Safety Insurance Q4 net income $24.6M, down 23% YoY; combined ratio 100.7%

SAFETY INSURANCE GROUP INC

2022-FY EPS reported $3.15 revenue$797,559,000

Q4 net income $24.6M ($1.67/diluted) vs $32.0M ($2.14) prior year; full year $46.6M ($3.15) vs $130.7M ($8.80).
Non-GAAP operating income $0.98/diluted in Q4 vs $1.55; full year $5.05 vs $7.14.
Combined ratio 100.7% in Q4 (vs 96.4%) and 97.2% for full year (vs 93.0%).
Book value per share fell to $54.88 from $62.47 due to interest rate impact on fixed maturity portfolio.
Board approved $0.90 quarterly dividend payable March 15, 2023; completed acquisition of Northeast Insurance Agency on Dec 1, 2022.

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 0.9

SAFETY INSURANCE GROUP INC reported the year ended December 31, 2022 results: revenue $758.5 million, net income $46.6 million, EPS $3.15 per diluted share.

Period: the year ended December 31, 2022
Revenue: $758.5 million
Net income: $46.6 million
EPS: $3.15 per diluted share
Result: reported results

Exact text from the filing

or 0.2%, to $193.2 million from $192.8 million for the comparable 2021 period. Net earned premiums for the year ended December 31, 2022 decreased by $15.8 million, or 2.0%, to $758.5 million from $774.3 million for the comparable 2021 period. For the quarter ended December 31, 2022, losses and loss adjustment expenses incurred increased by $11.1 million, or 9.2%, to

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SAFETY INSURANCE GROUP INC reported the quarter ended December 31, 2022 results: revenue $193.2 million, net income $24.6 million, EPS $1.67 per diluted share.

Period: the quarter ended December 31, 2022
Revenue: $193.2 million
Net income: $24.6 million
EPS: $1.67 per diluted share
Result: reported results

Exact text from the filing

a result of new business production, improved retention, and rate increases. Net earned premiums for the quarter ended December 31, 2022 increased by $0.4 million, or 0.2%, to $193.2 million from $192.8 million for the comparable 2021 period. Net earned premiums for the year ended December 31, 2022 decreased by $15.8 million, or 2.0%, to $758.5 million from $774.3

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Source: SEC EDGAR

accession 0001172052-23-000003

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