Profit at Insurer Safeco Zooms on Higher Premiums
Safeco Corp. said April 20 that its first-quarter profit more than doubled from a year ago, as premiums rose in its property-casualty insurance operations.
The Seattle-based insurer reported net income of $236.2 million, or $1.69 a share, for the latest period, compared with $90 million, or 65 cents a share, a year earlier.
Operating earnings from continuing operations were $157.8 million, or $1.13 a share, in the first quarter, up from $74 million, or 53 cents a share, a year ago.
Wall Street analysts had expected the company to post earnings, excluding items, of 84 cents a share according to Thomson First Call.
The company reached an agreement last month to sell its Life & Investments business and is now reporting that business as discontinued operations.
Revenue for the latest quarter rose to $1.5 billion from $1.3 billion.
Net written premiums in Safeco’s property-casualty operations rose to $1.4 billion from $1.2 billion.
Net earned premiums increased to $1.3 billion from $1.2 billion.
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