Safety Insurance Q3 net earned premiums rise 12.5% yr/yr

Overview

• Safety Insurance Q3 net earned premiums up 12.5% yr/yr, driven by policy growth

• Net income for Q3 rises to $28.3 mln, EPS at $1.91

• Company plans to recommence share repurchases, $44.76 mln remaining under authorization

Outlook

• Company did not provide specific guidance for future quarters

Result Drivers

• PREMIUM GROWTH - Net earned premiums increased 12.5% due to prior year growth in policy counts and rate increases

• COMBINED RATIO IMPROVEMENT - Combined ratio improved to 98.9% from 100.7% due to increased net earned premiums

• INVESTMENT INCOME - Net investment income rose 27.2% due to higher interest rates on fixed maturity portfolio

Key Details

Analyst Coverage

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

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