SAFECO Reports Impressive 4Q Gains, Turnaround

SAFECO (Nasdaq: SAFC) yesterday reported its best annual performance in four years, posting net income of $301.1 million -- or $2.33 per diluted share -- for the full year 2002. This compares favorably with 2001's net loss of $989.2 million-a loss of $7.75 per share. The company concluded its turnaround year by generating fourth-quarter net income of $57.1 million, or $0.42 per diluted share. This is a considerable improvement over the same quarter of 2001 when SAFECO reported net income of $8.6 million, or $0.06 per share. "We had a solid quarter and, when you consider whe...