NU Online News Service, April 28, 2003, 1:47 p.m. EDT – Safeco Corp., Seattle, is reporting $90 million in net income for the first quarter on $1.8 billion in revenue, up from $64 million in net income on $1.7 billion in revenue for the first quarter of 2002.
Safeco sells life insurance and investment products as well as property-casualty insurance. The life and investments unit generated $72 million in operating income on $527 million in revenue, up from $59 million in operating income on $461 million in revenue.
Revenue growth at the life and investments unit was unusually strong because of the acquisition of a group health stop-loss insurance business, Safeco says.
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