Auto Coverage Helps Boost Safeco’s Profit
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Safeco Corp., a Seattle-based home and car insurer, said second-quarter profit rose 6.4% as the company made its first profit from car insurance in almost two years.
Net income rose to $111.9 million, or 81 cents a share, from $105.2 million, or 82 cents, in the same period a year ago, Safeco said. Profit excluding investment gains and losses rose to $97.2 million, or 70 cents a share, almost double the 37-cent average estimate from analysts surveyed by Thomson First Call.
Chief Executive Michael McGavick has raised auto rates and curtailed sales of homeowner policies as claims outstripped premiums.
Shares rose 51 cents to $36.65 on the NYSE.
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