Safety Insurance Q2 net income $17M ($1.15/diluted), combined ratio 101.9% vs 92.1% YoY

SAFETY INSURANCE GROUP INC

2023-Q2 EPS reported $0.31 revenue$443,202,000

Net income of $17.0M ($1.15/diluted) vs $7.9M ($0.53) in Q2 2022; non-GAAP operating income $0.80/diluted vs $1.91.
Combined ratio 101.9% for Q2 2023, driven by inflation on private passenger auto; expense ratio improved to 30.9%.
Direct written premiums grew 21.2% to $260.2M; net written premiums +20.8% to $245.0M.
Book value per share fell to $53.66 from $54.88 at Dec 2022; repurchased 74,213 shares for $5.2M in Q2.
Board declares $0.90 quarterly dividend payable Sept 15, 2023 to holders of record Sept 1, 2023 (unchanged).

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SAFETY INSURANCE GROUP INC reported the quarter ended June 30, 2023 results: revenue $202.2 million, net income $17.0 million, EPS $1.15 per diluted share.

Period: the quarter ended June 30, 2023
Revenue: $202.2 million
Net income: $17.0 million
EPS: $1.15 per diluted share
Result: reported results

Exact text from the filing

million from $404.1 million for the comparable 2022 period. Net written premiums for the quarter ended June 30, 2023 increased by $42.2 million, or 20.8%, to $245.0 million from $202.7 million for the comparable 2022 period. Net written premiums for the year ended June 30, 2023 increased by $67.1 million, or 17.6%, to $447.9 million from $380.8 million for the

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SAFETY INSURANCE GROUP INC reported the six months ended June 30, 2023 results: revenue $394.0 million, net income $4.7 million, EPS $0.31 per diluted share.

Period: the six months ended June 30, 2023
Revenue: $394.0 million
Net income: $4.7 million
EPS: $0.31 per diluted share
Result: reported results

Exact text from the filing

or 7.4%, to $202.2 million from $188.3 million for the comparable 2022 period. Net earned premiums for the six months ended June 30, 2023 increased by $18.5 million, or 4.9%, to $394.0 million from $375.4 million for the comparable 2022 period. For the quarter ended June 30, 2023, losses and loss adjustment expenses incurred increased by $30.8 million, or 27.3%, to

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Source: SEC EDGAR

accession 0001172052-23-000027

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