NASDAQ : SAFT
Safety Insurance Group, Inc. — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 103.95 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.53B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 1.17B | 1.14B | 1.01B | 834.41M | 758.50M | 774.33M |
| Total Interest & Dividend Income | 62.27M | 58.71M | 51.07M | 50.86M | 44.42M | 39.24M |
| Gain (Loss) on Sale of Investments | 6.23M | 18.38M | 11.68M | 8.30M | -35.18M | 31.38M |
| Other Revenue | 50.96M | 47.64M | 46.57M | 37.39M | 29.82M | 39.97M |
| Total Revenue | 1.29B | 1.26B | 1.12B | 930.96M | 797.56M | 884.91M |
| Policy Benefits | 855.27M | 797.18M | 716.64M | 642.30M | 491.98M | 461.73M |
| Policy Acquisition & Underwriting Costs | 332.70M | 330.40M | 305.32M | 256.58M | 245.15M | 258.39M |
| Other Operating Expenses | 8.19M | 7.94M | 7.68M | 6.84M | 330.00K | |
| Total Operating Expenses | 1.20B | 1.14B | 1.03B | 905.72M | 737.45M | 720.12M |
| Operating Income | 89.94M | 128.21M | 90.38M | 25.24M | 60.10M | 164.79M |
| Interest Expense | -2.42M | -1.53M | -509.00K | -818.00K | -524.00K | -522.00K |
| Pretax Income | 87.52M | 126.68M | 89.87M | 24.42M | 59.58M | 164.27M |
| Income Tax Expense | 18.91M | 27.43M | 19.13M | 5.54M | 13.02M | 33.56M |
| Net Income | 68.62M | 99.25M | 70.73M | 18.88M | 46.56M | 130.71M |
| Preferred Dividends & Other Adjustments | -585.00K | -457.00K | -318.00K | -85.00K | 205.00K | -575.00K |
| Net Income to Common | 69.20M | 99.71M | 71.05M | 18.96M | 46.36M | 131.28M |
| Shares Outstanding (Basic) | 14.60M | 14.71M | 14.69M | 14.66M | 14.61M | 14.83M |
| Shares Outstanding (Diluted) | 14.64M | 14.75M | 14.72M | 14.71M | 14.71M | 14.93M |
| EPS (Basic) | 4.74 | 6.78 | 4.84 | 1.29 | 3.17 | 8.85 |
| EPS (Diluted) | 4.66 | 6.70 | 4.78 | 1.28 | 3.15 | 8.80 |
| Free Cash Flow | 175.72M | 191.99M | 124.32M | 50.33M | 42.23M | 133.17M |
| Free Cash Flow Per Share | 12.00 | 13.02 | 8.45 | 3.42 | 2.87 | 8.92 |
| Dividend Per Share | 3.68 | 3.64 | 3.60 | 3.60 | 3.60 | 3.60 |
| Operating Margin | 6.99% | 10.15% | 8.07% | 2.71% | 7.54% | 18.62% |
| Profit Margin | 5.38% | 7.89% | 6.34% | 2.04% | 5.81% | 14.84% |
| Free Cash Flow Margin | 13.66% | 15.19% | 11.10% | 5.41% | 5.29% | 15.05% |
| EBITDA | 95.54M | 134.99M | 99.84M | 32.19M | 66.72M | 171.69M |
| EBITDA Margin | 7.43% | 10.68% | 8.91% | 3.46% | 8.37% | 19.40% |
| D&A For EBITDA | 5.61M | 6.78M | 9.46M | 6.95M | 6.61M | 6.90M |
| EBIT | 89.94M | 128.21M | 90.38M | 25.24M | 60.10M | 164.79M |
| EBIT Margin | 6.99% | 10.15% | 8.07% | 2.71% | 7.54% | 18.62% |
| Effective Tax Rate | 21.60% | 21.65% | 21.29% | 22.71% | 21.85% | 20.43% |
| Revenue as Reported | 1.29B | 1.26B | 1.12B | 930.96M | 797.56M | 884.91M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 1.33B | 1.32B | 1.12B | 1.05B | 1.05B | 1.22B |
| Investments in Equity & Preferred Securities | 355.99M | 371.97M | 377.87M | 371.97M | 353.00M | 352.86M |
| Other Investments | 19.98M | |||||
| Total Investments | 1.68B | 1.69B | 1.51B | 1.42B | 1.40B | 1.57B |
| Cash & Equivalents | 67.92M | 73.90M | 58.97M | 38.15M | 25.30M | 63.60M |
| Reinsurance Recoverable | 175.73M | 158.87M | 157.18M | 125.75M | 106.38M | 108.90M |
| Other Receivables | 360.57M | 340.82M | 318.20M | 299.94M | 235.28M | 222.71M |
| Deferred Policy Acquisition Cost | 112.75M | 111.79M | 105.47M | 91.92M | 75.58M | 73.02M |
| Property, Plant & Equipment | 9.77M | 18.94M | 20.27M | 31.48M | 41.46M | 50.56M |
| Goodwill | 17.09M | 17.09M | 17.09M | 17.09M | 17.09M | |
| Other Intangible Assets | 6.31M | 6.78M | 7.73M | 7.55M | 7.86M | |
| Long-Term Deferred Tax Assets | 6.25M | 4.12M | 11.20M | 12.15M | 21.07M | |
| Other Long-Term Assets | 62.29M | 51.27M | 60.91M | 45.86M | 39.38M | 27.46M |
| Total Assets | 2.50B | 2.47B | 2.27B | 2.09B | 1.97B | 2.12B |
| Accounts Payable | 75.36M | 65.76M | 74.08M | 54.12M | 62.38M | 82.44M |
| Unpaid Claims | 808.26M | 761.74M | 671.67M | 603.08M | 549.60M | 570.65M |
| Unearned Premiums | 664.75M | 670.35M | 630.06M | 540.13M | 446.23M | 424.12M |
| Reinsurance Payable | 18.49M | 15.18M | 19.07M | 15.94M | 11.44M | 9.19M |
| Current Portion of Long-Term Debt | 30.00M | |||||
| Current Portion of Leases | 2.11M | 4.21M | ||||
| Current Income Taxes Payable | 3.90M | 1.01M | 1.73M | |||
| Long-Term Debt | 50.00M | 50.00M | 30.00M | 35.00M | 30.00M | |
| Long-Term Leases | 7.66M | 7.65M | 15.73M | 19.76M | 23.34M | 27.11M |
| Long-Term Deferred Tax Liabilities | 15.24M | |||||
| Other Long-Term Liabilities | 26.71M | 30.85M | 31.46M | |||
| Total Liabilities | 1.63B | 1.58B | 1.44B | 1.29B | 1.16B | 1.19B |
| Common Stock | 181.00K | 181.00K | 180.00K | 179.00K | 179.00K | 178.00K |
| Additional Paid-In Capital | 238.44M | 235.69M | 230.86M | 226.38M | 222.05M | 216.07M |
| Retained Earnings | 837.30M | 844.06M | 798.76M | 781.19M | 815.31M | 821.74M |
| Treasury Stock | -170.49M | -170.49M | -150.29M | -150.29M | -145.00M | -135.40M |
| Comprehensive Income & Other | -28.77M | -17.13M | -51.05M | -53.19M | -80.54M | 24.58M |
| Shareholders' Equity | 876.65M | 892.31M | 828.46M | 804.27M | 812.00M | 927.17M |
| Total Liabilities & Equity | 2.50B | 2.47B | 2.27B | 2.09B | 1.97B | 2.12B |
| Filing Date Shares Outstanding | 14.68M | 14.63M | 14.84M | 14.79M | 14.80M | 14.67M |
| Total Common Shares Outstanding | 14.68M | 14.63M | 14.84M | 14.79M | 14.80M | 14.84M |
| Total Debt | 59.77M | 61.86M | 45.73M | 49.76M | 58.34M | 57.12M |
| Net Cash (Debt) | 8.14M | 12.04M | 13.24M | -11.60M | -33.04M | 6.49M |
| Net Cash Per Share | 0.56 | 0.82 | 0.90 | -0.79 | -2.25 | 0.43 |
| Book Value Per Share | 59.70 | 60.98 | 55.83 | 54.37 | 54.88 | 62.47 |
| Tangible Book Value | 853.25M | 868.43M | 803.64M | 779.62M | 787.05M | 927.17M |
| Tangible Book Value Per Share | 58.11 | 59.35 | 54.16 | 52.71 | 53.19 | 62.47 |
| Machinery | 28.62M | 28.07M | 23.74M | 23.13M | 22.90M | |
| Leasehold Improvements | 8.26M | 8.26M | 8.26M | 8.26M | 8.26M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 68.62M | 99.25M | 70.73M | 18.88M | 46.56M | 130.71M |
| Depreciation & Amortization | 5.61M | 6.78M | 9.46M | 6.95M | 6.61M | 6.90M |
| Gain (Loss) on Sale of Investments | -5.98M | -17.64M | -10.95M | -9.14M | 36.89M | -26.78M |
| Stock-Based Compensation | 5.04M | 4.83M | 4.48M | 4.33M | 5.98M | 6.29M |
| Change in Accounts Receivable | 484.00K | -13.72M | -49.78M | -64.14M | -21.59M | 8.19M |
| Reinsurance Recoverable | -7.87M | -1.70M | -31.43M | -19.37M | 2.52M | 10.84M |
| Change in Accounts Payable | 551.00K | 3.10M | 13.20M | -9.34M | -2.68M | -2.88M |
| Change in Unearned Revenue | 5.28M | 34.89M | 91.77M | 94.78M | 19.89M | -8.41M |
| Change in Income Taxes | -9.03M | 2.89M | 1.63M | -2.40M | 3.24M | -1.23M |
| Change in Insurance Reserves / Liabilities | 122.32M | 90.07M | 68.59M | 53.48M | -21.05M | 3.07M |
| Change in Other Net Operating Assets | -3.29M | -1.42M | -21.38M | -7.61M | -14.96M | 20.73M |
| Other Operating Activities | -886.00K | -1.93M | 380.00K | 1.66M | -8.37M | 5.32M |
| Operating Cash Flow | 180.30M | 194.50M | 128.69M | 52.11M | 44.33M | 141.39M |
| Capital Expenditures | -4.58M | -2.51M | -4.37M | -1.78M | -2.09M | -8.22M |
| Cash Acquisitions | -2.06M | -2.11M | -17.59M | |||
| Investment in Securities | -103.23M | -123.20M | -48.11M | 28.16M | -310.00K | -57.76M |
| Investing Cash Flow | -107.81M | -125.71M | -54.54M | 24.27M | -19.99M | -65.99M |
| Long-Term Debt Issued | 50.00M | 15.00M | 20.00M | 5.00M | ||
| Total Debt Repaid | -30.00M | -15.00M | -25.00M | |||
| Net Debt Issued (Repaid) | 20.00M | 20.00M | -5.00M | 5.00M | ||
| Repurchases of Common Stock | -20.00M | -20.00M | -5.24M | -14.60M | -11.56M | |
| Common Dividends Paid | -53.98M | -53.87M | -53.33M | -53.29M | -53.04M | -54.01M |
| Financing Cash Flow | -53.98M | -53.87M | -53.33M | -63.53M | -62.64M | -65.57M |
| Net Cash Flow | 18.51M | 14.93M | 20.82M | 12.85M | -38.30M | 9.83M |
| Free Cash Flow | 175.72M | 191.99M | 124.32M | 50.33M | 42.23M | 133.17M |
| Free Cash Flow Margin | 13.66% | 15.19% | 11.10% | 5.41% | 5.29% | 15.05% |
| Free Cash Flow Per Share | 12.00 | 13.02 | 8.45 | 3.42 | 2.87 | 8.92 |
| Levered Free Cash Flow | 160.49M | 204.97M | 178.71M | 82.62M | 22.66M | 117.47M |
| Unlevered Free Cash Flow | 162.00M | 205.93M | 179.03M | 83.13M | 22.99M | 117.80M |
| Cash Interest Paid | 1.44M | 1.44M | 510.00K | 811.00K | 507.00K | 507.00K |
| Cash Income Tax Paid | 26.86M | 26.86M | 16.52M | 6.07M | 19.12M | 29.19M |
| Change in Working Capital | 110.44M | 103.90M | 62.17M | 33.55M | -34.94M | 33.21M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.53B | 1.16B | 1.22B | 1.12B | 1.24B | 1.27B |
| Enterprise Value | 1.52B | 1.15B | 1.21B | 1.14B | 1.26B | 1.29B |
| PE Ratio | 22.29 | 11.64 | 17.21 | 59.28 | 26.79 | 9.70 |
| PS Ratio | 1.19 | 0.92 | 1.09 | 1.21 | 1.56 | 1.44 |
| PB Ratio | 1.74 | 1.30 | 1.48 | 1.40 | 1.53 | 1.37 |
| P/FCF Ratio | 8.68 | 6.04 | 9.84 | 22.33 | 29.40 | 9.57 |
| P/OCF Ratio | 8.46 | 5.97 | 9.50 | 21.57 | 28.02 | 9.01 |
| EV/Sales Ratio | 1.18 | 0.91 | 1.08 | 1.23 | 1.58 | 1.45 |
| EV/EBITDA Ratio | 15.88 | 8.49 | 12.09 | 35.53 | 18.92 | 7.49 |
| EV/EBIT Ratio | 16.87 | 8.94 | 13.35 | 45.32 | 21.00 | 7.81 |
| EV/FCF Ratio | 8.63 | 5.97 | 9.71 | 22.72 | 29.89 | 9.66 |
| Debt / Equity Ratio | 0.07 | 0.07 | 0.06 | 0.06 | 0.07 | 0.06 |
| Debt / EBITDA Ratio | 0.60 | 0.45 | 0.44 | 1.37 | 0.82 | 0.32 |
| Debt / FCF Ratio | 0.34 | 0.32 | 0.37 | 0.99 | 1.38 | 0.43 |
| Net Debt / Equity Ratio | -0.01 | -0.01 | -0.02 | 0.01 | 0.04 | -0.01 |
| Net Debt / EBITDA Ratio | -0.09 | -0.09 | -0.13 | 0.36 | 0.49 | -0.04 |
| Net Debt / FCF Ratio | -0.05 | -0.06 | -0.11 | 0.23 | 0.78 | -0.05 |
| Quick Ratio | 0.27 | 0.27 | 0.27 | 0.27 | 0.24 | 0.26 |
| Current Ratio | 0.39 | 0.38 | 0.39 | 0.38 | 0.34 | 0.36 |
| Asset Turnover | 0.53 | 0.53 | 0.51 | 0.46 | 0.39 | 0.42 |
| Return on Equity (ROE) | 7.84% | 11.54% | 8.67% | 2.34% | 5.35% | 14.43% |
| Return on Assets (ROA) | 2.31% | 3.38% | 2.59% | 0.78% | 1.84% | 4.94% |
| Return on Invested Capital (ROIC) | 7.61% | 10.99% | 8.23% | 2.26% | 5.07% | 13.59% |
| Earnings Yield | 4.49% | 8.55% | 5.79% | 1.68% | 3.75% | 10.26% |
| FCF Yield | 11.52% | 16.55% | 10.17% | 4.48% | 3.40% | 10.45% |
| Dividend Yield | 3.54% | 4.59% | 4.37% | 4.74% | 4.29% | 4.19% |
| Payout Ratio | 78.95% | 54.27% | 75.39% | 282.34% | 113.91% | 41.32% |
| Buyback Yield / Dilution | 0.71% | -0.19% | -0.05% | 0.00% | 1.44% | 1.28% |
| Total Shareholder Return | 4.25% | 4.40% | 4.32% | 4.74% | 5.73% | 5.47% |