SAFETY INSURANCE GROUP INC

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

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.

FY2025 · Filed Feb 27, 2026

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,
· · 2025 · · 2024 · · 2023
Cash flows from operating activities:
Net income	$99,255	$70,734	$18,875
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Investment amortization, net	(1,571)	719	(310)
Fixed asset depreciation, net	6,777	9,465	6,949
Stock based compensation	4,830	4,484	4,332
Credit for deferred income taxes	(1,931)	380	1,655
Net realized gains on investments	(16,765)	(7,720)	(1,327)
Credit loss (benefit) expense	(1,198)	(9)	530
Earnings from partnership investments	500	(7,588)	(4,635)
Change in net unrealized gains on equity securities	697	(3,951)	(7,502)
Changes in assets and liabilities:
Accounts receivable, net	(13,722)	(49,778)	(64,145)
Accrued investment income	(4,743)	(165)	951
Receivable from reinsurers	(1,696)	(31,426)	(19,370)
Ceded unearned premiums	1,739	(9,067)	(3,893)
Deferred policy acquisition costs	(6,317)	(13,557)	(16,335)
Taxes payable	2,894	1,632	(2,405)
Other assets	1,586	13,559	(2,128)
Losses and loss adjustment expense reserves	90,070	68,588	53,483
Unearned premium reserves	34,887	91,766	94,775
Accounts payable and accrued liabilities	3,096	13,200	(9,341)
Payable to reinsurers	(3,890)	3,133	4,497
Other liabilities	—	(25,711)	(2,542)
Net cash provided by operating activities	194,498	128,688	52,114

Cash flows from investing activities:
Fixed maturities purchased	(537,381)	(269,889)	(91,674)
Short-term investments purchased	—	(19,580)	—
Equity securities purchased	(122,074)	(55,920)	(50,849)
Other invested assets purchased	(7,944)	(11,352)	(19,066)
Proceeds from sales and paydowns of fixed maturities	294,069	151,220	102,143
Proceeds from maturities, redemptions, and calls of fixed maturities	70,031	60,624	19,542
Proceeds from maturities of short-term investments	20,000	—
Proceed from sales of equity securities	148,376	85,489	64,691
Proceeds from other invested assets redeemed	11,725	11,298	3,377
Acquisition, net of cash received	—	(2,065)	(2,112)
Fixed assets purchased	(2,508)	(4,366)	(1,783)
Net cash (used for) provided by investing activities	(125,706)	(54,541)	24,269

Cash flows from financing activities:
Proceeds from Citizens loan	50,000	—	—
Proceeds from FHLB loan	—	15,000	20,000
Payments on FHLB loan	(30,000)	(15,000)	(25,000)
Dividends paid to shareholders	(53,865)	(53,325)	(53,291)
Acquisition of treasury stock	(20,000)	—	(5,240)
Net cash used for financing activities	(53,865)	(53,325)	(63,531)

Net (decrease) increase in cash and cash equivalents	14,927	20,822	12,852
Cash and cash equivalents at beginning of year	58,974	38,152	25,300
Cash and cash equivalents at end of period	$73,901	$58,974	$38,152

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Federal and state income taxes, net of refunds	$26,856	$16,515	$6,072
Interest	$1,435	$510	$811

In this Form 10-K, Notes to the Consolidated Financial Statements, dollar amounts are presented in thousands, except per share data.

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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.