Safeco has announced plans to reorganize, selling its Life & Investments unit. The decision stems from a desire to increase profitability and focus on the property and casualty (P&C) business, said Mike McGavick, president and CEO.

"We might have been able to cruise along at this level, producing average results quarter after quarter. But we aspire to be much better than average," McGavick said. By eliminating other business lines, the company will operate more competitively and more efficiently. Also, the company aims to reduce costs by $75 million by the end of the year.

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