Safety Insurance(SAFT) - 2025 Q3 - Quarterly Results

Financial Performance - Net income for the quarter was $28.3 million, or $1.91 per diluted share, up from $25.9 million, or $1.73 per diluted share, in the comparable 2024 period[5] - Net earned premium increased by 12.5% to $291.0 million for the quarter ended September 30, 2025, compared to $258.7 million for the same period in 2024[9] - Net earned premiums for Q3 2025 increased to $291,021,000, up 12.5% from $258,657,000 in Q3 2024[25] - Net written premiums for Q3 2025 were $309,215,000, a 5.7% increase from $292,612,000 in Q3 2024[28] - Non-GAAP operating income for the quarter was $1.48 per diluted share, compared to $1.10 per diluted share for the comparable 2024 period[5] - The company reported a non-GAAP operating income of $21,883,000 for Q3 2025, up 32.4% from $16,524,000 in Q3 2024[26] - Basic earnings per share for Q3 2025 were $1.91, compared to $1.74 for Q3 2024, reflecting a 9.8% increase[25] Premiums and Ratios - For the quarter ended September 30, 2025, the combined ratio improved to 98.9% from 100.7% in the same period last year, reflecting growth in policy counts and rate increases[2] - Direct written premiums for the quarter increased by 5.0% to $334.2 million from $318.2 million for the comparable 2024 period[7] Investment and Assets - Net investment income increased by 27.2% to $15.5 million for the quarter, driven by higher interest rates on the fixed maturity portfolio[13] - Total assets as of September 30, 2025, were $2,449,840,000, an increase from $2,270,090,000 at the end of 2024[24] Losses and Expenses - Losses and loss adjustment expenses incurred increased by 12.3% to $205.0 million for the quarter, driven by larger policy counts and inflationary impacts[10] - Losses and loss adjustment expense reserves rose to $719,812,000 as of September 30, 2025, compared to $671,669,000 at the end of 2024[24] Dividends and Share Repurchases - A quarterly cash dividend of $0.92 per share was approved, payable on December 15, 2025[4] - The company declared cash dividends of $0.92 per common share for Q3 2025, up from $0.90 in Q3 2024[25] - The company plans to recommence share repurchases, with $44.76 million remaining under the previously authorized $200 million[3] Revenue Growth - Total revenue for the nine months ended September 30, 2025, reached $944,397,000, a 13.3% increase compared to $833,298,000 for the same period in 2024[25]