Ohio-based State Auto Financial Corporation announced a net reported loss per share of $0.04 (basic and diluted) for the quarter ending June 30, 2002, compared with net reported earnings per share of $0.24 for the same period last year.
The 2002 second quarter net operating loss per share was $0.02 (basic and
diluted) compared with net operating earnings of $0.21 per share for the same 2001 period. The net loss for the second quarter was $1,385,000, compared with net earnings of $9,433,000 for the same 2001 period. STFC’s second quarter 2002 GAAP combined loss and expense ratio was 108.6, compared with 103.5 for the second quarter 2001.
Storm losses in the second quarter, which exceeded $29.8 million, added 13.5
points to STFC’s GAAP combined ratio.
For the first six months of 2002, net reported earnings were $11,779,000 or
$0.30 per share, $0.29 diluted, compared with $23,973,000 or $0.61 per share, $0.60 diluted, for the same 2001 period. Second quarter 2002 total revenue was $236,223,000 versus $123,032,000 for the second quarter 2001.
Total revenue for the first half 2002 was $466,182,000, a 93 percent increase over the $241,033,000 total revenue for the first half 2001.
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