Safety Insurance Group Q2 2024 Financial Update

TL;DR

SAFETY INSURANCE GROUP INC 10-Q FILED: EQUITY DETAILS FOR Q2 2024 SHOWING CHANGES IN RETAINED EARNINGS, COMMON STOCK, ETC.

AI Summary

Safety Insurance Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position, including retained earnings, common stock, and additional paid-in capital as of June 30, 2024, and comparative periods. Specific financial figures for treasury stock, retained earnings, common stock, additional paid-in capital, and accumulated other comprehensive income are provided for the end of Q2 2024, Q1 2024, and the full year 2023.

Why It Matters

This filing provides investors and analysts with a detailed look at Safety Insurance Group's financial health and changes in its equity structure during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative events indicated.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240809 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SAFETY INSURANCE GROUP INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date
• 0001172052 (company) — Central Index Key for Safety Insurance Group Inc.

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share SAFT The Nasdaq Stock Mar

Filing Documents

• saft-20240630x10q.htm (10-Q) — 2766KB
• saft-20240630xex10d30.htm (EX-10.30) — 126KB
• saft-20240630xex10d31.htm (EX-10.31) — 42KB
• saft-20240630xex10d32.htm (EX-10.32) — 125KB
• saft-20240630xex31d1.htm (EX-31.1) — 13KB
• saft-20240630xex31d2.htm (EX-31.2) — 13KB
• saft-20240630xex32d1.htm (EX-32.1) — 5KB
• saft-20240630xex32d2.htm (EX-32.2) — 5KB
• 0001172052-24-000035.txt ( ) — 10492KB
• saft-20240630.xsd (EX-101.SCH) — 46KB
• saft-20240630_cal.xml (EX-101.CAL) — 90KB
• saft-20240630_def.xml (EX-101.DEF) — 156KB
• saft-20240630_lab.xml (EX-101.LAB) — 492KB
• saft-20240630_pre.xml (EX-101.PRE) — 338KB
• saft-20240630x10q_htm.xml (XML) — 2140KB

Financial Information

Part I. Financial Information Item 1. Consolidated Financial Statements Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Changes in Shareholders' Equity 6 Consolidated Statements of Cash Flows 7 Notes to Unaudited Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Information about Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 42

Other Information

Part II. Other Information Item 1

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 43 EXHIBIT INDEX 45 SIGNATURE 46 2 Table of Contents Safety Insurance Group, Inc. and Subsidiaries Consolidated Balance Sheets (Dollars in thousands, except share data) June 30, December 31, 2024 2023 (Unaudited) Assets Investments: Fixed maturities, available for sale, at fair value (amortized cost: $ 1,120,235 and $ 1,120,682 , allowance for expected credit losses of $ 1,387 and $ 1,208 ) $ 1,043,097 $ 1,052,145 Equity securities, at fair value (cost: $ 196,039 and $ 221,809 ) 216,434 238,022 Other invested assets 154,195 133,946 Total investments 1,413,726 1,424,113 Cash and cash equivalents 44,579 38,152 Accounts receivable, net of allowance for expected credit losses of $ 939 and $ 1,053 312,361 256,687 Receivable for securities sold 2,908 124 Accrued investment income 7,281 7,261 Taxes recoverable 2,233 623 Receivable from reinsurers related to paid loss and loss adjustment expenses 27,187 13,129 Receivable from reinsurers related to unpaid loss and loss adjustment expenses 126,747 112,623 Ceded unearned premiums 35,969 32,346 Deferred policy acquisition costs 100,599 91,917 Deferred income taxes 14,328 12,150 Equity and deposits in pools 6,947 35,247 Operating lease right-of-use-assets 17,966 19,756 Goodwill 17,093 17,093 Intangible assets 7,130 7,551 Other assets 24,863 25,232 Total assets $ 2,161,917 $ 2,094,004 Liabilities Loss and loss adjustment expense reserves $ 621,637 $ 603,081 Unearned premium reserves 586,577 528,150 Accounts payable and accrued liabilities 68,301 64,235 Payable for securities purchased 11,521 1,863 Payable to reinsurers 15,736 15,941

View Full Filing

View this 10-Q filing on SEC EDGAR