State Auto Financial reports profitable 2012

Company incurred $7.3 million in losses from Superstorm Sandy.
Wire
Feb 19, 2013

 

State Auto Financial finished in the black in 2012 after a tough 2011, when devastating tornadoes, floods and hurricanes caused the company to post a loss.

The company reported today income of $10.7 million, or 27 cents per share, for 2012 compared with a loss of $160.7 million, or $4 per share, for 2011.

The improvement came despite a smaller profit for the fourth quarter compared with the final three months of 2011.

The company said it made $20.9 million, or 51 cents per share, for the quarter ended Dec. 31, down from $99.3 million, or $2.47 per share, in the final quarter of 2011 that included a one-time tax benefit.

The company said it incurred $7.3 million in losses from Superstorm Sandy that rocked the East Coast in the quarter.

For the year, the company reported catastrophic losses of $67.1 million compared with $231.1 million in 2011.

The news sent shares up 4.5 percent in mid-morning trading.

Revenue fell about a third last year to $1.2 billion because of changes the company has made to reduce risk from catastrophic storms.

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Mark Williams - The Columbus Dispatch, Ohio (MCT)

©2013 The Columbus Dispatch (Columbus, Ohio)

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Distributed by MCT Information Services

Comments

Estrella Damm

...and why should I care. Is someone at the ReFAILector a stockholder?