State Auto Financial Up 15% After Beating Earnings Estimates
Shares of State Auto Financial (NASDAQ: STFC) are up more than 15% after the company beat earnings estimates.
The company today reported fourth quarter 2011 net income of $100.6 million, or $2.49 per diluted share, versus $37.6 million, or $0.94 per diluted share, for the fourth quarter of 2010. Net income from operations* per diluted share for the fourth quarter 2011 was $2.30, versus $0.78 for the same 2010 period.
STFC's GAAP combined ratio for the fourth quarter 2011 was 94.0 versus 97.6 for the fourth quarter of 2010. Catastrophe losses during the fourth quarter of 2011, including prior accident period development, favorably impacted the 59.7 loss ratio by 0.5 points, or $1.8 million. For the same 2010 period, catastrophe losses accounted for 2.3 points of the total 62.6 loss ratio points, or $7.7 million.
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