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Life Health > Life Insurance

SAFECO Reports Higher 4th Quarter Net Income

By Staff Writer

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NU Online News Service, Jan. 27, 11:27 a.m. – SAFECO Corp., Seattle, is reporting $57 million in net income for the fourth quarter of 2002 on $1.4 billion in revenue, up from $8.6 million in net income on $1.3 billion in revenue for the fourth quarter of 2001.

SAFECO sells life insurance and investment products as well as property-casualty insurance. Operating earnings at the life and investments unit increased to $66 million on $224 million in revenue for the latest quarter, up from $47 million on $157 million in revenue.

Earnings from income annuities and asset management fell, but earnings from group life, individual life and retirement services were up.

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