Safeco Increases Dividend to Shareholders

August 2, 2004

Seattle-based Safeco’s Board of Directors announced an increase to the company’s quarterly dividend. The Board declared a regular quarterly dividend of $0.22 per share, payable on Oct. 25, 2004 to shareholders of record as of Oct. 8, 2004.

“This represents a 19 percent increase per share over the previous quarterly dividend of $.185 per share,” said Mike McGavick, Safeco chairman and CEO. “Even as a smaller company, our earnings and our confidence justify increasing our payout to shareholders.”

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