Business
Safety Insurance Group, Inc. Announces Fourth Quarter and Full Year 2022 Results
BOSTON--(BUSINESS WIRE)-- Safety Insurance Group, Inc. (NASDAQ:SAFT) (“Safety” or the “Company”) today reported fourth quarter and full year 2022 results.
About this update from Safety Insurance Group, Inc.
[{"type":"text","content":" BOSTON--(BUSINESS WIRE)--\nSafety Insurance Group, Inc. (NASDAQ:SAFT) (“Safety” or the “Company”) today reported fourth quarter and full year 2022 results.\n\nGeorge M. Murphy, President and Chief Executive Officer, commented: “Looking back at 2022, Safety Insurance had another financially successful year with a combined ratio of 97.2%, GAAP earnings per diluted share of $3.15 and non-GAAP operating earnings per diluted share of $5.05. While industry challenges around inflation continue to exist, our commitment to strong underwriting results and enhanced investment returns, remains unchanged. As always, we focus on pricing our products appropriately for the risks we are insuring while generating the capital to grow our business in new and creative ways.”\n\n“To that point, on December 1, 2022, we completed the previously announced acquisition of Northeast Insurance Agency, Inc. This acquisition strengthens our position within the independent agency channel and provides us further insights to enhance our customer engagement initiatives and the services we provide.”\n\nFourth Quarter and Year Ended 2022 Results and Recent Development\n\nNet income for the quarter ended December 31, 2022 was $24.6 million, or $1.67 per diluted share, compared to net income of $32.0 million, or $2.14 per diluted share, for the comparable 2021 period. Net income for the year ended December 31, 2022 was $46.6 million, or $3.15 per diluted share, compared to net income of $130.7 million, or $8.80 per diluted share, for the comparable 2021 period. Non-generally accepted accounting principles (“non-GAAP”) operating income, as defined below, for the quarter ended December 31, 2022 was $0.98 per diluted share, compared to $1.55 per diluted share, for the comparable 2021 period. Non-GAAP operating income for the year ended December 31, 2022 was $5.05 per diluted share, compared to $7.14 per diluted share, for the comparable 2021 period.\n\nSafety’s book value per share decreased to $54.88 at December 31, 2022 from $62.47 at December 31, 2021 resulting from the impact of interest rate changes on the value of our fixed maturity portfolio of $105.1 million. Additional decreases in book value resulted from capital allocation activities, specifically dividends paid, and shares repurchased during the year ended December 31, 2022. Safety paid $0.90 per share in d...