SAFECO Announces Capital Contributions to Operating Subsidiaries

December 23, 2002

SAFECO Corp. announced that its board of directors has approved capital contributions from the corporation to its operating subsidiaries.

A contribution of $150 million was made to SAFECO’s property & casualty subsidiaries, and $100 million to SAFECO life insurance companies. Proceeds for the capital contributions are from SAFECO’s recently completed stock offering.

“We are beginning to see growth in our property and casualty business — particularly in the areas of personal auto insurance and small-business insurance,” said Chris Mead, SAFECO’s CFO. “These contributions will strengthen the capital and surplus of the property & casualty and life businesses at SAFECO, helping to provide a solid foundation of support into the future.”

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