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Sep 30, 2024
Safety Insurance Q3 2024 Earnings Report
Reported increased net income and improved combined ratio compared to the same quarter last year.
Key Takeaways
Safety Insurance Group reported a significant increase in net income for Q3 2024, rising to $25.9 million, or $1.73 per diluted share, compared to $1.9 million, or $0.13 per diluted share, in Q3 2023. The combined ratio improved to 100.7% from 104.8% in the prior year. Direct written premiums also increased by 19.1% to $318.2 million.
Net income increased to $25.9 million, or $1.73 per diluted share, compared to $1.9 million, or $0.13 per diluted share in the same quarter last year.
Non-GAAP operating income was $1.10 per diluted share, compared to $0.59 per diluted share for the comparable 2023 period.
Direct written premiums increased by 19.1% to $318.2 million.
The combined ratio improved to 100.7% from 104.8% in the prior year.
Forward Guidance
The Board of Directors approved a $0.90 per share quarterly cash dividend payable on December 13, 2024, to shareholders of record on December 2, 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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