Safeco Net Income 2Q Up 121%
By Mark E. Ruquet
NU Online News Service, July 20, 4:04 p.m. EDT?Safeco said solid underwriting, a strong automotive insurance line and light weather-related catastrophe losses contributed to a 121 percent increase in second-quarter net income.[@@]
The Seattle-based carrier reported net income rose $135.6 million, going from $111.9 million, or 81 cents a share, to $247.5 million, or $1.77 cents a share. Revenues increased $216 million, going from $1.34 billion to $1.56 billion.
During the six months, net income has increased $282 million, or 140 percent, going from $201.9 million, or $1.45 a share, to $483.7 million, or $3.45 a share. Revenues increased $421 million, going from $2.63 billion to $3.05 billion.
Among some of its improvements, the company's combined ratio for personal lines in the second quarter dropped from 99.7 in the second quarter of 2003 to 83.5. This includes auto which went from 100.2 t to 90.5.
Business Insurance combined ratio came in at 87.9 for the quarter, compared to 103.3 for the same period. The overall property-casualty combined ratio saw a significant improvement in the quarter, going from 101 in the second quarter of 2003 to 85.4.
Additional information on Safeco is available at www.safeco.com.
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