SAFETY INSURANCE GROUP INC

Listed Company

SAFTCIK 0001172052NasdaqLarge AcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.26B

Net Income

$99.25M

Total Assets

$2.47B

Equity

$892.31M

Shares Out

14.63M

Op. Cash Flow

$194.50M

Business

SAFETY INSURANCE GROUP INC provides property and casualty insurance primarily focused on private passenger and commercial automobile and homeowners coverages. It offers a portfolio of products including private passenger and commercial automobile policies, homeowners, dwelling fire, business owner, personal and commercial umbrella coverages, inland marine and watercraft endorsements and related services. Its operations are organized across multiple insurance subsidiaries (Safety Insurance, Safety Indemnity, Safety Property and Casualty, and Safety Northeast) that underwrite different rate tiers and product variants. The company distributes its products exclusively through a network of independent agents operating in Massachusetts, New Hampshire and Maine.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net earned premiums	1,139	1,011	834	759	774
Net investment income	63	56	56	47	44
Earnings from partnership investments	8	10	6	12	20
Net realized gains on investments	18	8	1	—	—
Change in net unrealized gains on equity securities	—	4	8	−44	16
Change in net unrealized gains on equity securities	−802,000	—	—	—	—
Credit loss benefit (expense)	1	9,000	−530,000	14,000	363,000
Commission income	9	8	7	566,000	—
Finance and other service income	26	24	19	14	15
Total revenue	1,264	1,120	931	798	885
Losses and loss adjustment expenses	797	717	642	492	462
Underwriting, operating and related expenses	330	305	257	245	258
Other expense	8	8	7	330,000	—
Interest expense	2	509,000	818,000	524,000	—
Total expenses	1,137	1,030	907	738	721
Income before income taxes	127	90	24	60	164
Income tax expense	27	19	6	13	34
Net income	99	71	19	47	131
Basic (per share)	6.72	4.79	1.28	3.17	8.85
Diluted (per share)	6.7	4.78	1.28	3.15	8.8
Cash dividends paid per common share	3.64	3.6	3.6	3.6	3.6
Basic (shares)	15	15	15	15	15
Diluted (shares)	15	15	15	15	15

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities, available for sale, at fair value (amortized cost: $1,337,235 and $1,181,038, allowance for expected credit losses of $0 and $1,198)	1,316	1,115	1,052	1,050	1,218
Short-term investments, at fair value (cost: $0 and $19,970)	—	20	—	—	—
Equity securities, at fair value (cost: $201,591 and $201,258)	221	221	238	240	265
Other invested assets	151	156	134	113	88
Total investments	1,688	1,513	1,424	1,403	1,571
Cash and cash equivalents	74	59	38	25	64
Accounts receivable, net of allowance for expected credit losses of $802 and $918	320	306	257	193	171
Receivable for securities sold	4	568,000	124,000	877,000	9
Accrued investment income	12	7	7	8	7
Receivable from reinsurers related to paid loss and loss adjustment expenses	9	26	13	13	18
Receivable from reinsurers related to unpaid loss and loss adjustment expenses	149	131	113	93	91
Ceded unearned premiums	40	41	32	28	24
Deferred policy acquisition costs	112	105	92	76	73
Deferred income taxes	4	11	12	21	—
Equity and deposits in pools	4	4	35	34	34
Operating lease right-of-use-assets	12	16	20	23	27
Goodwill	17	17	17	17	—
Intangible assets	7	8	8	8	—
Other assets	19	24	25	29	27
Total assets	2,471	2,270	2,094	1,973	2,117
Losses and loss adjustment expense reserves	762	672	603	550	571
Unearned premium reserves	655	620	528	433	413
Accounts payable and accrued liabilities	80	77	64	74	77
Payable for securities purchased	846,000	7	2	1	16
Payable to reinsurers	15	19	16	11	9
Taxes payable	4	1	—	2	—
Short-term debt	—	30	—	—	—
Long-term debt	50	—	30	—	—
Operating lease liabilities	12	16	20	23	27
Total liabilities	1,579	1,442	1,290	1,161	1,190
Commitments and contingencies (Note 8)	—	—	—	—	—
Common stock: $0.01 par value; 30,000,000 shares authorized; 18,051,631 and 17,995,584 shares issued	181,000	180,000	179,000	179,000	178,000
Additional paid-in capital	236	231	226	222	216
Accumulated other comprehensive loss, net of taxes	−17	−51	−53	−81	25
Retained earnings	844	799	781	815	822
Treasury stock, at cost: 3,419,947 and 3,157,577 shares	−170	−150	−150	−145	−135
Total shareholders' equity	892	828	804	812	927
Total liabilities and shareholders' equity	2,471	2,270	2,094	1,973	2,117

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	99	71	19	47	131
Investment amortization, net	−2	719,000	−310,000	2	4
Fixed asset depreciation, net	7	9	7	7	7
Stock based compensation	5	4	4	6	6
Credit for deferred income taxes	−2	380,000	2	−8	5
Net realized gains on investments	−17	−8	−1	—	—
Earnings from partnership investments	500,000	−8	−5	−8	−14
Change in net unrealized gains on equity securities	697,000	—	—	—	—
Accounts receivable, net	−14	−50	−64	−22	8
Accrued investment income	−5	−165,000	951,000	−811,000	644,000
Receivable from reinsurers	−2	−31	−19	3	11
Ceded unearned premiums	2	−9	−4	−5	−1
Deferred policy acquisition costs	−6	−14	−16	−3	2
Taxes payable	3	2	−2	3	−1
Other assets	2	14	−2	−6	−3
Losses and loss adjustment expense reserves	90	69	53	−21	3
Unearned premium reserves	35	92	95	20	−8
Accounts payable and accrued liabilities	3	13	−9	−3	−3
Payable to reinsurers	−4	3	4	2	956,000
Other liabilities	—	−26	−3	−3	25
Net cash provided by operating activities	194	129	52	44	141
Fixed maturities purchased	−537	−270	−92	−215	−356
Short-term investments purchased	—	−20	—	—	—
Equity securities purchased	−122	−56	−51	−52	−59
Other invested assets purchased	−8	−11	−19	−20	−33
Proceeds from sales and paydowns of fixed maturities	294	151	102	154	214
Proceeds from maturities, redemptions, and calls of fixed maturities	70	61	20	86	145
Proceeds from maturities of short-term investments	20	—	—	—	—
Proceed from sales of equity securities	148	85	65	43	27
Proceeds from other invested assets redeemed	12	11	3	3	5
Acquisition, net of cash received	—	−2	−2	−18	—
Fixed assets purchased	−3	−4	−2	−2	−8
Net cash (used for) provided by investing activities	−126	−55	24	−20	−66
Payments on FHLB loan	−30	−15	−25	—	—
Dividends paid to shareholders	−54	−53	−53	−53	−54
Acquisition of treasury stock	−20	—	−5	−15	−12
Net cash used for financing activities	−54	−53	−64	−63	−66
Net (decrease) increase in cash and cash equivalents	15	21	13	−38	10
Federal and state income taxes, net of refunds	27	17	6	—	—
Interest	1	510,000	811,000	507,000	507,000

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