Safety Announces Third Quarter 2020 Results and Declares Fourth 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 third quarter 2020 results. Net income for the quarter ended September 30, 2020 was $44.7 million, or $2.96 per diluted share, compared to net income of $15.6 million, or $1.01 per diluted share, for the comparable 2019 period. Net income for the nine months ended September 30, 2020 was $85.2 million, or $5.58 per diluted share, compared to net income of $71.5 million, or $4.64 per diluted share, for the comparable 2019 period. Non-generally accepted accounting principles (“non-GAAP”) operating income, as defined below, for the quarter ended September 30, 2020 was $2.53 per diluted share, compared to $0.98 per diluted share, for the comparable 2019 period. Non-GAAP operating income for the nine months ended September 30, 2020 was $6.02 per diluted share, compared to $3.80 per diluted share, for the comparable 2019 period.\n\nSafety’s book value per share increased to $56.26 at September 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 nine months ended September 30, 2020. During the three and nine months ended September 30, 2020 the Company purchased 249,754 and 551,598 shares, respectively, on the open market at a cost of $17.9 million and $40.0 million, respectively. Safety paid $0.90 per share in dividends to investors during each of the quarters ended September 30, 2020 and 2019, respectively. Safety paid $3.40 per share in dividends to investors during the year ended December 31, 2019.\n\nBeginning 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. 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.\n\nDirect written premiums for the quarter ended September 30, 2020 decreased by $12.3 million, or 5.5%, to $213.4 million from $225.7 million for the comparable 2019 period. Direct written premiums for the nine months e...

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