SAFETY INSURANCE GROUP INC

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 28, 2024

SAFT$104.27-0.1%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Balance Sheets

Consolidated Balance Sheet****s

(Dollars in thousands, except share data)


· December 31, · December 31,
· · 2023 · · 2022

Assets
Investments:
Fixed maturities, available for sale, at fair value (amortized cost: $1,120,682 and $1,152,779, allowance for expected credit losses of $1,208 and $678)	$1,052,145	$1,050,155
Equity securities, at fair value (cost: $221,809 and $231,444)	238,022	240,155
Other invested assets	133,946	112,850
Total investments	1,424,113	1,403,160
Cash and cash equivalents	38,152	25,300
Accounts receivable, net of allowance for expected credit losses of $1,053 and $1,446	256,687	192,542
Receivable for securities sold	124	877
Accrued investment income	7,261	8,212
Taxes recoverable	623	—
Receivable from reinsurers related to paid loss and loss adjustment expenses	13,129	12,988
Receivable from reinsurers related to unpaid loss and loss adjustment expenses	112,623	93,394
Ceded unearned premiums	32,346	28,453
Deferred policy acquisition costs	91,917	75,582
Deferred income taxes	12,150	21,074
Equity and deposits in pools	35,247	33,648
Operating lease right-of-use-assets	19,756	23,336
Goodwill	17,093	17,093
Intangible assets	7,551	7,856
Other assets	25,232	29,054
Total assets	$2,094,004	$1,972,569

Liabilities
Loss and loss adjustment expense reserves	$603,081	$549,598
Unearned premium reserves	528,150	433,375
Accounts payable and accrued liabilities	64,235	73,875
Payable for securities purchased	1,863	1,359
Payable to reinsurers	15,941	11,444
Taxes payable	—	1,729
Debt	30,000	35,000
Operating lease liabilities	19,756	23,336
Other liabilities	26,711	30,854
Total liabilities	1,289,737	1,160,570

Commitments and contingencies (Note 8)

Shareholders’ equity
Common stock: $0.01 par value; 30,000,000 shares authorized; 17,949,484 and 17,879,095 shares issued	179	179
Additional paid-in capital	226,380	222,049
Accumulated other comprehensive (loss) income, net of taxes	(53,191)	(80,538)
Retained earnings	781,192	815,309
Treasury stock, at cost: 3,157,577 and 3,083,364 shares	(150,293)	(145,000)
Total shareholders’ equity	804,267	811,999
Total liabilities and shareholders’ equity	$2,094,004	$1,972,569

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.