- Quarterly income of $0.40 per
share
- Quarterly GAAP combined ratio of
102.1
- Return on equity of 8.0%
- Book value per share of $19.27
State Auto Financial Corporation (Nasdaq:STFC) today reported
fourth quarter 2013 net income of $16.4 million, or $0.40 per
diluted share, versus net income of $20.9 million, or $0.51 per
diluted share, for the fourth quarter of 2012. Net income from
operations1 per diluted share for the fourth quarter 2013 was $0.28
versus net income from operations1 of $0.38 for the same 2012
period.
STFC’s GAAP combined ratio for the fourth quarter 2013 was 102.1
versus 101.7 for the fourth quarter of 2012. Catastrophe losses
during the fourth quarter 2013 accounted for 1.5 points of the 68.8
total loss ratio points, or $4.1 million, versus 2.2 points of the
total 68.7 loss ratio points, or $5.9 million, for the same period
in 2012. Non-catastrophe losses included $15.3 million, or 5.8 loss
ratio points, of loss and loss expense reserve strengthening for
prior accident years on program business written through Risk
Evaluation & Design LLC (RED), a wholly owned subsidiary of
State Automobile Mutual Insurance Company. The reserve increase
related primarily to a large restaurant program and a commercial
auto trucking program, both of which were terminated in 2012 and
have been run off.
The State Auto Group’s homeowners quota share reinsurance
arrangement increased STFC’s underwriting loss by $13.3 million or
4.6 points2 on the combined ratio. Pursuant to this arrangement,
STFC ceded $41.1 million of written premium, $44.1 million of
earned premium, $3.5 million of catastrophe losses and $14.5
million of non-catastrophe losses, and recognized $12.8 million of
ceded commissions. This cession decreased STFC’s overall
catastrophe loss ratio 1.0 points, increased the overall
non-catastrophe loss ratio 5.0 points and increased the overall
expense ratio 0.6 points.
Net written premium for the fourth quarter of 2013 decreased
1.2% over the same period in 2012. By segment, net written premium
for the fourth quarter of 2013 decreased 3.9% for personal
insurance, increased 3.7% for business insurance and decreased 3.4%
for specialty insurance from the same period in 2012. The decline
in the personal insurance segment was driven by agency management
actions associated with executing our homeowners strategy. Business
insurance production remains strong, principally driven by higher
average new business premium, increased renewal pricing and a
recovering economy. The specialty insurance segment decline was
driven by a 32.1% decline in Programs unit premiums resulting from
the termination of several programs written through the former RED
unit during 2012.
For the year 2013, STFC had net income of $60.8 million, or
$1.49 per diluted share, compared to net income of $10.7 million,
or $0.26 per diluted share, for the same 2012 period. STFC’s GAAP
combined ratio for 2013 was 101.8 compared to 107.9 for the same
2012 period. Catastrophe losses accounted for 3.4 points, or $36.3
million, during 2013, compared to 6.4 points, or $67.1 million,
during 2012. The 2013 and 2012 catastrophe losses both included
favorable prior accident years’ development which reduced the loss
ratio by 0.5 points, or $5.4 million for 2013, and 1.0 points, or
$10.4 million for 2012. Non-catastrophe favorable reserve
development reduced the loss ratio by 1.5 points, or $15.8 million
for 2013, and 0.6 points, or $6.5 million for 2012. Non-catastrophe
losses included $21.3 million, or 2.0 loss ratio points, of loss
and loss expense reserve strengthening for prior accident years on
program business written through RED.
For the year 2013, the homeowners quota share reinsurance
arrangement increased STFC’s underwriting loss by $32.9 million and
added 2.8 points3 on the combined ratio. Pursuant to the
arrangement, STFC ceded $176.9 million of written premium, $177.0
million of earned premium, $22.7 million of catastrophe losses and
$70.0 million of non-catastrophe losses, and recognized $51.4
million of ceded commissions. This cession reduced STFC’s overall
catastrophe loss ratio 1.4 points, increased the overall
non-catastrophe loss ratio 3.6 points and increased the overall
expense ratio 0.6 points. Net written premium for year 2013
increased 0.6% compared to the same 2012 period. For the year 2013,
net written premium decreased 0.9% for the personal insurance
segment, increased 7.3% for the business insurance segment and
decreased 6.1% for the specialty insurance segment from the same
period in 2012. Business insurance production for the year 2012
included $7.2 million of unearned premium transferred from
terminating an umbrella quota share reinsurance arrangement
effective July 1, 2012. The specialty insurance segment decline was
due to the termination of several programs written through the
former RED unit during 2012.
STFC’s book value was $19.27 per share as of Dec. 31, 2013, an
increase of $1.20 per share from STFC’s book value on Sept. 30,
2013. Book value per share as of Dec. 31, 2013, included a
reduction of $2.03 for a deferred tax asset valuation allowance.
Return on stockholders’ equity for the twelve months ended Dec. 31,
2013, was 8.0% compared to 1.5% for the twelve months ended Dec.
31, 2012.
STFC President, Chairman and CEO Bob Restrepo commented on the
quarter as follows:
“State Auto Financial Corporation finished
2013 with net income for the quarter and year. STFC’s results
demonstrated strong fundamentals, led by improved ex-catastrophe
loss ratios. For the year, our combined ratio was 101.8%. Excluding
the impact of RED and the homeowner quota share treaty, our
combined ratio was a strong 96.5%4.
“During the first three quarters of 2013 we
strengthened RED reserves by $6 million, and an additional $15
million in the fourth quarter, due to increased loss development in
a large restaurant and commercial auto trucking program. Both have
been terminated and run-off.
“Consistent with recent quarters, Personal
Insurance production slowed due to pricing and agency management
actions. While policies in force fell 2.1% for the quarter and 6.6%
for the year, net written premium was down just 0.9% for the year.
Retention is 77.9%, down 2.0 points over 2012, driven by terminated
agencies. The personal auto loss ratio increased during 2013 and is
a major focus for 2014. We’ve been aggressively addressing problem
states. States representing almost 90% of the written premium are
profitable and achieving targeted returns. Rates increased over 7%
in 2013 and our loss trends continue to be benign. Homeowners
profitability is gratifying given our multi-year effort to improve
this book, which has been reshaped to improve future performance
and profitability.
“Business Insurance production remains solid,
as we continue to increase price and write larger accounts. Written
premium for the quarter was up 3.7%, and 7.3% for the year. Our
restructured large account unit and focus on specific market
segments are creating new sales activity and higher new business
premium. Improved productivity for small accounts with premium
below $2,500 is improving our expense ratio and giving underwriters
capacity to work on larger accounts. Rate, as measured by price per
exposure, increased 7.5% for the year and was a major driver in
written premium growth. The business loss ratio improved 6.5%
points compared to 2012. We continue our broadened risk and market
focus, more disciplined pricing and enhanced automation toward
producing desired results.
“Our Specialty Insurance segment, excluding
RED, continued its exceptional growth and profitability. Casualty
excess and surplus (E&S) lines continued to produce strong
profits and growth as our market expands. Property E&S finished
an impressive year, outperforming expectations due to favorable
weather, including no hurricanes, and a strong rate environment
during the first half of the year. Specialty’s program performance
continued to improve. We are pleased with our superior results in
our workers compensation business, led by our RTW subsidiary.
“We’re disappointed by the impact of RED on
an otherwise strong year for STFC. Ex-catastrophe loss ratios
continue to improve and positive momentum continues to build. We
remain focused on enhancing shareholder equity and delivering
double digit returns.”
State Auto Financial Corporation, headquartered in Columbus,
Ohio, is a super regional property and casualty insurance holding
company and is proud to be a Trusted Choice® company partner. STFC
stock is traded on the NASDAQ Global Select Market, which
represents the top fourth of all NASDAQ listed companies.
The insurance subsidiaries of State Auto Financial Corporation
are part of the State Auto Group. The State Auto Group markets its
insurance products throughout the United States, through
independent insurance agencies, which include retail agencies and
wholesale brokers. The State Auto Group is rated A (Excellent) by
the A.M. Best Company and includes State Automobile Mutual, State
Auto Property & Casualty, State Auto Ohio, State Auto
Wisconsin, Milbank, Meridian Security, Meridian Citizens Mutual,
Patrons Mutual, Rockhill Insurance, Plaza Insurance, American
Compensation and Bloomington Compensation. Additional information
on State Auto Financial Corporation and the State Auto Insurance
Companies can be found online at http://www.StateAuto.com/STFC.
1 Net income (loss) from operations, a non-GAAP financial
measure which management believes is informative to Company
management and investors, differs from GAAP net income (loss) only
by the exclusion of realized capital gains and (losses), net of
applicable taxes, on investment activity for the periods being
reported. For STFC, this amounted to income of $0.12 per diluted
share for the fourth quarter 2013 and income of $0.37 per diluted
share for 2013 versus income of $0.13 per diluted share for the
fourth quarter 2012 and income of $0.46 per diluted share for
2012.
2 Represents a non-GAAP financial measure as to the fourth
quarter 2013 combined ratio. A reconciliation of the difference
between this non-GAAP financial measure with the most directly
comparable GAAP financial measure is included in Schedule 1 that is
part of this release.
3 Represents a non-GAAP financial measure as to the year 2013
combined ratio. A reconciliation of the difference between this
non-GAAP financial measure with the most directly comparable GAAP
financial measure is included in Schedule 1 that is part of this
release.
4 Represents a non-GAAP financial measure as to the year 2013
combined ratio. A reconciliation of the difference between this
non-GAAP financial measure with the most directly comparable GAAP
financial measure is included in Schedule 3B that is part of this
release.
STFC has scheduled a conference call with interested investors
for Thursday, Feb. 20 at 11 a.m. ET to discuss the company’s fourth
quarter and year 2013 performance. Live and archived broadcasts of
the call can be accessed at http://www.StateAuto.com/STFC. A replay
of the call can be heard beginning at noon, Feb. 20, by calling
888-673-3572. Supplemental schedules detailing the company’s fourth
quarter and year 2013 financial, sales and underwriting results are
made available on http://www.StateAuto.com/STFC prior to the
conference call.
* * * * * *
Except for historical information, all other information in this
news release consists of forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected, anticipated or implied. The most significant
of these uncertainties are described in State Auto Financial's Form
10-K and Form 10-Q reports and exhibits to those reports, and
include (but are not limited to) legislative changes at both the
state and federal level, state and federal regulatory rule making
promulgations and adjudications, class action litigation involving
the insurance industry and judicial decisions affecting claims,
policy coverages and the general costs of doing business, the
impact of competition on products and pricing, inflation in the
costs of the products and services insurance pays for, product
development, geographic spread of risk, weather and weather-related
events, and other types of catastrophic events. State Auto
Financial undertakes no obligation to update or revise any
forward-looking statements.
STATE AUTO FINANCIAL CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended Year Ended December 31 December 31
(In millions, except per share amounts) 2013 2012 2013 2012
Net premiums written $ 253.4 $ 256.6 $ 1,062.1 $
1,055.3 Earned premiums 264.2 267.4 1,055.0 1,042.1
Net investment income 17.4 20.2 72.8 75.4 Net realized gain on
investments 7.5 8.2 23.2 29.0 Other income 0.6
0.9 2.0 3.6 Total revenue 289.7
296.7 1,153.0 1,150.1
Income before federal income taxes 16.3 20.9 61.3 10.6
Federal income tax (benefit) expense (0.1 ) -
0.5 (0.1 ) Net income $ 16.4 $ 20.9
$ 60.8 $ 10.7 Earnings per common share: -
basic $ 0.40 $ 0.52 $ 1.50 $ 0.26 - diluted $ 0.40 $ 0.51 $ 1.49 $
0.26 Earnings (loss) per share from operations (A): - basic
$ 0.28 $ 0.39 $ 1.13 $ (0.20 ) - diluted $ 0.28 $ 0.38 $ 1.12 $
(0.20 ) Weighted average shares outstanding: - basic 40.7
40.4 40.6 40.4 - diluted 41.1 40.6 40.7 40.5 Return on
average equity (LTM) 8.0 % 1.5 % Book value per share $
19.27 $ 18.22 Dividends paid per share $ 0.10 $ 0.10 $ 0.40
$ 0.55 Total shares outstanding 40.7 40.5 GAAP
ratios: Cat loss and ALAE ratio 1.5 2.2 3.4 6.4 Non-cat loss and
LAE ratio 67.3 66.5 64.8
68.3 Loss and LAE ratio 68.8 68.7 68.2 74.7 Expense ratio
33.3 33.0 33.6 33.2
Combined ratio 102.1 101.7
101.8 107.9 (A) Reconciliation of
non-GAAP financial measure: Net income from operations: Net income
$ 16.4 $ 20.9 $ 60.8 $ 10.7 Less net realized gain on investments,
less applicable federal income taxes 4.8 5.4
15.1 18.9 Net income (loss) from
operations $ 11.6 $ 15.5 $ 45.7 $ (8.2 )
Schedule 1
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
RECONCILIATION OF HO QS ARRANGEMENT CESSION (unaudited)
The following table sets forth a reconciliation of the HO QS
Arrangement cession on the Company's overall results and key
performance indicators on a pro forma GAAP basis as if the HO QS
Arrangement had not been in effect for the three and twelve months
ended December 31, 2013 and 2012.
GAAP HO QS Arrangement Cession - Overall Results
Three Months Ended Three Months Ended
December 31,
2013
December 31,
2012
($ millions) As Reported
HO QSCession
Pro Formawithout HOQS Cession
As Reported
HO QSCession
Pro Formawithout HOQS Cession
Earned Premiums $ 264.2 $ 44.1 $ 308.3 $ 267.4 $ 40.4 $
307.8 Losses and LAE Incurred: Cat loss and ALAE 4.1 3.5 7.6 5.9
2.0 7.9 Non-cat loss and LAE 177.8 14.5
192.3 178.0 14.2
192.2 Loss and LAE 181.9 18.0 199.9 183.9 16.2 200.1
Acquisition and operating expenses 88.1 12.8
100.9 88.3 11.7
100.0 Net underwriting (loss) gain (5.8 )
13.3 7.5 (4.8 ) 12.5
7.7 Cat loss and ALAE ratio 1.5 % 8.0 %
2.5 % 2.2 % 5.0 % 2.6 % Non-cat loss and LAE ratio 67.3 %
32.9 % 62.3 % 66.5 % 35.1 % 62.4
% Loss and LAE ratio 68.8 % 40.9 % 64.8 % 68.7 % 40.1 % 65.0 %
Expense ratio 33.3 % 29.0 % 32.7 % 33.0
% 29.0 % 32.5 % Combined ratio 102.1 %
69.9 % 97.5 % 101.7 % 69.1 % 97.5 %
Twelve Months Ended Twelve Months Ended
December 31,
2013
December 31,
2012
($ millions) As Reported
HO QSCession
Pro Formawithout HOQS Cession
As Reported
HO QSCession
Pro Formawithout HOQS Cession
Earned Premiums $ 1,055.0 $ 177.0 $ 1,232.0 $ 1,042.1 $
166.2 $ 1,208.3 Losses and LAE Incurred: Cat loss and ALAE 36.3
22.7 59.0 67.1 49.5 116.6 Non-cat loss and LAE 683.5
70.0 753.5 711.2
74.5 785.7 Loss and LAE 719.8 92.7 812.5 778.3
124.0 902.3 Acquisition and operating expenses 354.8
51.4 406.2 345.9
48.2 394.1 Net underwriting (loss) gain
(19.6 ) 32.9 13.3 (82.1 )
(6.0 ) (88.1 ) Cat loss and ALAE ratio 3.4 % 12.9 %
4.8 % 6.4 % 29.8 % 9.6 % Non-cat loss and LAE ratio 64.8 %
39.5 % 61.2 % 68.3 % 44.8 % 65.0
% Loss and LAE ratio 68.2 % 52.4 % 66.0 % 74.7 % 74.6 % 74.6 %
Expense ratio 33.6 % 29.0 % 33.0 % 33.2
% 29.0 % 32.6 % Combined ratio 101.8 %
81.4 % 99.0 % 107.9 % 103.6 % 107.2 %
Schedule 2
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
RECONCILIATION OF RED UNDERWRITING RESULTS (unaudited)
The following table sets forth a reconciliation of the
former RED unit's underwriting results on the Company's overall
results and key performance indicators on a pro forma GAAP basis as
if the RED results had been excluded for the three and twelve
months ended December 31, 2013 and 2012.
GAAP Former RED Unit Underwriting Results - Overall
Results Three Months Ended Three Months Ended
December 31,
2013
December 31,
2012
($ millions) As Reported RED
Pro Formawithout RED
As Reported RED
Pro Formawithout RED
Earned Premiums $ 264.2 $ 1.3 $ 262.9 $ 267.4 $ 20.3 $ 247.1
Losses and LAE Incurred: Cat loss and ALAE 4.1 (0.2 ) 4.3 5.9 0.2
5.7 Non-cat loss and LAE 177.8 17.0
160.8 178.0 28.0
150.0 Loss and LAE 181.9 16.8 165.1 183.9 28.2 155.7
Acquisition and operating expenses 88.1 0.7
87.4 88.3 8.2
80.1 Net underwriting (loss) gain (5.8 )
(16.2 ) 10.4 (4.8 ) (16.1 )
11.3 Cat loss and ALAE ratio 1.5 % -13.0 % 1.6
% 2.2 % 1.0 % 2.3 % Non-cat loss and LAE ratio 67.3 %
1344.7 % 61.2 % 66.5 % 137.9 % 60.7 %
Loss and LAE ratio 68.8 % 1331.7 % 62.8 % 68.7 % 138.9 % 63.0 %
Expense ratio 33.3 % 56.8 % 33.2 % 33.0
% 40.1 % 32.4 % Combined ratio 102.1 %
1388.5 % 96.0 % 101.7 % 179.0 % 95.4 %
Twelve Months Ended Twelve Months Ended
December 31,
2013
December 31,
2012
($ millions) As Reported RED
Pro Formawithout RED
As Reported RED
Pro Formawithout RED
Earned Premiums $ 1,055.0 $ 23.7 $ 1,031.3 $ 1,042.1 $ 97.9
$ 944.2 Losses and LAE Incurred: Cat loss and ALAE 36.3 0.3 36.0
67.1 0.7 66.4 Non-cat loss and LAE 683.5 44.6
638.9 711.2 119.5
591.7 Loss and LAE 719.8 44.9 674.9 778.3 120.2 658.1
Acquisition and operating expenses 354.8 8.6
346.2 345.9 38.2 $
307.7 Net underwriting (loss) gain (19.6 )
(29.8 ) 10.2 (82.1 ) (60.5 )
(21.6 ) Cat loss and ALAE ratio 3.4 % 1.2 % 3.5 % 6.4 % 0.7
% 7.0 % Non-cat loss and LAE ratio 64.8 % 188.3 %
61.9 % 68.3 % 122.1 % 62.7 % Loss and
LAE ratio 68.2 % 189.5 % 65.4 % 74.7 % 122.8 % 69.7 % Expense ratio
33.6 % 36.1 % 33.6 % 33.2 % 39.0
% 32.6 % Combined ratio 101.8 % 225.6 %
99.0 % 107.9 % 161.8 % 102.3 %
Schedule 3A
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
RECONCILIATION OF RED UNDERWRITING RESULTS AND HO QS ARRANGEMENT
CESSION (unaudited) The following table sets forth a
reconciliation of the former RED unit's underwriting results and
the HO QS Arrangement cession on the Company's overall results and
key performance indicators on a pro forma GAAP basis as if the RED
results had been excluded and the HO QS Arrangement had not been in
effect for the three months ended December 31, 2013 and 2012.
Three Months Ended
December 31,
2013
($ millions) As Reported RED
Pro Formawithout RED
HO QS Cession
Pro Forma withoutRED and HO QSCession
Earned Premiums $ 264.2 $ 1.3 $ 262.9 $ 44.1 $ 307.0 Losses
and LAE Incurred: Cat loss and ALAE 4.1 (0.2 ) 4.3 3.5 7.8 Non-cat
loss and LAE 177.8 17.0 160.8
14.5 175.3 Loss and LAE 181.9
16.8 165.1 18.0 183.1 Acquisition and operating expenses
88.1 0.7 87.4 12.8
100.2 Net underwriting (loss) gain (5.8 )
(16.2 ) 10.4 13.3 23.7
Cat loss and ALAE ratio 1.5 % -13.0 % 1.6 % 8.0 % 2.5
% Non-cat loss and LAE ratio 67.3 % 1344.7 %
61.2 % 32.9 % 57.1 % Loss and LAE ratio 68.8 % 1331.7
% 62.8 % 40.9 % 59.6 % Expense ratio 33.3 % 56.8 %
33.2 % 29.0 % 32.6 % Combined ratio
102.1 % 1388.5 % 96.0 % 69.9 % 92.2 %
Three Months Ended
December 31,
2012
($ millions) As Reported RED
Pro Formawithout RED
HO QS Cession
Pro Forma withoutRED and HO QSCession
Earned Premiums $ 267.4 $ 20.3 $ 247.1 $ 40.4 $ 287.5 Losses
and LAE Incurred: Cat loss and ALAE 5.9 0.2 5.7 2.0 7.7 Non-cat
loss and LAE 178.0 28.0 150.0
14.2 164.2 Loss and LAE 183.9
28.2 155.7 16.2 171.9 Acquisition and operating expenses
88.3 8.2 80.1 11.7
91.8 Net underwriting (loss) gain (4.8 )
(16.1 ) 11.3 12.5 23.8
Cat loss and ALAE ratio 2.2 % 1.0 % 2.3 % 5.0 % 2.7 %
Non-cat loss and LAE ratio 66.5 % 137.9 % 60.7
% 35.1 % 57.1 % Loss and LAE ratio 68.7 % 138.9 %
63.0 % 40.1 % 59.8 % Expense ratio 33.0 % 40.1 %
32.4 % 29.0 % 31.9 % Combined ratio
101.7 % 179.0 % 95.4 % 69.1 % 91.7 %
Schedule 3B
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
RECONCILIATION OF RED UNDERWRITING RESULTS AND HO QS ARRANGEMENT
CESSION (unaudited) The following table sets forth a
reconciliation of the former RED unit's underwriting results and
the HO QS Arrangement cession on the Company's overall results and
key performance indicators on a pro forma GAAP basis as if the RED
results had been excluded and the HO QS Arrangement had not been in
effect for the twelve months ended December 31, 2013 and 2012.
Twelve Months Ended
December 31,
2013
($ millions) As Reported RED
Pro Formawithout RED
HO QS Cession
Pro Forma withoutRED and HO QSCession
Earned Premiums $ 1,055.0 $ 23.7 $ 1,031.3 $ 177.0 $ 1,208.3
Losses and LAE Incurred: Cat loss and ALAE 36.3 0.3 36.0 22.7 58.7
Non-cat loss and LAE 683.5 44.6
638.9 70.0 708.9 Loss and LAE
719.8 44.9 674.9 92.7 767.6 Acquisition and operating expenses
354.8 8.6 346.2
51.4 397.6 Net underwriting (loss) gain
(19.6 ) (29.8 ) 10.2 32.9
43.1 Cat loss and ALAE ratio 3.4 % 1.2 % 3.5 % 12.9 %
4.9 % Non-cat loss and LAE ratio 64.8 % 188.3 %
61.9 % 39.5 % 58.7 % Loss and LAE ratio 68.2 %
189.5 % 65.4 % 52.4 % 63.6 % Expense ratio 33.6 %
36.1 % 33.6 % 29.0 % 32.9 % Combined ratio
101.8 % 225.6 % 99.0 % 81.4 %
96.5 % Twelve Months Ended
December 31,
2012
($ millions) As Reported RED
Pro Formawithout RED
HO QS Cession
Pro Forma withoutRED and HO QSCession
Earned Premiums $ 1,042.1 $ 97.9 $ 944.2 $ 166.2 $ 1,110.4
Losses and LAE Incurred: Cat loss and ALAE 67.1 0.7 66.4 49.5 115.9
Non-cat loss and LAE 711.2 119.5
591.7 74.5 666.2 Loss and LAE
778.3 120.2 658.1 124.0 782.1 Acquisition and operating expenses
345.9 38.2 307.7
48.2 355.9 Net underwriting loss (82.1
) (60.5 ) (21.6 ) (6.0 ) (27.6 )
Cat loss and ALAE ratio 6.4 % 0.7 % 7.0 % 29.8 % 10.4 % Non-cat
loss and LAE ratio 68.3 % 122.1 % 62.7 %
44.8 % 60.0 % Loss and LAE ratio 74.7 % 122.8 % 69.7
% 74.6 % 70.4 % Expense ratio 33.2 % 39.0 %
32.6 % 29.0 % 32.1 % Combined ratio 107.9 %
161.8 % 102.3 % 103.6 % 102.5 %
State Auto Financial CorporationTara Shull, 614-917-4478 F
614-887-1793Investor Relations and Finance
DirectorTara.Shull@StateAuto.comorKyle Anderson, 614-917-5497 M
614-477-5301AVP/Director of Corporate
CommunicationKyle.Anderson@StateAuto.comorFor additional
information:StateAuto.com/STFCfacebook.com/StateAutotwitter.com/StateAuto
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