Safety Announces Second Quarter Results And Raises Third Quarter 2010 Dividend
Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported second quarter 2010 results. Net income for the quarter ended June 30, 2010 was $15.1 million, or $1.00 per diluted share, compared to $15.0 million, or $0.96 per diluted share, for the comparable 2009 period. Net income for the six months ended June 30, 2010 was $27.9 million, or $1.84 per diluted share, compared to $26.9 million, or $1.69 per diluted share, for the comparable 2009 period. Safety’s book value per share increased to $42.88 at June 30, 2010 from $41.20 at December 31, 2009. Safety paid $0.40 per share in dividends to investors during both the quarters ended June 30, 2010 and 2009. Safety paid $1.60 per share in dividends to investors during the year ended December 31, 2009.
The Board of Directors today approved and declared an increase in the quarterly cash dividend from $0.40 to $0.50 per share on the issued and outstanding common stock, payable on September 15, 2010 to shareholders of record at the close of business on September 1, 2010.
The Board of Directors today also increased Safety’s existing share repurchase program by authorizing repurchase of an additional $30.0 million of Safety’s outstanding common shares. Previously, the Board of Directors had authorized up to $60.0 million under the program. Safety has previously purchased $55.5 million of its common shares on the open market under the program.
Direct written premiums for the quarter ended June 30, 2010 increased by $10.8 million, or 7.2%, to $160.4 million from $149.6 million for the comparable 2009 period. Direct written premiums for the six months ended June 30, 2010 increased by $19.4 million, or 6.6%, to $314.5 million from $295.1 million for the comparable 2009 period. The 2010 increase occurred primarily in our personal automobile and homeowners lines, which experienced increases of 4.2% and 2.2%, respectively, in average written premium per exposure. Partially offsetting these increases was a 5.4% decrease in average written premium per exposure in our commercial automobile line.
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