Safeco Net Earnings Down 24% for the Third Quarter

Safeco reported Tuesday reported net income for the third-quarter of 2007 dropped to $194.4 million, 24% less than the $255.7 million reported in the third quarter of 2006. Safeco’s net income for the quarter equaled $1.93 per diluted share, compared to $2.20 per diluted share for the same quarter last year. Safeco said third-quarter results last year included $79.7 million, or $0.69 per diluted share, in after-tax gains on the sales of real estate. Operating earnings -- which exclude the impact of after-tax net realized investment gains, after-tax gains on sales of real estate,...