Safety Insurance Q2 net income $0.53/share vs $2.49 YoY; combined ratio 92.1%; $0.90 dividend

SAFETY INSURANCE GROUP INC

2022-Q2 EPS reported $1.06 revenue$378,608,000

Net income $7.9M ($0.53/sh) vs $37.7M ($2.49/sh) YoY; unrealized equity losses $41.9M.
Non-GAAP operating income $1.91/sh vs $1.85/sh YoY; combined ratio 92.1% vs 90.2%.
Direct written premiums down 1.2% to $214.6M; losses increased due to pre-pandemic frequency and inflation.
COVID-19 legal reserve reversed $6.5M after Massachusetts Supreme Judicial Court ruling.
Dividend $0.90/sh declared, payable Sept 15, 2022 to holders of record Sept 1.

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