Safety Insurance Group Reports Strong Q4 and Record 2024 Results

Safety Insurance Group, Inc. (NASDAQ: SAFT) today announced its fourth quarter and full year 2024 financial results, highlighting significant growth in direct written premiums and improved operational performance. The company’s press release, issued February 25, 2025, detailed a milestone achievement as top-line revenue surpassed $1 billion for the first time in its history.

For the year ended December 31, 2024, Safety Insurance reported a 20.4% increase in direct written premiums, which climbed to approximately $1.19 billion from $991.2 million in 2023. The strong premium growth was driven by an 8.5% increase in overall policy counts along with a 10.9% rise in the average premium per policy across all lines of business, including Private Passenger Automobile, Commercial Automobile, and Homeowners. As a result of these strategic rate actions, the company’s combined ratio improved to 101.1% from 107.7% in the prior year.

Chairman, President and Chief Executive Officer George M. Murphy commented on the results, noting that the increased policy counts and favorable premium modifications were key factors in enhancing loss ratios. In addition to solid underwriting performance, Safety’s earnings per share strengthened and book value per share increased by 8.4%, supported by positive trends across other revenue streams.

For the fourth quarter of 2024, the company reported net income of $8.1 million, or $0.55 per diluted share, compared to $12.3 million, or $0.83 per diluted share, for the comparable quarter in 2023. The full year net income surged to $70.7 million, or $4.78 per diluted share, up significantly from $18.9 million, or $1.28 per diluted share, a notable turnaround from the prior period.

Key quarterly metrics also reflected improved efficiency: the fourth quarter combined ratio improved to 101.9% from 106.5% in the prior year, driven by higher earned premiums and moderated loss severity, particularly in the Private Passenger Automobile segment. Non-GAAP operating income and earnings were also enhanced, with non-GAAP operating income per diluted share increasing to $0.94 for the quarter, compared to $0.30 in 2023.

In another development, on February 14, 2025, Safety Insurance’s Board of Directors approved a $0.90 per share quarterly cash dividend on the company’s common stock, payable on March 14, 2025, to shareholders of record as of March 3, 2025.

Overall, the company’s fourth quarter and full year 2024 performance underscores its strategic focus on policy growth and premium rate optimization, positioning Safety Insurance for continued success in its core markets across Massachusetts, New Hampshire, and Maine. Further details on the financial performance and additional metrics were provided in the accompanying exhibit to the SEC Form 8-K filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Safety Insurance Group’s 8K filing here.

Safety Insurance Group Company Profile

Safety Insurance Group, Inc provides private passenger and commercial automobile, and homeowner insurance in the United States. The company’s private passenger automobile policies offer coverage for bodily injury and property damage to others, no-fault personal injury coverage for the insured/insured’s car occupants, and physical damage coverage for an insured’s own vehicle for collision or other perils.