Safety Insurance Q3 net income falls 69% to $1.9M; combined ratio 104.8% due to auto inflation and weather losses

SAFETY INSURANCE GROUP INC

2023-Q3 EPS reported $0.45 revenue$672,560,000

Net income $1.9M ($0.13 diluted EPS) vs $6.2M ($0.42) in Q3 2022; non-GAAP op income $0.59 vs $1.13.
Combined ratio 104.8% (vs 97.1% a year ago) reflecting inflation in Private Passenger Auto and flood/wind events.
Direct written premiums grew 22.6% to $267.1M; net written premiums up 22.2% to $251.1M.
Book value per share fell to $52.04 from $54.88 at year-end 2022; board declared $0.90 dividend payable Dec 15.
Net investment income rose 26% to $14.0M on higher interest rates; yield 4.0% vs 3.1%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SAFETY INSURANCE GROUP INC reported third quarter 2023 results: net income $1.9 million, or $0.13 per diluted share.

Period: third quarter 2023
Net income: $1.9 million, or $0.13 per diluted share
Result: reported results

Exact text from the filing

Net income for the quarter ended September 30, 2023 was $1.9 million, or $0.13 per diluted share, compared to net income of $6.2 million, or $0.42 per diluted share, for the comparable 2022 period.

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Source: SEC EDGAR

accession 0001172052-23-000033

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