Safeco Corp., a Seattle property and casualty insurer, said on Tuesday that its first-quarter earnings fell but easily beat estimates because last year's results included $51 million from its divested life and investments operations.
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Its first-quarter net income was $212 million, the company said, or $1.65 a share, down 10.6% from $236.2 million or $1.69 a share.
Excluding investment results, the company earned $190 million on an operating basis, up from $157.8 million. Quarterly revenue grew 5.5%, to $1.58 billion.
Catastrophe losses for the quarter were $24.8 million before taxes, compared with $11.6 million.
