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News Breaks
July 21, 2014
16:05 EDTSTFCState Auto Financial sees Q2 EPS 4c-7c, may not compare to consensus 17c
The company is estimating that net income for the second quarter 2014 will be in the range of 4c to 7c per diluted share. This estimate includes strengthening of prior year loss and loss expense reserves by approximately $11.4M pre-tax for program business written through Risk Evaluation & Design, a wholly owned subsidiary of State Automobile Mutual Insurance Company. The increase relates primarily to a large restaurant program and a commercial auto trucking program, both of which are in run off. The company is estimating that second quarter 2014 pre-tax results will also include approximately $21.2M in net catastrophe losses, approximately $4.4M for severance costs related to the reorganization of the company’s information technology department, and approximately $5.2M of net realized gains on its investment portfolio. All of these numbers are unaudited.
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