Safety Insurance Q2 2022 Earnings Report
Key Takeaways
Safety Insurance Group reported a decrease in net income for the quarter ended June 30, 2022, with net income at $7.9 million, or $0.53 per diluted share, compared to $37.7 million, or $2.49 per diluted share, for the comparable 2021 period. However, non-GAAP operating income for the quarter increased to $1.91 per diluted share, compared to $1.85 per diluted share for the same period in 2021. The company's combined ratio was 92.1%, reflecting strong underwriting discipline and expense management. Direct written premiums decreased slightly to $214.6 million.
Net income for Q2 2022 was $7.9 million, or $0.53 per diluted share, down from $37.7 million, or $2.49 per diluted share, in Q2 2021.
Non-GAAP operating income for Q2 2022 was $1.91 per diluted share, up from $1.85 per diluted share in Q2 2021.
Direct written premiums decreased by 1.2% to $214.6 million compared to $217.2 million in the comparable 2021 period.
The combined ratio for Q2 2022 was 92.1%, compared to 90.2% for the comparable 2021 period.
Safety Insurance
Safety Insurance
Forward Guidance
The board of directors approved a cash dividend.