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Safety Announces Third Quarter 2012 Results And Declares Fourth Quarter 2012 Dividend

Stocks in this article: SAFT

Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported third quarter 2012 results. Net income for the quarter ended September 30, 2012 was $14.3 million, or $0.94 per diluted share, compared to net income of $8.8 million, or $0.58 per diluted share, for the comparable 2011 period. Net income for the nine months ended September 30, 2012 was $48.5 million, or $3.17 per diluted share, compared to $8.9 million, or $0.59 per diluted share, for the comparable 2011 period. Safety’s book value per share increased to $45.46 at September 30, 2012 from $43.22 at December 31, 2011. Safety paid $0.60 per share in dividends to investors during the quarter ended September 30, 2012, compared to $0.50 per share during the comparable 2011 period. Safety paid $2.00 per share in dividends to investors during the year ended December 31, 2011.

Direct written premiums for the quarter ended September 30, 2012 increased by $11.9 million, or 7.1%, to $179.0 million from $167.1 million for the comparable 2011 period. Direct written premiums for the nine months ended September 30, 2012 increased by $36.7 million, or 7.3%, to $541.1 million from $504.4 million for the comparable 2011 period. The 2012 increases occurred primarily in our personal automobile and homeowners business lines, which experienced increases of 5.0%, and 3.8%, respectively, in average written premium per exposure. Written exposures remained consistent in our personal automobile line and increased by 8.0% in our homeowners business line.

Net written premiums for the quarter ended September 30, 2012 increased by $13.5 million, or 8.5%, to $171.7 million from $158.2 million for the comparable 2011 period. Net written premiums for the nine months ended September 30, 2012 increased by $34.5 million, or 7.1%, to $518.0 million from $483.5 million for the comparable 2011 period. Net earned premiums for the quarter ended September 30, 2012 increased by $11.2 million, or 7.4%, to $162.5 million from $151.3 million for the comparable 2011 period. Net earned premiums for the nine months ended September 30, 2012 increased by $32.5 million, or 7.3%, to $477.1 million from $444.6 million for the comparable 2011 period. Net written and net earned premiums increased primarily due to direct written premium increases in our personal automobile and homeowners business lines as discussed above.

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