- Quarterly earnings of $1.85 per share
- Quarterly net income from operations1 of $0.66 per share
- Quarterly GAAP combined ratio of 93.8
- Quarterly SAP personal and commercial segments' combined ratio2
of 94.5
- Return on equity of 1.3%
- Book value per share of $23.00
State Auto Financial Corporation (NASDAQ:STFC) today reported
fourth quarter 2020 net income of $81.8 million, or $1.85 per
diluted share, compared to net income of $33.2 million, or $0.73
per diluted share, for the same 2019 period. Net income from
operations1 per diluted share for the fourth quarter of 2020 was
$0.66 versus $0.30 for the same 2019 period.
For the year ended 2020, STFC had net income of $13.1 million,
or $0.30 per diluted share, compared to net income of $85.8
million, or $1.93 per diluted share, for the same 2019 period. Net
loss from operations1 per diluted share for the year ended 2020 was
$0.19 versus net income from operations1 per diluted share of $0.59
for the same 2019 period.
GAAP Operating Results
STFC’s GAAP combined ratio for the fourth quarter 2020 was 93.8
compared to 100.0 for the same 2019 period. Catastrophe losses
during the fourth quarter 2020 accounted for 4.3 points of the 59.0
total loss ratio points, or $15.2 million, versus 7.7 points of the
total 64.2 loss ratio points, or $24.8 million, for the same period
in 2019. Non-catastrophe losses and ALAE during the fourth quarter
2020 included 5.5 points of favorable development relating to prior
years, or $19.7 million, versus 5.7 points of favorable
development, or $18.3 million, for the same period in 2019.
STFC’s GAAP combined ratio for the year ended 2020 was 105.3
compared to 103.0 for the same 2019 period. Catastrophe losses for
the year ended 2020 accounted for 14.9 points of the 70.4 total
loss ratio points, or $206.2 million, versus 8.0 points, or $100.5
million for the same period in 2019. Non-catastrophe losses and
ALAE for the year ended 2020 included 3.7 points of favorable
development relating to prior years, or $51.5 million, versus 5.8
points of favorable development, or $72.4 million, for the same
period in 2019.
SAP Personal and Commercial Operating
Results
Net written premium for the fourth quarter 2020 increased 7.8%
compared to the same period in 2019. By segment, net written
premium for personal and commercial increased 6.0% and 10.6%,
respectively. The increase in the personal segment was primarily
due to new business growth and rate increases in homeowners and
other personal. The improvement was partially offset by a decrease
in net written premiums in personal auto due to a decline in new
business. The increase in the commercial segment was primarily
driven by (i) new business growth and rate increases in commercial
auto and (ii) new business growth in farm & ranch. The
improvement was partially offset by a decrease in net written
premiums in workers’ compensation due to (i) a decline in new
business as a result of COVID-19, (ii) a strategic decision to not
renew and no longer write nursing home policies, and (iii)
continued intense competition in this market.
Net written premium for the year ended 2020 increased 10.7%
compared to the same period in 2019. By insurance segment, net
written premium for the personal and commercial segments increased
9.4% and 12.7%, respectively. The trends in the personal and
commercial segments' net written premium were due to the same
factors discussed above for the fourth quarter. In addition, the
increase in the commercial segment was also driven by rate
increases in middle market commercial.
The SAP personal and commercial segments' combined ratio for the
fourth quarter 2020 was 94.5 compared to 97.1 for the same 2019
period. Catastrophe losses during the fourth quarter 2020 accounted
for 4.2 points of the total 59.2 loss ratio points, or $15.0
million, versus 5.6 points of the total 62.1 loss ratio points, or
$18.2 million, for the same period in 2019. Non-catastrophe losses
and ALAE during the fourth quarter 2020 included 5.5 points of
favorable development relating to prior years, or $19.7 million,
versus 6.1 points of favorable development, or $19.6 million, for
the same period in 2019.
The SAP personal and commercial segments' combined ratio for the
year ended 2020 was 103.6 compared to 101.4 for the same 2019
period. Catastrophe losses for the year ended 2020 accounted for
14.0 points of the total 69.3 loss ratio points, or $193.6 million,
versus 7.2 points of the total 66.9 loss ratio points, or $89.9
million for the same period in 2019. Non-catastrophe losses and
ALAE for the year ended 2020 included 4.1 points of favorable
development relating to prior years, or $56.7 million, versus 5.7
points of favorable development, or $71.3 million, for the same
period in 2019.
Book Value and Return on Equity
STFC’s book value increased to $23.00 per share as of Dec. 31,
2020, compared to $21.58 on Sept. 30, 2020. The increase was driven
by the market value of our investment portfolio and net operating
income.
Return on stockholders’ equity for the 12 months ended December
31, 2020, was 1.3% compared to 9.8% for the 12 months ended
December 31, 2019.
STFC’s Chairman, President and CEO Mike LaRocco commented on the
quarter and year as follows:
"We ended an otherwise challenging year with a strong quarterly
result. Our fourth quarter 2020 personal and commercial lines’
94.5% SAP combined ratio and 7.8% net written premium growth
demonstrated our ability to grow profitability and included notable
improvement in key areas, including our non-catastrophe loss ratio
and expense ratio.
"For the year, our personal and commercial lines’ 103.6% SAP
combined ratio included a catastrophe loss ratio of 14 points,
which is 6.4 points higher than our five-year average. Our personal
lines business produced a 106.8% SAP combined ratio, including 14.5
points of catastrophe losses. While net written premium in our
personal auto line declined 5.9%, our homeowners business grew
23.6%. Our commercial lines business was profitable with an SAP
combined ratio of 99.2% and net written premium growth of 12.7%. We
also completed the rollout of products on our digital-only
platform, State Auto Connect, with the launch of farm and ranch,
workers’ compensation and middle market commercial.
"While our financial results for the year can be seen as falling
short of our expectations, 2020 was a successful year and one in
which our associates can take great pride. With the exception of an
unusually bad CAT year, our underlying loss ratio was terrific, as
was our strong growth. More importantly, I’m proud of the
extraordinary efforts of our team, from Claims and Risk Engineering
(CARE) and Service who delivered exceptional service to customers
affected by storms and other catastrophic events throughout the
country, to our sales teams who strengthened relationships with
independent agents in the midst of a pandemic. Throughout the year,
we always put family and community first and stayed true to our
culture, our bond became stronger and we are positioned for
continued progress and success in 2021."
About State Auto Financial Corporation
State Auto Financial Corporation, headquartered in Columbus,
Ohio, is a super regional property and casualty insurance holding
company. 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, 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 earnings (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 net investment gain (loss), net of applicable
taxes, on investment activity for the periods being reported. For
STFC, this amounted to income of $1.19 per diluted share and $0.49
per diluted share for the fourth quarter and year ended Dec. 31,
2020, respectively, versus a income of $0.43 per diluted share and
$1.34 per diluted share for the fourth quarter and year ended Dec.
31, 2019, respectively.
2 Insurance industry regulators require STFC's insurance
subsidiaries to report their financial condition and results of
operations using Statutory Accounting Practices ("SAP"). The SAP
personal and commercial segments' combined ratio is a measure used
by management to evaluate STFC’s operating performance for its
ongoing operations.
STFC has scheduled a conference call with interested investors
for Thursday, Feb. 18, at 11 a.m. ET to discuss the Company’s
fourth quarter 2020 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 2 p.m., Feb. 18, by calling
855-859-2056, conference ID 5526278. Supplemental schedules
detailing the Company’s fourth quarter 2020 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.
Selected Consolidated Financial
Data
Three months ended December
31
Year ended December 31
2020
2019 3
2020
2019 3
Net written premiums
$
349.1
$
323.4
$
1,456.3
$
1,315.3
Earned premiums
356.5
322.8
1,380.9
1,250.2
Net investment income
17.6
20.0
72.1
80.4
Net investment gain
66.6
24.0
27.3
74.2
Other income from affiliates
0.5
0.8
2.1
2.4
Total revenue
441.2
367.6
1,482.4
1,407.2
Income before federal income taxes
102.0
41.4
14.4
105.5
Federal income tax expense
20.2
8.2
1.3
19.7
Net income
$
81.8
$
33.2
$
13.1
$
85.8
Earnings per common share:
- basic
$
1.87
$
0.76
$
0.30
$
1.98
- diluted
$
1.85
$
0.73
$
0.30
$
1.93
Earnings (loss) per share from operations
(A):
- basic
$
0.67
$
0.32
$
(0.19
)
$
0.63
- diluted
$
0.66
$
0.30
$
(0.19
)
$
0.59
Weighted average shares outstanding:
- basic
43.8
43.6
43.7
43.4
- diluted
44.3
44.0
44.3
44.0
Return on average equity (LTM)
1.3
%
9.8
%
Book value per share
$
23.00
$
22.19
Dividends paid per share
$
0.10
$
0.10
$
0.40
$
0.40
Total shares outstanding
43.9
43.6
GAAP ratios:
Cat loss and ALAE ratio
4.3
7.7
14.9
8.0
Non-cat loss and ALAE ratio
54.7
56.5
55.5
59.6
Loss and LAE ratio
59.0
64.2
70.4
67.6
Expense ratio
34.8
35.8
34.9
35.4
Combined ratio
93.8
100.0
105.3
103.0
(A)Reconciliation of non-GAAP financial
measure:
Net income (loss) from operations
Net income
$
81.8
$
33.2
$
13.1
$
85.8
Net investment gain, net of tax
52.6
20.2
21.6
59.7
Net income (loss) from operations
$
29.2
$
13.0
$
(8.5
)
$
26.1
3 The fourth quarter and year to date 2019
results reflect immaterial revisions, primarily for (i) under
reported ceded premiums, (ii) the balance sheet presentation of
premiums receivable, and (iii) a revision to recognize an actuarial
gain which reduced our postretirement benefits liability while
increasing shareholder’s equity. Accordingly, prior period amounts
throughout this release have been adjusted to incorporate the
revised amounts, where applicable. Please refer to our Form 10-K
for the year ending December 31, 2020 for further information.
Condensed Consolidated Balance
Sheets
($ and shares in millions, except per
share amounts)
(unaudited)
December 31
December 31
2020
2019 3
ASSETS
Fixed maturities, available-for-sale, at
fair value (amortized cost $2,117.0 and $2,080.0, respectively)
$
2,237.2
$
2,128.4
Equity securities
389.7
395.2
Other invested assets
71.1
69.7
Other invested assets, at cost
12.1
6.5
Notes receivable from affiliate
70.0
70.0
Total investments
2,780.1
2,669.8
Cash and cash equivalents
90.7
78.0
Accrued investment income and other
assets
29.7
31.7
Premiums receivable
14.0
13.6
Deferred policy acquisition costs
122.2
111.1
Reinsurance recoverable on losses and loss
expenses payable
24.3
13.6
Prepaid reinsurance premiums
8.3
7.5
Due from affiliate
—
4.1
Current federal income taxes
1.7
6.3
Net deferred federal income taxes
27.3
39.7
Property and equipment, net
4.2
4.2
Total assets
$
3,102.5
$
2,979.6
LIABILITIES
Losses and loss expenses payable
$
1,050.4
$
1,066.5
Unearned premiums
723.4
649.2
Notes payable (affiliates $15.2 and $15.2,
respectively)
122.1
122.0
Pension and postretirement benefits
66.2
59.5
Due to affiliate
11.2
—
Other liabilities
119.2
114.9
Total liabilities
2,092.5
2,012.1
STOCKHOLDERS' EQUITY
Common stock, without par value.
Authorized 100.0 shares; 50.7 and 50.4 shares issued, respectively,
at stated value of $2.50 per share
126.8
125.9
Treasury stock, 6.9 and 6.9 shares,
respectively, at cost
(118.4
)
(117.5
)
Additional paid-in capital
213.3
206.7
Accumulated other comprehensive income
(loss)
13.9
(26.9
)
Retained earnings
774.4
779.3
Total stockholders’ equity
1,010.0
967.5
Total liabilities and stockholders’
equity
$
3,102.5
$
2,979.6
Condensed Consolidated Statements of
Income
($ in millions, except per share
amounts)
(unaudited)
Three months ended December
31
Year ended December 31
2020
2019 3
2020
2019 3
Earned premiums
$
356.5
$
322.8
$
1,380.9
$
1,250.2
Net investment income
17.6
20.0
72.1
80.4
Net investment gain
66.6
24.0
27.3
74.2
Other income from affiliates
0.5
0.8
2.1
2.4
Total revenues
441.2
367.6
1,482.4
1,407.2
Losses and loss expenses
210.4
207.2
972.6
844.8
Acquisition and operating expenses
124.0
115.5
481.4
440.7
Interest expense
1.1
1.2
4.7
4.9
Other expenses
3.7
2.3
9.3
11.3
Total expenses
339.2
326.2
1,468.0
1,301.7
Income before federal income
taxes
102.0
41.4
14.4
105.5
Federal income tax expense (benefit):
Current
0.1
—
(0.3
)
(0.4
)
Deferred
20.1
8.2
1.6
20.1
Federal income tax expense
20.2
8.2
1.3
19.7
Net income
$
81.8
$
33.2
$
13.1
$
85.8
Earnings per common share:
Basic
$
1.87
$
0.76
$
0.30
$
1.98
Diluted
$
1.85
$
0.73
$
0.30
$
1.93
Dividends paid per common share
$
0.10
$
0.10
$
0.40
$
0.40
Consolidated Statements of
Comprehensive Income
($ in millions)
(unaudited)
Three months ended December
31
Year ended December 31
2020
2019 3
2020
2019 3
Net income
$
81.8
$
33.2
$
13.1
$
85.8
Other comprehensive (loss) income, net of
tax:
Net unrealized holding gain (loss) on
available-for-sale investments:
Unrealized holding (loss) gain
(3.0
)
(11.1
)
71.5
80.7
Reclassification adjustments for losses
(gains) realized in net income
3.5
(0.7
)
0.3
(3.5
)
Income tax (expense) benefit
(0.1
)
2.5
(15.1
)
(16.2
)
Total net unrealized holding gain (loss)
on available- for-sale investments
0.4
(9.3
)
56.7
61.0
Net unrecognized benefit plan
obligations:
Net actuarial gain (loss) arising during
the period
(27.4
)
7.5
(27.4
)
7.5
Reclassification adjustments for
amortization to statement of income:
Prior service credit
(1.5
)
(1.5
)
(6.3
)
(6.4
)
Net actuarial loss
2.7
2.4
13.7
9.6
Income tax (expense) benefit
5.4
(1.8
)
4.1
(2.2
)
Total net unrecognized benefit plan
obligations
(20.8
)
6.6
(15.9
)
8.5
Other comprehensive (loss) income
(20.4
)
(2.7
)
40.8
69.5
Comprehensive income
$
61.4
$
30.5
$
53.9
$
155.3
Condensed Consolidated Statement of
Stockholders' Equity
($ and shares in millions)
(unaudited)
Year Ended
Year Ended
December 31
December 31
2020
2019 3
Common shares:
Balance at beginning of year
50.4
50.0
Issuance of shares
0.3
0.4
Balance at end of year
50.7
50.4
Treasury shares:
Balance at beginning of year
(6.9
)
(6.8
)
Issuance of shares
—
(0.1
)
Balance at beginning of year and year
ended
(6.9
)
(6.9
)
Common stock:
Balance at beginning of year
$
125.9
$
125.0
Issuance of shares
0.9
0.9
Balance at end of year
126.8
125.9
Treasury stock:
Balance at beginning of year
$
(117.5
)
$
(117.0
)
Shares acquired on stock award
exercises
(0.9
)
(0.5
)
Balance at end of year
(118.4
)
(117.5
)
Additional paid-in capital:
Balance at beginning of year
$
206.7
$
194.2
Issuance of common stock
3.0
5.1
Stock awards granted
3.6
7.4
Balance at end of year
213.3
206.7
Accumulated other comprehensive
loss:
Balance at beginning of year
$
(26.9
)
$
(96.4
)
Change in unrealized gain on
available-for-sale investments, net of tax
56.7
61.0
Change in unrecognized benefit plan
obligations, net of tax
(15.9
)
8.5
Balance at end of year
13.9
(26.9
)
Retained earnings:
Balance at beginning of year
$
779.3
$
710.9
Cumulative effect of change in accounting
to establish an allowance for expected credit losses at January 1,
2020
(0.5
)
—
Net income
13.1
85.8
Dividends declared (affiliates $10.4 and
$10.4, respectively)
(17.5
)
(17.4
)
Balance at end of year
774.4
779.3
Total stockholders’ equity at end of
year
$
1,010.0
$
967.5
Condensed Consolidated Statements of
Cash Flow
($ millions)
(unaudited)
Year ended December 31
2020
2019 3
Cash flows from operating
activities:
Net income
$
13.1
$
85.8
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization, net
10.6
9.4
Share-based compensation
0.9
6.1
Net investment gain
(27.3
)
(74.2
)
Changes in operating assets and
liabilities:
Deferred policy acquisition costs
(11.1
)
(9.2
)
Accrued investment income and other
assets
2.0
0.7
Premiums receivable
(0.4
)
(0.9
)
Postretirement and pension benefits
(16.9
)
(14.5
)
Reinsurance recoverable on losses and loss
expenses payable and prepaid reinsurance premiums
(11.5
)
(9.0
)
Other liabilities and due to/from
affiliate, net
25.8
(42.0
)
Losses and loss expenses payable
(16.6
)
(80.3
)
Unearned premiums
74.2
65.0
Deferred tax expense on share-based
awards
—
(0.9
)
Federal income taxes
6.2
20.1
Net cash provided by (used in)
operating activities
49.0
(43.9
)
Cash flows from investing
activities:
Purchases of fixed maturities
available-for-sale
(661.0
)
(592.6
)
Purchases of equity securities
(88.9
)
(63.4
)
Purchases of other invested assets
(7.6
)
(13.3
)
Maturities, calls and principal reductions
of fixed maturities available-for-sale
384.1
386.3
Sales of fixed maturities
available-for-sale
229.0
308.8
Sales of equity securities
121.1
45.4
Sales of other invested assets
1.3
1.3
Disposals of property and equipment
0.2
1.6
Net cash (used in) provided by
investing activities
(21.8
)
74.1
Cash flows from financing
activities:
Proceeds from issuance of common stock
3.9
5.9
Payments to acquire treasury shares
(0.9
)
(0.5
)
Payment of dividends
(17.5
)
(17.4
)
Proceeds from short-term debt
60.0
—
Repayment of short-term debt
(60.0
)
—
Proceeds from long-term debt
21.5
—
Repayment of long-term debt
(21.5
)
—
Net cash used in financing
activities
(14.5
)
(12.0
)
Net increase in cash and cash
equivalents
12.7
18.2
Cash and cash equivalents at beginning of
period
78.0
59.8
Cash and cash equivalents at end of
period
$
90.7
$
78.0
Supplemental disclosures:
Federal income tax refund
$
4.9
$
—
Interest paid (affiliates $0.8 and $1.1,
respectively)
$
4.5
$
4.8
Net Investment Income
($ in millions)
unaudited
12/31/2019
3/31/2020
6/30/2020
9/30/2020
12/31/2020
Quarter to Date
Gross investment income:
Fixed maturities
$
13.9
$
14.5
$
14.8
$
13.7
$
14.3
TIPS
0.7
0.6
(0.3
)
1.3
0.7
Total fixed maturities
14.6
15.1
14.5
15.0
15.0
Equity securities
4.3
3.1
2.6
2.1
1.5
Other
1.3
1.0
0.8
0.9
1.3
Total gross investment income
20.2
19.2
17.9
18.0
17.8
Less: Investment expenses
0.2
0.3
0.2
0.1
0.2
Net investment income
$
20.0
$
18.9
$
17.7
$
17.9
$
17.6
Year to Date
Gross investment income:
Fixed maturities
$
58.4
$
14.5
$
29.3
$
43.0
$
57.3
TIPS
3.9
0.6
0.3
1.6
2.3
Total fixed maturities
62.3
15.1
29.6
44.6
59.6
Equity securities
13.2
3.1
5.7
7.8
9.3
Other
5.5
1.0
1.8
2.7
4.0
Total gross investment income
81.0
19.2
37.1
55.1
72.9
Less: Investment expenses
0.6
0.3
0.5
0.6
0.8
Net investment income
$
80.4
$
18.9
$
36.6
$
54.5
$
72.1
12/31/2019
3/31/2020
6/30/2020
9/30/2020
12/31/2020
TIPS, fair value
$
135.6
$
111.4
$
115.9
$
117.0
$
116.2
TIPS, book value
$
126.2
$
101.5
$
100.9
$
99.4
$
97.8
Net Investment Gain
($ millions)
Three months ended December
31
Twelve months ended December
31
2020
2019
2020
2019
Investment gain, net:
Fixed maturities:
Realized (losses) gains on sales of
securities, net
$
(3.5
)
$
0.7
$
(0.3
)
$
3.5
Equity securities:
Realized gains (losses) on sales of
securities, net
5.8
0.7
(45.1
)
(1.8
)
Unrealized gain on securities still held,
net
56.0
17.5
71.8
63.9
Net gain on equity securities
61.8
18.2
26.7
62.1
Other invested assets:
Unrealized gain on securities still held,
net
8.3
5.1
0.7
9.9
Net gain on other invested assets
8.3
5.1
0.7
9.9
Other net realized gain (loss)
—
—
0.2
(1.3
)
Net gain on investments
$
66.6
$
24.0
$
27.3
$
74.2
Income Taxes
($ in millions)
unaudited
The following table sets forth the tax
effects of temporary differences that give rise to significant
portions of deferred tax assets and deferred tax liabilities:
December 31
2020
2019 3
Deferred tax assets:
Unearned premiums not currently
deductible
$
30.1
$
27.0
Losses and loss expenses payable
discounting
10.5
10.6
Postretirement and pension benefits
19.3
17.1
Other liabilities
12.2
13.4
Net operating loss carryforward
19.8
12.6
Capital loss carryforward
6.1
—
Tax credit carryforwards
1.9
2.5
Other
1.1
1.1
Total deferred tax assets
101.0
84.3
Deferred tax liabilities:
Deferral of policy acquisition costs
25.7
23.3
Investments
48.0
21.3
Total deferred tax liabilities
73.7
44.6
Net deferred federal income taxes
$
27.3
$
39.7
($ in millions)
Three months ended December 31,
2020
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
86.0
$
103.7
$
18.4
$
208.1
Net earned premiums
96.3
97.9
15.1
209.3
Losses and LAE incurred:
Cat loss and ALAE
—
6.5
0.2
6.7
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
1.2
0.7
(0.4
)
1.5
Current accident year non-cat loss and
ALAE
72.3
38.9
6.2
117.4
Total non-cat loss and ALAE
73.5
39.6
5.8
118.9
Total Loss and ALAE
73.5
46.1
6.0
125.6
ULAE
8.0
4.4
0.6
13.0
Total Loss and LAE
81.5
50.5
6.6
138.6
Underwriting expenses
28.6
34.2
5.9
68.7
Net underwriting (loss) gain
$
(13.8
)
$
13.2
$
2.6
$
2.0
Cat loss and ALAE ratio
—
%
6.6
%
1.8
%
3.2
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
1.3
%
0.7
%
(3.1
)%
0.7
%
Current accident year non-cat loss and
ALAE ratio
75.0
%
39.7
%
40.9
%
56.1
%
Total non-cat loss and ALAE ratio
76.3
%
40.4
%
37.8
%
56.8
%
Total Loss and ALAE ratio
76.3
%
47.0
%
39.6
%
60.0
%
ULAE ratio
8.3
%
4.6
%
3.6
%
6.2
%
Total Loss and LAE ratio
84.6
%
51.6
%
43.2
%
66.2
%
Expense ratio
33.4
%
32.9
%
32.2
%
33.1
%
Combined ratio
118.0
%
84.5
%
75.4
%
99.3
%
($ in millions)
Three months ended December 31, 2019 3
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
98.9
$
84.6
$
12.9
$
196.4
Net earned premiums
105.4
79.8
10.7
195.9
Losses and LAE incurred:
Cat loss and ALAE
0.6
12.3
1.0
13.9
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
0.3
(0.2
)
(0.2
)
(0.1
)
Current accident year non-cat loss and
ALAE
77.0
32.3
3.4
112.7
Total non-cat loss and ALAE
77.3
32.1
3.2
112.6
Total Loss and ALAE
77.9
44.4
4.2
126.5
ULAE
7.9
4.8
0.3
13.0
Total Loss and LAE
85.8
49.2
4.5
139.5
Underwriting expenses
32.6
27.4
4.1
64.1
Net underwriting (loss) gain
$
(13.0
)
$
3.2
$
2.1
$
(7.7
)
Cat loss and ALAE ratio
0.6
%
15.5
%
8.6
%
7.1
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
0.3
%
(0.4
)%
(1.7
)%
(0.1
)%
Current accident year non-cat loss and
ALAE ratio
73.1
%
40.5
%
32.0
%
57.5
%
Total non-cat loss and ALAE ratio
73.4
%
40.1
%
30.3
%
57.4
%
Total Loss and ALAE ratio
74.0
%
55.6
%
38.9
%
64.5
%
ULAE ratio
7.5
%
6.1
%
2.7
%
6.7
%
Total Loss and LAE ratio
81.5
%
61.7
%
41.6
%
71.2
%
Expense ratio
32.8
%
32.3
%
32.1
%
32.6
%
Combined ratio
114.3
%
94.0
%
73.7
%
103.8
%
($ in millions)
Twelve months ended December 31,
2020
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
396.3
$
402.8
$
64.1
$
863.2
Net earned premiums
407.3
360.8
50.9
819.0
Losses and LAE incurred:
Cat loss and ALAE
6.5
99.9
12.2
118.6
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
20.3
3.5
(2.1
)
21.7
Current accident year non-cat loss and
ALAE
238.0
163.9
19.2
421.1
Total non-cat loss and ALAE
258.3
167.4
17.1
442.8
Total Loss and ALAE
264.8
267.3
29.3
561.4
ULAE
31.0
23.0
1.8
55.8
Total Loss and LAE
295.8
290.3
31.1
617.2
Underwriting expenses
127.1
123.9
19.6
270.6
Net underwriting (loss) gain
$
(15.6
)
$
(53.4
)
$
0.2
$
(68.8
)
Cat loss and ALAE ratio
1.6
%
27.7
%
24.0
%
14.5
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
5.0
%
1.0
%
(4.1
)%
2.7
%
Current accident year non-cat loss and
ALAE ratio
58.4
%
45.4
%
37.7
%
51.4
%
Total non-cat loss and ALAE ratio
63.4
%
46.4
%
33.6
%
54.1
%
Total Loss and ALAE ratio
65.0
%
74.1
%
57.6
%
68.6
%
ULAE ratio
7.6
%
6.4
%
3.4
%
6.8
%
Total Loss and LAE ratio
72.6
%
80.5
%
61.0
%
75.4
%
Expense ratio
32.1
%
30.7
%
30.6
%
31.4
%
Combined ratio
104.7
%
111.2
%
91.6
%
106.8
%
($ in millions)
Twelve months ended December 31, 2019
3
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
421.2
$
326.0
$
41.9
$
789.1
Net earned premiums
425.0
295.9
35.0
755.9
Losses and LAE incurred:
Cat loss and ALAE
6.0
60.1
5.0
71.1
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
(10.7
)
0.3
(2.1
)
(12.5
)
Current accident year non-cat loss and
ALAE
284.8
142.7
16.1
443.6
Total non-cat loss and ALAE
274.1
143.0
14.0
431.1
Total Loss and ALAE
280.1
203.1
19.0
502.2
ULAE
30.1
19.9
1.2
51.2
Total Loss and LAE
310.2
223.0
20.2
553.4
Underwriting expenses
129.3
102.2
13.2
244.7
Net underwriting (loss) gain
$
(14.5
)
$
(29.3
)
$
1.6
$
(42.2
)
Cat loss and ALAE ratio
1.4
%
20.3
%
14.1
%
9.4
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
(2.5
)%
0.1
%
(5.9
)%
(1.7
)%
Current accident year non-cat loss and
ALAE ratio
67.0
%
48.2
%
45.9
%
58.8
%
Total non-cat loss and ALAE ratio
64.5
%
48.3
%
40.0
%
57.1
%
Total Loss and ALAE ratio
65.9
%
68.6
%
54.1
%
66.5
%
ULAE ratio
7.1
%
6.8
%
3.4
%
6.8
%
Total Loss and LAE ratio
73.0
%
75.4
%
57.5
%
73.3
%
Expense ratio
30.7
%
31.3
%
31.6
%
31.0
%
Combined ratio
103.7
%
106.7
%
89.1
%
104.3
%
SAP Commercial Insurance Segment
Results
(unaudited)
($ in millions)
Three months ended December 31,
2020
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
39.3
$
32.4
$
34.6
$
13.6
$
16.9
$
4.3
$
141.1
Net earned premiums
37.9
31.9
40.5
16.5
15.5
4.8
147.1
Losses and LAE incurred:
Cat loss and ALAE
0.1
0.7
7.2
—
0.3
—
8.3
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
(0.1
)
(6.5
)
(2.4
)
(8.8
)
(0.5
)
(2.9
)
(21.2
)
Current accident year non-cat loss and
ALAE
23.4
12.0
19.1
15.0
10.2
0.5
80.2
Total non-cat loss and ALAE
23.3
5.5
16.7
6.2
9.7
(2.4
)
59.0
Total Loss and ALAE
23.4
6.2
23.9
6.2
10.0
(2.4
)
67.3
ULAE
1.7
0.6
0.1
1.5
0.6
0.1
4.6
Total Loss and LAE
25.1
6.8
24.0
7.7
10.6
(2.3
)
71.9
Underwriting expenses
13.0
11.1
14.5
7.2
7.0
1.8
54.6
Net underwriting (loss) gain
$
(0.2
)
$
14.0
$
2.0
$
1.6
$
(2.1
)
$
5.3
$
20.6
Cat loss and ALAE ratio
0.1
%
2.4
%
17.9
%
—
%
2.2
%
—
%
5.7
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
(0.2
)%
(20.4
)%
(6.1
)%
(53.1
)%
(3.5
)%
(58.4
)%
(14.4
)%
Current accident year non-cat loss and
ALAE ratio
61.7
%
37.4
%
47.5
%
90.9
%
65.4
%
10.5
%
54.5
%
Total non-cat loss and ALAE ratio
61.5
%
17.0
%
41.4
%
37.8
%
61.9
%
(47.9
)%
40.1
%
Total Loss and ALAE ratio
61.6
%
19.4
%
59.3
%
37.8
%
64.1
%
(47.9
)%
45.8
%
ULAE ratio
4.7
%
1.9
%
0.1
%
8.6
%
3.6
%
2.0
%
3.1
%
Total Loss and LAE ratio
66.3
%
21.3
%
59.4
%
46.4
%
67.7
%
(45.9
)%
48.9
%
Expense ratio
33.0
%
34.2
%
42.1
%
52.6
%
42.1
%
40.5
%
38.7
%
Combined ratio
99.3
%
55.5
%
101.5
%
99.0
%
109.8
%
(5.4
)%
87.6
%
($ in millions)
Three months ended December 31, 2019
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
28.1
$
30.4
$
34.1
$
17.9
$
12.6
$
4.5
$
127.6
Net earned premiums
26.1
30.3
36.2
17.9
12.3
4.5
127.3
Losses and LAE incurred:
Cat loss and ALAE
0.1
1.8
2.5
—
(0.1
)
—
4.3
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
(1.1
)
(3.4
)
(4.6
)
(7.5
)
(1.1
)
(1.8
)
(19.5
)
Current accident year non-cat loss and
ALAE
16.7
12.7
21.3
12.1
5.2
2.6
70.6
Total non-cat loss and ALAE
15.6
9.3
16.7
4.6
4.1
0.8
51.1
Total Loss and ALAE
15.7
11.1
19.2
4.6
4.0
0.8
55.4
ULAE
1.5
0.9
1.3
1.5
0.3
0.2
5.7
Total Loss and LAE
17.2
12.0
20.5
6.1
4.3
1.0
61.1
Underwriting expenses
10.3
11.2
13.8
7.0
5.3
1.6
49.2
Net underwriting (loss) gain
$
(1.4
)
$
7.1
$
1.9
$
4.8
$
2.7
$
1.9
$
17.0
Cat loss and ALAE ratio
0.3
%
5.8
%
7.0
%
—
%
(0.8
)%
—
%
3.4
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
(4.1
)%
(11.3
)%
(12.6
)%
(42.5
)%
(8.5
)%
(40.1
)%
(15.3
)%
Current accident year non-cat loss and
ALAE ratio
64.2
%
42.1
%
58.6
%
68.0
%
42.1
%
55.8
%
55.4
%
Total non-cat loss and ALAE ratio
60.1
%
30.8
%
46.0
%
25.5
%
33.6
%
15.7
%
40.1
%
Total Loss and ALAE ratio
60.4
%
36.6
%
53.0
%
25.5
%
32.8
%
15.7
%
43.5
%
ULAE ratio
5.5
%
3.0
%
3.7
%
8.3
%
2.5
%
3.3
%
4.4
%
Total Loss and LAE ratio
65.9
%
39.6
%
56.7
%
33.8
%
35.3
%
19.0
%
47.9
%
Expense ratio
36.6
%
37.0
%
40.4
%
38.8
%
42.1
%
38.5
%
38.6
%
Combined ratio
102.5
%
76.6
%
97.1
%
72.6
%
77.4
%
57.5
%
86.5
%
($ in millions)
Twelve months ended December 31,
2020
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
157.1
$
128.2
$
161.4
$
62.8
$
64.2
$
19.6
$
593.3
Net earned premiums
134.1
124.7
156.5
70.9
56.3
19.3
561.8
Losses and LAE incurred:
Cat loss and ALAE
1.2
21.7
42.9
—
9.0
0.2
75.0
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
(1.6
)
(23.0
)
(16.7
)
(24.9
)
(2.2
)
(10.0
)
(78.4
)
Current accident year non-cat loss and
ALAE
75.8
65.3
88.7
55.6
25.4
7.8
318.6
Total non-cat loss and ALAE
74.2
42.3
72.0
30.7
23.2
(2.2
)
240.2
Total Loss and ALAE
75.4
64.0
114.9
30.7
32.2
(2.0
)
315.2
ULAE
6.6
4.8
4.6
6.0
2.2
0.5
24.7
Total Loss and LAE
82.0
68.8
119.5
36.7
34.4
(1.5
)
339.9
Underwriting expenses
53.1
45.1
65.3
29.9
28.1
7.8
229.3
Net underwriting (loss) gain
$
(1.0
)
$
10.8
$
(28.3
)
$
4.3
$
(6.2
)
$
13.0
$
(7.4
)
Cat loss and ALAE ratio
0.9
%
17.4
%
27.4
%
—
%
16.0
%
0.9
%
13.4
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
(1.2
)%
(18.5
)%
(10.7
)%
(35.1
)%
(4.0
)%
(51.6
)%
(14.0
)%
Current accident year non-cat loss and
ALAE ratio
56.5
%
52.5
%
56.8
%
78.5
%
45.2
%
40.6
%
56.7
%
Total non-cat loss and ALAE ratio
55.3
%
34.0
%
46.1
%
43.4
%
41.2
%
(11.0
)%
42.7
%
Total Loss and ALAE ratio
56.2
%
51.4
%
73.5
%
43.4
%
57.2
%
(10.1
)%
56.1
%
ULAE ratio
5.0
%
3.8
%
2.9
%
8.4
%
3.8
%
2.4
%
4.4
%
Total Loss and LAE ratio
61.2
%
55.2
%
76.4
%
51.8
%
61.0
%
(7.7
)%
60.5
%
Expense ratio
33.8
%
35.2
%
40.5
%
47.6
%
44.0
%
39.6
%
38.7
%
Combined ratio
95.0
%
90.4
%
116.9
%
99.4
%
105.0
%
31.9
%
99.2
%
($ in millions)
Twelve months ended December 31, 2019
3
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
109.4
$
122.4
$
149.2
$
76.7
$
50.0
$
18.6
$
526.3
Net earned premiums
91.3
119.2
134.3
78.2
48.5
17.1
488.6
Losses and LAE incurred:
Cat loss and ALAE
0.3
7.9
8.2
—
2.4
—
18.8
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
(4.7
)
(15.2
)
(11.8
)
(20.9
)
(3.0
)
(3.2
)
(58.8
)
Current accident year non-cat loss and
ALAE
57.9
64.0
83.5
54.4
23.2
10.3
293.3
Total non-cat loss and ALAE
53.2
48.8
71.7
33.5
20.2
7.1
234.5
Total Loss and ALAE
53.5
56.7
79.9
33.5
22.6
7.1
253.3
ULAE
5.7
5.7
6.3
6.9
1.8
0.7
27.1
Total Loss and LAE
59.2
62.4
86.2
40.4
24.4
7.8
280.4
Underwriting expenses
43.9
47.2
59.8
27.2
22.7
7.6
208.4
Net underwriting (loss) gain
$
(11.8
)
$
9.6
$
(11.7
)
$
10.6
$
1.4
$
1.7
$
(0.2
)
Cat loss and ALAE ratio
0.4
%
6.6
%
6.1
%
—
%
4.9
%
—
%
3.9
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
(5.1
)%
(12.8
)%
(8.8
)%
(26.8
)%
(6.0
)%
(18.8
)%
(12.0
)%
Current accident year non-cat loss and
ALAE ratio
63.3
%
53.8
%
62.2
%
69.7
%
47.8
%
60.1
%
60.0
%
Total non-cat loss and ALAE ratio
58.2
%
41.0
%
53.4
%
42.9
%
41.8
%
41.3
%
48.0
%
Total Loss and ALAE ratio
58.6
%
47.6
%
59.5
%
42.9
%
46.7
%
41.3
%
51.9
%
ULAE ratio
6.2
%
4.8
%
4.7
%
8.8
%
3.7
%
4.1
%
5.5
%
Total Loss and LAE ratio
64.8
%
52.4
%
64.2
%
51.7
%
50.4
%
45.4
%
57.4
%
Expense ratio
40.1
%
38.6
%
40.1
%
35.5
%
45.4
%
40.9
%
39.6
%
Combined ratio
104.9
%
91.0
%
104.3
%
87.2
%
95.8
%
86.3
%
97.0
%
SAP Insurance Segment Results
(unaudited)
($ in millions)
Three months ended December 31,
2020
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
349.2
$
(0.1
)
$
349.1
Net earned premiums
356.4
0.1
356.5
Losses and LAE incurred:
Cat loss and ALAE
15.0
0.2
15.2
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
(19.7
)
—
(19.7
)
Current accident year non-cat loss and
ALAE
197.6
0.1
197.7
Total non-cat loss and ALAE
177.9
0.1
178.0
Total Loss and ALAE
192.9
0.3
193.2
ULAE
17.6
(0.1
)
17.5
Total Loss and LAE
210.5
0.2
210.7
Underwriting expenses
123.3
0.4
123.7
Net underwriting gain (loss)
$
22.6
$
(0.5
)
$
22.1
Cat loss and ALAE ratio
4.2
%
N/M
(1)
4.3
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
(5.5
)%
N/M
(5.5
)%
Current accident year non-cat loss and
ALAE ratio
55.6
%
N/M
55.4
%
Total non-cat loss and ALAE ratio
50.1
%
N/M
49.9
%
Total Loss and ALAE ratio
54.3
%
N/M
54.2
%
ULAE ratio
4.9
%
N/M
4.9
%
Total Loss and LAE ratio
59.2
%
N/M
59.1
%
Expense ratio
35.3
%
N/M
35.4
%
Combined ratio
94.5
%
N/M
94.5
%
(1) N/M = Not Meaningful
($ in millions)
Three months ended December 31, 2019 3
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
324.0
$
(0.6
)
$
323.4
Net earned premiums
323.2
(0.4
)
322.8
Losses and LAE incurred:
Cat loss and ALAE
18.2
6.6
24.8
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
(19.6
)
1.3
(18.3
)
Current accident year non-cat loss and
ALAE
183.3
0.3
183.6
Total non-cat loss and ALAE
163.7
1.6
165.3
Total Loss and ALAE
181.9
8.2
190.1
ULAE
18.7
(1.2
)
17.5
Total Loss and LAE
200.6
7.0
207.6
Underwriting expenses
113.3
1.0
114.3
Net underwriting gain (loss)
$
9.3
$
(8.4
)
$
0.9
Cat loss and ALAE ratio
5.6
%
N/M
7.7
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
(6.1
)%
N/M
(5.7
)%
Current accident year non-cat loss and
ALAE ratio
56.8
%
N/M
57.0
%
Total non-cat loss and ALAE ratio
50.7
%
N/M
51.3
%
Total Loss and ALAE ratio
56.3
%
N/M
59.0
%
ULAE ratio
5.8
%
N/M
5.4
%
Total Loss and LAE ratio
62.1
%
N/M
64.4
%
Expense ratio
35.0
%
N/M
35.3
%
Combined ratio
97.1
%
N/M
99.7
%
($ in millions)
Twelve months ended December 31,
2020
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
1,456.5
$
(0.2
)
$
1,456.3
Net earned premiums
1,380.8
0.1
1,380.9
Losses and LAE incurred:
Cat loss and ALAE
193.6
12.6
206.2
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
(56.7
)
5.2
(51.5
)
Current accident year non-cat loss and
ALAE
739.7
0.4
740.1
Total non-cat loss and ALAE
683.0
5.6
688.6
Total Loss and ALAE
876.6
18.2
894.8
ULAE
80.5
(1.4
)
79.1
Total Loss and LAE
957.1
16.8
973.9
Underwriting expenses
499.9
0.9
500.8
Net underwriting loss
$
(76.2
)
$
(17.6
)
$
(93.8
)
Cat loss and ALAE ratio
14.0
%
N/M
14.9
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
(4.1
)%
N/M
(3.7
)%
Current accident year non-cat loss and
ALAE ratio
53.6
%
N/M
53.6
%
Total non-cat loss and ALAE ratio
49.5
%
N/M
49.9
%
Total Loss and ALAE ratio
63.5
%
N/M
64.8
%
ULAE ratio
5.8
%
N/M
5.7
%
Total Loss and LAE ratio
69.3
%
N/M
70.5
%
Expense ratio
34.3
%
N/M
34.4
%
Combined ratio
103.6
%
N/M
104.9
%
($ in millions)
Twelve months ended December 31, 2019
3
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
1,315.4
$
(0.1
)
$
1,315.3
Net earned premiums
1,244.5
5.7
1,250.2
Losses and LAE incurred:
Cat loss and ALAE
89.9
10.6
100.5
Non-cat loss and ALAE
Prior accident years non-cat loss and
ALAE
(71.3
)
(1.1
)
(72.4
)
Current accident year non-cat loss and
ALAE
736.9
5.2
742.1
Total non-cat loss and ALAE
665.6
4.1
669.7
Total Loss and ALAE
755.5
14.7
770.2
ULAE
78.3
(2.0
)
76.3
Total Loss and LAE
833.8
12.7
846.5
Underwriting expenses
453.1
2.7
455.8
Net underwriting loss
$
(42.4
)
$
(9.7
)
$
(52.1
)
Cat loss and ALAE ratio
7.2
%
N/M
8.0
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE
ratio
(5.7
)%
N/M
(5.8
)%
Current accident year non-cat loss and
ALAE ratio
59.1
%
N/M
59.5
%
Total non-cat loss and ALAE ratio
53.4
%
N/M
53.7
%
Total Loss and ALAE ratio
60.6
%
N/M
61.7
%
ULAE ratio
6.3
%
N/M
6.1
%
Total Loss and LAE ratio
66.9
%
N/M
67.8
%
Expense ratio
34.5
%
N/M
34.7
%
Combined ratio
101.4
%
N/M
102.5
%
The following table provides a reconciliation of our statutory
underwriting results to GAAP consolidated income before federal
income taxes for the fourth quarters and years ended December 31,
2020 and 2019:
($ millions)
4Q 2020
4Q 2019 3
YTD 2020
YTD 2019 3
Segment income (loss) before federal
income taxes:
Insurance operations:
Personal insurance SAP underwriting gain
(loss)
$
2.0
$
(7.7
)
$
(68.8
)
$
(42.2
)
Commercial insurance SAP underwriting gain
(loss)
20.6
17.0
(7.4
)
(0.2
)
Specialty run-off
(0.5
)
(8.4
)
(17.6
)
(9.7
)
Total insurance operations
22.1
0.9
(93.8
)
(52.1
)
Investment operations:
Net investment income
17.6
20.0
72.1
80.4
Net investment gain
66.6
24.0
27.3
74.2
Total investment operations
84.2
44.0
99.4
154.6
All other segments (loss) income
(0.2
)
0.1
(0.1
)
0.3
Reconciling items:
GAAP adjustments
(0.4
)
(2.6
)
19.8
14.7
Interest expense on corporate debt
(1.1
)
(1.2
)
(4.7
)
(4.9
)
Corporate expenses
(2.6
)
0.2
(6.2
)
(7.1
)
Total reconciling items
(4.1
)
(3.6
)
8.9
2.7
Total consolidated income before federal
income taxes
$
102.0
$
41.4
$
14.4
$
105.5
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210218005311/en/
State Auto Financial Corporation Media contact: Kyle Anderson,
614-917-5497 Kyle.Anderson@StateAuto.com or Investor contact:
Natalie Schoolcraft, 614-917-4341
Natalie.Schoolcraft@StateAuto.com
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