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Dec 31, 2023
Safety Insurance Q4 2023 Earnings Report
Reported a decrease in net income and an increase in direct written premiums.
Key Takeaways
Safety Insurance Group, Inc. reported a decrease in net income for the quarter ended December 31, 2023, with net income at $12.3 million, or $0.83 per diluted share, compared to $24.6 million, or $1.67 per diluted share, for the comparable 2022 period. Direct written premiums increased by 22.2% to $246.1 million. The company's combined ratio for the quarter was 106.5%.
Net income for Q4 2023 was $12.3 million, or $0.83 per diluted share, down from $24.6 million, or $1.67 per diluted share in Q4 2022.
Non-GAAP operating income for Q4 2023 was $0.30 per diluted share, compared to $0.98 per diluted share in Q4 2022.
Direct written premiums for Q4 2023 increased by 22.2% to $246.1 million from $201.4 million in Q4 2022.
Net earned premiums for Q4 2023 increased by 17.0% to $226.0 million from $193.2 million in Q4 2022.
Historical Earnings Impact
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