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State Auto Financial Reports Third Quarter 2019 Results

State Auto Financial Corporation (NASDAQ:STFC) today reported third quarter 2019 net income of $11.5 million, or $0.25 per diluted share, compared to net income of $33.4 million, or $0.76 per diluted share, for the same 2018 period. Net income from operations1 per diluted share for the third quarter of 2019 was $0.34 versus $0.44 for the same 2018 period.

For the first nine months of 2019, STFC had net income of $54.7 million, or $1.25 per diluted share, compared to net income of $37.3 million, or $0.86 per diluted share, for the same 2018 period. Net income from operations1 per diluted share for the first nine months of 2019 was $0.34 versus $0.53 for the same 2018 period.

GAAP Operating Results

STFC’s GAAP combined ratio for the third quarter 2019 was 99.5 compared to 98.4 for the same 2018 period. Catastrophe losses during the third quarter 2019 accounted for 3.3 points of the 65.2 total loss ratio points, or $10.6 million, versus 5.3 points of the total 62.3 loss ratio points, or $16.3 million, for the same period in 2018. Non-catastrophe losses and ALAE during the third quarter 2019 included 5.1 points of favorable development relating to prior years, or $16.1 million, versus 5.9 points of favorable development, or $18.1 million, for the same period in 2018.

STFC’s GAAP combined ratio for the first nine months of 2019 was 103.6 compared to 102.6 for the same 2018 period. Catastrophe losses for the first nine months of 2019 accounted for 8.1 points of the 68.6 total loss ratio points, or $75.7 million, versus 6.8 points of the total 66.8 loss ratio points, or $63.6 million, for the same period in 2018. Non-catastrophe losses and ALAE for the first nine months of 2019 included 5.6 points of favorable development relating to prior years, or $51.7 million, versus 5.6 points of favorable development, or $52.2 million, for the same period in 2018.

SAP Personal and Commercial Operating Results

The exit from our specialty insurance business resulted in the elimination of specialty insurance as a reportable segment as it is no longer material to our results. Specialty results, labeled as "specialty run-off," are included in the SAP Insurance Segment Results tables below to enable reconciliation to total underwriting results.

Net written premium for the third quarter 2019 increased 11.0% compared to the same period in 2018. By insurance segment, net written premium for the personal and commercial segments increased 7.4% and 16.8%, 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 declines in new business and retention. The increase in the commercial segment was led by new business growth in commercial auto and middle market commercial. The improvement was partially offset by a decrease in net written premiums in workers’ compensation due to continued intense competition in this market.

Net written premium for the first nine months of 2019 increased 10.6% compared to the same period in 2018. Net written premium for the personal and commercial segments increased 9.8% and 11.9%, respectively. The improved trends in the personal and commercial segments' net written premium were due to the same factors discussed above for the third quarter.

The SAP personal and commercial segments' combined ratio2 for the third quarter 2019 was 98.7 compared to 96.4 for the same 2018 period. Catastrophe losses during the third quarter 2019 accounted for 3.2 points of the total 65.4 loss ratio points, or $10.3 million, versus 5.5 points of the total 61.4 loss ratio points, or $15.9 million, for the same period in 2018. Non-catastrophe losses and ALAE during the third quarter 2019 included 4.8 points of favorable development relating to prior years, or $15.2 million, versus 6.9 points of favorable development, or $19.9 million, for the same period in 2018.

The SAP personal and commercial segments' combined ratio for the first nine months of 2019 was 102.7 compared to 100.8 for the same 2018 period. Catastrophe losses during the third quarter 2019 accounted for 7.8 points of the total 68.5 loss ratio points, or $71.7 million, versus 7.6 points of the total 66.0 loss ratio points, or $63.4 million, for the same period in 2018. Non-catastrophe losses and ALAE during the third quarter 2019 included 5.8 points of favorable development relating to prior years, or $54.1 million, versus 6.7 points of favorable development, or $56.4 million, for the same period in 2018.

Book Value and Return on Equity

STFC’s book value increased to $21.68 per share as of September 30, 2019, compared to $21.07 on June 30, 2019. The increase in book value was driven by increases in the market value of our investment portfolio.

Return on stockholders’ equity for the 12 months ended September 30, 2019, was 3.4% compared to 3.7% for the 12 months ended September 30, 2018.

STFC’s Chairman, President and CEO Mike LaRocco commented on the quarter as follows:

"We’re very pleased with our overall third quarter 2019 results. It was a quarter where the validation of our move to digital extended beyond personal insurance, to small commercial and commercial auto. Our results demonstrated our ability to deliver on our commitment to profitably grow commercial lines and our agents' willingness to accept our new platform for these lines.

"The SAP personal and commercial segments’ third quarter combined ratio of 98.7 included 3.2 points of catastrophe losses.

"Personal lines delivered a 100.6 combined ratio and 7.4% growth. Homeowners continued to perform well, with 19.5% growth and a 99.9 combined ratio, helped by lower catastrophe losses. In personal auto, we’ve been working to improve business processes, including improved service features on our new platform and ongoing adjustments to our pricing models.We’re confident these efforts will lead to improvement in growth and underwriting results in this important line.

"Commercial lines delivered a 95.9 combined ratio and 16.8% growth for the third quarter, even without the benefit of our new digital platform for our middle market commercial product, farm and ranch and workers compensation; those products will launch next year. Across commercial lines, we are seeing the results of a committed, passionate and focused team that has made us a valued market for small and mid-sized business risks.

"Becoming a more efficient organization remains key to our continued progress. Associates throughout the organization are working every day to identify operational improvements that reduce expenses and make us both more efficient and effective. I am very confident in our ability to deliver."

About State Auto Financial Corporation

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. 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.

STFC has scheduled a conference call with interested investors for Thursday, October 31, at 11 a.m. ET to discuss the Company’s third quarter 2019 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., October 31, by calling 855-859-2056, conference ID 6146097. Supplemental schedules detailing the Company’s third quarter 2019 financial, sales and underwriting results are made available on http://www.StateAuto.com/STFC prior to the conference call.

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 a loss of $0.09 per diluted share for the third quarter of 2019 and income of $0.91 year-to-date 2019 versus income of $0.32 per diluted share for the third quarter 2018 and income of $0.33 year-to-date 2018.

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. Details behind the compilation of these results can be found in the SAP Insurance Segment Results tables of this release.

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

($ in millions, except per share amounts)

(unaudited)

Three months ended September 30

Nine months ended September 30

2019

2018

2019

2018

Net premiums written

$

346.8

$

312.4

$

994.5

$

912.7

Earned premiums

319.6

306.8

930.0

929.2

Net investment income

19.3

20.8

60.4

62.2

Net investment (loss) gain

(5.0

)

17.8

50.2

18.2

Other income

0.6

0.6

1.6

1.8

Total revenue

334.5

346.0

1,042.2

1,011.4

Income before federal income taxes

12.7

41.0

66.7

45.4

Federal tax expense

1.2

7.6

12.0

8.1

Net income

$

11.5

$

33.4

$

54.7

$

37.3

Earnings per common share:

- basic

$

0.26

$

0.78

$

1.26

$

0.87

- diluted

$

0.25

$

0.76

$

1.25

$

0.86

Earnings per share from operations(A):

- basic

$

0.35

$

0.45

$

0.35

$

0.54

- diluted

$

0.34

$

0.44

$

0.34

$

0.53

Weighted average shares outstanding:

- basic

43.5

43.0

43.4

42.8

- diluted

44.0

43.6

44.0

43.3

Return on average equity (LTM)

3.4

%

3.7

%

Book value per share

$

21.68

$

19.36

Dividends paid per share

$

0.10

$

0.10

$

0.30

$

0.30

Total shares outstanding

43.5

43.0

GAAP ratios:

Cat loss and ALAE ratio

3.3

5.3

8.1

6.8

Non-cat loss and LAE ratio

61.9

57.0

60.5

60.0

Loss and LAE ratio

65.2

62.3

68.6

66.8

Expense ratio

34.3

36.1

35.0

35.8

Combined ratio

99.5

98.4

103.6

102.6

(A) Reconciliation of non-GAAP financial measure:

Net income from operations:

Net income

$

11.5

$

33.4

$

54.7

$

37.3

Net investment (loss) gain, net of tax

(3.5

)

14.0

39.6

14.3

Net income from operations

$

15.0

$

19.4

$

15.1

$

23.0

Condensed Consolidated Balance Sheets

($ and shares in millions, except per share amounts)

(unaudited)

September 30

December 31

2019

2018

ASSETS

Fixed maturities, available-for-sale, at fair value (amortized cost $2,129.0 and $2,188.2, respectively)

$

2,189.3

$

2,159.5

Equity securities

373.3

315.0

Other invested assets

64.6

48.8

Other invested assets, at cost

6.5

5.6

Notes receivable from affiliate

70.0

70.0

Total investments

2,703.7

2,598.9

Cash and cash equivalents

38.3

59.8

Accrued investment income and other assets

34.7

32.4

Deferred policy acquisition costs

114.3

101.9

Reinsurance recoverable on losses and loss expenses payable

7.2

5.5

Prepaid reinsurance premiums

7.5

6.6

Due from affiliate

17.4

Current federal income taxes

6.3

5.9

Net deferred federal income taxes

46.2

77.8

Property and equipment, net

4.2

7.1

Total assets

$

2,979.8

$

2,895.9

LIABILITIES

Losses and loss expenses payable

$

1,092.7

$

1,146.8

Unearned premiums

649.2

584.2

Notes payable (affiliates $15.2 and $15.2, respectively)

122.0

122.0

Pension and postretirement benefits

70.3

83.0

Due to affiliate

22.4

Other liabilities

101.9

119.0

Total liabilities

2,036.1

2,077.4

STOCKHOLDERS' EQUITY

Common stock, without par value. Authorized 100.0 shares; 50.3 and 50.0 shares issued, respectively, at stated value of $2.50 per share

125.8

125.0

Treasury stock, 6.8 and 6.8 shares, respectively, at cost

(117.5

)

(117.0

)

Additional paid-in capital

205.2

194.2

Accumulated other comprehensive loss

(24.2

)

(96.4

)

Retained earnings

754.4

712.7

Total stockholders' equity

943.7

818.5

Total liabilities and stockholders' equity

$

2,979.8

$

2,895.9

Condensed Consolidated Statements of Income

($ in millions, except per share amounts)

(unaudited)

Three months ended
September 30

Nine months ended
September 30

2019

2018

2019

2018

Earned premiums

$

319.6

$

306.8

$

930.0

$

929.2

Net investment income

19.3

20.8

60.4

62.2

Net investment (loss) gain

(5.0

)

17.8

50.2

18.2

Other income from affiliates

0.6

0.6

1.6

1.8

Total revenues

334.5

346.0

1,042.2

1,011.4

Losses and loss expenses

208.4

191.0

637.6

621.1

Acquisition and operating expenses

109.7

110.9

325.2

333.0

Interest expense

1.2

1.2

3.7

4.5

Other expenses

2.5

1.9

9.0

7.4

Total expenses

321.8

305.0

975.5

966.0

Income before federal income taxes

12.7

41.0

66.7

45.4

Federal income tax expense (benefit):

Current

(0.1

)

(0.4

)

(1.1

)

Deferred

1.2

7.7

12.4

9.2

Federal income tax expense

1.2

7.6

12.0

8.1

Net income

$

11.5

$

33.4

$

54.7

$

37.3

Earnings per common share:

Basic

$

0.26

$

0.78

$

1.26

$

0.87

Diluted

$

0.25

$

0.76

$

1.25

$

0.86

Dividends paid per common share

$

0.10

$

0.10

$

0.30

$

0.30

Consolidated Statements of Comprehensive Income (Loss)

($ in millions)

(unaudited)

Three months ended September 30

Nine months ended September 30

2019

2018

2019

2018

Net income

$

11.5

$

33.4

$

54.7

$

37.3

Other comprehensive income (loss), net of tax:

Net unrealized holding gain (loss) on available-for-sale investments:

Unrealized holding gain (loss)

22.6

(14.7

)

91.8

(61.6

)

Reclassification adjustments for gains realized in net income

(1.2

)

(2.8

)

(1.7

)

Income tax (expense) benefit

(4.5

)

3.1

(18.7

)

13.3

Total net unrealized holding gain (loss) on available- for-sale investments

16.9

(11.6

)

70.3

(50.0

)

Net unrecognized benefit plan obligations:

Reclassification adjustments for amortization to statements of income:

Prior service credit

(1.6

)

(1.6

)

(4.8

)

(4.8

)

Net actuarial loss

2.4

3.3

7.2

9.9

Income tax expense

(0.2

)

(0.4

)

(0.5

)

(1.1

)

Total net unrecognized benefit plan obligations

0.6

1.3

1.9

4.0

Other comprehensive income (loss)

17.5

(10.3

)

72.2

(46.0

)

Comprehensive income (loss)

$

29.0

$

23.1

$

126.9

$

(8.7

)

Condensed Consolidated Statement of Stockholders' Equity

($ and shares in millions)

(unaudited)

Nine Months Ended

Year Ended

September 30

December 31

2019

2018

Common shares:

Balance at beginning of year

50.0

49.2

Issuance of shares

0.3

0.8

Balance at period ended

50.3

50.0

Treasury shares:

Balance at beginning of year

(6.8

)

(6.8

)

Balance at period ended

(6.8

)

(6.8

)

Common stock:

Balance at beginning of year

$

125.0

$

123.0

Issuance of shares

0.8

2.0

Balance at period ended

125.8

125.0

Treasury stock:

Balance at beginning of year

$

(117.0

)

$

(116.8

)

Shares acquired on stock award exercises and vested restricted shares

(0.5

)

(0.2

)

Balance at beginning of year and period ended

(117.5

)

(117.0

)

Additional paid-in capital:

Balance at beginning of year

$

194.2

$

171.8

Issuance of common stock

4.0

13.3

Stock awards granted

7.0

9.1

Balance at period ended

205.2

194.2

Accumulated other comprehensive (loss) income:

Balance at beginning of the year

$

(96.4

)

$

3.8

Cumulative effect of change in accounting for equity securities and other invested assets and reclassification of stranded tax effects as of January 1, 2018

(63.9

)

Change in unrealized holding gain (loss) on investments, net of tax

70.3

(38.3

)

Change in unrecognized benefit plan obligations, net of tax

1.9

2.0

Balance at period ended

(24.2

)

(96.4

)

Retained earnings:

Balance at beginning of year

$

712.7

$

653.2

Cumulative effect of change in accounting for equity securities and other invested assets and reclassification of stranded tax effects as of January 1, 2018

63.9

Net income

54.7

12.8

Cash dividends paid

(13.0

)

(17.2

)

Balance at period ended

754.4

712.7

Total stockholders' equity at period ended

$

943.7

$

818.5

Condensed Consolidated Statements of Cash Flow

($ in millions)

(unaudited)

Nine months ended

September 30

2019

2018

Cash flows from operating activities:

Net income

$

54.7

$

37.3

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Depreciation and amortization, net

6.2

6.7

Share-based compensation

7.0

5.7

Net investment gain

(50.2

)

(18.2

)

Changes in operating assets and liabilities:

Deferred policy acquisition costs

(12.4

)

5.8

Accrued investment income and other assets

(2.3

)

(3.0

)

Postretirement and pension benefits

(12.2

)

(16.3

)

Other liabilities and due to/from affiliates, net

(55.0

)

19.0

Reinsurance recoverable on losses and loss expenses payable and prepaid reinsurance premiums

(2.6

)

(2.3

)

Losses and loss expenses payable

(54.1

)

(56.9

)

Unearned premiums

65.0

(16.2

)

Deferred tax expense on share-based awards

(0.7

)

Federal income taxes

12.7

8.1

Net cash used in operating activities

(43.9

)

(30.3

)

Cash flows from investing activities:

Purchases of fixed maturities available-for-sale

(459.9

)

(267.0

)

Purchases of equity securities

(48.9

)

(82.2

)

Purchases of other invested assets

(12.9

)

(1.1

)

Maturities, calls and pay downs of fixed maturities available-for-sale

267.1

180.4

Sales of fixed maturities available-for-sale

248.7

69.7

Sales of equity securities

34.4

89.3

Sales of other invested assets

1.0

0.9

Net disposal of property and equipment

1.6

Net cash provided by (used in) investing activities

31.1

(10.0

)

Cash flows from financing activities:

Proceeds from issuance of common stock

4.8

11.7

Payments to acquire treasury stock

(0.5

)

(0.2

)

Payment of dividends

(13.0

)

(12.8

)

Payment of prepayment fee

(0.4

)

Net cash used in financing activities

(8.7

)

(1.7

)

Net increase (decrease) in cash and cash equivalents

(21.5

)

(42.0

)

Cash and cash equivalents at beginning of period

59.8

91.5

Cash and cash equivalents at end of period

$

38.3

$

49.5

Supplemental disclosures:

Interest paid (affiliates $0.7 and $0.7, respectively)

$

3.5

$

4.5

Net Investment Income

($ in millions)

(unaudited)

9/30/2018

12/31/2018

3/31/2019

6/30/2019

9/30/2019

Quarter to Date

Gross investment income:

Fixed maturities

$

15.1

$

15.0

$

15.4

$

14.7

$

14.4

TIPS

1.3

0.9

(0.3

)

2.6

0.9

Total fixed maturities

16.4

15.9

15.1

17.3

15.3

Equity securities

3.0

4.8

2.8

3.1

3.0

Other

1.7

2.0

1.7

1.4

1.1

Total gross investment income

21.1

22.7

19.6

21.8

19.4

Less: Investment expenses

0.3

0.2

0.1

0.1

Net investment income

$

20.8

$

22.7

$

19.4

$

21.7

$

19.3

Year to Date

Gross investment income:

Fixed maturities

$

45.0

$

60.0

$

15.4

$

30.1

$

44.5

TIPS

4.4

5.3

(0.3

)

2.3

3.2

Total fixed maturities

49.4

65.3

15.1

32.4

47.7

Equity securities

8.6

13.4

2.8

5.9

8.9

Other

5.2

7.2

1.7

3.1

4.2

Total gross investment income

63.2

85.9

19.6

41.4

60.8

Less: Investment expenses

1.0

1.0

0.2

0.3

0.4

Net investment income

$

62.2

$

84.9

$

19.4

$

41.1

$

60.4

9/30/2018

12/31/2018

3/31/2019

6/30/2019

9/30/2019

TIPS, fair value

$

143.8

$

142.3

$

147.0

$

145.2

$

135.3

TIPS, book value

$

140.8

$

141.2

$

140.5

$

137.4

$

125.9

Net Investment (Loss) Gain

($ in millions)

unaudited

Three months ended September 30

Nine months ended September 30

2019

2018

2019

2018

Realized gains on sales of securities:

Fixed maturities

$

1.2

$

$

2.8

$

1.7

Equity securities

0.2

1.0

1.7

6.0

Other invested assets

Total realized gains

1.4

1.0

4.5

7.7

Realized losses on sales of securities:

Sales of equity securities

(2.0

)

(4.2

)

(0.6

)

Total realized losses

(2.0

)

(4.2

)

(0.6

)

Net realized (loss) gain on investments

$

(0.6

)

$

1.0

$

0.3

$

7.1

Net unrealized (loss) gain on investments¹:

Equity securities

(4.1

)

16.4

46.4

12.8

Other invested assets

(0.3

)

0.4

4.8

(1.7

)

Net unrealized (loss) gain on investments

(4.4

)

16.8

51.2

11.1

Other net realized loss

$

$

$

(1.3

)

$

Net investment (loss) gain

$

(5.0

)

$

17.8

$

50.2

$

18.2

1 Unrealized holding gains (losses) recognized during the period on securities held at the reporting date

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:

September 30

December 31

2019

2018

Deferred tax assets:

Unearned premiums not currently deductible

$

27.0

$

24.3

Losses and loss expenses payable discounting

10.8

19.9

Postretirement and pension benefits

19.3

21.4

Net unrealized holding losses on investments

6.2

Realized loss on other-than-temporary impairment

2.0

1.9

Other liabilities

13.3

14.8

Net operating loss carryforward

15.7

15.1

Tax credit carryforwards

2.5

2.7

Other

1.6

Total deferred tax assets

93.3

107.9

Deferred tax liabilities:

Deferral of policy acquisition costs

24.0

21.4

Net unrealized holding gains on investments

21.9

Losses and loss expenses payable discounting (transition rule)

8.7

Other

1.2

0.1

Total deferred tax liabilities

47.1

30.1

Net deferred federal income taxes

$

46.2

$

77.8

The following table sets forth the components of federal income tax expense (benefit):

Three months ended September 30

Nine months ended September 30

2019

2018

2019

2018

Income before federal income taxes

$

12.7

$

41.0

$

66.7

$

45.4

Federal income tax expense (benefit)

Current

(0.1

)

(0.4

)

(1.1

)

Deferred

1.2

7.7

12.4

9.2

Total federal income tax expense

1.2

7.6

12.0

8.1

Net income

$

11.5

$

33.4

$

54.7

$

37.3

SAP Personal Insurance Segment Results

(unaudited)

($ in millions)

Three months ended September 30, 2019

Personal Auto

Homeowners

Other Personal

Total

Net written premiums

$

107.1

$

91.5

$

11.2

$

209.8

Net earned premiums

108.3

75.6

8.8

192.7

Losses and LAE incurred:

Cat loss and ALAE

0.9

7.0

0.3

8.2

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(1.2

)

(0.9

)

(2.1

)

Current accident year non-cat loss and ALAE

73.0

41.2

4.7

118.9

Total non-cat loss and ALAE

71.8

41.2

3.8

116.8

Total Loss and ALAE

72.7

48.2

4.1

125.0

ULAE

7.4

4.4

0.2

12.0

Total Loss and LAE

80.1

52.6

4.3

137.0

Underwriting expenses

30.9

27.8

3.3

62.0

Net underwriting (loss) gain

$

(2.7

)

$

(4.8

)

$

1.2

$

(6.3

)

Cat loss and ALAE ratio

0.8

%

9.2

%

3.5

%

4.2

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(1.2

)%

0.1

%

(9.8

)%

(1.1

)%

Current accident year non-cat loss and ALAE ratio

67.4

%

54.5

%

52.5

%

61.7

%

Total non-cat loss and ALAE ratio

66.2

%

54.6

%

42.7

%

60.6

%

Total Loss and ALAE ratio

67.0

%

63.8

%

46.2

%

64.8

%

ULAE ratio

6.9

%

5.8

%

2.0

%

6.2

%

Total Loss and LAE ratio

73.9

%

69.6

%

48.2

%

71.0

%

Expense ratio

28.9

%

30.3

%

29.6

%

29.6

%

Combined ratio

102.8

%

99.9

%

77.8

%

100.6

%

($ in millions)

Three months ended September 30, 2018

Personal Auto

Homeowners

Other Personal

Total

Net written premiums

$

110.7

$

76.6

$

8.0

$

195.3

Net earned premiums

103.5

63.7

5.8

173.0

Losses and LAE incurred:

Cat loss and ALAE

0.9

11.1

0.8

12.8

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(7.3

)

(1.5

)

(0.8

)

(9.6

)

Current accident year non-cat loss and ALAE

61.9

27.6

2.4

91.9

Total non-cat loss and ALAE

54.6

26.1

1.6

82.3

Total Loss and ALAE

55.5

37.2

2.4

95.1

ULAE

6.8

3.8

0.1

10.7

Total Loss and LAE

62.3

41.0

2.5

105.8

Underwriting expenses

32.6

24.9

2.8

60.3

Net underwriting gain (loss)

$

8.6

$

(2.2

)

$

0.5

$

6.9

Cat loss and ALAE ratio

0.8

%

17.4

%

13.7

%

7.4

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(7.1

)%

(2.3

)%

(14.5

)%

(5.6

)%

Current accident year non-cat loss and ALAE ratio

59.8

%

43.2

%

43.0

%

53.1

%

Total non-cat loss and ALAE ratio

52.7

%

40.9

%

28.5

%

47.5

%

Total Loss and ALAE ratio

53.5

%

58.3

%

42.2

%

54.9

%

ULAE ratio

6.6

%

5.9

%

1.1

%

6.2

%

Total Loss and LAE ratio

60.1

%

64.2

%

43.3

%

61.1

%

Expense ratio

29.5

%

32.6

%

34.4

%

30.9

%

Combined ratio

89.6

%

96.8

%

77.7

%

92.0

%

($ in millions)

Nine months ended September 30, 2019

Personal Auto

Homeowners

Other Personal

Total

Net written premiums

$

324.8

$

241.4

$

29.0

$

595.2

Net earned premiums

322.1

216.1

24.3

562.5

Losses and LAE incurred:

Cat loss and ALAE

5.4

47.8

4.0

57.2

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(11.0

)

0.5

(1.9

)

(12.4

)

Current accident year non-cat loss and ALAE

207.8

110.4

12.7

330.9

Total non-cat loss and ALAE

196.8

110.9

10.8

318.5

Total Loss and ALAE

202.2

158.7

14.8

375.7

ULAE

22.2

15.1

0.9

38.2

Total Loss and LAE

224.4

173.8

15.7

413.9

Underwriting expenses

96.7

74.8

9.1

180.6

Net underwriting gain (loss)

$

1.0

$

(32.5

)

$

(0.5

)

$

(32.0

)

Cat loss and ALAE ratio

1.6

%

22.1

%

16.5

%

10.2

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(3.4

)%

0.3

%

(7.8

)%

(2.2

)%

Current accident year non-cat loss and ALAE ratio

64.5

%

51.0

%

52.0

%

58.7

%

Total non-cat loss and ALAE ratio

61.1

%

51.3

%

44.2

%

56.5

%

Total Loss and ALAE ratio

62.7

%

73.4

%

60.7

%

66.7

%

ULAE ratio

6.9

%

7.0

%

3.7

%

6.8

%

Total Loss and LAE ratio

69.6

%

80.4

%

64.4

%

73.5

%

Expense ratio

29.8

%

31.0

%

31.5

%

30.4

%

Combined ratio

99.4

%

111.4

%

95.9

%

103.9

%

($ in millions)

Nine months ended September 30, 2018

Personal Auto

Homeowners

Other Personal

Total

Net written premiums

$

318.8

$

203.0

$

20.1

$

541.9

Net earned premiums

296.1

182.0

16.1

494.2

Losses and LAE incurred:

Cat loss and ALAE

4.8

38.1

2.2

45.1

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(18.5

)

(7.2

)

(1.1

)

(26.8

)

Current accident year non-cat loss and ALAE

193.6

81.9

8.0

283.5

Total non-cat loss and ALAE

175.1

74.7

6.9

256.7

Total Loss and ALAE

179.9

112.8

9.1

301.8

ULAE

17.7

12.4

0.6

30.7

Total Loss and LAE

197.6

125.2

9.7

332.5

Underwriting expenses

92.9

65.9

7.5

166.3

Net underwriting gain (loss)

$

5.6

$

(9.1

)

$

(1.1

)

$

(4.6

)

Cat loss and ALAE ratio

1.6

%

20.9

%

13.5

%

9.1

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(6.3

)%

(3.9

)%

(7.1

)%

(5.4

)%

Current accident year non-cat loss and ALAE ratio

65.4

%

45.0

%

50.0

%

57.4

%

Total non-cat loss and ALAE ratio

59.1

%

41.1

%

42.9

%

52.0

%

Total Loss and ALAE ratio

60.7

%

62.0

%

56.4

%

61.1

%

ULAE ratio

6.0

%

6.8

%

3.7

%

6.2

%

Total Loss and LAE ratio

66.7

%

68.8

%

60.1

%

67.3

%

Expense ratio

29.1

%

32.5

%

37.2

%

30.7

%

Combined ratio

95.8

%

101.3

%

97.3

%

98.0

%

SAP Commercial Insurance Segment Results

(unaudited)

($ in millions)

Three months ended September 30, 2019

Commercial
Auto

Small
Commercial
Package

Middle
Market
Commercial

Workers'
Comp

Farm &
Ranch

Other
Commercial

Total

Net written premiums

$

27.7

$

30.0

$

39.8

$

23.9

$

11.4

$

4.6

$

137.4

Net earned premiums

23.8

29.9

34.9

21.7

12.4

4.3

127.0

Losses and LAE incurred:

Cat loss and ALAE

0.1

1.1

0.5

0.4

2.1

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(1.1

)

(4.1

)

(1.2

)

(4.4

)

(0.7

)

(1.6

)

(13.1

)

Current accident year non-cat loss and ALAE

15.2

17.9

19.7

13.9

6.2

3.2

76.1

Total non-cat loss and ALAE

14.1

13.8

18.5

9.5

5.5

1.6

63.0

Total Loss and ALAE

14.2

14.9

19.0

9.5

5.9

1.6

65.1

ULAE

1.6

1.3

2.0

1.8

0.4

0.1

7.2

Total Loss and LAE

15.8

16.2

21.0

11.3

6.3

1.7

72.3

Underwriting expenses

11.9

11.7

15.9

7.2

4.7

2.1

53.5

Net underwriting (loss) gain

$

(3.9

)

$

2.0

$

(2.0

)

$

3.2

$

1.4

$

0.5

$

1.2

Cat loss and ALAE ratio

0.5

%

3.7

%

1.6

%

%

3.2

%

%

1.7

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(4.6

)%

(13.7

)%

(3.6

)%

(20.1

)%

(5.7

)%

(37.9

)%

(10.4

)%

Current accident year non-cat loss and ALAE ratio

63.8

%

60.1

%

56.3

%

64.2

%

50.0

%

75.9

%

60.0

%

Total non-cat loss and ALAE ratio

59.2

%

46.4

%

52.7

%

44.1

%

44.3

%

38.0

%

49.6

%

Total Loss and ALAE ratio

59.7

%

50.1

%

54.3

%

44.1

%

47.5

%

38.0

%

51.3

%

ULAE ratio

6.7

%

4.2

%

5.7

%

8.3

%

3.2

%

4.1

%

5.7

%

Total Loss and LAE ratio

66.4

%

54.3

%

60.0

%

52.4

%

50.7

%

42.1

%

57.0

%

Expense ratio

43.0

%

39.1

%

40.0

%

30.0

%

41.7

%

42.2

%

38.9

%

Combined ratio

109.4

%

93.4

%

100.0

%

82.4

%

92.4

%

84.3

%

95.9

%

($ in millions)

Three months ended September 30, 2018

Commercial
Auto

Small
Commercial
Package

Middle
Market
Commercial

Workers'
Comp

Farm &
Ranch

Other
Commercial

Total

Net written premiums

$

19.1

$

29.1

$

30.7

$

24.1

$

10.7

$

3.9

$

117.6

Net earned premiums

18.8

30.5

29.4

21.3

11.3

3.9

115.2

Losses and LAE incurred:

Cat loss and ALAE

(0.4

)

2.1

0.5

0.8

0.1

3.1

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(1.1

)

(1.8

)

(2.1

)

(2.5

)

(1.0

)

(1.8

)

(10.3

)

Current accident year non-cat loss and ALAE

11.5

18.5

18.7

14.3

6.5

2.3

71.8

Total non-cat loss and ALAE

10.4

16.7

16.6

11.8

5.5

0.5

61.5

Total Loss and ALAE

10.0

18.8

17.1

11.8

6.3

0.6

64.6

ULAE

0.9

1.8

1.6

1.8

0.3

0.2

6.6

Total Loss and LAE

10.9

20.6

18.7

13.6

6.6

0.8

71.2

Underwriting expenses

8.8

12.7

12.5

7.4

5.5

2.3

49.2

Net underwriting (loss) gain

$

(0.9

)

$

(2.8

)

$

(1.8

)

$

0.3

$

(0.8

)

$

0.8

$

(5.2

)

Cat loss and ALAE ratio

(1.8

)%

6.8

%

1.7

%

%

7.3

%

2.1

%

2.7

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(5.9

)%

(5.8

)%

(7.3

)%

(12.0

)%

(8.2

)%

(44.6

)%

(8.9

)%

Current accident year non-cat loss and ALAE ratio

60.9

%

60.6

%

63.6

%

67.5

%

57.5

%

60.8

%

62.4

%

Total non-cat loss and ALAE ratio

55.0

%

54.8

%

56.3

%

55.5

%

49.3

%

16.2

%

53.5

%

Total Loss and ALAE ratio

53.2

%

61.6

%

58.0

%

55.5

%

56.6

%

18.3

%

56.2

%

ULAE ratio

5.1

%

5.7

%

5.3

%

8.1

%

2.4

%

6.5

%

5.7

%

Total Loss and LAE ratio

58.3

%

67.3

%

63.3

%

63.6

%

59.0

%

24.8

%

61.9

%

Expense ratio

46.3

%

43.6

%

40.5

%

30.5

%

51.5

%

57.7

%

41.8

%

Combined ratio

104.6

%

110.9

%

103.8

%

94.1

%

110.5

%

82.5

%

103.7

%

($ in millions)

Nine months ended September 30, 2019

Commercial
Auto

Small
Commercial
Package

Middle
Market
Commercial

Workers'
Comp

Farm &
Ranch

Other
Commercial

Total

Net written premiums

$

81.4

$

92.0

$

115.1

$

58.8

$

37.4

$

14.1

$

398.8

Net earned premiums

65.3

88.9

98.1

60.3

36.2

12.6

361.4

Losses and LAE incurred:

Cat loss and ALAE

0.2

6.1

5.7

2.5

14.5

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(3.6

)

(11.8

)

(7.2

)

(13.4

)

(1.9

)

(1.4

)

(39.3

)

Current accident year non-cat loss and ALAE

41.2

51.3

62.2

42.3

18.0

7.7

222.7

Total non-cat loss and ALAE

37.6

39.5

55.0

28.9

16.1

6.3

183.4

Total Loss and ALAE

37.8

45.6

60.7

28.9

18.6

6.3

197.9

ULAE

4.2

4.8

5.0

5.4

1.5

0.5

21.4

Total Loss and LAE

42.0

50.4

65.7

34.3

20.1

6.8

219.3

Underwriting expenses

33.6

36.0

46.0

20.2

17.4

6.0

159.2

Net underwriting (loss) gain

$

(10.3

)

$

2.5

$

(13.6

)

$

5.8

$

(1.3

)

$

(0.2

)

$

(17.1

)

Cat loss and ALAE ratio

0.4

%

6.9

%

5.8

%

%

6.8

%

%

4.0

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(5.5

)%

(13.3

)%

(7.4

)%

(22.1

)%

(5.2

)%

(11.2

)%

(10.9

)%

Current accident year non-cat loss and ALAE ratio

62.9

%

57.7

%

63.4

%

70.2

%

49.7

%

61.7

%

61.7

%

Total non-cat loss and ALAE ratio

57.4

%

44.4

%

56.0

%

48.1

%

44.5

%

50.5

%

50.8

%

Total Loss and ALAE ratio

57.8

%

51.3

%

61.8

%

48.1

%

51.3

%

50.5

%

54.8

%

ULAE ratio

6.5

%

5.4

%

5.1

%

8.9

%

4.2

%

4.3

%

5.9

%

Total Loss and LAE ratio

64.3

%

56.7

%

66.9

%

57.0

%

55.5

%

54.8

%

60.7

%

Expense ratio

41.3

%

39.1

%

40.0

%

34.4

%

46.6

%

41.7

%

39.9

%

Combined ratio

105.6

%

95.8

%

106.9

%

91.4

%

102.1

%

96.5

%

100.6

%

($ in millions)

Nine months ended September 30, 2018

Commercial
Auto

Small
Commercial
Package

Middle
Market
Commercial

Workers'
Comp

Farm &
Ranch

Other
Commercial

Total

Net written premiums

$

59.1

$

91.1

$

92.6

$

66.1

$

34.9

$

12.7

$

356.5

Net earned premiums

55.9

91.2

86.7

66.7

33.4

11.8

345.7

Losses and LAE incurred:

Cat loss and ALAE

0.2

9.8

5.8

2.4

0.1

18.3

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(5.7

)

(6.5

)

(2.9

)

(8.4

)

(2.2

)

(3.9

)

(29.6

)

Current accident year non-cat loss and ALAE

34.9

55.3

55.9

43.3

17.1

6.0

212.5

Total non-cat loss and ALAE

29.2

48.8

53.0

34.9

14.9

2.1

182.9

Total Loss and ALAE

29.4

58.6

58.8

34.9

17.3

2.2

201.2

ULAE

3.2

4.8

4.6

5.6

1.3

0.8

20.3

Total Loss and LAE

32.6

63.4

63.4

40.5

18.6

3.0

221.5

Underwriting expenses

26.4

40.4

36.1

21.8

15.7

6.1

146.5

Net underwriting (loss) gain

$

(3.1

)

$

(12.6

)

$

(12.8

)

$

4.4

$

(0.9

)

$

2.7

$

(22.3

)

Cat loss and ALAE ratio

0.4

%

10.8

%

6.7

%

%

7.3

%

0.6

%

5.3

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(10.1

)%

(7.1

)%

(3.3

)%

(12.6

)%

(6.5

)%

(32.9

)%

(8.5

)%

Current accident year non-cat loss and ALAE ratio

62.4

%

60.6

%

64.5

%

64.9

%

51.1

%

51.2

%

61.5

%

Total non-cat loss and

ALAE ratio

52.3

%

53.5

%

61.2

%

52.3

%

44.6

%

18.3

%

53.0

%

Total Loss and ALAE ratio

52.7

%

64.3

%

67.9

%

52.3

%

51.9

%

18.9

%

58.3

%

ULAE ratio

5.8

%

5.2

%

5.3

%

8.4

%

3.9

%

6.8

%

5.9

%

Total Loss and LAE ratio

58.5

%

69.5

%

73.2

%

60.7

%

55.8

%

25.7

%

64.2

%

Expense ratio

44.7

%

44.3

%

39.0

%

32.9

%

45.0

%

47.9

%

41.1

%

Combined ratio

103.2

%

113.8

%

112.2

%

93.6

%

100.8

%

73.6

%

105.3

%

SAP Insurance Segment Results

(unaudited)

($ in millions)

Three months ended September 30, 2019

Personal &
Commercial

Specialty run-off

Total

Net written premiums

$

347.2

$

(0.4

)

$

346.8

Net earned premiums

319.7

(0.1

)

319.6

Losses and LAE incurred:

Cat loss and ALAE

10.3

0.3

10.6

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(15.2

)

(0.9

)

(16.1

)

Current accident year non-cat loss and ALAE

195.0

0.1

195.1

Total non-cat loss and ALAE

179.8

(0.8

)

179.0

Total Loss and ALAE

190.1

(0.5

)

189.6

ULAE

19.2

(0.1

)

19.1

Total Loss and LAE

209.3

(0.6

)

208.7

Underwriting expenses

115.5

1.1

116.6

Net underwriting loss

$

(5.1

)

$

(0.6

)

$

(5.7

)

Cat loss and ALAE ratio

3.2

%

N/M(1)

3.3

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(4.8

)%

N/M

(5.1

)%

Current accident year non-cat loss and ALAE ratio

61.0

%

N/M

61.2

%

Total non-cat loss and ALAE ratio

56.2

%

N/M

56.1

%

Total Loss and ALAE ratio

59.4

%

N/M

59.4

%

ULAE ratio

6.0

%

N/M

6.0

%

Total Loss and LAE ratio

65.4

%

N/M

65.4

%

Expense ratio

33.3

%

N/M

33.6

%

Combined ratio

98.7

%

N/M

99.0

%

(1) N/M = Not Meaningful

($ in millions)

Three months ended September 30, 2018

Personal &
Commercial

Specialty run-off

Total

Net written premiums

$

312.9

$

(0.5

)

$

312.4

Net earned premiums

288.2

18.6

306.8

Losses and LAE incurred:

Cat loss and ALAE

15.9

0.4

16.3

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(19.9

)

1.8

(18.1

)

Current accident year non-cat loss and ALAE

163.7

11.4

175.1

Total non-cat loss and ALAE

143.8

13.2

157.0

Total Loss and ALAE

159.7

13.6

173.3

ULAE

17.3

0.8

18.1

Total Loss and LAE

177.0

14.4

191.4

Underwriting expenses

109.5

2.3

111.8

Net underwriting gain

$

1.7

$

1.9

$

3.6

Cat loss and ALAE ratio

5.5

%

2.2

%

5.3

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(6.9

)%

9.4

%

(5.9

)%

Current accident year non-cat loss and ALAE ratio

56.8

%

62.1

%

57.1

%

Total non-cat loss and ALAE ratio

49.9

%

71.5

%

51.2

%

Total Loss and ALAE ratio

55.4

%

73.7

%

56.5

%

ULAE ratio

6.0

%

3.9

%

5.9

%

Total Loss and LAE ratio

61.4

%

77.6

%

62.4

%

Expense ratio

35.0

%

(439.2

)%

35.8

%

Combined ratio

96.4

%

(361.6

)%

98.2

%

($ in millions)

Nine months ended September 30, 2019

Personal &
Commercial

Specialty run-off

Total

Net written premiums

$

994.0

$

0.5

$

994.5

Net earned premiums

923.9

6.1

930.0

Losses and LAE incurred:

Cat loss and ALAE

71.7

4.0

75.7

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(51.7

)

(2.4

)

(54.1

)

Current accident year non-cat loss and ALAE

553.6

4.9

558.5

Total non-cat loss and ALAE

501.9

2.5

504.4

Total Loss and ALAE

573.6

6.5

580.1

ULAE

59.6

(0.8

)

58.8

Total Loss and LAE

633.2

5.7

638.9

Underwriting expenses

339.8

1.7

341.5

Net underwriting loss

$

(49.1

)

$

(1.3

)

$

(50.4

)

Cat loss and ALAE ratio

7.8

%

N/M

8.1

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(5.6

)%

N/M

(5.8

)%

Current accident year non-cat loss and ALAE ratio

59.9

%

N/M

60.1

%

Total non-cat loss and ALAE ratio

54.3

%

N/M

54.3

%

Total Loss and ALAE ratio

62.1

%

N/M

62.4

%

ULAE ratio

6.4

%

N/M

6.3

%

Total Loss and LAE ratio

68.5

%

N/M

68.7

%

Expense ratio

34.2

%

N/M

34.3

%

Combined ratio

102.7

%

N/M

103.0

%

($ in millions)

Nine months ended September 30, 2018

Personal &
Commercial

Specialty run-off

Total

Net written premiums

$

898.4

$

14.3

$

912.7

Net earned premiums

839.9

89.3

929.2

Losses and LAE incurred:

Cat loss and ALAE

63.4

0.2

63.6

Non-cat loss and ALAE

Prior accident years non-cat loss and ALAE

(56.4

)

4.2

(52.2

)

Current accident year non-cat loss and ALAE

496.0

59.4

555.4

Total non-cat loss and ALAE

439.6

63.6

503.2

Total Loss and ALAE

503.0

63.8

566.8

ULAE

51.0

4.5

55.5

Total Loss and LAE

554.0

68.3

622.3

Underwriting expenses

312.8

16.5

329.3

Net underwriting (loss) gain

$

(26.9

)

$

4.5

$

(22.4

)

Cat loss and ALAE ratio

7.6

%

0.2

%

6.8

%

Non-cat loss and ALAE ratio

Prior accident years non-cat loss and ALAE ratio

(6.7

)%

4.6

%

(5.6

)%

Current accident year non-cat loss and ALAE ratio

59.0

%

66.6

%

59.8

%

Total non-cat loss and ALAE ratio

52.3

%

71.2

%

54.2

%

Total Loss and ALAE ratio

59.9

%

71.4

%

61.0

%

ULAE ratio

6.1

%

5.0

%

6.0

%

Total Loss and LAE ratio

66.0

%

76.4

%

67.0

%

Expense ratio

34.8

%

115.9

%

36.1

%

Combined ratio

100.8

%

192.3

%

103.1

%

The following table provides a reconciliation of our statutory underwriting results to GAAP consolidated income before federal income taxes for the three and nine months ended September 30, 2019 and 2018:

($ millions)

3Q 2019

3Q 2018

YTD 2019

YTD 2018

Segment (loss) income before federal income taxes:

Insurance operations:

Personal insurance SAP underwriting (loss) gain

$

(6.3

)

$

6.9

$

(32.0

)

$

(4.6

)

Commercial insurance SAP underwriting gain (loss)

1.2

(5.2

)

(17.1

)

(22.3

)

Specialty run-off

(0.6

)

1.9

(1.3

)

4.5

Total insurance operations

(5.7

)

3.6

(50.4

)

(22.4

)

Investment operations:

Net investment income

19.3

20.8

60.4

62.2

Net investment (loss) gain

(5.0

)

17.8

50.2

18.2

Total investment operations

14.3

38.6

110.6

80.4

All other segments income

0.1

0.2

0.3

Reconciling items:

GAAP adjustments

7.2

0.8

17.3

(2.6

)

Interest expense on corporate debt

(1.2

)

(1.2

)

(3.7

)

(4.5

)

Corporate expenses

(1.9

)

(0.9

)

(7.3

)

(5.8

)

Total reconciling items

4.1

(1.3

)

6.3

(12.9

)

Total consolidated income before federal income taxes

$

12.7

$

41.0

$

66.7

$

45.4

Contacts:

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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