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Sep 30, 2022
Safety Insurance Q3 2022 Earnings Report
Reported a decrease in net income and an increase in direct written premiums.
Key Takeaways
Safety Insurance Group reported a decrease in net income for the quarter ended September 30, 2022, with net income at $6.2 million, or $0.42 per diluted share, compared to $24.8 million, or $1.64 per diluted share, for the comparable 2021 period. Direct written premiums increased by $6.8 million, or 3.2%, to $217.9 million from $211.1 million for the comparable 2021 period. The company's combined ratio was 97.1% for the quarter.
Net income for the quarter ended September 30, 2022 was $6.2 million, or $0.42 per diluted share.
Non-GAAP operating income was $1.13 per diluted share.
Direct written premiums increased by 3.2% to $217.9 million.
The company posted a combined ratio of 97.1%.
Safety Insurance
Safety Insurance
Forward Guidance
This press release contains forward-looking statements that are subject to risks and uncertainties.
Positive Outlook
- 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 possibility that the Commissioner of Insurance may approve future rule changes that change the operation of the residual market
Challenges Ahead
- The possibility that existing insurance-related laws and regulations will become further restrictive in the future
- The impact of investment, economic and underwriting market conditions, including interest rates and inflation
- Our possible need for and availability of additional financing, and our dependence on strategic relationships, among others
- Other risks and factors identified from time to time in our reports filed with the SEC, such as those set forth under the caption “Risk Factors” in our Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022
- We are not under any obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise.