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 Statements of Operations
(Dollars in thousands, except per share data)
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three Months Ended June 30, · Six Months Ended June 30, | ||||||||||||
| | 2024 | 2023 | 2024 | 2023 | ||||||||
| | | | | | | | | | | | | |
| Net earned premiums | | $246,944 | | $202,225 | | $482,997 | | $393,960 | ||||
| Net investment income | | 13,500 | | 13,836 | | 28,731 | | 27,490 | ||||
| Earnings from partnership investments | | 2,480 | | 553 | | 4,252 | | 2,719 | ||||
| Net realized gains on investments | | 2,715 | | 108 | | 3,207 | | 841 | ||||
| Change in net unrealized gains on equity securities | | | (3,483) | | | 6,266 | | | 4,182 | | | 7,036 |
| Credit loss expense | | | (37) | | | (35) | | | (179) | | | (957) |
| Commission income | | | 2,027 | | | 1,758 | | | 3,835 | | | 3,241 |
| Finance and other service income | | 5,637 | | 4,732 | | 10,991 | | 8,872 | ||||
| Total revenue | | 269,783 | | 229,443 | | | 538,016 | | | 443,202 | ||
| | | | | | | | | | | | | |
| Losses and loss adjustment expenses | | 172,742 | | 143,523 | | 341,141 | | 310,676 | ||||
| Underwriting, operating and related expenses | | 73,921 | | 62,582 | | 146,188 | | 122,615 | ||||
| Other expense | | 1,747 | | 1,523 | | 3,584 | | 3,193 | ||||
| Interest expense | | 138 | | 348 | | 261 | | 558 | ||||
| Total expenses | | 248,548 | | 207,976 | | 491,174 | | 437,042 | ||||
| | | | | | | | | | | | | |
| Income before income taxes | | 21,235 | | 21,467 | | | 46,842 | | | 6,160 | ||
| Income tax expense | | 4,599 | | 4,466 | | 10,128 | | 1,496 | ||||
| Net income | | $16,636 | | $17,001 | | $36,714 | | $4,664 | ||||
| | | | | | | | | | | | | |
| Earnings per weighted average common share: | | | | | | | | | | | | |
| Basic | | $1.13 | | $1.15 | | $2.49 | | $0.32 | ||||
| Diluted | | $1.13 | | $1.15 | | $2.48 | | $0.31 | ||||
| | | | | | | | | | | | | |
| Cash dividends paid per common share | | $0.90 | | $0.90 | | $1.80 | | $1.80 | ||||
| | | | | | | | | | | | | |
| Number of shares used in computing earnings per share: | | | | | | | | | | | | |
| Basic | | 14,698,770 | | 14,681,034 | | 14,682,937 | | 14,681,766 | ||||
| Diluted | | 14,722,209 | | 14,720,520 | | 14,709,398 | | 14,741,076 | ||||
| | | | | | | | | | | | | |
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