Safeco Corp. Has Record Profit Quarter

Safeco Corp. made record earnings in 1996 despite severe December storms that led to $35 million in loss payments in the fourth quarter, the insurance company said Monday.

Net income for three months ending Dec. 31 was $106.3 million or 84 cents a share, down from $116.2 million or 92 cents a share for the same period a year ago.

For the year, net earnings were $439 million or $3.48 a share, compared with $399 million or $3.17 a share in 1995.

For the year, property and casualty operations produced an underwriting profit of $38.5 million, compared with $6.3 million in 1995.