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.
KPMG Australia to Fire Hundreds of Workers as Crisis Deepens 
State Farm Must Give Up Trade Secrets in Claims Lawsuits, but Under Court Review 
A Landmark Supreme Court Ruling Is Upending How America Moves Its Goods 
Tornado Alley’s on the Move and Creating New Risk Concerns, Modeler Says 
