Columbus, Ohio-based State Auto Financial Corporation reported third quarter 2009 net income of $13.0 million, or $0.33 per diluted share, versus a net loss of $14.7 million, or $0.37 per diluted share, for the third quarter of 2008.
State Auto’s GAAP combined ratio for the quarter was 102.5 versus 116.2 for the third quarter of 2008. Catastrophe losses, net of loss recoveries under the company’s aggregate catastrophe reinsurance treaty, accounted for 3.6 points of the total 68.3 loss ratio points, or $10.8 million, during the third quarter this year, compared to 19.5 points of the total 82.4 loss ratio points, or $54.7 million, for the same period in 2008.
Net written premium for the quarter increased 5.5 pecent over the same period in 2008.
For the first nine months of 2009, STFC had a net loss of $4.2 million, or $0.11 per diluted share, compared to a net loss of $30.5 million or $0.77 per diluted share for 2008. The GAAP combined ratio for 2009 was 108.3, as compared to 114.5 for 2008.
Catastrophe losses, net of loss recoveries under the aggregate catastrophe reinsurance treaty, accounted for 10.4 points of the total 74.6 loss ratio points, or $91.5 million for the first nine months of 2009, compared to 19.8 points of the total 81.1 loss ratio points, or $166.5 million, for the same period in 2009.
Net written premiums increased 5.7 percent for the first nine months of 2009. State Auto’s net written premium increase was driven by standard private passenger auto, which grew 16.5 percent, the company said.
Source: State Auto Financial Corporation
Topics Trends Auto Profit Loss
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