SAFETY INSURANCE GROUP INC

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

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.

FY2024 · Filed Feb 27, 2025

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

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Contents

Statements of Cash Flows

Consolidated Statements of Cash Flow****s


· · Year Ended December 31,
· 2024 · 2023 · · 2022
Cash flows from operating activities:
Net income	$70,734	$18,875	$46,561
Adjustments to reconcile net income to net cash provided by operating activities:
Investment amortization, net	719	(310)	1,693
Fixed asset depreciation, net	9,465	6,949	6,610
Stock based compensation	4,484	4,332	5,980
Credit for deferred income taxes	380	1,655	(8,371)
Net realized gains on investments	(7,720)	(1,327)	(9,190)
Credit loss (benefit) expense	(9)	530	(14)
Earnings from partnership investments	(7,588)	(4,635)	(8,388)
Change in net unrealized gains on equity securities	(3,951)	(7,502)	44,386
Changes in assets and liabilities:
Accounts receivable, net	(49,778)	(64,145)	(21,589)
Accrued investment income	(165)	951	(811)
Receivable from reinsurers	(31,426)	(19,370)	2,519
Ceded unearned premiums	(9,067)	(3,893)	(4,658)
Deferred policy acquisition costs	(13,557)	(16,335)	(2,558)
Taxes recoverable/payable	1,632	(2,405)	3,237
Other assets	13,559	(2,128)	(6,477)
Loss and loss adjustment expense reserves	68,588	53,483	(21,053)
Unearned premium reserves	91,766	94,775	19,888
Accounts payable and accrued liabilities	13,200	(9,341)	(2,680)
Payable to reinsurers	3,133	4,497	2,252
Other liabilities	(25,711)	(2,542)	(3,011)
Net cash provided by operating activities	128,688	52,114	44,326

Cash flows from investing activities:
Fixed maturities purchased	(269,889)	(91,674)	(215,092)
Short-term investments purchased	(19,580)	—	—
Equity securities purchased	(55,920)	(50,849)	(52,192)
Other invested assets purchased	(11,352)	(19,066)	(20,204)
Proceeds from sales and paydowns of fixed maturities	151,220	102,143	154,491
Proceeds from maturities, redemptions, and calls of fixed maturities	60,624	19,542	86,406
Proceed from sales of equity securities	85,489	64,691	43,348
Proceeds from other invested assets redeemed	11,298	3,377	2,933
Acquisition, net of cash received	(2,065)	(2,112)	(17,586)
Fixed assets purchased	(4,366)	(1,783)	(2,092)
Net cash (used for) / provided by investing activities	(54,541)	24,269	(19,988)

Cash flows from financing activities:
Proceeds from FHLB loan	15,000	20,000	5,000
Payments on FHLB loan	(15,000)	(25,000)	—
Dividends paid to shareholders	(53,325)	(53,291)	(53,038)
Acquisition of treasury stock	—	(5,240)	(14,603)
Net cash used for financing activities	(53,325)	(63,531)	(62,641)

Net increase (decrease) in cash and cash equivalents	20,822	12,852	(38,303)
Cash and cash equivalents at beginning of year	38,152	25,300	63,603
Cash and cash equivalents at end of period	$58,974	$38,152	$25,300

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Federal and state income taxes	$16,515	$6,072	$19,119
Interest	$510	$811	$507

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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.