State Auto Financial Earns $19.3M in 4thQ

March 3, 2003

State Auto Financial Corp. reported fourth-quarter net earnings of $19.3 million, or 49 cents per share, compared to 27 cents per share for the year-earlier quarter. Net operating earnings for the quarter were 40 cents per diluted share, versus 26 cents per share for the same period of 2001.

Revenues for the property/casualty insurer were up 12.7 percent to $254.3 million from $225,.6 million a year earlier. Quarterly written premium increased 10.5 percent over the fourth quarter of 2001. Meanwhile, the company reported a fourth-quarter combined ratio of 98.5 versus 115.8 for the fourth quarter of 2001.

For the year, net reported earnings were $37 million, or 93 cents per diluted share, up from the prior year’s $20.6 million, or 52 cents per diluted share, a 79.5 percent increase. Revenue for the year 2002 was $967.5 million, up 55.2 percent from $623.3 million for 2001. The combined ratio for the year was 102.4, compared to the 107.0 posted in 2001.

State Auto Financial primarily writes personal and commercial automobile, homeowners’, commercial multi-peril, general liability, workers’ compensation and fire insurance.

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