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Mar 31, 2021
Safety Insurance Q1 2021 Earnings Report
Reported a net income of $36.2 million and non-GAAP operating income of $1.93 per diluted share for Q1 2021.
Key Takeaways
Safety Insurance Group, Inc. reported a net income of $36.2 million, or $2.42 per diluted share, for the quarter ended March 31, 2021, compared to a net loss of $2.0 million, or $0.13 per diluted share, for the comparable 2020 period. Non-GAAP operating income for the quarter was $1.93 per diluted share, compared to $1.57 per diluted share for the comparable 2020 period.
Net income for Q1 2021 was $36.2 million, or $2.42 per diluted share, compared to a net loss of $2.0 million, or $0.13 per diluted share, for Q1 2020.
Non-GAAP operating income for Q1 2021 was $1.93 per diluted share, compared to $1.57 per diluted share for Q1 2020.
Direct written premiums decreased by $5.1 million, or 2.6%, to $192.2 million.
Net earned premiums decreased by $5.0 million, or 2.5%, to $192.9 million.
Safety Insurance
Safety Insurance
Safety Insurance Revenue by Segment
Revenue by Segment
Private Passenger Automobile Revenue
CapyFin.com Forward Guidance
This press release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from these statements due to various factors.
Positive Outlook
- The competitive nature of our industry and the possible adverse effects of such competition
- Conditions for business operations and restrictive regulations in Massachusetts
- The possibility of losses due to claims resulting from severe weather
- Our possible need for and availability of additional financing, and our dependence on strategic relationships, among others
- Other risks and factors identified from time to time in our reports filed with the SEC
Challenges Ahead
- The possibility that the Commissioner of Insurance may approve future Rule changes that change the operation of the residual market
- The effects of emerging claim and coverage issues on the Company’s business are uncertain, and court decisions or legislative or regulatory changes that take place after the Company issues its policies, including those taken in response to COVID-19
- The possibility that civil litigation and/or state insurance regulators may require additional premium relief payouts related to COVID-19
- The impact of COVID-19 and related risks, including on the Company's employees, agents or other key partners, could materially affect the Company's results of operations, financial position and/or liquidity
- Forward-looking statements are not guarantees of future performance