Safety Insurance Group (SAFT) FY2023 results: revenue $931 million, up 16.7% on the year

Safety Insurance Group Inc. (SAFT) reported revenue of $931 million for fiscal 2023, the year ended 31 December 2023, up 16.7% on the year before. Net income was $19 million, down 59.5%, and diluted earnings per share $1.28. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$931 million

+16.7% on the year

FY2016FY2023

Operating margin

2.6%

7.5% a year earlier

FY2016FY2023

Net income

$19 million

-59.5% on the year

FY2016FY2023

Diluted EPS

$1.28

-59.4% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	931	798	885	+16.7%
Operating income	24.4	59.6	164	-59.0%
Operating margin	2.6%	7.5%	18.6%
Interest expense	0.8	0.5	0.5	+56.1%
Pre-tax income	24.4	59.6	164	-59.0%
Income tax	5.5	13.0	33.6	-57.4%
Effective tax rate	22.7%	21.9%	20.4%
Net income	18.9	46.6	131	-59.5%
Net margin	2.0%	5.8%	14.8%
Diluted EPS	$1.28	$3.15	$8.80	-59.4%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	52.1	44.3	141	+17.6%
Capital expenditure	1.8	2.1	8.2	-14.8%
Free cash flow	50.3	42.2	133	+19.2%
Free cash flow margin	5.4%	5.3%	15.0%
Cash from investing	24.3	-20.0	-66.0
Cash from financing	-63.5	-62.6	-65.6
Depreciation and amortisation	7.8	7.9	6.9	-0.5%
Share-based compensation	4.3	6.0	6.3	-27.6%
Dividends paid	53.3	53.0	54.0	+0.5%
Dividend per share	$3.60	$3.60	$3.60	0.0%
Diluted shares, weighted	15m	15m	15m	-0.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	804	812	927	-1.0%
Debt	30.0	n/a	n/a
Other liabilities	1,260	1,161	1,190	+8.5%
Total liabilities and equity	2,094	1,973	2,117	+6.2%
Fixed assets	11.7	18.1	23.4	-35.3%
Goodwill	17.1	17.1	n/a	0.0%
Intangible assets	7.6	7.9	n/a	-3.9%
Investments	0.0	0.0	0.0
Cash and equivalents	38.2	25.3	63.6	+50.8%
Other assets	2,019	1,904	2,030	+6.1%
Total assets	2,094	1,973	2,117	+6.2%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.