<B<Des Moines-based EMC Insurance Group Inc.‘s net income for first-quarter 2008 fell to $8.2 million, or 60 cents per share, from $14.7 million, or $1.07 per share, in first-quarter 2007. Results for the first quarter of 2008 include $2.9 million in “other-than-temporary” investment impairment losses recorded on 13 securities in the company’s equity portfolio, which are noted because these securities will likely be sold before they recover their cost basis. Operating income for the quarter was 73 cents per share, compared with $1.01 per share a year ago. Catastrophe and storm losses more than doubled from the year-ago period to $5.73 million mainly as a result of a severe storm that hit Arkansas, Mississippi and Kentucky in early February. To hear a replay of the 10 a.m. conference call, go to the company’s investor relations page at www.emcinsurance.com.

Liberty Mutual Group will buy Safeco Corp. for about $6.2 billion, making it the fifth-largest property and casualty insurer in the nation, according to the company. The Boston Business Journal reported that the company will acquire all outstanding shares of Safeco’s common stock for $68.25 per share in cash. Both companies’ boards of directors have approved the transaction, but it is still subject to Safeco shareholders approval as well as other regulatory approvals and conditions. The deal is expected to close by the end of the third quarter. Safeco will become part of Liberty Mutual Group’s Agency Markets business unit, which combined will have about 15,000 independent agencies.

Whirlpool Corp.‘s first-quarter earnings from continuing operations fell 24 percent to $94 million, or $1.22 per diluted share, compared with $124 million, or $1.55 per diluted share, in the year-ago period. Revenues increased 5 percent to $4.6 billion. Strong sales in its international operations helped offset declines in its North American business. “The combination of unprecedented material cost increases and seven consecutive quarters of lower U.S. demand have resulted in one of the most challenging operating environments we have seen in three decades,” said Chairman and CEO Jeff Fettig. As a result, the company has lowered its full-year 2008 earnings outlook to be between $7 and $7.50 per share, down from its February outlook of $8.50 to $9 per share, according to Reuters.

Sioux City-based Terra Industries Inc. reported that its first-quarter net income was $100.2 million, or 97 cents per share, up from $5.9 million, or 6 cents per share, in the year-ago period. The 2007 results included a one-time loss on early retirement of debt of $38.7 million. First-quarter operating income rose to $168.3 million from $67.2 million a year ago mostly as a result of higher prices for its nitrogen products due to greater nitrogen demand and higher grain prices. The company benefited from a joint venture with GrowHow UK Ltd., which started in September 2007 as well. The company also said it would restart its idled Donaldsonville, La., ammonia plant during the third quarter to replace about 400,000 tons of purchased imported ammonia a year.

Toyota Motor Corp. was the global leader in vehicle sales in the first quarter, selling 2.41 million vehicles, compared with General Motor Corp.’s 2.25 million in sales, reported the Associated Press. Toyota benefited from strong demand in Asia and Europe, while GM’s 10 percent drop in North American sales dragged down record sales in other regions. GM barely led in global sales last year, while Toyota was No. 1 in global vehicle production.