Nov. 1--Safeco reported a $255.7 million third-quarter profit Tuesday, but the more closely that investors examined the Seattle-based insurer's numbers, the less they liked them. With one-time factors stripped out -- mainly the $122.6 million Safeco gained from selling real estate including its University District headquarters complex, and $22.9 million in net realized investment gains -- Safeco's core earnings worked out to $1.46 a share, short of the Wall Street consensus estimate of $1.52. That shortfall, plus evidence of declining premium revenue in Safeco's auto and business-insurance lines, helped push the insurer's shares down $1.51, or 2.5 percent, to close at $58.19.....
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