Safety Insurance Group, Inc.
) reported fourth-quarter 2012 operating earnings of $9.6 million
or 62 cents per share, missing the Zacks Consensus Estimate of 63
cents. Operating earnings, however, surpassed the year-ago
quarter earnings of $4.8 million or 31 cents per share.
Safety Insurance's total revenue amounted to $181.2 million,
increasing from $169.4 million in the fourth quarter of 2011.
Meanwhile, total expenses increased to $168.6 million from $166.3
million in the year-ago quarter.
Net written premiums of Safety Insurance were $145.9 million,
up 6.7% from $136.8 million in the year-ago quarter. Net
investment income came in at $10.3 million, up 10.4% over $9.3
million in the fourth quarter of 2011.
Full Year Highlights
For 2012, Safety Insurance recorded operating earnings of
$58.1 million or $3.8 per share, which surpassed the Zacks
Consensus Estimate of $3.75. Operating earnings also outperformed
$13.7 million or 90 cents earned in 2011.
Total revenues of Safety Insurance were $703.9 million, up
from $660.2 million in 2011. Net written premiums in 2012
amounted to $663.9 million, up 7% over $620.3 million in 2011.
Total expenses were $622.4 million, down from $645.9 million in
Cash and cash equivalents at the end of 2012 amounted to $35.4
million, down from $37.9 million at 2011-end. Safety Financial's
book value increased to $45.31 per share from $43.22 as of Dec
Total assets stood at $1.57 billion as of Dec 31, 2012,
compared with $1.47 billion last year. Shareholders equity
increased to $694.4 million from $656.3 million as of Dec 31,
Safety Insurance paid a quarterly dividend of 60 cents per
share in the fourth quarter of 2012, up 20% over the year-ago
quarter. The company paid total dividend of $2.20 per share in
2012, increasing 10% over 2011.
Results at Other P&C Insurers
Another property and casualty (P&C) insurer -
Navigators Group Inc.
) fourth-quarter adjusted earnings of 59 cents breezed past the
Zacks Consensus Estimate of a loss of 25 cents. Results were up
43.9% year over year from 41 cents earned in the year-ago
Cincinnati Financial Corp.
) reported fourth-quarter 2012 operating earnings of $1.11 per
share, substantially beating the Zacks Consensus Estimate of 50
cents. On a year-over-year basis, earnings grew a substantial
32%. The upside in earnings came on the back of increased
property casualty underwriting profits.
XL Group Plc
) fourth-quarter 2012 operating income of 13 cents per share
outpaced the Zacks Consensus Estimate of a loss of 35 cents.
Earnings rebounded from a loss of 25 cents incurred in the
Safety Insurance currently carries a Zacks Rank #3 (Hold).
CINCINNATI FINL (CINF): Free Stock Analysis
NAVIGATORS GRP (NAVG): Free Stock Analysis
SAFETY INS GRP (SAFT): Free Stock Analysis
XL GROUP PLC (XL): Free Stock Analysis Report
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