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TheStreet Open House

Safety Announces Second Quarter 2011 Results And Declares Third Quarter 2011 Dividend

Stocks in this article: SAFT

Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported second quarter 2011 results. Net income for the quarter ended June 30, 2011 was $4.1 million, or $0.27 per diluted share, compared to net income of $15.1 million, or $1.00 per diluted share, for the comparable 2010 period. Net income for the six months ended June 30, 2011 was $0.1 million, or $0.01 per diluted share, compared to $27.9 million, or $1.84 per diluted share, for the comparable 2010 period. Safety’s book value per share decreased to $42.56 at June 30, 2011 from $43.37 at December 31, 2010. Safety paid $0.50 per share in dividends to investors during the quarter ended June 30, 2011 compared to $0.40 per share during the comparable 2010 period. Safety paid $1.80 per share in dividends to investors during the year ended December 31, 2010.

The quarter ended June 30, 2011 was marked by unusual tornado outbreaks and severe weather across Western and Central Massachusetts which caused extensive property damage. As a result, we experienced elevated catastrophe claims activity in our personal and commercial property lines for the quarter ended June 30, 2011. For the quarter ended June 30, 2011, loss and loss adjustment expenses incurred increased by $26.4 million, or 30.1%, to $114.2 million from $87.8 million for the comparable 2010 period. For the six months ended June 30, 2011, loss and loss adjustment expenses incurred increased by $59.3 million, or 33.6%, to $235.8 million from $176.5 million for the comparable 2010 period. Loss, expense, and combined ratios calculated under U.S. generally accepted accounting principles for the quarter ended June 30, 2011 were 76.8%, 29.6%, and 106.4%, respectively, compared to 64.5%, 31.0%, and 95.5%, respectively, for the comparable 2010 period. Loss, expense, and combined ratios calculated under U.S. generally accepted accounting principles for the six months ended June 30, 2011 were 80.4%, 29.6%, and 110.0%, respectively, compared to 65.5%, 31.2%, and 96.7%, respectively, for the comparable 2010 period. Total prior year favorable development included in the pre-tax results for the quarter and six months ended June 30, 2011 was $9.1 million and $18.8 million, respectively, compared to $10.0 million and $22.6 million, respectively, for the comparable 2010 periods.

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