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Safety Insurance Group Inc (SAFT) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Safety Insurance Group Inc

CIK: 1172052 Ticker: SAFT

Exhibit 99.1

 

 

SAFETY ANNOUNCES FOURTH QUARTER AND YEAR END 2009 RESULTS
 

Boston, Massachusetts, March 9, 2010. 

Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported fourth quarter and year end 2009 results.  Net income for the quarter ended December 31, 2009 was $10.3 million, or $0.68 per diluted share, compared to $11.9 million, or $0.73 per diluted share, for the comparable 2008 period.  Net income for the year ended December 31, 2009 was $54.2 million, or $3.48 per diluted share, compared to $70.3 million, or $4.31 per diluted share, for the comparable 2008 period.  Safety’s book value per share increased to $41.20 at December 31, 2009 compared to $37.17 at December 31, 2008.  Safety paid $0.40 per share in dividends to investors during both the quarters ended December 31, 2009 and 2008 and $1.60 per share in dividends to investors during both the years ended December 31, 2009 and 2008.

 

As previously announced, in January 2010 we reached an agreement with the Massachusetts Attorney General’s office to change the way we calculated motorcycle insurance premiums for certain types of coverage dating back to January 1, 2002.  Under the terms of the agreement, we will return approximately $7.2 million to policyholders.  We also paid approximately $0.3 million to the Commonwealth of Massachusetts for the costs and expenses of the Attorney General related to the review.  This settlement was recorded as an increase to our underwriting expenses in 2009 and the after tax impact on net income was $3.8 million, or $0.25 per diluted share for the quarter ended December 31, 2009, and $4.9 million, or $0.32 per diluted share for the year ended December 31, 2009.

 

Direct written premiums for the quarter ended December 31, 2009 increased by $7.5 million, or 6.6%, to $121.5 million from $114.0 million for the comparable 2008 period primarily due to increases in our homeowners and personal automobile lines of business.  Direct written premiums for the year ended December 31, 2009 decreased by $13.8 million, or 2.4%, to $559.7 million from $573.5 million for the comparable 2008 period. The 2009 decrease occurred primarily in our personal and commercial automobile lines, which experienced decreases of 4.5% and 5.8%, respectively, in average written premium per exposure.  The decrease in our personal automobile line was primarily as a result of rate decreases totaling 6.7% which we filed under the competitive pricing system introduced to the private passenger automobile market in Massachusetts beginning April 1, 2008.

 

Net written premiums for the quarter ended December 31, 2009 increased by $5.7 million, or 5.3%, to $113.4 million from $107.7 million for the comparable 2008 period. Net written premiums for the year ended December 31, 2009 decreased by $20.3 million, or 3.7%, to $532.6 million from $552.9 million for the comparable 2008 period. This decrease was due to the factors that decreased direct written premiums combined with decreases in premiums assumed from Commonwealth Automobile Reinsurers (“CAR”), and partially offset by decreases in premiums ceded to CAR.  Written premiums assumed from and ceded to CAR decreased as a result of the phase-out of the CAR personal automobile reinsurance pool, which was replaced by an assigned risk plan, the Massachusetts Automobile Insurance Plan (“MAIP”).  Beginning with policy effective dates after March 31, 2009, all personal automobile business was eligible for MAIP and could no longer be ceded to CAR.

 

Net earned premiums for the quarter ended December 31, 2009 decreased by $5.3 million, or 3.9%, to $132.3 million from $137.6 million for the comparable 2008 period.  Although direct and net written premiums increased for the quarter, net earned premium decreased due to prior quarter decreases and the lag between the time the premium is written and earned.  Net earned premiums for the year ended December 31, 2009 decreased by $44.6 million, or 7.7%, to $532.0 million from $576.6 million for the comparable 2008 period.  This decrease was due to the factors that decreased direct and net written premiums. The effect of assumed and ceded premiums on net written and net earned premiums is presented in the attached tables.

 


The following information was filed by Safety Insurance Group Inc (SAFT) on Tuesday, March 9, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: SAFT
CIK: 1172052
Form Type: 10-K Annual Report
Accession Number: 0001047469-10-002217
Submitted to the SEC: Mon Mar 15 2010 5:13:25 PM EST
Accepted by the SEC: Mon Mar 15 2010
Period: Thursday, December 31, 2009
Industry: Fire Marine And Casualty Insurance

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