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Dec 31, 2025
Safety Insurance Q4 2025 Earnings Report
Safety Insurance Q4 2025 Earnings Report
Key Takeaways
Safety Insurance Group reported a strong fourth quarter with net income more than doubling to $20.1 million compared to the prior year. The improvement was driven by rate increases earning into top-line results and improved underwriting performance, resulting in a combined ratio of 99.4% for the quarter.
Net income per diluted share rose to $1.36 in Q4 2025 from $0.55 in Q4 2024.
Net earned premiums increased by 9.0% to $293.2 million due to prior year rate increases.
The company repurchased $20 million of shares during the fourth quarter of 2025.
Book value per share increased by 9.2% year-over-year to $60.98.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company intends to continue long-term value creation through rate adequacy and capital management, including share repurchases.
Positive Outlook
- Confidence in the durability of the business
- Commitment to delivering shareholder value through dividends
- Recommencement of share repurchase program
- Rate increases continuing to earn into results
- Positive cash flows from operations
Challenges Ahead
- Inflationary impacts on Private Passenger Automobile book
- Competitive nature of the insurance industry
- Potential for losses from severe weather
- Restrictive regulations in Massachusetts
- Impact of supply chain delays on loss severity
Historical Earnings Impact
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Avg. Return Before/After Earnings
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