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.
Was this article valuable?
Here are more articles you may enjoy.
Trump to Issue Order Creating National AI Rule 
Truckers Who Fail English Tests Are Pulled Off Roads in Crackdown 
Acrisure CEO Greg Williams Makes $400M Commitment to Michigan State University 
Hartford: 10-Year Analysis Shows Shifts in Common, Expensive Small-Business Claims 
