Loading...
SAFT logo

Safety Insurance Group, Inc.NasdaqGS:SAFT Stock Report

Market Cap US$1.1b
Share Price
US$72.72
US$63.67
14.2% overvalued intrinsic discount
1Y-10.9%
7D0.3%
1D
Portfolio Value
​
View

Safety Insurance Group, Inc.

NasdaqGS:SAFT Stock Report

Market Cap: US$1.1b

Safety Insurance Group (SAFT) Stock Overview

Provides private passenger and commercial automobile, and homeowner insurance in Massachusetts, the United States. More details

SAFT fundamental analysis
Snowflake Score
Valuation0/6
Future Growth0/6
Past Performance1/6
Financial Health4/6
Dividends6/6

Rewards

Price-To-Earnings ratio (16.8x) is below the US market (18.6x)

Pays a high and reliable dividend of 5.06%

Risk Analysis

Earnings have declined by 17.6% per year over past 5 years


SAFT Community Fair Values

Create Narrative

See what others think this stock is worth. Follow their fair value or set your own to get alerts.

View all narratives

Safety Insurance Group, Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Safety Insurance Group
Historical stock prices
Current Share PriceUS$72.72
52 Week HighUS$83.77
52 Week LowUS$67.04
Beta0.24
1 Month Change-4.37%
3 Month Change-6.10%
1 Year Change-10.90%
3 Year Change0.62%
5 Year Change-14.56%
Change since IPO463.72%

Recent News & Updates

Seeking Alpha • Mar 16

Safety Insurance: Improving Combined Ratio Makes Story Appealing Again (Rating Upgrade)

Summary Safety Insurance Group delivered strong 2025 results, with net income of $99.3M and EPS of $6.72, driven by robust premium growth and investment income. SAFT improved its combined ratio to 99% from 101.1% in 2024, signaling strengthening underwriting discipline and enhanced earnings potential. The dividend is well covered by earnings, with a current annualized payout of $3.68 and a low payout ratio supporting tangible book value growth. SAFT's investment portfolio yields 4.2%, with a significant allocation to RMBS, CMBS, and corporate bonds, positioning it to benefit from higher reinvestment rates. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Mar 16

Safety Insurance: Improving Combined Ratio Makes Story Appealing Again (Rating Upgrade)

Summary Safety Insurance Group delivered strong 2025 results, with net income of $99.3M and EPS of $6.72, driven by robust premium growth and investment income. SAFT improved its combined ratio to 99% from 101.1% in 2024, signaling strengthening underwriting discipline and enhanced earnings potential. The dividend is well covered by earnings, with a current annualized payout of $3.68 and a low payout ratio supporting tangible book value growth. SAFT's investment portfolio yields 4.2%, with a significant allocation to RMBS, CMBS, and corporate bonds, positioning it to benefit from higher reinvestment rates. Read the full article on Seeking Alpha
Analysis Article • Jan 07

Safety Insurance Group, Inc.'s (NASDAQ:SAFT) Shares Not Telling The Full Story

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 20x, you may...
Analysis Article • Jul 08

Earnings Working Against Safety Insurance Group, Inc.'s (NASDAQ:SAFT) Share Price

Safety Insurance Group, Inc.'s ( NASDAQ:SAFT ) price-to-earnings (or "P/E") ratio of 15.6x might make it look like a...
Analysis Article • May 11

Safety Insurance Group (NASDAQ:SAFT) Is Paying Out A Dividend Of $0.90

Safety Insurance Group, Inc. ( NASDAQ:SAFT ) will pay a dividend of $0.90 on the 13th of June. The dividend yield will...
Analysis Article • May 08

This Is Why Shareholders Will Hold Back On A Pay Rise For Safety Insurance Group, Inc.'s (NASDAQ:SAFT) CEO This Year

Key Insights Safety Insurance Group will host its Annual General Meeting on 14th of May Total pay for CEO George Murphy...
Analysis Article • Feb 23

Safety Insurance Group (NASDAQ:SAFT) Has Affirmed Its Dividend Of $0.90

Safety Insurance Group, Inc. ( NASDAQ:SAFT ) will pay a dividend of $0.90 on the 14th of March. Based on this payment...
Seeking Alpha • Jan 21

Safety Insurance Vs. Mercury General: A Tale Of Two Insurers

Summary Safety Insurance shows improvement but still struggles with underwriting losses; maintaining a "HOLD" rating due to ongoing challenges and valuation concerns. Mercury General has turned a corner with better underwriting results, but California wildfires pose significant risks to its recovery. Safety Insurance's dividend remains secure, supported by investment income, but the focus should be on improving underwriting margins. Both insurers face uncertainties; Safety's valuation seems high given its struggles, while Mercury may rebound post-wildfire impact. Read the full article on Seeking Alpha
Analysis Article • Nov 09

Safety Insurance Group (NASDAQ:SAFT) Is Paying Out A Dividend Of $0.90

Safety Insurance Group, Inc. ( NASDAQ:SAFT ) has announced that it will pay a dividend of $0.90 per share on the 13th...
Analysis Article • Oct 17

Earnings Not Telling The Story For Safety Insurance Group, Inc. (NASDAQ:SAFT)

With a price-to-earnings (or "P/E") ratio of 24.5x Safety Insurance Group, Inc. ( NASDAQ:SAFT ) may be sending bearish...
Seeking Alpha • Aug 15

Comparing Safety Insurance And Mercury General: Q2 2024 Results Highlight Diverging Paths

Summary Safety Insurance struggled with underwriting losses in the first half of 2024 despite improvements in Q2, highlighting ongoing challenges in its portfolio. Mercury General has shown signs of recovery, achieving a combined ratio below 100% in the first half of 2024, positioning itself more favorably compared to Safety Insurance. Although Safety Insurance’s dividend remains covered due to higher investment income, the company’s elevated valuation may face pressure if portfolio remediation efforts don’t succeed. Read the full article on Seeking Alpha
Analysis Article • Aug 11

Safety Insurance Group (NASDAQ:SAFT) Is Paying Out A Dividend Of $0.90

Safety Insurance Group, Inc.'s ( NASDAQ:SAFT ) investors are due to receive a payment of $0.90 per share on 13th of...
Analysis Article • May 12

Safety Insurance Group (NASDAQ:SAFT) Is Due To Pay A Dividend Of $0.90

Safety Insurance Group, Inc.'s ( NASDAQ:SAFT ) investors are due to receive a payment of $0.90 per share on 14th of...
Analysis Article • Mar 16

Some Confidence Is Lacking In Safety Insurance Group, Inc.'s (NASDAQ:SAFT) P/E

Safety Insurance Group, Inc.'s ( NASDAQ:SAFT ) price-to-earnings (or "P/E") ratio of 64.9x might make it look like a...
Analysis Article • Nov 05

Safety Insurance Group (NASDAQ:SAFT) Is Paying Out A Dividend Of $0.90

Safety Insurance Group, Inc.'s ( NASDAQ:SAFT ) investors are due to receive a payment of $0.90 per share on 15th of...
Analysis Article • Aug 28

Safety Insurance Group (NASDAQ:SAFT) Has Affirmed Its Dividend Of $0.90

Safety Insurance Group, Inc.'s ( NASDAQ:SAFT ) investors are due to receive a payment of $0.90 per share on 15th of...
Analysis Article • Aug 06

Safety Insurance Group's (NASDAQ:SAFT) Dividend Will Be $0.90

The board of Safety Insurance Group, Inc. ( NASDAQ:SAFT ) has announced that it will pay a dividend on the 15th of...
Analysis Article • May 22

Safety Insurance Group (NASDAQ:SAFT) Is Due To Pay A Dividend Of $0.90

Safety Insurance Group, Inc.'s ( NASDAQ:SAFT ) investors are due to receive a payment of $0.90 per share on 15th of...
Analysis Article • May 07

Safety Insurance Group (NASDAQ:SAFT) Has Announced A Dividend Of $0.90

The board of Safety Insurance Group, Inc. ( NASDAQ:SAFT ) has announced that it will pay a dividend on the 15th of...
Analysis Article • Nov 22

Safety Insurance Group (NASDAQ:SAFT) Has Announced A Dividend Of $0.90

Safety Insurance Group, Inc. ( NASDAQ:SAFT ) has announced that it will pay a dividend of $0.90 per share on the 15th...
Seeking Alpha • Aug 26

Safety Insurance: Sound Despite Inflationary Headwinds

Summary Safety Insurance Group, Inc. faces headwinds as inflation affects its demand and investment portfolio. Its financial and market positioning remains solid and flexible. Dividends are stable and well-covered. The stock price is now in an uptrend after its recent pullback. Safety Insurance Group, Inc. (SAFT) is a Boston-based company that provides automobile, home, and private passenger insurance in the US. It covers physical injuries and property damages of insured vehicles and houses. It employs independent agents to sell its insurance products. It has a market capitalization of $1.37 billion, making it a part of the S&P 600. It remains a popular insurance provider in Massachusetts. But, it faces more challenges that hammer its core operations. Its growth has gone into a lull with lower revenues and margins. Even so, its strong positioning allows it to endure the blow of macroeconomic pressures. It also has an adequate financial capacity to cover its borrowings and dividends. Meanwhile, investors see a solid stock price rebound but must watch out for potential overvaluation. Company Performance Safety Insurance Group, Inc. was not an exemption from the pandemic disruptions in 2020. It could be attributed to the restrictions that limited business transactions. It was a horrible year for the auto industry. It was the most sluggish year since the Global Financial Crisis. So, it was not a surprise to see its spillovers on the auto insurance industry. But, its strong rebound in the latter part came as a surprise and extended to auto insurance providers. SAFT had the same trend, allowing it to bounce back to pre-pandemic levels. However, 2022 is another challenging year for Safety Insurance Group, Inc. As the economy bounces back and reopens, the demand across industries skyrockets. It leads to increased market activity where demand appears to exceed the supply. It is more evident in the house and auto industries, leading to high-flying prices. Although the demand is still high, sales are starting to cool down. But, inflation has an impact on the affordability of its products. Inflationary pressures pose more headwinds as its growth slows down. That is why the demand for premiums and renewal counts are lower than in the comparative quarter. Premiums earned amount to $188 million, a 4% year-over-year decrease. It is due to the decrease in policy counts both from lower purchases and renewals. It is more evident in the auto insurance segment. Amidst the slow-moving core operations, auto insurance in Massachusetts, including SAFT is raising rates to offset the lower demand. Inflationary pressures are also downgrading its investment portfolio. In fact, the headwinds are more evident in its investment securities. These are mortgage and equity-based securities, but the impact is more visible in the latter. In general, these securities become less appealing during interest rate hikes. It decreases their fair value, leading to lower yields. The same goes for SAFT as its investment securities amount to $1.42 billion vs $1.57 billion in 2Q 2021. So, the unrealized valuation of its equity securities turns out to be a loss of -$28.9 billion vs $8.7 billion. The operating revenue of the company amounts to $182 million vs $220 million. Operating Revenue and Claims and Reserves (MarketWatch) Despite the gloomy core operations and higher claims, the company exudes better expense management. Its underwriting discipline and efficient asset management help lower its operating expenses. But, its enhanced efficiency cannot offset the substantial decrease in revenues. The operating margin is only 4.8% vs 20.4% in 2Q 2021. The good thing about it is that it remains viable, better than in 1Q 2022. It shows that it now has a better grasp of its operations in a high-inflation environment. Its rebound may not be easy, but its fundamentals remain solid and intact. It may also improve and regain its footing once the macroeconomic indicators stabilize. Operating Margin (MarketWatch) Why Safety Insurance Group, Inc. May Still Bounce Back Inflationary pressures are causing massive headwinds in the insurance industry. But, its impressive expense management and maintained viability show resilience. SAFT remains enduring despite the interest rate hike that lowers policy counts and investment security valuation. Despite the decrease in cash inflows, cash levels and borrowings remain stable. It maintains a solid liquidity position with cash and investments comprising 74% of the total assets. So, it may have more yields once the interest and mortgage rates become more stable. Their combined value is higher than the combined value of borrowings and insurance liabilities. So, it can make a single payment to all its lenders and policyholders. Even so, their differences narrow, leading to a lower book value. Cash and Cash Equivalents and Borrowings and Insurance Liabilities (MarketWatch) Another thing to consider is its competitive advantage. With the increased house and auto demand and prices, home and auto insurance go with the same trend. The cool down and house and auto sales and the decrease in affordability of home and auto insurance lower its demand. This factor provides SAFT with a competitive advantage. Its home and auto insurance prices are $1,153 and $824, respectively. Both segments have lower prices than the state and national average. Its auto insurance price is less than half of the national average. So, SAFT has more flexibility to adjust its prices and offset the lower policy counts. Its demand may improve faster than its peers. Home Insurance and Auto Insurance Prices (Bankrate) Aside from its prices, the preference for private cars may help maintain its market positioning. Although auto prices and sales are higher, the demand may remain high. The restrictions and pandemic fear make driving a private vehicle more convenient. Note that many businesses are either requiring employees to return to the office or implementing hybrid work setups. These increase the number of passengers in the US. In a survey, 76% choose cars, 11% use public transportation, while 13% use bicycles, and other options. Many auto owners in the US may treat auto insurance as a staple.
Analysis Article • Aug 08

Safety Insurance Group (NASDAQ:SAFT) Is Due To Pay A Dividend Of $0.90

Safety Insurance Group, Inc. ( NASDAQ:SAFT ) will pay a dividend of $0.90 on the 15th of September. The dividend yield...
Seeking Alpha • Aug 03

Safety Insurance GAAP EPS of $0.53, revenue of $11.63M

Safety Insurance press release (NASDAQ:SAFT): Q2 GAAP EPS of $0.53. Net investment income of $11.63M (+19.0% Y/Y).
Analysis Article • May 08

Safety Insurance Group (NASDAQ:SAFT) Will Pay A Dividend Of US$0.90

The board of Safety Insurance Group, Inc. ( NASDAQ:SAFT ) has announced that it will pay a dividend on the 15th of...
Analysis Article • Feb 19

Safety Insurance Group (NASDAQ:SAFT) Will Pay A Dividend Of US$0.90

Safety Insurance Group, Inc.'s ( NASDAQ:SAFT ) investors are due to receive a payment of US$0.90 per share on 15th of...

Shareholder Returns

SAFTUS InsuranceUS Market
7D0.3%-0.3%1.1%
1Y-10.9%-6.7%28.7%

Return vs Industry: SAFT underperformed the US Insurance industry which returned -6.6% over the past year.

Return vs Market: SAFT underperformed the US Market which returned 28.7% over the past year.

Price Volatility

Is SAFT's price volatile compared to industry and market?
SAFT volatility
SAFT Average Weekly Movement2.7%
Insurance Industry Average Movement4.4%
Market Average Movement7.2%
10% most volatile stocks in US Market16.4%
10% least volatile stocks in US Market3.1%

Stable Share Price: SAFT has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: SAFT's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1979568George Murphywww.safetyinsurance.com

Safety Insurance Group, Inc. provides private passenger and commercial automobile, and homeowner insurance in Massachusetts, the United States. The company offers private passenger automobile policies that provide coverage for bodily injury and property damage to others, no-fault personal injury coverage for the insured/insured’s car occupants, and physical damage coverage for an insured’s own vehicle for collision or other perils. It also provides commercial automobile policies that offer insurance for commercial vehicles used for business purposes, including private passenger-type vehicles, trucks, tractors and trailers, and insure individual vehicles, as well as commercial fleets; and homeowners policies, which provide coverage for homes, condominiums, and apartments for losses to a dwelling and its contents from various perils, and coverage for liability to others arising from ownership or occupancy.

Safety Insurance Group, Inc. Fundamentals Summary

How do Safety Insurance Group's earnings and revenue compare to its market cap?
SAFT fundamental statistics
Market capUS$1.07b
Earnings (TTM)US$63.59m
Revenue (TTM)US$1.28b
16.8x
P/E Ratio
0.8x
P/S Ratio

Is SAFT overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
SAFT income statement (TTM)
RevenueUS$1.28b
Cost of RevenueUS$1.19b
Gross ProfitUS$90.80m
Other ExpensesUS$27.21m
EarningsUS$63.59m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)4.33
Gross Margin7.11%
Net Profit Margin4.98%
Debt/Equity Ratio5.8%

How did SAFT perform over the long term?

See historical performance and comparison

Dividends

5.1%
Current Dividend Yield
84%
Payout Ratio

Does SAFT pay a reliable dividends?

See SAFT dividend history and benchmarks
When do you need to buy SAFT by to receive an upcoming dividend?
Safety Insurance Group dividend dates
Ex Dividend DateJun 01 2026
Dividend Pay DateJun 12 2026
Days until Ex dividend6 days
Days until Dividend pay date17 days

Does SAFT pay a reliable dividends?

See SAFT dividend history and benchmarks

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/25 16:48
End of Day Share Price 2026/05/22 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Safety Insurance Group, Inc. is covered by 3 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kenneth BillingsleyCompass Point Research & Trading, LLC
Vincent DeAugustinoKeefe, Bruyette, & Woods
Clifford GallantNomura Securities Co. Ltd.