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Sep 30, 2021
Safety Insurance Q3 2021 Earnings Report
Net income decreased compared to the same period last year.
Key Takeaways
Safety Insurance Group reported a decrease in net income for the third quarter of 2021, with $24.8 million, or $1.64 per diluted share, compared to $44.7 million, or $2.96 per diluted share, for the comparable 2020 period. Direct written premiums decreased by 1.1% to $211.1 million. The combined ratio increased to 93.9% from 85.0% in the prior year.
Net income for the quarter was $24.8 million, or $1.64 per diluted share.
Non-GAAP operating income was $1.70 per diluted share.
Direct written premiums decreased by 1.1% to $211.1 million.
The combined ratio was 93.9% compared to 85.0% for the comparable 2020 period.
Forward Guidance
The company's future performance is subject to various risks and uncertainties, including competition, regulatory changes, weather events, and the impact of COVID-19.
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 possibility that the Commissioner of Insurance may approve future rule changes that change the operation of the residual market.
- The possibility that existing insurance-related laws and regulations will become further restrictive in the future.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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