Safety Insurance Q4 net income falls to $12.3 million, $0.83 a share from $1.67
Safety Insurance Group reported fourth quarter 2023 net income of $12.3 million, or $0.83 per diluted share, down from $24.6 million, or $1.67, a year earlier, while Q4 total revenue rose to $258.4 million from $226.6 million. The combined ratio rose to 106.5% from 100.7%, and the company cited inflation and a December wind event, so profit per share fell even as premiums grew. Vice President of Insurance Operations Ann M. McKeown will retire and Brian S. Lam will succeed her, both effective March 1, 2024.
Key points
- Q4 2023 net income was $12.3 million, or $0.83 per diluted share, versus $24.6 million, or $1.67, in Q4 2022
- Q4 2023 combined ratio was 106.5% versus 100.7%, including $12.0 million of losses from a December 18 wind event
- Q4 2023 direct written premiums rose 22.2% to $246.1 million from $201.4 million
- Brian S. Lam was appointed Vice President of Insurance Operations effective March 1, 2024, at an annual compensation of $235,000, succeeding Ann M. McKeown, who is retiring
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 27, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.