Safeco Announces Big Rebound for 3Q

SAFECO (Nasdaq: SAFC) yesterday reported continued earnings growth as third-quarter net income increased to $75.2 million, or $0.59 per diluted share. Income before charges and realized gains increased to $86.4 million, or $0.68 per diluted share. This compares favorably with a net loss of $100.6 million, or a loss of $0.79 per share, in the third quarter of last year when SAFECO strengthened Property & Casualty loss reserves by $156.0 million after taxes. SAFECO's income before charges and realized gains for the third quarter of last year was $7.8 million, or $0.06 per share. "We had a st...