Safety Insurance Q1 net income drops 78% to $7.8M; combined ratio hits 98.7%

SAFETY INSURANCE GROUP INC

2022-Q1 EPS reported $0.53 revenue$195,003,000

Net income $7.8M ($0.53 diluted EPS) vs $36.2M ($2.42) in Q1 2021; non-GAAP op. income $0.99 vs $1.93.
Combined ratio 98.7% (loss ratio 65.8%) vs 91.5% (57.8%) due to return to pre-pandemic frequency and inflation.
Direct written premiums down 1.4% to $189.5M; net earned premiums down 3.0% to $187.1M.
Board declared $0.90 quarterly dividend payable June 15, 2022 to holders of record June 1, 2022.
Book value per share fell to $58.47 from $62.47; repurchased 170,904 shares for $14.6M in Q1.

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