State Auto Financial Corporation (STFC) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $4 million, or $ 0.10 a share in the quarter, against a net profit of $3 million, or $0.07 a share in the last year period. Revenue during the quarter went up marginally by 1.50 percent to $344.30 million from $339.20 million in the previous year period. Net premium earned for the quarter went down marginally by 0.81 percent or $2.60 million to $317.30 million. Net premium written for the quarter was almost stable at $ 306.10 million, when compared with the last year period.
Operating income for the quarter was $344.30 million, compared with $339.20 million in the previous year period.
Net investment income was at $18.70 million for the quarter, up 7.47 percent or $1.30 million from year-ago period. The company has recorded a gain on investments of $7.80 million in the quarter compared with a gain of $1.30 million for the previous year period.
STFC’s chairman, president and chief executive officer Mike LaRocco commented on the quarter as follows: "The first quarter included unusually high catastrophe losses. Our combined ratio of 109.2 included 10.8 points of catastrophe losses; our first quarter five-year average is 3.6 points. I'm very proud of how quickly and thoughtfully our claims teams are helping our customers recover from these devastating storms.
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