Seattle-based insurer Safeco said it has increased the company's share repurchase authorization to 10 million shares.
The current authorization is equal to 8.6 percent of Safeco's shares outstanding on June 30. The decision includes shares that remain available for repurchase under previously approved programs, the company said.
Since 2003, Safeco said it has repurchased 27.5 million shares, or 19.9 percent of its then outstanding shares, at a total cost of $1.4 billion.
The company said it would repurchase shares through open-market purchases, privately negotiated purchases, or other means.
Safeco also declared a regular dividend of 30 cents per share on its common stock. The dividend will be payable Oct. 23 to shareholders of record as of Oct. 6.
For the second quarter of this year, the carrier reported net income increased 15 percent, rising from $187 million to $199.7 million.
During the period, Safeco's combined ratio improved from 89.1 percent to 86.7 percent, and net written premiums decreased 2.8 percent to $1.46 billion.
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