State Auto Financial Corporation (STFC) has reported a 948.39 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $32.50 million, or $0.77 a share in the quarter, compared with $3.10 million, or $0.07 a share for the same period last year.
Revenue during the quarter grew 5.28 percent to $364.90 million from $346.60 million in the previous year period. Net premium earned for the quarter was almost stable at $323.80 million, when compared with the previous year period. During the quarter, the company has written premium worth $307.10 million on net basis, up 1.45 percent or $4.40 million.
Operating income for the quarter was $364.90 million, compared with $346.60 million in the previous year period.
Net investment income was at $20.60 million for the quarter, up 15.73 percent or $2.80 million from year-ago period. The company has recorded a gain on investments of $19.90 million in the quarter compared with a gain of $4.30 million for the previous year period.
STFC's chairman, president and chief executive officer Mike LaRocco commented on the quarter as follows: "We're proud of the progress we made in 2016. We finished strong with improved, but still unacceptable fourth quarter results. In our auto lines, both personal and commercial, we’ve been focused on improving profitability. We’ve implemented rate changes, which are now starting to earn out."
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