Loading...
•
Mar 31, 2023
Safety Insurance Q1 2023 Earnings Report
Reported a net loss due to severe winter weather and inflationary pressures, partially offset by favorable loss reserve development and increased investment income.
Key Takeaways
Safety Insurance Group reported a net loss of $12.3 million, or $0.84 per diluted share, for Q1 2023, compared to a net income of $7.8 million, or $0.53 per diluted share, in Q1 2022. The results were significantly impacted by a severe winter weather event in February, which led to $32.1 million in incurred water damage. Despite the challenges, net written premium grew by 13.9% due to new business, improved retention, and rate increases, and investment income increased by 28.9%.
Net loss for Q1 2023 was $12.3 million, or $0.84 per diluted share, compared to net income of $7.8 million, or $0.53 per diluted share, for the comparable 2022 period.
Non-GAAP operating loss was $0.87 per diluted share, compared to non-GAAP operating income of $0.99 per diluted share in the prior year.
Net written premium increased by 13.9% due to new business production, improved retention, and rate increases.
Net investment income increased by 28.9%, driven by the bond portfolio.
Forward Guidance
Safety Insurance anticipates continued rate increases in 2023.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...