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Dec 31, 2022
Safety Insurance Q4 2022 Earnings Report
Safety Insurance's financial performance decreased compared to the same period last year.
Key Takeaways
Safety Insurance Group reported a decrease in net income for the fourth quarter of 2022, with earnings per diluted share also declining. Direct and net written premiums increased, but losses and loss adjustment expenses also rose due to increased frequency in the automobile line and inflation.
Net income for Q4 2022 was $24.6 million, or $1.67 per diluted share, compared to $32.0 million, or $2.14 per diluted share, for Q4 2021.
Non-GAAP operating income for Q4 2022 was $0.98 per diluted share, compared to $1.55 per diluted share for Q4 2021.
Direct written premiums for Q4 2022 increased by 10.9% to $201.4 million from $181.6 million in Q4 2021.
Net earned premiums for Q4 2022 increased slightly by 0.2% to $193.2 million from $192.8 million in Q4 2021.