Revenue growth accelerated to 3.1% in 2026Q2, but underwriting profitability deteriorated sharply with a combined ratio of 105.7% in 2026Q1, reflecting a 78.6% loss ratio and a net loss of $14.3M.
Safety Insurance Group, Inc. (SAFT) annual income statement — 25-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 1.28B | 1.25B | 1.11B | 925.95M | 785.06M | 864.72M | 840.4M | 875.82M | 834.91M | 843.66M | 827.35M | 803.58M | 795.96M | 760.95M | 725.34M | 682.11M | 612.72M | 591.95M | 641M | 670.08M | 680.71M | 671.46M | 636.44M | 591.79M | 529.29M | 417.57M |
| Revenue Growth % | 7.37% | 13.01% | 19.85% | 17.95% | -9.21% | 2.89% | -4.04% | 4.9% | -1.04% | 1.97% | 2.96% | 0.96% | 4.6% | 4.91% | 6.34% | 11.32% | 3.51% | -7.65% | -4.34% | -1.56% | 1.38% | 5.5% | 7.54% | 11.81% | 26.75% | - |
| Medical Costs & Claims | 660.15M | 797.18M | 716.64M | 642.3M | 491.98M | 461.73M | 404.56M | 509.85M | 485.51M | 503.89M | 493.43M | 612.57M | 476.37M | 447.75M | 422.22M | 466.64M | 360.85M | 346.3M | 369.82M | 545.15M | 516.13M | 532.26M | 570.14M | 551.61M | 504.04M | 275.14M |
| Medical Cost Ratio % | 51.61% | 63.57% | 64.58% | 69.37% | 62.67% | 53.4% | 48.14% | 58.21% | 58.15% | 59.73% | 59.64% | 76.23% | 59.85% | 58.84% | 58.21% | 68.41% | 58.89% | 58.5% | 57.69% | 81.36% | 75.82% | 79.27% | 89.58% | 93.21% | 95.23% | 65.89% |
| Gross Profit | 619.05M | 456.89M | 393.1M | 283.64M | 293.08M | 402.99M | 435.85M | 365.97M | 349.39M | 339.78M | 333.91M | 191.01M | 319.59M | 313.2M | 303.12M | 215.47M | 251.87M | 245.65M | 271.18M | 124.93M | 164.59M | 139.19M | 66.3M | 40.19M | 25.25M | 142.43M |
| Gross Margin % | 48.39% | 36.43% | 35.42% | 30.63% | 37.33% | 46.6% | 51.86% | 41.79% | 41.85% | 40.27% | 40.36% | 23.77% | 40.15% | 41.16% | 41.79% | 31.59% | 41.11% | 41.5% | 42.31% | 18.64% | 24.18% | 20.73% | 10.42% | 6.79% | 4.77% | 34.11% |
| Gross Profit Growth % | - | 16.23% | 38.59% | -3.22% | -27.27% | -7.54% | 19.09% | 4.74% | 2.83% | 1.76% | 74.81% | -40.23% | 2.04% | 3.33% | 40.68% | -14.45% | 2.53% | -9.41% | 117.06% | -24.09% | 18.24% | 109.93% | 64.98% | 59.2% | -82.28% | - |
| Operating Expenses | 531.53M | 330.21M | 303.23M | 259.22M | 233.5M | 238.72M | 261.07M | 242.29M | 239.82M | 246.44M | 229.92M | 211.64M | 218.24M | 209.85M | 200.23M | 179.25M | 172.91M | 171.26M | 173.07M | 83K | 86K | 948K | 672K | 646K | 13.5M | 114.9M |
| OpEx / Revenue % | 41.55% | 26.33% | 27.32% | 28% | 29.74% | 27.61% | 31.07% | 27.66% | 28.72% | 29.21% | 27.79% | 26.34% | 27.42% | 27.58% | 27.6% | 26.28% | 28.22% | 28.93% | 27% | 0.01% | 0.01% | 0.14% | 0.11% | 0.11% | 2.55% | 27.52% |
| Depreciation & Amortization | 8.8M | 6.78M | 9.46M | 6.95M | 6.61M | 6.9M | 7.53M | 5.49M | 5.47M | 5.04M | 4.38M | 3.91M | 13.12M | 12.33M | 14.32M | 13.55M | 12.53M | 12.05M | 11.25M | 10.04M | 8.49M | 8.31M | 8.04M | 7.48M | 4.76M | 1.89M |
| Combined Ratio % | 93.16% | 89.9% | 91.9% | 97.36% | 92.41% | 81% | 79.2% | 85.88% | 86.88% | 88.94% | 87.43% | 102.57% | 87.27% | 86.42% | 85.81% | 94.69% | 87.11% | 87.43% | 84.69% | 81.37% | 75.83% | 79.41% | 89.69% | 93.32% | 97.78% | 93.41% |
| Operating Income | 87.52M | 126.68M | 89.87M | 24.42M | 59.58M | 164.27M | 174.77M | 123.68M | 109.58M | 93.33M | 103.99M | -20.63M | 101.36M | 103.36M | 102.9M | 36.22M | 78.96M | 74.39M | 98.11M | 124.85M | 164.5M | 138.25M | 65.63M | 39.54M | 11.74M | 27.53M |
| Operating Margin % | 6.84% | 10.1% | 8.1% | 2.64% | 7.59% | 19% | 20.8% | 14.12% | 13.12% | 11.06% | 12.57% | -2.57% | 12.73% | 13.58% | 14.19% | 5.31% | 12.89% | 12.57% | 15.31% | 18.63% | 24.17% | 20.59% | 10.31% | 6.68% | 2.22% | 6.59% |
| Operating Income Growth % | - | 40.97% | 268% | -59.01% | -63.73% | -6.01% | 41.31% | 12.87% | 17.4% | -10.25% | 604.11% | -120.35% | -1.94% | 0.45% | 184.08% | -54.13% | 6.14% | -24.17% | -21.42% | -24.11% | 18.99% | 110.64% | 65.98% | 236.79% | -57.35% | - |
| EBITDA | 97.14M | 133.46M | 99.33M | 31.37M | 66.19M | 171.17M | 182.3M | 129.17M | 115.04M | 98.37M | 108.37M | -16.72M | 114.48M | 115.68M | 117.22M | 49.77M | 91.49M | 86.44M | 109.36M | 134.88M | 172.99M | 146.56M | 73.67M | 47.02M | 16.5M | 29.41M |
| EBITDA Margin % | 7.59% | 10.64% | 8.95% | 3.39% | 8.43% | 19.79% | 21.69% | 14.75% | 13.78% | 11.66% | 13.1% | -2.08% | 14.38% | 15.2% | 16.16% | 7.3% | 14.93% | 14.6% | 17.06% | 20.13% | 25.41% | 21.83% | 11.58% | 7.95% | 3.12% | 7.04% |
| Interest Expense | 2.42M | 1.53M | 509K | 818K | 524K | 522K | 440K | 90K | 90K | 90K | 90K | 90K | 90K | 89K | 88K | 88K | 88K | 135K | 81K | 83K | 86K | 948K | 672K | 646K | 7.25M | 1.07M |
| Non-Operating Income | -2.42M | -1.53M | -509K | -818K | -524K | -522K | -440K | -90K | 5.24M | 6.54M | 10.62M | 7.93M | 17.95M | 15.58M | 21.39M | 21.86M | -88K | -135K | -81K | -83K | -86K | -948K | -672K | -646K | -7.25M | -1.07M |
| Pretax Income | 87.52M | 126.68M | 89.87M | 24.42M | 59.58M | 164.27M | 174.77M | 123.68M | 104.25M | 86.7M | 93.28M | -28.64M | 83.32M | 87.69M | 81.42M | 14.27M | 78.96M | 74.39M | 98.11M | 124.85M | 164.5M | 138.25M | 65.63M | 39.54M | 11.74M | 27.53M |
| Pretax Margin % | 6.84% | 10.1% | 8.1% | 2.64% | 7.59% | 19% | 20.8% | 14.12% | 12.49% | 10.28% | 11.27% | -3.56% | 10.47% | 11.52% | 11.23% | 2.09% | 12.89% | 12.57% | 15.31% | 18.63% | 24.17% | 20.59% | 10.31% | 6.68% | 2.22% | 6.59% |
| Income Tax | 18.91M | 27.43M | 19.13M | 5.54M | 13.02M | 33.56M | 36.56M | 24.08M | 21.06M | 24.31M | 28.7M | -14.79M | 23.96M | 26.34M | 23.35M | 571K | 22.62M | 20.24M | 27.85M | 37.43M | 52.56M | 43.06M | 20.64M | 11.06M | 1.28M | 8.26M |
| Effective Tax Rate % | 21.6% | 21.65% | 21.29% | 22.71% | 21.85% | 20.43% | 20.92% | 19.47% | 20.2% | 28.04% | 30.76% | 51.64% | 28.76% | 30.03% | 28.68% | 4% | 28.64% | 27.21% | 28.39% | 29.98% | 31.95% | 31.15% | 31.45% | 27.97% | 10.9% | 29.99% |
| Net Income | 68.62M | 99.25M | 70.73M | 18.88M | 46.56M | 130.71M | 138.21M | 99.6M | 83.19M | 62.39M | 64.58M | -13.85M | 59.35M | 61.35M | 58.07M | 13.7M | 56.34M | 54.15M | 70.26M | 87.41M | 111.94M | 95.18M | 44.99M | 28.48M | 9.24M | 19.27M |
| Net Margin % | 5.36% | 7.91% | 6.37% | 2.04% | 5.93% | 15.12% | 16.45% | 11.37% | 9.96% | 7.39% | 7.81% | -1.72% | 7.46% | 8.06% | 8.01% | 2.01% | 9.2% | 9.15% | 10.96% | 13.05% | 16.44% | 14.18% | 7.07% | 4.81% | 1.75% | 4.62% |
| Net Income Growth % | -19.14% | 40.32% | 274.75% | -59.46% | -64.38% | -5.43% | 38.76% | 19.72% | 33.35% | -3.4% | 566.22% | -123.34% | -3.26% | 5.65% | 323.81% | -75.68% | 4.04% | -22.92% | -19.63% | -21.91% | 17.61% | 111.56% | 57.96% | 208.18% | -52.05% | - |
| EPS (Diluted) | 4.71 | 6.70 | 4.78 | 1.28 | 3.15 | 8.80 | 9.18 | 6.46 | 5.46 | 4.10 | 4.27 | -0.93 | 3.91 | 3.98 | 3.80 | 0.90 | 3.74 | 3.48 | 4.36 | 5.43 | 6.99 | 5.97 | 2.90 | 1.86 | 1.38 | 22.50 |
| EPS Growth % | -18.74% | 40.17% | 273.44% | -59.37% | -64.2% | -4.14% | 42.11% | 18.32% | 33.17% | -3.98% | 559.14% | -123.79% | -1.76% | 4.74% | 322.22% | -75.94% | 7.47% | -20.18% | -19.71% | -22.32% | 17.09% | 105.86% | 55.91% | 34.78% | -93.87% | - |
| EPS (Basic) | - | 6.72 | 4.79 | 1.28 | 3.17 | 8.85 | 9.25 | 6.52 | 5.52 | 4.13 | 4.29 | -0.93 | 3.93 | 4.00 | 3.80 | 0.90 | 3.74 | 3.49 | 4.38 | 5.46 | 7.07 | 6.11 | 2.94 | 1.87 | 1.44 | 22.50 |
| Diluted Shares Outstanding | 14.56M | 14.75M | 14.72M | 14.71M | 14.71M | 14.93M | 15.12M | 15.34M | 15.23M | 15.14M | 15.03M | 14.87M | 15.2M | 15.4M | 15.3M | 15.18M | 15.08M | 15.55M | 16.11M | 16.1M | 16.01M | 15.95M | 15.53M | 15.34M | 6.7M | 856.8K |
Quick answers to the most common questions about buying SAFT stock.
For fiscal year 2025, Safety Insurance Group, Inc. (SAFT) reported total revenue of $1.25B. This represents a 200.3% increase compared to $417.6M in 2000.
Safety Insurance Group, Inc. (SAFT) is profitable, generating $99.3M in net income for the fiscal year ending 2025 with a net profit margin of 7.9%.
Safety Insurance Group, Inc. (SAFT) reported an operating income of $126.7M, resulting in an operating profit margin of 10.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Safety Insurance Group, Inc. (SAFT) generated $456.9M in gross profit for the year, representing a gross profit margin of 36.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Underwriting volatility from weather
Metrics are mathematically derived from official filings.
Premium Growth Accelerates
Safety Insurance's revenue grew 3.1% in 2026Q2, following a 5.1% rise in 2026Q1, with full-year 2025 growth of 12.4% to 18.2% per quarter, as reported in SEC filings.
The acceleration in premium growth, from 10.4% in 2024Q4 to 18.2% in 2025Q2, suggests a firming rate environment and possibly increased policy counts. However, the slowdown to 3.1% in 2026Q2 may indicate that rate increases are moderating or that competition is intensifying. Investors should monitor whether this deceleration is a temporary blip or a trend.
Underwriting Profitability Fluctuates
Safety's combined ratio improved to 88.3% in 2025Q2 but deteriorated to 105.7% in 2026Q1, indicating underwriting losses in that quarter, based on reported financials.
The combined ratio has been below 100% for most quarters, reflecting solid underwriting discipline, but the spike to 105.7% in 2026Q1 is concerning. This suggests elevated loss costs, possibly from weather-related claims or reserve strengthening. The subsequent recovery to 91.9% in 2025Q4 and 88.8% in 2025Q3 shows resilience, but the volatility warrants close attention.
Reserve Releases Masking Trends?
Loss ratios have been stable around 63-65% in 2025, but the 2026Q1 loss ratio of 78.6% suggests possible reserve strengthening or adverse development, as per financial statements.
The sharp increase in loss ratio in 2026Q1, from 63.5% in 2025Q1 to 78.6%, may indicate that prior-year reserve releases were supporting earnings in earlier periods. If reserve releases are not sustainable, future underwriting results could be pressured. Analysts should scrutinize the composition of loss reserves and the potential for further adverse development.
Investment Income Contribution Unclear
Investment income data is not disclosed in the provided quarterly figures, leaving its contribution to net income unquantified, as per available data.
Without explicit investment income figures, it is difficult to assess the extent to which investment returns are offsetting underwriting volatility. Given the combined ratio spike in 2026Q1, investment income may have been crucial in mitigating the net loss. Investors should seek additional disclosures to evaluate the stability of investment earnings.
2026Q1 Underwriting Shock
Safety's 2026Q1 combined ratio of 105.7% and net loss of $14.3M represent a significant inflection point, breaking a streak of profitable quarters, as reported.
The first quarter of 2026 stands out as a period of underwriting stress, with a loss ratio of 78.6% and a combined ratio above 100%. This could be due to severe weather events or a change in claims severity. The subsequent quarter's recovery to profitability suggests the impact may be transient, but it highlights the inherent volatility in P&C insurance.
Weather Catastrophe Exposure
Safety's loss ratio volatility, from 61.5% to 78.6% within a year, suggests significant exposure to weather-related losses, which could pressure future earnings, based on reported figures.
The wide swings in loss ratios indicate that Safety's underwriting results are sensitive to catastrophe events, which are unpredictable. While the company has maintained profitability in most quarters, a severe hurricane or winter storm season could lead to substantial losses. Investors should assess the adequacy of reinsurance protection and the potential for earnings disruption.