Safety Insurance Group, Inc. (SAFT) 10-Year Financial Performance & Capital Metrics

SAFT • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsurancePersonal Lines InsuranceRegional Personal Lines

AboutSafety Insurance Group, Inc. provides private passenger and commercial automobile, and homeowner insurance in the United States. The company's private passenger automobile policies offer coverage for bodily injury and property damage to others, no-fault personal injury coverage for the insured/insured's car occupants, and physical damage coverage for an insured's own vehicle for collision or other perils. It also provides commercial automobile policies that offer insurance for commercial vehicles used for business purposes, including private passenger-type vehicles, trucks, tractors and trailers, insure individual vehicles, and commercial fleets; and homeowners policies, which provide coverage for homes, condominiums, and apartments for losses to a dwelling and its contents from various perils, and coverage for liability to others arising from ownership or occupancy. In addition, the company offers business owners policies that cover apartments and residential condominiums, restaurants, office condominiums, processing and services businesses, special trade contractors, and wholesalers. Further, it provides personal umbrella policies, which provide personal excess liability coverage over and above the limits of individual automobile, watercraft, and homeowner's insurance policies; and commercial umbrella and business owner policies, as well as underwrites dwelling fire insurance for non-owner-occupied residences. Additionally, the company offers inland marine coverage for homeowners and business owner policies, and watercraft coverage for small and medium sized pleasure crafts. It distributes its products through independent agents. The company was formerly known as Safety Holdings Inc and changed its name to Safety Insurance Group, Inc. in April 2002. Safety Insurance Group, Inc. was founded in 1979 and is headquartered in Boston, Massachusetts.Show more

Revenue $1.11B +19.8%
Combined Ratio 91.9% -5.6%
Net Income $71M +274.7%
Return on Equity 8.66% +271.0%
Medical Cost Ratio 64.58% -6.9%
Operating Margin 8.1% +207.1%
Net Margin 6.37% +212.7%
ROA 3.24% +249.2%
Equity / Assets 36.49% -5.0%
Book Value per Share 56.29 +3.0%
Tangible BV/Share 54.61 +3.0%
Debt/Equity 0.06 -10.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Profitable underwriting: 91.9% combined ratio
✓Strong Piotroski F-Score: 7/9
✓Healthy dividend yield of 4.7%
✓Trading at only 1.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.38%

5Y4.85%

3Y8.67%

TTM12.97%

Profit (Net Income) CAGR

10Y1.77%

5Y-6.62%

3Y-18.51%

TTM16.58%

EPS CAGR

10Y2.03%

5Y-5.85%

3Y-18.41%

TTM16.44%

ROCE

10Y Avg4.84%

5Y Avg5.09%

3Y Avg2.84%

Latest4.12%

Peer Comparison

Regional Personal Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NODKNI Holdings, Inc.	274.26M	13.31	55.46	6.97%	0.87%	1.06%	13.68%
HMNHorace Mann Educators Corporation	1.74B	42.88	17.29	8.21%	10.24%	11.39%	25.91%	0.42
SAFTSafety Insurance Group, Inc.	1.14B	76.49	16.00	19.85%	7.13%	9.7%	10.91%	0.06
UFCSUnited Fire Group, Inc.	912.14M	35.75	14.96	13.98%	8.22%	12.38%	36.01%	0.15
DGICADonegal Group Inc.	608.25M	19.58	12.80	6.71%	8.72%	13.73%	11.09%	0.06
MCYMercury General Corporation	5.06B	91.39	10.82	18.27%	7.55%	19.69%	19.58%	0.30
KINSKingstone Companies, Inc.	225.09M	15.91	10.75	7.6%	14.2%	0.02%	24.71%	0.17
KMPRKemper Corporation	2.26B	38.61	7.86	-5.74%	5.14%	9.14%	14.59%	0.50

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	803.58M	827.35M	843.66M	834.91M	875.82M	840.4M	864.72M	785.06M	925.95M	1.11B
Revenue Growth %	0.01%	0.03%	0.02%	-0.01%	0.05%	-0.04%	0.03%	-0.09%	0.18%	0.2%
Medical Costs & Claims+	612.57M	493.43M	503.89M	485.51M	509.85M	404.56M	461.73M	491.98M	642.3M	716.64M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	191.01M	333.91M	339.78M	349.39M	365.97M	435.85M	402.99M	293.08M	283.64M	393.1M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.4%	0.75%	0.02%	0.03%	0.05%	0.19%	-0.08%	-0.27%	-0.03%	0.39%
Operating Expenses+	211.64M	229.92M	246.44M	239.82M	242.29M	261.07M	238.72M	233.5M	259.22M	303.23M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	3.91M	4.38M	5.04M	5.47M	5.49M	7.53M	6.9M	6.61M	6.95M	9.46M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	-20.63M	103.99M	93.33M	109.58M	123.68M	174.77M	164.27M	59.58M	24.42M	89.87M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-1.2%	6.04%	-0.1%	0.17%	0.13%	0.41%	-0.06%	-0.64%	-0.59%	2.68%
EBITDA+	-16.72M	108.37M	98.37M	115.04M	129.17M	182.3M	171.17M	66.19M	31.37M	99.33M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	90K	90K	90K	90K	90K	440K	522K	524K	818K	509K
Non-Operating Income	7.93M	10.62M	6.54M	5.24M	-90K	-440K	-522K	-524K	-818K	-509K
Pretax Income+	-28.64M	93.28M	86.7M	104.25M	123.68M	174.77M	164.27M	59.58M	24.42M	89.87M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-14.79M	28.7M	24.31M	21.06M	24.08M	36.56M	33.56M	13.02M	5.54M	19.13M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-13.85M	64.58M	62.39M	83.19M	99.6M	138.21M	130.71M	46.56M	18.88M	70.73M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.23%	5.66%	-0.03%	0.33%	0.2%	0.39%	-0.05%	-0.64%	-0.59%	2.75%
EPS (Diluted)+	-0.93	4.27	4.10	5.46	6.46	9.18	8.80	3.15	1.28	4.78
EPS Growth %	-1.24%	5.59%	-0.04%	0.33%	0.18%	0.42%	-0.04%	-0.64%	-0.59%	2.73%
EPS (Basic)	-0.93	4.29	4.13	5.52	6.52	9.25	8.85	3.17	1.28	4.79
Diluted Shares Outstanding	14.87M	15.03M	15.14M	15.23M	15.34M	15.12M	14.93M	14.71M	14.71M	14.72M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.7B	1.76B	1.81B	1.86B	2.02B	2.05B	2.12B	1.97B	2.09B	2.27B
Asset Growth %	0.02%	0.03%	0.03%	0.03%	0.09%	0.02%	0.03%	-0.07%	0.06%	0.08%
Total Investment Assets+	1.21B	1.28B	1.31B	1.33B	1.47B	1.54B	2.7B	2.34B	1.59B	1.52B
Long-Term Investments	1.19B	1.26B	1.28B	1.31B	1.44B	1.49B	1.48B	1.29B	1.56B	1.36B
Short-Term Investments	1.08B	1.15B	1.17B	1.16B	1.23B	1.26B	1.22B	1.05B	31.05M	553.39M
Total Current Assets+	226.06M	187.7M	232.36M	227.64M	0	0	1.57B	1.62B	38.15M	0
Cash & Equivalents	47.49M	20.05M	41.71M	37.58M	44.41M	53.77M	63.6M	25.3M	38.15M	58.97M
Receivables	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-1.64B	-1.63B	274.77M	203.14M	-566.87M	-1.12B
Goodwill & Intangibles+	-4.43M	-3.08M	-2.92M	-8.75M	0	0	1.5B	24.95M	24.64M	24.82M
Goodwill	-73.37M	-74.08M	-75.12M	-82.1M	0	0	1.42B	17.09M	17.09M	17.09M
Intangible Assets	68.94M	71M	72.2M	73.36M	0	0	73.02M	7.86M	7.55M	7.73M
PP&E (Net)	8.42M	8.95M	9.87M	15.58M	54.01M	53.11M	27.11M	23.34M	31.48M	20.27M
Other Assets	-931.89M	-998.32M	-1.03B	-1.03B	-1.49B	-1.55B	-1.51B	-1.29B	400.35M	-1.41B
Total Liabilities	1.06B	1.09B	1.11B	1.14B	1.21B	1.17B	1.19B	1.16B	1.29B	1.44B
Total Debt+	0	0	0	0	34M	61M	57.12M	58.34M	49.76M	45.73M
Net Debt	-47.49M	-20.05M	-41.71M	-37.58M	-10.41M	7.23M	-6.49M	33.04M	11.6M	-13.24M
Long-Term Debt	0	0	0	0	0	0	30M	35M	30M	0
Short-Term Debt	0	0	0	0	0	30M	4.74M	4.52M	4.6M	30M
Total Current Liabilities+	58.15M	69.89M	63.62M	80.64M	0	0	115.79M	25.07M	499.73M	0
Accounts Payable	65.27M	80.31M	74.5M	84.12M	87.93M	87.72M	85.79M	85.32M	80.18M	96.35M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-73.88M	-86.98M	-78.69M	-95.36M	-94.3M	-124.87M	25.26M	-67.86M	414.96M	-134.31M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Liabilities	0	0	1.1B	0	-39.72M	-48.61M	0	1.13B	586.75M	-15.73M
Total Equity+	644.5M	670.73M	701.02M	718.64M	808.41M	884.68M	927.17M	812M	804.27M	828.46M
Equity Growth %	-0.09%	0.04%	0.05%	0.03%	0.12%	0.09%	0.05%	-0.12%	-0.01%	0.03%
Shareholders Equity	644.5M	670.73M	701.02M	718.64M	808.41M	884.68M	927.17M	812M	804.27M	828.46M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	531.8M	554M	570.69M	616.72M	661.55M	745.03M	821.74M	815.31M	781.19M	798.76M
Common Stock	174K	174K	175K	176K	177K	178K	178K	179K	179K	180K
Accumulated OCI	16.46M	15.84M	24.27M	-10.71M	28.19M	53.53M	24.58M	-80.54M	-53.19M	-51.05M
Return on Equity (ROE)	-0.02%	0.1%	0.09%	0.12%	0.13%	0.16%	0.14%	0.05%	0.02%	0.09%
Return on Assets (ROA)	-0.01%	0.04%	0.03%	0.05%	0.05%	0.07%	0.06%	0.02%	0.01%	0.03%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	-	-	-	-	0.04x	0.07x	0.06x	0.07x	0.06x	0.06x
Book Value per Share	43.35	44.62	46.32	47.19	52.71	58.51	62.12	55.20	54.67	56.29
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	22.89M	98.82M	82.04M	127.69M	112.46M	109.46M	141.39M	44.33M	52.11M	128.69M
Operating CF Growth %	-0.77%	3.32%	-0.17%	0.56%	-0.12%	-0.03%	0.29%	-0.69%	0.18%	1.47%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-13.85M	64.58M	62.39M	83.19M	99.6M	138.21M	130.71M	46.56M	18.88M	70.73M
Depreciation & Amortization	12.6M	14.07M	5.04M	5.47M	5.49M	7.53M	6.9M	6.61M	6.95M	9.46M
Stock-Based Compensation	3.73M	4.3M	5.17M	6.58M	6.03M	7.46M	6.29M	5.98M	4.33M	4.48M
Deferred Taxes	552K	1.68M	2.08M	-5.6M	4.76M	5.16M	5.32M	-8.37M	1.66M	380K
Other Non-Cash Items	796K	798K	-900K	17.95M	-19.52M	-5.74M	-41.04M	28.49M	-13.24M	-18.55M
Working Capital Changes	24.72M	26.43M	8.27M	20.1M	16.11M	-43.15M	33.21M	-34.94M	33.55M	62.17M
Cash from Investing+	23.84M	-84.25M	-14.92M	-83M	-52.96M	-35.52M	-65.99M	-19.99M	24.27M	-54.54M
Capital Expenditures	-4.04M	-4.91M	-5.96M	-11.18M	-9.59M	-9.95M	-8.22M	-2.09M	-1.78M	-4.37M
Acquisitions	-54.54M	49.28M	-18.47M	4.99M	14.78M	-23.75M	-1.53M	-17.59M	-2.11M	-2.06M
Purchase of Investments	-258.81M	-330.52M	-240.16M	-378.13M	-263.25M	-278.9M	-447.67M	-287.49M	-161.59M	-356.74M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	54.54M	-49.28M	18.47M	-4.99M	-14.78M	23.75M	1.53M	0	0	0
Cash from Financing+	-41.7M	-42.01M	-45.46M	-48.81M	-52.67M	-64.57M	-65.57M	-62.64M	-63.53M	-53.33M
Dividends Paid	-41.98M	-42.27M	-45.46M	-48.81M	-52.67M	-54.58M	-54.01M	-53.04M	-53.29M	-53.33M
Share Repurchases	0	0	0	0	0	-40M	-11.56M	-14.6M	-5.24M	0
Stock Issued	278K	257K	0	0	0	0	0	0	0	0
Debt Issuance (Net)	0	0	0	0	0	1000K	0	1000K	-1000K	0
Other Financing	279K	251K	0	0	0	0	0	0	0	0
Net Change in Cash+	5.04M	-27.44M	21.66M	-4.13M	6.83M	9.36M	9.83M	-38.3M	12.85M	20.82M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	42.45M	47.49M	20.05M	41.71M	37.58M	44.41M	53.77M	63.6M	25.3M	38.15M
Cash at End	47.49M	20.05M	41.71M	37.58M	44.41M	53.77M	63.6M	25.3M	38.15M	58.97M
Free Cash Flow+	18.85M	93.91M	76.08M	116.51M	102.86M	99.51M	133.17M	42.23M	50.33M	124.32M
FCF Growth %	-0.8%	3.98%	-0.19%	0.53%	-0.12%	-0.03%	0.34%	-0.68%	0.19%	1.47%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	1.27	6.25	5.03	7.65	6.71	6.58	8.92	2.87	3.42	8.45

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	102.57%	87.43%	88.94%	86.88%	85.88%	79.2%	81%	92.41%	97.36%	91.9%
Medical Cost Ratio	76.23%	59.64%	59.73%	58.15%	58.21%	48.14%	53.4%	62.67%	69.37%	64.58%
Return on Equity (ROE)	-2.05%	9.82%	9.1%	11.72%	13.04%	16.33%	14.43%	5.35%	2.34%	8.66%
Return on Assets (ROA)	-0.82%	3.73%	3.5%	4.54%	5.14%	6.78%	6.27%	2.28%	0.93%	3.24%
Equity / Assets	37.83%	38.15%	38.79%	38.72%	39.97%	43.07%	43.79%	41.16%	38.41%	36.49%
Book Value / Share	43.35	44.62	46.32	47.19	52.71	58.51	62.12	55.2	54.67	56.29
Debt / Equity	-	-	-	-	0.04x	0.07x	0.06x	0.07x	0.06x	0.06x
Revenue Growth	0.96%	2.96%	1.97%	-1.04%	4.9%	-4.04%	2.89%	-9.21%	17.95%	19.85%

Revenue by Segment

	2013	2014	2015	2016	2017
Property Liability And Casualty Insurance	-	716.88M	738.16M	755.76M	774.42M
Property Liability And Casualty Insurance Growth	-	-	2.97%	2.38%	2.47%
Property, Liability and Casualty Insurance Product Line	681.87M	-	-	-	-
Property, Liability and Casualty Insurance Product Line Growth	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Safety Insurance Group, Inc. (SAFT) has a price-to-earnings (P/E) ratio of 16.0x. This is roughly in line with market averages.

Growth & Financials

Safety Insurance Group, Inc. (SAFT) grew revenue by 19.8% over the past year. This is strong growth.

Yes, Safety Insurance Group, Inc. (SAFT) is profitable, generating $87.3M in net income for fiscal year 2024 (6.4% net margin).

Dividend & Returns

Yes, Safety Insurance Group, Inc. (SAFT) pays a dividend with a yield of 4.74%. This makes it attractive for income-focused investors.

Safety Insurance Group, Inc. (SAFT) has a return on equity (ROE) of 8.7%. This is below average, suggesting room for improvement.

Industry Metrics

Safety Insurance Group, Inc. (SAFT) has a combined ratio of 91.9%. A ratio below 100% indicates underwriting profitability.

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