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Safety Insurance Group Inc (SAFT) is a leading provider of private passenger automobile insurance in Massachusetts. Established in 1979 with a mission to deliver top-notch service to customers, Safety Insurance has grown to become the third largest private passenger automobile carrier, the third largest commercial automobile carrier, and the seventh largest homeowners carrier in the region. The company also offers a wide array of property and casualty insurance products, ranging from commercial automobiles to homeowners, dwelling fire, umbrella, and business owner policies.
Safety Insurance distributes its products exclusively through independent agents, ensuring personalized and efficient service to its clients. The company prioritizes making the business process seamless for both agents and policyholders, which has been a cornerstone of its long-term success and customer loyalty.
In addition to its strong presence in Massachusetts, Safety Insurance is expanding its footprint in New Hampshire with a variety of personal and business insurance products. By continuously adapting to market needs and leveraging strong partnerships, the company remains a preferred provider for auto, homeowner, and business insurance.
Safety Insurance’s commitment to service excellence is reflected in its ongoing projects and recent achievements. The company frequently updates its offerings and strives to enhance its financial condition through strategic initiatives and robust partnerships. For investors and stakeholders, staying informed about the latest developments and performance metrics of Safety Insurance is crucial. Safety Insurance Group Inc remains dedicated to delivering safety and service, ensuring that customers' needs are met with utmost priority.
Safety Insurance Group (NASDAQ:SAFT) reported strong Q3 2024 results with net income of $25.9 million ($1.73 per diluted share), up from $1.9 million ($0.13 per share) in Q3 2023. Direct written premiums increased 19.1% to $318.2 million, driven by new business and rate increases. The combined ratio improved to 100.7% from 104.8% year-over-year. The company saw significant growth across all business lines, with private passenger auto exposure up 10.7%, commercial auto up 5.2%, and homeowners up 9.4%. Book value per share increased to $57.38, and the Board approved a $0.90 quarterly dividend.
Safety Insurance Group, Inc. (NASDAQ:SAFT) reported second quarter 2024 results with net income of $16.6 million, or $1.13 per diluted share. The company saw a 22.1% increase in net earned premiums to $246.9 million, driven by new business production and rate increases. Safety's combined ratio improved to 99.9%, favorably impacted by a transaction related to the Massachusetts Property Insurance Underwriting Association. Direct written premiums increased by 21.3% to $315.5 million. The company declared a quarterly dividend of $0.90 per share, payable on September 13, 2024. Safety's book value per share increased to $54.61 at June 30, 2024, from $54.37 at December 31, 2023.
Safety Insurance Group, Inc. (NASDAQ:SAFT) reported first quarter 2024 results with a net income of $20.1 million, or $1.36 per diluted share, compared to a net loss in the same period of 2023. The company declared a $0.90 per share quarterly cash dividend, with positive trends in revenue and approved rate increases. Safety continues to see growth in policy counts and average written premiums across all lines of business.
Safety Insurance Group (NASDAQ: SAFT) announced leadership changes with the retirement of
Safety Insurance Group (NASDAQ:SAFT) reported its Q4 and full-year 2022 results, showing a combined ratio of 97.2% and GAAP earnings per diluted share of $3.15. The company’s net income for Q4 2022 was $24.6 million, down from $32.0 million in Q4 2021. For the year, net income fell to $46.6 million from $130.7 million in 2021. Despite challenges like inflation, direct written premiums increased by 10.9% in Q4 and 2.6% for the year. The company completed the acquisition of Northeast Insurance Agency to strengthen its market position.
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