--- title: "Safety Insurance | 10-Q: FY2026 Q1 Revenue: USD 314.67 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285759814.md" datetime: "2026-05-08T17:45:15.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285759814.md) - [en](https://longbridge.com/en/news/285759814.md) - [zh-HK](https://longbridge.com/zh-HK/news/285759814.md) --- # Safety Insurance | 10-Q: FY2026 Q1 Revenue: USD 314.67 M Revenue: As of FY2026 Q1, the actual value is USD 314.67 M. EPS: As of FY2026 Q1, the actual value is USD -0.99. EBIT: As of FY2026 Q1, the actual value is USD -28.75 M. #### Segment Revenue Direct written premiums for the three months ended March 31, 2026 increased by $805, or 0.3%, to $299,775 from $298,970 for the comparable 2025 period, primarily due to rate increases. Direct written premiums by state for the three months ended March 31, 2026 were $282,605 for Massachusetts, $13,259 for New Hampshire, and $3,911 for Maine, compared to $283,279 for Massachusetts, $12,423 for New Hampshire, and $3,268 for Maine in the same period of 2025. Net written premiums for the three months ended March 31, 2026 increased by $651, or 0.2%, to $275,431 from $274,780 for the comparable 2025 period. Net earned premiums increased by $18,296, or 6.7%, to $290,986 from $272,690 for the comparable 2025 period. Commission income was $2,150 for the three months ended March 31, 2026, compared to $2,095 for the comparable 2025 period. Finance and other service income decreased by $486, or 7.7%, to $5,801 from $6,287 for the comparable 2025 period. #### Operational Metrics Net loss for the three months ended March 31, 2026 was -$14,323, compared to net income of $21,896 for the comparable 2025 period. Losses and loss adjustment expenses incurred increased by $57,200, or 30.1%, to $247,490 from $190,290, mainly due to severe winter weather events in the Northeast region. Underwriting, operating and related expenses increased by $1,430, or 1.8%, to $82,281 from $80,851 for the three months ended March 31, 2026. Interest expense was $618 for the three months ended March 31, 2026, compared to $104 for the comparable 2025 period. GAAP ratios for the three months ended March 31, 2026 were: Loss ratio of 85.1% (up from 69.8% in 2025), Expense ratio of 28.3% (down from 29.6% in 2025), and Combined ratio of 113.4% (up from 99.4% in 2025). The GAAP loss ratio excluding loss adjustment expenses was 75.7% for the three months ended March 31, 2026, compared to 61.4% for the comparable 2025 period. Total prior year favorable development included in pre-tax results was $10,549, compared to $12,238 for the comparable 2025 period. Non-GAAP operating loss was -$10,204 for the three months ended March 31, 2026, compared to non-GAAP operating income of $18,996 for the comparable 2025 period. #### Cash Flow Net cash used for operating activities was -$17,034 during the three months ended March 31, 2026, compared to net cash provided by operating activities of $3,173 during the comparable 2025 period. Net cash provided by investing activities was $11,556 during the three months ended March 31, 2026, compared to $16,129 for the comparable 2025 period. Net cash used for financing activities was -$13,592 during the three months ended March 31, 2026, compared to -$13,568 for the comparable 2025 period. #### Unique Metrics Average written premium per policy increased by 4.0% in Private Passenger Automobile, 6.1% in Commercial Automobile, and 9.9% in Homeowners lines for the three months ended March 31, 2026, compared to the same period in 2025. Net investment income increased by $2,464, or 16.9%, to $17,038 for the three months ended March 31, 2026, from $14,574 in the comparable 2025 period, driven by higher assets under management and reinvestment rates. The 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. The investment portfolio’s duration was 3.9 years at March 31, 2026, and December 31, 2025. Earnings from partnership investments were $3,905 for the three months ended March 31, 2026, compared to $2,112 for the comparable 2025 period. As of March 31, 2026, there were 160,334 shares available for future grant under the Amended 2018 Long-Term Incentive Plan. Unrecognized compensation expense related to non-vested restricted stock awards was $9,536, expected to be recognized over a weighted average period of 1.9 years. Compensation expense for restricted stock was $1,134 for the three months ended March 31, 2026, and $1,107 for the comparable 2025 period. Safety Insurance Group, Inc. maintains reinsurance coverage for property losses of $770,000 in excess of $80,000 up to a maximum of $850,000 for 2026. The company also has casualty excess of loss reinsurance for large casualty losses in excess of $2,000 up to a maximum of $10,000, and property excess of loss reinsurance for large property losses in excess of $3,000 up to a maximum of $20,000. Liability excess of loss reinsurance for umbrella large losses is in excess of $1,000 up to a maximum of $10,000. At March 31, 2026, $179,203 was recoverable from Commonwealth Automobile Reinsurers (CAR). As of December 31, 2025, Safety Insurance Company had restricted net assets of $750,089, with a maximum of $83,343 available for dividends in 2026 without prior approval. During the three months ended March 31, 2026, Safety Insurance paid dividends of $13,098 to Safety Insurance Group, Inc. #### Future Outlook and Strategy Safety Insurance Group, Inc. plans to continue to declare and pay quarterly cash dividends in 2026, subject to its financial position and cash flow regularity. Management believes that current cash flow from operations provides sufficient liquidity for operating needs over the next 12 months and expects to meet long-term operating needs from internally generated funds. The company’s share repurchase program had $24,760 remaining as of March 31, 2026, but does not obligate the company to repurchase any specific number of shares. ### Related Stocks - [SAFT.US](https://longbridge.com/en/quote/SAFT.US.md) ## Related News & Research - [PowerFleet Q4 2026 Earnings Preview](https://longbridge.com/en/news/289616465.md) - [ABB Ltd: ABB share buybacks - June 4, 2026 – June 10, 2026](https://longbridge.com/en/news/289436946.md) - [Soybean Analysis: 2026 Market Volatility and Trend](https://longbridge.com/en/news/289444628.md) - [Zedge Q3 2026 Earnings Preview](https://longbridge.com/en/news/289381005.md) - [Gamehaus Holdings Inc. Announces Unaudited Financial Results for the Third Quarter of Fiscal 2026 Ended March 31, 2026 | GMHS Stock News](https://longbridge.com/en/news/289035965.md)