Safety Insurance Group Inc. reported Q4 2025 net income of USD 20.1 million, or USD 1.36 per diluted share, and non-GAAP operating income of USD 1.51 per diluted share. Net earned premiums in Q4 were USD 293.2 million (+9.0%), with direct written premiums of USD 299.6 million (+2.6%) and net written premiums of USD 272.2 million (+6.5%). The Q4 combined ratio was 99.4%, including a loss ratio of 70.8% and an expense ratio of 28.6%. Net investment income in Q4 was USD 16.9 million (+14.3%). For FY 2025, net income was USD 99.3 million, or USD 6.70 per diluted share, and non-GAAP operating income was USD 5.71 per diluted share. Net earned premiums were USD 1.14 billion (+12.7%), with direct written premiums of USD 1.28 billion (+7.2%) and net written premiums of USD 1.18 billion (+7.5%). The FY combined ratio was 99.0% (loss ratio 70.0%; expense ratio 29.0%). Net investment income for FY 2025 was USD 62.7 million (+12.6%), and total prior year favorable development was USD 44.6 million. Safety said the FY combined ratio improvement reflected prior year growth in policy counts and rate increases earning into results. During Q4 2025, the company repurchased USD 20 million of shares and paid a quarterly dividend of USD 0.92 per share; the board also approved another USD 0.92 per share quarterly cash dividend payable March 13, 2026. Book value per share was USD 60.98 at December 31, 2025.

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