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Sep 30, 2023
Safety Insurance Q3 2023 Earnings Report
Safety Insurance's financial results were impacted by inflationary pressures and weather events, but net written premiums saw strong growth.
Key Takeaways
Safety Insurance Group reported a net income of $1.9 million, or $0.13 per diluted share, for Q3 2023, compared to $6.2 million, or $0.42 per diluted share, for the same period in 2022. The results were impacted by inflationary pressures in the Private Passenger Automobile business and increased losses from flooding and wind events. Net written premiums increased by 22.2% due to policy count and average written premium increases.
Net income for Q3 2023 was $1.9 million, or $0.13 per diluted share, down from $6.2 million, or $0.42 per diluted share, in Q3 2022.
Non-GAAP operating income for Q3 2023 was $0.59 per diluted share, compared to $1.13 per diluted share in Q3 2022.
Net written premiums increased by 22.2% to $251.1 million, driven by an 11.5% increase in policy counts and a 7.6% increase in average written premium per policy.
The combined ratio for Q3 2023 was 104.8%, impacted by inflationary pressures and weather events.
Forward Guidance
The company is filing rate increases and approved for increases across all other lines of business.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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