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Schedule II - Condensed Financial Information of the Registrant
12 Months Ended
Dec. 31, 2025
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,

2025

2024

Assets

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Investments in consolidated affiliates

$

943,978

$

829,749

Other

 

 

Total assets

$

943,978

$

829,749

Liabilities

Long-term Debt

$

50,000

Accounts payable and other liabilities

1,667

$

1,285

Total liabilities

 

51,667

 

1,285

Shareholders’ equity

 

892,311

 

828,464

Total liabilities and shareholders’ equity

$

943,978

$

829,749

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 Income

Schedule II

(Dollars in thousands)

Years Ended December 31,

2025

2024

2023

Revenues

  ​ ​ ​

$

  ​ ​ ​

$

  ​ ​ ​

$

Expenses

 

3,234

 

2,022

 

2,110

Net loss

 

(3,234)

 

(2,022)

 

(2,110)

Earnings from consolidated subsidiaries

 

102,489

 

72,756

 

20,985

Net income

 

99,255

 

70,734

 

18,875

Other comprehensive income, net of tax

 

33,914

 

2,144

 

27,347

Comprehensive income

$

133,169

$

72,878

$

46,222

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,

2025

2024

2023

Net income

  ​ ​ ​

$

99,255

  ​ ​ ​

$

70,734

  ​ ​ ​

$

18,875

Adjustments to reconcile net income to net cash provided by operating activities:

Earnings from consolidated subsidiaries

 

(102,489)

 

(72,756)

 

(20,985)

Dividends received from consolidated subsidiaries(1)

 

51,993

 

51,123

 

56,329

Amortization of restricted stock expense

 

4,830

 

4,454

 

4,467

Changes in assets and liabilities:

Intercompany receivable / payable

(106)

247

197

Other assets

 

 

 

9

Accounts payable and accrued liabilities

 

382

 

(477)

 

(361)

Net cash provided by operating activities

 

53,865

 

53,325

 

58,531

Contributed capital

(30,000)

Net cash provided by investing activities

(30,000)

 

 

Dividends paid

 

(53,865)

 

(53,325)

 

(53,291)

Proceeds from Citizens loan

50,000

Acquisition of treasury stock

 

(20,000)

 

 

(5,240)

Net cash used for financing activities

 

(23,865)

 

(53,325)

 

(58,531)

Net increase in cash and cash equivalents

 

 

 

Cash and cash equivalents, beginning of year

 

 

 

Cash and cash equivalents, end of year

$

$

$

Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest

$

1,324

$

60

$

75

(1)No portion of the dividends received from operating subsidiaries during 2025, 2024 or 2023 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.