Safety Insurance Group Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	87.27	70.73	18.88	46.56	130.71	138.21
Depreciation & Amortization	7.86	9.47	6.95	6.61	6.9	7.53
Gain (Loss) on Sale of Investments	-14.27	-10.95	-9.14	36.89	-26.78	-4.87
Stock-Based Compensation	4.66	4.48	4.33	5.98	6.29	7.46
Change in Accounts Receivable	-21.74	-49.78	-64.15	-21.59	8.19	14.22
Reinsurance Recoverable	-14.2	-31.43	-19.37	2.52	10.84	13.95
Change in Accounts Payable	4.07	13.2	-9.34	-2.68	-2.88	4.31
Change in Unearned Revenue	53.89	91.77	94.78	19.89	-8.41	-20.32
Change in Income Taxes	3.42	1.63	-2.41	3.24	-1.23	0.72
Change in Insurance Reserves / Liabilities	75.64	68.59	53.48	-21.05	3.07	-42.99
Change in Other Net Operating Assets	-2.35	-21.38	-7.61	-14.96	20.73	-7.7
Other Operating Activities	-2.61	0.38	1.66	-8.37	5.32	5.16
Operating Cash Flow	171.37	128.69	52.11	44.33	141.39	109.46
Operating Cash Flow Growth	51.22%	146.94%	17.57%	-68.65%	29.17%	-2.66%
Capital Expenditures	-0.56	-4.37	-1.78	-2.09	-8.23	-9.95
Cash Acquisitions	-	-2.07	-2.11	-17.59	-	-
Investment in Securities	-123.53	-48.11	28.16	-0.31	-57.76	-25.58
Investing Cash Flow	-124.09	-54.54	24.27	-19.99	-65.99	-35.52
Long-Term Debt Issued	-	15	20	5	-	30
Total Debt Repaid	-30	-15	-25	-	-	-
Net Debt Issued (Repaid)	-	-	-5	5	-	30
Repurchases of Common Stock	-	-	-5.24	-14.6	-11.56	-40
Common Dividends Paid	-53.65	-53.33	-53.29	-53.04	-54.01	-54.58
Financing Cash Flow	-53.65	-53.33	-63.53	-62.64	-65.57	-64.57
Net Cash Flow	-6.37	20.82	12.85	-38.3	9.83	9.36
Free Cash Flow	170.81	124.32	50.33	42.23	133.17	99.51
Free Cash Flow Growth	57.10%	147.01%	19.17%	-68.28%	33.82%	-3.26%
Free Cash Flow Margin	13.88%	11.10%	5.41%	5.29%	15.05%	11.76%
Free Cash Flow Per Share	11.57	8.45	3.42	2.87	8.92	6.58
Cash Interest Paid	0.51	0.51	0.81	0.51	0.51	0.39
Cash Income Tax Paid	16.52	16.52	6.07	19.12	29.19	31.08
Levered Free Cash Flow	200.12	178.71	82.62	22.66	117.47	80.18
Unlevered Free Cash Flow	200.8	179.03	83.13	22.99	117.8	80.45
Change in Working Capital	88.27	62.17	33.55	-34.94	33.21	-43.15

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.