SAFETY INSURANCE GROUP INC SAFT

Financials SIC 6331 - Fire, Marine & Casualty Insurance NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers › Direct Insurance (except Life, Health, and Medical) Carriers › Direct Property and Casualty Insurance Carriers derived Nasdaq

We are a leading provider of private passenger automobile, commercial automobile, and homeowners insurance in Massachusetts. In addition to these coverages, we offer a portfolio of other insurance products, including dwelling fire, umbrella and business owner policies. Operating exclusively in Massachusetts, New Hampshire and Maine through our insurance company subsidiaries, Safety Insurance Company ("Safety Insurance"), Safety Indemnity Insurance Company ("Safety Indemnity"), Safety Property and Casualty Insurance Company ("Safety P&C"), and Safety Northeast Insurance Company ("Safety Northeast") (together referred to as the "Insurance Subsidiaries"), we have established strong relationships with independent insurance agents, who numbered 797 in 1,063 locations throughout these three states during 2025. We have used these relationships and, in particular, our extensive knowledge of the Massachusetts market to become the fourth largest private passenger automobile carrier and the largest commercial automobile carrier in Massachusetts, capturing an approximate 9.4% and 13.0% share, respectively, of the Massachusetts private passenger and commercial automobile markets in 2025 according to statistics compiled by Commonwealth Automobile Reinsurers ("CAR"). We also are the third largest homeowners insurance carrier in Massachusetts with a 7.0% share of that market in 2024. We were ranked the 52nd largest automobile writer in the country according to S&P Global Market Intelligence, based on 2024 direct written premiums. We were incorporated under the laws of Delaware in 2001, but through our predecessors, we have underwritten insurance in Massachusetts since 1979.

Last close 104.16 2026-10-23
Market cap $1.53B 2026-06-30 share count
52-week range 67.03 - 104.17

Valuation FY2025 figures against the last close

P/S1.2x
P/E15.5x
P/FCF8.0x
EV/EBITDA—
Dividend yield3.5%
Diluted EPS6.70

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.26B$1.12B$931.0M$797.6M$884.9M$846.2M$877.8M$836.5M$839.1M$819.8M
Total operating expenses ————$258.4M$266.5M$244.1M$246.6M$248.4M$233.0M
Interest expense $1.5M$509.0K$818.0K$524.0K$522.0K$440.0K$90.0K$90.0K$90.0K$90.0K
Pre-tax income $126.7M$89.9M$24.4M$59.6M$164.3M$174.8M$123.7M$104.3M$86.7M$93.3M
Income tax $27.4M$19.1M$5.5M$13.0M$33.6M$36.6M$24.1M$21.1M$24.3M$28.7M
Net income $99.3M$70.7M$18.9M$46.6M$130.7M$138.2M$99.6M$83.2M$62.4M$64.6M
EPS, basic 6.724.791.283.178.859.256.525.484.134.29
EPS, diluted 6.704.781.283.158.809.186.465.434.104.27
Shares, diluted (wtd. avg.) 14.7M14.7M14.7M14.7M14.9M15.1M15.3M15.2M15.1M15.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $73.9M$59.0M$38.2M$25.3M$63.6M$53.8M$44.4M$37.6M$41.7M$20.1M
Short-term investments ——$0$0$0$441.0K$0$0$0$0
Property, plant and equipment $7.1M$4.5M$11.7M$18.1M$23.4M$22.1M$20.0M$15.6M$9.9M$8.9M
Goodwill $17.1M$17.1M$17.1M$17.1M——————
Other intangibles $6.8M$7.7M$7.6M$7.9M——————
Total assets $2.47B$2.27B$2.09B$1.97B$2.12B$2.05B$2.02B$1.86B$1.81B$1.76B
Short-term debt —$30.0M————————
Long-term debt $50.0M—$30.0M———————
Total liabilities $1.58B$1.44B$1.29B$1.16B$1.19B$1.17B$1.21B$1.14B$1.11B$1.09B
Retained earnings $844.1M$798.8M$781.2M$815.3M$821.7M$745.0M$661.6M$616.7M$570.7M$554.0M
Total equity $892.3M$828.5M$804.3M$812.0M$927.2M$884.7M$808.4M$718.6M$701.0M$670.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $194.5M$128.7M$52.1M$44.3M$141.4M$109.5M$112.5M$127.7M$82.0M$98.8M
Depreciation and amortisation $5.8M$11.5M$7.8M$7.9M$6.9M$7.5M$5.2M$5.5M$5.0M$4.4M
Capital expenditure $2.5M$4.4M$1.8M$2.1M$8.2M$9.9M$9.6M$11.2M$6.0M$4.9M
Investing cash flow -$125.7M-$54.5M$24.3M-$20.0M-$66.0M-$35.5M-$53.0M-$83.0M-$14.9M-$84.3M
Financing cash flow -$53.9M-$53.3M-$63.5M-$62.6M-$65.6M-$64.6M-$52.7M-$48.8M-$45.5M-$42.0M
Dividends paid $53.9M$53.3M$53.3M$53.0M$54.0M$54.6M$52.7M$48.8M$45.5M$42.3M
Buybacks $20.2M—$5.3M$14.6M$11.6M$40.0M$0$0——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001172052-26-000005.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B Revenue, FY2016: 819.8M Net income, FY2016: 64.6M Revenue, FY2017: 839.1M Net income, FY2017: 62.4M Revenue, FY2018: 836.5M Net income, FY2018: 83.2M Revenue, FY2019: 877.8M Net income, FY2019: 99.6M Revenue, FY2020: 846.2M Net income, FY2020: 138.2M Revenue, FY2021: 884.9M Net income, FY2021: 130.7M Revenue, FY2022: 797.6M Net income, FY2022: 46.6M Revenue, FY2023: 931M Net income, FY2023: 18.9M Revenue, FY2024: 1.1B Net income, FY2024: 70.7M Revenue, FY2025: 1.3B Net income, FY2025: 99.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $819.8M $839.1M $836.5M $877.8M $846.2M $884.9M $797.6M $931.0M $1.12B $1.26B
Gross profit — — — — — — — — — —
Net income $64.6M $62.4M $83.2M $99.6M $138.2M $130.7M $46.6M $18.9M $70.7M $99.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Shareholder vote Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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