In This Story
Safety Insurance Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in direct written premiums to $318,182, up from $267,124 in the same quarter the previous year. The increase is attributed to new business production and rate increases.
Net earned premiums for the quarter were $258,657, compared to $214,425 in the previous year, reflecting a growth in policy counts across all lines of business.
The company reported a net income of $25,889 for the quarter, up from $1,949 in the previous year. This increase was driven by favorable prior year loss development and growth in earned premiums.
Losses and loss adjustment expenses for the quarter increased to $182,489 from $159,521 in the previous year, primarily due to larger policy counts.
Net investment income decreased to $12,210 from $14,005 in the previous year, attributed to changes in the investment portfolio's yield and duration.
Safety Insurance Group's total assets as of September 30, 2024, were $2,270,638, compared to $2,094,004 at the end of 2023.
The company maintains a high degree of liquidity within its investment portfolios and expects to generate sufficient operating cash to meet all short-term and long-term cash requirements.
Safety Insurance Group continues to focus on its core markets in Massachusetts, New Hampshire, and Maine, and remains the third largest private passenger automobile carrier in Massachusetts.
The filing also details various financial agreements and regulatory matters, including participation in the Massachusetts Property Insurance Underwriting Association and recent rate changes approved by insurance regulators.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Safety Insurance Group Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.