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Mar 31, 2022
Safety Insurance Q1 2022 Earnings Report
Safety Insurance Group reported a decrease in net income due to a return to pre-pandemic level frequency in the private passenger line of business and an increase in physical damage inflation costs.
Key Takeaways
Safety Insurance Group, Inc. reported first quarter 2022 results with a net income of $7.8 million, or $0.53 per diluted share, compared to $36.2 million, or $2.42 per diluted share, for the comparable 2021 period. The combined ratio was 98.7%, impacted by pre-pandemic frequency in the private passenger line and increased physical damage inflation costs. Direct written premiums decreased by 1.4% to $189.5 million.
Net income for the quarter was $7.8 million, or $0.53 per diluted share.
Non-GAAP operating income was $0.99 per diluted share.
Direct written premiums decreased by 1.4% to $189.5 million.
The combined ratio for the quarter was 98.7%.
Safety Insurance
Safety Insurance
Forward Guidance
This press release contains forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially from those projected.
Challenges Ahead
- 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.
- The possibility that the Commissioner of Insurance may approve future rule changes that change the operation of the residual market.
- Our possible need for and availability of additional financing, and our dependence on strategic relationships, among others.