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Safety Insurance Group, Inc. Announces Fourth Quarter and Year Ended 2024 Results
BOSTON--(BUSINESS WIRE)-- Safety Insurance Group, Inc. (NASDAQ:SAFT) (“Safety” or the “Company”) today reported fourth quarter and year ended 2024 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 year ended 2024 results.\n\n\nGeorge M. Murphy, Chairman of the Board of Directors, President and Chief Executive Officer, commented: “For the year ended December 31, 2024, Safety Insurance continued to achieve significant direct written premium growth, which increased 20.4% over the prior year, driving our top-line revenue above $1 billion dollars for the first time in the Company’s history. Our strong top-line growth was a result of an 8.5% increase in overall policy counts and a 10.9% increase in average premium per policy, blended across all lines of business. Along with the increased policy counts, premium rate actions are earning into our results and contributing to improvements in our loss ratios. For the year ended December 31, 2024, Safety Insurance posted a 101.1% combined ratio compared to 107.7% from the prior year. In addition, positive trends in other revenue lines contributed to stronger earnings per share and an increase in book value of 8.4%. For the fourth quarter 2024, Safety posted a 101.9% combined ratio compared to 106.5% in the prior year, as a result of the same factors that are impacting the full year.”\n\n\nFourth Quarter and Year Ended 2024 Results and Recent Development\n\n\nNet income for the quarter ended December 31, 2024 was $8.1 million, or $0.55 per diluted share, compared to net income of $12.3 million, or $0.83 per diluted share, for the comparable 2023 period. Net income for the year ended December 31, 2024 was $70.7 million, or $4.78 per diluted share, compared to net income of $18.9 million, or $1.28 per diluted share, for the comparable 2023 period. Non-generally accepted accounting principles (“non-GAAP”) operating income, as defined below, for the quarter ended December 31, 2024 was $0.94 per diluted share, compared to $0.30 per diluted share for the comparable 2023 period. Non-GAAP operating income for the year ended December 31, 2024 was $4.16 per diluted share compared to $0.84 per diluted share, for the comparable 2023 period.\n\n\nSafety’s book value per share increased to $55.83 at December 31, 2024 from $54.37 at December 31, 2023 resulting from net income offset by dividends paid. Safety paid $0.90 per share in dividends to investors during the quar...