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TheStreet Open House

Safety Announces Second Quarter 2013 Results And Declares Third Quarter 2013 Dividend

Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported second quarter 2013 results. Net income for the quarter ended June 30, 2013 was $18.0 million, or $1.17 per diluted share, compared to net income of $17.0 million, or $1.11 per diluted share, for the comparable 2012 period. Net income for the six months ended June 30, 2013 was $32.0 million, or $2.08 per diluted share, compared to $34.2 million, or $2.24 per diluted share, for the comparable 2012 period. Safety’s book value per share decreased to $44.49 at June 30, 2013 from $45.31 at December 31, 2012 primarily due to a decrease in net unrealized investment gains. Safety paid $0.60 per share in dividends to investors during the quarter ended June 30, 2013, compared to $0.50 per share during the comparable 2012 period. Safety paid $2.20 per share in dividends to investors during the year ended December 31, 2012.

Direct written premiums for the quarter ended June 30, 2013 increased by $13.0 million, or 7.0%, to $198.8 million from $185.8 million for the comparable 2012 period. Direct written premiums for the six months ended June 30, 2013 increased by $22.3 million, or 6.2%, to $384.4 million from $362.1 million for the comparable 2012 period. The 2013 increases occurred primarily in our personal automobile and homeowners business lines, which experienced increases of 3.9% and 5.7%, respectively, in average written premium per exposure. Written exposures decreased slightly in our personal automobile line by 0.4% and increased by 5.4% in our homeowners business line.

Net written premiums for the quarter ended June 30, 2013 increased by $12.8 million, or 7.3%, to $189.8 million from $177.0 million for the comparable 2012 period. Net written premiums for the six months ended June 30, 2013 increased by $22.2 million, or 6.4%, to $368.5 million from $346.3 million for the comparable 2012 period. Net earned premiums for the quarter ended June 30, 2013 increased by $10.5 million, or 6.6%, to $169.6 million from $159.1 million for the comparable 2012 period. Net earned premiums for the six months ended June 30, 2013 increased by $21.4 million, or 6.8%, to $336.0 million from $314.6 million for the comparable 2012 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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