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