State Auto Financial Corporation (STFC) has reported a 51.21 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $10.10 million, or $0.24 a share in the quarter, compared with $20.70 million, or $0.50 a share for the same period last year.
Revenue during the quarter went up marginally by 0.89 percent to $352.80 million from $349.70 million in the previous year period. Net premium earned for the quarter went up marginally by 1.91 percent or $6.10 million to $325.80 million. During the quarter, the company has written premium worth $335.80 million on net basis, up 3.48 percent or $11.30 million.
Net investment income was at $17.60 million for the quarter, down 5.88 percent or $1.10 million from year-ago period. The company has recorded a gain on investments of $8.80 million in the quarter compared with a gain of $10.80 million for the previous year period.
STFC's Chairman, President and chief executive officer Mike LaRocco commented on the quarter as follows: "We're making real progress in our effort to return State Auto to profitable growth, as we continue to work to address the drivers of our poor overall results. “I'm not pleased with our third quarter results, which were driven by our auto lines. This caused our overall results, while improved, to remain unacceptable. During the quarter, following an evaluation, we decided to stop writing Program business. Termination of those partnerships is underway and will continue through mid-2017.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
