Safety Insurance (SAFT)

Market Price (9/14/2026): $103.4 | Market Cap: $1.5 BilSector: Financials | Industry: Property & Casualty Insurance

Safety Insurance (SAFT)

Market Price (9/14/2026): $103.4
Market Cap: $1.5 Bil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.2%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.0%, FCF Yield is 12%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -47%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%

Low stock price volatility
Vol 12M is 45%

Megatrend and thematic drivers
Megatrends include Future of Insurance. Themes include Digital Claims Processing, AI in Insurance Underwriting & Risk Assessment, and Climate Risk & Resilience in Insurance.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Weak multi-year price returns
2Y Excs Rtn is -5.8%

Key risks
SAFT key risks include [1] a high geographical concentration of its business in the northeastern United States.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.2%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.0%, FCF Yield is 12%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -47%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
3	Low stock price volatility Vol 12M is 45%
4	Megatrend and thematic drivers Megatrends include Future of Insurance. Themes include Digital Claims Processing, AI in Insurance Underwriting & Risk Assessment, and Climate Risk & Resilience in Insurance.
5	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
6	Weak multi-year price returns 2Y Excs Rtn is -5.8%
7	Key risks SAFT key risks include [1] a high geographical concentration of its business in the northeastern United States.

SAFT in ETFs

Weight = SAFT's share of each fund

VTI0.00%

ITOT0.00%

IWM0.05%

IJR0.08%

VB0.02%

IWN0.10%

SLYG0.09%

IJT0.09%

+12 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	9/14/26	2025	2024	2023	2022
Share Price			$103.40	$77.91	$82.40	$75.99	$84.26
Mkt Cap ($ Bil)			1.5	1.1	1.2	1.1	1.2
+ Debt ($ Bil)			0.1	0.1	0.0	0.0	0.1
- Cash ($ Bil)			0.1	0.1	0.1	0.0	0.0
TEV ($ Bil)			1.5	1.2	1.2	1.1	1.3
Valuation Ratios
P/S	1.0	1.1	1.2	0.9	1.1	1.2	1.6
P/EBIT	11.8	16.8	16.7	8.9	13.4	44.1	20.5
P/E	15.1	21.4	21.9	11.5	17.1	59.0	26.4
P/FCF	—	—	8.5	5.9	9.7	22.1	29.1
Sector Ratios (* = sector average)
P/S *			3.3	3.0	3.1	2.8	2.8
P/EBIT *			7.1	7.7	8.5	7.7	7.1
P/E *			11.8	11.0	11.6	10.1	9.4
P/FCF *			8.9	9.1	9.0	8.0	6.5

FYE: 12/31	Forward FYE		Now
	2027	2026	9/14/26
Share Price			$103.40
Mkt Cap ($ Bil)			1.5
+ Debt ($ Bil)			0.1
- Cash ($ Bil)			0.1
TEV ($ Bil)			1.5
Valuation Ratios
P/S	1.0	1.1	1.2
P/EBIT	11.8	16.8	16.7
P/E	15.1	21.4	21.9
P/FCF	—	—	8.5
Sector Ratios (* = sector average)
P/S *			3.3
P/EBIT *			7.1
P/E *			11.8
P/FCF *			8.9

FYE: 12/31	SAFT [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$1.3 Bil	—
FY 2026 Sales	$1.4 Bil	—
FY 2027 Sales	$1.5 Bil	—
FY 2026 Sales Growth	8.8%	—
FY 2027 Sales Growth	10.4%	13.0%
EARNINGS
LTM Net Income (GAAP) [3]	$68.6 Mil	—
FY 2026 Net Income (Non-GAAP)	$70.0 Mil	—
FY 2027 Net Income (Non-GAAP)	$99.5 Mil	—
FY 2027 Net Income Growth	42.1%	18.3%
FY 2026 EPS (Non-GAAP)	$4.75	—
FY 2027 EPS (Non-GAAP)	$6.75	—
FY 2027 EPS Growth	42.1%	—
VALUATION
FY 2026 P/S	1.1	1.6
FY 2027 P/S	1.0	—
FY 2026 P/E	21.4	7.4
FY 2027 P/E	15.1	—

[1] SAFT forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	SAFT	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	1.3
Rev Chg Q	2.0%	9.1%
Rev Chg LTM	6.8%	8.3%
Rev Chg 3Y Avg	14.2%	5.8%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
CFO/Rev LTM	14.2%	21.8%
Net Inc Mgn	5.4%	13.1%
VALUATION	MODERATE
P/S	1.2	3.2
P/CFO	8.3	15.1
P/FCF	8.5	19.4
P/E	21.9	22.6

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Metric	Value	Date	Source
Number of Independent Insurance Agents	828	12312024	Link
Number of Independent Insurance Agent Locations	1079	12312024	Link
Massachusetts Private Passenger Automobile Insurance Market Share	9.7%	12312024	Link
Massachusetts Commercial Automobile Insurance Market Share	12.9%	12312024	Link
Massachusetts Homeowners Insurance Market Share	6.3%	12312024	Link
Combined Ratio	98.9%	9302025	Link
Private Passenger Automobile Insurance as a Percentage of Direct Written Premiums	55.8%	12312024	Link
Commercial Automobile Insurance as a Percentage of Direct Written Premiums	15.2%	12312024	Link
Homeowners Insurance as a Percentage of Direct Written Premiums	24.3%	12312024	Link
Overall Policy Count Increase	8.5%	12312024	Link

Price Chart

Recent
9/01/2026	Dividend	Amount: $0.92 Payment On: 9/15/2026
Upcoming
11/02/2026	Earnings Release	Rev: - EPS: -

Why The Stock Moved

Qualitative Assessment

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Updated on 9/1/2026

Safety Insurance (SAFT) stock has gained about 50% since 5/31/2026 because of the following key factors:

1. Acquisition Agreement with Mapfre.

Safety Insurance Group announced on July 23, 2026, that it entered into a definitive agreement to be acquired by an affiliate of Mapfre S.A. in an all-cash transaction valued at approximately $1.54 billion. This agreement offers Safety shareholders $105 for each common share, representing a 44% premium to the company's stock price as of July 23, 2026. This news led to an immediate surge in the stock price, with shares spiking by approximately 39% to 42% on July 25, 2026.

2. Strong Fiscal Q2 2026 Financial Performance.

Safety Insurance Group reported robust results for fiscal Q2 2026, which ended June 30, 2026. Net income for the quarter increased by 19.9% to $34.5 million, or $2.36 per diluted share, compared to $28.9 million, or $1.95 per diluted share, in fiscal Q2 2025. The company also surpassed analyst expectations for earnings per share, reporting $2.03 against a consensus estimate of $2.00. Additionally, net earned premiums grew by 3.4% to $291.7 million from $282.1 million in the comparable prior-year period.

3. Improved Underwriting Results.

A key factor in the strong fiscal Q2 2026 performance was the improvement in underwriting. The combined ratio for fiscal Q2 2026 improved to 95.7% from 98.1% in fiscal Q2 2025. This enhancement reflects better underwriting discipline, effective pricing strategies, and a reduction in auto claim frequency.

4. Positive Analyst Sentiment.

Several research firms issued favorable ratings and upgrades for Safety Insurance Group during this period. Notably, Weiss Ratings upgraded the stock from a "hold (c+)" to a "buy (b)" on August 11, 2026. Wall Street Zen also raised its rating from "sell" to "hold" on June 6, 2026. Zacks Research also moved its rating to a "hold" on May 27, 2026. The accumulation of these positive adjustments contributed to a consensus "Moderate Buy" rating for the stock.

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Stock Movement Drivers

Fundamental Drivers

The 50.7% change in SAFT stock from 5/31/2026 to 9/13/2026 was primarily driven by a 38.7% change in the company's P/E Multiple.

(LTM values as of)	5312026	9132026	Change
Stock Price ($)	68.64	103.42	50.7%
Change Contribution By:
Total Revenues ($ Mil)	1,266	1,272	0.5%
Net Income Margin (%)	5.0%	5.4%	8.3%
P/E Multiple	15.8	21.9	38.7%
Shares Outstanding (Mil)	14	15	-0.2%
Cumulative Contribution			50.7%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/13/2026

	Return	Correlation
SAFT	50.7%
Market (SPY)	1.0%	-6.7%
Sector (XLF)	11.0%	12.6%

Fundamental Drivers

The 37.8% change in SAFT stock from 2/28/2026 to 9/13/2026 was primarily driven by a 97.8% change in the company's P/E Multiple.

(LTM values as of)	2282026	9132026	Change
Stock Price ($)	75.03	103.42	37.8%
Change Contribution By:
Total Revenues ($ Mil)	1,254	1,272	1.4%
Net Income Margin (%)	7.9%	5.4%	-31.8%
P/E Multiple	11.1	21.9	97.8%
Shares Outstanding (Mil)	15	15	0.8%
Cumulative Contribution			37.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/13/2026

	Return	Correlation
SAFT	37.8%
Market (SPY)	11.7%	-5.5%
Sector (XLF)	11.9%	14.2%

Fundamental Drivers

The 48.2% change in SAFT stock from 8/31/2025 to 9/13/2026 was primarily driven by a 80.5% change in the company's P/E Multiple.

(LTM values as of)	8312025	9132026	Change
Stock Price ($)	69.79	103.42	48.2%
Change Contribution By:
Total Revenues ($ Mil)	1,191	1,272	6.8%
Net Income Margin (%)	7.1%	5.4%	-24.3%
P/E Multiple	12.1	21.9	80.5%
Shares Outstanding (Mil)	15	15	1.5%
Cumulative Contribution			48.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/13/2026

	Return	Correlation
SAFT	48.2%
Market (SPY)	19.5%	-4.5%
Sector (XLF)	7.3%	15.7%

Fundamental Drivers

The 72.2% change in SAFT stock from 8/31/2023 to 9/13/2026 was primarily driven by a 48.5% change in the company's Total Revenues ($ Mil).

(LTM values as of)	8312023	9132026	Change
Stock Price ($)	60.06	103.42	72.2%
Change Contribution By:
Total Revenues ($ Mil)	857	1,272	48.5%
Net Income Margin (%)	4.1%	5.4%	30.2%
P/E Multiple	24.8	21.9	-11.9%
Shares Outstanding (Mil)	15	15	1.1%
Cumulative Contribution			72.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/13/2026

	Return	Correlation
SAFT	72.2%
Market (SPY)	75.7%	9.5%
Sector (XLF)	74.0%	29.8%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SAFT Return	14%	3%	-5%	13%	-1%	37%	72%
Peers Return	15%	18%	6%	35%	13%	17%	157%
S&P 500 Return	27%	-19%	24%	23%	16%	11%	102%
Monthly Win Rates [3]
SAFT Win Rate	42%	58%	42%	42%	42%	67%
Peers Win Rate	50%	60%	58%	68%	57%	49%
S&P 500 Win Rate	75%	42%	67%	75%	67%	44%
Max Drawdowns [4]
SAFT Max Drawdown	-13%	-21%	-23%	-13%	-17%	-13%
Peers Max Drawdown	-15%	-17%	-23%	-11%	-16%	-10%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: THG, TRV, ALL, PGR, CB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)

Event	SAFT	S&P 500
2023 SVB Regional Banking Crisis
% Loss	-18.9%	-6.7%
% Gain to Breakeven	23.4%	7.1%
Time to Breakeven	259 days	31 days
2020 COVID-19 Crash
% Loss	-26.2%	-33.7%
% Gain to Breakeven	35.5%	50.9%
Time to Breakeven	650 days	140 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-11.3%	-17.9%
% Gain to Breakeven	12.8%	21.8%
Time to Breakeven	29 days	123 days
2008-2009 Global Financial Crisis
% Loss	-19.8%	-53.4%
% Gain to Breakeven	24.7%	114.4%
Time to Breakeven	225 days	1085 days
Summer 2007 Credit Crunch
% Loss	-19.5%	-8.6%
% Gain to Breakeven	24.2%	9.5%
Time to Breakeven	181 days	47 days

Compare to THG, TRV, ALL, PGR, CB

In The Past

Safety Insurance's stock fell -4.3% during the 2025 US Tariff Shock. Such a loss loss requires a 4.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

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Event	SAFT	S&P 500
2020 COVID-19 Crash
% Loss	-26.2%	-33.7%
% Gain to Breakeven	35.5%	50.9%
Time to Breakeven	650 days	140 days

Compare to THG, TRV, ALL, PGR, CB

In The Past

Safety Insurance's stock fell -4.3% during the 2025 US Tariff Shock. Such a loss loss requires a 4.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Safety Insurance (SAFT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Safety Insurance Group, Inc. (SAFT) is a property and casualty insurance company based in Boston, Massachusetts, that provides a comprehensive range of insurance products primarily within the United States. The company's core business involves protecting both individuals and commercial enterprises from various financial risks associated with property damage, liability, and other specified perils. SAFT distributes its insurance policies exclusively through a network of independent agents.

The company's primary product offerings include extensive **automobile insurance**, covering both private passenger vehicles for personal use and commercial automobiles for businesses, ranging from individual vehicles to entire fleets. Safety Insurance is also a significant provider of **homeowner's insurance**, offering coverage for homes, condominiums, and apartments against property losses and liability. Furthermore, SAFT provides tailored **Business Owners Policies (BOPs)** for a diverse array of commercial customers, such as restaurants, office condominiums, and various service businesses, safeguarding their assets and operations.

Beyond these core lines, Safety Insurance offers a suite of complementary products, including personal and commercial **umbrella policies** that provide excess liability coverage above standard policy limits. The company also underwrites dwelling fire insurance for non-owner-occupied residences, inland marine coverage, and watercraft insurance for small and medium pleasure crafts. Through this diverse portfolio, SAFT serves a broad market encompassing individual consumers seeking personal lines of coverage and a wide spectrum of commercial clients requiring robust business protection.

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Here are a few analogies for Safety Insurance (SAFT):

It's like a regional Travelers.
Think of it as an insurer similar to a localized Nationwide.

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Private Passenger Automobile Insurance: Offers coverage for personal vehicles, including bodily injury, property damage, and physical damage.
Commercial Automobile Insurance: Provides insurance for vehicles used for business purposes, ranging from individual cars to commercial fleets.
Homeowners Insurance: Covers homes, condominiums, and apartments against property losses and liability claims.
Business Owners Policies (BOPs): Comprehensive packages offering property and liability coverage for various types of businesses.
Umbrella Insurance: Provides excess liability coverage over and above the limits of other personal or commercial insurance policies.
Dwelling Fire Insurance: Underwrites insurance for non-owner-occupied residences against fire and other perils.
Inland Marine Coverage: Offers specialized property coverage often supplementing homeowners or business owner policies.
Watercraft Coverage: Provides insurance for small and medium-sized pleasure boats.

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Safety Insurance Group, Inc. (SAFT) sells insurance policies directly to both individuals and businesses. Based on the description, a substantial portion of its offerings, such as private passenger automobile and homeowner insurance, are targeted towards individual consumers. Therefore, the company primarily serves a broad base of individual and commercial policyholders.

The up to three major categories of customers that Safety Insurance serves are:

Individual Policyholders: This category includes individuals who purchase policies for their personal needs, such as private passenger automobile insurance, homeowner insurance (for homes, condominiums, and apartments), personal umbrella liability policies, and watercraft coverage.
Commercial Policyholders (Businesses): This category encompasses various businesses that acquire insurance for commercial vehicles, business owners policies (for entities like restaurants, office condominiums, contractors, wholesalers, and processing/services businesses), and commercial umbrella policies.
Owners of Non-Owner-Occupied Residences: This category includes individuals or entities that own residential properties which they do not occupy themselves, such as rental properties, for which they purchase dwelling fire insurance.

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George M. Murphy, Chairman of the Board, President, and Chief Executive Officer

Mr. Murphy joined Safety Insurance in 1989 and has held various positions of increasing responsibility within the marketing department, serving as Vice President of Marketing from October 2005. He was appointed President and Chief Executive Officer in April 2016, and subsequently elected Chairman of the Board in May 2023.

Christopher T. Whitford, Vice President, Chief Financial Officer, Principal Accounting Officer, and Secretary

Mr. Whitford joined Safety Insurance in 2012 as a Senior Financial Analyst. He was promoted to Controller in September 2013 and became Chief Financial Officer in March 2020. Prior to joining Safety Insurance, he worked at PwC as a Manager from 2005 to 2012. He holds a Master's degree in Accounting from the University of Maine, which he completed between 2000 and 2005.

John P. Drago, Vice President of Marketing

Mr. Drago is responsible for developing and implementing the company's marketing and brand strategies. He oversees initiatives focused on increasing brand awareness, customer acquisition, and customer retention, leveraging his expertise in market analysis and strategic marketing planning.

Brian S. Lam, Vice President of Insurance Operations

Mr. Lam is responsible for the strategic direction and operational execution of Safety Insurance's business lines. His role encompasses overseeing key aspects of insurance operations, including policy administration, claims management, and customer service, with a focus on optimizing processes for effectiveness and customer satisfaction.

Mary F. McConnell, Vice President of Underwriting

Ms. McConnell leads the underwriting function, which includes developing and implementing underwriting guidelines, pricing strategies, and risk selection processes. She ensures that the company maintains a strong and profitable book of business by effectively assessing and managing risk.

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Catastrophe Risk

Safety Insurance, as a provider of homeowner and commercial property insurance, is significantly exposed to the risk of large-scale natural disasters such as hurricanes, severe storms, and other weather-related events. A single catastrophic event, or a series of events, could lead to a substantial increase in claims, resulting in significant financial losses and negatively impacting the company's profitability and solvency.
Underwriting and Claims Cost Risk

The profitability of Safety Insurance is heavily dependent on its ability to accurately assess and price risks, as well as effectively manage claims costs. Inaccurate underwriting, which involves misjudging the likelihood and severity of future claims, can lead to insufficient premium collection relative to payouts. Furthermore, rising costs for automobile repairs, medical treatments for bodily injuries, and construction materials for property damage can lead to claims inflation, increasing the company's liabilities and eroding profit margins.
Regulatory and Competitive Environment

Safety Insurance operates within a highly regulated industry. Changes in state insurance regulations, including rate approval processes, mandated coverages, or consumer protection laws, can limit the company's ability to adjust pricing, introduce new products, or manage its operations efficiently. Additionally, the property and casualty insurance market is competitive, with numerous participants vying for market share. Intense price competition or the emergence of new business models could put pressure on premiums and underwriting profitability, making it challenging for Safety Insurance to maintain or grow its market position.

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The continued emergence and growth of direct-to-consumer digital insurance platforms (Insurtechs) that leverage advanced technology and data analytics to offer a streamlined, often lower-cost alternative to traditional agent-based insurance models. This trend can bypass Safety Insurance's established independent agent distribution channel and appeal to a growing segment of consumers who prefer digital interactions and potentially lower premiums, directly challenging SAFT's market share and profitability.

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Here are the addressable markets for Safety Insurance's main products and services in the U.S. region:

Private Passenger Automobile Insurance: The U.S. private passenger automobile insurance market had direct premiums written of approximately $359.51 billion in 2024.
Commercial Automobile Insurance: The U.S. commercial auto insurance market recorded approximately $61.6 billion in direct written premiums in 2024.
Homeowner Insurance: The United States homeowners insurance market size is expected to be approximately $175.60 billion in 2025.
Business Owners Policies (BOP): The U.S. small business insurance market, which includes Business Owners Policies, is projected to reach approximately $5.1 billion by 2025.
Personal Umbrella Policies: The global umbrella insurance market is projected to reach $73.4 billion by the end of 2025. North America accounts for approximately 60% of the global market share, and personal umbrella insurance dominates this market segment. Therefore, the addressable market for personal umbrella policies in the U.S. is a significant portion of the North American market, which would be approximately $44 billion in 2025.
Commercial Umbrella Policies: The U.S. Commercial Umbrella Insurance Market is projected to reach approximately $13.2 billion by 2034.
Dwelling Fire Insurance: The U.S. fire insurance market size was approximately $27.60 billion in 2024.
Inland Marine Coverage: The U.S. Inland Marine Insurance market size was valued at approximately $12.6 billion in 2024.
Watercraft Coverage: The U.S. boat and yacht insurance market is expected to exceed $2.6 billion by 2032. The boat insurance segment alone accounted for over $1.7 billion in 2023.

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Safety Insurance (SAFT) is expected to drive future revenue growth over the next 2-3 years through several key strategies: * **Strategic Rate Adjustments:** Safety Insurance has been, and plans to continue, implementing strategic rate adjustments across its private passenger automobile, commercial automobile, and homeowners lines. These adjustments aim to improve financial performance and maintain profitability, leading to increased average written premiums per policy. The company reported an 8.1% increase in average written premium per policy in private passenger automobile, 4.6% in commercial automobile, and 9.7% in homeowners lines for the year ended December 31, 2025, compared to the same period in 2024. * **Growth in Policy Counts and Customer Acquisition:** A core component of Safety Insurance's growth strategy involves increasing policy sales and achieving organic growth in its customer base within its existing operational regions. The company demonstrated successful organic expansion, with an 8.5% increase in overall policy counts in 2024. * **Deepening Market Penetration in Established States:** Rather than broad geographical diversification, Safety Insurance is focused on strengthening its market share within its existing territories of Massachusetts, New Hampshire, and Maine. This concentrated approach aims to maximize penetration in these key markets where it is already a leading carrier. * **Introduction of New Products and Services:** Safety Insurance plans to enhance its product offerings by introducing new lines and forms of insurance products. This expansion of its portfolio can open new revenue streams and cater to evolving customer needs. * **Investment in Technology and Operational Efficiency:** The company is investing in advanced technology and information systems, including the development of virtual assistants and the implementation of GenAI applications for data extraction. These technological advancements are intended to provide agents with state-of-the-art tools and enhance customer experience and operational efficiency, which can indirectly contribute to revenue growth through improved service and agent productivity.

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Share Repurchases

Safety Insurance Group repurchased $20 million of shares during the fourth quarter ended December 31, 2025.
The company's stock buyback program was set to resume following its third-quarter 2025 results.
Safety Insurance Group had an existing Equity Buyback Plan, initially announced on August 3, 2007, which has seen tranche updates.

Share Issuance

On February 25, 2026, a director of Safety Insurance Group Inc., Mary Coffey Moran, received an equity grant of 1,083 shares of restricted common stock.

Capital Expenditures

Safety Insurance Group, Inc. reported net cash from continuing investing activities at -$42.43 million for the fourth quarter of 2025, reflecting ongoing capital deployment.
As of February 27, 2026, the company's free cash flow growth was -16.40%, which tracks cash generated after capital expenditures.

Interactive Breakdown

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Better Bets vs. Safety Insurance (SAFT)

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Peer Outperformance in Property & Casualty Insurance

SAFT has trailed 54% of its 41 Property & Casualty Insurance peers over 5Y. Among the peers that beat it is MCY. Property & Casualty Insurance ranks 7th of 18 industries in Financials by median 5Y return.

Share of Property & Casualty Insurance constituents that SAFT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

93%

of 45 industry peers · 46.5% return

55%

of 42 industry peers · 70.9% return

46%

of 41 industry peers · 65.9% return

Property & Casualty Insurance peers with revenue growth within 4pp of SAFT's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.

Ticker	Name	Rev Growth 3Y Avg	P/E	1Y	3Y	5Y	5Y Gap
SAFT	Safety Insurance	14.2%	21.9x	46.5%	70.9%	65.9%	—
MCY	Mercury General	14.4%	6.1x	30.7%	269.7%	106.6%	+41pp

Price returns, excluding dividends. P/E shown for context only and not used for matching.

Median price return by industry across the Financials sector, ranked by 5Y. Property & Casualty Insurance is SAFT's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Investment Banking & Brokerage	13	4.4%	109.9%	135.9%	IBKR 511% · SNEX 266% · GS 188%
Reinsurance	6	18.8%	73.7%	132.8%	SPNT 164% · RGA 143% · RNR 133%
Diversified Banks	12	37.8%	127.6%	118.3%	JPM 157% · CM 153% · RY 143%
Life & Health Insurance	20	8.2%	54.2%	103.2%	JXN 569% · UNM 321% · FG 203%
Multi-Sector Holdings	4	3.5%	53.9%	82.7%	JONE 361% · BRK-B 84% · VOYA 81%
Regional Banks	265	26.8%	84.7%	68.7%	GCBC 366% · ESQ 361% · VBNK 332%
Property & Casualty Insurance ←	42	9.4%	68.6%	68.2%	ASIC 2746900% · HRTG 471% · UVE 308%
Multi-line Insurance	9	8.9%	78.7%	64.5%	GNW 193% · L 108% · SLF 91%
Consumer Finance	30	5.7%	87.6%	33.8%	ENVA 603% · EZPW 379% · FCFS 180%
Financial Exchanges & Data	15	-6.5%	11.8%	30.5%	VIRT 201% · CBOE 142% · CME 80%
Diversified Financial Services	4	0.9%	14.0%	24.1%	FRHC 174% · EQH 106% · TMS -58%
Insurance Brokers	16	-17.9%	-3.8%	20.4%	LIFE 347% · ARX 89% · AJG 75%
Asset Management & Custody Banks	83	-10.8%	13.7%	14.4%	WT 340% · SII 291% · VCTR 280%
Commercial & Residential Mortgage Finance	12	-48.2%	28.3%	2.8%	FNMA 488% · FMCC 458% · ESNT 70%
Specialized Finance	3	27.4%	39.8%	-0.4%	EFC 30% · CACC 0% · HASI -13%
Mortgage REITs	33	-13.2%	8.4%	-15.4%	NREF 55% · RITM 48% · DX 37%
Transaction & Payment Processing Services	15	2.2%	-8.7%	-41.9%	V 73% · MA 70% · CPAY 60%
Diversified Capital Markets	21	-33.6%	2.7%	-43.9%	OPY 215% · LPLA 153% · GOLD 103%

Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Why Safety Insurance Stock Moved: SAFT Stock Has Gained 13% Since 2023 Fiscal End, Primarily Due To Favorable Change In Revenues	08/08/2025
2	Safety Insurance (SAFT) Valuation Ratios Comparison	08/08/2025
3	null	05/16/2025
4	Safety Insurance Total Shareholder Return (TSR): 17.9% in 2024 and 8.2% 3-yr compounded annual returns (above peer average)	03/07/2025
5	Safety Insurance (SAFT) Operating Cash Flow Comparison	02/17/2025
6	Safety Insurance (SAFT) Net Income Comparison	02/16/2025
7	ARTICLES
8	Market Movers \| Winners: LVWR, SAFT, VIVK \| Losers: VSTD, VTAK, ATER	07/27/2026

	Title
0	DASHBOARDS
1	Why Safety Insurance Stock Moved: SAFT Stock Has Gained 13% Since 2023 Fiscal End, Primarily Due To Favorable Change In Revenues
2	Safety Insurance (SAFT) Valuation Ratios Comparison
3	null
4	Safety Insurance Total Shareholder Return (TSR): 17.9% in 2024 and 8.2% 3-yr compounded annual returns (above peer average)
5	Safety Insurance (SAFT) Operating Cash Flow Comparison
6	Safety Insurance (SAFT) Net Income Comparison
7	ARTICLES
8	Market Movers \| Winners: LVWR, SAFT, VIVK \| Losers: VSTD, VTAK, ATER

Trade Ideas

Select ideas related to SAFT.

null

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ACVA	ACV Auctions	1.8	44.2%	29.8%
FEIM	Frequency Electronics	0.9	42.4%	64.1%
ATEC	Alphatec	1.7	19.7%	-49.7%
HPE	Hewlett Packard Enterprise	82.9	12.4%	160.9%
DELL	Dell Technologies	368.2	12.0%	354.8%
VICR	Vicor	9.1	11.2%	80.6%
BGSI	Boyd Services	2.5	10.9%	-43.1%
BW	Babcock & Wilcox Enterprises	1.1	10.7%	25.2%
NXTT	Next Technology	0.8	10.4%	-11.6%
BAND	Bandwidth	1.8	10.2%	268.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADBT	Advasa	0.1	-24.8%	-96.3%
SMR	NuScale Power	3.1	-15.7%	-39.2%
SLS	SELLAS Life Sciences	2.2	-14.4%	206.2%
IMSR	Terrestrial Energy	0.5	-9.8%	-22.3%
OKLO	Oklo	6.4	-9.2%	-49.5%
ASM	Avino Silver & Gold Mines	1.1	-8.8%	4.5%
OMDA	Omada Health	1.2	-8.6%	24.6%
LEU	Centrus Energy	3.0	-8.2%	-37.3%
ALMS	Alumis	1.2	-7.3%	-5.9%
QLYS	Qualys	5.3	-7.0%	13.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ACVA	ACV Auctions	1.8	55.4%	29.8%
FEIM	Frequency Electronics	0.9	47.6%	64.1%
SEI	Solaris Energy Infrastructure	4.0	26.8%	47.3%
ASO	Academy Sports and Outdoors	3.6	26.7%	11.5%
MXL	MaxLinear	6.7	25.4%	327.8%
AEHR	Aehr Test Systems	3.0	24.2%	369.0%
COHU	Cohu	2.7	24.1%	145.3%
SWKS	Skyworks Solutions	13.3	23.6%	42.2%
SMTC	Semtech	15.5	23.5%	127.0%
SIG	Signet Jewelers	4.0	22.2%	22.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TTAN	ServiceTitan	5.2	-41.3%	-48.7%
ADBT	Advasa	0.1	-32.4%	-96.3%
GWRE	Guidewire Software	11.9	-30.5%	-29.9%
BRZE	Braze	2.7	-28.0%	-30.2%
DYN	Dyne Therapeutics	3.0	-27.0%	-6.9%
SGML	Sigma Lithium	1.1	-25.6%	-28.0%
TBBK	Bancorp	2.1	-25.3%	-25.0%
PATH	UiPath	7.2	-24.5%	-16.1%
NAVN	Navan	5.3	-24.1%	23.1%
COO	Cooper Companies	10.5	-23.7%	-34.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MRNA	Moderna	57.3	126.1%	388.2%
CAPR	Capricor Therapeutics	0.5	99.8%	-71.0%
PURR	Hyperliquid Strategies	1.4	72.0%	226.1%
HTFL	HeartFlow	4.3	67.1%	71.1%
AVAH	Aveanna Healthcare	3.1	55.6%	72.3%
BTGO	BitGo	0.9	53.3%	-58.6%
FWDI	Forward Industries	0.6	48.9%	-0.9%
ANGX	Angel Studios	1.0	48.1%	16.7%
WEAV	Weave Communications	0.6	45.9%	-3.7%
ARX	Accelerant	4.3	45.8%	21.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ALMS	Alumis	1.2	-64.1%	-5.9%
RARE	Ultragenyx Pharmaceutical	1.5	-46.8%	-37.8%
IESC	IES	13.8	-43.6%	-11.1%
KRMN	Karman	4.7	-43.0%	-51.8%
TTAN	ServiceTitan	5.2	-40.6%	-48.7%
CRDO	Credo Technology	30.1	-39.2%	13.2%
AEVA	Aeva Technologies	1.0	-38.3%	16.9%
EVCM	EverCommerce	1.1	-36.7%	-47.9%
AADX	Applied Aerospace & Defense	1.8	-36.2%	-35.8%
BLZE	Backblaze	0.8	-35.9%	166.1%

Peer Comparisons

Peers to compare with:

Financials

	SAFT	THG	TRV	ALL	PGR	CB	Median
Name	Safety I.	Hanover .	Traveler.	Allstate	Progress.	Chubb
Mkt Price	103.42	225.84	375.20	253.71	217.62	338.25	239.78
Mkt Cap	1.5	7.9	79.0	64.9	126.9	131.0	72.0
Rev LTM	1,272	6,734	48,979	69,347	91,019	62,277	55,628
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	176	1,253	11,026	12,249	15,951	15,376	11,638
FCF 3Y Avg	133	868	9,648	9,016	15,182	14,847	9,332
CFO LTM	180	1,264	11,026	12,469	16,339	15,376	11,748
CFO 3Y Avg	137	878	9,648	9,232	15,499	14,847	9,440

Growth & Margins

	SAFT	THG	TRV	ALL	PGR	CB	Median
Name	Safety I.	Hanover .	Traveler.	Allstate	Progress.	Chubb
Rev Chg LTM	6.8%	5.4%	2.4%	5.6%	10.5%	8.5%	6.2%
Rev Chg 3Y Avg	14.2%	5.3%	8.2%	8.8%	17.8%	10.4%	9.6%
Rev Chg Q	2.0%	4.3%	0.3%	10.8%	7.3%	7.2%	5.8%
QoQ Delta Rev Chg LTM	0.5%	1.1%	0.1%	2.6%	1.8%	1.8%	1.4%
Op Inc Chg LTM	-	-	-	-	-	-	-
Op Inc Chg 3Y Avg	-	-	-	-	-	-	-
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	14.2%	18.8%	22.5%	18.0%	18.0%	24.7%	18.4%
CFO/Rev 3Y Avg	11.5%	13.5%	20.5%	14.0%	19.3%	25.8%	16.7%
FCF/Rev LTM	13.8%	18.6%	22.5%	17.7%	17.5%	24.7%	18.1%
FCF/Rev 3Y Avg	11.2%	13.4%	20.5%	13.7%	19.0%	25.8%	16.3%

Valuation

	SAFT	THG	TRV	ALL	PGR	CB	Median
Name	Safety I.	Hanover .	Traveler.	Allstate	Progress.	Chubb
Mkt Cap	1.5	7.9	79.0	64.9	126.9	131.0	72.0
P/S	1.2	1.2	1.6	0.9	1.4	2.1	1.3
P/Op Inc	-	-	-	-	-	-	-
P/EBIT	16.7	7.8	7.3	3.7	8.4	8.7	8.1
P/E	21.9	10.5	9.5	4.9	10.8	11.7	10.7
P/CFO	8.3	6.3	7.2	5.2	7.8	8.5	7.5
Total Yield	8.2%	11.2%	11.8%	22.1%	15.6%	9.7%	11.5%
Dividend Yield	3.6%	1.7%	1.3%	1.6%	6.4%	1.2%	1.7%
FCF Yield 3Y Avg	11.9%	13.9%	16.5%	17.0%	11.3%	12.8%	13.4%
D/E	0.0	0.1	0.1	0.1	0.1	0.1	0.1
Net D/E	-0.5	-0.1	-1.1	0.0	-0.0	-0.2	-0.2

Returns

	SAFT	THG	TRV	ALL	PGR	CB	Median
Name	Safety I.	Hanover .	Traveler.	Allstate	Progress.	Chubb
1M Rtn	1.0%	0.7%	1.7%	-2.5%	3.8%	-1.3%	0.8%
3M Rtn	45.3%	14.7%	23.7%	15.0%	7.2%	3.4%	14.9%
6M Rtn	44.4%	31.4%	25.0%	24.2%	6.2%	3.5%	24.6%
12M Rtn	46.5%	27.7%	36.6%	29.1%	-6.7%	23.1%	28.4%
3Y Rtn	70.9%	117.5%	137.9%	144.0%	70.6%	66.0%	94.2%
1M Excs Rtn	2.0%	3.3%	2.9%	0.8%	6.1%	-0.0%	2.4%
3M Excs Rtn	41.6%	12.7%	20.3%	12.5%	4.1%	0.2%	12.6%
6M Excs Rtn	32.0%	16.7%	10.4%	10.2%	-8.6%	-11.2%	10.3%
12M Excs Rtn	31.2%	12.7%	22.7%	12.1%	-23.2%	6.6%	12.4%
3Y Excs Rtn	3.4%	57.4%	75.9%	78.4%	5.1%	3.5%	31.3%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Clinical Pipeline

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/7/2026	2/27/2026	2/27/2025	2/28/2024	2/28/2023	2/28/2022	2/26/2021
Key Financials
Total Revenue	1,272	1,254	1,110	926	785	865	840
Net Income	69	99	71	19	47	131	138
EPS	4.65	6.72	4.79	1.28	3.17	8.85	9.25
Growth Rates
Total Revenue Growth	6.8%	13.0%	19.8%	17.9%	-9.2%	2.9%	-4.0%
Net Income Growth	-19.1%	40.3%	274.7%	-59.5%	-64.4%	-5.4%	38.8%
Margins
Net Income Margin	5.4%	7.9%	6.4%	2.0%	5.9%	15.1%	16.4%
Cash & Debt
Total Cash	771	774	1,194	1,090	1,075	1,282	1,311
Total Debt	60	62	46	50	58	57	61
Net Debt / (Cash)	-712	-712	-1,148	-1,041	-1,017	-1,225	-1,250
Cash Flows & CapEx
Net Cash from Operations	180	194	129	52	44	141	109
Total CapEx	-5	-3	-4	-2	-2	-8	-10
Free Cash from Operations	176	192	124	50	42	133	100
Returns to Shareholders
Dividends	54	54	53	53	53	54	55
Share Repurchases	-0	20	-0	5	15	12	40

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	8/7/2026	5/8/2026	2/27/2026	11/7/2025	8/8/2025	5/9/2025	2/27/2025	11/8/2024	8/9/2024	5/9/2024	2/28/2024	11/3/2023
Key Financials Quarterly
Total Revenue	322	311	315	323	316	300	285	291	267	267	258	227
Net Income	35	-14	20	28	29	22	8	26	17	20	12	2
EPS	2.36	-0.99	1.37	1.91	1.95	1.48	0.55	1.74	1.13	1.36	0.83	0.13
Key Financials TTM
Total Revenue TTM	1,272	1,266	1,254	1,223	1,191	1,143	1,110	1,083	1,018	980	926	892
Net Income TTM	69	63	99	87	85	73	71	75	51	51	19	31
Growth Rates Quarterly
Total Revenue Growth	2.0%	3.8%	10.7%	11.0%	18.2%	12.4%	10.4%	28.5%	16.8%	25.5%	15.4%	18.2%
Net Income Growth	19.3%	-165.4%	147.3%	9.4%	73.9%	9.1%	-33.7%	1228.3%	-2.1%	262.7%	-50.2%	-68.5%
Margins Quarterly
Net Income Margin	10.7%	-4.6%	6.4%	8.8%	9.2%	7.3%	2.9%	8.9%	6.2%	7.5%	4.8%	0.9%
Cash & Debt
Total Cash	771	753	774	658	611	613	1,194	610	528	501	1,090	483
Total Debt	60	61	62	43	44	45	46	47	48	49	50	51
Net Debt / (Cash)	-712	-692	-712	-615	-567	-568	-1,148	-563	-480	-452	-1,041	-432
Cash Flows Quarterly
FCF from Operations	38	-17	74	85	32	3	50	74	26	-21	35	31
Cash Flows TTM
FCF from Operations TTM	180	174	194	171	160	153	129	113	70	44	52	38
Returns to Shareholders Quarterly
Dividends	13	14	13	14	13	14	13	13	13	14	13	13
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Net Income by Segment

$ Mil	2015
Property and Casualty Insurance	1
Total	1

Price Behavior

Price Behavior

Market Price	$103.42
Market Cap ($ Bil)	1.5
First Trading Date	11/22/2002
Distance from 52W High	-0.0%
	50 Days	200 Days
DMA Price	$94.22	$78.36
DMA Trend	up	up
Distance from DMA	9.8%	32.0%
	3M	1YR
Volatility	85.6%	45.5%
Downside Capture	-69.64	-28.78
Upside Capture	125.61	21.41
Correlation (SPY)	-4.8%	-4.9%

SAFT Betas & Captures as of 8/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.05	-0.18	-0.43	-0.24	-0.15	0.20
Up Beta	-0.07	-4.13	-2.38	-1.26	-0.58	0.22
Down Beta	-0.06	-0.31	-0.83	-0.46	-0.30	0.12
Up Capture	7%	238%	122%	42%	18%	9%
Bmk +ve Days	10	21	32	68	138	427
Stock +ve Days	9	19	30	58	117	375
Down Capture	27%	-18%	-86%	-26%	-35%	29%
Bmk -ve Days	11	21	32	59	113	324
Stock -ve Days	10	21	32	67	131	371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SAFT
SAFT	48.7%	45.3%	0.96	-
Sector ETF (XLF)	9.0%	14.6%	0.37	15.5%
Equity (SPY)	18.3%	12.8%	1.03	-4.7%
Gold (GLD)	19.0%	29.2%	0.59	-7.7%
Commodities (DBC)	48.3%	20.6%	1.80	-12.4%
Real Estate (VNQ)	7.6%	13.6%	0.29	27.8%
Bitcoin (BTCUSD)	-32.4%	43.8%	-0.77	-4.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SAFT
SAFT	9.8%	28.7%	0.33	-
Sector ETF (XLF)	10.2%	18.4%	0.42	34.6%
Equity (SPY)	12.5%	17.2%	0.55	17.0%
Gold (GLD)	18.7%	18.8%	0.81	-5.2%
Commodities (DBC)	11.4%	19.5%	0.46	-1.6%
Real Estate (VNQ)	0.7%	18.9%	-0.07	25.9%
Bitcoin (BTCUSD)	9.4%	52.6%	0.36	4.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SAFT
SAFT	9.1%	27.0%	0.34	-
Sector ETF (XLF)	13.2%	22.1%	0.54	49.7%
Equity (SPY)	15.2%	17.9%	0.72	37.2%
Gold (GLD)	12.3%	16.3%	0.62	-2.9%
Commodities (DBC)	8.7%	18.1%	0.39	8.4%
Real Estate (VNQ)	4.7%	20.7%	0.19	40.4%
Bitcoin (BTCUSD)	63.2%	66.2%	1.03	7.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	8312026
Short Interest: Shares Quantity	0.4 Mil
Short Interest: % Change Since 8152026	-1.8%
Average Daily Volume	0.1 Mil
Days-to-Cover Short Interest	3.1 days
Basic Shares Quantity	14.5 Mil
Short % of Basic Shares	3.0%

Returns Analyses

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Earnings Returns History

Updated 9/8/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/5/2026	0.0%	0.0%	0.5%
5/6/2026	-1.9%	-6.2%	-4.2%
2/25/2026	-0.9%	-1.6%	-5.5%
11/3/2025	3.1%	13.0%	11.1%
8/6/2025	1.1%	4.9%	4.4%
5/7/2025	1.4%	3.9%	5.1%
2/25/2025	-5.5%	-4.2%	0.2%
11/5/2024	10.7%	8.6%	10.4%
...
SUMMARY STATS
# Positive	13	14	17
# Negative	10	9	6
Median Positive	1.4%	3.9%	5.6%
Median Negative	-2.2%	-4.1%	-3.8%
Max Positive	10.7%	13.0%	11.1%
Max Negative	-7.8%	-7.2%	-17.0%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/5/2026	0.0%	0.0%	0.5%
5/6/2026	-1.9%	-6.2%	-4.2%
2/25/2026	-0.9%	-1.6%	-5.5%
11/3/2025	3.1%	13.0%	11.1%
8/6/2025	1.1%	4.9%	4.4%
5/7/2025	1.4%	3.9%	5.1%
2/25/2025	-5.5%	-4.2%	0.2%
11/5/2024	10.7%	8.6%	10.4%
8/7/2024	-1.5%	0.0%	5.5%
2/27/2024	-4.0%	-7.2%	-3.4%
11/1/2023	1.3%	0.1%	1.4%
8/2/2023	1.7%	1.6%	-1.8%
5/3/2023	-1.1%	-4.1%	5.6%
2/22/2023	-7.8%	-5.9%	-17.0%
11/2/2022	-2.9%	-0.3%	5.6%
8/3/2022	1.2%	10.1%	7.8%
5/4/2022	0.0%	-2.6%	6.9%
2/23/2022	-1.8%	-1.5%	6.6%
11/3/2021	-2.6%	1.2%	-1.3%
8/4/2021	1.9%	6.5%	6.5%
5/5/2021	4.7%	1.8%	3.0%
2/24/2021	4.2%	3.8%	7.6%
11/4/2020	1.4%	7.4%	9.2%
SUMMARY STATS
# Positive	13	14	17
# Negative	10	9	6
Median Positive	1.4%	3.9%	5.6%
Median Negative	-2.2%	-4.1%	-3.8%
Max Positive	10.7%	13.0%	11.1%
Max Negative	-7.8%	-7.2%	-17.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
06/30/2026	08/07/2026	10-Q
03/31/2026	05/08/2026	10-Q
12/31/2025	02/27/2026	10-K
09/30/2025	11/07/2025	10-Q
06/30/2025	08/08/2025	10-Q
03/31/2025	05/09/2025	10-Q
12/31/2024	02/27/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/09/2024	10-Q
12/31/2023	02/28/2024	10-K
09/30/2023	11/03/2023	10-Q
06/30/2023	08/04/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	02/28/2023	10-K
09/30/2022	11/04/2022	10-Q

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Report Date	Filing Date	Filing
06/30/2026	08/07/2026	10-Q
03/31/2026	05/08/2026	10-Q
12/31/2025	02/27/2026	10-K
09/30/2025	11/07/2025	10-Q
06/30/2025	08/08/2025	10-Q
03/31/2025	05/09/2025	10-Q
12/31/2024	02/27/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/09/2024	10-Q
12/31/2023	02/28/2024	10-K
09/30/2023	11/03/2023	10-Q
06/30/2023	08/04/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	02/28/2023	10-K
09/30/2022	11/04/2022	10-Q
06/30/2022	08/05/2022	10-Q
03/31/2022	05/06/2022	10-Q
12/31/2021	02/28/2022	10-K
09/30/2021	11/05/2021	10-Q
06/30/2021	08/06/2021	10-Q
03/31/2021	05/07/2021	10-Q
12/31/2020	02/26/2021	10-K
09/30/2020	11/06/2020	10-Q
06/30/2020	08/07/2020	10-Q
03/31/2020	05/08/2020	10-Q
12/31/2019	02/28/2020	10-K
09/30/2019	11/01/2019	10-Q

Recent Forward Guidance

Updated 8/6/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q3 2026 Quarterly Cash Dividend	Reported		0.92		0		Affirmed	Actual: 0.92 for Q2 2026

Prior: Q3 2025 Earnings Reported 11/3/2025

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2025 Dividends	Reported		0.92		0		Affirmed	Guidance: 0.92 for Q3 2025
2025 Share Repurchases	Reported		44.76 Mil

Insider Activity

Updated 7/27/2026

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Srb, Corp	See	Sell	7272026	103.08	38,835	4,003,019	176,648,103	Form
2	Srb, Corp	See	Sell	7202026	76.03	5,159	392,247	133,250,830	Form
3	Srb, Corp	See	Sell	7142026	76.04	34,272	2,605,933	133,652,393	Form
4	Srb, Corp	See	Sell	7102026	76.51	2,650	202,754	137,108,095	Form
5	Srb, Corp	See	Sell	3232026	71.12	14,151	1,006,447	127,639,453	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Srb, Corp		See	Sell	7272026	103.08	38,835	4,003,019	176,648,103	Form
2	Srb, Corp		See	Sell	7202026	76.03	5,159	392,247	133,250,830	Form
3	Srb, Corp		See	Sell	7142026	76.04	34,272	2,605,933	133,652,393	Form
4	Srb, Corp		See	Sell	7102026	76.51	2,650	202,754	137,108,095	Form
5	Srb, Corp		See	Sell	3232026	71.12	14,151	1,006,447	127,639,453	Form
6	Srb, Corp		See	Sell	3192026	73.06	1,199	87,599	132,151,909	Form
7	Srb, Corp		See	Sell	2272026	78.36	11,487	900,107	142,731,327	Form
8	Srb, Corp		See	Sell	2272026	78.29	2,147	168,089	143,491,609	Form
9	Srb, Corp		See	Sell	2252026	77.14	3,231	249,230	141,543,802	Form
10	Srb, Corp		See	Sell	2252026	77.48	4,089	316,811	142,421,143	Form
11	Hiltpold, Glenn	VP OF ACTUARIAL SERVICES	Direct	Buy	9182025	71.73	55	3,945	940,302	Form
12	Langwell, Dennis J		Direct	Buy	9052025	72.39	2,000	144,780	579,120	Form
13	Langwell, Dennis J		Direct	Buy	8112025	71.49	2,000	142,980	428,940	Form

Investor Activity (13F)

Updated Sep 14, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
SRB Corp	$130.4 Mil	8.0%	44	Hold	13F

Active Manager

Active Manager

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
SRB Corp	$130.4 Mil	8.0%	44	Hold	13F

SAFT Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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INVESTMENT THESIS

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Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

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How Is The Market Pricing SAFT?

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Noise: Real but irrelevant to thesis

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① Structure

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0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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Property & Casualty Insurance Resources

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PropertyCasualty360

External Quote Links

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Core Cache Last Updated: 9/13/2026

Safety Insurance (SAFT)

Market Price (9/14/2026): $103.4 | Market Cap: $1.5 BilSector: Financials | Industry: Property & Casualty Insurance

Safety Insurance (SAFT)

Market Price (9/14/2026): $103.4Market Cap: $1.5 BilSector: FinancialsIndustry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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CONVICTION RATIONALE

Market Price (9/14/2026): $103.4
Market Cap: $1.5 Bil
Sector: Financials
Industry: Property & Casualty Insurance