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Safety Announces Fourth Quarter And Year End 2010 Results

Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported fourth quarter and year end 2010 results. Net income for the quarter ended December 31, 2010 was $13.0 million, or $0.86 per diluted share, compared to $10.3 million, or $0.68 per diluted share, for the comparable 2009 period. Net income for the year ended December 31, 2010 was $56.3 million, or $3.74 per diluted share, compared to $54.2 million, or $3.48 per diluted share, for the comparable 2009 period. Safety’s book value per share increased to $43.37 at December 31, 2010 from $41.20 at December 31, 2009. Safety paid $0.50 per share in dividends to investors during the quarter ended December 31, 2010 compared to $0.40 per share during the comparable 2009 period. Safety paid $1.80 per share in dividends to investors during the year ended December 31, 2010 compared to $1.60 per share during the comparable 2009 period.

Direct written premiums for the quarter ended December 31, 2010 increased by $11.9 million, or 9.8%, to $133.4 million from $121.5 million for the comparable 2009 period. Direct written premiums for the year ended December 31, 2010 increased by $45.2 million, or 8.1%, to $604.9 million from $559.7 million for the comparable 2009 period. The 2010 increase occurred primarily in our personal automobile and homeowners business lines, which experienced increases of 3.8% and 3.2%, respectively, in average written premium per exposure and increases of 3.3% and 19.6%, respectively, in written exposures. Partially offsetting these increases was a 4.6% decrease in average written premium per exposure and a 2.2% decrease in written exposures in our commercial automobile business line.

Net written premiums for the quarter ended December 31, 2010 increased by $12.8 million, or 11.2%, to $126.2 million from $113.4 million for the comparable 2009 period. Net written premiums for the year ended December 31, 2010 increased by $44.2 million, or 8.3%, to $576.8 million from $532.6 million for the comparable 2009 period. The 2010 increase was primarily due to the factors that increased direct written premiums.

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