Safety Insurance Group (SAFT) FY2021 results: revenue $885 million, up 4.6% on the year

Safety Insurance Group Inc. (SAFT) reported revenue of $885 million for fiscal 2021, the year ended 31 December 2021, up 4.6% on the year before. Net income was $131 million, down 5.4%, and diluted earnings per share $8.80. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$885 million

+4.6% on the year

FY2014FY2021

Operating margin

18.6%

20.7% a year earlier

FY2014FY2021

Net income

$131 million

-5.4% on the year

FY2014FY2021

Diluted EPS

$8.80

-4.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	885	846	878	+4.6%
Operating income	164	175	124	-6.0%
Operating margin	18.6%	20.7%	14.1%
Interest expense	0.5	0.4	0.1	+18.6%
Pre-tax income	164	175	124	-6.0%
Income tax	33.6	36.6	24.1	-8.2%
Effective tax rate	20.4%	20.9%	19.5%
Net income	131	138	99.6	-5.4%
Net margin	14.8%	16.3%	11.3%
Diluted EPS	$8.80	$9.18	$6.46	-4.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	141	109	112	+29.2%
Capital expenditure	8.2	9.9	9.6	-17.3%
Free cash flow	133	99.5	103	+33.8%
Free cash flow margin	15.0%	11.8%	11.7%
Cash from investing	-66.0	-35.5	-53.0
Cash from financing	-65.6	-64.6	-52.7
Depreciation and amortisation	6.9	7.5	5.2	-8.4%
Share-based compensation	6.3	7.5	6.0	-15.6%
Dividends paid	54.0	54.6	52.7	-1.0%
Dividend per share	$3.60	$3.60	$3.40	0.0%
Diluted shares, weighted	15m	15m	15m	-1.3%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	927	885	808	+4.8%
Other liabilities	1,190	1,170	1,214	+1.8%
Total liabilities and equity	2,117	2,054	2,023	+3.1%
Fixed assets	23.4	22.1	20.0	+6.0%
Investments	0.0	0.4	0.0
Cash and equivalents	63.6	53.8	44.4	+18.3%
Other assets	2,030	1,978	1,958	+2.6%
Total assets	2,117	2,054	2,023	+3.1%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.