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Jun 30, 2021
Safety Insurance Q2 2021 Earnings Report
Net income decreased compared to the same quarter last year.
Key Takeaways
Safety Insurance Group reported a decrease in net income for the second quarter of 2021, with earnings of $37.7 million, or $2.49 per diluted share, compared to $42.5 million, or $2.78 per diluted share, in the same period of 2020. Non-GAAP operating income was $1.85 per diluted share, down from $1.95 per diluted share in the prior year.
Net income for Q2 2021 was $37.7 million, or $2.49 per diluted share, compared to $42.5 million, or $2.78 per diluted share, for Q2 2020.
Non-GAAP operating income for Q2 2021 was $1.85 per diluted share, compared to $1.95 per diluted share for Q2 2020.
Direct written premiums for Q2 2021 increased by $11.9 million, or 5.8%, to $217.2 million.
Net earned premiums for Q2 2021 increased by $12.4 million, or 6.8%, to $194.3 million.
Safety Insurance
Safety Insurance
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, including competition, regulatory conditions, weather-related claims, and the impact of COVID-19.
Positive Outlook
- The Company may make written or oral forward-looking statements within the meaning of the U.S. federal securities laws.
- Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.
- All statements that address expectations or projections about the future are forward-looking statements.
- The Company strategy includes growth, product development, and market position.
- The Company expenditures and financial results are forward looking statements.
Challenges Ahead
- The competitive nature of the 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 effects of emerging claim and coverage issues on the Company’s business are uncertain.
- 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.