1 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 AUGUST 5, 1998 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) 2 ITEM 5. OTHER EVENTS SAFECO CORPORATION DECLARES REGULAR DIVIDEND SEATTLE -- (August 5, 1998)--SAFECO Corporation (NASDAQ:SAFC) today declared a regular dividend of 35 cents per share on its common stock. The dividend is payable October 26, 1998, to shareholders of record October 9, 1998. SAFECO also announced today that its board of directors approved the purchase from time-to-time of up to $200 million worth of its common stock through open market and negotiated purchases. SAFECO believes that its common stock represents a good value. When added to the ongoing authorization to purchase up to 2 million shares of common stock, of which approximately 500,000 shares had been purchased at July 31, 1998, the combined authorization will permit an accumulation of up to an additional 4.2% of SAFECO's outstanding shares. 3 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: August 7, 1998 By: /s/ H. Paul Lowber ------------------------------ H. Paul Lowber Vice President, Controller and Chief Accounting Officer