Safety Announces Second Quarter 2020 Results and Declares Third Quarter 2020 Dividend

About this update from Safety Insurance Group, Inc.

[{"type":"text","content":" BOSTON--(BUSINESS WIRE)--\nSafety Insurance Group, Inc. (NASDAQ:SAFT) (“the Company”) today reported second quarter 2020 results. Net income for the quarter ended June 30, 2020 was $42.5 million, or $2.78 per diluted share, compared to net income of $25.9 million, or $1.68 per diluted share, for the comparable 2019 period. Net income for the six months ended June 30, 2020 was $40.5 million, or $2.64 per diluted share, compared to net income of $55.9 million, or $3.63 per diluted share, for the comparable 2019 period. Non-generally accepted accounting principles (“non-GAAP”) operating income, as defined below, for the quarter ended June 30, 2020 was $1.95 per diluted share, compared to $1.47 per diluted share, for the comparable 2019 period. Non-GAAP operating income for the six months ended June 30, 2020 was $3.52 per diluted share, compared to $2.83 per diluted share, for the comparable 2019 period.\n\n\nSafety’s book value per share increased to $53.95 at June 30, 2020 from $52.55 at December 31, 2019, primarily as a result of net income and an increase in unrealized gains, partially offset by dividends paid and the purchase of treasury shares during the six months ended June 30, 2020. During the three and six months ended June 30, 2020 the Company purchased 158,552 and 301,844 shares, respectively, on the open market at a cost of $11.8 million and $22.1 million, respectively. Safety paid $0.90 per share in dividends to investors during the quarter ended June 30, 2020 compared to $0.80 per share in dividends to investors during the quarter ended June 30, 2019. Safety paid $3.40 per share during the year ended December 31, 2019.\n\n\nDuring this challenging time, the Company has continued to take many actions that address the health and well-being of our employees while still serving the needs of our agents and insureds. Beginning in March 2020, the global pandemic associated with the novel coronavirus COVID-19 (“COVID-19”) and related economic conditions caused significant economic effects including temporary closures of many businesses and reduced consumer activity due to shelter-in-place, stay-at-home and other governmental actions.\n\n\nDuring the second quarter of 2020, the Company announced the Safety Personal Auto Relief Credit, a 15% policyholder credit, representing $17.7 million in total premium which was applied to ...

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