Safety Insurance Net Income

 

Safety Insurance Net Income

hello everyone welcome to my channel don't forget to like comment and subscribe 70 Insurance net income limits as Auto claims inflation Tech talk Western based 70 instruments Group Inc reported first quarter 2022 results showing an income of 7.8 million dollar compared to 39 36.2 million dollar for the comparable 2021 period as auto insurance claim frequency returned to pre-pandemic levels and inflation booster report cost Derek Ryden premiums for the quarter decreased by 2.7 million dollar or 1.4 percent to 189.5 million the company said the decrease was primarily in its private passenger automobile line of business and its result of a decrease in policy counts net worth premium for the quarter decrease by 5.8 million dollar or 3.0 percent to 187.1 million dollar compared to the first quarter of last year for the quarter and ended March 31 2022 loss endless adjustment expenses occurred increased by 11.7 million dollar or 10.5 percent to 102 3.2 million dollar from 111.5 million dollar for the comparable 2021 period the company claimed the increase in losses and return of pre-pandemic frequency in its private passenger

 

automobile line of business as well as information and supply chain doas plus expense and combined ratios for the quarter ended March 31 to 2022 were 65.8 percent 32.9 and 9 98.7 respectively compared to 57.8 percent 33.7 and 91.5 for the comparable 2021 period net investment income for the quarter decrease 0.9 million dollar or 8.2 percent to 10 0.6 million dollar from 11.5 million dollar for the comparable 2021 period we continue to see our operating result return to break covid-19 pandemic levels commented with George and Murphy president and chief executive officer Murphy said that the quarter the first quarter's combined ratio of 98.7 percent was impacted by return to the to prepare pandemic level frequency in its private passenger out the line of business and an increase in physical damage inflation costs activist investment firms started 70 in student six directors sir payback he said the answer is focused on its expense ratio that improved this quarter compared to 2021 and that it said is what efforts below its original competitors the company said the decrease in the expense ratio was driven by decrease in continent commission expenses offset by expenses and incurate related to an activist investor in a January letter to the company activist investment first I its Capital Management which owns about one percent of shares said it won

 

the company to pay back 10 percent of its shares cut that cost and improve Financial Disclosure by electing this director every year and holding quarterly earning goals it also nominated two new directors engineering somebody announced it would increase the size of its Port named Elite independent character and vote to continue improving its governance practice in March Safari announced appointment of two new directors and several government changes to be considered at the upcoming annual meeting so for this book value per share degrees to 58.47 per dollar at March 31 to 2022 from 62.47 at December 31 2021 resulting from the impact of interest rate change on the value of the its fixed maturity portfolio additional stickers in Book value resulted from Capital allocation activities special specifically dividing speed and sales repurchase it during the three months ended March 31 2022 the company purchased 170 thousand nine hundred and four shares at a cost of 14.6 million dollars 70 writes private passengers automobile commercial automobile homeowners dwelling fire umbrella and business owner politices in masaku said you have sire and Maid okay that's for today thanks for watching see you for the next article bye

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