Safeco Reports 24% Drop in 2Q Net Earnings

Safeco on Monday reported a 24 percent drop in second-quarter earnings, but called its results strong, with "profitable underwriting performance across all major lines of business." The company produced net income for the second quarter of $187.3 million, or $1.46 per diluted share. This compares with net income of $247.5 million, or $1.77 per diluted share, for the same period last year. Operating earnings for the second quarter were $178.1 million, compared with $193.7 million in the prior-year period. Operating earnings this quarter included earlier recognition of employee performa...