---
schema_version: "secwatch.filing_event.v1"
accession: "0001172052-23-000003"
form_type: "8-K"
ticker: "SAFT"
cik: "0001172052"
company_name: "SAFETY INSURANCE GROUP INC"
filed_at: "2023-02-22T23:59:59+00:00"
generated_at: "2026-06-19T04:14:56.256383+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001172052-23-000003
- form_type: 8-K
- ticker: SAFT
- cik: 0001172052
- company_name: SAFETY INSURANCE GROUP INC
- filed_at: 2023-02-22T23:59:59+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/1172052/000117205223000003/0001172052-23-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1172052/000117205223000003/saft-20230222x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001172052-23-000003
- JSON: https://secwatch.observer/filing/0001172052-23-000003.json
- Plain text: https://secwatch.observer/filing/0001172052-23-000003.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1172052/000117205223000003/0001172052-23-000003-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1172052/000117205223000003/0001172052-23-000003-index.htm

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