Safety Insurance Q3 2009 Earnings
November 6, 2009 9:57 am by Dean Morel
Two quick charts for Safety Insurance Group Inc. (SAFT).
Safety Insurance (SAFT) the second largest private passenger insurer in Massachusetts reported good earnings on November 2nd. Book value jumped 10.9% YoY and earnings again showed signs of stabilising.
Safety Insurance Third Quarter 2009 Results and Q4 Dividend
- Dividend is unchanged at $0.40.
- Book value up 10.9% YoY to $41.21.
- Combined ratio 93.4%
- Net income $17M, $1.11 eps
- Premiums written stabilising.
SAFT closed at $35.04 with a Book Value of 0.85, considerably below it’s long term average. While investors shouldn’t expect P/B to return to pre-open market days of 1.5 to 1.6 a re-rating on stablising conditions should see a P/B of 1-1.2 with the book continuing to expand.
Disclosure: Long SAFT
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