Safety Insurance Group Inc

SAFTFire, Marine & Casualty InsuranceNasdaq
Revenue (FY2025)$1.26B
Net margin7.9%
Revenue growth+12.8%
Dividend / share$3.64
Held by ETFs66
1 week0.0%
1 month+0.4%
3 months+1.8%
6 months+37.6%
YTD+38.0%
1 year+57.9%
3 years*+16.9%
5 years*+10.4%
10 years*+9.1%

Total returns with dividends reinvested; * a year. Prices as of Oct 28, 2026 · filings through Jun 30, 2026 · page updated Nov 3, 2026

At a glance

Safety Insurance Group Inc is worth $1.53B, about 16 times its fiscal 2025 earnings. Revenue grew 12.8% to $1.26B in fiscal 2025, with 7.9% kept as profit; over 5 years it has grown 8.4% a year. It pays a 3.54% dividend yield, and returned $318.9M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +57.9% over the past year with dividends reinvested and +10.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 26.8% in the 2020 crash (S&P 500: 33.7%) and 21.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months and 45 months after the lows.

The business in plain English

Safety Insurance Group sells auto and home insurance in New England. It operates through four insurance subsidiaries and writes policies only in Massachusetts, New Hampshire and Maine. Massachusetts supplies most of its premiums. The company and its predecessors have written insurance in Massachusetts since 1979.

Auto insurance for personal cars is the core product. It made up 54.9% of 2025 direct written premiums, which is the value of policies sold during the year. Homeowners insurance made up 25.2% and commercial auto 15.2%. Smaller lines include business owner policies for small and medium-sized firms (2.5%), dwelling fire cover for homes the owner does not live in (1.2%), and umbrella liability policies. Figures for 2025 from Commonwealth Automobile Reinsurers put Safety fourth in Massachusetts personal auto, with about 9.4% of the market, and first in commercial auto, with 13.0%. In 2024 it was the state's third-largest homeowners insurer, with 7.0%.

Safety does not have its own sales force. It sells only through independent agents: 797 of them in 1,063 locations during 2025. That approach fits Massachusetts, where independent agents wrote 68.8% of personal insurance premiums in 2025, compared with 39.0% nationwide. The company makes money in two ways. It collects more in premiums than it pays out in claims and costs, and it invests the premiums until claims come due. Revenue was about $1.26 billion in fiscal 2025. The drawback is concentration: the business depends on one state, mostly on car insurance, and is exposed to New England storms.

Price history

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SAFT +57.9% over the year to Oct 28, 2026, total return with dividends reinvested.

Prices through Oct 28, 2026. Total return: the price with dividends reinvested.

Latest results

  • In Q2 FY2026 (ended Jun 30, 2026), revenue was $325.7M, up 3% from a year earlier, and net income was $34.5M (+19.3%).
  • For fiscal 2025, revenue was $1.26B (+12.8% year over year; +8.4% a year from FY2020 to FY2025) with a 7.9% net margin.

Financial health check

Revenue growth a year (FY2020–FY2025)+8.4% good
Free cash flow margin15.2% good
Return on equity (FY2025)11.1% watch
Return on assets (FY2025)4% watch
Fiscal yearRevenueNet incomeFree cash flow
FY2020$846.2M$138.2M$99.5M
FY2021$884.9M$130.7M$133.2M
FY2022$797.6M$46.6M$42.2M
FY2023$931.0M$18.9M$50.3M
FY2024$1.12B$70.7M$124.3M
FY2025$1.26B$99.3M$192.0M

Cash returned to shareholders

  • Over FY2021–FY2025: $51.4M in buybacks and $267.5M in dividends.
  • Regular dividend per share increased 1 years in a row.
  • Regular dividends per share grew +0.2% a year over 5 years (FY2020–FY2025).
  • Dividends took 54.3% of earnings and 28.1% of free cash flow in the latest fiscal year.
  • Shares outstanding changed -2.0% from Aug 4, 2021 to Aug 3, 2026.
$2.802016$3.002017$3.202018$3.402019$3.602020$3.602021$3.602022$3.602023$3.602024$3.642025
$2.802016$3.002017$3.202018$3.402019$3.602020$3.602021$3.602022$3.602023$3.602024$3.642025
Dividends per share by fiscal year, from the 10-K filings, adjusted for stock splits.
Show as a table
Fiscal yearPer shareChange
FY2025$3.64+1.1%
FY2024$3.600.0%
FY2023$3.600.0%
FY2022$3.600.0%
FY2021$3.600.0%
FY2020$3.60+5.9%
FY2019$3.40+6.3%
FY2018$3.20+6.7%
FY2017$3.00+7.1%
FY2016$2.80

Valuation snapshot

Market value$1.53B
P/E ratio15.5
Dividend yield3.54%
As of Oct 28, 2026.

Rank among 1514 US companies

Market value at each year end

End of 2016: $1.12B$1.1B2016End of 2017: $1.22B$1.2B2017End of 2018: $1.25B$1.3B2018End of 2019: $1.42B$1.4B2019End of 2020: $1.16B$1.2B2020End of 2021: $1.27B$1.3B2021End of 2022: $1.24B$1.2B2022End of 2023: $1.12B$1.1B2023End of 2024: $1.22B$1.2B2024End of 2025: $1.16B$1.2B2025Oct 28, 2026: $1.53B$1.5BNow
End of 2021: $1.27B$1.3B2021End of 2022: $1.24B$1.2B2022End of 2023: $1.12B$1.1B2023End of 2024: $1.22B$1.2B2024End of 2025: $1.16B$1.2B2025Oct 28, 2026: $1.53B$1.5BNow

Safety Insurance Group’s market value went from $1.12B at the end of 2016 to $1.53B on Oct 28, 2026, up 37%; since the end of 2025 it is up 32%.

Show as a table
Year endMarket valueChange
Oct 28, 2026$1.53B+31.5%
2025$1.16B-5.1%
2024$1.22B+8.8%
2023$1.12B-9.5%
2022$1.24B-2.5%
2021$1.27B+9.8%
2020$1.16B-18.5%
2019$1.42B+13.8%
2018$1.25B+2.2%
2017$1.22B+9.6%
2016$1.12B
The year-end close times the shares outstanding on the latest 10-K or 10-Q cover before it. Changes in market value include new shares issued and shares bought back, so they differ from the stock’s return.

Price behavior

Volatility (1 year)38.8%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-13.1%3 years: -20.1% · all history: -44.0%
Beta vs S&P 500-0.22moves less than the market
Sharpe ratio (1 year)1.39return above cash per unit of risk
Since price data starts+9.9%a year over 21.3 years
Total over 5 years+64%10 years: +140%
52-week range$67.37 – $104.26
Last price $103.95 on Oct 28, 2026, at its 52-week high · above its 200-day average ($84.46).
YTD1 yr3 yr5 yr10 yr
SAFT price data to Oct 28, 2026+38.0%+57.9%+16.9%+10.4%+9.1%
Multi-year figures are annualized total returns with dividends reinvested, computed from daily prices.
-25%20078%20080.0%200938%2010-11%201120%201228%201321%2014-7%201537%201614%20176%201817%2019-12%202014%20213%2022-5%202313%2024-0.9%202538%2026*
14%20176%201817%2019-12%202014%20213%2022-5%202313%2024-0.9%202538%2026*
Calendar-year total returns from price data, dividends reinvested (last 20 years; all in the table). * 2026 is year to date.
Show as a table
YearPrice data
2026 (to date)+38.0%
2025-0.9%
2024+13.3%
2023-5.4%
2022+3.1%
2021+14.1%
2020-11.7%
2019+17.3%
2018+5.7%
2017+13.7%
2016+36.7%
2015-7.4%
2014+20.6%
2013+27.7%
2012+19.9%
2011-11.1%
2010+37.7%
2009+0.0%
2008+8.3%
2007-25.3%
2006+27.8%
2008 financial crisis
stocks fell Oct 9, 2007 – Mar 9, 2009
Lost 18.4% over that stretch · deepest drop along the way 33.8%, back to its old high 17 months after the low
2020 COVID crash
stocks fell Feb 19, 2020 – Mar 23, 2020
Lost 25% over that stretch · deepest drop along the way 26.8%, back to its old high 21.5 months after the low
2022 bear market
stocks fell Jan 3, 2022 – Oct 12, 2022
Lost 5.5% over that stretch · deepest drop along the way 21.2%, back to its old high 45.4 months after the low

Insider activity

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 15 sales ($138.6M).

DateInsiderTypeValue
Jul 27, 2026Srb Corp 10% ownersell$79.8M
Jul 27, 2026Srb Corp 10% ownersell$48.1M
Jul 24, 2026Srb Corp 10% ownersell$4.0M
Jul 13, 2026Srb Corp 10% ownersell$2.6M
Mar 20, 2026Srb Corp 10% ownersell$1.0M

Who owns it

Large shareholders (13G filings)

BlackRock, Inc.14.3%Jun 30, 2025
Vanguard Portfolio Management5.81%Mar 31, 2026
STATE STREET CORPORATION5.2%Mar 31, 2026
Vanguard Capital Management5.19%Mar 31, 2026
Glazer Capital, LLC5.1%Sep 25, 2026
Dimensional Fund Advisors LP4.9%Mar 31, 2025
SRB Corporation1.75%Jul 27, 2026
Victory Capital Management, Inc.0.02%Dec 31, 2024

ETFs with the most weight in SAFT

JPSV JPMorgan Active Small Cap Value ETF1.23%
DGRS WisdomTree US Smallcap Quality Dividend Growth Fund0.85%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF0.66%
HEJD VictoryShares Hedged Equity Income ETF0.54%
SCDS JPMorgan Fundamental Data Science Small Core ETF0.47%
SIXL ETC 6 Meridian Low Beta Equity ETF0.43%
PSCF Invesco S&P SmallCap Financials ETF0.35%
VFMV Vanguard U.S. Minimum Volatility ETF0.27%
Held by 66 ETFs in our database.

What could go wrong

  1. Almost all business is in Massachusetts. Massachusetts produced $1.2 billion of $1.28 billion in 2025 direct written premiums. A weak state economy, tougher state rules or new competitors entering the market could hurt nearly the whole company.
  2. Car insurance dominates the mix. Private passenger auto made up 54.9% of 2025 premiums and commercial auto 15.2%. Trouble across the auto insurance industry, such as more accidents or pricier repairs, would weigh heavily on results.
  3. Relies entirely on independent agents. Safety sells only through independent agents, who can also place customers with rival insurers. Larger competitors with greater resources could win agents' business with higher commissions or better technology.
  4. Storms and climate change. Homeowners policies were 25.2% of 2025 premiums. Severe weather can raise the number and cost of claims, climate change may add to that, and reinsurance (insurers' own insurance) may not cover every loss.
  5. Inflation can push claim costs higher. Inflation and supply chain delays can raise loss severity, the average cost of each claim. If repair and rebuilding costs climb faster than premium rates, profits shrink.
  6. Regulators control rates and subsidiary dividends. State regulators review premium rates and limit when policies can be canceled. Massachusetts also oversees dividends from the insurance units, which the holding company relies on.

Recent events

  • Other company announcement
  • Quarterly results released
  • Major agreement signed
  • Investor presentation or announcement
  • Major agreement signed; New debt or financial obligation
  • Shareholder vote results
  • Quarterly results released
  • Quarterly results released
  • Quarterly results released

For income and retirement investors

Safety pays a steady dividend but has rarely raised it. Dividends were $3.60 a share in each year from 2020 through 2024 and $3.64 in 2025. That makes the streak of increases one year, and growth averaged 0.2% a year over five years. The 2025 dividend took 54.3% of earnings and 28.1% of free cash flow (cash left after running the business). The payout held even in 2023, when earnings were just $1.28 a share. The yield was 3.54% as of October 28, 2026. Buybacks were modest: $51.4 million from 2021 to 2025, against $267.5 million in dividends.

The shares have fallen hard in past slumps. They dropped 33.8% between September 2008 and March 2009 and recovered 17 months later. In the 2020 COVID crash they fell 26.8% and took 21.5 months to recover. A 21.2% drop in 2022 was not fully made up until July 2026. A single stock like Safety carries more risk than a diversified fund.

Questions investors ask

How does Safety Insurance make money?

By selling car and home insurance and investing the premiums it collects. It profits when premiums exceed claims and expenses, and it earns investment income on money held until claims are paid. In 2025 it wrote $1.28 billion of direct written premiums: 54.9% private passenger auto, 25.2% homeowners and 15.2% commercial auto. Nearly all of it came from Massachusetts, with the rest from New Hampshire and Maine. All of it was sold through independent agents.

Does Safety Insurance raise its dividend every year?

No. The dividend was $3.60 a share every year from 2020 through 2024, then rose to $3.64 in 2025, a one-year streak of increases. Over five years it grew about 0.2% a year. The company kept paying $3.60 in 2023 even though earnings fell to $1.28 a share. The yield was 3.54% as of October 28, 2026. Regulators oversee the dividends its insurance units pay to the parent company, which the parent depends on.

Is Safety Insurance profitable?

Yes, in most years. The company says it has been profitable in 44 of the 45 years since 1979. In 2025 net income rose 40.3% to $99.3 million on revenue of $1.26 billion. Return on equity (profit as a share of shareholders' equity) was 11.1%. Profits swing a lot, though: net income fell from $138.2 million in 2020 to $18.9 million in 2023 before recovering.

How has Safety Insurance stock performed?

Strongly over one year, more modestly over longer periods. Based on share prices as of October 28, 2026, the stock gained 57.9% over one year and 38% in 2026 through that date. Over five years it returned 10.4% a year, and over 10 years 9.1% a year. The path has been bumpy: the shares lost 5.38% in 2023 and 0.86% in 2025. The deepest decline in 21 years of price history was 44%.

Who are Safety Insurance's biggest shareholders?

Large asset managers reported the biggest stakes. BlackRock reported 14.3% as of June 30, 2025. As of March 31, 2026, Vanguard Portfolio Management reported 5.81%, Vanguard Capital Management 5.19% and State Street 5.2%. Glazer Capital reported 5.1% as of September 25, 2026. From October 29, 2025 to October 29, 2026, insiders sold about $139 million of stock and bought none. Most of that came from SRB Corporation, a 10% owner whose reported stake was 1.75% as of July 27, 2026.

Sources

  • SEC company facts (XBRL financial data), filed Aug 7, 2026 — SEC EDGAR
  • 10-K annual report, filed Feb 27, 2026 — SEC EDGAR
  • Prices: daily prices and dividends through Oct 28, 2026

For education only, not investment advice. Past performance does not predict future results.