Safety Announces Fourth Quarter and Year End 2019 Results

BOSTON--(BUSINESS WIRE)--Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported fourth quarter 2019 results. Net income for the quarter ended December 31, 2019 was $28.1 million, or $1.82 per diluted share, compared to net income of $18.3 million, or $1.19 per diluted share, for the comparable 2018 period. Net income for the year ended December 31, 2019 was $99.6 million, or $6.46 per diluted share, compared to net income of $83.2 million, or $5.43 per diluted share, for the comparable 2018 period. Non-generally accepted accounting principles (“non-GAAP”) operating income, as defined below, for the quarter ended December 31, 2019 was $1.44 per diluted share, compared to $1.83 per diluted share, for the comparable 2018 period. Non-GAAP operating income for the year ended December 31, 2019 was $5.25 per diluted share, compared to $6.12 per diluted share, for the comparable 2018 period. Safety’s book value per share increased to $52.55 at December 31, 2019 from $47.01 at December 31, 2018, primarily as a result of net income and an increase in unrealized gains, partially offset by dividends paid. Safety paid $3.40 per share in dividends to investors during the year ended December 31, 2019 compared to $3.20 per share during the year ended December 31, 2018.