Form 8-K

8-K — SAFETY INSURANCE GROUP INC

Accession: 0001172052-26-000013

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001172052

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — saft-20260506x8k.htm (Primary)

EX-99.1 (saft-20260506xex99d1.htm)

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8-K

8-K (Primary)

Filename: saft-20260506x8k.htm · Sequence: 1

SAFETY INSURANCE GROUP, INC._May 6, 2026

0001172052false00011720522026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

May 6, 2026

Date of Report (Date of earliest event reported)

SAFETY INSURANCE GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware

000-50070

13-4181699

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

20 Custom House Street, Boston, Massachusetts 02110

(Address of principal executive offices including zip code)

(617) 951-0600

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

SAFT

The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

In a press release dated May 6, 2026, Safety Insurance Group, Inc. (the “Registrant”) announced its first quarter 2026 results. The Registrant’s press release dated May 6, 2026 is furnished herewith as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is furnished herewith:

Exhibit Number

Description

99.1

Text of press release issued by the Registrant dated May 6, 2026

104The cover page from this Current Report on form 8-K, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Safety Insurance Group, Inc.

(Registrant)

Date: May 6, 2026

By:

/s/ CHRISTOPHER T. WHITFORD

Christopher T. Whitford

V.P., Chief Financial Officer and Secretary

EX-99.1

Filename: saft-20260506xex99d1.htm · Sequence: 2

Exhibit 99.1

SAFETY INSURANCE GROUP, INC. ANNOUNCES FIRST QUARTER 2026 RESULTS AND DECLARES SECOND QUARTER 2026 DIVIDEND

Boston, Massachusetts, May 6, 2026. Safety Insurance Group, Inc. (NASDAQ: SAFT) (“the Company” or “Safety”) today reported first quarter 2026 results.

George M. Murphy, Chairman of the Board of Directors, President and Chief Executive Officer, commented: “The first quarter results were significantly impacted by two winter weather events. Beginning on January 23, 2026, the Northeast region experienced a nor’easter storm, bringing blizzard conditions including excess snowfall, subzero windchill temperatures, and wind gusts reaching seventy-five miles per hour. Then, beginning on February 22, 2026, the Northeast region experienced an additional severe winter weather event which produced record-breaking snowfall and hurricane-force wind gusts. Areas in the region received up to thirty-six inches of snowfall and many households were left without power for multiple days. In total, these events resulted in more than 1,600 property claims reported to the Company, causing damage of $42.7 million, which contributed 14.6 percentage points to our combined ratio of 113.4%.”

Net loss for the quarter ended March 31, 2026 was $14.3 million, or $0.99 per diluted share, compared to net income of $21.9 million, or $1.48 per diluted share, for the comparable 2025 period. Non-generally accepted accounting principles (“non-GAAP”) operating loss, as defined below, for the quarter ended March 31, 2026 was $0.72 per diluted share, compared to non-GAAP operating income of $1.28 per diluted share, for the comparable 2025 period.

Safety’s book value per share decreased to $58.28 at March 31, 2026 from $60.98 at December 31, 2025 resulting from the net loss and decreases in the value of our fixed maturity portfolio. Safety paid $0.92 per share in dividends to investors during the quarter ended March 31, 2026 compared to $0.90 for the comparable 2025 period. Safety paid $3.64 per share in dividends to investors during the year ended December 31, 2025.

Today, our Board of Directors approved and declared a $0.92 per share quarterly cash dividend on its issued and outstanding common stock, payable on June 12, 2026 to shareholders of record at the close of business on June 1, 2026.

Direct written premiums for the quarter ended March 31, 2026 increased by $0.8 million, or 0.3%, to $299.8 million from $299.0 million for the comparable 2025 period. Net written premiums for the quarter ended March 31, 2026 increased by $0.6 million, or 0.2%, to $275.4 million from $274.8 million for the comparable 2025 period. Net earned premiums for the quarter ended March 31, 2026 increased by $18.3 million, or 6.7%, to $291.0 million from $272.7 million for the comparable 2025 period. The year-over-year increase in net earned premiums primarily reflects the impact of rate actions earning into top-line results.

Consistent with the increase in net earned premiums, the increases in direct written premiums and net written premiums reflect the impact of rate actions. For the three months ended March 31, 2026, average written premium per policy increased 4.0%, 6.1%, and 9.9% in Private Passenger Automobile, Commercial Automobile and Homeowners lines, respectively, compared to the same period in 2025.

For the quarter ended March 31, 2026, loss and loss adjustment expenses incurred increased by $57.2 million, or 30.1%, to $247.5 million from $190.3 million for the comparable 2025 period. The increase in losses is due to the severe winter weather events in January and February 2026.

Loss, expense, and combined ratios for the quarter ended March 31, 2026 were 85.1%, 28.3%, and 113.4%, respectively, compared to 69.8%, 29.6%, and 99.4%, respectively, for the comparable 2025 period. The increases in the loss and combined ratios are driven by the increased loss and loss adjustment expenses incurred as a result of the winter weather events this quarter. Total prior year favorable development included in the pre-tax results for the quarter ended March 31, 2026 was $10.5 million compared to $12.2 million for the comparable 2025 period.

Net investment income for the quarter ended March 31, 2026 increased by $2.4 million, or 16.9%, to $17.0 million from $14.6 million for the comparable 2025 period. The increase is primarily driven by higher assets under management and higher reinvestment yields versus maturing assets. Net effective annualized yield on the investment portfolio was 4.1% for the three months ended March 31, 2026 compared to 3.9% for the comparable 2025 period. Our duration on fixed maturities was 3.9 years at March 31, 2026 and December 31, 2025, respectively.

Non-GAAP Measures

Management has included certain non-GAAP financial measures in presenting the Company’s results. Management believes that these non-GAAP measures better explain the Company’s results of operations and allow for a more complete understanding of the underlying trends in the Company’s business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (“GAAP”). In addition, our definitions of these items may not be comparable to the definitions used by other companies.

Non-GAAP operating (loss) income and non-GAAP operating (loss) income per diluted share consist of our GAAP net (loss) income adjusted by the net realized gains on investments, change in net unrealized gains on equity securities, credit loss expense and taxes related thereto. For the quarter ended March 31, 2026, the change in net unrealized gains on equity securities increased non-GAAP operating income by $11.5 million, compared to a $0.3 million increase for the quarter ended March 31, 2025. Net income and earnings per diluted share are the GAAP financial measures that are most directly comparable to non-GAAP operating income and non-GAAP operating income per diluted share, respectively. A reconciliation of the GAAP financial measures to these non-GAAP measures is included in the financial highlights below.

About Safety: Safety Insurance Group, Inc., based in Boston, MA, is the parent of Safety Insurance Company, Safety Indemnity Insurance Company, Safety Property and Casualty Insurance Company, Safety Northeast Insurance Company, and Safety Northeast Insurance Agency, Inc. Operating exclusively in Massachusetts, New Hampshire, and Maine, Safety is a leading writer of property and casualty insurance products, including private passenger automobile, commercial automobile, homeowners, dwelling fire, umbrella and business owner policies.

Additional Information: Press releases, announcements, U. S. Securities and Exchange Commission (“SEC”) Filings and investor information are available under “About Safety,” “Investor Information” on our Company website located at www.SafetyInsurance.com. Safety filed its December 31, 2025 Form 10-K with the SEC on February 27, 2026 and urges shareholders to refer to this document for more complete information concerning Safety’s financial results.

Contacts:

Safety Insurance Group, Inc.

Office of Investor Relations

877-951-2522

InvestorRelations@SafetyInsurance.com

Cautionary Statement under "Safe Harbor" Provision of the Private Securities Litigation Reform Act of 1995:

This press release contains, and Safety may from time to time make, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “aim,” “projects,” or words of similar meaning and expressions that indicate future events and trends, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may”. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expenditures and financial results, are forward-looking statements.

Forward-looking statements are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. There are a number of factors, many of which are beyond our control, that could cause actual future conditions, events, results or trends to differ significantly and/or materially from historical results or those projected in the forward-looking statements. These factors include but are not limited to:

● The competitive nature of our industry and the possible adverse effects of such competition;

● Conditions for business operations and restrictive regulations in Massachusetts;

● The possibility of losses due to claims resulting from severe weather;

● The impact of inflation, changes in tariffs and supply chain delays on loss severity;

● The possibility that the Commissioner of Insurance may approve future rule changes that change the operation of the residual market;

● The possibility that existing insurance-related laws and regulations will become further restrictive in the future;

● The impact of investment, economic and underwriting market conditions, including interest rates and inflation;

● Our possible need for and availability of additional financing, and our dependence on strategic relationships, among others; and

● Other risks and factors identified from time to time in our reports filed with the SEC, such as those set forth under the caption “Risk Factors” in our Form 10-K for the year ended December 31, 2025 filed with the SEC on February 27, 2026.

We are not under any obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise. You should carefully consider the possibility that actual results may differ materially from our forward-looking statements.

Safety Insurance Group, Inc. and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except share data)

March 31,

December 31,

2026

2025

(Unaudited)

Assets

Investments:

Fixed maturities, available for sale, at fair value (amortized cost: $1,350,252 and $1,337,235, allowance for expected credit losses of $348 and $0)

1,315,300

1,315,548

Equity securities, at fair value (cost: $186,933 and $201,591)

194,798

220,953

Other invested assets

156,519

151,020

Total investments

1,666,617

1,687,521

Cash and cash equivalents

54,831

73,901

Accounts receivable, net of allowance for expected credit losses of $823 and $802

313,428

320,187

Receivable for securities sold

564

4,269

Accrued investment income

11,396

12,169

Taxes recoverable

7,810

—

Receivable from reinsurers related to paid loss and loss adjustment expenses

12,145

9,433

Receivable from reinsurers related to unpaid loss and loss adjustment expenses

151,810

149,441

Ceded unearned premiums

40,744

39,674

Deferred policy acquisition costs

108,515

111,791

Deferred income taxes

4,629

4,116

Equity and deposits in pools

4,965

4,197

Operating lease right-of-use-assets

11,101

11,861

Goodwill

17,093

Intangible assets

6,546

6,783

Other assets

22,377

18,672

Total assets

2,434,571

2,471,108

Liabilities

Losses and loss adjustment expense reserves

813,089

761,739

Unearned premium reserves

640,319

654,803

Accounts payable and accrued liabilities

59,120

80,461

Payable for securities purchased

3,302

846

Payable to reinsurers

1,890

15,184

Taxes payable

—

3,903

Long-term debt

50,000

Operating lease liabilities

11,101

11,861

Total liabilities

1,578,821

1,578,797

Shareholders’ equity

Common stock: $0.01 par value; 30,000,000 shares authorized; 18,103,381 and 18,051,631 shares issued

181

Additional paid-in capital

237,129

235,693

Accumulated other comprehensive loss, net of taxes

(27,337)

(17,133)

Retained earnings

816,270

844,063

Treasury stock, at cost: 3,419,947 shares

(170,493)

Total shareholders’ equity

855,750

892,311

Total liabilities and shareholders’ equity

2,434,571

2,471,108

Safety Insurance Group, Inc. and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except share and per share data)

Three Months Ended March 31,

2026

2025

Net earned premiums

290,986

272,690

Net investment income

17,038

14,574

Earnings from partnership investments

3,905

2,112

Net realized gains on investments

6,631

4,263

Change in net unrealized gains on equity securities

(11,497)

(271)

Credit loss (expense) benefit

(348)

(321)

Commission income

2,150

2,095

Finance and other service income

5,801

6,287

Total revenue

314,666

301,429

Losses and loss adjustment expenses

247,490

190,290

Underwriting, operating and related expenses

82,281

80,851

Other expense

2,137

1,954

Interest expense

618

104

Total expenses

332,526

273,199

(Loss) income before income taxes

(17,860)

28,230

Income tax (benefit) expense

(3,537)

6,334

Net (loss) income

(14,323)

21,896

(Loss) earnings per weighted average common share:

Basic

(0.99)

1.48

Diluted

(0.99)

1.48

Cash dividends paid per common share

0.92

0.90

Number of shares used in computing earnings per share:

Basic

14,498,177

14,718,572

Diluted

14,498,177

14,745,015

Reconciliation of Net (Loss) Income to Non-GAAP Operating Income

Net (loss) income

(14,323)

21,896

Exclusions from net (loss) income:

Net realized gains on investments

(6,631)

(4,263)

Change in net unrealized gains on equity securities

11,497

271

Credit loss expense

348

321

Income tax (benefit) expense

(1,095)

771

Non-GAAP operating (loss) income

(10,204)

18,996

Net (loss) income per diluted share

(0.99)

1.48

Exclusions from net (loss) income:

Net realized gains on investments

(0.46)

(0.29)

Change in net unrealized gains on equity securities

0.79

0.02

Credit loss expense

0.02

Income tax (benefit) expense

(0.08)

0.05

Non-GAAP operating (loss) income per diluted share

(0.72)

1.28

Safety Insurance Group, Inc. and Subsidiaries

Additional Premium Information

(Unaudited)

(Dollars in thousands)

Three Months Ended March 31,

2026

2025

Written Premiums

Direct

299,775

298,970

Assumed

6,656

6,805

Ceded

(31,000)

(30,995)

Net written premiums

275,431

274,780

Earned Premiums

Direct

313,933

296,819

Assumed

6,983

6,725

Ceded

(29,930)

(30,854)

Net earned premiums

290,986

272,690

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v3.26.1

Document and Entity Information

May 07, 2026

Document and Entity Information [Abstract]

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Document Period End Date

May 06, 2026

Securities Act File Number

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Entity Registrant Name

SAFETY INSURANCE GROUP, INC.

Entity Incorporation, State or Country Code

Entity Tax Identification Number

13-4181699

Entity Address, Address Line One

20 Custom House Street

Entity Address, State or Province

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