Welcome to our dedicated page for Safety Insurance Group news (Ticker: SAFT), a resource for investors and traders seeking the latest updates and insights on Safety Insurance Group stock.
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 reported its fourth quarter and full-year 2021 results, showing a net income of $32.0 million, down from $52.9 million in Q4 2020, and $130.7 million for the year, compared to $138.2 million in 2020. The combined ratio improved to 93.0%, below the industry average of 95.2%. Book value increased by 5.2% to $62.47 per share. The company announced a $50 million expansion of its share repurchase program and maintained a dividend yield of 4.3%. Losses and loss adjustment expenses rose by 26.3% in Q4, impacting profitability.
The Board of Directors of Safety Insurance Group (NASDAQ:SAFT) has declared a $0.90 per share quarterly cash dividend, payable on March 15, 2022, to shareholders of record as of March 1, 2022. The company will report its fourth-quarter and year-end 2021 financial results on February 23, 2022, with its 10-K filing due by February 28, 2022. Safety operates in Massachusetts, New Hampshire, and Maine, offering various property and casualty insurance products.
Ides Capital Management has expressed frustration over Safety Insurance Group’s stock performance, ESG shortcomings, and capital allocation issues. Through a recent letter, Ides criticized the company’s lack of constructive engagement and transparency, highlighting its January 12 announcement as insufficient. Ides has nominated two independent director candidates, Olga Kondrashova and Farooq Sheikh, to advocate for shareholders. They recommend actions such as initiating share repurchases and improving governance practices to enhance shareholder value.
Safety Insurance Group (NASDAQ: SAFT) announced significant enhancements to its corporate governance and board structure. The board size will increase from six to seven members, aligning with ongoing refreshment efforts. Key appointments include a lead independent director and a new chair for the Nominating and Governance Committee. Furthermore, three-year term limits for committee chairs have been adopted. This strategy aims to improve governance practices and shareholder engagement, with expectations for new director nominees prior to the 2022 annual meeting.
Safety Insurance Group (NASDAQ:SAFT) reported Q3 2021 net income of $24.8 million ($1.64 per diluted share), down from $44.7 million ($2.96 per diluted share) in Q3 2020. Year-to-date net income increased to $98.7 million ($6.58 per diluted share) from $85.2 million ($5.58 per diluted share) in the same prior year period. The company declared a quarterly dividend of $0.90 per share, payable on December 15, 2021. Direct written premiums fell by 1.1% to $211.1 million, while net earned premiums decreased marginally by 0.2%. Total losses increased by 22.7% to $119.1 million for Q3 2021.
Safety Insurance Group, Inc. (NASDAQ:SAFT) reported Q2 2021 net income of $37.7 million, or $2.49 per diluted share, down from $42.5 million, or $2.78 per diluted share in Q2 2020. Year-to-date net income rose to $73.8 million, or $4.93 per diluted share, compared to $40.5 million in 2020. The company declared a quarterly dividend of $0.90 per share, payable September 15, 2021. Direct written premiums increased by 5.8% to $217.2 million. However, losses incurred rose 21.1% to $110.2 million. Book value per share grew to $61.43, and combined ratio increased to 90.2%.
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" (Excellent) for Safety Insurance companies. The ratings outlook is stable. Concurrently, a new FSR of A (Excellent) and Long-Term ICR of "a+" are assigned to Safety Northeast Insurance Company. The ratings reflect Safety's very strong balance sheet, strong operating performance, and neutral business profile. Despite geographic concentration risks in Massachusetts, Safety's financial metrics and intercompany agreements support its stability.
Safety Insurance Group (NASDAQ:SAFT) reported a strong first quarter 2021, achieving net income of $36.2 million, or $2.42 per diluted share, a turnaround from a net loss of $2.0 million in Q1 2020. Non-GAAP operating income rose to $1.93 per diluted share. However, direct written premiums fell by 2.6% to $192.2 million. The company declared a $0.90 per share dividend, payable June 15, 2021. Q1 2021 saw loss and loss adjustment expenses decrease by 7.7%, indicating better claims management.
Safety Insurance Group (NASDAQ: SAFT) reported strong fourth quarter 2020 results with net income of $53 million ($3.55 per share), up from $28.1 million in Q4 2019. For the full year, net income reached $138.2 million ($9.18 per share), compared to $99.6 million in 2019. Non-GAAP operating income also rose, reaching $2.55 per share for Q4 and $8.64 per share for the year. Despite these positives, direct written premiums fell by 3.7% in Q4 and 6.3% for the year, largely due to impacts from COVID-19. The company maintained a dividend of $3.60 per share, up from $3.40 in 2019.
The Board of Directors of Safety Insurance Group (NASDAQ:SAFT) has declared a quarterly cash dividend of $0.90 per share, payable on March 15, 2021 to shareholders on record by March 5, 2021. The company intends to release its 2020 annual results on February 24, 2021, with the Annual Report to be filed by February 26, 2021. Additionally, the 2021 Annual Meeting of Shareholders is scheduled for May 19, 2021, in Boston.
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