SEATTLE — Shares of Safeco Corp. fell nearly 5 percent Monday on news that the company expects operating earnings of 5 cents to 10 cents a share when it reports results Oct. 23 because of unexpectedly high underwriting losses, particularly in its large commercial and home insurance business.
Wall Street’s estimate was 25 cents, and earnings from the year earlier were 43 cents, Dow Jones News Service reported. Safeco earned 7 cents in the first quarter and 10 cents in the second.
The stock closed Monday at $24.50, down $1.25.
Talk to us
- You can tell us about news and ask us about our journalism by emailing firstname.lastname@example.org or by calling 425-339-3428.
- If you have an opinion you wish to share for publication, send a letter to the editor to email@example.com or by regular mail to The Daily Herald, Letters, P.O. Box 930, Everett, WA 98206.
- More contact information is here.