Quarterly ResultMay 6, 2026, 04:10 PM
Safety Insurance Q1 Net Loss $14.3M; Declares $0.92 Dividend
AI Summary
Safety Insurance Group, Inc. reported a net loss of $14.3 million, or $0.99 per diluted share, for the first quarter of 2026, a significant decline from net income of $21.9 million in the prior year. This loss was primarily driven by $42.7 million in damages from two severe winter weather events, which contributed 14.6 percentage points to a combined ratio of 113.4%. Despite the challenging quarter, the Board of Directors approved a $0.92 per share quarterly cash dividend. The company also saw increases in direct written premiums by 0.3% to $299.8 million and net earned premiums by 6.7% to $291.0 million, alongside a 16.9% rise in net investment income.
Key Highlights
- Q1 2026 Net loss was $14.3 million ($0.99 per diluted share) vs. $21.9 million net income in Q1 2025.
- Non-GAAP operating loss was $0.72 per diluted share in Q1 2026 vs. $1.28 operating income in Q1 2025.
- Two severe winter weather events caused $42.7 million in damages, adding 14.6 percentage points to combined ratio.
- Combined ratio increased to 113.4% in Q1 2026 from 99.4% in Q1 2025.
- Board declared a $0.92 per share quarterly cash dividend, payable June 12, 2026.
- Direct written premiums increased 0.3% to $299.8 million in Q1 2026.
- Net earned premiums increased 6.7% to $291.0 million in Q1 2026.
- Net investment income rose 16.9% to $17.0 million in Q1 2026.