State Auto Financial Profit Up 60 Percent Over 1stQ 2002

April 30, 2003

Columbus, Ohio-based State Auto Financial Corp. announced record net earnings of $21.1 million for the first quarter of 2003. GAAP net earnings were 53 cents per diluted share, versus 33 cents for the same period last year. Net operational earnings for the quarter were 47 cents per diluted share, compared to 31 cents for the same period 2002.

STFC’s first quarter revenue was $253.4 million, up 10.2 percent from $230 million a year earlier. Quarterly written premium increased 6.4 percent over the first quarter 2002. The Company’s GAAP combined ratio for the first quarter was 95.2 versus 98.5 for the first quarter 2002. The improvement in the combined ratio this quarter over the first quarter of 2002 can be attributed mainly to the continued improvements in the Meridian segment of the business. The Meridian segment produced a combined ratio of 91.0 for this quarter versus 105.1 a year ago.

STFC is a regional property and casualty insurance holding company engaged primarily in writing personal and commercial automobile, homeowners, commercial multi-peril, general liability, workers’ compensation and fire insurance.

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