Buy Or Sell Opportunity • Jun 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.4% to €61.00. The fair value is estimated to be €76.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 38%. Buy Or Sell Opportunity • May 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.3% to €59.50. The fair value is estimated to be €75.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 38%. Declared Dividend • May 20
First quarter dividend of US$0.92 announced Shareholders will receive a dividend of US$0.92. Ex-date: 1st June 2026 Payment date: 12th June 2026 Dividend yield will be 5.4%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 6.3% to shift the payout ratio to a potentially unsustainable range, which is less than the 18% EPS decline seen over the last 5 years. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Charley Brophy was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 08
Safety Insurance Group, Inc. announces Quarterly dividend, payable on June 12, 2026 Safety Insurance Group, Inc. announced Quarterly dividend of USD 0.9200 per share payable on June 12, 2026, ex-date on June 01, 2026 and record date on June 01, 2026. Announcement • Apr 01
Safety Insurance Group, Inc., Annual General Meeting, May 13, 2026 Safety Insurance Group, Inc., Annual General Meeting, May 13, 2026. Location: 20 custom house street, massachusetts 02110, boston United States Announcement • Nov 04
Safety Insurance Group, Inc. Approves Cash Dividend for the Fourth Quarter 2025, Payable on December 15, 2025 The Board of Directors of Safety Insurance Group, Inc. approved a $0.92 per share quarterly cash dividend for the fourth quarter of 2025 on our issued and outstanding common stock payable on December 15, 2025 to shareholders of record at the close of business on December 1, 2025. Announcement • Aug 07
Safety Insurance Group, Inc. Raises Dividend for the Third Quarter 2025, Payable on September 15, 2025 Safety Insurance Group, Inc. Board of Directors approved and declared an increase in the quarterly cash dividend from $0.90 to $0.92 per share on issued and outstanding common stock payable on September 15, 2025 to shareholders of record at the close of business on September 2, 2025. Announcement • May 08
Safety Insurance Group, Inc. Declares Cash Dividend for the Second Quarter 2025, Payable on June 13, 2025 Safety Insurance Group, Inc. approved and declared a $0.90 per share quarterly cash dividend on its issued and outstanding common stock, payable on June 13, 2025 to shareholders of record at the close of business on June 2, 2025. Announcement • Feb 21
Safety Insurance Group, Inc., Annual General Meeting, May 14, 2025 Safety Insurance Group, Inc., Annual General Meeting, May 14, 2025. Location: massachusetts, boston United States Declared Dividend • Nov 08
Third quarter dividend of US$0.90 announced Shareholders will receive a dividend of US$0.90. Ex-date: 2nd December 2024 Payment date: 13th December 2024 Dividend yield will be 4.3%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (82% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 21% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.1% EPS decline seen over the last 5 years. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: US$1.75 (vs US$0.13 in 3Q 2023) Third quarter 2024 results: EPS: US$1.75 (up from US$0.13 in 3Q 2023). Revenue: US$295.3m (up 29% from 3Q 2023). Net income: US$25.9m (up US$23.9m from 3Q 2023). Profit margin: 8.8% (up from 0.8% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Nov 06
Safety Insurance Group, Inc. Announces Fourth Quarter 2024 Dividend, Payable on December 13, 2024 Safety Insurance Group, Inc.'s Board of Directors approved a $0.90 per share quarterly cash dividend on issued and outstanding common stock payable on December 13, 2024 to shareholders of record at the close of business on December 2, 2024. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: US$1.13 (vs US$1.15 in 2Q 2023) Second quarter 2024 results: EPS: US$1.13 (down from US$1.15 in 2Q 2023). Revenue: US$269.8m (up 18% from 2Q 2023). Net income: US$16.6m (down 1.7% from 2Q 2023). Profit margin: 6.2% (down from 7.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Aug 08
Safety Insurance Group, Inc. Declares Third Quarter 2024 Dividend, Payable on September 13, 2024 Safety Insurance Group, Inc. announced that its Board of Directors approved a $0.90 per share quarterly cash dividend on issued and outstanding common stock payable on September 13, 2024 to shareholders of record at the close of business on September 3, 2024. Upcoming Dividend • May 27
Upcoming dividend of US$0.90 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 14 June 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (4.2%). Declared Dividend • May 13
First quarter dividend of US$0.90 announced Shareholders will receive a dividend of US$0.90. Ex-date: 3rd June 2024 Payment date: 14th June 2024 Dividend yield will be 4.4%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio) nor is it covered by cash flows (135% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$1.37 (vs US$0.84 loss in 1Q 2023) First quarter 2024 results: EPS: US$1.37 (up from US$0.84 loss in 1Q 2023). Revenue: US$268.2m (up 26% from 1Q 2023). Net income: US$20.1m (up US$32.4m from 1Q 2023). Profit margin: 7.5% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • May 09
Safety Insurance Group, Inc. Approves Quarterly Cash Dividend, Payable on June 14, 2024 Safety Insurance Group, Inc.'s Board of Directors approved and declared a $0.90 per share quarterly cash dividend on its issued and outstanding common stock, payable on June 14, 2024 to shareholders of record at the close of business on June 3, 2024. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: US$1.29 (vs US$3.17 in FY 2022) Full year 2023 results: EPS: US$1.29 (down from US$3.17 in FY 2022). Revenue: US$931.0m (up 17% from FY 2022). Net income: US$18.9m (down 59% from FY 2022). Profit margin: 2.0% (down from 5.8% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Declared Dividend • Feb 26
Third quarter dividend of US$0.90 announced Shareholders will receive a dividend of US$0.90. Ex-date: 29th February 2024 Payment date: 15th March 2024 Dividend yield will be 4.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (170% earnings payout ratio) nor is it covered by cash flows (148% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 88% to bring the payout ratio under control. However, EPS has declined by 16% over the last 5 years so the company would need to reverse this trend. Announcement • Feb 16
Safety Insurance Group, Inc. Approves Quarterly Cash Dividend on Its Issued and Outstanding Common Stock, Payable on March 15, 2024 The Board of Directors of Safety Insurance Group, Inc. approved a $0.90 per share quarterly cash dividend on its issued and outstanding common stock payable on March 15, 2024 t shareholders of record at the close of business on March 1, 2024. Upcoming Dividend • Nov 24
Upcoming dividend of US$0.90 per share at 4.7% yield Eligible shareholders must have bought the stock before 30 November 2023. Payment date: 15 December 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.7%. Lower than top quartile of German dividend payers (5.0%). Higher than average of industry peers (3.9%). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$0.13 (vs US$0.42 in 3Q 2022) Third quarter 2023 results: EPS: US$0.13 (down from US$0.42 in 3Q 2022). Revenue: US$229.4m (up 19% from 3Q 2022). Net income: US$1.95m (down 68% from 3Q 2022). Profit margin: 0.8% (down from 3.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.90 per share at 5.2% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 15 September 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (4.2%). New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings have declined by 4.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 149% Cash payout ratio: 120% Earnings have declined by 4.7% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (4.1% net profit margin). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$1.16 (vs US$0.54 in 2Q 2022) Second quarter 2023 results: EPS: US$1.16 (up from US$0.54 in 2Q 2022). Revenue: US$229.4m (up 25% from 2Q 2022). Net income: US$17.0m (up 116% from 2Q 2022). Profit margin: 7.4% (up from 4.3% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Aug 03
Safety Insurance Group, Inc. Declares Cash Dividend for Third Quarter 2023, Payable on September 15, 2023 Safety Insurance Group, Inc. announced that its Board of Directors approved a $0.90per share quarterly cash dividend on company's issued and outstanding common stock payable on September 15, 2023 to shareholders of record at the close of business on September 1, 2023. Upcoming Dividend • May 24
Upcoming dividend of US$0.90 per share at 4.9% yield Eligible shareholders must have bought the stock before 31 May 2023. Payment date: 15 June 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.9%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.4%). Reported Earnings • May 05
First quarter 2023 earnings released: US$0.84 loss per share (vs US$0.53 profit in 1Q 2022) First quarter 2023 results: US$0.84 loss per share (down from US$0.53 profit in 1Q 2022). Revenue: US$213.8m (up 9.6% from 1Q 2022). Net loss: US$12.3m (down 258% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • May 05
Safety Insurance Group, Inc. Declares Quarterly Cash Dividend, Payable on June 15, 2023 Safety Insurance Group, Inc. Board of Directors approved and declared a $0.90 per share quarterly cash dividend on its issued and outstanding common stock, payable on June 15, 2023 to shareholders of record at the close of business on June 1, 2023. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: US$3.19 (vs US$8.85 in FY 2021) Full year 2022 results: EPS: US$3.19 (down from US$8.85 in FY 2021). Revenue: US$797.6m (down 9.9% from FY 2021). Net income: US$46.6m (down 65% from FY 2021). Profit margin: 5.8% (down from 15% in FY 2021). Combined ratio: 97.2% (up from 93.0% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Feb 21
Upcoming dividend of US$0.90 per share at 4.1% yield Eligible shareholders must have bought the stock before 28 February 2023. Payment date: 15 March 2023. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (4.2%). Announcement • Feb 17
Safety Insurance Group, Inc. Declares Dividend for the First Quarter 2023, Payable on March 15, 2023 Safety Insurance Group, Inc. approved a $0.90 per share quarterly cash dividend on its issued and outstanding common stock payable on March 15, 2023 to shareholders of record at the close of business on March 1, 2023. Upcoming Dividend • Nov 23
Upcoming dividend of US$0.90 per share Eligible shareholders must have bought the stock before 30 November 2022. Payment date: 15 December 2022. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (4.4%). Reported Earnings • Nov 04
Third quarter 2022 earnings released: EPS: US$0.42 (vs US$1.65 in 3Q 2021) Third quarter 2022 results: EPS: US$0.42 (down from US$1.65 in 3Q 2021). Revenue: US$192.3m (down 10.0% from 3Q 2021). Net income: US$6.19m (down 75% from 3Q 2021). Profit margin: 3.2% (down from 12% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 2% per year. Announcement • Nov 03
Safety Insurance Group, Inc. Declares Dividend for the Fourth Quarter 2022, Payable on December 15, 2022 Safety Insurance Group, Inc. Board of Directors approved a $0.90 per share quarterly cash dividend on its issued and outstanding common stock payable on December 15, 2022 to shareholders of record at the close of business on December 1, 2022. Announcement • Oct 07
Safety Insurance Group, Inc. (NasdaqGS:SAFT) entered into a non binding Letter of Intent to acquire The Assets and Operations of Northeast Insurance Agency, Inc. Safety Insurance Group, Inc. (NasdaqGS:SAFT) entered into a non binding Letter of Intent to acquire The Assets and Operations of Northeast Insurance Agency, Inc on October 6, 2022. Following the acquisition, Northeast / Metrowest will continue as a stand-alone business operation within Safety’s holding company under the executive leadership of Mr. Bulger. Upon completion of the transaction, the employees of Northeast / Metrowest will become employees of the Safety subsidiary, providing additional high-quality talent to the Company. Northeast / Metrowest’s offices in Auburn, Falmouth, Needham and Westborough, will continue to operate from their current locations. The transaction will be subject to customary conditions and is expected to be completed in the fourth quarter of 2022. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.90 per share Eligible shareholders must have bought the stock before 31 August 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (5.3%). Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: US$0.54 (vs US$2.50 in 2Q 2021) Second quarter 2022 results: EPS: US$0.54 (down from US$2.50 in 2Q 2021). Revenue: US$183.6m (down 18% from 2Q 2021). Net income: US$7.90m (down 79% from 2Q 2021). Profit margin: 4.3% (down from 17% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Aug 04
Safety Insurance Group, Inc. Declares Quarterly Dividend, Payable on September 15, 2022 Safety Insurance Group, Inc.'s board of directors approved a $0.90 per share quarterly cash dividend on its issued and outstanding common stock payable on September 15, 2022 to shareholders of record at the close of business on September 1, 2022. Recent Insider Transactions • Jun 03
Independent Director recently sold €170k worth of stock On the 2nd of June, Peter Manning sold around 2k shares on-market at roughly €84.76 per share. In the last 3 months, there was an even bigger sale from another insider worth €232k. Insiders have been net sellers, collectively disposing of €848k more than they bought in the last 12 months. Upcoming Dividend • May 24
Upcoming dividend of US$0.90 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 15 June 2022. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (4.9%). Reported Earnings • May 06
First quarter 2022 earnings released: EPS: US$0.54 (vs US$2.44 in 1Q 2021) First quarter 2022 results: EPS: US$0.54 (down from US$2.44 in 1Q 2021). Revenue: US$195.0m (down 12% from 1Q 2021). Net income: US$7.84m (down 78% from 1Q 2021). Profit margin: 4.0% (down from 16% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • May 05
Safety Insurance Group, Inc. Declares Dividend for the Second Quarter of 2022, Payable on June 15, 2022 The Board of Directors of Safety Insurance Group, Inc. approved and declared a $0.90 per share quarterly cash dividend on its issued and outstanding common stock, payable on June 15, 2022 to shareholders of record at the close of business on June 1, 2022. Announcement • Apr 22
Safety Insurance Group, Inc., Annual General Meeting, Jun 01, 2022 Safety Insurance Group, Inc., Annual General Meeting, Jun 01, 2022, at 10:00 US Eastern Standard Time. Location: headquarters, 20 Custom House Street Boston Massachusetts United States Agenda: To consider the election of two directors; to consider the ratification, on an advisory (non-binding) basis, of the appointment of Deloitte & Touche LLP as company independent registered public accounting firm for 2022; to consider the approval, on an advisory (non-binding) basis, of our named executive officer compensation the approval of an amendment to our Amended and Restated Certificate of Incorporation (the “Certificate”) and Amended and Restated Bylaws (the “Bylaws”) to allow stockholders the right to call a special meetings of stockholders; to consider the approval of an amendment to the Certificate to allow stockholders to act by written consent; to consider the approval of an amendment to the Certificate to replace the supermajority voting requirement contained therein with a majority voting requirement; and to consider the other resolution. Recent Insider Transactions • Mar 08
Independent Director recently sold €232k worth of stock On the 4th of March, Frederic Lindeberg sold around 3k shares on-market at roughly €77.42 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €679k more than they bought in the last 12 months. Announcement • Mar 04
Ides Capital Sends Letter to the Board of Safety Insurance Group On March 2, 2022, Ides Capital Management LP sent a letter to Safety Insurance Group, Inc.’s Board of Directors noting its disappointment at the Board’s refusal to engage in a constructive dialogue with Ides Capital around the numerous issues plaguing the Company. In the letter, Ides Capital expressed its disappointment that Board has refused to engage privately around stock price underperformance, ESG and sustainability deficiencies, and subpar capital allocation. Ides Capital expressed its views that the Company’s recently announced and reactive share buyback falls well short of what shareholders deserve and safety could undertake. Ides Capital added that it would continue to take steps to protect best interests of all shareholders – including the election of its 2 independent director nominees, Olga Kondrashova and Farooq Sheikh, while remaining open to constructive engagement. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$8.82 (down from US$9.26 in FY 2020). Revenue: US$884.9m (up 4.6% from FY 2020). Net income: US$130.7m (down 5.9% from FY 2020). Profit margin: 15% (down from 16% in FY 2020). The decrease in margin was driven by higher expenses. Combined ratio: 93.0% (up from 87.1% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Feb 21
Upcoming dividend of US$0.90 per share Eligible shareholders must have bought the stock before 28 February 2022. Payment date: 15 March 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of German dividend payers (3.3%). In line with average of industry peers (4.0%). Announcement • Feb 16
Safety Insurance Group, Inc. Declares Dividend for the First Quarter 2022, Payable on March 15, 2022 The Board of Directors of Safety Insurance Group, Inc. approved a $0.90 per share quarterly cash dividend on its issued and outstanding common stock payable on March 15, 2022 to shareholders of record at the close of business on March 1, 2022. Upcoming Dividend • Nov 23
Upcoming dividend of US$0.90 per share Eligible shareholders must have bought the stock before 30 November 2021. Payment date: 15 December 2021. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.1%). In line with average of industry peers (4.2%). Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS US$1.66 (vs US$2.99 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$213.7m (down 3.9% from 3Q 2020). Net income: US$24.8m (down 44% from 3Q 2020). Profit margin: 12% (down from 20% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 24
Insider recently sold €228k worth of stock On the 22nd of September, Ann McKeown sold around 3k shares on-market at roughly €67.31 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €539k more than they bought in the last 12 months. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.90 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 15 September 2021. Trailing yield: 4.4%. Within top quartile of German dividend payers (3.1%). In line with average of industry peers (4.2%). Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS US$2.51 (vs US$2.80 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$222.9m (up 7.3% from 2Q 2020). Net income: US$37.7m (down 11% from 2Q 2020). Profit margin: 17% (down from 20% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jun 09
Independent Director recently sold €204k worth of stock On the 7th of June, Peter Manning sold around 3k shares on-market at roughly €68.17 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €191k more than they bought in the last 12 months. Executive Departure • May 27
Independent Director has left the company On the 19th of May, David McKown's tenure as Independent Director ended after 18.6 years in the role. As of March 2021, David personally held 7.50k shares (€540k worth at the time). David is the only executive to leave the company over the last 12 months. Upcoming Dividend • May 21
Upcoming dividend of US$0.90 per share Eligible shareholders must have bought the stock before 28 May 2021. Payment date: 15 June 2021. Trailing yield: 4.2%. Within top quartile of German dividend payers (3.2%). In line with average of industry peers (4.2%). Reported Earnings • May 06
First quarter 2021 earnings released: EPS US$2.45 (vs US$0.13 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$221.9m (up 23% from 1Q 2020). Net income: US$36.2m (up US$38.2m from 1Q 2020). Profit margin: 16% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • May 06
Safety Insurance Group Declares Quarterly Cash Dividend Payable on June 15, 2021 Safety Insurance Group, Inc. approved and declared a $0.90 per share quarterly cash dividend on its issued and outstanding common stock, payable on June 15, 2021 to shareholders of record at the close of business on June 1, 2021. Recent Insider Transactions • Mar 05
Vice President of Underwriting recently sold €268k worth of stock On the 1st of March, James Berry sold around 4k shares on-market at roughly €66.66 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €82k more than they sold in the last 12 months. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS US$9.21 (vs US$6.52 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$846.2m (down 3.6% from FY 2019). Net income: US$138.2m (up 40% from FY 2019). Profit margin: 16% (up from 11% in FY 2019). The increase in margin was driven by lower expenses. Combined ratio: 87.1% (down from 95.6% in FY 2019). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Feb 26
Safety Insurance Group, Inc. Announces Executive Changes Safety Insurance Group, Inc. announced On February 24, 2021, David K. McKown, a member of the Company’s Board of Directors, communicated his intention to resign at the end of his current term, which is the next annual meeting on May 19, 2021. Mr. McKown has been a member of the Company’s Board of Directors since June of 2002. On February 24, 2021, Glenn R. Hiltpold, 50, was appointed the Company’s Vice President of Actuarial Services, effective March 1, 2021. Mr. Hiltpold, a Fellow of the Casualty Actuarial Society, has held the Director of Actuarial Services position with the Company since 2004 and has been an employee of the Company for 21 years. Mr. Hiltpold and the Company executed a one-year employment contract, to be renewed annually on approval from the Board of Directors, at an annual compensation of $250,000 with benefits comparable to other officers of the Company. The foregoing is a summary only and does not purport to be a complete description of all of the terms, provisions, covenants and agreements contained in the employment contract. There are no family relationships between Mr. Hiltpold and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer. Additionally, there have been no transactions involving Mr. Hiltpold that would require disclosure under Item 404(a) of Regulation S-K. Is New 90 Day High Low • Feb 25
New 90-day high: €67.50 The company is up 7.0% from its price of €63.00 on 26 November 2020. The German market is also up 7.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Insurance industry, which is flat over the same period. Upcoming Dividend • Feb 25
Upcoming Dividend of US$0.90 Per Share Will be paid on the 15th of March to those who are registered shareholders by the 4th of March. The trailing yield of 4.5% is in the top quartile of German dividend payers (3.4%), and it is in line with industry peers (4.5%). Announcement • Feb 17
Safety Insurance Group, Inc., Annual General Meeting, May 19, 2021 Safety Insurance Group, Inc., Annual General Meeting, May 19, 2021, at 10:00 US Eastern Standard Time. Is New 90 Day High Low • Dec 16
New 90-day high: €66.00 The company is up 12% from its price of €59.00 on 16 September 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 1.0% over the same period. Recent Insider Transactions • Nov 26
Independent Director recently bought €175k worth of stock On the 25th of November, Frederic Lindeberg bought around 3k shares on-market at roughly €62.56 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €217k more in shares than they have sold in the last 12 months. Upcoming Dividend • Nov 24
Upcoming Dividend of US$0.90 Per Share Will be paid on the 15th of December to those who are registered shareholders by the 30th of November. The trailing yield of 4.8% is in the top quartile of German dividend payers (3.6%), and it is in line with industry peers (4.6%). Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS US$3.00 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$222.4m (up 3.3% from 3Q 2019). Net income: US$44.7m (up 188% from 3Q 2019). Profit margin: 20% (up from 7.2% in 3Q 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Oct 05
Safety Insurance Group Inc. to Report Fiscal Year 2009 Results on 03/09/2010 Safety Insurance Group Inc. announced that they will report fiscal year 2009 results on 03/09/2010 Recent Insider Transactions • Sep 26
Independent Director recently bought €117k worth of stock On the 25th of September, Frederic Lindeberg bought around 2k shares on-market at roughly €58.47 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €38k more in shares than they bought in the last 12 months. Is New 90 Day High Low • Sep 25
New 90-day low: €57.00 The company is down 14% from its price of €66.50 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is down 8.0% over the same period. Announcement • Aug 10
Safety Insurance Group, Inc. to Report Q2, 2020 Results on Aug 05, 2020 Safety Insurance Group, Inc. announced that they will report Q2, 2020 results at 9:05 PM, GMT Standard Time on Aug 05, 2020 
