On this page of StockholderLetter.com we present the latest annual shareholder letter from SAFETY INSURANCE GROUP INC — ticker symbol SAFT. Reading current and past SAFT letters to shareholders can bring important insights into the investment thesis.
2023
ANNUAL
REPORT
TO
OUR
AUTO
HOME
BUSINESS
SHAREHOLDERS
We help you
manage life   s
storms
Safety Insurance was founded in 1979 with a belief that we would
succeed as a company if customers were given the best possible service.
As we   ve grown and expanded our product line to include a full portfolio of
property and casualty insurance products, staying committed to that belief
has meant even more. At Safety, we do everything possible to make it easy
for our agents and policyholders to do business with us.
Today, Safety is the third largest private passenger automobile
carrier, the second largest commercial automobile carrier, and the
fourth largest homeowners carrier in Massachusetts. We support
our network of independent agents with state-of-the-art tools
that make the ease and convenience of doing business with Safety
second to none.
The key
to our
success:
Together with our agents, Safety
Insurance remains a premier provider
SERVICE.
of property and casualty insurance
in Massachusetts, New Hampshire,
and Maine. We   ll continue this tradition
into the future.
The key to our
customers   
success:
SAFETY.
Dear Fellow Stockholders:
In 2023, Safety Insurance Group posted record top-line growth as Direct
Written Premiums increased by 20.4%, as a result of a 10.2% increase in overall policy counts and a 10.9% increase
in average premium per policy, blended across all lines of business. The hardest insurance market in decades,
brought opportunities for us to grow our rounded account strategy with our key independent agency partners.
While in prior years, our moderate growth was mainly driven by rate, these important relationships, and our strong
  QDQFLDO SRVLWLRQ  DOORZHG XV WR EH D FDUULHU RI FKRLFH  DQG JURZ DOO PDMRU OLQHV RI EXVLQHVV  VHWWLQJ 6DIHW\   QVXUDQFH 
up for continued future success.
The increases to direct written premiums and net written premiums were focused in our key areas of business,
including 14.7%, 5.4% and 11.2% in Private Passenger Automobile, Commercial Automobile and Homeowners lines,
respectively, compared to the same period in 2022. Average written premium per exposure increased 10.8%, 3.8%
and 4.5% in Private Passenger Automobile, Commercial Automobile and Homeowners lines, respectively,
compared to the same period in 2022.
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For the year ended December 31, 2023, Safety Insurance posted a 107.7% combined ratio, impacted
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DQG RWKHU WKDQ WHPSRUDU\ LPSDLUPHQWV  ZDV        
The long-term commitment to strong underwriting results and enhanced investment returns remains
George M. Murphy
President and
&KLHI ([HFXWLYH 2  FHU
unchanged. As always, we focus on pricing our products appropriately for the risks we are insuring
while generating the capital to grow our business. We continue to work with our agency partners toward
our goal of maintaining underwriting discipline, while leveraging investments in our pricing and risk
PDQDJHPHQW DUHDV WR HQVXUH UDWH DGHTXDF\  6DIHW\ FRQWLQXHV WR   OH IRU UDWH LQFUHDVHV DFURVV DOO PDMRU 
lines and is seeing these rate increases begin to impact earned premiums.
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annual yield on our investment portfolio was 4.0% for the year ended December 31, 2023 compared
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     PLOOLRQ RQ RXU SDUWQHUVKLS LQYHVWPHQWV DQG      PLOOLRQ LQ UHDOL]HG JDLQV LQ       :H EHOLHYH WKDW 
our current portfolio position and strong underlying operating cash
  RZ SURYLGHV VX  FLHQW OLTXLGLW\ WR PHHW RXU QHHGV 
Total Direct Written Premiums
2XU ORQJ VWDQGLQJ VWUDWHJ\ UHPDLQV FRQVLVWHQW DV ZH ORRN WR PDLQWDLQ 
991,224
852,404
798,712
802,139
and develop strong independent agent relationships. In contrast to
some of our competitors, Safety distributes its products exclusively
823,318
through our extensive network of agents throughout Massachusetts,
New Hampshire, and Maine. We support them with a full suite
of insurance products and information technology services, which
enables them to better serve their customers and more easily
2019
2020
2021
2022
2023
transact business with us.
Safety Insurance 2023 Annual Report
1
Safety is proud of our history as an independent agency company and remains committed to the agency channel. In
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R  HULQJV RI WKH RSHUDWLRQ LQWR RXU RZQ LQWHUQDO 6HUYLFH &HQWHU 
We continue to invest in technology enhancements for our core systems that are aimed at providing our independent
agents and consumers with useful tools to enhance the user experience. During 2023, the Innovation Lab and business
units introduced a no-code, low-code product into our technology toolset which was used to develop an underwriting
ZRUNEHQFK  $GGLWLRQDO WHFKQRORJLFDO XSJUDGHV RYHU WKH SDVW \HDU LQFOXGHG D FHQWUDOL]HG &XVWRPHU 6\VWHP RI 5HFRUG  
electronic claim payments functionality and additional enhancements to
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The long-term
2XU VWUDWHJ\ RI SURYLGLQJ DJHQWV ZLWK YDOXH DQG XQSDUDOOHOHG VHUYLFH KDV 
commitment to strong
and to capture a larger share of the total business written by each agent.
enabled Safety to establish strong relationships with agency partners
underwriting results
We position ourselves as the preferred insurance carrier for those agents
and enhanced
direct written premium. We have translated our competitive advantage and
DQG DUH UDQNHG   UVW RU VHFRQG LQ RYHU     RI WKHLU DJHQFLHV EDVHG RQ 
investment returns
extensive knowledge of the market to become the second largest commercial
remains unchanged.
and the fourth largest homeowners carrier in Massachusetts.
automobile carrier, the third largest private passenger automobile carrier
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DGMXVWHG FDSLWDOL]DWLRQ  KLVWRULFDOO\ VWURQJ RSHUDWLQJ LQFRPH  IDYRUDEOH ORVV UHVHUYH 
development, and market position as a leading property and casualty insurance
ZULWHU LQ WKH 1HZ (QJODQG UHJLRQ  $ 0  %HVW DOVR QRWHG RXU ORZ LQYHVWPHQW OHYHUDJH DQG GLVFLSOLQHG XQGHUZULWLQJ DSSURDFK DV 
important strengths.
We were also named to the 2023 Ward   s 50 group of top performing property and casualty insurance companies. Ward
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total revenue, growth in revenue, growth in surplus, and combined ratio.
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UHVXOWLQJ IURP QHW LQFRPH R  VHW E\ FDSLWDO VWRFN DFWLYLWLHV  VSHFL  FDOO\ VKDUH UHSXUFKDVHV DQG GLYLGHQGV SDLG  6DIHW\ 
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Cash Dividends Paid Per Common Share
Total Assets
(Dollars)
$3.40
2019
2
(Dollars in Billions)
$3.60
$3.60
$3.60
$3.60
$2.02
$2.05
$2.12
2020
2021
2022
2023
2019
2020
2021
Safety Insurance 2023 Annual Report
$1.97
2022
$2.09
2023
GLYLGHQG \LHOG UDQNV LQ WKH WRS WKUHH RI RXU 3HUIRUPDQFH 3HHU *URXS DQG UHPDLQV D SULRULW\ RI WKH %RDUG RI 
Directors and management team.
We believe that Safety Insurance has a responsibility to both its stakeholders and the environment in which it
RSHUDWHV  DQG WKDW WKH H  HFWLYH PDQDJHPHQW RI (6* LVVXHV ZLOO KHOS GULYH WKH FRQWLQXHG VXFFHVV RI WKH EXVLQHVV  
To that end, Safety Insurance is committed to developing environmentally and socially-conscious solutions for
our employees, our community, our investors and our independent agency partners and policyholders.
)RU WKH HQYLURQPHQW  ZH H  FLHQWO\ RSHUDWH RXU SK\VLFDO IRRWSULQW LQ WKH KHDUW RI %RVWRQ  0DVVDFKXVHWWV  :H DUH 
committed to investigating additional ways to measure and reduce our overall carbon footprint in line with industry
SUDFWLFHV  0RVW LPSRUWDQWO\  (6* ULVN PDQDJHPHQW LV LQFRUSRUDWHG LQWR 
RXU IRUPDO (QWHUSULVH 5LVN 0DQDJHPHQW 3URJUDP  7KURXJK WKLV SURJUDP  
our senior leadership team oversees the management and risk mitigation
SURFHVV DQG ZRUNV ZLWK WKH %RDUG RI 'LUHFWRUV WR HYROYH RXU (6* VWUDWHJ\ 
Our long-standing
DQG PRQLWRU (6* LQLWLDWLYHV 
strategy remains
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RI DOO W\SHV  DQG WKH FRPSDQ\ SURPRWHV FRUSRUDWH FLWL]HQVKLS WKURXJK 
consistent as we look to
charitable donations and company-sponsored volunteer activities. Safety
maintain and develop
is committed to making a positive impact on the communities where our
employees live and work through our matching gift program, corporate giving
strong independent
and employee volunteerism. The Safety Insurance Charitable Foundation
agent relationships.
  QDQFLDOO\ VXSSRUWV D ZLGH DUUD\ RI FKDULWLHV LQ DUHDV VXFK DV FRPPXQLW\ 
VHUYLFH  YHWHUDQV EHQH  WV  HGXFDWLRQ  MRE WUDLQLQJ  KRPHOHVVQHVV  DUWV FXOWXUH  
food banks, youth programs, healthcare, medical research and disaster relief.
With the support of an experienced, knowledgeable and dedicated senior
PDQDJHPHQW WHDP  ZH FRQWLQXH WR DFKLHYH RSHUDWLRQDO DQG   QDQFLDO VXFFHVV  
The ongoing commitment of our employees, allows us to continually provide the best service possible to our
independent agent partners and policyholders. This has resulted in a history of strong returns and enduring value
IRU RXU VWRFNKROGHUV  :H DSSUHFLDWH \RXU ORQJ WHUP SDUWLFLSDWLRQ DV D VWRFNKROGHU RI 6DIHW\   QVXUDQFH *URXS 
Sincerely,
George M. Murphy
3UHVLGHQW DQG &KLHI ([HFXWLYH 2  FHU
Total Exposures
Total Revenues
(Excluding Changes in Unrealized Gains on Equity Investments)
(Dollars in Millions)
$856.30
$835.70
$868.80
$842.00
2019
2020
2021
2022
$923.40
2023
697,157
675,377
653,584
648,497
2019
2020
2021
2022
728,379
2023
Safety Insurance 2023 Annual Report
3
 • shareholder letter icon 4/2/2024 Letter Continued (Full PDF)
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon SAFT Benford's Law Stock Score = 98


SAFT Shareholder/Stockholder Letter Transcript:

2023
ANNUAL
REPORT
TO
OUR
AUTO
HOME
BUSINESS
SHAREHOLDERS

We help you
manage life   s
storms
Safety Insurance was founded in 1979 with a belief that we would
succeed as a company if customers were given the best possible service.
As we   ve grown and expanded our product line to include a full portfolio of
property and casualty insurance products, staying committed to that belief
has meant even more. At Safety, we do everything possible to make it easy
for our agents and policyholders to do business with us.
Today, Safety is the third largest private passenger automobile
carrier, the second largest commercial automobile carrier, and the
fourth largest homeowners carrier in Massachusetts. We support
our network of independent agents with state-of-the-art tools
that make the ease and convenience of doing business with Safety
second to none.
The key
to our
success:
Together with our agents, Safety
Insurance remains a premier provider
SERVICE.
of property and casualty insurance
in Massachusetts, New Hampshire,
and Maine. We   ll continue this tradition
into the future.
The key to our
customers   
success:
SAFETY.

Dear Fellow Stockholders:
In 2023, Safety Insurance Group posted record top-line growth as Direct
Written Premiums increased by 20.4%, as a result of a 10.2% increase in overall policy counts and a 10.9% increase
in average premium per policy, blended across all lines of business. The hardest insurance market in decades,
brought opportunities for us to grow our rounded account strategy with our key independent agency partners.
While in prior years, our moderate growth was mainly driven by rate, these important relationships, and our strong
  QDQFLDO SRVLWLRQ  DOORZHG XV WR EH D FDUULHU RI FKRLFH  DQG JURZ DOO PDMRU OLQHV RI EXVLQHVV  VHWWLQJ 6DIHW\   QVXUDQFH 
up for continued future success.
The increases to direct written premiums and net written premiums were focused in our key areas of business,
including 14.7%, 5.4% and 11.2% in Private Passenger Automobile, Commercial Automobile and Homeowners lines,
respectively, compared to the same period in 2022. Average written premium per exposure increased 10.8%, 3.8%
and 4.5% in Private Passenger Automobile, Commercial Automobile and Homeowners lines, respectively,
compared to the same period in 2022.
:KLOH 6DIHW\ DFKLHYHG SRVLWLYH WUHQGV LQ DOO PDMRU UHYHQXH VWUHDPV  RQJRLQJ LQ  DWLRQDU\ LPSDFWV 
FRQWULEXWHG WR DQ HOHYDWHG ORVV UDWLR VSHFL  F WR RXU 3ULYDWH 3DVVHQJHU $XWRPRELOH ERRN RI EXVLQHVV  
For the year ended December 31, 2023, Safety Insurance posted a 107.7% combined ratio, impacted
E\ WKHVH LQ  DWLRQDU\ WUHQGV DQG VHYHUDO ZHDWKHU HYHQWV  LQFOXGLQJ D       PLOOLRQ :LQWHU )UHH]H DQG D 
      PLOOLRQ ZLQG HYHQW  2XU QRQ *$$3 RSHUDWLQJ HDUQLQJV SHU GLOXWHG VKDUH  ZKLFK H[FOXGH WKH LPSDFW 
RI FKDQJHV LQ XQUHDOL]HG JDLQV ORVVHV RQ HTXLW\ LQYHVWPHQWV  UHDOL]HG JDLQV ORVVHV RQ LQYHVWPHQWV  
DQG RWKHU WKDQ WHPSRUDU\ LPSDLUPHQWV  ZDV        
The long-term commitment to strong underwriting results and enhanced investment returns remains
George M. Murphy
President and
&KLHI ([HFXWLYH 2  FHU
unchanged. As always, we focus on pricing our products appropriately for the risks we are insuring
while generating the capital to grow our business. We continue to work with our agency partners toward
our goal of maintaining underwriting discipline, while leveraging investments in our pricing and risk
PDQDJHPHQW DUHDV WR HQVXUH UDWH DGHTXDF\  6DIHW\ FRQWLQXHV WR   OH IRU UDWH LQFUHDVHV DFURVV DOO PDMRU 
lines and is seeing these rate increases begin to impact earned premiums.
2XU LQYHVWPHQW REMHFWLYH IRFXVHV RQ PD[LPL]LQJ WRWDO UHWXUQV ZKLOH LQYHVWLQJ FRQVHUYDWLYHO\  1HW H  HFWLYH 
annual yield on our investment portfolio was 4.0% for the year ended December 31, 2023 compared
WR      LQ WKH SULRU \HDU  2YHUDOO  ZH VDZ D      PLOOLRQ  RU       LQFUHDVH LQ RXU 1HW   QYHVWPHQW   QFRPH  
2XU GXUDWLRQ RQ   [HG PDWXULWLHV ZDV     \HDUV DW 'HFHPEHU           :H DGGLWLRQDOO\ JHQHUDWHG 
     PLOOLRQ RQ RXU SDUWQHUVKLS LQYHVWPHQWV DQG      PLOOLRQ LQ UHDOL]HG JDLQV LQ       :H EHOLHYH WKDW 
our current portfolio position and strong underlying operating cash
  RZ SURYLGHV VX  FLHQW OLTXLGLW\ WR PHHW RXU QHHGV 
Total Direct Written Premiums
2XU ORQJ VWDQGLQJ VWUDWHJ\ UHPDLQV FRQVLVWHQW DV ZH ORRN WR PDLQWDLQ 
991,224
852,404
798,712
802,139
and develop strong independent agent relationships. In contrast to
some of our competitors, Safety distributes its products exclusively
823,318
through our extensive network of agents throughout Massachusetts,
New Hampshire, and Maine. We support them with a full suite
of insurance products and information technology services, which
enables them to better serve their customers and more easily
2019
2020
2021
2022
2023
transact business with us.
Safety Insurance 2023 Annual Report
1

Safety is proud of our history as an independent agency company and remains committed to the agency channel. In
'HFHPEHU       6DIHW\ DFTXLUHG  WKURXJK D ZKROO\ RZQHG VXEVLGLDU\  WKH DVVHWV DQG RSHUDWLRQV RI 1RUWKHDVW   QVXUDQFH 
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EXGJHWHG H[SHFWDWLRQV    Q DGGLWLRQ WR WKH   QDQFLDO LPSDFW RI WKH DJHQF\  ZH KDYH EHHQ DEOH WR OHYHUDJH WKH EHQH  WV DQG 
R  HULQJV RI WKH RSHUDWLRQ LQWR RXU RZQ LQWHUQDO 6HUYLFH &HQWHU 
We continue to invest in technology enhancements for our core systems that are aimed at providing our independent
agents and consumers with useful tools to enhance the user experience. During 2023, the Innovation Lab and business
units introduced a no-code, low-code product into our technology toolset which was used to develop an underwriting
ZRUNEHQFK  $GGLWLRQDO WHFKQRORJLFDO XSJUDGHV RYHU WKH SDVW \HDU LQFOXGHG D FHQWUDOL]HG &XVWRPHU 6\VWHP RI 5HFRUG  
electronic claim payments functionality and additional enhancements to
LQWHUQDO XQGHUZULWLQJ ZRUN  RZV 
The long-term
2XU VWUDWHJ\ RI SURYLGLQJ DJHQWV ZLWK YDOXH DQG XQSDUDOOHOHG VHUYLFH KDV 
commitment to strong
and to capture a larger share of the total business written by each agent.
enabled Safety to establish strong relationships with agency partners
underwriting results
We position ourselves as the preferred insurance carrier for those agents
and enhanced
direct written premium. We have translated our competitive advantage and
DQG DUH UDQNHG   UVW RU VHFRQG LQ RYHU     RI WKHLU DJHQFLHV EDVHG RQ 
investment returns
extensive knowledge of the market to become the second largest commercial
remains unchanged.
and the fourth largest homeowners carrier in Massachusetts.
automobile carrier, the third largest private passenger automobile carrier
2XU LQVXUDQFH VXEVLGLDULHV     $      ([FHOOHQW  UDWLQJ ZDV UHD  UPHG E\ $ 0  %HVW RQ 
-XQH             Q UHD  UPLQJ WKH UDWLQJ  $ 0  %HVW UHFRJQL]HG RXU VROLG ULVN 
DGMXVWHG FDSLWDOL]DWLRQ  KLVWRULFDOO\ VWURQJ RSHUDWLQJ LQFRPH  IDYRUDEOH ORVV UHVHUYH 
development, and market position as a leading property and casualty insurance
ZULWHU LQ WKH 1HZ (QJODQG UHJLRQ  $ 0  %HVW DOVR QRWHG RXU ORZ LQYHVWPHQW OHYHUDJH DQG GLVFLSOLQHG XQGHUZULWLQJ DSSURDFK DV 
important strengths.
We were also named to the 2023 Ward   s 50 group of top performing property and casualty insurance companies. Ward
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total revenue, growth in revenue, growth in surplus, and combined ratio.
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UHVXOWLQJ IURP QHW LQFRPH R  VHW E\ FDSLWDO VWRFN DFWLYLWLHV  VSHFL  FDOO\ VKDUH UHSXUFKDVHV DQG GLYLGHQGV SDLG  6DIHW\ 
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Cash Dividends Paid Per Common Share
Total Assets
(Dollars)
$3.40
2019
2
(Dollars in Billions)
$3.60
$3.60
$3.60
$3.60
$2.02
$2.05
$2.12
2020
2021
2022
2023
2019
2020
2021
Safety Insurance 2023 Annual Report
$1.97
2022
$2.09
2023

GLYLGHQG \LHOG UDQNV LQ WKH WRS WKUHH RI RXU 3HUIRUPDQFH 3HHU *URXS DQG UHPDLQV D SULRULW\ RI WKH %RDUG RI 
Directors and management team.
We believe that Safety Insurance has a responsibility to both its stakeholders and the environment in which it
RSHUDWHV  DQG WKDW WKH H  HFWLYH PDQDJHPHQW RI (6* LVVXHV ZLOO KHOS GULYH WKH FRQWLQXHG VXFFHVV RI WKH EXVLQHVV  
To that end, Safety Insurance is committed to developing environmentally and socially-conscious solutions for
our employees, our community, our investors and our independent agency partners and policyholders.
)RU WKH HQYLURQPHQW  ZH H  FLHQWO\ RSHUDWH RXU SK\VLFDO IRRWSULQW LQ WKH KHDUW RI %RVWRQ  0DVVDFKXVHWWV  :H DUH 
committed to investigating additional ways to measure and reduce our overall carbon footprint in line with industry
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RXU IRUPDO (QWHUSULVH 5LVN 0DQDJHPHQW 3URJUDP  7KURXJK WKLV SURJUDP  
our senior leadership team oversees the management and risk mitigation
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Our long-standing
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strategy remains
2XU HPSOR\HHV JLYH ERWK WKHLU WLPH DQG WKHLU   QDQFLDO UHVRXUFHV WR FKDULWLHV 
RI DOO W\SHV  DQG WKH FRPSDQ\ SURPRWHV FRUSRUDWH FLWL]HQVKLS WKURXJK 
consistent as we look to
charitable donations and company-sponsored volunteer activities. Safety
maintain and develop
is committed to making a positive impact on the communities where our
employees live and work through our matching gift program, corporate giving
strong independent
and employee volunteerism. The Safety Insurance Charitable Foundation
agent relationships.
  QDQFLDOO\ VXSSRUWV D ZLGH DUUD\ RI FKDULWLHV LQ DUHDV VXFK DV FRPPXQLW\ 
VHUYLFH  YHWHUDQV EHQH  WV  HGXFDWLRQ  MRE WUDLQLQJ  KRPHOHVVQHVV  DUWV FXOWXUH  
food banks, youth programs, healthcare, medical research and disaster relief.
With the support of an experienced, knowledgeable and dedicated senior
PDQDJHPHQW WHDP  ZH FRQWLQXH WR DFKLHYH RSHUDWLRQDO DQG   QDQFLDO VXFFHVV  
The ongoing commitment of our employees, allows us to continually provide the best service possible to our
independent agent partners and policyholders. This has resulted in a history of strong returns and enduring value
IRU RXU VWRFNKROGHUV  :H DSSUHFLDWH \RXU ORQJ WHUP SDUWLFLSDWLRQ DV D VWRFNKROGHU RI 6DIHW\   QVXUDQFH *URXS 
Sincerely,
George M. Murphy
3UHVLGHQW DQG &KLHI ([HFXWLYH 2  FHU
Total Exposures
Total Revenues
(Excluding Changes in Unrealized Gains on Equity Investments)
(Dollars in Millions)
$856.30
$835.70
$868.80
$842.00
2019
2020
2021
2022
$923.40
2023
697,157
675,377
653,584
648,497
2019
2020
2021
2022
728,379
2023
Safety Insurance 2023 Annual Report
3



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