Safety Insurance Group (SAFT) FY2025 results: revenue $1.3 billion, up 12.8% on the year
Safety Insurance Group Inc. (SAFT) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 December 2025, up 12.8% on the year before. Net income was $99 million, up 40.3%, and diluted earnings per share $6.70. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$1.3 billion
+12.8% on the year
FY2018FY2025
Operating margin
10.0%
8.0% a year earlier
FY2018FY2025
Net income
$99 million
+40.3% on the year
FY2018FY2025
Diluted EPS
$6.70
+40.2% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 kept.
Full-year combined ratio improved: The full-year 2025 combined ratio was 99.0%, against 101.1% in 2024. Management attributed the change to prior-year policy growth and rate increases earning into top-line results.
Fourth-quarter net income rose: Fourth-quarter net income was $20.1 million, or $1.36 per diluted share, against $8.1 million, or $0.55 per diluted share, a year earlier.
Direct written premiums grew 7.2%: Full-year direct written premiums rose $85.5 million to $1,278.6 million. Management said the increases in direct and net written premiums are a result of rate increases.
Average premium per policy rose: For 2025, average written premium per policy rose 8.1% in private passenger automobile, 4.6% in commercial automobile and 9.7% in homeowners.
Full-year loss and expense ratios improved: The 2025 loss ratio was 70.0%, against 70.9%, and the expense ratio was 29.0%, against 30.2%. Management said the decrease in those ratios is driven by the increase in net earned premiums.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
194
129
52.1
+51.1%
Capital expenditure
2.5
4.4
1.8
-42.6%
Free cash flow
192
124
50.3
+54.4%
Free cash flow margin
15.2%
11.1%
5.4%
Cash from investing
-126
-54.5
24.3
Cash from financing
-53.9
-53.3
-63.5
Depreciation and amortisation
5.8
11.5
7.8
-49.3%
Share-based compensation
4.8
4.5
4.3
+7.7%
Dividends paid
53.9
53.3
53.3
+1.0%
Dividend per share
$3.64
$3.60
$3.60
+1.1%
Diluted shares, weighted
15m
15m
15m
+0.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
892
828
804
+7.7%
Short-term borrowings
n/a
30.0
n/a
Debt
50.0
n/a
30.0
Other liabilities
1,529
1,412
1,260
+8.3%
Total liabilities and equity
2,471
2,270
2,094
+8.9%
Fixed assets
7.1
4.5
11.7
+56.0%
Goodwill
17.1
17.1
17.1
0.0%
Intangible assets
6.8
7.7
7.6
-12.3%
Investments
n/a
n/a
0.0
Securities held for sale or to maturity
1,316
1,115
n/a
+18.0%
Cash and equivalents
73.9
59.0
38.2
+25.3%
Other assets
1,051
1,067
2,019
-1.5%
Total assets
2,471
2,270
2,094
+8.9%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.