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Safety Announces Second Quarter 2012 Results And Raises Third Quarter 2012 Dividend

Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported second quarter 2012 results. Net income for the quarter ended June 30, 2012 was $17.0 million, or $1.11 per diluted share, compared to net income of $4.1 million, or $0.27 per diluted share, for the comparable 2011 period. Net income for the six months ended June 30, 2012 was $34.2 million, or $2.24 per diluted share, compared to $0.1 million, or $0.01 per diluted share, for the comparable 2011 period. Safety’s book value per share increased to $44.52 at June 30, 2012 from $43.22 at December 31, 2011. Safety paid $0.50 per share in dividends to investors during each of the quarters ended June 30, 2012 and 2011. Safety paid $2.00 per share in dividends to investors during the year ended December 31, 2011.

Today, our Board of Directors approved and declared an increase in the quarterly cash dividend from $0.50 to $0.60 per share on the issued and outstanding common stock, payable on September 14, 2012 to shareholders of record at the close of business on September 4, 2012.

Direct written premiums for the quarter ended June 30, 2012 increased by $12.7 million, or 7.3%, to $185.8 million from $173.1 million for the comparable 2011 period. Direct written premiums for the six months ended June 30, 2012 increased by $24.9 million, or 7.4%, to $362.1 million from $337.2 million for the comparable 2011 period. The 2012 increases occurred primarily in our personal automobile, commercial automobile, and homeowners business lines, which experienced increases of 4.9%, 1.0%, and 4.4%, respectively, in average written premium per exposure. Written exposures decreased slightly in our personal automobile line by 0.4% and increased by 14.5% and 8.9%, respectively, in our commercial automobile and homeowners business lines.

Net written premiums for the quarter ended June 30, 2012 increased by $9.2 million, or 5.5%, to $177.0 million from $167.8 million for the comparable 2011 period. Net written premiums for the six months ended June 30, 2012 increased by $21.0 million, or 6.4%, to $346.3 million from $325.3 million for the comparable 2011 period. Net earned premiums for the quarter ended June 30, 2012 increased by $10.4 million, or 7.0%, to $159.1 million from $148.7 million for the comparable 2011 period. Net earned premiums for the six months ended June 30, 2012 increased by $21.3 million, or 7.2%, to $314.6 million from $293.3 million for the comparable 2011 period. Net written and net earned premiums increased primarily due to increases in our personal automobile and homeowners business lines as discussed above.

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