This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Safety Announces First Quarter 2014 Results And Declares Second Quarter 2014 Dividend

Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported first quarter 2014 results. Net income for the quarter ended March 31, 2014 was $12.1 million, or $0.79 per diluted share, compared to $14.0 million, or $0.91 per diluted share, for the comparable 2013 period. Safety’s book value per share increased to $45.70 at March 31, 2014 from $45.18 at December 31, 2013. Safety paid $0.60 per share in dividends to investors during the quarters ended March 31, 2014 and March 31, 2013. Safety paid $2.40 per share in dividends to investors during the year ended December 31, 2013.

Direct written premiums for the quarter ended March 31, 2014 increased by $7.1 million, or 3.8%, to $192.7 million from $185.6 million for the comparable 2013 period. The 2014 increase occurred primarily in our commercial automobile and homeowners lines of business, which experienced increases in average written premium per exposure of 9.2% and 4.0%, respectively. Written exposures increased in our commercial automobile and our homeowners lines of business by 9.7% and 5.3%, respectively.

Net written premiums for the quarter ended March 31, 2014 increased by $7.3 million, or 4.1%, to $186.0 million from $178.7 million for the comparable 2013 period. Net earned premiums for the quarter ended March 31, 2014 increased by $9.5 million, or 5.7%, to $176.0 million from $166.4 million for the comparable 2013 period. Net written and net earned premiums increased primarily due to the factors that increased direct written premiums.

Net investment income for the quarter ended March 31, 2014 increased by $0.2 million, or 1.8%, to $10.6 million from $10.4 million for the comparable 2013 period. Net effective annualized yield on the investment portfolio was 3.5% and 3.6%, for the quarters ended March 31, 2014 and 2013, respectively. Our duration was 4.0 years at March 31, 2014, slightly lower from 4.1 years at December 31, 2013.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs