Safety Insurance Group, Inc. has recently released its 10-Q report, providing a detailed insight into its financial performance and operations. The company, headquartered in Boston, Massachusetts, offers private passenger and commercial automobile, homeowner, business owners, personal and commercial umbrella, dwelling fire, inland marine, and watercraft insurance policies. It distributes its products through independent agents and has been a member company of the Massachusetts Property Insurance Underwriting Association since 1998.
In the 10-Q report, Safety Insurance Group, Inc. reported total investments of $1.41 billion as of June 30, 2024, with net earned premiums of $246.94 million for the three months ended June 30, 2024, compared to $202.23 million for the same period in 2023. The company's net income for the six months ended June 30, 2024, was $36.71 million, significantly higher than the $4.66 million reported for the same period in 2023. The company paid cash dividends of $0.90 per common share for both the three and six months ended June 30, 2024, consistent with the dividends paid in 2023.
In terms of shareholders' equity, Safety Insurance Group, Inc. reported a total of $810.18 million as of June 30, 2024, compared to $804.27 million as of December 31, 2023. The company's comprehensive income for the three months ended June 30, 2024, was $15.42 million, indicating a positive financial performance during this period.
The company's cash flows from operating activities for the six months ended June 30, 2024, resulted in a net increase in cash and cash equivalents of $6.43 million. Additionally, in the 10-Q report, the company discussed recent accounting pronouncements, including updates to segment reporting and income tax disclosures, which are expected to impact its future financial statement disclosures.
As a result of these announcements, the company's shares have moved 1.9% on the market, and are now trading at a price of $80.32. For the full picture, make sure to review Safety Insurance's 10-Q report.
