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Home > Fortune 500 Companies > Safeco Corp
Safeco Corp
Safeco Corp. is a publicly traded company having a good stock performance result. Safeco Corp. is a fortune 500 stock listed company trading under SAFC. Safeco Corporation was founded in 1923 and is headquartered in Seattle, Washington.
Safeco Corporation operates as a property and casualty insurance company in the United States. It operates through four segments Safeco Personal Insurance, Safeco Business Insurance, Surety, and Property and Casualty Other. The Safeco Personal Insurance segment offers auto, homeowners and other property, and specialty insurance products for individuals.
The Safeco Business Insurance segment offers business owner policies, commercial auto, commercial commercial property, general liability, and workers compensation policies to small and medium-sized businesses. The Surety segment offers bonds that provide payment and performance guarantees primarily for construction businesses and corporations. The Property and Casualty Other segment includes commercial business accounts in runoff and other business and programs. The company markets its products primarily to drivers, home owners, and small- and mid-sized businesses through independent agents and brokers.
The company produced net income for the first quarter of 212.0 million dollars or 1.65 dollars per diluted share. This compares with net income of 236.2 million dollars or 1.69 dollars per diluted share, for the same period last year. Last year’s net income result included 50.6 million dollars of income from Safeco’s discontinued life and investments operations, which the company sold in August 2004. Operating earnings from continuing operations for the first quarter were 190.0 million dollars, up from 157.8 million dollars in the prior-year period.
Safeco Auto reported a first-quarter pretax underwriting profit of 30.1 million dollars, compared with 23.1 million dollars in the same period a year ago. Safeco Business Insurance reported a pretax underwriting profit of 57.1 million dollars in the quarter, compared with 42.3 million dollars for the same period in 2004.
At Safeco, they are intent on offering the best mix of insurance coverage and pricing, and fulfilling the promise of their products when a loss occurs. Their most visible product is the personalized service and support they provide when a customer files a claim whether it’s a fender bender or the loss of a home. They have a history of thoughtful claims resolution, and they have earned a reputation for fairness that they work hard to uphold every day.
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