Safety Insurance Group, Inc. Announces Second Quarter 2024 Results and Declares Third Quarter 2024 Dividend

Business Wire08-08

BOSTON, August 07, 2024--(BUSINESS WIRE)--Safety Insurance Group, Inc. (NASDAQ:SAFT) ("Safety" or the "Company") today reported second quarter 2024 results. George M. Murphy, Chairman of the Board of ...

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Murphy, Chairman of the Board of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/safety-insurance-group-inc-announces-201500476.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Safety Insurance Group, Inc. Announces Second Quarter 2024 Results and Declares Third Quarter 2024 Dividend</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSafety Insurance Group, Inc. Announces Second Quarter 2024 Results and Declares Third Quarter 2024 Dividend\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-08 04:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/safety-insurance-group-inc-announces-201500476.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BOSTON, August 07, 2024--(BUSINESS WIRE)--Safety Insurance Group, Inc. (NASDAQ:SAFT) (\"Safety\" or the \"Company\") today reported second quarter 2024 results.\nGeorge M. Murphy, Chairman of the Board of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/safety-insurance-group-inc-announces-201500476.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SAFT","symbol_name":"Safety Insurance Group","start_time":0,"source_url":"https://finance.yahoo.com/news/safety-insurance-group-inc-announces-201500476.html","article_id":"2457744468","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/3.OZNl4UJ9AW_fkipHu.2w--~B/aD00NjA7dz0xOTIwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/1c047d31da16cba1c5972f00df6ab86d"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2457744468","pubTimestamp":1723061700,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"BOSTON, August 07, 2024----Safety Insurance Group, Inc.   today reported second quarter 2024 results.George M. Murphy, Chairman of the Board of Directors, President and Chief Executive Officer, commented: \"We are seeing the financial impact of both ongoing rate increases and growth in policy counts with net earned premium increasing by 22.1% for the second quarter of 2024 compared to 2023. However, the growth in policy counts combined with ongoing inflationary trends in the Private Passenger Automobile book of business has resulted in an increase in current year loss experience compared to second quarter of 2023.\". Direct written premiums for the quarter ended June 30, 2024 increased by $55.3 million, or 21.3%, to $315.5 million from $260.2 million for the comparable 2023 period. Direct written premiums for the six months ended June 30, 2024 increased by $104.9 million, or 21.9% to $582.9 million from $478.0 million for the comparable 2023 period. Net written premiums for the quarter e","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SAFT":"Safety Insurance Group","BK4107":"财产与意外伤害保险"},"translate_title":"安全保险集团公司公布2024年第二季度业绩并宣布2024年第三季度股息","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SAFT":1},"content_text":"BOSTON, August 07, 2024--(BUSINESS WIRE)--Safety Insurance Group, Inc. (NASDAQ:SAFT) (\"Safety\" or the \"Company\") today reported second quarter 2024 results.\nGeorge M. Murphy, Chairman of the Board of Directors, President and Chief Executive Officer, commented: \"We are seeing the financial impact of both ongoing rate increases and growth in policy counts with net earned premium increasing by 22.1% for the second quarter of 2024 compared to 2023. However, the growth in policy counts combined with ongoing inflationary trends in the Private Passenger Automobile book of business has resulted in an increase in current year loss experience compared to second quarter of 2023.\"\n\"For the quarter ended June 30, 2024, our combined ratio is 99.9% which is favorably impacted by a transaction related to the Massachusetts Property Insurance Underwriting Association as discussed below. The restructuring of the Association resulted in favorable prior year development and reduced loss and loss adjustment expenses by $9.7 million. The Company continues to see strong results across all revenue lines and increased profitability in our insurance agency operations.\"\nNet income for the quarter ended June 30, 2024 was $16.6 million, or $1.13 per diluted share, compared to net income of $17.0 million, or $1.15 per diluted share, for the comparable 2023 period. Net income for the six months ended June 30, 2024 was $36.7 million, or $2.48 per diluted share, compared to net income of $4.7 million, or $0.31 per diluted share, for the comparable 2023 period. Non-generally accepted accounting principles (\"non-GAAP\") operating income, as defined below, for the quarter ended June 30, 2024 was $1.18 per diluted share, compared to $0.80 per diluted share, for the comparable 2023 period. Non-GAAP operating income for the six months ended June 30, 2024 was $2.09 per diluted share, compared to Non-GAAP operating loss of $0.07 per diluted share, for the comparable 2023 period.\nSafety’s book value per share increased to $54.61 at June 30, 2024 from $54.37 at December 31, 2023 resulting from net income offset by dividends paid. Safety paid $0.90 per share in dividends to investors during the quarters ended June 30, 2024 and 2023. Safety paid $3.60 per share in dividends to investors during the year ended December 31, 2023.\nToday, our Board of Directors approved a $0.90 per share quarterly cash dividend on our issued and outstanding common stock payable on September 13, 2024 to shareholders of record at the close of business on September 3, 2024.\nDirect written premiums for the quarter ended June 30, 2024 increased by $55.3 million, or 21.3%, to $315.5 million from $260.2 million for the comparable 2023 period. Direct written premiums for the six months ended June 30, 2024 increased by $104.9 million, or 21.9% to $582.9 million from $478.0 million for the comparable 2023 period. Net written premiums for the quarter ended June 30, 2024 increased by $49.9 million, or 20.4%, to $294.9 million from $245.0 million for the comparable 2023 period. Net written premiums for the six months ended June 30, 2024 increased by $97.4 million, or 21.7%, to $545.3 million from $447.9 million for the comparable 2023 period.\nThe increases in direct written premiums and net written premiums are a result of new business production, and rate increases. For the six months ended June 30, 2024, the Company achieved exposure count growth across all lines of business, including 11.9%, 4.9% and 10.3% in Private Passenger Automobile, Commercial Automobile and Homeowners lines, respectively, compared to the same period in 2023. Additionally, for the six months ended June 30, 2024, average written premium per exposure increased 12.4%, 8.5% and 8.8% in Private Passenger Automobile, Commercial Automobile and Homeowners lines, respectively, compared to the same period in 2023.\nNet earned premiums for the quarter ended June 30, 2024 increased by $44.7 million, or 22.1%, to $246.9 million from $202.2 million for the comparable 2023 period. Net earned premiums for the six months ended June 30, 2024 increased by $89.0 million, or 22.6%, to $483.0 million from $394.0 million for the comparable 2023 period.\nFor the quarter ended June 30, 2024, losses and loss adjustment expenses incurred increased by $29.2 million, or 20.4%, to $172.7 million from $143.5 million for the comparable 2023 period. For the six months ended June 30, 2024, losses and loss adjustment expenses incurred increased by $30.4 million, or 9.8%, to $341.1 million from $310.7 million for the comparable 2023 period. The increase in losses is driven by our larger policy counts and current market conditions, specifically inflationary impacts on our Private Passenger Automobile book of business, offset by a transaction related to the Massachusetts Property Insurance Underwriting Association (\"FAIR Plan\").\nSince 1998, the Company has been a member company of the FAIR Plan. The FAIR Plan is a residual market insurance association in which all companies writing basic property insurance in the Commonwealth of Massachusetts are required to participate with profits and losses shared among member companies on a written premium basis. On April 1, 2024, the Massachusetts Division of Insurance approved a restructuring of the FAIR Plan transforming it from a partnership that shares profits and losses with member companies to a stand-alone, risk bearing entity, and distributing the accumulated members’ equity.\nThe Company carried a net asset of $13.3 million as of June 30, 2024, representing its estimated share of members’ equity based on the estimated profitability of the FAIR Plan. As an element of the restructuring, the FAIR Plan calculated each member company’s equity balance and notified the Company that our net asset balance was $23.0 million as of June 30, 2024. As a result, the Company recognized an increase in our asset and an underwriting gain of $9.7 million through the release of prior year loss reserves (\"FAIR Plan Development\"). Additionally, the restructuring required the Company to establish assets as of June 30, 2024, including an investment in FAIR Plan Trust of $14.9 million and a receivable of $8.0 million, of which $6.4 million was paid on July 2, 2024. The remaining receivable is expected to be paid by November 1, 2024. Going forward, the Company’s Investment in FAIR Plan Trust will be adjusted to its current fair value on a quarterly basis with changes recognized through earnings.\nLoss, expense, and combined ratios calculated for the quarter ended June 30, 2024, were 70.0%, 29.9%, and 99.9%, respectively, compared to 71.0%, 30.9%, and 101.9%, respectively, for the comparable 2023 period. The decrease in the expense ratio is primarily driven by the increase in earned premiums and a decrease in contingent commission expenses. Loss, expense, and combined ratios calculated for the six months ended June 30, 2024 were 70.6%, 30.3%, and 100.9%, respectively, compared to 78.9%, 31.1%, and 110.0%, respectively, for the comparable 2023 period. The prior year loss ratio was impacted by a severe weather event, totaling $32.1 million of losses.\nTotal prior year favorable development included in the pre-tax results for the quarter ended June 30, 2024 was $19.4 million compared to $10.0 million for the comparable 2023 period. Total prior year favorable development included pre-tax results for the six months ended June 30, 2024 was $30.4 million compared to $21.5 million for the comparable 2023 period. The increase in 2024 is related to the FAIR Plan Development noted above.\nNet investment income for the quarter ended June 30, 2024 decreased by $0.3 million, or 2.4% to $13.5 million from $13.8 million for the comparable 2023 period. The decrease is due to the timing of interest and cash payments from our variable rate secured and senior bank loans and high yield bonds. Net investment income for the six months ended June 30, 2024 increased by $1.2 million, or 4.5%, to $28.7 million from $27.5 million for the comparable 2023 period. The increase is a result of increases in interest rates on our fixed maturity portfolio compared to the prior year. Net effective annualized yield on the investment portfolio was 3.9% for the quarters ended June 30, 2024 and 2023. Net effective annualized yield on the investment portfolio for the six months ended June 30, 2024 was 4.1% compared to 3.9% for the comparable 2023 period. The investment portfolio’s duration on fixed maturities was 3.5 years at June 30, 2024 compared to 3.6 years at December 31, 2023.\nNon-GAAP Measures\nManagement has included certain non-GAAP financial measures in presenting the Company’s results. Management believes that these non-GAAP measures are useful to explain the Company’s results of operations and allow for a more complete understanding of the underlying trends in the Company’s business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (\"GAAP\"). In addition, our definitions of these items may not be comparable to the definitions used by other companies.\nNon-GAAP operating income and non-GAAP operating income per diluted share consist of our GAAP net income adjusted by the net realized gains on investments, change in net unrealized gains on equity securities, credit loss benefit (expense) and taxes related thereto. For the three months ended June 30, 2024, a decrease of $3.5 million for the change in unrealized gains on equity securities was recognized within income before income taxes, compared to an increase of $6.3 million recognized in the comparable 2023 period. For the six months ended June 30, 2024, an increase of $4.2 million for the change in unrealized gains on equity securities was recognized in income before income taxes, compared to $7.0 million recognized in the comparable 2023 period. Net income and earnings per diluted share are the GAAP financial measures that are most directly comparable to non-GAAP operating income and non-GAAP operating income per diluted share, respectively. A reconciliation of the GAAP financial measures to these non-GAAP measures is included in the financial highlights below.\nAbout Safety: Safety Insurance Group, Inc., based in Boston, MA, is the parent of Safety Insurance Company, Safety Indemnity Insurance Company, Safety Property and Casualty Insurance Company, Safety Northeast Insurance Company, and Safety Northeast Insurance Agency. Operating exclusively in Massachusetts, New Hampshire, and Maine, Safety is a leading writer of property and casualty insurance products, including private passenger automobile, commercial automobile, homeowners, dwelling fire, umbrella and business owner policies.\nAdditional Information: Press releases, announcements, U. S. Securities and Exchange Commission (\"SEC\") Filings and investor information are available under \"About Safety,\" \"Investor Information\" on our Company website located at www.SafetyInsurance.com. Safety filed its December 31, 2023 Form 10-K with the SEC on February 28, 2024 and urges shareholders to refer to this document for more complete information concerning Safety’s financial results.\nCautionary Statement under \"Safe Harbor\" Provision of the Private Securities Litigation Reform Act of 1995:\nThis press release contains, and Safety may from time to time make, written or oral \"forward-looking statements\" within the meaning of the U.S. federal securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as \"believe,\" \"expect,\" \"anticipate,\" \"intend,\" \"plan,\" \"estimate,\" \"aim,\" \"projects,\" or words of similar meaning and expressions that indicate future events and trends, or future or conditional verbs such as \"will,\" \"would,\" \"should,\" \"could,\" or \"may\". All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expenditures and financial results, are forward-looking statements.\nForward-looking statements are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. There are a number of factors, many of which are beyond our control, that could cause actual future conditions, events, results or trends to differ significantly and/or materially from historical results or those projected in the forward-looking statements. These factors include but are not limited to:\n\nThe competitive nature of our industry and the possible adverse effects of such competition;\nConditions for business operations and restrictive regulations in Massachusetts;\nThe possibility of losses due to claims resulting from severe weather;\nThe impact of inflation and supply chain delays on loss severity;\nThe possibility that the Commissioner of Insurance may approve future rule changes that change the operation of the residual market;\nThe possibility that existing insurance-related laws and regulations will become further restrictive in the future;\nThe impact of investment, economic and underwriting market conditions, including interest rates and inflation;\nOur possible need for and availability of additional financing, and our dependence on strategic relationships, among others; and\nOther risks and factors identified from time to time in our reports filed with the SEC, such as those set forth under the caption \"Risk Factors\" in our Form 10-K for the year ended December 31, 2023 filed with the SEC on February 28, 2024.\n\nWe are not under any obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise. You should carefully consider the possibility that actual results may differ materially from our forward-looking statements.\n\n\n\n \n\n\nSafety Insurance Group, Inc. and SubsidiariesConsolidated Balance Sheets(Dollars in thousands, except share data)\n\n\n\n\n\n\n\n\n\n\nJune 30,\n\nDecember 31,\n\n\n\n\n2024\n\n2023\n\n\n\n\n(Unaudited)\n\n\n\n\n\nAssets\n\n\n\n\n\n\n\n\nInvestments:\n\n\n\n\n\n\n\n\nFixed maturities, available for sale, at fair value (amortized cost: $1,120,235 and $1,120,682, allowance for expected credit losses of $1,387 and $1,208)\n\n$\n1,043,097\n\n\n$\n1,052,145\n\n\n\nEquity securities, at fair value (cost: $196,039 and $221,809)\n\n\n216,434\n\n\n\n238,022\n\n\n\nOther invested assets\n\n\n154,195\n\n\n\n133,946\n\n\n\nTotal investments\n\n\n1,413,726\n\n\n\n1,424,113\n\n\n\nCash and cash equivalents\n\n\n44,579\n\n\n\n38,152\n\n\n\nAccounts receivable, net of allowance for expected credit losses of $939 and $1,053\n\n\n312,361\n\n\n\n256,687\n\n\n\nReceivable for securities sold\n\n\n2,908\n\n\n\n124\n\n\n\nAccrued investment income\n\n\n7,281\n\n\n\n7,261\n\n\n\nTaxes recoverable\n\n\n2,233\n\n\n\n623\n\n\n\nReceivable from reinsurers related to paid loss and loss adjustment expenses\n\n\n27,187\n\n\n\n13,129\n\n\n\nReceivable from reinsurers related to unpaid loss and loss adjustment expenses\n\n\n126,747\n\n\n\n112,623\n\n\n\nCeded unearned premiums\n\n\n35,969\n\n\n\n32,346\n\n\n\nDeferred policy acquisition costs\n\n\n100,599\n\n\n\n91,917\n\n\n\nDeferred income taxes\n\n\n14,328\n\n\n\n12,150\n\n\n\nEquity and deposits in pools\n\n\n6,947\n\n\n\n35,247\n\n\n\nOperating lease right-of-use-assets\n\n\n17,966\n\n\n\n19,756\n\n\n\nGoodwill\n\n\n17,093\n\n\n\n17,093\n\n\n\nIntangible assets\n\n\n7,130\n\n\n\n7,551\n\n\n\nOther assets\n\n\n24,863\n\n\n\n25,232\n\n\n\nTotal assets\n\n$\n2,161,917\n\n\n$\n2,094,004\n\n\n\n\n\n\n\n\n\n\n\n\nLiabilities\n\n\n\n\n\n\n\n\nLoss and loss adjustment expense reserves\n\n$\n621,637\n\n\n$\n603,081\n\n\n\nUnearned premium reserves\n\n\n586,577\n\n\n\n528,150\n\n\n\nAccounts payable and accrued liabilities\n\n\n68,301\n\n\n\n64,235\n\n\n\nPayable for securities purchased\n\n\n11,521\n\n\n\n1,863\n\n\n\nPayable to reinsurers\n\n\n15,736\n\n\n\n15,941\n\n\n\nShort-term debt\n\n\n30,000\n\n\n\n—\n\n\n\nLong-term debt\n\n\n—\n\n\n\n30,000\n\n\n\nOperating lease liabilities\n\n\n17,966\n\n\n\n19,756\n\n\n\nOther liabilities\n\n\n—\n\n\n\n26,711\n\n\n\nTotal liabilities\n\n\n1,351,738\n\n\n\n1,289,737\n\n\n\n\n\n\n\n\n\n\n\n\nShareholders’ equity\n\n\n\n\n\n\n\n\nCommon stock: $0.01 par value; 30,000,000 shares authorized; 17,993,947 and 17,949,484 shares issued\n\n\n180\n\n\n\n179\n\n\n\nAdditional paid-in capital\n\n\n228,817\n\n\n\n226,380\n\n\n\nAccumulated other comprehensive loss, net of taxes\n\n\n(59,843\n)\n\n\n(53,191\n)\n\n\nRetained earnings\n\n\n791,318\n\n\n\n781,192\n\n\n\nTreasury stock, at cost: 3,157,577 shares\n\n\n(150,293\n)\n\n\n(150,293\n)\n\n\nTotal shareholders’ equity\n\n\n810,179\n\n\n\n804,267\n\n\n\nTotal liabilities and shareholders’ equity\n\n$\n2,161,917\n\n\n$\n2,094,004\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\nSafety Insurance Group, Inc. and SubsidiariesConsolidated Statements of Operations(Unaudited)(Dollars in thousands, except share and per share data)\n\n\n\n\n\n\n\n\n\n\nThree Months Ended June 30,\n\nSix Months Ended June 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet earned premiums\n\n$\n246,944\n\n\n$\n202,225\n\n\n$\n482,997\n\n\n$\n393,960\n\n\n\nNet investment income\n\n\n13,500\n\n\n\n13,836\n\n\n\n28,731\n\n\n\n27,490\n\n\n\nEarnings from partnership investments\n\n\n2,480\n\n\n\n553\n\n\n\n4,252\n\n\n\n2,719\n\n\n\nNet realized gains on investments\n\n\n2,715\n\n\n\n108\n\n\n\n3,207\n\n\n\n841\n\n\n\nChange in net unrealized gains on equity securities\n\n\n(3,483\n)\n\n\n6,266\n\n\n\n4,182\n\n\n\n7,036\n\n\n\nCredit loss expense\n\n\n(37\n)\n\n\n(35\n)\n\n\n(179\n)\n\n\n(957\n)\n\n\nCommission income\n\n\n2,027\n\n\n\n1,758\n\n\n\n3,835\n\n\n\n3,241\n\n\n\nFinance and other service income\n\n\n5,637\n\n\n\n4,732\n\n\n\n10,991\n\n\n\n8,872\n\n\n\nTotal revenue\n\n\n269,783\n\n\n\n229,443\n\n\n\n538,016\n\n\n\n443,202\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLosses and loss adjustment expenses\n\n\n172,742\n\n\n\n143,523\n\n\n\n341,141\n\n\n\n310,676\n\n\n\nUnderwriting, operating and related expenses\n\n\n73,921\n\n\n\n62,582\n\n\n\n146,188\n\n\n\n122,615\n\n\n\nOther expense\n\n\n1,747\n\n\n\n1,523\n\n\n\n3,584\n\n\n\n3,193\n\n\n\nInterest expense\n\n\n138\n\n\n\n348\n\n\n\n261\n\n\n\n558\n\n\n\nTotal expenses\n\n\n248,548\n\n\n\n207,976\n\n\n\n491,174\n\n\n\n437,042\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome before income taxes\n\n\n21,235\n\n\n\n21,467\n\n\n\n46,842\n\n\n\n6,160\n\n\n\nIncome tax expense\n\n\n4,599\n\n\n\n4,466\n\n\n\n10,128\n\n\n\n1,496\n\n\n\nNet income\n\n$\n16,636\n\n\n$\n17,001\n\n\n$\n36,714\n\n\n$\n4,664\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per weighted average common share:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic\n\n$\n1.13\n\n\n$\n1.15\n\n\n$\n2.49\n\n\n$\n0.32\n\n\n\nDiluted\n\n$\n1.13\n\n\n$\n1.15\n\n\n$\n2.48\n\n\n$\n0.31\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCash dividends paid per common share\n\n$\n0.90\n\n\n$\n0.90\n\n\n$\n1.80\n\n\n$\n1.80\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNumber of shares used in computing earnings per share:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic\n\n\n14,698,770\n\n\n\n14,681,034\n\n\n\n14,682,937\n\n\n\n14,681,766\n\n\n\nDiluted\n\n\n14,722,209\n\n\n\n14,720,520\n\n\n\n14,709,398\n\n\n\n14,741,076\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Net Income to Non-GAAP Operating Income (Loss)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income\n\n$\n16,636\n\n\n$\n17,001\n\n\n$\n36,714\n\n\n$\n4,664\n\n\n\nExclusions from net income:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet realized gains on investments\n\n\n(2,715\n)\n\n\n(108\n)\n\n\n(3,207\n)\n\n\n(841\n)\n\n\nChange in net unrealized gains on equity securities\n\n\n3,483\n\n\n\n(6,266\n)\n\n\n(4,182\n)\n\n\n(7,036\n)\n\n\nCredit loss expense\n\n\n37\n\n\n\n35\n\n\n\n179\n\n\n\n957\n\n\n\nIncome tax (benefit) expense on exclusions from net income\n\n\n(169\n)\n\n\n1,331\n\n\n\n1,514\n\n\n\n1,453\n\n\n\nNon-GAAP operating income (loss)\n\n$\n17,272\n\n\n$\n11,993\n\n\n$\n31,018\n\n\n$\n(803\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income per diluted share\n\n$\n1.13\n\n\n$\n1.15\n\n\n$\n2.48\n\n\n$\n0.31\n\n\n\nExclusions from net income:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet realized gains on investments\n\n\n(0.18\n)\n\n\n(0.01\n)\n\n\n(0.22\n)\n\n\n(0.06\n)\n\n\nChange in net unrealized gains on equity securities\n\n\n0.24\n\n\n\n(0.43\n)\n\n\n(0.28\n)\n\n\n(0.48\n)\n\n\nCredit loss expense\n\n\n-\n\n\n\n-\n\n\n\n0.01\n\n\n\n0.06\n\n\n\nIncome tax (benefit) expense on exclusions from net income\n\n\n(0.01\n)\n\n\n0.09\n\n\n\n0.10\n\n\n\n0.10\n\n\n\nNon-GAAP operating income (loss) per diluted share\n\n$\n1.18\n\n\n$\n0.80\n\n\n$\n2.09\n\n\n$\n(0.07\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\nSafety Insurance Group, Inc. and SubsidiariesAdditional Premium Information(Unaudited)(Dollars in thousands)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended June 30,\n\n\nSix Months Ended June 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nWritten Premiums\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDirect\n\n$\n315,511\n\n\n$\n260,157\n\n\n$\n582,850\n\n\n$\n478,009\n\n\n\nAssumed\n\n\n8,325\n\n\n\n8,528\n\n\n\n17,763\n\n\n\n15,758\n\n\n\nCeded\n\n\n(28,901\n)\n\n\n(23,716\n)\n\n\n(55,383\n)\n\n\n(45,914\n)\n\n\nNet written premiums\n\n$\n294,935\n\n\n$\n244,969\n\n\n$\n545,230\n\n\n$\n447,853\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarned Premiums\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDirect\n\n$\n265,908\n\n\n$\n217,281\n\n\n$\n517,792\n\n\n$\n422,836\n\n\n\nAssumed\n\n\n7,997\n\n\n\n7,605\n\n\n\n16,965\n\n\n\n15,518\n\n\n\nCeded\n\n\n(26,961\n)\n\n\n(22,661\n)\n\n\n(51,760\n)\n\n\n(44,394\n)\n\n\nNet earned premiums\n\n$\n246,944\n\n\n$\n202,225\n\n\n$\n482,997\n\n\n$\n393,960\n\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240807667232/en/\nContacts\nSafety Insurance Group, Inc.Office of Investor Relations877-951-2522InvestorRelations@SafetyInsurance.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like 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