Seattle-based Safeco has reported net income for the second quarter of 2007 of $186.4 million, compared with net income of $199.7 million for the same period in 2006. Operating earnings were $175 million for the quarter, compared with $204.2 million in the prior year, a decrease of 14.3 percent.
According to the company, these results reflect expected increases in combined ratios, offset by aggressive capital management. “With a clear plan and a lot of persistence, we delivered consistency and strong results,” said CEO Paula Roseput Reynolds.
Safeco’s overall property/casualty combined ratio was 89.7 for the quarter, versus 86.7 for the same period the previous year. Pretax catastrophe losses for the quarter were $13.2 million, compared with $60.7 million one year ago, reflecting minimal catastrophe activity in 2007.
Net written premiums were $1.47 billion for the second quarter, a 0.4 percent increase from the same period one year ago.
For more details on Safeco’s second quarter earnings, visit www.safeco.com.