NASDAQ: SAFT
SAFETY INSURANCE GROUP INCCIK 0001172052 · SIC 6331 · Fire, Marine & Casualty Insurance
Mid
Revenue $1.3B
Assets $2.5B
as of Sep 6, 2026
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10-Q
Filed Aug 7, 2026
· Period ending Jun 30, 2026
SAFT Q2 net income +19% to $34.5M; winter storms drive combined ratio to 104.5%
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8-K
Filed Aug 5, 2026
· Period ending Aug 5, 2026
Summary not yet generated.
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8-K
Filed Jul 24, 2026
· Period ending Jul 23, 2026
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8-K
Filed Jul 23, 2026
· Period ending Jul 23, 2026
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8-K
Filed Jun 15, 2026
· Period ending Jun 9, 2026
Summary not yet generated.
8-K
Filed May 14, 2026
· Period ending May 13, 2026
Summary not yet generated.
10-Q
Filed May 8, 2026
· Period ending Mar 31, 2026
Summary not yet generated.
10-K
Filed Feb 27, 2026
· Period ending Dec 31, 2025
Summary not yet generated.
10-Q
Filed Nov 7, 2025
· Period ending Sep 30, 2025
Summary not yet generated.
10-Q
Filed Aug 8, 2025
· Period ending Jun 30, 2025
Summary not yet generated.
10-K
Filed Feb 27, 2025
· Period ending Dec 31, 2024
Summary not yet generated.
Latest financial statements
From 10-Q filed Aug 7, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net earned premiums | 291,653 | 282,113 | 582,639 | 554,803 |
| Net investment income | 16,559 | 15,724 | 33,597 | 30,298 |
| Earnings from partnership investments | 3,329 | 346 | 7,234 | 2,458 |
| Net realized gains on investments | 1,418 | 2,131 | 8,049 | 6,394 |
| Change in net unrealized gains on equity securities | 4,720 | 7,194 | (6,777) | 6,923 |
| Credit loss (expense) benefit | (7) | 66 | (355) | (255) |
| Commission income | 2,252 | 2,285 | 4,402 | 4,380 |
| Finance and other service income | 5,758 | 6,485 | 11,559 | 12,772 |
| Total revenue | 325,682 | 316,344 | 640,348 | 617,773 |
| Losses and loss adjustment expenses | 195,119 | 194,232 | 442,609 | 384,522 |
| Underwriting, operating and related expenses | 83,883 | 82,796 | 166,164 | 163,647 |
| Other expense | 2,110 | 2,047 | 4,247 | 4,001 |
| Interest expense | 814 | 442 | 1,432 | 546 |
| Total expenses | 281,926 | 279,517 | 614,452 | 552,716 |
| Income before income taxes | 43,756 | 36,827 | 25,896 | 65,057 |
| Income tax expense | 9,239 | 7,890 | 5,702 | 14,224 |
| Net income | 34,517 | 28,937 | 20,194 | 50,833 |
| Earnings per weighted average common share: | ||||
| Basic | 2.36 | 1.95 | 1.38 | 3.44 |
| Diluted | 2.36 | 1.95 | 1.38 | 3.43 |
| Cash dividends paid per common share | 0.92 | 0.90 | 1.84 | 1.80 |
| Number of shares used in computing earnings per share: | ||||
| Basic | 14,521,693 | 14,744,968 | 14,509,999 | 14,731,843 |
| Diluted | 14,558,294 | 14,782,244 | 14,552,290 | 14,763,732 |
Consolidated Balance Sheets
(Dollars in thousands, except share data)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Investments: | ||
| Fixed maturities, available for sale, at fair value (amortized cost: $1,365,368 and $1,337,235, allowance for expected credit losses of $355 and $0) | 1,328,594 | 1,315,548 |
| Equity securities, at fair value (cost: $189,372 and $201,591) | 201,956 | 220,953 |
| Other invested assets | 154,036 | 151,020 |
| Total investments | 1,684,586 | 1,687,521 |
| Cash and cash equivalents | 67,918 | 73,901 |
| Accounts receivable, net of allowance for expected credit losses of $890 and $802 | 332,530 | 320,187 |
| Receivable for securities sold | 527 | 4,269 |
| Accrued investment income | 11,702 | 12,169 |
| Taxes recoverable | 10,731 | — |
| Receivable from reinsurers related to paid loss and loss adjustment expenses | 25,074 | 9,433 |
| Receivable from reinsurers related to unpaid loss and loss adjustment expenses | 150,659 | 149,441 |
| Ceded unearned premiums | 43,317 | 39,674 |
| Deferred policy acquisition costs | 112,755 | 111,791 |
| Deferred income taxes | 6,253 | 4,116 |
| Equity and deposits in pools | 5,081 | 4,197 |
| Operating lease right-of-use-assets | 9,773 | 11,861 |
| Goodwill | 17,093 | 17,093 |
| Intangible assets | 6,309 | 6,783 |
| Other assets | 18,976 | 18,672 |
| Total assets | 2,503,284 | 2,471,108 |
| Liabilities | ||
| Losses and loss adjustment expense reserves | 808,264 | 761,739 |
| Unearned premium reserves | 664,746 | 654,803 |
| Accounts payable and accrued liabilities | 70,299 | 80,461 |
| Payable for securities purchased | 5,061 | 846 |
| Payable to reinsurers | 18,487 | 15,184 |
| Taxes payable | — | 3,903 |
| Long-term debt | 50,000 | 50,000 |
| Operating lease liabilities | 9,773 | 11,861 |
| Total liabilities | 1,626,630 | 1,578,797 |
| Commitments and contingencies (Note 8) | ||
| Shareholders’ equity | ||
| Common stock: $0.01 par value; 30,000,000 shares authorized; 18,103,084 and 18,051,631 shares issued | 181 | 181 |
| Additional paid-in capital | 238,435 | 235,693 |
| Accumulated other comprehensive loss, net of taxes | (28,771) | (17,133) |
| Retained earnings | 837,302 | 844,063 |
| Treasury stock, at cost: 3,419,947 shares | (170,493) | (170,493) |
| Total shareholders’ equity | 876,654 | 892,311 |
| Total liabilities and shareholders’ equity | 2,503,284 | 2,471,108 |
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 20,194 | 50,833 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Investment amortization, net | (709) | (321) |
| Fixed asset depreciation, net | 2,739 | 3,911 |
| Stock based compensation | 2,743 | 2,528 |
| Credit for deferred income taxes | 957 | (88) |
| Net realized gains on investments | (8,049) | (6,394) |
| Credit loss expense | 355 | 255 |
| Earnings from partnership investments | (4,361) | (2,413) |
| Change in net unrealized gains on equity securities | 6,777 | (6,923) |
| Changes in assets and liabilities: | ||
| Accounts receivable, net | (12,343) | (26,549) |
| Accrued investment income | 467 | (1,256) |
| Receivable from reinsurers | (16,859) | (10,682) |
| Ceded unearned premiums | (3,643) | (95) |
| Deferred policy acquisition costs | (964) | (6,007) |
| Taxes recoverable/payable | (14,634) | (2,710) |
| Other assets | (984) | (932) |
| Losses and loss adjustment expense reserves | 46,525 | 14,272 |
| Unearned premium reserves | 9,943 | 39,548 |
| Accounts payable and accrued liabilities | (10,163) | (7,618) |
| Payable to reinsurers | 3,303 | (3,863) |
| Net cash provided by operating activities | 21,294 | 35,496 |
| Cash flows from investing activities: | ||
| Fixed maturities purchased | (165,072) | (117,399) |
| Equity securities purchased | (48,633) | (37,209) |
| Other invested assets purchased | (2,508) | (4,406) |
| Proceeds from sales and paydowns of fixed maturities | 127,760 | 44,818 |
| Proceeds from maturities, redemptions, and calls of fixed maturities | 18,268 | 32,519 |
| Proceeds from maturities of short-term investments | — | 20,000 |
| Proceed from sales of equity securities | 68,743 | 37,407 |
| Proceeds from other invested assets redeemed | 3,588 | 6,453 |
| Fixed assets purchased | (2,469) | (400) |
| Net cash used for investing activities | (323) | (18,217) |
| Cash flows from financing activities: | ||
| Proceeds from Citizens loan | — | 30,000 |
| Payments on FHLB loan | — | (30,000) |
| Dividends paid to shareholders | (26,954) | (26,844) |
| Net cash used for financing activities | (26,954) | (26,844) |
| Net (decrease) increase in cash and cash equivalents | (5,983) | (9,565) |
| Cash and cash equivalents at beginning of year | 73,901 | 58,974 |
| Cash and cash equivalents at end of period | 67,918 | 49,409 |
Amounts as printed on the EDGAR/iXBRL face — (Dollars in thousands, except per share data); (Dollars in thousands, except share data); (Dollars in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗