SAFETY INSURANCE GROUP INC

For the period ended Jun 30, 2024. Filed Aug 9, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 9, 2024

SAFT$104.40+0.1%Stored close · as of Nov 9, 2026

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Consolidated Balance Sheets

(Dollars in thousands, except share data)


· June 30, · December 31,
· · 2024 · · 2023
· · (Unaudited) · · ·
Assets
Investments:
Fixed maturities, available for sale, at fair value (amortized cost: $1,120,235 and $1,120,682, allowance for expected credit losses of $1,387 and $1,208)	$1,043,097	$1,052,145
Equity securities, at fair value (cost: $196,039 and $221,809)	216,434	238,022
Other invested assets	154,195	133,946
Total investments	1,413,726	1,424,113
Cash and cash equivalents	44,579	38,152
Accounts receivable, net of allowance for expected credit losses of $939 and $1,053	312,361	256,687
Receivable for securities sold	2,908	124
Accrued investment income	7,281	7,261
Taxes recoverable	2,233	623
Receivable from reinsurers related to paid loss and loss adjustment expenses	27,187	13,129
Receivable from reinsurers related to unpaid loss and loss adjustment expenses	126,747	112,623
Ceded unearned premiums	35,969	32,346
Deferred policy acquisition costs	100,599	91,917
Deferred income taxes	14,328	12,150
Equity and deposits in pools	6,947	35,247
Operating lease right-of-use-assets	17,966	19,756
Goodwill	17,093	17,093
Intangible assets	7,130	7,551
Other assets	24,863	25,232
Total assets	$2,161,917	$2,094,004

Liabilities
Loss and loss adjustment expense reserves	$621,637	$603,081
Unearned premium reserves	586,577	528,150
Accounts payable and accrued liabilities	68,301	64,235
Payable for securities purchased	11,521	1,863
Payable to reinsurers	15,736	15,941
Short-term debt	30,000	—
Long-term debt	—	30,000
Operating lease liabilities	17,966	19,756
Other liabilities	—	26,711
Total liabilities	1,351,738	1,289,737

Commitments and contingencies (Note 8)

Shareholders’ equity
Common stock: $0.01 par value; 30,000,000 shares authorized; 17,993,947 and 17,949,484 shares issued	180	179
Additional paid-in capital	228,817	226,380
Accumulated other comprehensive loss, net of taxes	(59,843)	(53,191)
Retained earnings	791,318	781,192
Treasury stock, at cost: 3,157,577 shares	(150,293)	(150,293)
Total shareholders’ equity	810,179	804,267
Total liabilities and shareholders’ equity	$2,161,917	$2,094,004

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