Schedule II - Condensed Financial Information of the Registrant

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Assets
Investments in consolidated affiliates	$	813,916	$	929,136
Other		9		24
Total assets	$	813,925	$	929,160
Liabilities
Accounts payable and other liabilities	$	1,926	$	1,987
Total liabilities		1,926		1,987
Shareholders’ equity		811,999		927,173
Total liabilities and shareholders’ equity	$	813,925	$	929,160

The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto.

Safety Insurance Group, Inc.

Condensed Financial Information of the Registrant

Condensed Statements of Operations and Comprehensive (Loss) Income

Schedule II

(Dollars in thousands)

	Years Ended December 31,
	2022		2021		2020
Revenues	$	—	$	—	$	—
Expenses		3,255		1,755		1,833
Net loss		(3,255)		(1,755)		(1,833)
Earnings from consolidated subsidiaries		49,816		132,465		140,044
Net income		46,561		130,710		138,211
Other comprehensive (loss) income, net of tax		(105,117)		(28,948)		25,337
Comprehensive (loss) income	$	(58,556)	$	101,762	$	163,548

The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto.

Safety Insurance Group, Inc.

Condensed Financial Information of the Registrant

Condensed Statements of Cash Flows

Schedule II

(Dollars in thousands)

	Years Ended December 31,
	2022		2021		2020
Net income	$	46,561	$	130,710	$	138,211
Adjustments to reconcile net income to net cash provided by operating activities:
Earnings from consolidated subsidiaries		(49,816)		(132,465)		(140,044)
Dividends received from consolidated subsidiaries(1)		94,260		49,488		89,156
Amortization of restricted stock expense		6,022		6,304		7,248
Changes in assets and liabilities:
Intercompany receivable / payable		(11,376)		11,821		(93)
Other assets		15		15		15
Accounts payable and accrued liabilities		(75)		(302)		81
Net cash provided by operating activities		85,591		65,571		94,574
Contributed capital		(17,950)		—		—
Net cash provided by investing activities		(17,950)		—		—
Dividends paid		(53,038)		(54,008)		(54,575)
Acquisition of treasury stock		(14,603)		(11,563)		(39,999)
Net cash used for financing activities		(67,641)		(65,571)		(94,574)
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 2022, 2021 or 2020 represent returns of capital and therefore no portion is presented as an investing activity.

The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto.