Safeco today announced strong second-quarter results, reflecting the company's solid underwriting and the competitive strength of its automated sales platform.  In addition, weather-related catastrophe losses were relatively light for the second quarter.  The company posted net income of $247.5 million -- or $1.77 per diluted share.  This represents an increase over second-quarter 2003 net income, which was $111.9 million--or $0.81 per diluted share.

Safeco's annualized return on equity (ROE) for the quarter was 18.7 percent, up from 10.2 percent in the second quarter of 2003.  Consolidated operating annualized ROE -- measured using operating earnings and shareholders' equity, excluding unrealized gains on bond investments - was 21.9 percent, compared with 11.8 percent in the same period last year.

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