Safety Insurance Group (SAFT) FY2022 results: revenue $798 million, down 9.9% on the year

Safety Insurance Group Inc. (SAFT) reported revenue of $798 million for fiscal 2022, the year ended 31 December 2022, down 9.9% on the year before. Net income was $47 million, down 64.4%, and diluted earnings per share $3.15. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$798 million

-9.9% on the year

FY2015FY2022

Operating margin

7.5%

18.6% a year earlier

FY2015FY2022

Net income

$47 million

-64.4% on the year

FY2015FY2022

Diluted EPS

$3.15

-64.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	798	885	846	-9.9%
Operating income	59.6	164	175	-63.7%
Operating margin	7.5%	18.6%	20.7%
Interest expense	0.5	0.5	0.4	+0.4%
Pre-tax income	59.6	164	175	-63.7%
Income tax	13.0	33.6	36.6	-61.2%
Effective tax rate	21.9%	20.4%	20.9%
Net income	46.6	131	138	-64.4%
Net margin	5.8%	14.8%	16.3%
Diluted EPS	$3.15	$8.80	$9.18	-64.2%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	44.3	141	109	-68.7%
Capital expenditure	2.1	8.2	9.9	-74.6%
Free cash flow	42.2	133	99.5	-68.3%
Free cash flow margin	5.3%	15.0%	11.8%
Cash from investing	-20.0	-66.0	-35.5
Cash from financing	-62.6	-65.6	-64.6
Depreciation and amortisation	7.9	6.9	7.5	+14.2%
Share-based compensation	6.0	6.3	7.5	-5.0%
Dividends paid	53.0	54.0	54.6	-1.8%
Dividend per share	$3.60	$3.60	$3.60	0.0%
Diluted shares, weighted	15m	15m	15m	-1.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	812	927	885	-12.4%
Other liabilities	1,161	1,190	1,170	-2.5%
Total liabilities and equity	1,973	2,117	2,054	-6.8%
Fixed assets	18.1	23.4	22.1	-22.7%
Goodwill	17.1	n/a	n/a
Intangible assets	7.9	n/a	n/a
Investments	0.0	0.0	0.4
Cash and equivalents	25.3	63.6	53.8	-60.2%
Other assets	1,904	2,030	1,978	-6.2%
Total assets	1,973	2,117	2,054	-6.8%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.