Struggling insurer Safeco will raise premiums in an effort to right itself and its balance sheet after another quarter of disappointing earnings.
Safeco reported a profit of $12.2 million, or 10 cents a share, from its insurance operations for the third quarter compared with $9.8 million, or 7 cents a share, in operating profit for the same period last year.
Wall Street expectations put operating profits closer to 25 or 30 cents a share. Safeco has been aggressively raising rates and purging books of unprofitable customers, and is expected to increase those efforts over the next few quarters.
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