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Jun 30, 2024
Safety Insurance Q2 2024 Earnings Report
Safety Insurance reported increased net earned premium and profitability in insurance agency operations, while also seeing an increase in current year loss experience.
Key Takeaways
Safety Insurance Group reported a net income of $16.6 million, or $1.13 per diluted share, for the second quarter of 2024. The company's combined ratio was 99.9%, favorably impacted by a transaction related to the Massachusetts Property Insurance Underwriting Association. Net earned premium increased by 22.1% compared to the second quarter of 2023.
Net earned premium increased by 22.1% compared to Q2 2023.
Combined ratio for the quarter was 99.9%, benefiting from a transaction related to the Massachusetts Property Insurance Underwriting Association.
Net income for the quarter was $16.6 million, or $1.13 per diluted share.
Direct written premiums increased by 21.3% to $315.5 million compared to the same period in 2023.
Forward Guidance
This press release contains forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially from these statements. Factors that could cause such differences include the competitive nature of the industry, conditions for business operations and restrictive regulations in Massachusetts, the possibility of losses due to claims resulting from severe weather, the impact of inflation and supply chain delays on loss severity, and the impact of investment, economic and underwriting market conditions.
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 impact of inflation and supply chain delays on loss severity
- The impact of investment, economic and underwriting market conditions, including interest rates and inflation
Historical Earnings Impact
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Avg. Return Before/After Earnings
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