Safety Insurance Group Files Q3 2024 10-Q

TL;DR

**SAFETY INSURANCE GROUP (SAFT) Q3 10-Q FILED: FINANCIALS SHOWING RETAINED EARNINGS, COMMON STOCK, AND MORE AS OF SEPT 30, 2024.**

AI Summary

Safety Insurance Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and position, with key balance sheet items like Retained Earnings, Common Stock, Additional Paid-In Capital, and Accumulated Other Comprehensive Income reported as of September 30, 2024, and comparative periods.

Why It Matters

This filing provides investors with a detailed look at Safety Insurance Group's financial health and operational performance for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• N/A — Revenue (Specific revenue figures are not detailed in the provided header information.)
• N/A — Net Income (Specific net income figures are not detailed in the provided header information.)
• 2024-09-30 — Balance Sheet Date (End of the third fiscal quarter for 2024.)

Key Players & Entities

• SAFETY INSURANCE GROUP INC (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241108 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• saft-20240930x10q.htm (10-Q) — 2883KB
• saft-20240930xex31d1.htm (EX-31.1) — 13KB
• saft-20240930xex31d2.htm (EX-31.2) — 13KB
• saft-20240930xex32d1.htm (EX-32.1) — 5KB
• saft-20240930xex32d2.htm (EX-32.2) — 5KB
• 0001172052-24-000040.txt ( ) — 10437KB
• saft-20240930.xsd (EX-101.SCH) — 48KB
• saft-20240930_cal.xml (EX-101.CAL) — 90KB
• saft-20240930_def.xml (EX-101.DEF) — 161KB
• saft-20240930_lab.xml (EX-101.LAB) — 500KB
• saft-20240930_pre.xml (EX-101.PRE) — 344KB
• saft-20240930x10q_htm.xml (XML) — 2201KB

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 24 Item 3. Quantitative and Qualitative Information about Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 44

Other Information

Part II. Other Information Item 1

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 45 EXHIBIT INDEX 47 SIGNATURE 48 2 Table of Contents Safety Insurance Group, Inc. and Subsidiaries Consolidated Balance Sheets (Dollars in thousands, except share data) September 30, December 31, 2024 2023 (Unaudited) Assets Investments: Fixed maturities, available for sale, at fair value (amortized cost: $ 1,141,326 and $ 1,120,682 , allowance for expected credit losses of $ 1,545 and $ 1,208 ) $ 1,098,984 $ 1,052,145 Short-term investments, at fair value (cost: $ 19,729 and $ 0 ) 19,729 — Equity securities, at fair value (cost: $ 195,247 and $ 221,809 ) 226,340 238,022 Other invested assets 157,883 133,946 Total investments 1,502,936 1,424,113 Cash and cash equivalents 62,598 38,152 Accounts receivable, net of allowance for expected credit losses of $ 701 and $ 1,053 311,443 256,687 Receivable for securities sold 2 124 Accrued investment income 7,646 7,261 Taxes recoverable 2,233 623 Receivable from reinsurers related to paid loss and loss adjustment expenses 26,880 13,129 Receivable from reinsurers related to unpaid loss and loss adjustment expenses 131,596 112,623 Ceded unearned premiums 37,682 32,346 Deferred policy acquisition costs 106,517 91,917 Deferred income taxes 4,837 12,150 Equity and deposits in pools 9,691 35,247 Operating lease right-of-use-assets 16,845 19,756 Goodwill 17,093 17,093 Intangible assets 7,967 7,551 Other assets 24,672 25,232 Total assets $ 2,270,638 $ 2,094,004 Liabilities Loss and loss adjustment expense reserves $ 644,175 $ 603,081 Unearned premium reserves 621,975 528,150 Accounts payable and accrued liabilities 69,039 64,235 Payable for se

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