The company maintains a highly conservative capital structure with a debt-to-equity ratio of 0.07%, providing a robust buffer despite the recent contraction of equity to $855.8 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'00 |
|---|
| Total Assets | 2.43B | 2.47B | 2.27B | 2.09B | 1.97B | 2.12B | 2.05B | 2.02B | 1.86B | 1.81B | 1.76B | 1.7B | 1.68B | 1.63B | 1.57B | 1.47B | 1.44B | 1.43B | 1.44B | 1.45B | 1.36B | 1.26B | 1.21B | 1.08B | 978.6M | 833.34M |
| Asset Growth % | 32.36% | 8.86% | 8.41% | 6.16% | -6.84% | 3.07% | 1.56% | 8.97% | 2.71% | 2.79% | 3.19% | 1.68% | 3.09% | 3.25% | 6.91% | 2.3% | 0.81% | -0.69% | -0.63% | 6.73% | 7.8% | 4.25% | 12.09% | 9.98% | 17.43% | - |
| Total Investment Assets | 4M | 1.69B | 1.52B | 1.59B | 2.34B | 2.7B | 1.54B | 1.47B | 1.33B | 1.31B | 1.28B | 1.21B | 1.26B | 1.2B | 1.19B | 1.1B | 1.08B | 1.03B | 928.21M | 1.01B | 940.61M | 714.54M | 664.6M | 673.64M | 603.89M | 0 |
| Long-Term Investments | 5.15B | 991.69M | 1.36B | 1.56B | 1.29B | 1.48B | 1.49B | 1.44B | 1.31B | 1.28B | 1.26B | 1.19B | 1.24B | 1.2B | 1.19B | 1.1B | 1.08B | 1.03B | 928.21M | 1.01B | 940.61M | 714.54M | 664.6M | 673.64M | 603.89M | 0 |
| Short-Term Investments | 0 | 700.02M | 553.39M | 31.05M | 1.05B | 1.22B | 1.26B | 1.23B | 1.16B | 1.17B | 1.15B | 1.08B | 1.14B | 1.1B | 1.17B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 368.26M | 1.31B | 0 | 38.15M | 1.62B | 1.57B | 0 | 0 | 227.64M | 232.36M | 187.7M | 226.06M | 217.99M | 225.18M | 201.13M | 192.03M | 186.02M | 211.71M | 199.24M | 202.65M | 184.47M | 317.45M | 160.43M | 160.43M | 34.78M | 0 |
| Cash & Equivalents | 54.83M | 73.9M | 58.97M | 38.15M | 25.3M | 63.6M | 53.77M | 44.41M | 37.58M | 41.71M | 20.05M | 47.49M | 42.45M | 55.88M | 35.38M | 37.89M | 40.29M | 74.47M | 60.45M | 46.31M | 26.28M | 163.03M | 155.67M | 26.28M | 34.78M | 0 |
| Receivables | 1.83B | 495.5M | 464.21M | 383.19M | 299.8M | 290.62M | 300.48M | 329.85M | 190.06M | 190.65M | 0 | 178.57M | 175.53M | 169.3M | 165.75M | 154.14M | 145.73M | 137.24M | 138.79M | 156.34M | 158.19M | 154.42M | 253.6M | 256.67M | 231.1M | 0 |
| Other Current Assets | 0 | 0 | -1.12B | -566.87M | 203.14M | 274.77M | -1.63B | -1.64B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 323.5M | 135.67M | 24.82M | 24.64M | 24.95M | 1.5B | 0 | 0 | -8.75M | -2.92M | -3.08M | -4.43M | -1.61M | -3.98M | -8.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 325K | 0 |
| Goodwill | 17.09M | 17.09M | 17.09M | 17.09M | 17.09M | 1.42B | 0 | 0 | -82.1M | -75.12M | -74.08M | -73.37M | -68.94M | -67.37M | -68.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.55M | 118.57M | 7.73M | 7.55M | 7.86M | 73.02M | 0 | 0 | 73.36M | 72.2M | 71M | 68.94M | 67.33M | 63.39M | 60.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 325K | 0 |
| PP&E (Net) | 11.1M | 18.94M | 20.27M | 31.48M | 23.34M | 27.11M | 53.11M | 54.01M | 15.58M | 9.87M | 8.95M | 8.42M | 8.29M | 10.66M | 9.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11K | 642K | 0 |
| Other Assets | -1.67B | 11.59M | -1.41B | 400.35M | -1.29B | -1.51B | -1.55B | -1.49B | -1.03B | -1.03B | -998.32M | -931.89M | -1.05B | -1.01B | -1.01B | -932.28M | -1.08B | -1.03B | -928.21M | -1.01B | -940.61M | -714.54M | -664.6M | -673.64M | -610.13M | 0 |
| Total Liabilities | 1.58B | 1.58B | 1.44B | 1.29B | 1.16B | 1.19B | 1.17B | 1.21B | 1.14B | 1.11B | 1.09B | 1.06B | 967.44M | 930.27M | 879.99M | 816.25M | 785.98M | 807.4M | 834.45M | 876.99M | 859.4M | 869.73M | 901.11M | 808.28M | 733.34M | 620.39M |
| Total Debt | 61.1M | 61.86M | 45.73M | 49.76M | 58.34M | 57.12M | 61M | 34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.92M | 16.32M | 20.09M | 37.27M | 40.66M | 39.35M | 0 |
| Net Debt | 6.27M | -12.04M | -13.24M | 11.6M | 33.04M | -6.49M | 7.23M | -10.41M | -37.58M | -41.71M | -20.05M | -47.49M | -42.45M | -55.88M | -35.38M | -37.89M | -40.29M | -74.47M | -60.45M | -28.39M | -9.96M | -142.94M | -118.4M | 14.38M | 4.57M | 0 |
| Long-Term Debt | 50M | 0 | 0 | 30M | 35M | 30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.96M | 19.96M | 19.96M | 0 |
| Short-Term Debt | 11.1M | 50M | 30M | 4.6M | 4.52M | 4.74M | 30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.92M | 16.28M | 19.82M | 16.83M | 20.05M | 19.39M | 0 |
| Total Current Liabilities | 11.1M | 1.57B | 0 | 499.73M | 25.07M | 115.79M | 0 | 0 | 80.64M | 63.62M | 69.89M | 58.15M | 67.48M | 70.49M | 73.66M | 55.12M | 57.88M | 68.2M | 70.1M | 63.41M | 65.53M | 62.49M | 881.1M | 788.3M | 713.3M | 0 |
| Accounts Payable | 0 | 95.64M | 96.35M | 80.18M | 85.32M | 85.79M | 87.72M | 87.93M | 84.12M | 74.5M | 80.31M | 65.27M | 73.52M | 73.6M | 72.51M | 57.37M | 5.57M | 64.54M | 8.29M | 60.69M | 48.67M | 44.37M | 40.17M | 82.83M | 0 | 0 |
| Deferred Revenue | 0 | 654.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 761.74M | -134.31M | 414.96M | -67.86M | 25.26M | -124.87M | -94.3M | -95.36M | -78.69M | -86.98M | -73.88M | -78.37M | -86.93M | -75.14M | -57.37M | -59.81M | -68.46M | -59.4M | -78.73M | -64.94M | -64.2M | -60.52M | -102.88M | -108.09M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 1.52B | 0 | -15.73M | 586.75M | 1.13B | 0 | -48.61M | -39.72M | 0 | 1.1B | 0 | 0 | 965.56M | 0 | -8.2M | -3.01M | 0 | 0 | 0 | 0 | -39K | -266K | -20.44M | -20.62M | -19.96M | 0 |
| Total Equity | 855.75M | 892.31M | 828.46M | 804.27M | 812M | 927.17M | 884.68M | 808.41M | 718.64M | 701.02M | 670.73M | 644.5M | 708.28M | 695.19M | 694.36M | 656.31M | 653.48M | 620.43M | 603.37M | 570M | 496.35M | 387.95M | 305.33M | 268.02M | 245.25M | 212.95M |
| Equity Growth % | 21.74% | 7.71% | 3.01% | -0.95% | -12.42% | 4.8% | 9.44% | 12.49% | 2.51% | 4.52% | 4.07% | -9.01% | 1.88% | 0.12% | 5.8% | 0.43% | 5.33% | 2.83% | 5.85% | 14.84% | 27.94% | 27.06% | 13.92% | 9.28% | 15.17% | - |
| Shareholders Equity | 855.75M | 892.31M | 828.46M | 804.27M | 812M | 927.17M | 884.68M | 808.41M | 718.64M | 701.02M | 670.73M | 644.5M | 708.28M | 695.19M | 694.36M | 656.31M | 653.48M | 620.43M | 603.37M | 570M | 496.35M | 387.95M | 305.33M | 268.02M | 245.25M | 212.95M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 816.27M | 844.06M | 798.76M | 781.19M | 815.31M | 821.74M | 745.03M | 661.55M | 616.72M | 570.69M | 554M | 531.8M | 587.65M | 567.79M | 543.36M | 518.92M | 535.54M | 506.3M | 476.99M | 432.75M | 366.38M | 268.17M | 182.4M | 144.18M | 120.88M | 0 |
| Common Stock | 181K | 181K | 180K | 179K | 179K | 178K | 178K | 177K | 176K | 175K | 174K | 174K | 173K | 172K | 170K | 169K | 168K | 166K | 165K | 162K | 161K | 158K | 155K | 153K | 153K | 0 |
| Accumulated OCI | -27.34M | -17.13M | -51.05M | -53.19M | -80.54M | 24.58M | 53.53M | 28.19M | -10.71M | 24.27M | 15.84M | 16.46M | 28.71M | 17.2M | 43.36M | 35.62M | 21.97M | 18.87M | -6.53M | 4.45M | 21K | -833K | 8.71M | 12.65M | 14.32M | 0 |
| Return on Equity (ROE) | 7.16% | 11.54% | 8.66% | 2.34% | 5.35% | 14.43% | 16.33% | 13.04% | 11.72% | 9.1% | 9.82% | -2.05% | 8.46% | 8.83% | 8.6% | 2.09% | 8.85% | 8.85% | 11.98% | 16.39% | 25.32% | 27.46% | 15.69% | 11.1% | 4.03% | 9.05% |
| Return on Assets (ROA) | 2.59% | 4.19% | 3.24% | 0.93% | 2.28% | 6.27% | 6.78% | 5.14% | 4.54% | 3.5% | 3.73% | -0.82% | 3.6% | 3.83% | 3.81% | 0.94% | 3.93% | 3.78% | 4.87% | 6.24% | 8.57% | 7.73% | 3.94% | 2.77% | 1.02% | 2.31% |
| Equity / Assets | 35.15% | 36.11% | 36.49% | 38.41% | 41.16% | 43.79% | 43.07% | 39.97% | 38.72% | 38.79% | 38.15% | 37.83% | 42.27% | 42.77% | 44.1% | 44.57% | 45.4% | 43.45% | 41.96% | 39.39% | 36.61% | 30.85% | 25.31% | 24.9% | 25.06% | 25.55% |
| Debt / Equity | 0.07x | 0.07x | 0.06x | 0.06x | 0.07x | 0.06x | 0.07x | 0.04x | - | - | - | - | - | - | - | - | - | - | - | 0.03x | 0.03x | 0.05x | 0.12x | 0.15x | 0.16x | - |
| Book Value per Share | 59.02 | 60.52 | 56.29 | 54.67 | 55.20 | 62.12 | 58.51 | 52.71 | 47.19 | 46.32 | 44.62 | 43.35 | 46.61 | 45.14 | 45.40 | 43.25 | 43.32 | 39.89 | 37.44 | 35.41 | 31.01 | 24.32 | 19.66 | 17.47 | 36.61 | 248.54 |
| Tangible BV per Share | 57.39 | 51.31 | 54.61 | 53.00 | 53.50 | -38.05 | 58.51 | 52.71 | 47.76 | 46.51 | 44.82 | 43.65 | 46.71 | 45.40 | 45.93 | 43.25 | 43.32 | 39.89 | 37.44 | 35.41 | 31.01 | 24.32 | 19.66 | 17.47 | 36.56 | 248.54 |
Regional underwriting loss volatility
According to recent financial statements, SAFT's equity base contracted to $855.8 million in 2026Q1 from a peak of $899.6 million in 2025Q3, reflecting the impact of recent underwriting losses on the company's overall capital accumulation trajectory and long-term balance sheet strength.
The decline in equity suggests that the company's underwriting performance is currently failing to generate sufficient internal capital to offset dividend distributions and claim-related losses. Investors should monitor whether this trend represents a temporary cyclical dip or a more permanent impairment of the company's capital generation capacity.
As reported in quarterly filings, claims and loss reserves reached $247.5 million in 2026Q1, representing a significant increase from the $172.1 million observed in 2023Q4, which indicates that inflationary pressures on repair and medical costs are likely forcing upward revisions in reserve estimates.
The rapid escalation in loss reserves suggests that the company may be struggling to accurately price its policies against the backdrop of rising severity in the Massachusetts auto market. This trend warrants further investigation into whether prior-year reserve development will continue to act as a drag on future earnings.
Based on reported figures, SAFT maintains a debt-to-equity ratio of 0.07%, which, as noted in historical data, provides a fortress-like capital buffer that protects the firm from insolvency despite the recent deterioration in underwriting profitability observed in the 2026Q1 combined ratio of 105.7%.
While the low leverage profile is a hallmark of conservative management, it may also indicate a lack of strategic flexibility to pivot during periods of regional market stress. The company appears to be relying heavily on its existing capital cushion to absorb underwriting volatility rather than utilizing debt to fund operational improvements.
As evidenced by the company's total asset base of $2.4 billion, SAFT's extreme reliance on the Massachusetts market, as highlighted in regulatory filings, creates a singular point of failure that may render traditional diversification strategies ineffective during localized economic or regulatory shocks.
The lack of geographic dispersion suggests that the company's balance sheet is uniquely sensitive to state-specific legislative changes or weather events. This concentration risk may be underappreciated by the market, as it limits the firm's ability to offset regional underwriting losses with profits from more stable or growing territories.
Quick answers to the most common questions about buying SAFT stock.
As of 2025, Safety Insurance Group, Inc. (SAFT) had total assets of $2.47B including $1.31B in current assets.
Safety Insurance Group, Inc. (SAFT) carries total debt of $61.9M, offset by $773.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Safety Insurance Group, Inc. (SAFT) has total shareholders' equity (book value) of $892.3M ($60.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Safety Insurance Group, Inc. (SAFT) reported a current ratio of 0.84x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.