---
schema_version: "secwatch.filing_event.v1"
accession: "0001172052-22-000026"
form_type: "8-K"
ticker: "SAFT"
cik: "0001172052"
company_name: "SAFETY INSURANCE GROUP INC"
filed_at: "2022-05-04T23:59:59+00:00"
generated_at: "2026-06-26T00:26:04.601835+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001172052-22-000026
- form_type: 8-K
- ticker: SAFT
- cik: 0001172052
- company_name: SAFETY INSURANCE GROUP INC
- filed_at: 2022-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1172052/000117205222000026/0001172052-22-000026-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1172052/000117205222000026/saft-20220504x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001172052-22-000026
- JSON: https://secwatch.observer/filing/0001172052-22-000026.json
- Plain text: https://secwatch.observer/filing/0001172052-22-000026.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.