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Jun 30, 2023
Safety Insurance Q2 2023 Earnings Report
Net income and direct written premiums increased, but combined ratio was impacted by inflationary pressures.
Key Takeaways
Safety Insurance Group reported an increase in net income for the second quarter of 2023, driven by growth in direct written premiums, but the combined ratio was negatively impacted by inflationary pressures, particularly in the private passenger auto line of business.
Net income for the quarter ended June 30, 2023 was $17.0 million, or $1.15 per diluted share.
Non-GAAP operating income for the quarter ended June 30, 2023 was $0.80 per diluted share.
Direct written premiums for the quarter ended June 30, 2023 increased by $45.6 million, or 21.2%, to $260.2 million.
Safety's combined ratio for the second quarter was 101.9%, impacted by inflationary impacts on the private passenger auto line of business.
Forward Guidance
The company did not provide forward guidance in the earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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