Form 8-K Earnings Release

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FmM8hc72n7aB2x7hXZgkZGtlyviMz4gbrrlDAZppXMa280eRsws58W0lMZU/TU1l DtFFnKXuIovWGlkr+xdHdA== 0001193125-06-158822.txt : 20060802 0001193125-06-158822.hdr.sgml : 20060802 20060802075525 ACCESSION NUMBER: 0001193125-06-158822 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20060802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060802 DATE AS OF CHANGE: 20060802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAFECO CORP CENTRAL INDEX KEY: 0000086104 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 910742146 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06563 FILM NUMBER: 06996107 BUSINESS ADDRESS: STREET 1: 4333 BROOKLYN AVE NE STREET 2: SAFECO PLAZA CITY: SEATTLE STATE: WA ZIP: 98185 BUSINESS PHONE: 2065455000 MAIL ADDRESS: STREET 1: 4333 BROOKLYN AVE NE CITY: SEATTLE STATE: WA ZIP: 98185 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL AMERICA CORP DATE OF NAME CHANGE: 19680529 8-K 1 d8k.htm FORM 8-K EARNINGS RELEASE Form 8-K Earnings Release

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

8/2/2006

Date of Report (Date of earliest event reported)

LOGO

SAFECO CORPORATION

(Exact name of registrant as specified in Charter)

WASHINGTON

1-6563

91-0742146

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)


Safeco Plaza, Seattle, Washington		98185
(Address of principal executive officers)		(Zip Code)

(206) 545-5000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations & Financial Condition

On August 2, 2006, Safeco Corporation issued a press release announcing its financial results for the second quarter of 2006, a copy of which is furnished as Exhibit 99.1.

Item 9.01 – Financial Statements & Exhibits

Exhibit 99.1 – Text of press release and supplement dated August 2, 2006.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		Safeco Corporation
		Registrant

Dated: August 2, 2006		/s/ Charles F. Horne, Jr.
		Charles F. Horne, Jr. Sr. Vice President and Controller

EX-99.1 2 dex991.htm TEXT OF PRESS RELEASE AND SUPPLEMENT DATED AUGUST 2,2006. Text of press release and supplement dated August 2,2006.

Exhibit 99.1

LOGO

Second Quarter News Release and Statistical Supplement (Unaudited)

August 2, 2006

Table of Contents


		Page
Earnings News Release		1-7

Financial Supplement Introduction		SS-1

Financial Measures Used by Safeco		SS-2

Consolidated Results

Key Metrics		SS-5
Consolidated Statements of Income		SS-6
Consolidated Balance Sheets		SS-7
Consolidated Income Summary		SS-8

Property & Casualty Results

Underwriting Profit (Loss) and Combined Ratios		SS-9
Net Written Premiums		SS-10
Net Earned Premiums		SS-11
Safeco Personal Insurance (SPI)		SS-12
Safeco Business Insurance (SBI)		SS-13
Surety, Other and Total		SS-14
Productivity Measures and Statutory Information		SS-15

Corporate Supplemental Information

Investment Portfolio		SS-16
Capitalization		SS-17

LOGO


INVESTOR RELATIONS CONTACT:		Neal Fuller, 206-545-5537
MEDIA RELATIONS CONTACT:		Paul Hollie, 206-545-3048

SAFECO’S SECOND-QUARTER RESULTS REFLECT CONTINUED

STRONG PROFITABILITY

SEATTLE—(Aug. 2, 2006)—

Highlights

•

Reported second-quarter net income of $199.7 million

•

Initiated expense savings activity to target a $75 million run-rate reduction by end of 2006

•

Repurchased 3.7 million shares, or three percent of outstanding shares of common stock


Summary Financial Results, after tax (In millions except per-share data)	3 Months Ended June 30					6 Months Ended June 30
	2006			2005		2006			2005
Net Income	$	199.7		$	187.3	$	407.9		$	399.3
Gains on Sale of Real Estate	$	21.3		$	—	$	21.3		$	—
Net Realized Investment Gains (Losses)	$	(24.8	)	$	9.2	$	(15.0	)	$	31.2
*Operating Earnings	$	203.2		$	178.1	$	401.6		$	368.1

Net Income Per Diluted Share of Common Stock	$	1.68		$	1.46	$	3.37		$	3.11

Weighted Average Shares Outstanding (Diluted)		119.0			128.7		121.0			128.4

Operating Earnings is Net Income excluding Gains on Sale of Real Estate and Net Realized Investment Gains (Losses). Measures used in this news release that are not based on U.S. generally accepted accounting principles (GAAP) are defined and reconciled to the most directly comparable GAAP measure in our Form 8-K available through the SEC and online at http://www.safeco.com/irsupplements.

Safeco (NASDAQ: SAFC) today reported strong second-quarter results, reflecting consistent, profitable underwriting performance across all major lines of business.

The company produced net income for second-quarter 2006 of $199.7 million, or $1.68 per diluted share. This compares with net income of $187.3 million, or $1.46 per diluted share, for the same quarter last year.

Operating earnings, which exclude gains of $21.3 million on the sale of real estate and net realized investment losses of $24.8 million, were $203.2 million for the quarter, compared with $178.1 million in the prior-year period – an increase of 14 percent.

After-tax net realized investment losses for the quarter were $24.8 million, compared with net realized investment gains of $9.2 million in the same period of 2005.

“Consistent profitability is the keynote of Safeco,” said Paula Rosput Reynolds, Safeco president and chief executive officer. “But the deeper message this quarter is that we have taken the foundational steps to govern process improvement and our technology investments, and we have launched our innovation program. These efforts, combined with continued underwriting discipline and aggressive capital management, are intended to provide investors in Safeco with top-tier ROE on an ongoing basis.”

Safeco’s overall property and casualty (P&C) combined ratio was 86.7 for the quarter versus 89.1 in the same quarter last year. (Combined ratio is the percentage of each premium dollar spent on claims and expenses – the lower the ratio, the better the performance.)

Pretax catastrophe losses for the second quarter were $60.7 million, compared with $13.1 million a year ago. This difference reflects minimal catastrophe activity in the second quarter of last year.

Safeco’s annualized return on equity (ROE) for the second quarter was 20.1 percent. Annualized operating ROE – measured using operating earnings and excluding from equity unrealized gains or losses on bonds – was 20.6 percent for the quarter.

Total revenues in the second quarter were $1.54 billion, compared with $1.59 billion in 2005. Operating revenues, which exclude net realized investment gains or losses and real estate sale gains, were $1.54 billion for the quarter, compared with $1.58 billion during the same period in 2005.

P&C net written premiums were $1.46 billion for the second quarter, a 2.8 percent decrease from the year-ago period. P&C net written premiums included written premiums from Safeco’s lender-placed property business which it sold in April 2006. The net written premiums related to this business were $28.9 million for the second quarter, compared with $35.8 million a year ago, impacting the second-quarter net written premium decrease by 0.4 percent. P&C net earned premiums were $1.41 billion for the quarter, a 2.9 percent decrease compared with the prior year.

P&C pretax net investment income for the quarter was $117.8 million, an increase of 4.0 percent compared with the same period last year. P&C after-tax net investment income was $90.0 million, an increase of 8.3 percent compared with year-ago levels.

Expense Savings to Foster Future Competitiveness

During the quarter, Safeco initiated expense-savings activities as part of its previously stated goal of becoming a low-cost insurance provider. The company expects to achieve savings of $75 million in its expense run rate by the end of 2006. Greater expense reduction will occur in 2007, also targeted to improve Safeco’s competitive position in the marketplace.

“This is the first iteration of our ongoing work to improve our competitive positioning,” said Reynolds. “Even as we drive costs out of our operations, we’re taking steps to enhance the partnership we have with our independent agents—who are among the very best in the industry. Looking longer term, we’re also stepping up the pace of innovation companywide, to bring our agents and policyholders new insurance products and services that will deliver consistent returns in future years.”

Safeco Personal Insurance

Safeco Auto reported a quarterly pretax underwriting profit of $62.0 million, compared with $39.6 million in the same period last year. Auto’s combined ratio was 90.9 in the quarter, compared with 94.4 a year ago. Second-quarter 2006 results include $25.6 million of favorable prior-year reserve development due to lower-than-expected bodily injury severity. Pretax catastrophe losses for the quarter were $12.7 million, compared with $4.5 million last year.

Auto net written premiums declined 5.6 percent in the quarter compared with the second-quarter 2005. Policies in force (PIF) decreased 3.3 percent in the second quarter from year-ago levels, though Preferred Auto PIF was down only 0.5 percent. Reflecting competitive market conditions, new-business policies decreased 31.3 percent compared with the same quarter in 2005, and retention was slightly lower.

In the quarter, Safeco rolled out its new, redesigned auto policy, called the Safeco Optimum Package^™. The new policy includes a series of additional coverages customers can select to create a personalized policy that best matches their needs. The new auto policy is currently available in 14 states and will be rolled out to 44 states by year-end.

Safeco Property, which includes homeowners, landlord protection and related coverages, produced a quarterly pretax underwriting profit of $32.3 million, compared with $72.5 million in

the same period a year ago. Property’s combined ratio was 85.8 in the quarter, compared with 68.2 in the same quarter of 2005. The second-quarter 2006 results included $38.3 million in pretax catastrophe losses, compared with $5.6 million a year ago.

Property net written premiums increased 1.1 percent in the quarter compared with a year ago while PIF was down 0.5 percent from prior-year levels. Excluding Florida, where Safeco is concluding its exit of the personal property market, PIF was up 0.6 percent.

New-business policies increased 3.1 percent compared with the same period last year, and retention was steady.

Safeco Business Insurance

Safeco Business Insurance (SBI) reported a pretax underwriting profit of $84.8 million in the second quarter, compared with $54.2 million for the same period in 2005. The second-quarter combined ratio was 79.1, compared with 87.3 a year ago.

SBI Regular – Safeco’s core commercial line serving small- to mid-sized businesses – reported a pretax underwriting profit of $58.9 million in the quarter, compared with $47.4 million for the same period last year. The SBI Regular combined ratio was 81.0 in the second quarter, compared with 85.2 in the same period last year. Second-quarter 2006 results include $20.2 million in favorable prior-year reserve development due to lower-than-expected general liability frequencies. Second-quarter results also include $10.0 million in pretax catastrophe losses compared with minimal catastrophe activity in the prior-year period.

SBI Regular net written premiums during the second quarter were down slightly compared with the same period last year. SBI Regular PIF also was down 0.8 percent compared with year ago levels. New-business policies issued for the quarter decreased 2.4 percent compared with the same quarter last year, and the retention rate of existing customers decreased.

SBI Regular net written premiums were up 5.7 percent in the business product lines delivered over the Safeco Now^® automated underwriting platform.

“We’re pleased with the growth we’ve achieved in our small-commercial product. We will build on our commercial lines success and overlay this framework – a combination of innovative product, competitive rates and strong agent relationships – to our personal lines business,” said Mike Hughes, Safeco executive vice president of Insurance Operations.

Safeco’s Special Accounts Facility (SAF), which writes selected large-commercial accounts and three specialty commercial programs, reported a pretax underwriting profit of $25.9 million in the quarter. This compares with a $6.8 million pretax underwriting profit in last year’s second quarter. SAF’s combined ratio was 73.0 in the period, compared with 93.8 last year. Second-quarter 2006 results include $17.8 million in favorable prior-year reserve development due to lower-than-expected general liability frequencies.

Surety

Safeco Surety reported a pretax underwriting profit of $22.0 million in the quarter, compared with $7.9 million for the same period in 2005. Surety’s combined ratio was 68.8 for the second quarter, compared with 87.6 a year ago. Second-quarter net written premiums grew 11.9 percent compared with the same period last year. This growth reflects the vigor in construction markets and the overall higher cost of construction projects undertaken by Surety’s customers.

P&C Other

The P&C Other segment, which includes results from operations that Safeco has exited or placed in runoff, had a pretax underwriting loss of $19.1 million in the second quarter, compared with an underwriting loss of $21.9 million in the same quarter of 2005. The losses largely reflect prior-year reserve development for general liability claims.

Corporate and Capital Management

On May 31, 2006, Safeco completed the sale of its Redmond office campus and recognized a pretax gain of $32.8 million ($21.3 million after tax). As previously announced, Safeco will be relocating its corporate headquarters to leased space in downtown Seattle. As a result, the company intends to sell its current home office building complex in the second half of 2006.

During second-quarter 2006, Safeco repurchased 3.7 million shares, or three percent, of its outstanding common stock at an average price of $55.59 per share, for a total cost of $205.5 million.

“We are managing and deploying our capital and resources for the benefit of shareholders and at the same time investing in the business,” said Reynolds. In 2006, Safeco has repurchased 8.9 million shares, or seven percent, of its outstanding shares at a total cost of $475.7 million, and in May increased its dividend 20%.

Additional Financial Information Available

Safeco uses both GAAP and non-GAAP financial measures to track the performance of its operations. The definition of each non-GAAP measure and reconciliation to the most directly comparable GAAP measure are included in Safeco’s Form 8-K that will be furnished to the U.S. Securities and Exchange Commission today.

The Form 8-K will include this news release and Safeco’s summary financial results, consolidated statements of income and balance sheets in the company’s second-quarter financial supplement.

Safeco’s second-quarter press release, financial supplement and Form 8-K are available online at http://www.safeco.com/irsupplements.

Management Reviews Results on Webcast

Safeco’s senior management team will discuss the company’s second-quarter performance with analysts today at 10 a.m., Eastern Time (7 a.m., Pacific Time). The conference call will be broadcast live on the Internet at http://www.safeco.com/irwebcast and archived later in the day for replay.

Safeco, in business since 1923, is a Fortune 500 property and casualty insurance company based in Seattle. The company sells insurance to drivers, home owners and owners of small- and mid-sized businesses principally through a national network of independent agents and brokers.

More information about Safeco can be found at www.safeco.com.

###

FORWARD-LOOKING INFORMATION CONTAINED IN THIS

NEWS RELEASE IS SUBJECT TO RISK AND UNCERTAINTY

Forward-looking information contained in this release is subject to risk and uncertainty. Information contained in this release that relates to Safeco’s anticipated financial performance, business prospects and plans, and similar matters are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Statements in this release that are not historical information are forward-looking. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this release, including changes in general economic and business conditions in the insurance industry, and changes in our business strategies. Additional information on factors that may impact these forward-looking statements can be found in Item 1A “Risk Factors” in our 2005 Annual Report on Form 10-K.

LOGO

Financial Supplement

Second Quarter, 2006

On January 1, we made minor revisions to our segments, which are more reflective of how these segments are managed. Our Asbestos and Environmental results, previously in SBI Regular and SBI Special Accounts Facility, are now included in P&C Other. P&C Other includes results for large commercial business accounts and commercial specialty programs in runoff, and other product lines that we have exited. All prior periods have been restated to reflect the revised presentation.

This report is for informational purposes only. The financial statements and financial exhibits included in this supplement are unaudited. These financial statements and financial exhibits should be read in conjunction with the financial statements filed with the Securities and Exchange Commission in the Company’s quarterly 10-Q and annual 10-K filings.

Neal Fuller

Vice President – Finance & Treasurer

206-545-5537

neaful@safeco.com

Karin G. Van Vleet

Director, Investor Relations

206-925-1382

karinv@safeco.com

Safeco Corporation – August 2, 2006 – Page SS-1

Financial Measures Used by Safeco

(Amounts are in millions, except ratio and per share information.)

How We Report Our Results

Property & Casualty (P&C) businesses include the following segments:

Safeco Personal Insurance (SPI)

Auto

Property

Specialty

Safeco Business Insurance (SBI)

SBI Regular

SBI Special Accounts Facility

Surety

P&C Other

Corporate includes all other activities, primarily the financing of our business activities.

Certain reclassifications have been made to the prior-year amounts to conform to the current-year presentation.

In addition to financial measures presented in the consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), we also use certain non-GAAP financial measures to analyze and report our financial results. Management believes that these non-GAAP measures, when used in conjunction with the consolidated financial statements, can aid in understanding our financial condition and results of operations. These non-GAAP measures are not a substitute for GAAP measures, and where these measures are described we provide tables that reconcile the non-GAAP measures to the GAAP measures reported in our consolidated financial statements.

Operating Revenues

Operating revenues is a non-GAAP financial measure used by management to analyze the revenues of our operations. It excludes net realized investment gains (losses) that can fluctuate significantly and distort a comparison between periods. It also excludes gains on real estate sales. The following table provides a reconciliation of operating revenues to revenues, the most directly comparable GAAP measure.


	Three Months Ended June 30						Six Months Ended June 30
	2006			2005			2006			2005
Total Revenues	$	1,536.0		$	1,590.7		$	3,097.5		$	3,171.2
Net Realized Investment (Gains) Losses		37.2			(13.8	)		22.3			(47.3	)
Gain on Sales of Real Estate		(32.8	)		—			(32.8	)		—

Operating Revenues	$	1,540.4		$	1,576.9		$	3,087.0		$	3,123.9

Safeco Corporation – August 2, 2006 – Page SS-2

Operating Earnings

Operating Earnings is a non-GAAP financial measure that we use to assess the profitability of our operations. In the determination of Operating Earnings, we exclude net realized investment gains (losses) and gains on real estate sales from Net Income. Net realized investment gains (losses) can fluctuate significantly and distort a comparison between periods. The following table reconciles Operating Earnings to Net Income, the most directly comparable GAAP measure.


	Three Months Ended June 30						Six Months Ended June 30
	2006			2005			2006			2005
Net Income	$	199.7		$	187.3		$	407.9		$	399.3
Net Realized Investment (Gains) Losses, Net of Taxes		24.8			(9.2	)		15.0			(31.2	)
Gain on Sales of Real Estate, Net of Taxes		(21.3	)		—			(21.3	)		—

Operating Earnings	$	203.2		$	178.1		$	401.6		$	368.1

Operating Return on Equity

Operating Return on Equity is a ratio we calculate using non-GAAP measures. It is calculated by dividing the annualized operating earnings (see calculation below) for the most recent quarter by the average shareholders’ equity for the quarter using a simple average of the beginning and ending balances for the quarter, excluding from equity after-tax unrealized investment gains on fixed maturities. This ratio provides management with an additional measure to evaluate our results excluding the unrealized changes in the valuation of our fixed maturities portfolio that can fluctuate between periods. The following table reconciles operating return on equity to return on equity, the most directly comparable GAAP measure.


	Three Months Ended June 30						Six Months Ended June 30
(ANNUALIZED)	2006			2005			2006			2005
Net Income	$	199.7		$	187.3		$	407.9		$	399.3
Average Shareholders’ Equity		3,973.3			4,109.2			4,034.7			4,074.8
Return on Equity Based on Annualized Net Income		20.1	%		18.2	%		20.2	%		19.6	%

Operating Earnings	$	203.2		$	178.1		$	401.6		$	368.1

Average Shareholders’ Equity	$	3,973.3		$	4,109.2		$	4,034.7		$	4,074.8
Unrealized Fixed Maturities Investment Gains, Net of Taxes		23.5			169.7			55.2			215.9

Adjusted Average Shareholders’ Equity	$	3,949.8		$	3,939.5		$	3,979.5		$	3,858.9
Operating Return on Equity		20.6	%		18.1	%		20.2	%		19.1	%

Safeco Corporation – August 2, 2006 – Page SS-3

Net Written Premiums

Net written premiums are a non-GAAP measure representing the amount of premium charged for policies issued with effective dates during the period. Premiums are reflected as revenue in the Consolidated Statements of Income as they are earned over the underlying policy period. Net written premiums applicable to the unexpired term of a policy are recorded as unearned premiums on our Consolidated Balance Sheets. We view net written premiums as a measure of business production for the period under review and as a leading indicator of net earned premiums. The following table reconciles net written premiums to net earned premiums, the most directly comparable GAAP measure on our Consolidated Statements of Income.


	Three Months Ended June 30				Six Months Ended June 30
	2006		2005		2006		2005
Net Earned Premiums	$	1,414.8	$	1,456.9	$	2,836.7	$	2,885.3
Change in Unearned Premiums		45.0		44.5		41.2		51.6

Net Written Premiums	$	1,459.8	$	1,501.4	$	2,877.9	$	2,936.9

Underwriting Profit and Combined Ratios

Underwriting profit is our net earned premiums less our losses from claims, loss adjustment expenses and underwriting expenses on a pretax basis. We view underwriting profit as a critical measure to assess the underwriting effectiveness of our operations and to evaluate the results of our business units. Our investment portfolio is managed separately from our underwriting activities and, therefore, net investment income and net realized investment gains (losses) are discussed separately. The following table reconciles underwriting profit to Income before Income Taxes, the most directly comparable GAAP measure on our Consolidated Statements of Income. Combined ratios are a standard industry measure of underwriting performance and are calculated as losses and expenses expressed as a percentage of net earned premiums.


	Three Months Ended June 30						Six Months Ended June 30
	2006			2005			2006			2005
Income before Income Taxes	$	286.1		$	274.7		$	590.2		$	572.3
Net Realized Investment (Gains) Losses		37.2			(13.8	)		22.3			(47.3	)
Corporate Results before Income Taxes		15.5			11.0			29.6			24.0
Property & Casualty Net Investment Income		(117.8	)		(113.3	)		(234.7	)		(226.3	)
Gain on Sales of Real Estate		(32.8	)		—			(32.8	)		—
Restructuring Charges		1.1			0.8			2.0			1.0

Underwriting Profit	$	189.3		$	159.4		$	376.6		$	323.7

Other Information in this Supplement

Frequency, severity and loss cost information is on a paid claims basis which may lag incurred.

Catastrophes are events resulting in losses greater than $500,000, involving multiple claims and policyholders.

Certain reclassifications have been made to the prior year to conform to the current-year presentation.

NM = Not Meaningful

Safeco Corporation – August 2, 2006 – Page SS-4

Safeco Corporation

Key Metrics

(In Millions Except Per Share Data)


	2ND QTR 2006			1ST QTR 2006			4TH QTR 2005			3RD QTR 2005			2ND QTR 2005			YTD 2006			YTD 2005			Change
Net Income	$	199.7		$	208.2		$	190.7		$	101.1		$	187.3		$	407.9		$	399.3		2	%
Net Income Per Share		1.68			1.69			1.53			0.80			1.46			3.37			3.11		8	%
Net Income Return on Equity annualized		20.1	%		20.5	%		18.8	%		9.8	%		18.2	%		20.2	%		19.6	%	0.6
Net Realized Investment Gains (Losses), after tax	$	(24.8	)	$	9.8		$	6.4		$	5.9		$	9.2		$	(15.0	)	$	31.2		-148	%
Operating Earnings, after tax		203.2			198.4			184.3			97.8			178.1			401.6			368.1		9	%
Operating Earnings Per Share		1.71			1.61			1.48			0.77			1.38			3.32			2.86		16	%
Operating Return on Equity (Pre-FAS 115) annualized		20.6	%		19.9	%		18.7	%		9.9	%		18.1	%		20.2	%		19.1	%	1.1
Operating Return on Equity annualized		20.5	%		19.5	%		18.1	%		9.5	%		17.3	%		19.9	%		18.1	%	1.8
Operating Revenues	$	1,540.4		$	1,546.6		$	1,585.1		$	1,581.7		$	1,576.9		$	3,087.0		$	3,123.9		-1	%
% Chg Prior Year Same Qtr		-2.3	%		0.0	%		2.1	%		4.3	%		7.2	%
Property & Casualty
Combined Ratio		86.7	%		86.9	%		89.1	%		97.5	%		89.1	%		86.8	%		88.8	%	-2.0
Impact of Catastrophes		4.3	%		2.5	%		3.8	%		11.4	%		0.9	%		3.4	%		1.3	%	2.1
Net Written Premiums	$	1,459.8		$	1,418.1		$	1,382.5		$	1,482.7		$	1,501.4		$	2,877.9		$	2,936.9		-2	%
% Chg Prior Year Same Qtr		-2.8	%		-1.2	%		-0.8	%		1.2	%		3.1	%
Net Earned Premiums	$	1,414.8		$	1,421.9		$	1,459.9		$	1,460.2		$	1,456.9		$	2,836.7		$	2,885.3		-2	%
% Chg Prior Year Same Qtr		-2.9	%		-0.5	%		1.6	%		4.2	%		7.8	%
Book Value Per Share	$	33.91		$	33.57		$	33.38		$	32.31		$	33.09		$	33.91		$	33.09		3	%
% Chg Prior Year Same Qtr		2.5	%		7.1	%		8.1	%		10.0	%		-9.0	%
Book Value Per Share (Pre-FAS 115)	$	33.87		$	33.22		$	32.52		$	31.32		$	31.42		$	33.87		$	31.42		8	%
% Chg Prior Year Same Qtr		7.8	%		9.5	%		11.5	%		14.0	%		4.0	%

Safeco Corporation - August 2, 2006 - Page SS-5

Safeco Corporation

Consolidated Statements of Income

(In Millions Except Per Share Data)


	Three Months Ended June 30					Six Months Ended June 30
	2006			2005		2006			2005
	(Unaudited)					(Unaudited)
REVENUES
Net Earned Premiums	$	1,414.8		$	1,456.9	$	2,836.7		$	2,885.3
Net Investment Income		125.5			119.9		250.2			238.5
Net Realized Investment Gains (Losses)		(37.2	)		13.8		(22.3	)		47.3
Gain on Sales of Real Estate		32.8			—		32.8			—
Other Revenues		0.1			0.1		0.1			0.1

Total Revenues		1,536.0			1,590.7		3,097.5			3,171.2

EXPENSES
Losses and Loss Adjustment Expenses		803.5			881.6		1,640.8			1,748.2
Amortization of Deferred Policy Acquisition Costs		227.4			239.7		463.5			483.2
Other Underwriting and Operating Expenses		195.0			171.9		355.3			323.1
Interest Expense		22.9			22.0		45.7			43.4
Restructuring Charges		1.1			0.8		2.0			1.0

Total Expenses		1,249.9			1,316.0		2,507.3			2,598.9

Income before Income Taxes		286.1			274.7		590.2			572.3

Provision (Benefit) for Income Taxes on:
Income before Net Realized Investment Gains (Losses)		98.8			82.8		189.6			156.9
Net Realized Investment Gains (Losses)		(12.4	)		4.6		(7.3	)		16.1

Total Provision for Income Taxes		86.4			87.4		182.3			173.0

Net Income	$	199.7		$	187.3	$	407.9		$	399.3

INCOME PER SHARE OF COMMON STOCK
Net Income Per Share of Common Stock - Diluted	$	1.68		$	1.46	$	3.37		$	3.11

Net Income Per Share of Common Stock - Basic	$	1.69		$	1.47	$	3.39		$	3.13

Dividends Declared	$	0.30		$	0.25	$	0.55		$	0.47

Average Number of Shares Outstanding During the Period:
Diluted		119.0			128.7		121.0			128.4
Basic		118.4			127.6		120.3			127.4

Safeco Corporation - August 2, 2006 - Page SS-6

Safeco Corporation

Consolidated Balance Sheets

(In Millions)


	June 30 2006		December 31 2005
	(Unaudited)
ASSETS
Investments
Available-for-Sale Securities:
Fixed Maturities, at Fair Value
(Cost or amortized cost: $9,011.9; $9,199.1)	$	9,018.9	$	9,361.9
Marketable Equity Securities, at Fair Value
(Cost: $862.3; $737.7)		1,238.9		1,123.5
Other Invested Assets		11.4		10.7

Total Investments*		10,269.2		10,496.1
Cash and Cash Equivalents		545.8		556.3
Accrued Investment Income		128.0		131.4
Premiums and Service Fees Receivable		1,115.5		1,084.7
Deferred Policy Acquisition Costs		381.1		376.4
Reinsurance Recoverables		417.4		447.0
Property and Equipment for Company Use (At cost less accumulated depreciation: $264.0; $307.6)		143.6		323.1
Property and Equipment Held for Sale (At cost less accumulated depreciation: $40.7; $41.8)		27.1		35.1
Current Income Taxes Recoverable		18.5		51.7
Net Deferred Income Tax Assets		305.4		280.4
Other Assets		134.1		130.2
Securities Lending Collateral		852.6		974.6

Total Assets	$	14,338.3	$	14,887.0

LIABILITIES AND SHAREHOLDERS’ EQUITY
Loss and Loss Adjustment Expense Reserves	$	5,199.1	$	5,358.2
Unearned Premiums		2,184.0		2,139.8
Debt **		1,274.7		1,307.0
Other Liabilities		883.1		982.8
Securities Lending Payable		852.6		974.6

Total Liabilities		10,393.5		10,762.4

Commitments and Contingencies		—		—

Preferred Stock, No Par Value
Shares Authorized: 10.0
Shares Issued and Outstanding: None		—		—
Common Stock, No Par Value
Shares Authorized: 300.0
Shares Reserved for Stock Awards: 5.7; 7.5
Shares Issued and Outstanding: 116.3; 123.6		19.7		434.8
Retained Earnings		3,675.5		3,333.0
Accumulated Other Comprehensive Income, Net of Taxes		249.6		356.8

Total Shareholders’ Equity		3,944.8		4,124.6

Total Liabilities and Shareholders’ Equity	$	14,338.3	$	14,887.0

*	See Investment Portfolio (SS-16) for more detail.

**	See Capitalization (SS-17) for more detail.

Safeco Corporation - August 2, 2006 - Page SS-7

Safeco Corporation

Income Summary

(In Millions)


	Three Months Ended June 30						Six Months Ended June 30
	2006			2005			2006			2005
	(Unaudited)						(Unaudited)
Income Before Income Taxes
Property & Casualty
Underwriting Profit	$	189.3		$	159.4		$	376.6		$	323.7
Net Investment Income		117.8			113.3			234.7			226.3
Restructuring Charges		(1.1	)		(0.8	)		(2.0	)		(1.0	)

Total Property & Casualty		306.0			271.9			609.3			549.0
Corporate		(15.5	)		(11.0	)		(29.6	)		(24.0	)

Total		290.5			260.9			579.7			525.0
Gain on Sales of Real Estate		32.8			—			32.8			—
Net Realized Investment Gains (Losses)		(37.2	)		13.8			(22.3	)		47.3

Total Income Before Income Taxes	$	286.1		$	274.7		$	590.2		$	572.3

Total Provision for Income Taxes	$	86.4		$	87.4		$	182.3		$	173.0

After-Tax Income
Property & Casualty
Underwriting Profit	$	122.4		$	102.1		$	241.2		$	216.6
Net Investment Income		90.0			83.1			178.4			166.4
Restructuring Charges		(0.7	)		(0.6	)		(1.3	)		(0.7	)

Total Property & Casualty		211.7			184.6			418.3			382.3
Corporate		(8.5	)		(6.5	)		(16.7	)		(14.2	)

Total		203.2			178.1			401.6			368.1
Gain on Sales of Real Estate		21.3			—			21.3			—
Net Realized Investment Gains (Losses)		(24.8	)		9.2			(15.0	)		31.2

Net Income	$	199.7		$	187.3		$	407.9		$	399.3

Safeco Corporation - August 2, 2006 - Page SS-8

Safeco Property & Casualty

Underwriting Profit (Loss) and Combined Ratios

(In Millions except ratios)


Net U/W Profit (Loss)	2ND QTR 2006			1ST QTR 2006			4TH QTR 2005			3RD QTR 2005			2ND QTR 2005			YTD 2006			YTD 2005
Safeco Personal Insurance
Auto	$	62.0		$	53.5		$	18.6		$	51.3		$	39.6		$	115.5		$	69.7
Property		32.3			46.2			52.5			17.2			72.5			78.5			128.5
Specialty		7.3			11.2			(0.8	)		(8.1	)		7.1			18.5			15.8

Total SPI		101.6			110.9			70.3			60.4			119.2			212.5			214.0

Safeco Business Insurance
SBI Regular		58.9			38.1			47.9			0.9			47.4			97.0			95.9
SBI Special Accounts Facility		25.9			17.6			36.0			(20.4	)		6.8			43.5			17.0

Total SBI		84.8			55.7			83.9			(19.5	)		54.2			140.5			112.9

Surety		22.0			24.3			18.6			13.7			7.9			46.3			22.7
P&C Other*		(19.1	)		(3.6	)		(13.3	)		(18.6	)		(21.9	)		(22.7	)		(25.9	)

Total Property & Casualty	$	189.3		$	187.3		$	159.5		$	36.0		$	159.4		$	376.6		$	323.7

Net Combined Ratios (GAAP)

Safeco Personal Insurance
Auto		90.9	%		92.2	%		97.3	%		92.8	%		94.4	%		91.6	%		95.0	%
Property		85.8			79.3			77.3			92.4			68.2			82.5			71.8
Specialty		72.1			54.6			103.5			132.0			70.2			63.6			66.4

Total SPI		89.2			88.1			92.7			93.8			87.6			88.6			88.8

Safeco Business Insurance
SBI Regular		81.0			87.7			85.0			99.7			85.2			84.3			84.9
SBI Special Accounts Facility		73.0			83.6			67.8			119.4			93.8			78.6			92.1

Total SBI		79.1			86.6			80.5			104.6			87.3			82.9			86.7

Surety		68.8			66.2			73.8			79.5			87.6			67.5			81.5
P&C Other*		NM			NM			NM			NM			NM			NM			NM

Total Property & Casualty		86.7	%		86.9	%		89.1	%		97.5	%		89.1	%		86.8	%		88.8	%

*	P&C Other includes results for large commercial business accounts and commercial specialty programs in runoff and other product lines that we have exited.

Safeco Corporation - August 2, 2006 - Page SS-9

Safeco Property & Casualty

Net Written Premiums

(In Millions)


	2ND QTR 2006			1ST QTR 2006			4TH QTR 2005			3RD QTR 2005			2ND QTR 2005			YTD 2006			YTD 2005
Net Written Premiums

Safeco Personal Insurance
Auto	$	662.4		$	698.9		$	673.3		$	719.5		$	701.7		$	1,361.3		$	1,427.2
Property		248.3			192.5			220.8			244.7			245.5			440.8			442.7
Specialty		33.6			23.9			21.3			27.3			30.2			57.5			52.7

Total SPI		944.3			915.3			915.4			991.5			977.4			1,859.6			1,922.6

Safeco Business Insurance
SBI Regular		337.9			314.4			289.0			309.2			340.7			652.3			664.8
SBI Special Accounts Facility		92.4			110.2			110.0			106.9			101.3			202.6			206.8

Total SBI		430.3			424.6			399.0			416.1			442.0			854.9			871.6

Surety		84.5			78.2			68.0			75.2			75.5			162.7			135.2
P&C Other		0.7			—			0.1			(0.1	)		6.5			0.7			7.5

Total Property & Casualty	$	1,459.8		$	1,418.1		$	1,382.5		$	1,482.7		$	1,501.4		$	2,877.9		$	2,936.9


	Percent Change Over Prior Year Same Quarter															Percent Change YTD
Net Written Premiums (Percent Change)

Safeco Personal Insurance
Auto		-5.6	%		-3.7	%		-1.4	%		2.2	%		6.7	%		-4.6	%		8.2	%
Property		1.1			-2.4			0.7			-1.7			-3.0			-0.4			-1.6
Specialty		11.3			6.2			7.6			9.2			6.3			9.1			8.4

Total SPI		-3.4			-3.2			-0.7			1.4			4.1			-3.3			5.8

Safeco Business Insurance
SBI Regular		-0.8			-3.0			-5.1			0.5			2.2			-1.9			2.9
SBI Special Accounts Facility *		-8.8			4.5			3.2			-7.4			-5.9			-2.0			-8.3

Total SBI		-2.6			-1.2			-2.9			-1.7			0.2			-1.9			-0.0

Surety		11.9			31.0			16.6			17.3			25.2			20.3			24.0
P&C Other		NM			NM			NM			NM			NM			NM			NM

Total Property & Casualty *		-2.8	%		-1.2	%		-0.8	%		1.2	%		3.1	%		-2.0	%		4.4	%

Certain reclassifications have been made to the prior periods to conform to the current-period presentation.

*	Excluding the impact of SFIS from both periods, the percent change (over prior year) for 2nd quarter 2006 net written premiums was -2.9% for Special Accounts Facility and -2.4% for Total Property & Casualty

Safeco Corporation - August 2, 2006 - Page SS-10

Safeco Property & Casualty

Net Earned Premiums

(In Millions)


	2ND QTR 2006			1ST QTR 2006			4TH QTR 2005			3RD QTR 2005			2ND QTR 2005			YTD 2006			YTD 2005
Net Earned Premiums

Safeco Personal Insurance
Auto	$	684.0		$	686.0		$	701.3		$	715.0		$	710.4		$	1,370.0		$	1,404.1
Property		226.8			222.9			231.3			226.5			227.7			449.7			455.5
Specialty		25.9			24.8			25.6			25.3			24.1			50.7			47.2
Total SPI		936.7			933.7			958.2			966.8			962.2			1,870.4			1,906.8
Safeco Business Insurance
SBI Regular		310.4			309.1			318.0			321.3			319.1			619.5			632.9
SBI Special Accounts Facility		95.9			107.4			111.8			105.2			109.0			203.3			214.9
Total SBI		406.3			416.5			429.8			426.5			428.1			822.8			847.8
Surety		70.6			71.8			71.1			67.0			63.4			142.4			122.8
P&C Other		1.2			(0.1)			0.8			(0.1)			3.2			1.1			7.9
Total Property & Casualty	$	1,414.8		$	1,421.9		$	1,459.9		$	1,460.2		$	1,456.9		$	2,836.7		$	2,885.3

		Percent Change Over Prior Year Same Quarter															Percent Change YTD
Net Earned Premiums (Percent Change)

Safeco Personal Insurance
Auto		-3.7	%		-1.1	%		1.0	%		6.7	%		10.4	%		-2.4	%		11.1	%
Property		-0.4			-2.2			-0.6			-2.4			0.1			-1.3			-0.0
Specialty		7.5			7.4			8.9			8.1			9.0			7.4			9.0
Total SPI		-2.7			-1.2			0.8			4.4			7.7			-1.9			8.2
Safeco Business Insurance
SBI Regular		-2.7			-1.5			0.7			4.7			6.5			-2.1			5.2
SBI Special Accounts Facility *		-12.0			1.4			3.4			-4.8			0.9			-5.4			-4.4
Total SBI		-5.1			-0.8			1.4			2.2			5.1			-2.9			2.6
Surety		11.4			20.9			26.3			24.8			33.1			16.0			32.0
P&C Other		NM			NM			NM			NM			NM			NM			NM
Total Property & Casualty *		-2.9	%		-0.5	%		1.6	%		4.2	%		7.8	%		-1.7	%		7.2	%

*	Excluding the impact of SFIS from both periods, the percent change (over prior year) for 2nd quarter 2006 net earned premiums was -7.9% for Special Accounts Facility and -2.4% for Total Property & Casualty

Safeco Corporation - August 2, 2006 - Page SS-11

Safeco Property & Casualty

Safeco Personal Insurance (SPI)

(In Millions)


	2ND QTR 2006			1ST QTR 2006			4TH QTR 2005			3RD QTR 2005			2ND QTR 2005			YTD 2006			YTD 2005
AUTO

Underwriting Profit	$	62.0		$	53.5		$	18.6		$	51.3		$	39.6		$	115.5		$	69.7

Loss and LAE Ratio		66.8	%		69.3	%		73.5	%		70.5	%		71.5	%		68.1	%		72.1	%
Expense Ratio		24.1			22.9			23.8			22.3			22.9			23.5			22.9
Combined Ratio		90.9	%		92.2	%		97.3	%		92.8	%		94.4	%		91.6	%		95.0	%
Impact of Catastrophes		1.9	%		1.2	%		0.7	%		1.7	%		0.6	%		1.5	%		0.5	%

Policies In Force (000’s)		1,773.9			1,799.5			1,813.4			1,826.4			1,834.5
% Chg Prior Year Same Qtr		-3.3	%		-1.4	%		0.6	%		2.9	%		6.0	%

Loss Trends (12 mos. Rolling)

Frequency and Severity information is in Form 10-Q

Retention - Voluntary Auto		79.0	%		79.1	%		79.5	%		79.7	%		80.3	%

New Business Policies (000’s)		78.6			93.7			92.6			108.2			114.4
% Chg Prior Year Same Qtr		-31.3	%		-27.4	%		-28.9	%		-27.2	%		-12.2	%

Net Written Premiums	$	662.4		$	698.9		$	673.3		$	719.5		$	701.7
% Chg Prior Year Same Qtr		-5.6	%		-3.7	%		-1.4	%		2.2	%		6.7	%

Net Earned Premiums	$	684.0		$	686.0		$	701.3		$	715.0		$	710.4
% Chg Prior Year Same Qtr		-3.7	%		-1.1	%		1.0	%		6.7	%		10.4	%

PROPERTY

Underwriting Profit	$	32.3		$	46.2		$	52.5		$	17.2		$	72.5		$	78.5		$	128.5

Loss and LAE Ratio		56.4	%		51.2	%		48.1	%		63.9	%		39.6	%		53.7	%		44.3	%
Expense Ratio		29.4			28.1			29.2			28.5			28.6			28.8			27.5
Combined Ratio		85.8	%		79.3	%		77.3	%		92.4	%		68.2	%		82.5	%		71.8	%
Impact of Catastrophes		16.9	%		10.1	%		8.3	%		24.8	%		2.5	%		13.5	%		5.5	%
Impact of Non-Cat Weather		5.9	%		5.1	%		3.3	%		4.8	%		4.9	%		5.5	%		5.0	%

Policies In Force (000’s)		1,323.9	*		1,317.2	*		1,344.2			1,344.9			1,345.5
% Chg Prior Year Same Qtr		0.6	% *		0.1	% *		-0.5	%		-1.6	%		-3.3	%

Retention - Homeowners		85.4	% *		85.2	% *		85.2	%		84.9	%		84.5	%

New Business Policies (000’s)		57.3			46.0			48.2			57.7			55.6
% Chg Prior Year Same Qtr		3.1	%		-1.1	%		27.9	%		36.4	%		51.9	%

Net Written Premiums	$	248.3		$	192.5		$	220.8		$	244.7		$	245.5
% Chg Prior Year Same Qtr		1.1	%		-2.4	%		0.7	%		-1.7	%		-3.0	%

Net Earned Premiums	$	226.8		$	222.9		$	231.3		$	226.5		$	227.7
% Chg Prior Year Same Qtr		-0.4	%		-2.2	%		-0.6	%		-2.4	%		0.1	%

SPECIALTY

Underwriting Profit (Loss)	$	7.3		$	11.2		$	(0.8	)	$	(8.1	)	$	7.1		$	18.5		$	15.8

Loss and LAE Ratio		40.4	%		25.8	%		74.3	%		103.9	%		41.0	%		33.3	%		38.3	%
Expense Ratio		31.7			28.8			29.2			28.1			29.2			30.3			28.1
Combined Ratio		72.1	%		54.6	%		103.5	%		132.0	%		70.2	%		63.6	%		66.4	%

Impact of Catastrophes		-0.7	%		-12.0	%		20.7	%		14.5	%		-0.5	%		-6.3	%		0.4	%

*	Excludes Florida where Safeco is non-renewing policies. Retention ratio including Florida for the second quarter of 2006 was 84.5% and for the first quarter of 2006 was 84.9%. PIF including Florida for the second quarter of 2006 was 1,338.3 and for the first quarter of 2006 was 1,340.0.

Safeco Corporation - August 2, 2006 - Page SS-12

Safeco Property & Casualty

Safeco Business Insurance (SBI)

(In Millions)


	2ND QTR 2006			1ST QTR 2006			4TH QTR 2005			3RD QTR 2005			2ND QTR 2005			YTD 2006			YTD 2005
SAFECO BUSINESS INSURANCE

Underwriting Profit (Loss)	$	84.8		$	55.7		$	83.9		$	(19.5	)	$	54.2		$	140.5		$	112.9

Loss and LAE Ratio		42.2	%		52.8	%		45.5	%		71.3	%		51.9	%		47.6	%		51.9	%
Expense Ratio		36.9			33.8			35.0			33.3			35.4			35.3			34.8
Combined Ratio		79.1	%		86.6	%		80.5	%		104.6	%		87.3	%		82.9	%		86.7	%

Impact of Catastrophes		2.4	%		2.0	%		6.2	%		21.9	%		0.7	%		2.2	%		0.7	%

SBI REGULAR

Underwriting Profit	$	58.9		$	38.1		$	47.9		$	0.9		$	47.4		$	97.0		$	95.9

Loss and LAE Ratio		44.6	%		55.3	%		50.4	%		67.1	%		50.5	%		49.9	%		51.0	%
Expense Ratio		36.4			32.4			34.6			32.6			34.7			34.4			33.9
Combined Ratio		81.0	%		87.7	%		85.0	%		99.7	%		85.2	%		84.3	%		84.9	%

Impact of Catastrophes		3.2	%		2.5	%		0.7	%		16.5	%		0.1	%		2.9	%		0.4	%

Policies In Force (000’s)		506.4			505.6			507.9			510.1			510.6
% Chg Prior Year Same Qtr		-0.8	%		-0.3	%		-0.6	%		-0.2	%		-0.2	%

Retention		78.3	%		79.2	%		79.5	%		80.2	%		80.3	%

New Business Policies (000’s)		28.1			25.9			23.3			26.5			28.8
% Chg Prior Year Same Qtr		-2.4	%		-1.5	%		-9.0	%		-5.4	%		-6.5	%

Net Written Premiums	$	337.9		$	314.4		$	289.0		$	309.2		$	340.7
% Chg Prior Year Same Qtr		-0.8	%		-3.0	%		-5.1	%		0.5	%		2.2	%

Net Earned Premiums	$	310.4		$	309.1		$	318.0		$	321.3		$	319.1
% Chg Prior Year Same Qtr		-2.7	%		-1.5	%		0.7	%		4.7	%		6.5	%

SBI SPECIAL ACCOUNTS FACILITY

Underwriting Profit (Loss)	$	25.9		$	17.6		$	36.0		$	(20.4	)	$	6.8		$	43.5		$	17.0

Combined Ratio		73.0	%		83.6	%		67.8	%		119.4	%		93.8	%		78.6	%		92.1	%

Impact of Catastrophes		-0.2	%		0.3	%		21.7	%		37.8	%		2.6	%		0.1	%		1.7	%

Safeco Corporation - August 2, 2006 - Page SS-13

Safeco Property & Casualty

Surety, Other and Total

(In Millions Except Ratios)


	2ND QTR 2006			1ST QTR 2006			4TH QTR 2005			3RD QTR 2005			2ND QTR 2005			YTD 2006			YTD 2005
SURETY

Underwriting Profit	$	22.0		$	24.3		$	18.6		$	13.7		$	7.9		$	46.3		$	22.7

Combined Ratio		68.8	%		66.2	%		73.8	%		79.5	%		87.6	%		67.5	%		81.5	%

P&C OTHER *

Underwriting Loss	$	(19.1	)	$	(3.6	)	$	(13.3	)	$	(18.6	)	$	(21.9	)	$	(22.7	)	$	(25.9	)

TOTAL PROPERTY & CASUALTY

Underwriting Profit	$	189.3		$	187.3		$	159.5		$	36.0		$	159.4		$	376.6		$	323.7

Loss and LAE Ratio		56.9	%		59.0	%		59.9	%		69.3	%		60.6	%		57.9	%		60.6	%
Expense Ratio		29.8			27.9			29.2			28.2			28.5			28.9			28.2
Combined Ratio (CR)		86.7	%		86.9	%		89.1	%		97.5	%		89.1	%		86.8	%		88.8	%
Impact of Catastrophes		4.3			2.5			3.8			11.4			0.9			3.4			1.3
CR excluding Catastrophes		82.4	%		84.4	%		85.3	%		86.1	%		88.2	%		83.4	%		87.5	%

	2ND QTR 2006			1ST QTR 2006			4TH QTR 2005			3RD QTR 2005			2ND QTR 2005			YTD 2006			YTD 2005


Catastrophes

SPI - Auto	$	12.7		$	8.3		$	4.9		$	12.9		$	4.5		$	21.0		$	6.5
SPI - Property		38.3			22.6			17.4			61.3			5.6			60.9			25.2
SPI - Specialty		(0.1	)		(3.0	)		5.2			3.8			—			(3.1	)		0.3
Safeco Business Insurance		9.8			8.1			23.9			100.1			3.0			17.9			5.9
Total	$	60.7		$	36.0		$	51.4		$	178.1		$	13.1		$	96.7		$	37.9

*	P&C Other includes results for large commercial business accounts and commercial specialty programs in runoff and other product lines that we have exited.

Safeco Corporation - August 2, 2006 - Page SS-14

Safeco Corporation

Productivity Measures


Metrics *	2ND QTR 2006	1ST QTR 2006	4TH QTR 2005	3RD QTR 2005	2ND QTR 2005
3 Month Average Policies-In-Force (PIF)	4,054,859	4,073,350	4,092,185	4,117,836	4,121,223
3 Month Average Full Time Equivalent Employees (FTE)	8,146	8,407	8,456	8,444	8,481
PIF / FTE	498	485	484	488	486

*	Excluding impact of SFIS, our lender placed property insurance business, which we sold on April 30, 2006.

Safeco Property & Casualty

Statutory Information

(In Millions Except Ratios)


Loss and Loss Adjustment Expense (LAE) Reserves	Three Months Ended June 30				Six Months Ended June 30
Loss and Loss Adjustment Expense (LAE) Reserves	2006		2005		2006		2005
Loss and LAE Reserves, Beginning of Period	$	4,879.8	$	4,830.9	$	4,909.9	$	4,819.2
Net Losses and LAE Incurred		795.7		881.6		1,632.1		1,748.1
Net Losses and LAE Paid		(898.5)		(874.6)		(1,765.0)		(1,729.4)
Loss and LAE Reserves, End of Period	$	4,777.0	$	4,837.9	$	4,777.0	$	4,837.9


P&C Balance Sheet	2ND QTR 2006			1ST QTR 2006		4TH QTR 2005		3RD QTR 2005		2ND QTR 2005
Total Capital and Surplus	$	3,790.7	*	$	3,789.9	$	3,691.9	$	3,619.6	$	3,699.3
Ratio of Net Written Premiums (Annualized) to Total Capital and Surplus		1.52	*		1.50		1.57		1.63		1.59

Estimated

Safeco Corporation - August 2, 2006 - Page SS-15

Safeco Corporation

Investment Portfolio

(In Millions)


Investment Portfolio (Market Value)	6/30/2006			%						12/31/2005			%

Fixed Maturities - Taxable	$	5,459.1			53.2					$	6,352.8			60.5
Fixed Maturities - Nontaxable		3,559.8			34.7						3,009.1			28.7
Marketable Equity Securities		1,238.9			12.0						1,123.5			10.7

Total Fixed Maturities & Marketable Equity Securities		10,257.8			99.9						10,485.4			99.9
Other Invested Assets		11.4			0.1						10.7			0.1

Total Investment Portfolio	$	10,269.2			100.0					$	10,496.1			100.0


Rating (Market Value) - Fixed Maturities	6/30/2006									12/31/2005

AAA		50.5	%								46.6	%
AA		13.9									12.6
A		22.4									26.0
BBB		11.8									12.8

Total Investment Grade		98.6									98.0

BB or lower		0.6									1.1
Not Rated		0.8									0.9

Total Below Investment Grade		1.4									2.0

Total		100.0	%								100.0	%

Average Rating		A+									A+


	6/30/2006			3/31/2006			12/31/2005			9/30/2005			6/30/2005
P&C Pretax Investment Income	$	117.8		$	116.9		$	119.0		$	115.3		$	113.3
Tax Rate on P&C Investment Income		23.60	%		24.36	%		25.54	%		26.30	%		26.66	%
Pretax Investment Income	$	125.5		$	124.7		$	125.2		$	121.4		$	119.9
Tax Rate on Investment Income		24.18	%		24.91	%		25.94	%		26.71	%		27.14	%

Fixed Maturities at Cost	$	9,011.9		$	9,137.5		$	9,199.1		$	9,188.0		$	9,277.9
Fixed Maturities at Market		9,018.9			9,202.7			9,361.9			9,377.5			9,605.7
Marketable Equity Securities at Cost		862.3			800.3			737.7			731.5			717.5
Marketable Equity Securities at Market		1,238.9			1,194.4			1,123.5			1,126.7			1,113.4

Total Cost	$	9,885.6		$	9,949.3		$	9,947.5		$	9,929.1		$	10,004.2
Total Market	$	10,269.2		$	10,408.6		$	10,496.1		$	10,513.8		$	10,727.9
% Fixed Maturities - Taxable (at market)		53.2	%		56.7	%		60.5	%		64.0	%		67.3	%
% Fixed Maturities - Nontaxable (at market)		34.7	%		31.7	%		28.7	%		25.2	%		22.2	%
% Marketable Equity Securities (at market)		12.0	%		11.5	%		10.7	%		10.7	%		10.4	%
% Other		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%

P&C Market YTM on Fixed Maturities Portfolio		5.36	%		5.14	%		4.85	%		4.71	%		4.35	%
P&C Book YTM on Fixed Maturities Portfolio		5.13	%		5.05	%		5.02	%		4.96	%		5.00	%
P&C Duration of Fixed Maturities Portfolio		4.63	*		4.94			4.75			4.64			4.44

*	Beginning in the second quarter of 2006, we have refined our effective duration calculation to represent our current fixed maturities portfolio, reflecting municipal bond yield volatility that is less than that of taxable bonds. The duration under the prior calculation was 5.30 at June 30, 2006.


Net Realized Investment Gains (Losses) (After Tax)	Three Months Ended June 30						Six Months Ended June 30
Net Realized Investment Gains (Losses) (After Tax)	2006			2005			2006			2005

Gains on Securities Transactions	$	5.2		$	9.6		$	20.7		$	32.6
Impairments		(26.1	)		(0.5	)		(32.0	)		(1.5	)
Other		(3.9	)		0.1			(3.7	)		0.1

Net Realized Investment Gains (Losses)	$	(24.8	)	$	9.2		$	(15.0	)	$	31.2

Safeco Corporation - August 2, 2006 - Page SS-16

Safeco Corporation

Capitalization

(In Millions)


	06/30/2006			12/31/2005			12/31/2004
Short-Term Debt
$300 million back up line of credit (unused)	$	—		$	—		$	—

Long-Term Debt
6.875%, due 7/15/07 (non callable)		200.0			200.0			200.0
4.20%, due 2/1/08 (non callable)		200.0			200.0			200.0
4.875%, due 2/1/10 (non callable)		300.0			300.0			300.0
7.25%, due 9/1/12 (non callable) *		204.1			204.1			230.0
8.072% debentures due 2037 ** (Callable at 104 in 2007)		370.6			402.9			402.9
8.072% debentures due 2037 ** (Callable at 104 in 2007)		370.6			402.9			402.9
Total Debt	$	1,274.7		$	1,307.0		$	1,332.9
Equity	$	3,944.8		$	4,124.6		$	3,920.9
Total Capital (Debt + Equity)	$	5,219.5		$	5,431.6		$	5,253.8
Debt to Capital		24.4	%		24.1	%		25.4	%
Adjusted Debt*** to Capital		23.0	%		22.6	%		23.8	%
Debt to Equity		32.3	%		31.7	%		34.0	%

Debt to Capital (excluding FAS 115)		24.4	%		24.5	%		26.5	%
Adjusted Debt*** to Capital (excluding FAS 115)		23.0	%		23.0	%		24.9	%
Debt to Equity (excluding FAS 115)		32.4	%		32.5	%		36.0	%

*	Reflects the repurchase of $25.9 of debt in August 2005.

**	Reflects the repurchase of $15.0 of debt in February 2006 and $17.3 of debt in May 2006.

***	20% equity credit for 8.072% debentures due 2037

Safeco Corporation- August 2, 2006 - Page SS-17

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