Safeco reported that second quarter net income was down nearly 20 percent, and investment income was off by 8.8 percent.

Net income for the Seattle-based insurer was $149.5 million (or $1.65 per diluted share), a decrease of 10 cents a share ($36.9 million) from last year's net for the period of $186.4 million ($1.75 per share).

Safeco said its planned acquisition by Boston-based Liberty Mutual for $6.2 billion, announced on April 22, is on schedule to close by the end of September.

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