Safeco reported a 22 percent drop in first-quarter profit, a day after saying it would be acquired by Liberty Mutual.
Safeco’s first-quarter profit dropped 22 percent, the Seattle-based insurer said the day after announcing it would be acquired by Liberty Mutual Group.
Net income was $141.8 million, down from $182.5 million in last year’s first quarter.
Safeco said its auto insurance produced an underwriting profit of $3.1 million, compared with $17.2 million in the same period last year.
Safeco Property, which includes homeowners and related coverages, had a quarterly pretax underwriting profit of $11.4 million, compared with $44.8 million in the same period a year ago.
Most Read Business Stories
- The penthouse atop Smith Tower is on the rental market for the first time
- Downtowns will be back, but Seattle has choices to make
- US advisers endorse single-shot COVID-19 vaccine from J&J
- Zillow’s price estimates are now cash offers in homebuying push
- Seattle rents tick back up after months of free fall
The business insurance unit’s pretax underwriting profits fell nearly by half, to $25.0 million in the first quarter, compared with $48.9 million for the same period in 2007.
Safeco said its damage claims, particularly from windstorms, were higher than last year.
Pretax catastrophe losses for the first quarter were $22.8 million, compared with $1.3 million a year ago.