Safeco today reported net income for the first quarter of $208.2 million, compared with net income of $212 million for the same quarter last year.
"The market is not putting any wind at our back, but our plan for total business process improvement is smart tacking in turbulent waters," said Paula Rosput Reynolds, Safeco president and chief executive officer.
Safeco's overall property and casualty combined ratio was 86.9 for the quarter versus 88.5 in the same quarter last year. Pretax catastrophe losses for the first quarter were $36 million, compared with $24.8 million a year ago.
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