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Sep 30, 2020
Safety Insurance Q3 2020 Earnings Report
Net income increased and combined ratio improved due to decreased claims frequency.
Key Takeaways
Safety Insurance Group reported a significant increase in net income for Q3 2020, driven by a decrease in loss and loss adjustment expenses. The combined ratio also improved substantially compared to the same period in 2019. Direct written premiums and net earned premiums experienced slight decreases.
Net income for Q3 2020 was $44.7 million, or $2.96 per diluted share, compared to $15.6 million, or $1.01 per diluted share, for Q3 2019.
Non-GAAP operating income for Q3 2020 was $2.53 per diluted share, compared to $0.98 per diluted share for Q3 2019.
Direct written premiums decreased by 5.5% to $213.4 million compared to the same period last year.
Loss and loss adjustment expenses incurred decreased by $37.9 million, or 28.1%, to $97.1 million.
Safety Insurance
Safety Insurance
Forward Guidance
This document does not contain forward guidance.