Safety Insurance Group, Inc. reported significant financial growth in its third quarter and the first nine months of 2024, driven primarily by increased premiums and improved profitability. For the three months ended September 30, 2024, net earned premiums rose to $258.7 million, a 20.6% increase from $214.4 million in the same period of 2023. Total revenue for Q3 2024 reached $295.3 million, up from $229.4 million year-over-year. The company’s net income surged to $25.9 million, compared to just $1.9 million in Q3 2023, resulting in earnings per share (EPS) of $1.74, a substantial increase from $0.13.

For the nine months ended September 30, 2024, net earned premiums totaled $741.7 million, reflecting a 21.9% increase from $608.4 million in the prior year. Total revenue for this period was $833.3 million, compared to $672.6 million in 2023. Net income for the nine months was $62.6 million, significantly higher than $6.6 million in the same period last year, with EPS increasing from $0.45 to $4.24.

The company’s total assets increased to $2.27 billion as of September 30, 2024, up from $2.09 billion at the end of 2023. Total investments also rose to $1.50 billion, compared to $1.42 billion previously. Cash and cash equivalents improved to $62.6 million, up from $38.2 million at the end of 2023. Shareholders’ equity increased to $851.4 million from $804.3 million.

Losses and loss adjustment expenses (LAE) for Q3 2024 were $182.5 million, a 14.4% increase from $159.5 million in Q3 2023. The loss ratio improved to 70.6% from 74.4% year-over-year, while the expense ratio slightly decreased to 30.1% from 30.4%. For the nine-month period, total LAE rose to $523.6 million from $470.2 million, with a corresponding loss ratio of 70.6%, down from 77.3%.

Strategically, the company has made adjustments to its product lines, including rate changes in various states, which are expected to enhance profitability. The FAIR Plan restructuring, effective April 1, 2024, transitioned to a stand-alone risk-bearing entity, which may further impact future financial performance. The company has also maintained a robust capital position, with no outstanding amounts on its credit facility as of September 30, 2024, and compliance with all related covenants.

Overall, Safety Insurance Group's financial results reflect a strong operational performance, marked by significant growth in premiums and profitability, alongside strategic initiatives aimed at enhancing its market position.