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Dec 31, 2021
Safety Insurance Q4 2021 Earnings Report
Safety Insurance's Q4 2021 performance was marked by a net income of $32.0 million and a non-GAAP operating income of $1.55 per diluted share, despite an increase in losses and loss adjustment expenses.
Key Takeaways
Safety Insurance Group reported a decrease in net income for the fourth quarter of 2021, with $32.0 million, or $2.14 per diluted share, compared to $52.9 million, or $3.55 per diluted share, for the same period in 2020. Non-GAAP operating income was $1.55 per diluted share, down from $2.55 per diluted share in the prior year. The company's book value per share increased to $62.47. The Board of Directors approved an increase to the share repurchase program of up to $50 million.
Net income for Q4 2021 was $32.0 million, or $2.14 per diluted share, which is lower than the $52.9 million, or $3.55 per diluted share, reported in Q4 2020.
Non-GAAP operating income for Q4 2021 was $1.55 per diluted share, compared to $2.55 per diluted share for the same period in 2020.
Losses and loss adjustment expenses incurred increased by $25.1 million, or 26.3%, to $120.9 million from $95.8 million for the comparable 2020 period.
The Board of Directors approved an increase to the share repurchase program of up to $50 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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