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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.
Safety Insurance
Safety Insurance
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.