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SAFECO Reports 1st Quarter Net Income

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NU Online News Service, April 22, 11:07 a.m. – SAFECO Corp., Seattle, is reporting $63 million in net income for the first quarter on $1.7 billion in revenue, compared with an $883 million net loss on $1.7 billion in revenue for the first quarter of 2001.

SAFECO has a life and investments unit as well as property-casualty insurance operations.

SAFECO Life & Investments generated a $59 million pretax profit for the latest quarter, up from $50 million for the comparable quarter in 2001, the company says.

The fixed annuity operation and a program that sells reinsurance for self-funded medical plans did especially well, SAFECO says.