Just a day after reporting that it would be purchased by Liberty Mutual Group, Safeco has reported that its Q1 profits fell 22 percent.Net income for the Seattle-based company was $141.8 million, a drop from $182.5 million at the same time a year ago.
Safeco reported its auto insurance showed an underwriting profit of $3.1 million, compared with $17.2 million in the same time frame a year ago. Safeco Property, which includes homeowners and related coverages, showed a quarterly pretax underwriting profit of $11.4 million. A year ago at this time it registered $44.8.
Safeco reported damage claims also were up from last year, in much case due to windstorms.
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