Detailed financial statements for Safety Insurance Group, Inc. (SAFT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Safety Insurance Group, Inc. (SAFT) is a U.S.-based insurance provider offering a diverse range of personal and commercial coverage. The company's private passenger automobile policies furnish protection against third-party bodily injury and property damage liability, no-fault personal injury benefits for policyholders and their passengers, and physical damage insurance for the insured's own vehicle, covering impacts and other specific risks.
Analysis Summary
Safety Insurance Group, Inc. reported revenue of $1.25B in the most recent fiscal year, growing at a 5-year CAGR of 8.3%. Net income reached $99.3M, with a -6.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 42.0%, operating margin 5.9%, net margin 4.7%. Free cash flow grew at 14.0% CAGR over 5 years.
At the current price of $103.55, SAFT trades at a P/E of 22.13 and an ROE of 7.79%. Market capitalisation stands at $1.5B.
Balance sheet quality for SAFT: current ratio of 0.8, net cash position of $712.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $192.0M represents 193% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $827.3M | $843.7M | $834.9M | $875.8M | $840.4M | $864.7M | $785.1M | $925.9M | $1.11B | $1.25B |
| Cost of Revenue | $493.4M | $503.9M | $485.5M | $509.8M | $404.6M | $461.7M | $492.0M | $642.3M | $716.6M | $797.2M |
| Gross Profit | $333.9M | $339.8M | $349.4M | $366.0M | $435.8M | $403.0M | $293.1M | $283.6M | $393.1M | $456.9M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $229.9M | $246.4M | $239.8M | $242.3M | $261.1M | $238.7M | $233.5M | $259.2M | $303.2M | $330.2M |
| Operating Income | $104.0M | $93.3M | $109.6M | $123.7M | $174.8M | $164.3M | $59.6M | $24.4M | $89.9M | $126.7M |
| EBITDA | $97.8M | $91.8M | $109.8M | $129.3M | $182.7M | $171.7M | $66.7M | $32.2M | $99.8M | $135.0M |
| Interest Expense | $90000 | $90000 | $90000 | $90000 | $440000 | $522000 | $524000 | $818000 | $509000 | $1.5M |
| Pre-tax Income | $93.3M | $86.7M | $104.3M | $123.7M | $174.8M | $164.3M | $59.6M | $24.4M | $89.9M | $126.7M |
| Income Tax | $28.7M | $24.3M | $21.1M | $24.1M | $36.6M | $33.6M | $13.0M | $5.5M | $19.1M | $27.4M |
| Net Income | $64.6M | $62.4M | $83.2M | $99.6M | $138.2M | $130.7M | $46.6M | $18.9M | $70.7M | $99.3M |
| EPS | $4.29 | $4.13 | $5.52 | $6.52 | $9.25 | $8.85 | $3.17 | $1.28 | $4.79 | $6.72 |
| EPS (Diluted) | $4.27 | $4.10 | $5.46 | $6.46 | $9.18 | $8.80 | $3.15 | $1.28 | $4.78 | $6.70 |
| Shares Outstanding (Diluted) | $15.0M | $15.1M | $15.2M | $15.3M | $15.1M | $14.9M | $14.7M | $14.7M | $14.7M | $14.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $323.2M | $315.3M | $315.0M | $520.8M |
| Gross Profit | $118.2M | $107.6M | $67.5M | $325.7M |
| Operating Income | $36.2M | $25.4M | -$17.9M | $43.8M |
| EBITDA | $38.1M | $31.9M | -$15.9M | $44.6M |
| Net Income | $28.3M | $20.1M | -$14.3M | $34.5M |
| EPS | $1.91 | $1.38 | $-0.99 | $2.38 |
| EPS (Diluted) | $1.90 | $1.37 | $-0.99 | $2.36 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $20.1M | $41.7M | $37.6M | $44.4M | $53.8M | $63.6M | $25.3M | $38.2M | $59.0M | $73.9M |
| Short-term Investments | $1.15B | $1.17B | $1.16B | $1.23B | $1.26B | $1.22B | $1.05B | $1.05B | $553.4M | $700.0M |
| Receivables | 0 | $190.6M | $190.1M | $329.8M | $300.5M | $298.0M | $308.0M | $390.4M | $464.2M | $495.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $187.7M | $232.4M | $227.6M | 0 | 0 | $1.60B | $1.41B | $1.51B | 0 | $1.31B |
| Property, Plant & Equipment | $8.9M | $9.9M | $15.6M | $54.0M | $53.1M | $50.6M | $41.5M | $31.5M | $20.3M | $18.9M |
| Goodwill | -$74.1M | -$75.1M | -$82.1M | 0 | 0 | 0 | $17.1M | $17.1M | $17.1M | $17.1M |
| Intangible Assets | $71.0M | $72.2M | $73.4M | 0 | 0 | $73.0M | $83.4M | $99.5M | $7.7M | $118.6M |
| Total Assets | $1.76B | $1.81B | $1.86B | $2.02B | $2.05B | $2.12B | $1.97B | $2.09B | $2.27B | $2.47B |
| Accounts Payable | $80.3M | $74.5M | $84.1M | $87.9M | $87.7M | $85.8M | $85.3M | $80.2M | $96.3M | $95.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | $30.0M | $30.0M | $35.0M | $30.0M | $30.0M | $50.0M |
| Total Current Liabilities | $69.9M | $63.6M | $80.6M | 0 | 0 | $1.13B | $1.11B | $1.24B | 0 | $1.57B |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.09B | $1.11B | $1.14B | $1.21B | $1.17B | $1.19B | $1.16B | $1.29B | $1.44B | $1.58B |
| Retained Earnings | $554.0M | $570.7M | $616.7M | $661.6M | $745.0M | $821.7M | $815.3M | $781.2M | $798.8M | $844.1M |
| Total Equity | $670.7M | $701.0M | $718.6M | $808.4M | $884.7M | $927.2M | $812.0M | $804.3M | $828.5M | $892.3M |
| Total Debt | 0 | 0 | 0 | $34.0M | $61.0M | $57.1M | $58.3M | $49.8M | $45.7M | $61.9M |
| Net Debt | -$1.17B | -$1.21B | -$1.20B | -$1.24B | -$1.25B | -$1.22B | -$1.02B | -$1.04B | -$566.6M | -$712.1M |
| Working Capital | $117.8M | $168.7M | $147.0M | 0 | 0 | $472.1M | $305.5M | $269.8M | 0 | -$257.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $56.2M | $73.9M | $54.8M | $67.9M |
| Total Assets | $2.45B | $2.47B | $2.43B | $2.50B |
| Total Liabilities | $1.55B | $1.58B | $1.58B | $1.63B |
| Total Equity | $899.6M | $892.3M | $855.8M | $876.7M |
| Total Debt | $42.6M | $61.9M | $61.1M | $59.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $64.6M | $62.4M | $83.2M | $99.6M | $138.2M | $130.7M | $46.6M | $18.9M | $70.7M | $99.3M |
| Depreciation & Amortization | $14.1M | $5.0M | $5.5M | $5.5M | $7.5M | $6.9M | $6.6M | $6.9M | $9.5M | -$1.6M |
| Stock-based Compensation | $4.3M | $5.2M | $6.6M | $6.0M | $7.5M | $6.3M | $6.0M | $4.3M | $4.5M | $4.8M |
| Change in Working Capital | $26.4M | $8.3M | $20.1M | $16.1M | -$43.2M | $33.2M | -$34.9M | $33.5M | $62.2M | $103.9M |
| Operating Cash Flow | $98.8M | $82.0M | $127.7M | $112.5M | $109.5M | $141.4M | $44.3M | $52.1M | $128.7M | $194.5M |
| Capital Expenditure | -$4.9M | -$6.0M | -$11.2M | -$9.6M | -$9.9M | -$8.2M | -$2.1M | -$1.8M | -$4.4M | -$2.5M |
| Acquisitions | $49.3M | -$18.5M | $5.0M | $14.8M | -$23.7M | -$1.5M | -$17.6M | -$2.1M | -$2.1M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$40.0M | -$11.6M | -$14.6M | -$5.2M | 0 | -$20.0M |
| Dividends Paid | -$42.3M | -$45.5M | -$48.8M | -$52.7M | -$54.6M | -$54.0M | -$53.0M | -$53.3M | -$53.3M | -$53.9M |
| Free Cash Flow | $93.9M | $76.1M | $116.5M | $102.9M | $99.5M | $133.2M | $42.2M | $50.3M | $124.3M | $192.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $85.5M | $73.5M | -$17.0M | $38.3M |
| Capital Expenditure | 0 | -$2.1M | -$1.8M | -$627000 |
| Free Cash Flow | $85.5M | $71.4M | -$18.9M | $37.7M |
| Dividends Paid | -$13.6M | -$13.5M | -$13.6M | -$13.4M |
| Stock-based Compensation | $1.2M | $1.1M | $1.4M | $1.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.0% | -1.0% | +4.9% | -4.0% | +2.9% | -9.2% | +17.9% | +19.8% | +13.0% | |
| Net Income Growth (YoY) | -3.4% | +33.4% | +19.7% | +38.8% | -5.4% | -64.4% | -59.5% | +274.7% | +40.3% | |
| EPS Growth (YoY) | -3.7% | +33.7% | +18.1% | +41.9% | -4.3% | -64.2% | -59.6% | +274.2% | +40.3% | |
| Shares Change (YoY) | +0.7% | +0.6% | +0.7% | -1.4% | -1.3% | -1.4% | -0.0% | +0.0% | +0.2% | |
| FCF Growth (YoY) | -19.0% | +53.1% | -11.7% | -3.3% | +33.8% | -68.3% | +19.2% | +147.0% | +54.4% | |
| Gross Margin | 40.4% | 40.3% | 41.8% | 41.8% | 51.9% | 46.6% | 37.3% | 30.6% | 35.4% | 36.4% |
| Operating Margin | 12.6% | 11.1% | 13.1% | 14.1% | 20.8% | 19.0% | 7.6% | 2.6% | 8.1% | 10.1% |
| EBITDA Margin | 11.8% | 10.9% | 13.2% | 14.8% | 21.7% | 19.9% | 8.5% | 3.5% | 9.0% | 10.8% |
| Net Margin | 7.8% | 7.4% | 10.0% | 11.4% | 16.4% | 15.1% | 5.9% | 2.0% | 6.4% | 7.9% |
| FCF Margin | 11.4% | 9.0% | 14.0% | 11.7% | 11.8% | 15.4% | 5.4% | 5.4% | 11.2% | 15.3% |
| Effective Tax Rate | 30.8% | 28.0% | 20.2% | 19.5% | 20.9% | 20.4% | 21.9% | 22.7% | 21.3% | 21.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $6.25 | $5.03 | $7.65 | $6.71 | $6.58 | $8.92 | $2.87 | $3.42 | $8.45 | $13.02 |
| Dividends Per Share | $2.81 | $3.00 | $3.21 | $3.43 | $3.61 | $3.62 | $3.61 | $3.62 | $3.62 | $3.65 |
| Shares Outstanding (Basic) | $14.9M | $15.0M | $15.1M | $15.2M | $15.0M | $14.8M | $14.6M | $14.7M | $14.7M | $14.7M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when FMP does not expose it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 7.79% |
| Return on Invested Capital | 7.38% |
| Return on Assets | 2.74% |
| Gross Margin | 41.99% |
| Operating Margin | 5.94% |
| Net Margin | 4.65% |
Financial Health
| Debt / Equity | 0.07 |
| Current Ratio | 1.42 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 17.18 | 19.47 | 14.82 | 14.19 | 8.42 | 9.61 | 26.58 | 60.11 | 17.20 | 11.59 |
| P/B | 1.64 | 1.72 | 1.72 | 1.74 | 1.32 | 1.36 | 1.52 | 1.40 | 1.46 | 1.28 |
| P/S | 1.33 | 1.43 | 1.48 | 1.61 | 1.39 | 1.46 | 1.57 | 1.22 | 1.09 | 0.91 |
| Gross Margin | 40.4% | 40.3% | 41.8% | 41.8% | 51.9% | 46.6% | 37.3% | 30.6% | 35.4% | 36.4% |
| Operating Margin | 12.6% | 11.1% | 13.1% | 14.1% | 20.8% | 19.0% | 7.6% | 2.6% | 8.1% | 10.1% |
| Net Margin | 7.8% | 7.4% | 10.0% | 11.4% | 16.4% | 15.1% | 5.9% | 2.0% | 6.4% | 7.9% |
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