Safety Insurance Q2 net income slips to $16.6 million as premiums rise 22.1%
Safety Insurance Group reported second quarter 2024 net income of $16.6 million, or $1.13 per diluted share, down slightly from $17.0 million, or $1.15 per share, a year earlier. Net earned premiums rose 22.1% to $246.9 million, while the combined ratio improved to 99.9% from 101.9%, helped by a $9.7 million favorable effect from the Massachusetts FAIR Plan restructuring. The board also declared a $0.90 quarterly dividend.
Key points
- Q2 2024 net income was $16.6 million, or $1.13 per diluted share, versus $17.0 million, or $1.15, in Q2 2023
- Non-GAAP operating income per diluted share was $1.18, compared with $0.80 a year earlier
- Losses and loss adjustment expenses rose 20.4% to $172.7 million; the combined ratio was 99.9% versus 101.9%
- Quarterly dividend of $0.90 per share is payable September 13, 2024, to holders of record on September 3, 2024
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:58 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 August 07, 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.