Safety Insurance Group, Inc. (SAFT) has reported a 55.22 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $18.60 million, or $1.23 a share in the quarter, compared with $11.98 million, or $0.80 a share for the same period last year.
Revenue during the quarter grew 4.38 percent to $210.08 million from $201.27 million in the previous year period. Net premium earned for the quarter went up marginally by 2.21 percent or $4.13 million to $190.71 million.
Benefits, losses and expenses for the quarter were almost stable at $183.39 million, when compared with the last year period. Operating income for the quarter was $26.70 million, compared with $18.69 million in the previous year period.
Net investment income was at $8.97 million for the quarter, down 9.88 percent or $0.98 million from year-ago period. The company has recorded a gain on investments of $4.89 million in the quarter compared with a loss of $0.74 million for the previous year period.
Assets outpace liabilities growth
Total assets increased 4.41 percent or $75.92 million to $1,795.57 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,108.27 million as on Sep. 30, 2016, up 3.07 percent or $33.06 million from year-ago. Return on assets stood at 1.04 percent in the quarter, up 0.34 from 0.70 percent in the last year period. At the same time, return on equity was at 2.71 percent in the quarter, up 0.85 from 1.86 percent in the last year period.
Investments move up
Investments stood at $1,274.53 million as on Sep. 30, 2016, up 7.09 percent or $84.37 million from year-ago. Meanwhile, yield on investments went down 13 basis points to 0.70 percent in the quarter. Shareholders equity stood at $687.30 million as on Sep. 30, 2016, up 6.65 percent or $42.86 million from year-ago.
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