SELECTIVE INSURANCE GROUP INC

Previous wording

The terms "Company," "we," "us," and "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10-Q, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve uncertainties and known and unknown risks and other factors that may cause actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "attribute," "confident," "strong," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," "continue," or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason except as may be required by law.

Current wording

The terms "Company," "we," "us," and "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10-Q, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve uncertainties, known and unknown risks, and other factors that may cause actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. Forward-looking statements generally include words including or comparable to "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "attribute," "confident," "strong," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," or "continue." Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason except as may be required by law.

Previous wording

•Financial Highlights of Results for the second quarters ended June 30, 2025 ("Second Quarter 2025") and June 30, 2024 ("Second Quarter 2024"); and the six-month periods ended June 30, 2025 ("Six Months 2025") and June 30, 2024 ("Six Months 2024")

Current wording

•Financial Highlights of Results for the third quarters ended September 30, 2025 ("Third Quarter 2025") and September 30, 2024 ("Third Quarter 2024"); and the nine-month periods ended September 30, 2025 ("Nine Months 2025") and September 30, 2024 ("Nine Months 2024");

Previous wording

Financial Highlights of Results for Second Quarter and Six Months 2025 and Second Quarter and Six Months 20241

Current wording

Financial Highlights of Results for Third Quarter and Nine Months 2025 and Third Quarter and Nine Months 20241

Previous wording

In Second Quarter 2025, we delivered an ROE of 10.7% and a non-GAAP operating ROE of 10.3%, driven by strong investment income, which was 18% higher compared to Second Quarter 2024. ROE improved 20.2 points and non-GAAP operating ROE improved by 19.9 points in Second Quarter 2025 compared to Second Quarter 2024. Our overall combined ratio of 100.2% for Second Quarter 2025, which was 15.9 points better than the 116.1% in Second Quarter 2024, drove the higher ROE contributions from each insurance segment. Underwriting results were impacted by unfavorable prior year casualty reserve development, with $45 million in Second Quarter 2025 compared to $176 million in Second Quarter 2024. Higher paid loss emergence, which we largely attribute to the continued impacts of social inflation, drove the unfavorable development in both years.

Current wording

In Third Quarter 2025, we delivered an ROE of 14.0% and a non-GAAP operating ROE of 13.2%, driven by strong investment income, which was 18% higher compared to Third Quarter 2024. ROE improved 1.4 points and non-GAAP operating ROE improved by 1.1 points in Third Quarter 2025 compared to Third Quarter 2024. Our overall combined ratio of 98.6% for Third Quarter 2025 was 0.9 points better than the 99.5% in Third Quarter 2024, driving the higher ROE contribution from our overall insurance operations. Improved underwriting results in the quarter were primarily attributable to lower catastrophe losses, partially offset by unfavorable prior year casualty reserve development of $40 million in Third Quarter 2025 and higher current year loss costs. There was no prior year casualty reserve development in Third Quarter 2024.

Previous wording

In Six Months 2025, our ROE was 12.5% and our non-GAAP operating ROE was 12.3%, exceeding our 12% target. The improvement from Six Months 2024 was driven by after-tax underwriting income of $34.1 million this year compared to an underwriting loss of $122.2 million last year, resulting in an 11.0-point higher ROE. All three insurance segments contributed to the higher ROE. Consistent with Second Quarter 2024, the underwriting loss in Six Months 2024 was primarily attributable to unfavorable prior year casualty reserve development of $211 million, and to a lesser extent, an increase in current year loss costs.

Current wording

In Nine Months 2025, we generated an ROE of 13.0% and a non-GAAP operating ROE of 12.6%, above our 12% target. The improvement from Nine Months 2024 was driven by after-tax underwriting income of $47.3 million this year compared to an underwriting loss of $118 million last year, resulting in a 7.6-point higher ROE. All three insurance segments contributed to the higher ROE. Improved underwriting results in Nine Months 2025 were driven by lower catastrophe losses and lower prior year casualty reserve development, partially offset by higher current year loss costs. Underwriting results for Nine Months 2025 included $90 million of unfavorable prior year casualty reserve development, down from $211 million in Nine Months 2024.

Previous wording

The insurance industry faces significant uncertainty around the macroeconomic environment, including financial market performance, international trade including the ultimate impact of tariffs, and elevated and uncertain loss trends driven by social inflation. Despite this challenging environment, we delivered a 12.3% operating ROE in Six Months 2025 and remain focused on executing our strategy to manage risk while driving long-term, profitable growth by:

Current wording

The insurance industry continues to face significant uncertainty from the macroeconomic environment, including financial market performance, international trade including the ultimate impact of tariffs, as well as elevated and uncertain loss trends driven by social inflation. Nonetheless, we delivered a 12.6% operating ROE in Nine Months 2025 and remain focused on executing our strategy to manage risk while driving long-term, profitable growth by:

Previous wording

•Achieving renewal pure price increases above expected loss trend. We continue to price new and renewal business incorporating our latest view of loss trends and profitability relative to our long-term combined ratio target of 95%. In Six Months 2025, overall renewal pure pricing across our three insurance segments was 10.1%, up 1.5 points from a year ago.

Current wording

•Achieving renewal pure price increases above expected loss trend. We continue to price new and renewal business incorporating our latest view of loss trends and profitability relative to our long-term combined ratio target of 95%. In Nine Months 2025, overall renewal pure pricing across our three insurance segments was 9.9%, up 0.8 points from a year ago.

Previous wording

•Deploying granular underwriting refinements. In sectors and jurisdictions where market pricing does not align with our view of rate need, we are taking targeted underwriting actions, including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.

Current wording

•Deploying granular underwriting refinements. In sectors and jurisdictions where market pricing does not align with our view of rate adequacy, we are taking targeted underwriting actions, including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.

Previous wording

•Seeking to diversify our insurance segments’ mix of business over the long term. Our relatively higher-than-peer casualty premium mix has benefited our results when property lines have been challenged, and our historical catastrophe losses are lower than the industry average. For the same reason, the current social inflationary environment impacts us differently than our peers.

Current wording

•Seeking to diversify our insurance segments’ mix of business over the long term. Our relatively higher-than-peer casualty premium mix has benefited our results when property lines have been challenged, and our historical catastrophe losses are lower than the industry average. Similarly, the higher-than-peer casualty premium mix may cause the current social inflationary environment to have a proportionately greater impact on our results compared to our peers that have a mix more weighted to property lines.

Previous wording

We believe it is prudent to prioritize improving underwriting margins, which will temper NPW growth in the current environment. NPW grew 5% in Second Quarter 2025 compared to Second Quarter 2024, reflecting our disciplined underwriting and pricing strategy in a competitive market. Policy retention declined modestly as we executed these strategies in a granular fashion. We will maintain a balanced approach and make investments to support future growth. As we position ourselves for the future, we have several strategies to profitably grow market share:

Current wording

We believe it is prudent to prioritize improving underwriting margins, which will temper NPW growth in the current environment. NPW grew 4% in Third Quarter 2025 compared to Third Quarter 2024, reflecting our disciplined underwriting and pricing strategy in a competitive market. Policy retention declined modestly as we executed these strategies in a granular fashion. We will maintain a balanced approach and make investments to support future growth. As we position ourselves for the future, we have several strategies to grow market share profitably:

Previous wording

•In our existing footprint, we are focused on growing with existing partners and strategically appointing new agency locations. During Six Months 2025, we added sixty agency locations. In full-year 2024, we had a net increase of two hundred agency locations.

Current wording

•In our existing footprint, we are focused on growing with existing partners and strategically appointing new agency locations. During Nine Months 2025, we had a net increase of 82 agency locations and in full-year 2024, we had a net increase of two hundred agency locations.

Previous wording

•Careful and deliberate geographic expansion continues to provide growth opportunities. Since 2017, we have added thirteen states to our Standard Commercial Lines footprint, with five last year. In 2024, these thirteen states produced $350 million in premium, which represented approximately 8% of total NPW and approximately 1% marginal total premium growth. We expect to write new business in Kansas by the end of 2025, and in Montana and Wyoming by the end of 2026.

Current wording

•Careful and deliberate geographic expansion. Since 2017, we have added fourteen states to our Standard Commercial Lines footprint, including Kansas in Third Quarter 2025. In 2024, our expansion states produced $350 million in premium, which represented approximately 8% of total NPW and approximately 1% marginal total premium growth. We expect to write new business in Montana and Wyoming by the end of 2026.

Previous wording

•Technology investments are critical to ensure efficiency and scale. We are actively developing and executing artificial intelligence use cases to enhance underwriting scalability and claims outcomes. We have also made considerable progress modernizing our policy acquisition and claims systems. For example, system enhancements in our E&S Lines segment have created significant operational efficiency, with the segment’s premium production up significantly with limited headcount growth.

Current wording

•Technology investments are critical to ensure efficiency and scale. To enhance underwriting scalability, risk management, and claims outcomes, we are actively developing and executing artificial intelligence use cases. We have also made considerable progress modernizing our policy acquisition and claims systems. For example, system enhancements in our E&S Lines segment have created significant operational efficiency, with the segment’s premium production increasing significantly despite limited headcount growth.

Previous wording

After contemplating Six Months 2025 results, our full-year 2025 guidance is as follows:

Current wording

After contemplating Nine Months 2025 results, our full-year 2025 guidance are updated as follows:

Previous wording

•A GAAP combined ratio between 97% and 98%, up 1 point from prior guidance of 96% to 97%, including net catastrophe losses of 6 points and the impact of prior year casualty reserve development reported through Six Months 2025. Our combined ratio estimate assumes no additional prior year casualty reserve development and no further change in loss cost estimates. We do not make assumptions about future reserve development as we book our best estimate each quarter;

Current wording

•A GAAP combined ratio between 97% and 98%, including net catastrophe losses of four points and the impact of prior year casualty reserve development reported through Nine Months 2025. Our combined ratio estimate assumes no additional prior year casualty reserve development and no further change in loss cost estimates. We do not make assumptions about future reserve development, as we book our best estimate each quarter;

Previous wording

•After-tax net investment income of $415 million, up from prior guidance of $405 million;

Current wording

•After-tax net investment income of $420 million, up from prior guidance of $415 million;

Previous wording

•Weighted average shares of 61.5 million on a fully diluted basis, including the shares repurchased in Six Months 2025 and assuming no additional repurchases under our existing share repurchase authorization.

Current wording

•Weighted average shares of 61.1 million on a fully diluted basis, reflecting the shares repurchased in Nine Months 2025 and assuming no additional repurchases under our existing share repurchase authorization.

Previous wording

NPW grew 5% in Second Quarter 2025 and 6% in Six Months 2025 compared to the same prior-year periods, driven by renewal pure price increases that were partially offset by a modest decrease in policy count and lower new business. In addition to the below, NPW also benefited from exposure growth on renewal policies.

Current wording

NPW grew 4% in Third Quarter 2025 and 6% in Nine Months 2025 compared to the same prior-year periods, driven by renewal pure price increases that were partially offset by a modest decrease in policy count and lower new business. In addition to the below, NPW also benefited from exposure growth on renewal policies.

Previous wording

NPE grew 10% in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, reflecting NPW growth over the last 12 months.

Current wording

NPE grew 8% in Third Quarter 2025 and 9% in Nine Months 2025 compared to the same prior-year periods, reflecting NPW growth over the last 12 months.

Previous wording

Paid loss severities in recent prior accident years continued to show higher-than-expected emergence, leading us to record unfavorable prior year casualty reserve development in Second Quarter 2025 of (i) $25 million in our commercial automobile line of business primarily driven by accident years 2022 through 2024, and (ii) $20.0 million in our general liability line of business primarily driven by accident years 2022 and 2023.

Current wording

A re-acceleration of severity growth, primarily in accident year 2024 and concentrated within New Jersey, led us to record unfavorable prior year casualty reserve development in Third Quarter 2025 of (i) $35 million in our commercial automobile line of business, and (ii) $5 million in our personal automobile line of business. Nine Months 2025 had unfavorable prior year casualty reserve development of (i) $60 million in our commercial automobile line of business primarily driven by accident years 2022 through 2024, (ii) $10 million in our personal automobile line of business primarily driven by accident year 2024, and (iii) $20 million in our general liability line of business driven by accident years 2022 through 2024. The year-to-date unfavorable prior year casualty reserve development was driven by paid severities that continued to show higher-than-expected emergence.

Previous wording

The unfavorable prior year casualty reserve development in Second Quarter 2024 and Six Months 2024 was primarily driven by our general liability line of business that experienced increased severities in accident years 2020 through 2023.

Current wording

The unfavorable prior year casualty reserve development in Third Quarter 2024 and Nine Months 2024 was primarily driven by our general liability line of business that experienced increased severities in accident years 2020 through 2023.

Previous wording

The reduction in the prior year casualty reserve development was partially offset by higher current year loss costs in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, driven by elevated severity trend assumptions attributable to social inflation on our general liability and E&S casualty lines of business.

Current wording

Current year loss costs were higher in Third Quarter 2025 and Nine Months 2025 compared to the same prior-year periods, driven by elevated severity trend assumptions attributable to social inflation on our general liability and E&S casualty lines of business, and responding to prior year development in our commercial automobile line of business.

Previous wording

For additional qualitative discussion on prior year casualty reserve development and current year casualty loss costs, refer to the insurance segment sections below.

Current wording

Additional qualitative discussion on prior year casualty reserve development and current year casualty loss costs is included in the insurance segment sections below.

Previous wording

Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by 4.3 points in Second Quarter 2025 and 3.2 points in Six Months 2025 compared to the same prior-year periods. The net catastrophe loss and loss expense ratio was 1.7 points lower in Second Quarter 2025 and 1.5 points lower in Six Months 2025 compared to the same prior-year periods, as fewer storms impacted our footprint. The non-catastrophe property loss and loss expense ratio was 2.6 points lower in Second Quarter 2025 and 1.7 points lower in Six Months 2025 compared to the same prior-year periods, reflecting (i) the earned impact of higher renewal pure price increases in 2025, (ii) lower claim frequencies, and (iii) normal variability from period to period of non-catastrophe property losses.

Current wording

Net catastrophe and non-catastrophe property losses were 10.4 points lower in Third Quarter 2025 and 5.7 points lower in Nine Months 2025 compared to the same prior-year periods. The net catastrophe loss and loss expense ratio was 11.3 points lower in Third Quarter 2025 and 4.9 points lower in Nine Months 2025 compared to the same prior-year periods, as fewer storms impacted our footprint. The non-catastrophe property loss and loss expense ratio was 0.9 points higher in Third Quarter 2025 and 0.8 points lower in Nine Months 2025 compared to the same prior-year periods reflecting (i) the earned impact of higher renewal pure price increases in 2025, (ii) lower claim frequencies, and (iii) normal period-to-period variability of non-catastrophe property losses.

Previous wording

For additional qualitative discussion on non-catastrophe property loss and loss expenses, refer to the insurance segment sections below.

Current wording

Additional qualitative discussion on non-catastrophe property loss and loss expenses is included in the insurance segment sections below.

Previous wording

The underwriting expense ratio increased 0.5 points in Second Quarter 2025 and 0.6 points in Six Months 2025 compared to the same prior-year periods, primarily due to higher profit-based compensation to our distribution partners and employees, reflecting comparatively improved results.

Current wording

The underwriting expense ratio was flat in Third Quarter 2025 and increased 0.4 points in Nine Months 2025 compared to the same prior-year periods, primarily due to higher profit-based compensation to our distribution partners and employees, reflecting comparatively improved results.

Previous wording

NPW and NPE growth in Second Quarter 2025 and Six Months 2025, compared to the same prior-year periods, primarily reflected renewal pure price increases and strong exposure growth on renewal policies, partially offset by lower new business and lower retention.

Current wording

NPW and NPE growth in Third Quarter 2025 and Nine Months 2025 compared to the same prior-year periods, primarily reflected renewal pure price increases and strong exposure growth on renewal policies, partially offset by lower retention.

Previous wording

Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by an aggregate 1.1 points in Second Quarter 2025 and 1.6 points in Six Months 2025 compared to the same prior-year periods. Net catastrophe losses were 0.6 points lower in Second Quarter 2025 and 1.5 points lower in Six Months 2025 compared to the same periods last year, driven by lower frequency of wind and winter storm events. Non-catastrophe property losses were 0.5 points lower in Second Quarter 2025 and 0.1 points lower in Six Months 2025 compared to the same periods last year, driven by the factors described in the "Insurance Operations" section above.

Current wording

Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by an aggregate 8.4 points in Third Quarter 2025 and 3.8 points in Nine Months 2025 compared to the same prior-year periods. Net catastrophe losses were 9.9 points lower in Third Quarter 2025 and 4.3 points lower in Nine Months 2025 compared to the same periods last year, driven by lower frequency of wind, winter storm, and hurricane events. Non-catastrophe property losses were 1.5 points higher in Third Quarter 2025 and 0.5 points lower in Nine Months 2025 compared to the same periods last year, driven by the factors described in the "Insurance Operations" section above.

Previous wording

The underwriting expense ratio increased 0.5 points in Second Quarter 2025 and 0.6 points Six Months 2025 compared to the same prior-year periods. These increases were primarily due to higher profit-based compensation to our distribution partners and employees, reflecting comparatively improved results.

Current wording

The underwriting expense ratio increased slightly by 0.1 points in Third Quarter 2025 and 0.5 points Nine Months 2025 compared to the same prior-year periods. The Nine Months 2025 increase was primarily due to higher profit-based compensation to our distribution partners and employees, reflecting comparatively improved results.

Previous wording

NPW grew 7% in Second Quarter 2025 and 8% in Six Months 2025 compared to the same prior-year periods, benefiting from renewal pure price increases and renewal exposure growth.

Current wording

NPW grew 4% in Third Quarter 2025 and 7% in Nine Months 2025 compared to the same prior-year periods, benefiting from renewal pure price increases and renewal exposure growth.

Previous wording

We recorded $20 million of unfavorable prior year casualty reserve development in Second Quarter 2025 and Six Months 2025, compared to $166 million and $216 million in Second Quarter 2024 and Six Months 2024, respectively. While less this year, we attribute the unfavorable development to the same social inflationary factors that drove reported development in Second Quarter 2024 and Six Months 2024. Specifically, the development in Second Quarter 2025 was primarily driven by increased severities in accident years 2022 and 2023 and the development in Second Quarter 2024 and Six Months 2024 was driven by increased severities in accident years 2023 and prior.

Current wording

We recorded unfavorable prior year casualty reserve development of $20 million in Nine Months 2025, compared to $216 million in Nine Months 2024. We attribute the unfavorable development in both periods to the ongoing, broad-based social inflationary factors impacting this line. Development in Nine Months 2025 was driven by increased severities in accident years 2022 through 2024. Development in Nine Months 2024 was driven by increased severities in accident years 2020 through 2023.

Previous wording

Partially offsetting the decrease in unfavorable prior year casualty reserve development was a 3.0-point increase in current year casualty loss costs in Second Quarter 2025 and a 7.5-point increase in Six Months 2025 compared to the same prior-year periods, driven by higher social inflation-related severities primarily in accident years 2022 and 2023 than was observed and responded to throughout 2024. These actions produced full-year 2024 casualty loss costs of 67.0%, compared with 69.2% in Second Quarter 2024 and 64.9% in Six Months 2024. The 2025 ratio reflects the increased losses recognized in the 2024 accident year and elevated loss trend expectations.

Current wording

We experienced an 11.7-point increase in current year casualty loss costs in Third Quarter 2025 and a 8.9-point increase in Nine Months 2025 compared to the same prior-year periods, driven by higher social inflation-related severities primarily in accident years 2022 and 2023 that we observed and responded to throughout 2024. These actions produced full-year 2024 casualty loss costs of 67.0%, compared with 64.6% in Third Quarter 2024 and 64.8% in Nine Months 2024. The 2025 ratio reflects the increased losses recognized in the 2024 accident year.

Previous wording

We believe that social inflation and elevated loss trends continue to support an elevated near-term pricing environment. In response, we have a heightened focus on prudent underwriting and appropriate pricing. Our renewal pure price increase in this line of business was 11.9% in Second Quarter 2025, in line with 12.0% from last quarter and up from 10.6% for the fourth quarter of 2024. In sectors and jurisdictions where market pricing does not align with our view of rate need, we are taking targeted underwriting actions including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.

Current wording

We believe that social inflation and elevated loss trends continue to support an elevated near-term pricing environment. In response, we have a heightened focus on prudent underwriting and appropriate pricing. Our renewal pure price increase in this line of business was 11.4% in Third Quarter 2025, in line with 11.9% from last quarter and up from 10.6% for the fourth quarter of 2024. In sectors and jurisdictions where market pricing does not align with our view of rate need, we are taking targeted underwriting actions including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.

Previous wording

NPW grew 5% in Second Quarter 2025 and 7% in Six Months 2025 compared to the same prior-year periods, primarily benefiting from renewal pure price increases and retention, which was lower this year compared to last.

Current wording

NPW grew 4% in Third Quarter 2025 and 6% in Nine Months 2025 compared to the same prior-year periods, primarily benefiting from renewal pure price increases and retention, which was lower this year compared to last.

Previous wording

We recorded $25 million of unfavorable prior year casualty reserve development in Second Quarter 2025 and Six Months 2025 due to increased severities primarily in accident years 2022 through 2024. The unfavorable prior year casualty reserve development in Second Quarter 2024 and Six Months 2024 was primarily due to increased severities in accident year 2023. Current year casualty loss costs were lower in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, driven by the mix of property and liability coverages within this line of business.

Current wording

We recorded $35 million of unfavorable prior year casualty reserve development in Third Quarter 2025 driven by increased severities in the state of New Jersey for accident year 2024, and $60 million in Nine Months 2025 primarily for increased severities in accident years 2022 through 2024. Current year casualty loss costs were higher in Third Quarter 2025 and Nine Months 2025 compared to the same prior-year periods, driven by the factors described in the "Insurance Operations" section above and by the mix of property and liability coverages within this line of business.

Previous wording

Non-catastrophe property loss and loss expenses decreased 0.9 points in Second Quarter 2025 and 1.8 points in Six Months 2025 compared to the same prior-year periods, primarily due to (i) the earned impact of higher renewal pure price increases and (ii) period-to-period variability of non-catastrophe property losses.

Current wording

Non-catastrophe property loss and loss expenses decreased 1.2 points in Third Quarter 2025 and 1.6 points in Nine Months 2025 compared to the same prior-year periods, primarily due to (i) the earned impact of higher renewal pure price increases and (ii) period-to-period variability of non-catastrophe property losses.

Previous wording

NPW grew 6% in Second Quarter 2025 and 9% in Six Months 2025 compared to the same prior-year periods, primarily benefiting from renewal pure price increases and exposure growth on renewal policies.

Current wording

NPW grew 7% in Third Quarter 2025 and 8% in Nine Months 2025 compared to the same prior-year periods, primarily benefiting from renewal pure price increases and exposure growth on renewal policies.

Previous wording

While non-catastrophe property losses were slightly higher, net catastrophe losses were lower in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

Current wording

While non-catastrophe property losses were slightly higher, net catastrophe losses were meaningfully lower in Third Quarter 2025 and Nine Months 2025 compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

Previous wording

NPW decreased 2% in Second Quarter 2025 and 8% in Six Months 2025 compared to the same prior-year periods, primarily due to decreases in renewal pure price and direct new business.

Current wording

NPW decreased 7% in Third Quarter 2025 and 8% in Nine Months 2025 compared to the same prior-year periods, primarily due to decreases in renewal pure price and direct new business.

Previous wording

There was no prior year casualty reserve development in Second Quarter 2025 and Six Months 2025. The favorable prior year casualty reserve development in Six Months 2024 was primarily due to lower loss severities in accident years 2021 and prior.

Current wording

There was no prior year casualty reserve development in Third Quarter 2025 and Nine Months 2025. The favorable prior year casualty reserve development in Nine Months 2024 was primarily due to lower loss severities in accident years 2021 and prior.