Safety Insurance Q4 2024 Earnings Report
Key Takeaways
Safety Insurance Group reported a mixed performance for Q4 2024. While direct written premiums and net earned premiums increased, net income and net investment income decreased. The company's combined ratio was 101.9% compared to 106.5% in the prior year. The increases in direct written premiums and net written premiums are a result of new business production and rate increases.
Net income for the quarter was $8.1 million, or $0.55 per diluted share, compared to $12.3 million, or $0.83 per diluted share, for the comparable 2023 period.
Non-GAAP operating income was $0.94 per diluted share, compared to $0.30 per diluted share for the comparable 2023 period.
Direct written premiums increased by $45.9 million, or 18.7%, to $292.0 million.
Net earned premiums increased by $43.1 million, or 19.0%, to $269.1 million.
Safety Insurance
Safety Insurance
Forward Guidance
The press release contains forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially from those projected.
Challenges Ahead
- The competitive nature of our industry and the possible adverse effects of such competition
- Conditions for business operations and restrictive regulations in Massachusetts
- The possibility of losses due to claims resulting from severe weather
- The impact of inflation and supply chain delays on loss severity
- The possibility that the Commissioner of Insurance may approve future rule changes that change the operation of the residual market