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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
October 13, 1997
Date of Report (Date of earliest event reported)
SAFECO CORPORATION
(Exact name of registrant as specified in Charter)
WASHINGTON 1-6563 91-0742146
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
SAFECO Plaza, Seattle, Washington 98185
(Address of principal executive offices) (Zip Code)
(206) 545-5000
(Registrant's telephone number, including area code)
-1-
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ITEM 5. OTHER EVENTS
On October 13, 1997, SAFECO Corporation (NASDAQ: SAFC) announced, based
on a preliminary review of results, that it expects its third quarter
earnings from operations to be 20 to 25 cents lower than the consensus
estimate of analysts of $0.84 per share. Such consensus was based upon the
earnings estimates survey by First Call Corporation an independent compiler
of analyst estsimates of public company results of operation. The variance
relates primarily to several unusually large losses in commercial lines,
reduced credit to operations from reserve adjustments on claims settled
during the quarter, and net interest charges for funds accumulated during the
quarter which were used to close the October 1, 1997, acquisition of American
States Financial Corporation. Based on the same preliminary review, SAFECO
noted that claims severity and frequency in its core voluntary personal
automobile line continues to be favorable and its overall loss reserve
position continues to be sound.
SAFECO will issue its third quarter earnings on its regular schedule on
October 27, 1997.
SAFECO is in the process of offering 12,700,000 shares of its common
stock in an offering underwritten by Smith Barney Inc.; Credit Suisse First
Boston; Fox-Pitt, Kelton Inc.; Goldman, Sachs & Co. and Merrill Lynch & Co.
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) See Exhibit Index.
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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 hereunto duly authorized.
SAFECO CORPORATION
Dated: October 14, 1997 By: /s/ H. Paul Lowber
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H. Paul Lowber
Vice President, Controller and
Chief Accounting Officer
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EXHIBIT INDEX
99.1 Press Release issued by SAFECO on October 13, 1997.
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SAFECO CORPORATION
EARNINGS ESTIMATE
SEATTLE - (October 13, 1997) - SAFECO Corporation (NASDAQ: SAFC) today
announced, based on a preliminary review of results, that it expects its
third quarter earnings from operations to be 20 to 25 cents lower than the
First Call consensus of $0.84 per share. The variance relates primarily to
several unusually large losses in commercial lines, reduced credit to
operations from reserve adjustments on claims settled during the quarter, and
net interest charges for funds accumulated during the quarter which were used
to close the October 1, 1997, acquisition of American States Financial
Corporation. Based on the same preliminary review, SAFECO noted that claims
severity and frequency in its core voluntary personal automobile line
continues to be favorable and its overall loss reserve position continues to
be sound.
SAFECO will issue its third quarter earnings on its regular schedule on
October 27, 1997.
SAFECO is in the process of offering 12,700,000 shares of its common
stock in an offering underwritten by Smith Barney Inc.; Credit Suisse First
Boston; Fox-Pitt, Kelton Inc.; Goldman, Sachs & Co. and Merrill Lynch & Co.
* * * *
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission and became effective on October 10,
1997. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any State in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws
of any State.
