State Auto Financial (STFC) Misses Q3 EPS by 10c

State Auto Financial (NASDAQ: STFC) reported Q3 EPS of ($0.54), $0.10 worse than the analyst estimate of ($0.44).

STFC’s Chairman, President and CEO Mike LaRocco commented on the quarter as follows:

“Excluding catastrophe losses that were driven largely by our specialty segment, we delivered another solid quarter that demonstrates the progress we’re making in the transformation of State Auto Financial Corporation.

“Hurricanes Harvey and Irma were the primary drivers of catastrophe losses for third quarter 2017. Our Claims and Risk Engineering (CARE) associates responded exceptionally well, demonstrating the care and compassion that our customers expect and deserve.

“The continued focus on executing our strategy is producing results with new business growth across personal lines, including five additional states recently coming online with our new digital technology platform. We’ve now launched the platform in 17 states, including three October launches, and anticipate the majority of states in personal lines to be rolled out by the end of 2017.

“In commercial lines, we successfully launched our new technology platform in Illinois, and will move into additional states through the end of 2017 and into 2018. We’re thrilled that our independent agency partners are embracing both our personal and commercial lines platforms, with strong quote volume and new business.

“Based on our previously announced strategic review of the Excess and Surplus lines business, we have decided to exit the specialty segment and continue to invest our capital in our core lines of business. Our focus remains achieving our goal of profitable growth. During the third quarter of 2017, momentum continued to build, and I remain confident that we will succeed.”

For earnings history and earnings-related data on State Auto Financial (STFC) click here.

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