Safety Insurance Q3 net income falls to $6.2M; declares $0.90 dividend; signs LOI to acquire Northeast Insurance Agency

SAFETY INSURANCE GROUP INC

2022-Q3 EPS reported $1.48 revenue$570,956,000

Net income $6.2M ($0.42 diluted) vs $24.8M ($1.64) in Q3 2021; non-GAAP operating income $1.13 diluted vs $1.70.
Direct written premiums up 3.2% to $217.9M; combined ratio 97.1% vs 93.9% due to higher loss ratio (65.3% vs 61.3%).
Book value per share $53.21, down from $62.47 at Dec 2021 due to $115M decline in fixed maturity portfolio from rising rates.
Board declares $0.90 quarterly dividend payable Dec 15, 2022 to holders of record Dec 1, 2022 (unchanged from Q3).
Signed letter of intent to acquire Northeast Insurance Agency, Inc.; aims to strengthen independent agency channel.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SAFETY INSURANCE GROUP INC reported the nine months ended September 30, 2022 results: net income $21.9 million, EPS $1.48 per diluted share.

Period: the nine months ended September 30, 2022
Net income: $21.9 million
EPS: $1.48 per diluted share
Result: reported results

Exact text from the filing

Net income for the nine months ended September 30, 2022 was $21.9 million, or $1.48 per diluted share, compared to net income of $98.7 million, or $6.58 per diluted share, for the comparable 2021 period.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SAFETY INSURANCE GROUP INC reported the quarter ended September 30, 2022 results: net income $6.2 million, EPS $0.42 per diluted share.

Period: the quarter ended September 30, 2022
Net income: $6.2 million
EPS: $0.42 per diluted share
Result: reported results

Exact text from the filing

Net income for the quarter ended September 30, 2022 was $6.2 million, or $0.42 per diluted share, compared to net income of $24.8 million, or $1.64 per diluted share, for the comparable 2021 period.

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Source: SEC EDGAR

accession 0001172052-22-000045

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