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TheStreet Open House

Safety Announces Fourth Quarter And Year End 2012 Results

Stock quotes in this article: SAFT

Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported fourth quarter and year end 2012 results. Net income for the quarter ended December 31, 2012 was $9.6 million, or $0.62 per diluted share, compared to $4.8 million, or $0.31 per diluted share, for the comparable 2011 period. Net income for the year ended December 31, 2012 was $58.1 million, or $3.80 per diluted share, compared to $13.7 million, or $0.90 per diluted share, for the comparable 2011 period. Safety’s book value per share increased to $45.31 at December 31, 2012 from $43.22 at December 31, 2011. Safety paid $0.60 per share in dividends to investors during the quarter ended December 31, 2012, compared to $0.50 per share during the comparable 2011 period. Safety paid $2.20 per share in dividends to investors during the year ended December 31, 2012 compared to $2.00 per share during the comparable 2011 period.

Direct written premiums for the quarter ended December 31, 2012 increased by $10.3 million, or 7.1%, to $155.1 million from $144.8 million for the comparable 2011 period. Direct written premiums for the year ended December 31, 2012 increased by $47.0 million, or 7.2%, to $696.2 million from $649.2 million for the comparable 2011 period. The 2012 increase occurred primarily in our personal automobile and homeowners business lines, which experienced increases of 4.9% and 4.1%, respectively, in average written premium per exposure. Written exposures remained consistent in our personal automobile line and increased by 7.2% in our homeowners line.

Net written premiums for the quarter ended December 31, 2012 increased by $9.1 million, or 6.7%, to $145.9 million from $136.8 million for the comparable 2011 period. Net written premiums for the year ended December 31, 2012 increased by $43.6 million, or 7.0%, to $663.9 million from $620.3 million for the comparable 2011 period. Net earned premiums for the quarter ended December 31, 2012 increased by $11.6 million, or 7.6%, to $165.4 million from $153.8 million for the comparable 2011 period. Net earned premiums for the year ended December 31, 2012 increased by $44.1 million, or 7.4%, to $642.5 million from $598.4 million for the comparable 2011 period. Net written and net earned premiums increased primarily due to the factors that increased direct written premiums.

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