UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
x
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the fiscal year ended: December 31, 2007
OR
¨
|
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
to
Commission
File Number: 000-19289
A.
|
Full title of the plan and the address of the plan, if different from that of the issuer named below:
|
State Auto Insurance Companies Capital Accumulation Plan
B.
|
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
|
State Auto Financial Corporation
518 East
Broad Street
Columbus, Ohio 43215-3976
REQUIRED INFORMATION
The following financial statements and supplemental schedules for the State Auto Insurance Companies Capital Accumulation Plan are being
filed herewith:
Financial Statements for each of the two years ended December 31, 2007 and Supplemental Schedule for the year
ended December 31, 2007
The following exhibits are being filed herewith:
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
1
|
|
Consent of Independent Registered Public Accounting Firm (Clark, Schaefer, Hackett & Co.)
|
|
Included herein
|
|
|
|
2
|
|
Consent of Independent Registered Public Accounting Firm (Ernst & Young LLP)
|
|
Included herein
|
Report of Independent Registered Public Accounting Firm
Plan Administrative Committee
State Auto
Insurance Companies Capital Accumulation Plan
We have audited the accompanying statement of net assets available for benefits of the State
Auto Insurance Companies Capital Accumulation Plan (the Plan) as of December 31, 2007, and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of the
Plans management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of the State Auto Companies Capital Accumulation Plan as of December 31, 2006 were audited by other
auditors whose report dated June 15, 2007 expressed an unqualified opinion on those statements.
We conducted our audit in accordance
with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
We were not engaged to perform an audit of the Plans internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31, 2007, and the changes in net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States
of America.
Our audit was performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying
supplemental schedule of assets (held at end of year) as of December 31, 2007 is presented for the purpose of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department
of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plans management. The supplemental schedule has been
subjected to the auditing procedures applied in our audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Clark, Schaefer, Hackett & Co.
Columbus, Ohio
June 17, 2008
1
Report of Independent Auditors
Plan Administrative Committee
State Auto
Insurance Companies Capital Accumulation Plan
We have audited the accompanying statement of net assets available for benefits of the State
Auto Insurance Companies Capital Accumulation Plan as of December 31, 2006, and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of the Plans
management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in
accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. We were not engaged to perform an audit of the Plans internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of December 31, 2006, and the changes in net assets available for benefits for the year then ended, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Columbus, Ohio
June 15, 2007
2
STATE AUTO INSURANCE COMPANIES CAPITAL ACCUMULATION PLAN
Statements of Net Assets Available for Benefits
|
|
|
|
|
|
|
|
December 31
|
|
|
2007
|
|
2006
|
Assets
|
|
|
|
|
|
Investments, at fair value:
|
|
|
|
|
|
Shares of registered investment companies
|
|
$
|
169,040,662
|
|
152,848,574
|
Interest-bearing cash
|
|
|
12,466,392
|
|
11,409,518
|
Common / collective trusts
|
|
|
15,460,104
|
|
15,770,788
|
Affiliated stock
|
|
|
1,756,258
|
|
2,091,324
|
Loans to participants
|
|
|
3,182,056
|
|
3,024,502
|
|
|
|
|
|
|
Total investments
|
|
|
201,905,472
|
|
185,144,706
|
Contribution receivables:
|
|
|
|
|
|
Employee
|
|
|
46,500
|
|
56,400
|
Employer
|
|
|
23,625
|
|
30,800
|
|
|
|
|
|
|
Total receivables
|
|
|
70,125
|
|
87,200
|
Net assets reflecting investments at fair value
|
|
|
201,975,597
|
|
185,231,906
|
Adjustments from fair value to contract value for fully benefit-responsive investment contracts
|
|
|
168,013
|
|
158,507
|
|
|
|
|
|
|
Net assets available for benefits
|
|
$
|
202,143,610
|
|
185,390,413
|
|
|
|
|
|
|
See accompanying notes.
3
STATE AUTO INSURANCE COMPANIES CAPITAL ACCUMULATION PLAN
Statements of Changes in Net Assets Available for Benefits
|
|
|
|
|
|
|
|
Year Ended December 31
|
|
|
2007
|
|
2006
|
Additions
|
|
|
|
|
|
Investment income:
|
|
|
|
|
|
Interest and dividends
|
|
$
|
13,187,140
|
|
12,401,716
|
Net appreciation in fair value of investments
|
|
|
4,494,672
|
|
7,950,907
|
|
|
|
|
|
|
Total investment income
|
|
|
17,681,812
|
|
20,352,623
|
|
|
|
Contributions
|
|
|
|
|
|
Employee
|
|
|
9,205,793
|
|
8,532,809
|
Participant rollovers
|
|
|
1,247,563
|
|
789,367
|
Employer
|
|
|
3,519,504
|
|
3,224,581
|
|
|
|
|
|
|
Total contributions
|
|
|
13,972,860
|
|
12,546,757
|
|
|
|
|
|
|
Total additions
|
|
|
31,654,672
|
|
32,899,380
|
|
|
|
Deductions
|
|
|
|
|
|
Benefit payments
|
|
|
14,884,157
|
|
13,680,036
|
Participant loan fees
|
|
|
17,318
|
|
17,551
|
|
|
|
|
|
|
Total deductions
|
|
|
14,901,475
|
|
13,697,587
|
|
|
|
Net increase
|
|
|
16,753,197
|
|
19,201,793
|
|
|
|
Net assets available for benefits:
|
|
|
|
|
|
Beginning of year
|
|
|
185,390,413
|
|
166,188,620
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
202,143,610
|
|
185,390,413
|
|
|
|
|
|
|
See accompanying notes.
4
STATE AUTO INSURANCE COMPANIES CAPITAL ACCUMULATION PLAN
Notes to the Financial Statements
December 31,
2007
1. Description of the Plan
Organization
The State Auto Insurance Companies Capital Accumulation Plan (the Plan), a defined contribution plan, was adopted effective
June 1, 1982, by State Automobile Mutual Insurance Company and its affiliates (the Company) for the purpose of providing a savings plan for the benefit of its employees.
The following description of the Plan provides only general information. Participants should refer to the Plan Document for a complete
description of the Plan.
General
An employee of the company is eligible to participate in the Plan as of the first pay period subsequent to thirty days after the employees hire date, provided the employee is or will attain age 21 during the
calendar year following the employees hire date. A participant will be automatically enrolled in the plan upon meeting eligibility requirements unless affirmation electing otherwise.
The Plan was amended and restated effective January 1, 1997, including subsequent amendments through January 1, 2007, to comply
with recent legislation, regulation and rulings. See Contributions and Investment Options.
Contributions
Each participant may contribute any percentage of their salary between 1% and 50% (basic contribution). Subject to certain
limitations, the Company matches the first 2% of basic contributions of participant salary at the rate of 75 cents for each dollar contributed; basic contributions of 3% to 6% are matched at a rate of 50 cents for each dollar contributed.
Participants can change their rate of deferral as of any given pay date. Participants who are automatically enrolled in the plan contribute an automatic 3% of their salary. Participants may also suspend contributions at any time. Participants may
elect to make supplemental contributions in the form of after tax salary deferrals. Total participant contributions may not exceed 50% of salary.
All Plan participants who attain age 50 or older during the calendar year, and are making the maximum Internal Revenue Code (the Code) pre-tax contribution, may make additional Catch-up
Contributions.
Vesting
Plan participants are immediately fully vested in employee contributions and related net earnings or losses. Full vesting in employer contributions and related net earnings and losses occurs upon three completed years
of service. Any employee terminating prior to three completed years of service vests in employer contributions and related net earnings and losses at percentages set forth by the Plan document.
In addition, employer contributions and related net earnings or losses are fully vested upon retirement, age 65, death or total and
permanent disability.
Any forfeiture of non-vested employer contributions and related net earnings or losses are first
used to restore balances of participants who are re-employed and any remaining forfeiture reduces future employer contributions.
5
STATE AUTO INSURANCE COMPANIES CAPITAL ACCUMULATION PLAN
Notes to the Financial Statements (continued)
December 31, 2007
Participants Accounts
Each participants account is credited with the participants contributions and allocations of a) the Companys
contributions and b) Plan earnings, and is charged with applicable participant loan fees. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be
provided from the participants account.
Participant Loans
Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of the lesser of $50,000 or 50% of their vested
account balance. Loan terms range from 1-5 years, or up to 10 years for the purchase of a primary residence. The loans are secured by the balance in the participants account and bear interest at a rate based on the current prime rate (5-year
treasury rate increased 75-100 basis points prior to October 1, 2007) as determined quarterly by the Plan Administrative Committee. Principal and interest is paid ratably through bi-weekly payroll deductions.
Administrative Expenses
All administrative expenses, excluding participant loan fees, and trustee fees are paid by the Company.
Payment of Benefits
Upon termination of service, participants generally receive a lump-sum amount equal to the value of their account less
outstanding loan balances. Alternatively, qualifying participants can elect to receive their account value, less outstanding loan balances, in installments over a period not to exceed 10 years or, in the case of a retired participant, over a period
not to exceed normal life expectancy.
Participants may semiannually withdraw from their supplemental accumulated
contributions and, subject to certain conditions, participants may withdraw from their accumulated basic and supplemental contributions based on financial hardship. After participants have been in the plan for five years, and once every two years
thereafter, participants may withdraw the vested portion of employer contributions credited to their account.
Plan Termination
While the Company has not expressed any intent to terminate the Plan or to discontinue contributions, it is free to do so
at any time, subject to the provisions set forth in the Employee Retirement Income Security Act of 1974. Should the Plan be terminated at some future time, all participants become 100% vested in benefits earned as of the termination date.
6
STATE AUTO INSURANCE COMPANIES CAPITAL ACCUMULATION PLAN
Notes to the Financial Statements (continued)
December 31, 2007
2. Significant Accounting Policies
Basis of Presentation
The accounting records of the Plan are
maintained in conformity with U.S. generally accepted accounting principles.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Valuation of Investments and Related Investment Income
Investments are stated at
fair value. Shares of registered investment companies and shares of the State Auto Financial Corporation Common Stock Fund are valued at quoted market prices that represent the net asset values of shares held by the Plan at year-end. Loans to plan
participants, which must be approved by the Plan Administrative Committee, are valued at their outstanding balances, which approximate fair value.
The Plan accounts for fully benefit-responsive contracts in accordance with Financial Accounting Standards Board (FASB) Staff Position AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive
Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans (the FSP). The FSP defines the circumstances in which an
investment contract is considered fully benefit responsive and provides certain reporting and disclosure requirements for fully benefit responsive investment contracts in defined contribution health and welfare and pension plans. As required by the
FSP, investments in the accompanying Statements of Net Assets Available for Benefits include fully benefit-responsive investment contracts recognized at fair value. AICPA Statement of Position 94-4-1, Reporting of Investment Contracts Held by
Health and Welfare Benefit Plans and Defined Contribution Pension Plans, as amended, requires fully benefit-responsive investment contracts to be reported at fair value in the Plans Statement of Net Assets Available for Benefits with a
corresponding adjustment to reflect these investment at contract value.
The Plans common/collective trust
investments in the accompanying Statements of Net Assets Available for Benefits include fully benefit responsive investment contracts that are eligible for contract-value accounting treatment. As required by the FSP, the Plans Statement of Net
Assets Available for Benefits presents the fair value of the common/collective trust based on information reported by Fidelity Management Trust Company with a corresponding adjustment to reflect these investments at contract value. The Statement of
Changes in Net Assets Available for Benefits is prepared on a contract value basis.
Investment income, including
appreciation and depreciation in fair value of investments, is allocated to participant accounts daily based upon the ratio of each participants account to the total fund balance.
Benefit Payments
Benefit payments are recognized when paid.
Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment
securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants account balances and the amounts reported in the
statements of net assets available for benefits.
7
STATE AUTO INSURANCE COMPANIES CAPITAL ACCUMULATION PLAN
Notes to the Financial Statements (continued)
December 31, 2007
3. Recent Accounting Pronouncements
In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements (SFAS 157). SFAS 157 provides a
common definition of fair value to be applied to existing generally accepted accounting principles requiring the use of fair value measures, establishes a framework for measuring fair value and enhances disclosure about fair value measures under
other accounting pronouncements, but does not change existing guidance as to whether or not an asset or liability is carried at fair value. SFAS 157 is effective for fiscal years beginning after November 15, 2007, and as such, will be adopted
by the Plan in 2008. Adoption of SFAS 157 is not expected to have a material impact to the Plan.
4. Investments
The following investments, at fair value, represented 5% or more of assets available for benefits as of December 31, 2007 and 2006:
|
|
|
|
|
|
|
|
December 31
|
|
|
2007
|
|
2006
|
Investments in shares of registered investment companies
:
|
|
|
|
|
|
Fidelity Contrafund
|
|
$
|
55,911,557
|
|
49,887,589
|
Fidelity Equity Income Fund
|
|
|
31,890,732
|
|
34,731,998
|
Fidelity Diversified International Fund
|
|
|
19,398,626
|
|
15,969,307
|
Fidelity Puritan Fund
|
|
|
13,594,806
|
|
13,940,060
|
Interest bearing cash
:
|
|
|
|
|
|
Fidelity U.S. Government Reserves Fund
|
|
$
|
12,466,392
|
|
11,409,518
|
Investment in common/collective trusts
:
|
|
|
|
|
|
Fidelity Managed Income Portfolio Fund
|
|
$
|
15,460,104
|
|
15,770,788
|
During 2007 and 2006, the Plans investments (including investments bought
and sold, as well as held during the year) appreciated in value as follows:
|
|
|
|
|
|
|
|
|
|
2007
|
|
|
2006
|
|
Realized appreciation (depreciation)
:
|
|
|
|
|
|
|
|
Shares of registered investment companies
|
|
$
|
1,247,507
|
|
|
940,477
|
|
Affiliated stock
|
|
|
(41,740
|
)
|
|
(36,912
|
)
|
|
|
|
|
|
|
|
|
Total realized appreciation
|
|
|
1,205,767
|
|
|
903,565
|
|
Unrealized appreciation (depreciation)
:
|
|
|
|
|
|
|
|
Shares of registered investment companies
|
|
|
3,766,034
|
|
|
7,093,369
|
|
Affiliated stock
|
|
|
(477,129
|
)
|
|
(46,027
|
)
|
|
|
|
|
|
|
|
|
Total unrealized appreciation
|
|
|
3,288,905
|
|
|
7,047,342
|
|
|
|
|
|
|
|
|
|
Total realized and unrealized appreciation
|
|
$
|
4,494,672
|
|
|
7,950,907
|
|
|
|
|
|
|
|
|
|
8
STATE AUTO INSURANCE COMPANIES CAPITAL ACCUMULATION PLAN
Notes to the Financial Statements (continued)
December 31, 2007
5. Federal Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated August 16, 2002, stating that the Plan is
qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan was amended. Once
qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that
the Plan, as amended, is qualified and the related trust is tax exempt.
6. Reconciliation to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of
December 31:
|
|
|
|
|
|
|
|
|
|
2007
|
|
|
2006
|
|
Net assets available for benefits per the financial statements
|
|
$
|
202,143,610
|
|
|
185,390,413
|
|
Contribution receivables
|
|
|
(70,125
|
)
|
|
(87,200
|
)
|
Adjustments from fair value to contract value for fully benefit-responsive investment contracts
|
|
|
(168,013
|
)
|
|
(158,507
|
)
|
|
|
|
|
|
|
|
|
Net assets available for benefits per the Form 5500
|
|
$
|
201,905,472
|
|
|
185,144,706
|
|
|
|
|
|
|
|
|
|
The following is a reconciliation of the changes in net assets per the financial
statements to the Form 5500 for the year ended December 31:
|
|
|
|
|
|
|
|
|
|
2007
|
|
|
2006
|
|
Net increase in net assets available for benefits per the financial statements
|
|
$
|
16,753,197
|
|
|
19,201,793
|
|
Less Contributions:
|
|
|
|
|
|
|
|
Employee
|
|
|
(9,900
|
)
|
|
79,100
|
|
Employer
|
|
|
(7,175
|
)
|
|
30,800
|
|
|
|
|
|
|
|
|
|
|
|
|
(17,075
|
)
|
|
109,900
|
|
Adjustments from fair value to contract value for fully benefit-responsive investment contracts:
|
|
|
|
|
|
|
|
Current year
|
|
|
(168,013
|
)
|
|
(158,507
|
)
|
Prior year
|
|
|
158,507
|
|
|
|
|
Net increase in net assets available for benefits per form 5500
|
|
$
|
16,760,766
|
|
|
18,933,386
|
|
|
|
|
|
|
|
|
|
9
STATE AUTO INSURANCE COMPANIES CAPITAL ACCUMULATION PLAN
Notes to the Financial Statements (continued)
December 31, 2007
7. Subsequent Events
During 2007, the Company acquired Beacon Insurance Group. In connection with acquisition of Beacon Insurance Group, effective January 1, 2008, current employees became participants in the
Plan and received credit for their participation and vesting service as measured under the terms of the Plan previously administered by the Beacon Insurance Group. In addition, the assets of the former plan were merged into the Plan in February
2008.
Effective January 1, 2008, the Plan was amended to implement a safe harbor design using a qualified automatic
contribution arrangement. Participants meeting eligibility criteria will be automatically enrolled in the Plan and automatically contribute 3% in the first year, 4% in the second year, 5% in the third year and 6% in the fourth and subsequent years.
Employer matching contributions for safe harbor contributions are 100% of the first 1% of compensation. Participants are 100% vested in the safe harbor matching contributions after two years.
8. Reclassification
Certain reclassifications of 2006
information have been made to conform to the 2007 presentation. Participant rollovers were increased by $789,367 and employee contributions were reduced by the same amount.
9. Transactions with Parties-In-Interest
The Plan invests in
shares of registered investment companies managed by Fidelity Management Trust Company, trustee of the Plan. Transactions in such investments qualify as party-in-interest transactions, which are exempt from the prohibited transaction rules.
Participants may also invest in company stock.
10
Supplemental
Schedule
11
STATE AUTO INSURANCE COMPANIES CAPITAL ACCUMULATION PLAN
EIN: 31-4316080 PN: 004
Form 5500 Schedule H
Line 4(i) Schedule of Assets (Held at End of Year)
|
|
|
|
|
|
|
|
|
|
Dece
mber 31, 200
7
|
|
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(e)
|
|
|
Identity of Issue
|
|
Shares
|
|
Fair Value
|
|
|
Shares of Registered Investment Companies:
|
|
|
|
|
|
|
|
Baron Growth Fund
|
|
62,448
|
|
$
|
3,164,240
|
|
|
Calamos Growth Fund Class A
|
|
126,900
|
|
|
7,442,078
|
|
|
JP Morgan Mid Cap Value Fund Class A
|
|
131,012
|
|
|
3,165,255
|
|
|
American Beacon Small Cap Value PA Class
|
|
95,265
|
|
|
1,640,462
|
*
|
|
Fidelity Puritan Fund
|
|
714,388
|
|
|
13,594,806
|
*
|
|
Fidelity Contrafund
|
|
764,759
|
|
|
55,911,557
|
*
|
|
Fidelity Equity Income Fund
|
|
578,150
|
|
|
31,890,732
|
*
|
|
Fidelity Intermediate Bond Fund
|
|
425,159
|
|
|
4,315,367
|
*
|
|
Fidelity Diversified International Fund
|
|
486,181
|
|
|
19,398,626
|
|
|
Spartan U.S. Equity Index Fund
|
|
150,132
|
|
|
7,791,859
|
*
|
|
Fidelity Freedom Income
|
|
33,223
|
|
|
380,407
|
*
|
|
Fidelity Freedom 2000
|
|
13,039
|
|
|
161,302
|
*
|
|
Fidelity Freedom 2005
|
|
3,060
|
|
|
36,076
|
*
|
|
Fidelity Freedom 2010
|
|
352,892
|
|
|
5,229,857
|
*
|
|
Fidelity Freedom 2015
|
|
250,329
|
|
|
3,121,600
|
*
|
|
Fidelity Freedom 2020
|
|
267,763
|
|
|
4,233,335
|
*
|
|
Fidelity Freedom 2025
|
|
180,314
|
|
|
2,376,535
|
*
|
|
Fidelity Freedom 2030
|
|
162,200
|
|
|
2,679,544
|
*
|
|
Fidelity Freedom 2035
|
|
64,172
|
|
|
877,874
|
*
|
|
Fidelity Freedom 2040
|
|
130,422
|
|
|
1,269,005
|
*
|
|
Fidelity Freedom 2045
|
|
15,263
|
|
|
173,235
|
*
|
|
Fidelity Freedom 2050
|
|
16,352
|
|
|
186,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
169,040,662
|
|
|
Investment in common / collective trusts:
|
|
|
|
|
|
*
|
|
Fidelity Managed Income Portfolio Fund
|
|
15,628,117
|
|
|
15,460,104
|
|
|
Interest-bearing cash:
|
|
|
|
|
|
*
|
|
Fidelity U.S. Government Reserves Fund
|
|
12,466,392
|
|
|
12,466,392
|
|
|
Affiliated stock:
|
|
|
|
|
|
*
|
|
State Auto Financial Corporation
Common Stock Fund
|
|
66,737
|
|
|
1,755,193
|
|
|
Stock Purchase Account
(1)
|
|
-
|
|
|
1,065
|
|
|
|
|
|
|
|
|
*
|
|
Participant loans (interest rates 3.25% to 10.00%)
|
|
-
|
|
|
3,182,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
201,905,472
|
|
|
|
|
|
|
|
|
*
|
Indicated a party-in-interest to the Plan.
|
(1)
|
The stock purchase account consists of the Fidelity Cash Reserves a money market fund that is used as a
plan-level account in the recordkeeping of the purchase and sales of fractional share of employer stock. Participants cannot invest their account balances in the Stock Purchase Account.
|
|
Note: Column (d) is not applicable for participant directed investments.
|
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the
undersigned thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
STATE AUTO INSURANCE COMPANIES CAPITAL
ACCUMULATION PLAN
|
|
|
|
|
|
|
|
|
|
Date: June 20, 2008
|
|
|
|
By:
|
|
/s/ Steven E. English
|
|
|
|
|
Printed Name:
|
|
Steven E. English
|
|
|
|
|
Title:
|
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ James A. Yano
|
|
|
|
|
Printed Name:
|
|
James A. Yano
|
|
|
|
|
Title:
|
|
Vice President, Secretary and General Counsel
|
13
EXHIBIT INDEX
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
1
|
|
Consent of Independent Registered Public Accounting Firm
|
|
Included herein
|
|
|
|
2
|
|
Consent of Independent Registered Public Accounting Firm
|
|
Included herein
|
14
State Auto Financial (NASDAQ:STFC)
Historical Stock Chart
From Jun 2024 to Jul 2024
State Auto Financial (NASDAQ:STFC)
Historical Stock Chart
From Jul 2023 to Jul 2024