Seattle-based SAFECO has reported a quarterly profit, noting gains from selling investments, increased life insurance earnings, and having to pay out less in storm claims through the winter.
SAFECO noted first-quarter net profits of $63.6 million, or 50 cents per share. That compared with a loss of $882.8 million, or $6.91 per share, in the year-ago quarter, which was impacted by a major goodwill write-off for acquisitions. The company made a profit by booking gains from selling investments and improving its underwriting performance, both in its life and property insurance units.
Revenues dropped 1 percent in the quarter to $1.7 billion, as SAFECO turned away more business.
Not including realized investment gains and other one-time items the company reported operating profits of 37 cents a share, up from 9 cents a year ago.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
PwC: Insurance Execs Say Agentic AI Leading Industry Transformation 
Starbucks Must Face Shareholder Lawsuit Over Surprise Sales Decline 
Single Loose Wire Led to Blackout That Caused Dali Crash Into Baltimore Bridge 
AIG to Pay Neal $2.7 Million to Cover Previous Firm’s Bonus 
