State Auto Reports Lower 3Q Profit

NU Online News Service, Oct. 29, 11:24 a.m. EDT?State Auto Financial Corporation reported third-quarter net income of $5 million, substantially lower than the $15.6 million posted for the same period in 2003.[@@]

The Columbus, Ohio-based insurer blamed the "unprecedented" hurricane seasons this year for its lackluster performance this past quarter. Catastrophe losses?including the four hurricanes?accounted for $56.7 million during the third quarter, much higher than $16.9 million for the same period in 2003.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.