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

Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported third quarter 2013 results. Net income for the quarter ended September 30, 2013 was $17.7 million, or $1.14 per diluted share, compared to net income of $14.3 million, or $0.94 per diluted share, for the comparable 2012 period. Net income for the nine months ended September 30, 2013 was $49.7 million, or $3.23 per diluted share, compared to $48.5 million, or $3.17 per diluted share, for the comparable 2012 period. Safety’s book value per share decreased to $45.07 at September 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 both the quarters ended September 30, 2013 and 2012. Safety paid $2.20 per share in dividends to investors during the year ended December 31, 2012.

Direct written premiums for the quarter ended September 30, 2013 increased by $7.6 million, or 4.3%, to $186.6 million from $179.0 million for the comparable 2012 period. Direct written premiums for the nine months ended September 30, 2013 increased by $30.0 million, or 5.5%, to $571.1 million from $541.1 million for the comparable 2012 period. The increase for the quarter ended September 30, 2013 from the comparable 2012 period occurred primarily in our homeowners and commercial automobile business lines, which experienced increases of 5.2% and 3.5%, respectively, in average written premium per exposure and increases of 5.6% and 11.4%, respectively, in written exposures. The increase for the nine months ended September 30, 2013 from the comparable 2012 period occurred primarily in our homeowners, commercial automobile, and personal automobile business lines, which experienced increases of 5.6%, 2.1%, and 3.0%, respectively, in average written premium per exposure, increases of 5.5% and 12.2% in written exposures in our homeowners and commercial automobile business lines, respectively, and a slight decrease of 0.3% in written exposures in our personal automobile business line.

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