Exhibit 99.1 SAFECO Corporation Pro Forma Condensed Consolidated Balance Sheet (Unaudited) June 30, 2001 (Amounts in Millions) <table> <s> <c> <c> Proforma ---------- Assets Reported Adjustments Adjusted --------------------------------------------------- Investments $ 23,053.0 $ - $23,053.0 Cash 179.4 966.2 (A) 1,145.6 Premiums and Other Service Fees Receivable 1,068.4 - 1,068.4 Other Assets 2,618.7 (35.6) 2,583.1 Net Assets of Discontinued Operations 844.5 (844.5) (A) - Separate Account Assets 1,261.5 - 1,261.5 ---------------------------------------------------- Total Assets $ 29,025.5 $ 86.1 $ 29,111.6 ==================================================== Liabilities and Shareholders Equity Losses and Adjustment Expense $ 4,714.4 $ - $ 4,714.4 Life Policy Reserves 322.4 - 322.4 Unearned Premiums 1,856.7 - 1,856.7 Funds Held Under Deposit Contracts 14,099.2 - 14,099.2 Debt 1,080.8 - 1,080.8 Other Liabilities 1,150.5 32.1 1,182.6 Separate Account Liabilities 1,261.5 - 1,261.5 ------------------------------------------------- Total Liabilities 24,485.5 32.1 24,517.6 Capital Securities 843.2 - 843.2 ------------------------------------------------- Common Stock 838.7 - 838.7 Retained Earnings 2,020.5 54.0 (A) 2,074.5 Total Accumulated Other Comprehensive Income - Net of Tax 837.6 - 837.6 ------------------------------------------------- Total Shareholders Equity 3,696.8 54.0 3,750.8 ------------------------------------------------- Total Liabilities and Shareholders Equity $ 29,025.5 $ 86.1 $ 29,111.6 =================================================== Note to Pro Forma Condensed Consolidated Balance Sheet (A) The unaudited Pro Forma Condensed Consolidated Balance Sheet gives effect to the sale of SAFECO Credit to GECC. The estimated gain on sale is as follows: Total Proceeds from Sale $ 966.2 Net Excluded Liabilities 11.1 Intercompany Settlement (2.8) Selling Expenses (30.0) ----------------- Net Proceeds 944.5 Net Assets of Discontinued Operations 844.5 ----------------- Estimated Gross Gain on Sale 100.0 Income Taxes (46.0) ----------------- After-Tax Gain on Sale $ 54.0 ================= </table>