Schedule II - Condensed Financial Information of the Registrant

12 Months Ended

Dec. 31, 2019

Schedule II - Condensed Financial Information of the Registrant

Schedule II - Condensed Financial Information of the Registrant

Safety Insurance Group, Inc.

Condensed Financial Information of the Registrant

Condensed Balance Sheets

Schedule II

(Dollars in thousands)

	Years Ended December 31,
	2019		2018
Assets
Investments in consolidated affiliates	$	810,251	$	720,721
Other		54		69
Total assets	$	810,305	$	720,790
Liabilities
Accounts payable and other liabilities	$	1,899	$	2,146
Total liabilities		1,899		2,146
Shareholders’ equity		808,406		718,644
Total liabilities and shareholders’ equity	$	810,305	$	720,790

Safety Insurance Group, Inc.

Condensed Financial Information of the Registrant

Condensed Statements of Operations and Comprehensive Income

Schedule II

(Dollars in thousands)

	Years Ended December 31,
	2019		2018		2017
Revenues	$	—	$	—	$	—
Expenses		1,694		1,695		1,494
Net loss		(1,694)		(1,695)		(1,494)
Earnings from consolidated subsidiaries		101,295		84,890		63,881
Net income		99,601		83,195		62,387
Other comprehensive income (loss), net of tax		38,896		(22,816)		8,426
Comprehensive income	$	138,497	$	60,379	$	70,813

Safety Insurance Group, Inc.

Condensed Financial Information of the Registrant

Condensed Statements of Cash Flows

Schedule II

(Dollars in thousands)

	Years Ended December 31,
	2019		2018		2017
Net income	$	99,601	$	83,195	$	62,387
Adjustments to reconcile net income to net cash provided by operating activities:
Earnings from consolidated subsidiaries		(101,295)		(84,890)		(63,881)
Dividends received from consolidated subsidiaries(1)		47,585		45,271		41,826
Amortization of restricted stock expense		6,514		5,789		5,367
Changes in assets and liabilities:
Other assets		15		(60)		15
Accounts payable and accrued liabilities		247		(492)		(254)
Net cash provided by operating activities		52,667		48,813		45,460
Proceeds from exercise of stock options		—		—		—
Excess tax benefit from stock options exercised		—		—		—
Dividends paid		(52,667)		(48,813)		(45,460)
Acquisition of treasury stock		—		—		—
Net cash used for financing activities		(52,667)		(48,813)		(45,460)
Net increase in cash and cash equivalents		—		—		—
Cash and cash equivalents, beginning of year		—		—		—
Cash and cash equivalents, end of year	$	—	$	—	$	—

(1) No portion of the dividends received from operating subsidiaries during 2019, 2018 or 2017 represent returns of capital and therefore no portion is presented as an investing activity.