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.
Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Theresa says: 
Wally says: 
Mark Miller says: 
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
