2014. With a nine-month statutory combined ratio, excluding catastrophes, of 91.8%, we are confident in our ability to reach our goal. As a result of our consistently improving profitability, the Board of Directors has approved an 8% quarterly dividend increase to $0.14 per share.

Overall net premiums written grew 0.5% due to renewal pure price increases of 5.4% and strong retention of 82%.�Excluding the impact of our Self-Insured Group business, which was sold in the first quarter of 2014, net premiums written increased 6% in the third quarter.�The overall statutory combined ratio, excluding catastrophes, was 90.3%,�said Murphy.

Standard Commercial Lines renewal pure price increased 5.3% in the quarter. For several years we have earned rate above loss inflation trends and at higher levels than the industry, said Murphy. Retention remained strong at 83% and the statutory combined ratio, excluding catastrophes, was 89.9%, 5 points better than the third quarter last year.

�

Our standard Personal Lines renewal pure price increased 6.8% and the statutory combined ratio, excluding catastrophes, was 86.7%. Net premiums written declined 2% due to our strategic non-renewal of dwelling fire business and reduction in monoline homeowners, continued Murphy.

Growth in our Excess and Surplus Lines was very strong again this quarter with net premiums written up 11% due to a 10% increase in new business, said Murphy. The statutory combined ratio was 102.9%, including $4 million, or 11.1 points, of casualty reserve strengthening.

After-tax investment income increased 5% to $26 million. The overall annualized after-tax portfolio yield was 2.2%, flat compared to the third quarter last year. The after-tax yield on fixed income securities was 2.2% compared to 2.3% in the third quarter of 2013. Year to date, our fixed income purchases have been running at an average after-tax yield of 2.1%, while maturities, disposals and sales had an average after-tax yield of 2.3%, concluded Murphy.

Highlights for third quarter 2014 compared to third quarter 2013:

�

-	Net income was $53.2 million, or $0.93 per diluted share, compared to $32.7 million, or $0.57 per diluted share;
-	Operating income1 was $43.3 million, or $0.76 per diluted share, compared to $23.9 million, or $0.42 per diluted share;
-	Combined ratio: GAAP: 92.6% compared to 97.7%; Statutory: 91.5% compared to 96.3%;
-	Total net premiums written (NPW) were $495.1 million compared to $492.7 million:
�	o	Standard Commercial Lines NPW were $376.4 million compared to $376.4 million;
�	o	Standard Personal Lines NPW were $79.1 million compared to $80.8 million;
�	o	Excess and Surplus Lines NPW were $39.6 million compared to $35.5 million;
-	Catastrophe losses, pre-tax, were $5.4 million, or 1.2 points on the statutory combined ratio, compared to $11.9 million, or 2.7 points;
-	Non-catastrophe property losses, pre-tax, were $60.4 million, or 13.0 points, compared to $57.5 million, or 13.1 points;
-	Favorable prior year statutory reserve development on our casualty lines, pre-tax, totaled $8.0 million, or 1.7 points, compared to $3.5 million, or 0.8 points;
-	Net investment income, after tax, was $25.8 million compared to $24.5 million; and
-	Total revenue was $515.4 million compared to $486.8 million.

�

Highlights for nine months ended September 30, 2014 compared to nine months ended September 30, 2013:

�

-	Net income was $100.5 million, or $1.75 per diluted share, compared to $81.1 million, or $1.43 per diluted share;
-	Operating income1 was $82.9 million, or $1.44 per diluted share, compared to $67.8 million, or $1.20 per diluted share;
-	Combined ratio: GAAP: 97.1% compared to 97.9%; Statutory: 96.6% compared to 96.9%;
-	Total NPW were $1,451.7 million compared to $1,405.0 million:

�

�	o	Standard Commercial Lines NPW were $1,119.6 million compared to $1,080.2 million;
�	o	Standard Personal Lines NPW were $224.6 million compared to $228.2 million;
�	o	Excess and Surplus Lines NPW were $107.5 million compared to $96.6 million;
-	Catastrophe losses, pre-tax, were $66.9 million, or 4.8 points on the statutory combined ratio, compared to $33.1 million, or 2.6 points;
-	Non-catastrophe property losses, pre-tax, were $224.8 million, or 16.3 points, compared to $173.3 million, or 13.5 points;
-	Favorable prior year statutory reserve development on our casualty lines, pre-tax, totaled $39.5 million, or 2.9 points, compared to $7.0 million, or 0.5 points;
-	Income of $8.0 million, pre-tax, was generated from the sale of the renewal rights of our Self-Insured Group book of pooled entity business in the first quarter of 2014, which reduced the statutory combined ratio by 0.6 points;
-	Net investment income, after tax, was $79.7 million compared to $75.0 million; and
-	Total revenue was $1.5 billion compared to $1.4 billion.

�

Balance Sheet and Guidance

At September 30, 2014, Selectives assets were $6.6 billion and the investment portfolio was $4.8 billion. Statutory surplus was $1.3 billion, up 5% compared to December 31, 2013. Stockholders equity was $1.3 billion, up 10% from year end 2013. Book value per share was $22.45, up from $20.63 at year end 2013. This increase reflects $1.78 in net income coupled with $0.42 in unrealized investment gains on our investment portfolio, partially offset by $0.40 in shareholders dividends.

Selective expects to generate a full-year statutory combined ratio of 92%, excluding catastrophes and any additional prior year casualty reserve development. Selective currently estimates 4 to 4.5 points of catastrophe losses for the year and overall renewal pure price increases of 5.5%. After-tax investment income will be approximately $105 million and weighted average shares at year end are anticipated to be approximately 57.4 million.

The supplemental investor package, including financial information that is not part of this press release, is available on the Investor Relations page of Selectives public website at www.selective.com. Selectives quarterly analyst conference call will be simulcast at 8:30 a.m. ET, on October 30, 2014 at www.selective.com. The webcast will be available for rebroadcast until the close of business on December 1, 2014.

About Selective Insurance Group, Inc.

Selective Insurance Group, Inc. is a holding company for ten property and casualty insurance companies rated A (Excellent) by A.M. Best.�Through independent agents, the insurance companies offer primary and alternative market insurance for commercial and personal risks, and flood insurance underwritten by the National Flood Insurance Program.�Selective maintains a website at www.selective.com.

Forward-Looking Statements

In this press release, Selective and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations and projections regarding Selective's future operations and performance.

�

Certain statements in this report, including information incorporated by reference, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements.��These statements relate to our intentions, beliefs, projections, estimations or forecasts of future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industrys actual results, levels of activity, or performance to be materially different from those expressed or implied by the forward-looking statements.��In some cases, you can identify forward-looking statements by use of words such as may, will, could, would, should, expect, plan, anticipate, target, project, intend, believe, estimate, predict, potential, pro forma, seek, likely or continue or other comparable terminology. These statements are only predictions, and we can give no assurance that such expectations will prove to be correct.��We undertake no obligation, other than as may be required under the federal securities laws, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Factors that could cause our actual results to differ materially from those projected, forecasted or estimated by us in forward-looking statements, include, but are not limited to:

�	difficult conditions in global capital markets and the economy;
�	deterioration in the public debt and equity markets and private investment marketplace that could lead to investment losses and fluctuations in interest rates;
�	ratings downgrades could affect investment values and therefore statutory surplus;
�	the adequacy of our loss reserves and loss expense reserves;
�	the frequency and severity of natural and man-made catastrophic events, including, but not limited to, hurricanes, tornadoes, windstorms, earthquakes, hail, terrorism, explosions, severe winter weather, floods and fires;
�	adverse market, governmental, regulatory, legal or judicial conditions or actions;
�	the concentration of our business in the Eastern Region;
�	the cost and availability of reinsurance;
�	our ability to collect on reinsurance and the solvency of our reinsurers;
�	uncertainties related to insurance premium rate increases and business retention;
�	changes in insurance regulations that impact our ability to write and/or cease writing insurance policies in one or more states, particularly changes in New Jersey automobile insurance laws and regulations;
�	recent federal financial regulatory reform provisions that could pose certain risks to our operations;
�	our ability to maintain favorable ratings from rating agencies, including A.M. Best, Standard & Poors, Moodys and Fitch;
�	our entry into new markets and businesses; and
�	other risks and uncertainties we identify in filings with the United States Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K and other periodic reports.

�

These risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors emerge from time-to-time. We can neither predict such new risk factors nor can we assess the impact, if any, of such new risk factors on our businesses or the extent to which any factor or combination of factors may cause actual results to differ materially from those expressed or implied in any forward-looking statements

�

in this report. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur.

�

Selectives SEC filings can be accessed through the Investor Relations section of Selectives website, www.selective.com, or through the SECs EDGAR Database at www.sec.gov (Selective EDGAR CIK No. 0000230557).

1Operating income differs from net income by the exclusion of realized gains or losses on investments and the results of discontinued operations. It is used as an important financial measure by management, analysts and investors, because the realization of investment gains and losses on sales in any given period is largely discretionary as to timing. In addition, these investment gains and losses, as well as other-than-temporary investment impairments that are charged to earnings and the results of discontinued operations, could distort the analysis of trends. Operating income is not intended as a substitute for net income prepared in accordance with U.S. generally accepted accounting principles (GAAP). A reconciliation of operating income to net income is provided in the GAAP Highlights and Reconciliation of Non-GAAP Measures to Comparable GAAP Measures. Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners Accounting Practices and Procedures Manual and, therefore, is not reconciled to GAAP.

�

Selective Insurance Group, Inc. (Nasdaq: SIGI) *
GAAP Highlights and Reconciliation of Non-GAAP Measures to Comparable
GAAP Measures

�

(in thousands, except per share data)								�
3 months ended September 30:	�	2014		�	�	2013		�
Net premiums written	�	$	495,121	�	�	�	492,748	�
Net premiums earned	�	�	462,639	�	�	�	437,568	�
Net investment income earned	�	�	34,292	�	�	�	32,457	�
Net realized gains	�	�	15,231	�	�	�	13,431	�
Total revenues	�	�	515,358	�	�	�	486,813	�
�	�	�	�	�	�	�	�	�
Operating income	�	�	43,262	�	�	�	23,922	�
Net realized gains, net of tax	�	�	9,900	�	�	�	8,731	�
Net income	�	$	53,162	�	�	�	32,653	�
�	�	�	�	�	�	�	�	�
Statutory combined ratio	�	�	91.5	%	�	�	96.3	%
Statutory combined ratio, excluding catastrophe losses	�	�	90.3	%	�	�	93.6	%
GAAP combined ratio	�	�	92.6	%	�	�	97.7	%
�	�	�	�	�	�	�	�	�
Operating income per diluted share	�	$	0.76	�	�	�	0.42	�
Net income per diluted share	�	�	0.93	�	�	�	0.57	�
Weighted average diluted shares	�	�	57,406	�	�	�	56,900	�
Book value per share	�	$	22.45	�	�	�	20.16	�

9 months ended September 30:	�	2014		�	�	2013		�
Net premiums written	�	$	1,451,694	�	�	�	1,405,049	�
Net premiums earned	�	�	1,382,759	�	�	�	1,284,760	�
Net investment income earned	�	�	106,600	�	�	�	99,330	�
Net realized gains	�	�	26,988	�	�	�	21,940	�
Total revenues	�	�	1,531,278	�	�	�	1,415,707	�
�	�	�	�	�	�	�	�	�
Operating income	�	�	82,935	�	�	�	67,819	�
Net realized gains, net of tax	�	�	17,542	�	�	�	14,261	�
Loss on discontinued operations	�	�		�	�	�	(997	)
Net income	�	$	100,477	�	�	�	81,083	�
�	�	�	�	�	�	�	�	�
Statutory combined ratio	�	�	96.6	%	�	�	96.9	%
Statutory combined ratio, excluding catastrophe losses	�	�	91.8	%	�	�	94.3	%
GAAP combined ratio	�	�	97.1	%	�	�	97.9	%
�	�	�	�	�	�	�	�	�
Operating income per diluted share	�	$	1.44	�	�	�	1.20	�
Net income per diluted share	�	�	1.75	�	�	�	1.43	�
Weighted average diluted shares	�	�	57,286	�	�	�	56,719	�
Book value per share	�	$	22.45	�	�	�	20.16	�
�	�	�	�	�	�	�	�	�

*All amounts included in this release exclude intercompany transactions.

�

Exhibit 99.2

�

�	� � � � � � � � � �	�
Supplemental Investor Package
�	�	�
Third Quarter 2014
�	� � � � � � � � � � � � � Investor Contact:� Jennifer DiBerardino� Senior Vice President, Investor Relations and Treasurer� Tel: 973-948-1364� [email protected]� �

�

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Selected Balance Sheet Data

(unaudited)

�

September 30,

�

September 30,

�

December 31,

�

($ in thousands, except per share data)

�

2014

�

2013

�

2013

�

Balance

Sheet

�

Market

Value

�

Unrecognized/

Unrealized

Gain

�

Balance

Sheet

�

Market

Value

�

Unrecognized/

Unrealized

Gain

�

Balance

Sheet

�

Market

Value

�

Unrecognized/

Unrealized

Gain

�

Invested Assets:

�

Corporate bonds 1

�

2,585,882

�

2,590,023

�

44,665

�

2,533,612

�

2,540,760

�

41,013

�

2,595,256

�

2,601,556

�

27,812

�

Government and Municipal bonds

�

1,717,838

�

1,731,805

�

58,036

�

1,521,782

�

1,541,201

�

47,265

�

1,513,159

�

1,530,961

�

38,106

�

Total fixed income securities

�

4,303,720

�

4,321,828

�

102,701

�

4,055,394

�

4,081,961

�

88,278

�

4,108,415

�

4,132,517

�

65,918

�

Equities

�

211,266

�

211,266

�

30,847

�

180,506

�

180,506

�

22,183

�

192,771

�

192,771

�

37,420

�

Short-term investments

�

181,593

�

181,593

�

172,087

�

172,087

�

174,251

�

174,251

�

Other investments

�

106,548

�

106,548

�

108,073

�

108,073

�

107,875

�

107,875

�

Total invested assets

�

4,803,127

�

4,821,235

�

133,548

�

4,516,060

�

4,542,627

�

110,461

�

4,583,312

�

4,607,414

�

103,338

�

Invested assets per $ of stockholders' equity

�

3.79

�

4.02

�

3.97

�

Total assets

�

6,577,419

�

6,266,345

�

6,270,170

�

Liabilities:

�

Reserve for loss and loss expenses

�

3,445,706

�

3,316,291

�

3,349,770

�

Unearned premium reserve

�

1,143,979

�

1,111,539

�

1,059,155

�

Total liabilities

�

5,310,494

�

5,142,136

�

5,116,242

�

Stockholders' equity

�

1,266,925

�

1,124,209

�

1,153,928

�

Total debt to capitalization ratio

�

23.6

�

25.9

�

25.4

�

Book value per share

�

22.45

�

20.16

�

20.63

�

Book value per share excluding unrealized gain or loss on bond portfolio

�

21.48

�

19.44

�

20.15

�

NPW per insurance segment employee

�

896

�

895

�

908

�

Statutory premiums to surplus ratio

�

1.4

�

1.5

�

1.4

�

Statutory surplus

�

1,323,097

�

1,194,797

�

1,256,431

�

1 Includes mortgage-backed and asset-backed securities.

�

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Selected Income Statement Data

(unaudited)

�

Quarter Ended September 30,

�

Nine Months Ended September 30,

�

($ in thousands, except per share amounts)

�

2014

�

2013

�

2014

�

2013

�

Per diluted share

�

Per diluted share

�

Per diluted share

�

Per diluted share

�

Consolidated

�

Revenue

�

515,358

�

486,813

�

1,531,278

�

1,415,707

�

Operating income

�

43,262

�

0.76

�

23,922

�

0.42

�

82,935

�

1.44

�

67,819

�

1.20

�

Net realized gains, after tax

�

9,900

�

0.17

�

8,731

�

0.15

�

17,542

�

0.31

�

14,261

�

0.25

�

Income from continuing operations

�

53,162

�

0.93

�

32,653

�

0.57

�

100,477

�

1.75

�

82,080

�

1.45

�

Loss on discontinued operations, after tax

�

(997

)

�

(0.02

)

Net income

�

53,162

�

0.93

�

32,653

�

0.57

�

100,477

�

1.75

�

81,083

�

1.43

�

Operating return on equity

�

13.8

�

8.6

�

9.1

�

8.2

�

Total Insurance Operations

�

Gross premiums written

�

598,638

�

592,902

�

1,742,530

�

1,685,768

�

Net premiums written

�

495,121

�

492,748

�

1,451,694

�

1,405,049

�

Net premiums earned

�

462,639

�

437,568

�

1,382,759

�

1,284,760

�

Underwriting gain

- before tax

�

34,437

�

10,151

�

39,506

�

26,795

�

- after tax

�

22,384

�

0.39

�

6,598

�

0.12

�

25,679

�

0.45

�

17,417

�

0.31

�

GAAP combined ratio

�

92.6

�

97.7

�

97.1

�

97.9

�

Total Standard lines

�

Net premiums earned

�

426,520

�

405,676

�

1,279,830

�

1,192,762

�

GAAP combined ratio

�

91.6

�

97.5

�

96.9

�

97.6

�

Standard Commercial lines

�

Net premiums earned

�

352,143

�

330,962

�

1,056,091

�

971,464

�

GAAP combined ratio

�

92.1

�

97.3

�

96.2

�

97.5

�

Standard Personal lines

�

Net premiums earned

�

74,377

�

74,714

�

223,739

�

221,298

�

GAAP combined ratio

�

89.2

�

98.2

�

100.0

�

98.0

�

Excess and Surplus lines

�

Net premiums earned

�

36,119

�

31,892

�

102,929

�

91,998

�

GAAP combined ratio

�

103.8

�

100.0

�

100.4

�

102.4

�

Investments

�

Net investment income

- before tax

�

34,292

�

32,457

�

106,600

�

99,330

�

- after tax

�

25,765

�

0.45

�

24,510

�

0.43

�

79,672

�

1.39

�

75,049

�

1.32

�

Effective tax rate

�

24.9

�

24.5

�

25.3

�

24.4

�

Annualized after-tax yield on investment portfolio

�

2.3

�

2.3

�

Annualized after-tax, after-interest expense yield

�

2.0

�

1.9

�

Invested assets per $ of stockholders' equity

�

3.79

�

4.02

�

Other expenses (net of other income)

�

Interest expense

- before tax

�

(5,558

)

�

(5,570

)

�

(16,544

)

�

(16,971

)

�

- after tax

�

(3,613

)

�

(0.06

)

�

(3,620

)

�

(0.06

)

�

(10,754

)

�

(0.19

)

�

(11,031

)

�

(0.19

)

�

Other Expense - after tax

�

(1,274

)

�

(0.02

)

�

(3,566

)

�

(0.07

)

�

(11,662

)

�

(0.21

)

�

(13,616

)

�

(0.24

)

�

Diluted weighted avg shares outstanding

�

57,406

�

56,900

�

57,286

�

56,719

�

Selective Insurance Group, Inc. & Consolidated Subsidiaries

GAAP Insurance Operations Results

(Unaudited)

�

Third Quarter

($ in thousands)

�

Quarter Ended September 30, 2014

�

Quarter Ended September 30, 2013

�

Standard

Commercial

Lines

�

Standard

Personal

Lines

�

Total Standard

Lines

�

Excess &

Surplus Lines

�

Grand Total

�

Standard

Commercial

Lines

�

Standard

Personal

Lines

�

Total Standard

Lines

�

Excess &

Surplus Lines

�

Grand Total

Net Premiums Written

�

376,438

�

79,048

�

455,486

�

39,635

�

495,121

�

376,373

�

80,800

�

457,173

�

35,575

�

492,748

�

Net Premiums Earned

�

352,143

�

74,377

�

426,520

�

36,119

�

462,639

�

330,962

�

74,714

�

405,676

�

31,892

�

437,568

�

Loss and Loss Expense Incurred

�

201,352

�

45,137

�

246,489

�

24,443

�

270,932

�

209,771

�

52,926

�

262,697

�

20,620

�

283,317

�

Net Underwriting Expenses Incurred

�

121,864

�

21,203

�

143,067

�

13,047

�

156,114

�

111,089

�

20,426

�

131,515

�

11,259

�

142,774

�

Dividends to Policyholders

�

1,156

�

1,156

�

1,156

�

1,326

�

1,326

�

1,326

�

GAAP Underwriting Gain (Loss)

�

27,771

�

8,037

�

35,808

�

(1,371

)

�

34,437

�

8,776

�

1,362

�

10,138

�

10,151

�

GAAP Ratios

�

Loss and Loss Expense Ratio

�

57.2

�

60.7

�

57.8

�

67.7

�

58.6

�

63.4

�

70.8

�

64.8

�

64.7

�

64.7

Underwriting Expense Ratio

�

34.6

�

28.5

�

33.5

�

36.1

�

33.8

�

33.5

�

27.4

�

32.4

�

35.3

�

32.7

Dividends to Policyholders Ratio

�

0.3

�

0.0

�

0.3

�

0.0

�

0.2

�

0.4

�

0.0

�

0.3

�

0.0

�

0.3

Combined Ratio

�

92.1

�

89.2

�

91.6

�

103.8

�

92.6

�

97.3

�

98.2

�

97.5

�

100.0

�

97.7

�

Year to Date

($ in thousands)

�

Year to Date September 30, 2014

�

Year to Date September 30, 2013

�

Standard

Commercial

Lines

�

Standard

Personal

Lines

�

Total Standard

Lines

�

Excess &

Surplus Lines

�

Grand Total

�

Standard

Commercial

Lines

�

Standard

Personal

Lines

�

Total Standard

Lines

�

Excess &

Surplus Lines

�

Grand Total

Net Premiums Written

�

1,119,648

�

224,567

�

1,344,215

�

107,479

�

1,451,694

�

1,080,213

�

228,215

�

1,308,428

�

96,621

�

1,405,049

�

Net Premiums Earned

�

1,056,091

�

223,739

�

1,279,830

�

102,929

�

1,382,759

�

971,464

�

221,298

�

1,192,762

�

91,998

�

1,284,760

�

Loss and Loss Expense Incurred

�

660,523

�

162,027

�

822,550

�

66,723

�

889,273

�

614,226

�

157,722

�

771,948

�

60,812

�

832,760

�

Net Underwriting Expenses Incurred

�

351,781

�

61,617

�

413,398

�

36,639

�

450,037

�

329,224

�

59,216

�

388,440

�

33,372

�

421,812

�

Dividends to Policyholders

�

3,943

�

3,943

�

3,943

�

3,393

�

3,393

�

3,393

�

GAAP Underwriting Gain (Loss)

�

39,844

�

39,939

�

(433

)

�

39,506

�

24,621

�

4,360

�

28,981

�

(2,186

)

�

26,795

�

GAAP Ratios

�

Loss and Loss Expense Ratio

�

62.5

�

72.4

�

64.3

�

64.8

�

64.3

�

63.2

�

71.3

�

64.7

�

66.1

�

64.8

Underwriting Expense Ratio

�

33.3

�

27.6

�

32.3

�

35.6

�

32.5

�

34.0

�

26.7

�

32.6

�

36.3

�

32.8

Dividends to Policyholders Ratio

�

0.4

�

0.0

�

0.3

�

0.0

�

0.3

�

0.3

�

0.0

�

0.3

�

0.0

�

0.3

Combined Ratio

�

96.2

�

100.0

�

96.9

�

100.4

�

97.1

�

97.5

�

98.0

�

97.6

�

102.4

�

97.9

�

Selective Insurance Group, Inc. and Consolidated Subsidiaries

GAAP Investment Income

September 2014 (unaudited)

�

Quarter Ended

�

Year to Date

�

($ in thousands, except per share data)

�

September

2014

�

September

2013

�

Increase

(Decrease)

�

September

2014

�

September

2013

�

Increase

(Decrease)

�

Investment Income:

�

Interest:

�

Fixed Income Securities

�

30,706

�

30,569

�

95,515

�

90,956

�

Short-term

�

(29

)

�

102

�

(53

)

Other Investments:

�

Alternative Investments

�

3,906

�

2,639

�

12,677

�

10,748

�

Other

�

N/M

�

(638

)

�

N/M

�

Dividends

�

1,909

�

1,341

�

5,094

�

4,422

�

36,536

�

34,570

�

113,334

�

105,590

�

Investment Expense

�

2,244

�

2,113

�

6,734

�

6,260

�

Net Investment Income Before Tax

�

34,292

�

32,457

�

106,600

�

99,330

�

Tax

�

8,527

�

7,947

�

26,928

�

24,281

�

Net Investment Income After Tax

�

25,765

�

24,510

�

79,672

�

75,049

�

Net Investment Income per Share

�

0.45

�

0.43

�

1.39

�

1.32

�

Effective Tax Rate

�

24.9

�

24.5

�

25.3

�

24.4

�

Average Yields :

�

Fixed Income Securities:

�

Pre Tax

�

3.03

�

3.07

�

After Tax

�

2.27

�

2.32

�

Portfolio:

�

Pre Tax

�

3.03

�

2.99

�

After Tax

�

2.26

�

2.26

�

Quarter Ended:

�

Year to date:

�

Net Realized Gains (Losses)

�

September

2014

�

September

2013

�

September

2014

�

September

2013

�

Fixed Income Securities

�

662

�

626

�

1,446

�

2,188

�

Equity Securities

�

14,568

�

12,885

�

25,541

�

22,539

�

Other Investments

�

(80

)

�

(2,787

)

�

Total

�

15,231

�

13,431

�

26,988

�

21,940

�

Net of Tax

�

9,900

�

8,731

�

17,542

�

14,261

�

As of September 30, 2014 year-to-date new money rates for fixed income securities were 2.6% on a pre-tax basis and 2.1% on an after tax-basis.

�

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2014 Statutory Results by Line of Business

Quarter Ended September 2014 (unaudited)

�

($ in thousands)

�

Net

Premiums

Written

�

Percent

Change

�

Net

Premiums

Earned

�

Percent

Change

�

Loss

Ratio

�

LAE

Ratio

�

Underwriting

Expense

Ratio

�

Dividends to

Policyholders

Ratio

�

Combined Ratio

2014

�

Combined Ratio

2013

�

Underwriting

Gain/(Loss)

�

Standard Personal Lines:

�

Homeowners

�

38,402

�

3.2

�

33,957

�

4.9

�

46.3

�

7.1

�

33.4

�

0.0

�

86.8

�

99.6

�

3,018

�

Auto

�

38,926

�

(1.9

�

37,695

�

(2.1

�

58.6

�

8.8

�

32.9

�

0.0

�

100.3

�

107.4

�

(537

)

Other (including flood)

�

1,719

�

(56.1

�

2,725

�

(28.8

�

61.3

�

(2.8

�

(193.8

�

0.0

�

(135.3

�

(23.6

�

4,463

�

Total

�

79,048

�

(2.2

�

74,377

�

(0.5

�

53.1

�

7.6

�

28.2

�

0.0

�

88.9

�

97.6

�

6,944

�

Standard Commercial Lines:

�

Commerical property

�

71,463

�

2.7

�

61,304

�

7.5

�

38.4

�

6.2

�

35.4

�

(0.1

�

79.9

�

67.0

�

8,762

�

Workers compensation

�

65,740

�

(6.7

�

66,732

�

0.3

�

65.0

�

16.1

�

28.3

�

1.8

�

111.2

�

118.2

�

(7,186

)

General liability

�

117,731

�

1.6

�

110,894

�

9.9

�

32.2

�

17.8

�

34.2

�

0.0

�

84.2

�

96.2

�

15,204

�

Auto

�

90,600

�

(1.2

�

83,536

�

5.6

�

53.0

�

8.1

�

31.7

�

0.0

�

92.8

�

97.1

�

3,765

�

Business owners policies

�

21,916

�

7.9

�

21,649

�

10.3

�

42.1

�

10.6

�

37.6

�

0.0

�

90.3

�

102.1

�

1,994

�

Bonds

�

5,362

�

3.1

�

4,791

�

1.8

�

16.2

�

6.4

�

63.7

�

0.0

�

86.3

�

80.1

�

291

�

Other

�

3,628

�

12.2

�

3,237

�

6.0

�

0.7

�

0.5

�

54.6

�

0.0

�

55.8

�

53.2

�

1,218

�

Total

�

376,438

�

0.0

�

352,143

�

6.4

�

44.5

�

12.4

�

33.7

�

0.3

�

90.9

�

95.6

�

24,049

�

Total Standard Operations

�

455,486

�

(0.4

�

426,520

�

5.1

�

46.0

�

11.6

�

32.6

�

0.3

�

90.5

�

96.0

�

30,992

�

E&S

�

39,635

�

11.4

�

36,119

�

13.3

�

51.7

�

15.9

�

35.3

�

0.0

�

102.9

�

100.5

�

(2,304

)

�

Total Insurance Operations

�

495,121

�

0.5

�

462,639

�

5.7

�

46.5

�

11.9

�

32.9

�

0.2

�

91.5

�

96.3

�

28,688

�

Note: Some amounts may not foot due to rounding.

�

2014

�

2013

�

Losses Paid

�

227,149

�

194,340

�

LAE Paid

�

50,339

�

44,939

�

Total Paid

�

277,488

�

239,279

�

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2014 Statutory Results by Line of Business

Year-to-date September 2014 (unaudited)

�

($ in thousands)

�

Net

Premiums

Written

�

Percent

Change

�

Net

Premiums

Earned

�

Percent

Change

�

Loss

Ratio

�

LAE

Ratio

�

Underwriting

Expense

Ratio

�

Dividends to

Policyholders

Ratio

�

Combined Ratio

2014

�

Combined Ratio

2013

�

Underwriting

Gain/(Loss)

�

Standard Personal Lines:

�

Homeowners

�

104,038

�

3.9

�

100,831

�

5.9

�

69.9

�

7.9

�

33.0

�

0.0

�

110.8

�

98.4

�

(11,952

)

Auto

�

114,895

�

(2.3

�

113,943

�

(1.3

�

59.8

�

9.4

�

31.3

�

0.0

�

100.5

�

108.6

�

(902

)

Other (including flood)

�

5,634

�

(46.6

�

8,965

�

(15.9

�

56.1

�

(2.7

�

(155.6

�

0.0

�

(102.2

�

(33.6

�

12,950

�

Total

�

224,567

�

(1.6

�

223,739

�

1.1

�

64.2

�

8.2

�

27.5

�

0.0

�

99.9

�

97.6

�

Standard Commercial Lines:

�

Commerical property

�

198,189

�

6.2

�

182,716

�

10.5

�

63.0

�

5.4

�

35.6

�

0.1

�

104.1

�

77.8

�

(12,995

)

Workers compensation

�

206,921

�

(3.5

�

205,137

�

3.9

�

64.8

�

15.7

�

27.3

�

1.8

�

109.6

�

118.4

�

(20,126

)

General liability

�

355,411

�

5.9

�

331,303

�

11.0

�

31.8

�

17.0

�

33.0

�

0.0

�

81.8

�

95.7

�

52,233

�

Auto

�

267,134

�

3.6

�

249,224

�

8.3

�

55.0

�

7.8

�

30.9

�

0.0

�

93.7

�

96.8

�

10,111

�

Business owners policies

�

66,004

�

8.9

�

63,797

�

12.3

�

65.1

�

10.4

�

36.9

�

0.0

�

112.4

�

85.4

�

(8,700

)

Bonds

�

15,541

�

(0.1

�

14,281

�

0.3

�

16.3

�

6.2

�

60.2

�

0.0

�

82.7

�

79.2

�

1,712

�

Other

�

10,448

�

7.7

�

9,633

�

6.6

�

(0.3

�

0.3

�

49.7

�

0.0

�

49.7

�

46.7

�

4,441

�

Total

�

1,119,648

�

3.7

�

1,056,091

�

8.7

�

50.6

�

11.9

�

32.6

�

0.4

�

95.5

�

96.2

�

26,676

�

Total Standard Operations

�

1,344,215

�

2.7

�

1,279,830

�

7.3

�

53.0

�

11.2

�

31.8

�

0.3

�

96.3

�

96.6

�

26,773

�

E&S

�

107,479

�

11.2

�

102,929

�

11.9

�

50.0

�

14.9

�

35.4

�

0.0

�

100.3

�

101.9

�

(1,898

)

�

Total Insurance Operations

�

1,451,694

�

3.3

�

1,382,759

�

7.6

�

52.7

�

11.5

�

32.1

�

0.3

�

96.6

�

96.9

�

24,875

�

Note: Some amounts may not foot due to rounding.

�

2014

�

2013

�

Losses Paid

�

662,435

�

588,648

�

LAE Paid

�

139,178

�

133,548

�

Total Paid

�

801,613

�

722,196

�

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

2014 Net Catastrophe Losses and Prior Year Casualty Reserve Development

Statutory Results by Line of Business

(unaudited)

�

Quarter Ended

�

Nine Months Ended

�

Net Catastrophe Losses Incurred

�

September 30, 2014

�

September 30, 2013

�

September 30, 2014

�

September 30, 2013

�

($ in thousands)

�

Loss and Loss

Expense Incurred

�

Impact on

Loss and Loss

Expense Ratio

�

Loss and Loss

Expense Incurred

�

Impact on

Loss and Loss

Expense Ratio

�

Loss and Loss

Expense Incurred

�

Impact on

Loss and Loss

Expense Ratio

�

Loss and Loss

Expense Incurred

�

Impact on

Loss and Loss

Expense Ratio

�

Standard Personal Lines

�

1,605

�

2.2

�

8,735

�

11.7

�

22,618

�

10.1

�

17,138

�

7.7

�

Standard Commercial Lines

�

3,259

�

0.9

�

2,196

�

0.7

�

41,946

�

4.0

�

12,129

�

1.2

�

Total Standard Operations

�

4,864

�

1.1

�

10,932

�

2.7

�

64,564

�

5.0

�

29,267

�

2.5

�

E&S

�

511

�

1.4

�

983

�

3.1

�

2,386

�

2.3

�

3,843

�

4.2

�

Total Insurance Operations

�

5,375

�

1.2

�

11,914

�

2.7

�

66,949

�

4.8

�

33,110

�

2.6

�

Prior Year Casualty Reserve Development

�

Quarter Ended

�

Nine Months Ended

�

(Favorable) / Unfavorable

�

September 30, 2014

�

September 30, 2013

�

September 30, 2014

�

September 30, 2013

�

($ in thousands)

�

Loss and Loss

Expense Incurred

�

Impact on

Loss and Loss

Expense Ratio

�

Loss and Loss

Expense Incurred

�

Impact on

Loss and Loss

Expense Ratio

�

Loss and Loss

Expense Incurred

�

Impact on

Loss and Loss

Expense Ratio

�

Loss and Loss

Expense Incurred

�

Impact on

Loss and Loss

Expense Ratio

�

Standard Personal Lines

�

(2,000

)

�

(2.7

�

(2,000

)

�

(2.7

�

(6,000

)

�

(2.7

�

(3,500

)

�

(1.6

�

Standard Commercial Lines

�

(10,000

)

�

(2.8

�

(1,500

)

�

(0.5

�

(37,500

)

�

(3.6

�

(6,000

)

�

(0.6

�

Total Standard Operations

�

(12,000

)

�

(2.8

�

(3,500

)

�

(0.9

�

(43,500

)

�

(3.4

�

(9,500

)

�

(0.8

�

E&S

�

4,000

�

11.1

�

0.0

�

4,000

�

3.9

�

2,500

�

2.7

�

Total Insurance Operations

�

(8,000

)

�

(1.7

�

(3,500

)

�

(0.8

�

(39,500

)

�

(2.9

�

(7,000

)

�

(0.5

�

Note: Some amounts may not foot due to rounding.

�

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Consolidated Balance Sheets

�

�	�	(unaudited) September 30,		�	�	December 31,		�
($ in thousands, except share amounts)	�	2014		�	�	2013		�
ASSETS	�	�		�	�	�		�
Investments:	�	�		�	�	�		�
Fixed income securities, held-to-maturity at carrying value (fair value: $354,190 2014; $416,981 2013)	�	$	336,082	�	�	�	392,879	�
Fixed income securities, available-for-sale at fair value (amortized cost: $3,884,252 2014; $3,675,977 2013)	�	�	3,967,638	�	�	�	3,715,536	�
Equity securities, available-for-sale at fair value (cost: $180,419 2014; $155,350 2013)	�	�	211,266	�	�	�	192,771	�
Short-term investments (at cost which approximates fair value)	�	�	181,593	�	�	�	174,251	�
Other investments	�	�	106,548	�	�	�	107,875	�
Total investments	�	�	4,803,127	�	�	�	4,583,312	�
Cash	�	�	2,501	�	�	�	193	�
Interest and dividends due or accrued	�	�	37,563	�	�	�	37,382	�
Premiums receivable, net of allowance for uncollectible accounts of: $3,860 2014; $4,442 2013	�	�	591,686	�	�	�	524,870	�
Reinsurance recoverable, net	�	�	559,946	�	�	�	550,897	�
Prepaid reinsurance premiums	�	�	158,889	�	�	�	143,000	�
Current federal income tax	�	�		�	�	�	512	�
Deferred federal income tax	�	�	92,780	�	�	�	122,613	�
Property and equipment at cost, net of accumulated depreciation and amortization of: $188,175 2014; $179,192 2013	�	�	55,532	�	�	�	50,834	�
Deferred policy acquisition costs	�	�	189,681	�	�	�	172,981	�
Goodwill	�	�	7,849	�	�	�	7,849	�
Other assets	�	�	77,865	�	�	�	75,727	�
Total assets	�	$	6,577,419	�	�	�	6,270,170	�
�	�	�	�	�	�	�	�	�
LIABILITIES AND STOCKHOLDERS EQUITY	�	�	�	�	�	�	�	�
Liabilities:	�	�	�	�	�	�	�	�
Reserve for loss and loss expenses	�	$	3,445,706	�	�	�	3,349,770	�
Unearned premiums	�	�	1,143,979	�	�	�	1,059,155	�
Notes payable	�	�	392,294	�	�	�	392,414	�
Current federal income tax	�	�	16,322	�	�	�		�
Accrued salaries and benefits	�	�	97,469	�	�	�	111,427	�
Other liabilities	�	�	214,724	�	�	�	203,476	�
Total liabilities	�	$	5,310,494	�	�	�	5,116,242	�
�	�	�	�	�	�	�	�	�
Stockholders Equity:	�	�	�	�	�	�	�	�
Preferred stock of $0 par value per share:	�	�	�	�	�	�	�	�
Authorized shares 5,000,000; no shares issued or outstanding	�	$		�	�	�		�
Common stock of $2 par value per share:	�	�	�	�	�	�	�	�
Authorized shares: 360,000,000	�	�	�	�	�	�	�	�
Issued: 99,753,415 2014; 99,120,235 2013	�	�	199,507	�	�	�	198,240	�
Additional paid-in capital	�	�	300,425	�	�	�	288,182	�
Retained earnings	�	�	1,280,148	�	�	�	1,202,015	�
Accumulated other comprehensive income	�	�	49,125	�	�	�	24,851	�
Treasury stock at cost (shares: 43,329,195 2014; 43,198,622 2013)	�	�	(562,280	)	�	�	(559,360	)
Total stockholders equity	�	�	1,266,925	�	�	�	1,153,928	�
Commitments and contingencies	�	�	�	�	�	�	�	�
Total liabilities and stockholders equity	�	$	6,577,419	�	�	�	6,270,170	�

�

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Unaudited Consolidated Statements of Income

�

Quarter ended

September 30,

�

Nine Months ended

September 30,

�

($ in thousands, except per share amounts)

�

2014

�

2013

�

2014

�

2013

�

Revenues:

�

Net premiums earned

�

462,639

�

437,568

�

1,382,759

�

1,284,760

�

Net investment income earned

�

34,292

�

32,457

�

106,600

�

99,330

�

Net realized gains:

�

Net realized investment gains

�

15,231

�

14,111

�

28,370

�

25,124

�

Other-than-temporary impairments

�

(680

)

�

(1,382

)

�

(3,107

)

Other-than-temporary impairments on fixed income securities recognized in other comprehensive income

�

(77

)

Total net realized gains

�

15,231

�

13,431

�

26,988

�

21,940

�

Other income

�

3,196

�

3,357

�

14,931

�

9,677

�

Total revenues

�

515,358

�

486,813

�

1,531,278

�

1,415,707

�

Expenses:

�

Loss and loss expenses incurred

�

270,932

�

283,317

�

889,273

�

832,760

�

Policy acquisition costs

�

158,101

�

145,314

�

462,540

�

428,570

�

Interest expense

�

5,558

�

5,570

�

16,544

�

16,971

�

Other expenses

�

5,441

�

8,127

�

22,990

�

27,852

�

Total expenses

�

440,032

�

442,328

�

1,391,347

�

1,306,153

�

Income from continuing operations, before federal income tax

�

75,326

�

44,485

�

139,931

�

109,554

�

Federal income tax expense:

�

Current

�

7,373

�

6,367

�

22,692

�

20,041

�

Deferred

�

14,791

�

5,465

�

16,762

�

7,433

�

Total federal income tax expense

�

22,164

�

11,832

�

39,454

�

27,474

�

Net income from continuing operations

�

53,162

�

32,653

�

100,477

�

82,080

�

Loss on disposal of discontinued operations, net of tax of $(538) - 2013

�

(997

)

�

Net income

�

53,162

�

32,653

�

100,477

�

81,083

�

Earnings per share:

�

Basic net income from continuing operations

�

0.94

�

0.59

�

1.79

�

1.48

�

Basic net loss from discontinued operations

�

(0.02

)

Basic net income

�

0.94

�

0.59

�

1.79

�

1.46

�

Diluted net income from continuing operations

�

0.93

�

0.57

�

1.75

�

1.45

�

Diluted net loss from discontinued operations

�

(0.02

)

Diluted net income

�

0.93

�

0.57

�

1.75

�

1.43

�

Dividends to stockholders

�

0.13

�

0.13

�

0.39

�

0.39

�

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Unaudited Consolidated Statements of Comprehensive Income

�

Quarter ended

September 30,

�

Nine Months ended

September 30,

�

($ in thousands)

�

2014

�

2013

�

2014

�

2013

�

Net income

�

53,162

�

32,653

�

100,477

�

81,083

�

Other comprehensive income (loss), net of tax:

�

Unrealized (losses) gains on investment securities:

�

Unrealized holding (losses) gains arising during period

�

(8,988

)

�

6,383

�

41,767

�

(50,576

)

Non-credit portion of other-than-temporary impairments recognized in other comprehensive income

�

Amount reclassified into net income:

�

Held-to-maturity securities

�

(243

)

�

(307

)

�

(683

)

�

(1,172

)

Non-credit other-than-temporary impairments

�

780

�

1,085

�

Realized gains on available for sale securities

�

(10,683

)

�

(8,785

)

�

(18,637

)

�

(16,107

)

Total unrealized (losses) gains on investment securities

�

(19,134

)

�

(2,708

)

�

23,532

�

(67,796

)

�

Defined benefit pension and post-retirement plans:

�

Net actuarial gain

�

28,600

�

Amounts reclassified into net income:

�

Net actuarial loss

�

247

�

513

�

742

�

2,222

�

Prior service cost

�

Curtailment expense

�

Total defined benefit pension and post-retirement plans

�

247

�

513

�

742

�

30,839

�

Other comprehensive (loss) income

�

(18,887

)

�

(2,195

)

�

24,274

�

(36,957

)

Comprehensive income

�

34,275

�

30,458

�

124,751

�

44,126

�

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Unaudited Consolidated Statements of Stockholders' Equity

�

�	�	Nine Months ended September 30,						�
($ in thousands)	�	2014		�	�	2013		�
Common stock:	�	�		�	�	�		�
Beginning of year	�	$	198,240	�	�	�	196,388	�
Dividend reinvestment plan (shares: 44,322 2014; 49,964 2013)	�	�	89	�	�	�	100	�
Stock purchase and compensation plans (shares: 588,858 2014; 712,994 2013)	�	�	1,178	�	�	�	1,426	�
End of period	�	�	199,507	�	�	�	197,914	�
�	�	�	�	�	�	�	�	�
Additional paid-in capital:	�	�	�	�	�	�	�	�
Beginning of year	�	�	288,182	�	�	�	270,654	�
Dividend reinvestment plan	�	�	957	�	�	�	1,052	�
Stock purchase and compensation plans	�	�	11,286	�	�	�	12,361	�
End of period	�	�	300,425	�	�	�	284,067	�
�	�	�	�	�	�	�	�	�
Retained earnings:	�	�	�	�	�	�	�	�
Beginning of year	�	�	1,202,015	�	�	�	1,125,154	�
Net income	�	�	100,477	�	�	�	81,083	�
Dividends to stockholders ($0.39 per share 2014 and 2013)	�	�	(22,344	)	�	�	(22,153	)
End of period	�	�	1,280,148	�	�	�	1,184,084	�
�	�	�	�	�	�	�	�	�
Accumulated other comprehensive income:	�	�	�	�	�	�	�	�
Beginning of year	�	�	24,851	�	�	�	54,040	�
Other comprehensive income (loss)	�	�	24,274	�	�	�	(36,957	)
End of period	�	�	49,125	�	�	�	17,083	�
�	�	�	�	�	�	�	�	�
Treasury stock:	�	�	�	�	�	�	�	�
Beginning of year	�	�	(559,360	)	�	�	(555,644	)
Acquisition of treasury stock (shares: 130,573 2014; 151,555 2013)	�	�	(2,920	)	�	�	(3,295	)
End of period	�	�	(562,280	)	�	�	(558,939	)
Total stockholders equity	�	$	1,266,925	�	�	�	1,124,209	�

�

Selective Insurance Group, Inc. & Consolidated Subsidiaries

Unaudited Consolidated Statements of Cash Flow

�

�	�	Nine Months ended September 30,						�
($ in thousands)	�	2014		�	�	2013		�
Operating Activities:	�	�		�	�	�		�
Net Income	�	$	100,477	�	�	�	81,083	�
�	�	�	�	�	�	�	�	�
Adjustments to reconcile net income to net cash provided by operating activities:	�	�	�	�	�	�	�	�
Depreciation and amortization	�	�	31,059	�	�	�	32,861	�
Sale of renewal rights	�	�	(8,000	)	�	�		�
Loss on disposal of discontinued operations	�	�		�	�	�	997	�
Stock-based compensation expense	�	�	7,421	�	�	�	7,428	�
Undistributed (gains) losses of equity method investments	�	�	(131	)	�	�	248	�
Net realized gains	�	�	(26,988	)	�	�	(21,940	)
Retirement income plan curtailment expense	�	�		�	�	�	16	�
�	�	�	�	�	�	�	�	�
Changes in assets and liabilities:	�	�	�	�	�	�	�	�
Increase in reserve for loss and loss expenses, net of reinsurance recoverables	�	�	86,887	�	�	�	112,876	�
Increase in unearned premiums, net of prepaid reinsurance	�	�	68,935	�	�	�	120,288	�
Decrease in net federal income taxes	�	�	33,596	�	�	�	8,990	�
Increase in premiums receivable	�	�	(66,816	)	�	�	(84,826	)
Increase in deferred policy acquisition costs	�	�	(16,700	)	�	�	(21,688	)
Increase in interest and dividends due or accrued	�	�	(82	)	�	�	(45	)
(Decrease) increase in accrued salaries and benefits	�	�	(13,958	)	�	�	8,286	�
(Decrease) increase in accrued insurance expenses	�	�	(12,545	)	�	�	6,895	�
Other-net	�	�	(25,036	)	�	�	(13,480	)
Net adjustments	�	�	57,642	�	�	�	156,906	�
Net cash provided by operating activities	�	�	158,119	�	�	�	237,989	�
�	�	�	�	�	�	�	�	�
Investing Activities:	�	�	�	�	�	�	�	�
Purchase of fixed income securities, available-for-sale	�	�	(560,493	)	�	�	(838,634	)
Purchase of equity securities, available-for-sale	�	�	(185,529	)	�	�	(112,742	)
Purchase of other investments	�	�	(8,498	)	�	�	(7,864	)
Purchase of short-term investments	�	�	(1,082,192	)	�	�	(1,619,948	)
Sale of subsidiary	�	�		�	�	�	1,225	�
Sale of fixed income securities, available-for-sale	�	�	35,499	�	�	�	6,851	�
Sale of short-term investments	�	�	1,074,850	�	�	�	1,662,340	�
Redemption and maturities of fixed income securities, held-to-maturity	�	�	56,375	�	�	�	87,952	�
Redemption and maturities of fixed income securities, available-for-sale	�	�	336,939	�	�	�	413,722	�
Sale of equity securities, available-for-sale	�	�	186,001	�	�	�	109,399	�
Distributions from other investments	�	�	13,514	�	�	�	10,546	�
Purchase of property and equipment	�	�	(9,178	)	�	�	(10,493	)
Sale of renewal rights	�	�	8,000	�	�	�		�
Net cash used in investing activities	�	�	(134,712	)	�	�	(297,646	)
�	�	�	�	�	�	�	�	�
Financing Activities:	�	�	�	�	�	�	�	�
Dividends to stockholders	�	�	(20,899	)	�	�	(20,532	)
Acquisition of treasury stock	�	�	(2,920	)	�	�	(3,295	)
Net proceeds from stock purchase and compensation plans	�	�	3,554	�	�	�	4,305	�
Proceeds from issuance of notes payable, net of debt issuance costs	�	�		�	�	�	178,435	�
Repayment of notes payable	�	�		�	�	�	(100,000	)
Excess tax benefits from share-based payment arrangements	�	�	1,024	�	�	�	1,479	�
Repayment of capital lease obligations	�	�	(1,858	)	�	�	(768	)
Net cash (used in) provided by financing activities	�	�	(21,099	)	�	�	59,624	�
Net increase (decrease) in cash	�	�	2,308	�	�	�	(33	)
Cash, beginning of year	�	�	193	�	�	�	210	�
Cash, end of period	�	$	2,501	�	�	�	177	�

�

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

Statutory Balance Sheets

(unaudited)

�

($ in thousands)

�

September 30,

2014

�

September 30,

2013

�

December 31,

2013

�

ASSETS

�

Bonds

�

4,166,759

�

3,936,304

�

4,010,464

�

Common stocks

�

211,265

�

180,506

�

192,771

�

Affiliated mortgage loan

�

36,155

�

36,905

�

36,721

�

Other investments

�

172,505

�

174,064

�

173,856

�

Short-term investments

�

139,193

�

149,227

�

158,827

�

Total investments

�

4,725,877

�

4,477,006

�

4,572,639

�

Cash on hand and in banks

�

232

�

(32,507

)

�

(31,186

)

Interest and dividends due and accrued

�

37,460

�

35,915

�

37,267

�

Premiums receivable

�

588,789

�

567,753

�

522,907

�

Reinsurance recoverable on paid losses and expenses

�

10,558

�

9,036

�

10,059

�

Deferred tax recoverable

�

153,305

�

161,229

�

154,320

�

EDP equipment

�

567

�

890

�

913

�

Equities and deposits in pools and associations

�

9,966

�

9,623

�

9,555

�

Receivable for sold securities

�

723

�

441

�

Other assets

�

27,008

�

31,821

�

30,671

�

Total assets

�

5,554,485

�

5,261,207

�

5,307,152

�

LIABILITIES

�

Reserve for losses

�

2,408,287

�

2,316,960

�

2,341,476

�

Reinsurance payable on paid loss and loss expense

�

2,680

�

2,067

�

2,557

�

Reserve for loss expenses

�

475,933

�

447,838

�

455,983

�

Unearned premiums

�

985,089

�

962,357

�

916,155

�

Reserve for commissions payable

�

60,739

�

55,601

�

63,482

�

Ceded balances payable

�

30,036

�

33,087

�

33,721

�

Federal income tax payable

�

26,750

�

26,976

�

27,749

�

Premium and other taxes payable

�

18,068

�

28,201

�

27,870

�

Borrowed money

�

58,042

�

58,042

�

58,044

�

Reserve for dividends to policyholders

�

2,606

�

2,242

�

2,070

�

Reserves for unauthorized reinsurance

�

2,735

�

7,498

�

2,735

�

Payable for securities

�

44,712

�

9,429

�

Funds withheld on account of others

�

7,933

�

7,261

�

6,623

�

Accrued salaries and benefits

�

61,074

�

57,388

�

65,053

�

Other liabilities

�

46,704

�

51,463

�

47,203

�

Total liabilities

�

4,231,388

�

4,066,410

�

4,050,721

�

POLICYHOLDERS' SURPLUS

�

Capital

�

42,725

�

42,725

�

42,725

�

Paid in surplus

�

492,869

�

492,869

�

492,869

�

Unassigned surplus

�

787,503

�

659,203

�

720,837

�

Total policyholders' surplus

�

1,323,097

�

1,194,797

�

1,256,431

�

Total liabilities and policyholders' surplus

�

5,554,485

�

5,261,207

�

5,307,152

�

Selective Insurance Group, Inc.

Combined Insurance Company Subsidiaries

Statutory Statements Of Income

(unaudited)

�

Quarter Ended

September

�

Nine Months Ended

September

�

($ in thousands)

�

2014

�

2013

�

2014

�

2013

�

UNDERWRITING

�

Net premiums written

�

495,121

�

492,748

�

1,451,694

�

1,405,049

�

Net premiums earned

�

462,639

�

437,568

�

1,382,759

�

1,284,760

�

Net losses paid

�

227,149

�

194,340

�

662,435

�

588,648

�

Change in reserve for losses

�

(12,187

)

�

34,582

�

66,811

�

90,103

�

Net losses incurred

�

214,962

�

46.5%

�

228,922

�

52.3%

�

729,246

�

52.7%

�

678,751

�

52.8%

�

Net loss expenses paid

�

50,339

�

44,939

�

139,178

�

133,548

�

Change in reserve for loss expenses

�

4,730

�

9,105

�

19,949

�

20,278

�

Net loss expenses incurred

�

55,069

�

11.9%

�

54,044

�

12.4%

�

159,127

�

11.5%

�

153,826

�

12.0%

�

Net underwriting expenses incurred

�

165,184

�

33.4%

�

157,251

�

31.9%

�

478,387

�

33.0%

�

455,731

�

32.4%

�

Total deductions

�

435,215

�

440,217

�

1,366,760

�

1,288,308

�

Statutory underwriting gain / (loss)

�

27,424

�

(2,649

)

�

15,999

�

(3,548

)

�

Net loss from premium balances charged off

�

(999

)

�

(671

)

�

(2,768

)

�

(2,021

)

�

Finance charges and other income

�

3,419

�

3,566

�

15,587

�

10,244

�

Total other income

�

2,420

�

-0.5%

�

2,895

�

-0.6%

�

12,819

�

-0.9%

�

8,223

�

-0.6%

Policyholders' dividends incurred

�

(1,156

)

0.2%

�

(1,326

)

0.3%

�

(3,943

)

0.3%

�

(3,393

)

0.3%

Total underwriting gain / (loss)

�

28,688

�

91.5%

�

(1,080

)

96.3%

�

24,875

�

96.6%

�

1,282

�

96.9%

�

INVESTMENT

�

Net investment income earned

�

33,778

�

32,278

�

105,925

�

99,620

�

Net realized gain

�

15,231

�

13,431

�

26,983

�

19,793

�

Total income before income tax

�

77,697

�

44,629

�

157,783

�

120,695

�

Federal income tax expense

�

19,099

�

10,250

�

32,052

�

42,937

�

Net income

�

58,598

�

34,379

�

125,731

�

77,758

�

Policyholders' Surplus

�

Surplus, beginning of period

�

1,292,961

�

1,170,612

�

1,256,431

�

1,050,107

�

Net income

�

58,598

�

34,379

�

125,731

�

77,758

�

Change in deferred taxes

�

(3,477

)

�

(1,865

)

�

(10,162

)

�

6,204

�

Change in net unrealized capital gains / (losses)

�

(9,553

)

�

(4,877

)

�

(4,414

)

�

3,675

�

Dividends to stockholders

�

(14,379

)

�

(6,662

)

�

(43,133

)

�

(25,444

)

�

Paid in surplus

�

57,125

�

Change in non-admitted assets

�

(1,336

)

�

2,271

�

(2,203

)

�

15,700

�

Change in Overfunded Contra Asset

�

(1,547

)

�

(1,184

)

�

(4,640

)

�

(11,091

)

�

Qual Pen Trans Liab

�

1,815

�

1,847

�

5,446

�

(32,032

)

�

Excess Plan Trans Liab

�

(562

)

�

PRL Plan Trans Liab

�

(1,189

)

�

Change in minimum pension liability

�

54,755

�

Surplus adjustments

�

250

�

(209

)

�

Net change in surplus for period

�

30,136

�

24,185

�

66,666

�

144,690

�

Surplus, end of period

�

1,323,097

�

1,194,797

�

1,323,097

�

1,194,797

�

Statutory underwriting gain / (loss)

�

28,688

�

(1,080

)

�

24,875

�

1,282

�

Adjustments under GAAP:

�

Deferred policy acquisition costs

�

7,595

�

12,132

�

16,700

�

21,687

�

Pension costs

�

(98

)

�

(101

)

�

(293

)

�

5,723

�

Other, net

�

(1,748

)

�

(800

)

�

(1,776

)

�

(1,897

)

�

GAAP underwriting gain

�

34,437

�

10,151

�

39,506

�

26,795

�

Note: Some amounts or ratios may not foot due to rounding

�

Selective Insurance Group, Inc. and Consolidated Subsidiaries

Alternative Investments

as of September 30, 2014

(unaudited)

�

Fund

Inception

Year

�

Original

Commitment

�

Remaining

Commitment

�

Current

Market Value

�

YTD

Income

�

DPI(1)

Ratio

�

TVPI(2)

Ratio

�

Real Estate

�

Silverpeak RE II

2005

�

20,000,000

�

2,142,141

�

8,559,952

�

1,456,890

�

0.67

�

1.08

�

Silverpeak RE III

2008

�

15,000,000

�

7,919,066

�

2,652,115

�

42,619

�

0.07

�

0.44

�

Total - Real Estate

�

35,000,000

�

10,061,207

�

11,212,067

�

1,499,509

�

0.51

�

0.91

�

Mezzanine Financing

�

Neovara Euro Mezz

2004

�

9,000,000

�

579,578

�

0.98

�

1.02

�

GS Mezz V

2007

�

25,000,000

�

10,223,976

�

6,348,783

�

644,313

�

0.96

�

1.30

�

New Canaan V

2012

�

7,000,000

�

1,473,310

�

3,592,037

�

371,054

�

0.44

�

1.09

�

Centerfield Capital

2012

�

3,000,000

�

2,077,118

�

753,031

�

30,459

�

0.15

�

0.97

�

Total - Mezz. Financing

�

44,000,000

�

13,774,405

�

11,273,429

�

1,045,826

�

0.87

�

1.17

�

Distressed Debt

�

Varde VIII

2006

�

10,000,000

�

2,651,398

�

453,318

�

1.08

�

1.34

�

Distressed Managers III

2007

�

15,000,000

�

2,980,677

�

6,553,113

�

482,282

�

0.73

�

1.21

�

Total - Distressed Debt

�

25,000,000

�

2,980,677

�

9,204,511

�

935,600

�

0.88

�

1.27

�

Private Equity

�

Prospector

1997

�

5,000,000

�

413,381

�

2,973

�

2.79

�

2.88

�

Trilantic Capital Partners III

2004

�

10,000,000

�

1,455,947

�

2,685,586

�

451,688

�

1.63

�

1.91

�

NB Co-Invest

2006

�

15,000,000

�

1,476,418

�

7,231,016

�

1,046,329

�

0.93

�

1.43

�

Trilantic Capital Partners IV

2007

�

11,098,351

�

1,343,210

�

9,326,111

�

1,593,501

�

0.98

�

1.83

�

Trilantic Capital Partners V

2012

�

7,000,000

�

4,905,098

�

1,913,275

�

55,304

�

0.92

�

Total - Private Equity

�

48,098,351

�

9,180,673

�

21,569,369

�

3,149,794

�

1.27

�

1.79

�

Private Equity, Secondary Market

�

NB SOF

2005

�

12,000,000

�

899,494

�

3,568,070

�

189,047

�

1.02

�

1.34

�

Vintage IV

2007

�

20,000,000

�

4,120,521

�

12,285,725

�

647,761

�

0.72

�

1.35

�

NB SOF II

2008

�

12,000,000

�

1,957,874

�

7,210,638

�

947,791

�

0.91

�

1.49

�

Total - Pvt. Eq. Sec. Mkt.

�

44,000,000

�

6,977,889

�

23,064,433

�

1,784,600

�

0.85

�

1.39

�

Energy/Power Generation

�

ArcLight I

2002

�

15,000,000

�

14,357

�

(22,177

)

�

1.81

�

1.81

�

ArcLight II

2003

�

15,000,000

�

2,295,492

�

549,845

�

(458,712

)

�

1.38

�

1.41

�

ArcLight III

2006

�

15,000,000

�

2,037,794

�

5,069,447

�

794,945

�

1.09

�

1.41

�

Quintana Energy

2006

�

10,000,000

�

362,821

�

8,639,595

�

1,372,057

�

0.55

�

1.44

�

ArcLight IV

2007

�

10,000,000

�

2,287,578

�

2,385,608

�

1,689,951

�

1.20

�

1.43

�

Total - Energy/Power Generation

�

65,000,000

�

6,983,685

�

16,658,852

�

3,376,064

�

1.28

�

1.51

�

Venture Capital

�

Venture V

2001

�

9,600,000

�

350,000

�

7,114,700

�

884,943

�

0.63

�

1.39

�

Total - Venture Capital

�

9,600,000

�

350,000

�

7,114,700

�

884,943

�

0.63

�

1.39

�

TOTAL - ALTERNATIVE INVESTMENTS

�

270,698,351

�

50,308,535

�

100,097,361

�

12,676,336

�

1.00

�

1.39

�

(1) Distributed to paid in ratio

(2) Total value to paid in ratio

Exhibit may not foot due to rounding

�

Selective Insurance Group, Inc. and Consolidated Subsidiaries

Credit Quality of Available-for-Sale Fixed Income Securities

September 30, 2014

(unaudited)

�	�	�									�
($ in millions)	�	Fair Value		�	�	Unrealized Gain (Loss)		�	�	Weighted Average Credit Quality	�
AFS Fixed Income Portfolio:	�	�		�	�	�		�	�	�	�
U.S. government obligations	�	$	151.7	�	�	�	7.9	�	�	AA+	�
Foreign government obligations	�	�	27.9	�	�	�	0.8	�	�	AA-	�
State and municipal obligations	�	�	1,229.2	�	�	�	32.8	�	�	AA	�
Corporate securities	�	�	1,763.1	�	�	�	38.0	�	�	A-	�
Asset-backed securities (ABS)	�	�	147.0	�	�	�	0.4	�	�	AAA	�
Mortgage-backed securities (MBS)	�	�	648.7	�	�	�	3.5	�	�	AA+	�
Total AFS fixed income portfolio	�	$	3,967.6	�	�	�	83.4	�	�	AA-	�
State and Municipal Obligations:	�	�	�	�	�	�	�	�	�	�	�
General obligations	�	$	564.5	�	�	�	14.6	�	�	AA+	�
Special revenue obligations	�	�	664.7	�	�	�	18.2	�	�	AA	�
Total state and municipal obligations	�	$	1,229.2	�	�	�	32.8	�	�	AA	�
Corporate Securities:	�	�	�	�	�	�	�	�	�	�	�
Financial	�	$	541.7	�	�	�	11.5	�	�	A	�
Industrials	�	�	141.1	�	�	�	4.3	�	�	A-	�
Utilities	�	�	150.2	�	�	�	2.4	�	�	BBB+	�
Consumer discretionary	�	�	204.1	�	�	�	5.4	�	�	A-	�
Consumer staples	�	�	176.9	�	�	�	3.6	�	�	A-	�
Healthcare	�	�	169.5	�	�	�	4.3	�	�	A	�
Materials	�	�	109.8	�	�	�	2.4	�	�	BBB+	�
Energy	�	�	105.9	�	�	�	1.5	�	�	A-	�
Information technology	�	�	111.9	�	�	�	1.2	�	�	A+	�
Telecommunications services	�	�	49.2	�	�	�	1.1	�	�	BBB+	�
Other	�	�	2.8	�	�	�	0.3	�	�	AA	�
Total corporate securities	�	$	1,763.1	�	�	�	38.0	�	�	A-	�
ABS:	�	�	�	�	�	�	�	�	�	�	�
ABS	�	$	146.6	�	�	�	0.3	�	�	AAA	�
Sub-prime ABS1	�	�	0.4	�	�	�	0.1	�	�	D	�
Total ABS	�	$	147.0	�	�	�	0.4	�	�	AAA	�
MBS:	�	�	�	�	�	�	�	�	�	�	�
Government guaranteed agency commercial MBS (CMBS)	�	$	17.6	�	�	�	0.3	�	�	AA+	�
Other agency CMBS	�	�	10.6	�	�	�	(0.2	)	�	AA+	�
Non-agency CMBS	�	�	137.3	�	�	�	0.4	�	�	AA+	�
Government guaranteed agency residential MBS (RMBS)	�	�	35.9	�	�	�	1.0	�	�	AA+	�
Other agency RMBS	�	�	406.3	�	�	�	1.3	�	�	AA+	�
Non-agency RMBS	�	�	37.1	�	�	�	0.6	�	�	A-	�
Alternative-A (Alt-A) RMBS	�	�	3.9	�	�	�	0.1	�	�	A	�
Total MBS	�	$	648.7	�	�	�	3.5	�	�	AA+	�

�

1Subprime ABS consists of one security whose issuer is currently expected by rating agencies to default on its obligations.��We define sub-prime exposure as exposure to direct and indirect investments in non-agency residential mortgages with average FICO� scores below 650.

�

Selective Insurance Group, Inc. and Consolidated Subsidiaries

Credit Quality of Held-to-Maturity Fixed Income Securities

September 30, 2014

(unaudited)

�

($ in millions)

�

Fair

Value

�

Carry

Value

�

Unrecognized

Holding Gain

�

Unrealized

Gain (Loss) in

Accumulated

Other

Comprehensive

Income

�

Total

Unrealized/

Unrecognized

Gain

�

Weighted Average

Credit

Quality

�

HTM Fixed Income Portfolio:

�

Foreign government obligations

�

5.4

�

5.4

�

0.1

�

0.1

�

AA+

�

State and municipal obligations

�

317.6

�

303.6

�

14.0

�

2.4

�

16.4

�

Corporate securities

�

22.8

�

20.0

�

2.8

�

(0.3

)

�

2.5

�

A+

�

ABS

�

3.1

�

2.6

�

0.5

�

(0.5

)

�

AAA

�

MBS

�

5.3

�

4.5

�

0.8

�

(0.5

)

�

0.3

�

AAA

�

Total HTM fixed income portfolio

�

354.2

�

336.1

�

18.1

�

1.2

�

19.3

�

State and Municipal Obligations:

�

General obligations

�

107.0

�

103.0

�

4.0

�

1.2

�

5.2

�

Special revenue obligations

�

210.6

�

200.6

�

10.0

�

1.2

�

11.2

�

Total state and municipal obligations

�

317.6

�

303.6

�

14.0

�

2.4

�

16.4

�

Corporate Securities:

�

Financial

�

2.3

�

1.9

�

0.4

�

(0.1

)

�

0.3

�

A-

�

Industrials

�

6.7

�

5.7

�

1.0

�

(0.1

)

�

0.9

�

A+

�

Utilities

�

13.5

�

12.1

�

1.4

�

(0.1

)

�

1.3

�

A+

�

Consumer staples

�

0.3

�

0.3

�

Total corporate securities

�

22.8

�

20.0

�

2.8

�

(0.3

)

�

2.5

�

A+

�

ABS:

�

ABS

�

0.7

�

0.7

�

Alt-A ABS

�

2.4

�

1.9

�

0.5

�

(0.5

)

�

AAA

�

Total ABS

�

3.1

�

2.6

�

0.5

�

(0.5

)

�

AAA

�

MBS:

�

Non-agency CMBS

�

5.3

�

4.5

�

0.8

�

(0.5

)

�

0.3

�

AAA

�

Total MBS

�

5.3

�

4.5

�

0.8

�

(0.5

)

�

0.3

�

AAA

�

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