Refile: Safety Insurance Q2 net earned premiums rise; Mapfre to acquire company

Safety Insurance

05/08/2026 21:55

Corrects to add dropped word 'announced' in third Overview bullet point

Overview
U.S. property and casualty insurer's Q2 net earned premiums rose 3.4% yr/yr
Q2 non-GAAP operating income per share rose to $2.03 from $1.45 yr/yr
Company to be acquired by Mapfre affiliate in $1.54 bln all-cash deal, announced after qtr ended 

Outlook
Company did not provide specific guidance for future quarters or the full year

Result Drivers
UNDERWRITING DISCIPLINE - Co said improved combined ratio reflected underwriting discipline and ongoing pricing strategy
RATE INCREASES - Net earned premium growth attributed to rate increases earning into top-line results
AGENCY CANCELLATIONS - Decline in written premiums primarily due to cancellation of certain underperforming agency relationships

Company press release: ID:nBwhPSy2a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
$325.68 mln
 
Q2 EPS
 
$2.36
 
Q2 Net Income
 
$34.52 mln
 
Q2 Adjusted Operating Income
 
$29.67 mln
 
Q2 Pretax Profit
 
$43.76 mln
 

Analyst Coverage
The one available analyst rating on the shares is "hold"
The average consensus recommendation for the property & casualty insurance peer group is "buy"
Wall Street's median 12-month price target for Safety Insurance Group Inc is $49.85, about 51.7% below its August 4 closing price of $103.26

Reuters Recommended Reads
Aug 3 - Bowhead Specialty Q2 adjusted EPS beats estimates,  to be acquired by American Family
Aug 4 - Mercury General Q2 net income rises, combined ratio improves
Aug 4 - American Financial Group Q2 revenue beats, helped by premium growth

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)