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![SAFETY INSURANCE GROUP INC [SAFT] reports annual net loss of $18.9 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FSAFT.png&w=1200&q=75)
SAFETY INSURANCE GROUP INC [SAFT] has reported a net loss of $18.9 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $931.0 million
Based in BOSTON, Massachusetts, SAFETY INSURANCE GROUP INC operates in the FINANCE sector.
In the consolidated Statements of Operations for the fiscal year ended December 31, 2023, the total revenue amounted to $930.96 million, showing an increase compared to the revenue of $797.56 million reported for the previous year-end December 31, 2022. This growth was primarily driven by higher net earned premiums, net investment income, and commission income.
Meanwhile, total expenses for the same period totaled $906.54 million, reflecting a significant rise from the $737.98 million recorded in the prior year. The surge in expenses was mainly attributable to increased losses and loss adjustment expenses, along with higher underwriting, operating, and related costs.
Consequently, the net income for the year ending December 31, 2023, stood at $18.88 million, which is a decrease from the net income of $46.56 million reported for the previous fiscal year, ending December 31, 2022. This decline in net income can be attributed to the substantial rise in expenses during the current reporting period.
Earnings per share for the fiscal year 2023 were reported at $1.28 for both basic and diluted amounts, compared to $3.17 and $3.15 in the prior year for basic and diluted earnings per share, respectively. Additionally, the number of shares used in computing earnings per share increased slightly from the previous year.
Overall, the company witnessed a mixed financial performance in the year 2023, marked by an increase in revenue but a decline in net income compared to the previous year. The management may need to focus on cost management strategies to improve profitability in the upcoming reporting periods.
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