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TheStreet Open House

Safety Announces Third Quarter 2010 Results And Declares Fourth Quarter 2010 Dividend

Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported third quarter 2010 results. Net income for the quarter ended September 30, 2010 was $15.4 million, or $1.03 per diluted share, compared to $17.0 million, or $1.11 per diluted share, for the comparable 2009 period. Net income for the nine months ended September 30, 2010 was $43.3 million, or $2.87 per diluted share, compared to $43.9 million, or $2.79 per diluted share, for the comparable 2009 period. Safety’s book value per share increased to $43.88 at September 30, 2010 from $41.20 at December 31, 2009. Safety paid $0.50 per share in dividends to investors during the quarter ended September 30, 2010, compared to $0.40 per share during the comparable 2009 period. Safety paid $1.60 per share in dividends to investors during the year ended December 31, 2009.

Direct written premiums for the quarter ended September 30, 2010 increased by $13.8 million, or 9.7%, to $157.0 million from $143.2 million for the comparable 2009 period. Direct written premiums for the nine months ended September 30, 2010 increased by $33.2 million, or 7.6%, to $471.5 million from $438.3 million for the comparable 2009 period. The 2010 increase occurred primarily in our personal automobile and homeowners lines, which experienced increases of 4.1% and 3.1%, respectively, in average written premium per exposure and increases of 2.5% and 20.7%, respectively, in written exposures. Partially offsetting these increases was a 5.0% decrease in average written premium per exposure and a 2.6% decrease in written exposures in our commercial automobile line.

Net written premiums for the quarter ended September 30, 2010 increased by $12.7 million, or 9.3%, to $150.0 million from $137.3 million for the comparable 2009 period. Net written premiums for the nine months ended September 30, 2010 increased by $31.4 million, or 7.5%, to $450.6 million from $419.2 million for the comparable 2009 period. The 2010 increase was primarily due to the factors that increased direct written premiums.

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