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Share Name | Share Symbol | Market | Type |
---|---|---|---|
State Auto Financial Corporation | NASDAQ:STFC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 52.01 | 50.34 | 98.89 | 0 | 01:00:00 |
State Auto Financial Corporation (NASDAQ:STFC) today reported second quarter 2020 net income of $34.3 million, or $0.74 per diluted share, compared to a net loss of $6.2 million, or $0.14 per diluted share, for the same 2019 period. Net loss from operations1 per diluted share for the second quarter of 2020 was $0.59 versus $0.33 for the same 2019 period.
For the first six months of 2020, STFC had a net loss of $80.3 million, or $1.83 per diluted share, compared to net income of $43.2 million, or $1.00 per diluted share, for the same 2019 period. Net loss from operations1 per diluted share for the first six months of 2020 was $0.76 versus $0.01 for the same 2019 period.
GAAP Operating Results
STFC’s GAAP combined ratio for the second quarter 2020 was 114.7 compared to 111.4 for the same 2019 period. Catastrophe losses during the second quarter 2020 accounted for 26.5 points of the 79.6 total loss ratio points, or $90.4 million, versus 15.4 points of the 76.3 total loss ratio points, or $47.4 million, for the same period in 2019. The second quarter 2020 was impacted by severe wind and hail events that impacted the South and Midwest, with approximately 60% of the catastrophe losses affecting our homeowners line of business. Non-catastrophe losses and ALAE during the second quarter 2020 included 0.6 points of favorable development relating to prior years, or $2.0 million, versus 5.5 points of favorable development, or $17.1 million, for the same period in 2019. Non-catastrophe losses and ALAE during the second quarter 2020 included 1.8 points of adverse development relating to prior years, or $6.2 million, versus 0.9 points of favorable development, or $2.8 million, for the same period in 2019 from specialty run-off.
STFC’s GAAP combined ratio for the first six months of 2020 was 111.0 compared to 105.6 for the same 2019 period. Catastrophe losses for the first six months of 2020 accounted for 19.7 points of the 76.1 total loss ratio points, or $132.3 million, versus 10.7 points of the total 70.3 loss ratio points, or $65.1 million, for the same period in 2019. Non-catastrophe losses and ALAE for the first six months of 2020 included 1.9 points of favorable development relating to prior years, or $12.5 million, versus 6.2 points of favorable development, or $38.0 million, for the same period in 2019. Non-catastrophe losses and ALAE for the first six months of 2020 included 0.9 points of adverse development relating to prior years, or $6.1 million, versus 0.2 points of favorable development, or $1.5 million, for the same period in 2019 from specialty run-off.
SAP Personal and Commercial Operating Results
Net written premium for the second quarter 2020 increased 11.9% compared to the same period in 2019. By insurance segment, net written premium for the personal and commercial segments increased 10.0% and 14.7%, respectively. The increase in the personal segment was primarily due to new business growth and rate increases in homeowners and other personal. The improvement was partially offset by a decrease in net written premiums in personal auto due to a decline in new business. The increase in the commercial segment was led by new business growth and rate increases in commercial auto, middle market commercial, and farm & ranch. The improvement was partially offset by a decrease in net written premiums in workers’ compensation due to (i) a decline in new business as a result of COVID-19, and (ii) continued intense competition in this market.
Net written premium for the first six months of 2020 increased 12.4% compared to the same period in 2019. Net written premium for the personal and commercial segments increased 10.2% and 16.1%, respectively. The trends in the personal and commercial net written premiums are due to the same factors discussed above for the second quarter.
The SAP personal and commercial segments' combined ratio2 for the second quarter 2020 was 111.5 compared to 109.9 for the same 2019 period. Catastrophe losses during the second quarter 2020 accounted for 26.5 points of the 77.9 total loss ratio points, or $90.4 million, versus 14.4 points of the 76.5 total loss ratio points, or $44.2 million, for the same period in 2019. Non-catastrophe losses and ALAE during the second quarter 2020 included 2.4 points of favorable development relating to prior years, or $8.2 million, versus 4.7 points of favorable development, or $14.3 million, for the same period in 2019.
The SAP personal and commercial segments' combined ratio for the first six months of 2020 was 109.4 compared to 104.9 for the same 2019 period. Catastrophe losses during the first six months of 2020 accounted for 19.7 points of the total 75.2 loss ratio points, or $132.2 million, versus 10.2 of the total 70.2 loss ratio points, or $61.4 million, for the same period in 2019. Non-catastrophe losses and ALAE during the first six months of 2020 included 2.8 points of favorable development relating to prior years, or $18.6 million, versus 6.0 points of favorable development, or $36.5 million, for the same period in 2019.
The exit from our specialty insurance business resulted in the elimination of specialty insurance as a reportable segment as it is no longer material to our results. Specialty results, labeled as "specialty run-off," are included in the SAP Insurance Segment Results table below to enable reconciliation to total underwriting results.
Book Value and Return on Equity
STFC’s book value increased to $21.26 per share as of June 30, 2020, compared to $19.83 on March 31, 2020. The increase in book value was driven by the increase in the market value of our of our investment portfolio.
Return on stockholders’ equity for the 12 months ended June 30, 2020, was (3.9)% compared to 6.0% for the 12 months ended June 30, 2019.
STFC’s Chairman, President and CEO Mike LaRocco commented on the quarter as follows:
"During the second quarter, the State Auto team once again demonstrated our critical role in supporting our customers in their greatest times of need. From the ongoing COVID-19 pandemic to civil unrest and severe weather, our Claims and Risk Engineering (CARE) and Customer Service professionals once again delivered exceptional service.
"In personal lines, overall net written premium growth of 10% included 24% growth in our homeowners business. In personal auto, we continued the rollout of new rates that are being very well received by agents and customers. In commercial lines, every line other than workers’ compensation grew, with overall net written premium growth of 14.7%.
"The combined ratio for our ongoing lines of business of 111.5, which included an unusually high level of catastrophe losses of 26.5 points, was disappointing, but reflects the nature of our business. I’m pleased that our non-cat performance showed good improvement at a 44.7. While we continue to see validation of our strategy through strong written premium growth of 11.9%, we know we must deliver consistent profitability. That remains our focus."
About State Auto Financial Corporation
State Auto Financial Corporation, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company. STFC stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.
The insurance subsidiaries of State Auto Financial Corporation are part of the State Auto Group. The State Auto Group markets its insurance products throughout the United States, through independent insurance agencies. The State Auto Group is rated A- (Excellent) by the A.M. Best Company and includes State Automobile Mutual, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation. Additional information on State Auto Financial Corporation and the State Auto Insurance Companies can be found online at http://www.StateAuto.com/STFC.
STFC has scheduled a conference call with interested investors for Thursday, August 6, at 11 a.m. ET to discuss the Company’s second quarter 2020 performance. Live and archived broadcasts of the call can be accessed at http://www.StateAuto.com/STFC. A replay of the call can be heard beginning at 2 p.m., August 6, by calling 855-859-2056, conference ID 6944689. Supplemental schedules detailing the Company’s second quarter 2020 financial, sales and underwriting results are made available on http://www.StateAuto.com/STFC prior to the conference call.
1 Net earnings (loss) from operations, a non-GAAP financial measure which management believes is informative to Company management and investors, differs from GAAP net income (loss) only by the exclusion of net investment gain (loss), net of applicable taxes, on investment activity for the periods being reported. For STFC, this amounted to income of $1.33 per diluted share for the second quarter of 2020 and a loss of $1.07 year to date 2020 versus income of $0.19 per diluted share for the second quarter 2019 and income of $1.01 year to date 2019.
2 Insurance industry regulators require STFC's insurance subsidiaries to report their financial condition and results of operations using Statutory Accounting Practices ("SAP"). The SAP personal and commercial segments' combined ratio is a measure used by management to evaluate STFC’s operating performance for its ongoing operations.
Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in State Auto Financial's Form 10-K and Form 10-Q reports and exhibits to those reports, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, and other types of catastrophic events. State Auto Financial undertakes no obligation to update or revise any forward-looking statements.
Selected Consolidated Financial Data
($ in millions, except per share amounts)
(unaudited)
Three months ended June 30
Six months ended June 30
2020
2019
2020
2019
Net premiums written
$
381.6
$
341.7
$
728.1
$
647.7
Earned premiums
340.7
307.7
671.2
610.4
Net investment income
17.7
21.7
36.6
41.1
Net investment gain (loss)
75.9
10.3
(59.3
)
55.2
Other income
0.5
0.4
1.1
1.0
Total revenue
434.8
340.1
649.6
707.7
Income (loss) before federal income taxes
41.6
(7.6
)
(102.4
)
54.0
Federal tax expense (benefit)
7.3
(1.4
)
(22.1
)
10.8
Net income (loss)
$
34.3
$
(6.2
)
$
(80.3
)
$
43.2
Earnings (loss) per common share:
- basic
$
0.78
$
(0.14
)
$
(1.83
)
$
1.00
- diluted
$
0.74
$
(0.14
)
$
(1.83
)
$
1.00
Loss per share from operations(A):
- basic
$
(0.59
)
$
(0.33
)
$
(0.76
)
$
(0.01
)
- diluted
$
(0.59
)
$
(0.33
)
$
(0.76
)
$
(0.01
)
Weighted average shares outstanding:
- basic
43.8
43.4
43.7
43.3
- diluted
44.1
43.4
43.7
43.9
Return on average equity (LTM)
(3.9
)%
6.0
%
Book value per share
$
21.26
$
21.07
Dividends paid per share
$
0.10
$
0.10
$
0.20
$
0.20
Total shares outstanding
43.8
43.5
GAAP ratios:
Cat loss and ALAE ratio
26.5
15.4
19.7
10.7
Non-cat loss and LAE ratio
53.1
60.9
56.4
59.6
Loss and LAE ratio
79.6
76.3
76.1
70.3
Expense ratio
35.1
35.1
34.9
35.3
Combined ratio
114.7
111.4
111.0
105.6
(A) Reconciliation of non-GAAP financial measure:
Net loss from operations:
Net income (loss)
$
34.3
$
(6.2
)
$
(80.3
)
$
43.2
Net investment gain (loss), net of tax
59.9
8.1
(46.9
)
43.6
Net loss from operations
$
(25.6
)
$
(14.3
)
$
(33.4
)
$
(0.4
)
Condensed Consolidated Balance Sheets
($ and shares in millions, except per share amounts)
(unaudited)
June 30
December 31
2020
2019
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost $1,983.5 and $2,080.0, respectively)
$
2,097.9
$
2,127.9
Equity securities
354.6
395.2
Other invested assets
60.4
69.7
Other invested assets, at cost
12.5
6.5
Notes receivable from affiliate
70.0
70.0
Total investments
2,595.4
2,669.3
Cash and cash equivalents
174.6
78.0
Accrued investment income and other assets
31.1
31.7
Deferred policy acquisition costs
120.0
111.1
Reinsurance recoverable on losses and loss expenses payable
36.4
13.6
Prepaid reinsurance premiums
8.5
7.5
Due from affiliate
54.1
21.5
Current federal income taxes
6.7
6.3
Net deferred federal income taxes
49.2
42.2
Property and equipment, held for sale
4.2
4.2
Total assets
$
3,080.2
$
2,985.4
LIABILITIES
Losses and loss expenses payable
$
1,105.3
$
1,066.5
Unearned premiums
705.8
649.2
Notes payable (affiliates $15.3 and $15.2, respectively)
182.1
122.0
Pension and postretirement benefits
61.4
72.9
Other liabilities
95.1
114.9
Total liabilities
2,149.7
2,025.5
STOCKHOLDERS' EQUITY
Common stock, without par value. Authorized 100.0 shares; 50.7 and 50.4 shares issued, respectively, at stated value of $2.50 per share
126.7
125.9
Treasury stock, 6.9 and 6.9 shares, respectively, at cost
(118.4
)
(117.5
)
Additional paid-in capital
211.1
206.7
Accumulated other comprehensive income (loss)
17.9
(37.9
)
Retained earnings
693.2
782.7
Total stockholders' equity
930.5
959.9
Total liabilities and stockholders' equity
$
3,080.2
$
2,985.4
Condensed Consolidated Statements of Income
($ in millions, except per share amounts)
(unaudited)
Three months ended June 30
Six months ended June 30
2020
2019
2020
2019
Earned premiums
$
340.7
$
307.7
$
671.2
$
610.4
Net investment income
17.7
21.7
36.6
41.1
Net investment gain (loss)
75.9
10.3
(59.3
)
55.2
Other income from affiliates
0.5
0.4
1.1
1.0
Total revenues
434.8
340.1
649.6
707.7
Losses and loss expenses
271.2
234.9
510.6
429.2
Acquisition and operating expenses
119.5
107.9
234.4
215.5
Interest expense
1.3
1.3
2.5
2.5
Other expenses
1.2
3.6
4.5
6.5
Total expenses
393.2
347.7
752.0
653.7
Income (loss) before federal income taxes
41.6
(7.6
)
(102.4
)
54.0
Federal income tax expense (benefit):
Current
(0.4
)
—
(0.4
)
(0.4
)
Deferred
7.7
(1.4
)
(21.7
)
11.2
Federal income tax expense (benefit)
7.3
(1.4
)
(22.1
)
10.8
Net income (loss)
$
34.3
$
(6.2
)
$
(80.3
)
$
43.2
Earnings (loss) per common share:
Basic
$
0.78
$
(0.14
)
$
(1.83
)
$
1.00
Diluted
$
0.74
$
(0.14
)
$
(1.83
)
$
1.00
Dividends paid per common share
$
0.10
$
0.10
$
0.20
$
0.20
Consolidated Statements of Comprehensive Income (Loss)
($ in millions)
(unaudited)
Three months ended June 30
Six months ended June 30
2020
2019
2020
2019
Net income (loss)
$
34.3
$
(6.2
)
$
(80.3
)
$
43.2
Other comprehensive income, net of tax:
Net unrealized holding gain on available-for-sale investments:
Unrealized holding gain
38.9
34.7
69.9
69.2
Reclassification adjustments for gains realized in net income
(1.0
)
(1.5
)
(3.4
)
(1.6
)
Income tax expense
(7.9
)
(7.0
)
(13.9
)
(14.2
)
Total net unrealized holding gain on available- for-sale investments
30.0
26.2
52.6
53.4
Net unrecognized benefit plan obligations:
Reclassification adjustments for amortization to statements of income:
Prior service credit
(1.6
)
(1.6
)
(3.2
)
(3.2
)
Net actuarial loss
3.6
2.4
7.3
4.8
Income tax expense
(0.4
)
(0.1
)
(0.9
)
(0.3
)
Total net unrecognized benefit plan obligations
1.6
0.7
3.2
1.3
Other comprehensive income
31.6
26.9
55.8
54.7
Comprehensive income (loss)
$
65.9
$
20.7
$
(24.5
)
$
97.9
Condensed Consolidated Statement of Stockholders' Equity
($ and shares in millions)
(unaudited)
Six months ended
Year Ended
June 30
December 31
2020
2019
Common shares:
Balance at beginning of year
50.4
50.0
Issuance of shares
0.3
0.4
Balance at period ended
50.7
50.4
Treasury shares:
Balance at beginning of year
(6.9
)
(6.8
)
Shares acquired on stock award exercises and vested restricted shares
—
(0.1
)
Balance at period ended
(6.9
)
(6.9
)
Common stock:
Balance at beginning of year
$
125.9
$
125.0
Issuance of shares
0.8
0.9
Balance at period ended
126.7
125.9
Treasury stock:
Balance at beginning of year
$
(117.5
)
$
(117.0
)
Shares acquired on stock award exercises and vested restricted shares
(0.9
)
(0.5
)
Balance at beginning of year and period ended
(118.4
)
(117.5
)
Additional paid-in capital:
Balance at beginning of year
$
206.7
$
194.2
Issuance of common stock
2.2
5.1
Stock awards granted
2.2
7.4
Balance at period ended
211.1
206.7
Accumulated other comprehensive income (loss):
Balance at beginning of the year
$
(37.9
)
$
(96.4
)
Change in net unrealized holding gains on available-for-sale investments
52.6
60.6
Total net unrecognized benefit plan obligations
3.2
(2.1
)
Balance at period ended
17.9
(37.9
)
Retained earnings:
Balance at beginning of year
$
782.7
$
712.7
Cumulative effect of change in accounting to establish an allowance for expected credit losses at January 1, 2020
(0.5
)
—
Net (loss) income
(80.3
)
87.4
Cash dividends paid
(8.7
)
(17.4
)
Balance at period ended
693.2
782.7
Total stockholders' equity at period ended
$
930.5
$
959.9
Condensed Consolidated Statements of Cash Flow
($ in millions)
(unaudited)
Six months ended
June 30
2020
2019
Cash flows from operating activities:
Net (loss) income
$
(80.3
)
$
43.2
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization, net
5.7
3.8
Share-based compensation
(0.5
)
4.4
Net investment loss (gain)
59.3
(55.2
)
Changes in operating assets and liabilities:
Deferred policy acquisition costs
(8.9
)
(7.2
)
Accrued investment income and other assets
0.6
1.8
Postretirement and pension benefits
(10.5
)
(11.3
)
Other liabilities and due to/from affiliates, net
(46.5
)
(79.1
)
Reinsurance recoverable on losses and loss expenses payable and prepaid reinsurance premiums
(23.8
)
(3.4
)
Losses and loss expenses payable
38.2
(11.6
)
Unearned premiums
56.6
37.4
Deferred tax on share-based awards
(0.2
)
(0.6
)
Federal income taxes
(21.9
)
11.4
Net cash used in operating activities
(32.2
)
(66.4
)
Cash flows from investing activities:
Purchases of fixed maturities available-for-sale
(280.8
)
(334.8
)
Purchases of equity securities
(42.7
)
(30.4
)
Purchases of other invested assets
(6.9
)
(2.6
)
Maturities, calls and pay downs of fixed maturities available-for-sale
186.7
203.2
Sales of fixed maturities available-for-sale
188.3
198.7
Sales of equity securities
30.0
20.3
Sales of other invested assets
0.6
0.6
Disposals of property and equipment
0.2
1.6
Net cash provided by investing activities
75.4
56.6
Cash flows from financing activities:
Proceeds from issuance of common stock
3.0
4.0
Payments to acquire treasury stock
(0.9
)
(0.5
)
Payment of dividends
(8.7
)
(8.7
)
Proceeds from short-term debt
60.0
—
Net cash provided by (used in) financing activities
53.4
(5.2
)
Net increase (decrease) in cash and cash equivalents
96.6
(15.0
)
Cash and cash equivalents at beginning of period
78.0
59.8
Cash and cash equivalents at end of period
$
174.6
$
44.8
Supplemental disclosures:
Interest paid (affiliates $0.5 and $0.5, respectively)
$
2.3
$
2.3
Net Investment Income
($ in millions)
(unaudited)
6/30/2019
9/30/2019
12/31/2019
3/31/2020
6/30/2020
Quarter to Date
Gross investment income:
Fixed maturities
$
14.7
$
14.4
$
13.9
$
14.5
$
14.8
TIPS
2.6
0.9
0.7
0.6
(0.3
)
Total fixed maturities
17.3
15.3
14.6
15.1
14.5
Equity securities
3.1
3.0
4.3
3.1
2.6
Other
1.4
1.1
1.3
1.0
0.8
Total gross investment income
21.8
19.4
20.2
19.2
17.9
Less: Investment expenses
0.1
0.1
0.2
0.3
0.2
Net investment income
$
21.7
$
19.3
$
20.0
$
18.9
$
17.7
Year to Date
Gross investment income:
Fixed maturities
$
30.1
$
44.5
$
58.4
$
14.5
$
29.3
TIPS
2.3
3.2
3.9
0.6
0.3
Total fixed maturities
32.4
47.7
62.3
15.1
29.6
Equity securities
5.9
8.9
13.2
3.1
5.7
Other
3.1
4.2
5.5
1.0
1.8
Total gross investment income
41.4
60.8
81.0
19.2
37.1
Less: Investment expenses
0.3
0.4
0.6
0.3
0.5
Net investment income
$
41.1
$
60.4
$
80.4
$
18.9
$
36.6
6/30/2019
9/30/2019
12/31/2019
3/31/2020
6/30/2020
TIPS, fair value
$
145.2
$
135.3
$
135.6
$
111.4
$
115.9
TIPS, book value
$
137.4
$
125.9
$
126.2
$
101.5
$
100.9
Net Investment Gain (Loss)
($ in millions)
unaudited
Three months ended June 30
Six months ended June 30
2020
2019
2020
2019
Investment gain (loss), net:
Fixed maturities:
Realized gains on sales of securities
$
1.9
$
1.5
$
5.5
$
1.6
Realized losses on sales of securities
(0.9
)
—
(2.1
)
—
Net gain on fixed maturities
1.0
1.5
3.4
1.6
Equity securities:
Realized (losses) gains on sales of securities, net
(9.5
)
1.2
(8.6
)
(0.7
)
Unrealized gain (loss) on securities still held, net
78.6
6.4
(44.7
)
50.5
Net gain (loss) on equity securities
69.1
7.6
(53.3
)
49.8
Other invested assets:
Unrealized gain (loss) on securities still held, net
5.8
1.2
(9.6
)
5.1
Net gain (loss) on other invested assets
5.8
1.2
(9.6
)
5.1
Other net realized gain (loss)
—
—
0.2
(1.3
)
Net gain (loss) on investments
$
75.9
$
10.3
$
(59.3
)
$
55.2
Income Taxes
($ in millions)
(unaudited)
The following table sets forth the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities:
June 30
December 31
2020
2020
Deferred tax assets:
Unearned premiums not currently deductible
$
29.4
$
27.0
Losses and loss expenses payable discounting
11.4
10.6
Postretirement and pension benefits
18.0
20.0
Other liabilities
10.7
13.4
Net operating loss carryforward
25.8
12.1
Tax credit carryforward
2.0
2.5
Other
0.2
1.1
Total deferred tax assets
97.5
86.7
Deferred tax liabilities:
Deferral of policy acquisition costs
25.2
23.3
Investments
23.1
21.2
Total deferred tax liabilities
48.3
44.5
Net deferred federal income taxes
$
49.2
$
42.2
The following table sets forth the components of federal income tax expense (benefit):
Three months ended June 30
Six months ended June 30
2020
2019
2020
2019
Income (loss) before federal income taxes
$
41.6
$
(7.6
)
$
(102.4
)
$
54.0
Federal income tax expense (benefit)
Current
(0.4
)
—
(0.4
)
(0.4
)
Deferred
7.7
(1.4
)
(21.7
)
11.2
Total federal income tax expense (benefit)
7.3
(1.4
)
(22.1
)
10.8
Net income (loss)
$
34.3
$
(6.2
)
$
(80.3
)
$
43.2
SAP Personal Insurance Segment Results
(unaudited)
($ in millions)
Three months ended June 30, 2020
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
104.3
$
106.1
$
15.0
$
225.4
Net earned premiums
103.3
87.7
11.8
202.8
Losses and LAE incurred:
Cat loss and ALAE
4.1
54.6
7.6
66.3
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
5.9
(0.1
)
(0.1
)
5.7
Current accident year non-cat loss and ALAE
45.5
36.7
3.9
86.1
Total non-cat loss and ALAE
51.4
36.6
3.8
91.8
Total Loss and ALAE
55.5
91.2
11.4
158.1
ULAE
8.3
6.5
0.6
15.4
Total Loss and LAE
63.8
97.7
12.0
173.5
Underwriting expenses
33.7
31.5
4.5
69.7
Net underwriting gain (loss)
$
5.8
$
(41.5
)
$
(4.7
)
$
(40.4
)
Cat loss and ALAE ratio
4.0
%
62.3
%
64.3
%
32.7
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
5.7
%
(0.2
)
%
(0.8
)
%
2.8
%
Current accident year non-cat loss and ALAE ratio
44.0
%
41.8
%
33.2
%
42.4
%
Total non-cat loss and ALAE ratio
49.7
%
41.6
%
32.4
%
45.2
%
Total Loss and ALAE ratio
53.7
%
103.9
%
96.7
%
77.9
%
ULAE ratio
8.1
%
7.5
%
4.8
%
7.6
%
Total Loss and LAE ratio
61.8
%
111.4
%
101.5
%
85.5
%
Expense ratio
32.3
%
29.7
%
30.6
%
31.0
%
Combined ratio
94.1
%
141.1
%
132.1
%
116.5
%
($ in millions)
Three months ended June 30, 2019
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
110.0
$
85.5
$
9.4
$
204.9
Net earned premiums
108.4
71.8
8.1
188.3
Losses and LAE incurred:
Cat loss and ALAE
3.6
28.4
3.0
35.0
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(3.0
)
(0.1
)
(0.3
)
(3.4
)
Current accident year non-cat loss and ALAE
69.0
39.3
3.6
111.9
Total non-cat loss and ALAE
66.0
39.2
3.3
108.5
Total Loss and ALAE
69.6
67.6
6.3
143.5
ULAE
7.6
5.5
0.4
13.5
Total Loss and LAE
77.2
73.1
6.7
157.0
Underwriting expenses
33.1
25.2
2.9
61.2
Net underwriting loss
$
(1.9
)
$
(26.5
)
$
(1.5
)
$
(29.9
)
Cat loss and ALAE ratio
3.3
%
39.5
%
37.3
%
18.6
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(2.7
)
%
(0.2
)
%
(4.6
)
%
(1.8
)
%
Current accident year non-cat loss and ALAE ratio
63.7
%
54.6
%
45.5
%
59.4
%
Total non-cat loss and ALAE ratio
61.0
%
54.4
%
40.9
%
57.6
%
Total Loss and ALAE ratio
64.3
%
93.9
%
78.2
%
76.2
%
ULAE ratio
7.0
%
7.7
%
5.1
%
7.2
%
Total Loss and LAE ratio
71.3
%
101.6
%
83.3
%
83.4
%
Expense ratio
30.0
%
29.6
%
30.8
%
29.9
%
Combined ratio
101.3
%
131.2
%
114.1
%
113.3
%
($ in millions)
Six months ended June 30, 2020
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
208.9
$
187.7
$
28.3
$
424.9
Net earned premiums
208.0
170.4
22.5
400.9
Losses and LAE incurred:
Cat loss and ALAE
4.6
65.3
9.1
79.0
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
11.1
2.1
(1.1
)
12.1
Current accident year non-cat loss and ALAE
107.5
74.3
8.2
190.0
Total non-cat loss and ALAE
118.6
76.4
7.1
202.1
Total Loss and ALAE
123.2
141.7
16.2
281.1
ULAE
15.6
11.8
1.0
28.4
Total Loss and LAE
138.8
153.5
17.2
309.5
Underwriting expenses
66.5
56.5
8.5
131.5
Net underwriting gain (loss)
$
2.7
$
(39.6
)
$
(3.2
)
$
(40.1
)
Cat loss and ALAE ratio
2.2
%
38.3
%
40.4
%
19.7
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
5.4
%
1.2
%
(4.8
)
%
3.0
%
Current accident year non-cat loss and ALAE ratio
51.6
%
43.7
%
36.4
%
47.4
%
Total non-cat loss and ALAE ratio
57.0
%
44.9
%
31.6
%
50.4
%
Total Loss and ALAE ratio
59.2
%
83.2
%
72.0
%
70.1
%
ULAE ratio
7.5
%
6.9
%
4.4
%
7.1
%
Total Loss and LAE ratio
66.7
%
90.1
%
76.4
%
77.2
%
Expense ratio
31.9
%
30.1
%
30.3
%
31.0
%
Combined ratio
98.6
%
120.2
%
106.7
%
108.2
%
($ in millions)
Six months ended June 30, 2019
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
217.7
$
149.9
$
17.8
$
385.4
Net earned premiums
213.8
140.5
15.5
369.8
Losses and LAE incurred:
Cat loss and ALAE
4.5
40.8
3.7
49.0
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(9.8
)
0.5
(1.0
)
(10.3
)
Current accident year non-cat loss and ALAE
134.8
69.2
8.0
212.0
Total non-cat loss and ALAE
125.0
69.7
7.0
201.7
Total Loss and ALAE
129.5
110.5
10.7
250.7
ULAE
14.8
10.7
0.7
26.2
Total Loss and LAE
144.3
121.2
11.4
276.9
Underwriting expenses
65.8
47.0
5.8
118.6
Net underwriting gain (loss)
$
3.7
$
(27.7
)
$
(1.7
)
$
(25.7
)
Cat loss and ALAE ratio
2.1
%
29.0
%
24.0
%
13.2
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(4.6
)
%
0.4
%
(6.6
)
%
(2.8
)
%
Current accident year non-cat loss and ALAE ratio
63.1
%
49.2
%
51.8
%
57.3
%
Total non-cat loss and ALAE ratio
58.5
%
49.6
%
45.2
%
54.5
%
Total Loss and ALAE ratio
60.6
%
78.6
%
69.2
%
67.7
%
ULAE ratio
6.9
%
7.6
%
4.6
%
7.1
%
Total Loss and LAE ratio
67.5
%
86.2
%
73.8
%
74.8
%
Expense ratio
30.2
%
31.4
%
32.6
%
30.8
%
Combined ratio
97.7
%
117.6
%
106.4
%
105.6
%
SAP Commercial Insurance Segment Results
(unaudited)
($ in millions)
Three months ended June 30, 2020
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
41.4
$
32.5
$
46.5
$
13.0
$
17.5
$
5.4
$
156.3
Net earned premiums
31.6
31.1
39.6
17.2
13.7
4.7
137.9
Losses and LAE incurred:
Cat loss and ALAE
0.7
11.9
6.9
—
4.6
—
24.1
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(0.2
)
(3.6
)
(2.9
)
(4.8
)
(0.3
)
(2.1
)
(13.9
)
Current accident year non-cat loss and ALAE
15.0
17.2
22.0
12.8
6.1
1.3
74.4
Total non-cat loss and ALAE
14.8
13.6
19.1
8.0
5.8
(0.8
)
60.5
Total Loss and ALAE
15.5
25.5
26.0
8.0
10.4
(0.8
)
84.6
ULAE
1.7
2.1
1.1
1.7
0.6
0.1
7.3
Total Loss and LAE
17.2
27.6
27.1
9.7
11.0
(0.7
)
91.9
Underwriting expenses
13.7
11.3
17.7
6.0
7.7
2.0
58.4
Net underwriting gain (loss)
$
0.7
$
(7.8
)
$
(5.2
)
$
1.5
$
(5.0
)
$
3.4
$
(12.4
)
Cat loss and ALAE ratio
2.0
%
38.4
%
17.6
%
—
%
33.4
%
(0.1
)
%
17.5
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(0.6
)
%
(11.7
)
%
(7.3
)
%
(28.0
)
%
(2.0
)
%
(43.9
)
%
(10.1
)
%
Current accident year non-cat loss and ALAE ratio
47.7
%
55.3
%
55.4
%
74.3
%
45.2
%
27.5
%
54.0
%
Total non-cat loss and ALAE ratio
47.1
%
43.6
%
48.1
%
46.3
%
43.2
%
(16.4
)
%
43.9
%
Total Loss and ALAE ratio
49.1
%
82.0
%
65.7
%
46.3
%
76.6
%
(16.5
)
%
61.4
%
ULAE ratio
5.3
%
6.7
%
2.8
%
9.9
%
4.5
%
1.8
%
5.3
%
Total Loss and LAE ratio
54.4
%
88.7
%
68.5
%
56.2
%
81.1
%
(14.7
)
%
66.7
%
Expense ratio
33.1
%
34.8
%
38.1
%
45.5
%
43.4
%
37.6
%
37.3
%
Combined ratio
87.5
%
123.5
%
106.6
%
101.7
%
124.5
%
22.9
%
104.0
%
($ in millions)
Three months ended June 30, 2019
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
29.7
$
31.5
$
41.1
$
15.4
$
13.6
$
5.0
$
136.3
Net earned premiums
21.8
29.4
32.5
18.1
12.0
4.2
118.0
Losses and LAE incurred:
Cat loss and ALAE
—
3.5
3.9
—
1.8
—
9.2
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(1.0
)
(2.9
)
(2.9
)
(4.5
)
(0.8
)
1.2
(10.9
)
Current accident year non-cat loss and ALAE
14.1
17.5
16.5
14.8
6.7
2.4
72.0
Total non-cat loss and ALAE
13.1
14.6
13.6
10.3
5.9
3.6
61.1
Total Loss and ALAE
13.1
18.1
17.5
10.3
7.7
3.6
70.3
ULAE
1.3
1.7
1.7
2.0
0.5
0.2
7.4
Total Loss and LAE
14.4
19.8
19.2
12.3
8.2
3.8
77.7
Underwriting expenses
11.0
11.8
15.9
5.6
6.5
1.9
52.7
Net underwriting (loss) gain
$
(3.6
)
$
(2.2
)
$
(2.6
)
$
0.2
$
(2.7
)
$
(1.5
)
$
(12.4
)
Cat loss and ALAE ratio
0.2
%
11.8
%
11.8
%
—
%
15.1
%
—
%
7.8
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(5.0
)
%
(10.0
)
%
(8.7
)
%
(24.7
)
%
(6.2
)
%
28.4
%
(9.2
)
%
Current accident year non-cat loss and ALAE ratio
64.8
%
59.3
%
50.8
%
81.4
%
56.0
%
55.8
%
60.9
%
Total non-cat loss and ALAE ratio
59.8
%
49.3
%
42.1
%
56.7
%
49.8
%
84.2
%
51.7
%
Total Loss and ALAE ratio
60.0
%
61.1
%
53.9
%
56.7
%
64.9
%
84.2
%
59.5
%
ULAE ratio
6.1
%
5.9
%
5.2
%
10.7
%
4.3
%
4.5
%
6.3
%
Total Loss and LAE ratio
66.1
%
67.0
%
59.1
%
67.4
%
69.2
%
88.7
%
65.8
%
Expense ratio
36.9
%
37.2
%
38.7
%
36.8
%
47.5
%
38.7
%
38.6
%
Combined ratio
103.0
%
104.2
%
97.8
%
104.2
%
116.7
%
127.4
%
104.4
%
($ in millions)
Six months ended June 30, 2020
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
77.8
$
64.4
$
86.8
$
31.8
$
32.3
$
10.3
$
303.4
Net earned premiums
60.6
61.4
75.7
36.9
26.3
9.4
270.3
Losses and LAE incurred:
Cat loss and ALAE
1.0
15.5
31.0
—
5.5
0.2
53.2
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(0.3
)
(9.0
)
(8.0
)
(8.8
)
(1.1
)
(3.5
)
(30.7
)
Current accident year non-cat loss and ALAE
31.6
36.3
49.5
26.2
10.1
4.3
158.0
Total non-cat loss and ALAE
31.3
27.3
41.5
17.4
9.0
0.8
127.3
Total Loss and ALAE
32.3
42.8
72.5
17.4
14.5
1.0
180.5
ULAE
3.2
3.7
3.2
3.4
1.1
0.3
14.9
Total Loss and LAE
35.5
46.5
75.7
20.8
15.6
1.3
195.4
Underwriting expenses
26.4
23.1
34.4
14.9
14.4
4.1
117.3
Net underwriting (loss) gain
$
(1.3
)
$
(8.2
)
$
(34.4
)
$
1.2
$
(3.7
)
$
4.0
$
(42.4
)
Cat loss and ALAE ratio
1.6
%
25.3
%
41.0
%
—
%
20.8
%
1.9
%
19.7
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(0.4
)
%
(14.7
)
%
(10.6
)
%
(24.0
)
%
(4.1
)
%
(36.9
)
%
(11.4
)
%
Current accident year non-cat loss and ALAE ratio
52.2
%
59.1
%
65.4
%
71.1
%
38.7
%
45.5
%
58.5
%
Total non-cat loss and ALAE ratio
51.8
%
44.4
%
54.8
%
47.1
%
34.6
%
8.6
%
47.1
%
Total Loss and ALAE ratio
53.4
%
69.7
%
95.8
%
47.1
%
55.4
%
10.5
%
66.8
%
ULAE ratio
5.2
%
6.0
%
4.2
%
9.3
%
4.2
%
2.9
%
5.5
%
Total Loss and LAE ratio
58.6
%
75.7
%
100.0
%
56.4
%
59.6
%
13.4
%
72.3
%
Expense ratio
34.0
%
35.9
%
39.6
%
46.8
%
44.4
%
39.6
%
38.6
%
Combined ratio
92.6
%
111.6
%
139.6
%
103.2
%
104.0
%
53.0
%
110.9
%
($ in millions)
Six months ended June 30, 2019
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
53.7
$
62.0
$
75.3
$
34.9
$
26.0
$
9.5
$
261.4
Net earned premiums
41.5
59.0
63.2
38.6
23.8
8.3
234.4
Losses and LAE incurred:
Cat loss and ALAE
0.1
5.0
5.2
—
2.1
—
12.4
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(2.5
)
(7.7
)
(6.0
)
(9.0
)
(1.2
)
0.2
(26.2
)
Current accident year non-cat loss and ALAE
26.0
33.4
42.5
28.4
11.8
4.5
146.6
Total non-cat loss and ALAE
23.5
25.7
36.5
19.4
10.6
4.7
120.4
Total Loss and ALAE
23.6
30.7
41.7
19.4
12.7
4.7
132.8
ULAE
2.6
3.5
3.0
3.6
1.1
0.4
14.2
Total Loss and LAE
26.2
34.2
44.7
23.0
13.8
5.1
147.0
Underwriting expenses
21.7
24.3
30.1
13.0
12.7
3.9
105.7
Net underwriting (loss) gain
$
(6.4
)
$
0.5
$
(11.6
)
$
2.6
$
(2.7
)
$
(0.7
)
$
(18.3
)
Cat loss and ALAE ratio
0.3
%
8.5
%
8.2
%
—
%
8.7
%
—
%
5.3
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(6.1
)
%
(13.1
)
%
(9.4
)
%
(23.2
)
%
(4.9
)
%
2.8
%
(11.1
)
%
Current accident year non-cat loss and ALAE ratio
62.6
%
56.5
%
67.3
%
73.4
%
49.6
%
54.2
%
62.5
%
Total non-cat loss and ALAE ratio
56.5
%
43.4
%
57.9
%
50.2
%
44.7
%
57.0
%
51.4
%
Total Loss and ALAE ratio
56.8
%
51.9
%
66.1
%
50.2
%
53.4
%
57.0
%
56.7
%
ULAE ratio
6.3
%
6.0
%
4.7
%
9.3
%
4.6
%
4.4
%
6.1
%
Total Loss and LAE ratio
63.1
%
57.9
%
70.8
%
59.5
%
58.0
%
61.4
%
62.8
%
Expense ratio
40.5
%
39.1
%
39.9
%
37.4
%
48.7
%
41.5
%
40.4
%
Combined ratio
103.6
%
97.0
%
110.7
%
96.9
%
106.7
%
102.9
%
103.2
%
SAP Insurance Segment Results
(unaudited)
($ in millions)
Three months ended June 30, 2020
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
381.7
$
(0.1
)
$
381.6
Net earned premiums
340.7
—
340.7
Losses and LAE incurred:
Cat loss and ALAE
90.4
—
90.4
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(8.2
)
6.2
(2.0
)
Current accident year non-cat loss and ALAE
160.5
—
160.5
Total non-cat loss and ALAE
152.3
6.2
158.5
Total Loss and ALAE
242.7
6.2
248.9
ULAE
22.7
—
22.7
Total Loss and LAE
265.4
6.2
271.6
Underwriting expenses
128.1
0.1
128.2
Net underwriting loss
$
(52.8
)
$
(6.3
)
$
(59.1
)
Cat loss and ALAE ratio
26.5
%
N/M(1)
26.5
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(2.4
)
%
N/M
(0.6
)
%
Current accident year non-cat loss and ALAE ratio
47.1
%
N/M
47.1
%
Total non-cat loss and ALAE ratio
44.7
%
N/M
46.5
%
Total Loss and ALAE ratio
71.2
%
N/M
73.0
%
ULAE ratio
6.7
%
N/M
6.7
%
Total Loss and LAE ratio
77.9
%
N/M
79.7
%
Expense ratio
33.6
%
N/M
33.6
%
Combined ratio
111.5
%
N/M
113.3
%
(1) N/M = Not Meaningful
($ in millions)
Three months ended June 30, 2019
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
341.2
$
0.5
$
341.7
Net earned premiums
306.3
1.4
307.7
Losses and LAE incurred:
Cat loss and ALAE
44.2
3.2
47.4
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(14.3
)
(2.8
)
(17.1
)
Current accident year non-cat loss and ALAE
183.9
0.8
184.7
Total non-cat loss and ALAE
169.6
(2.0
)
167.6
Total Loss and ALAE
213.8
1.2
215.0
ULAE
20.9
(0.3
)
20.6
Total Loss and LAE
234.7
0.9
235.6
Underwriting expenses
113.9
(0.2
)
113.7
Net underwriting (loss) gain
$
(42.3
)
$
0.7
$
(41.6
)
Cat loss and ALAE ratio
14.4
%
N/M
15.4
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(4.7
)
%
N/M
(5.5
)
%
Current accident year non-cat loss and ALAE ratio
60.0
%
N/M
60.0
%
Total non-cat loss and ALAE ratio
55.3
%
N/M
54.5
%
Total Loss and ALAE ratio
69.7
%
N/M
69.9
%
ULAE ratio
6.8
%
N/M
6.7
%
Total Loss and LAE ratio
76.5
%
N/M
76.6
%
Expense ratio
33.4
%
N/M
33.3
%
Combined ratio
109.9
%
N/M
109.9
%
($ in millions)
Six months ended June 30, 2020
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
728.3
$
(0.2
)
$
728.1
Net earned premiums
671.2
—
671.2
Losses and LAE incurred:
Cat loss and ALAE
132.2
0.1
132.3
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(18.6
)
6.1
(12.5
)
Current accident year non-cat loss and ALAE
348.0
0.1
348.1
Total non-cat loss and ALAE
329.4
6.2
335.6
Total Loss and ALAE
461.6
6.3
467.9
ULAE
43.3
—
43.3
Total Loss and LAE
504.9
6.3
511.2
Underwriting expenses
248.8
0.4
249.2
Net underwriting loss
$
(82.5
)
$
(6.7
)
$
(89.2
)
Cat loss and ALAE ratio
19.7
%
N/M
19.7
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(2.8
)
%
N/M
(1.9
)
%
Current accident year non-cat loss and ALAE ratio
51.8
%
N/M
52.0
%
Total non-cat loss and ALAE ratio
49.0
%
N/M
50.1
%
Total Loss and ALAE ratio
68.7
%
N/M
69.8
%
ULAE ratio
6.5
%
N/M
6.4
%
Total Loss and LAE ratio
75.2
%
N/M
76.2
%
Expense ratio
34.2
%
N/M
34.2
%
Combined ratio
109.4
%
N/M
110.4
%
($ in millions)
Six months ended June 30, 2019
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
646.8
$
0.9
$
647.7
Net earned premiums
604.2
6.2
610.4
Losses and LAE incurred:
Cat loss and ALAE
61.4
3.7
65.1
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(36.5
)
(1.5
)
(38.0
)
Current accident year non-cat loss and ALAE
358.6
4.8
363.4
Total non-cat loss and ALAE
322.1
3.3
325.4
Total Loss and ALAE
383.5
7.0
390.5
ULAE
40.4
(0.7
)
39.7
Total Loss and LAE
423.9
6.3
430.2
Underwriting expenses
224.3
0.6
224.9
Net underwriting loss
$
(44.0
)
$
(0.7
)
$
(44.7
)
Cat loss and ALAE ratio
10.2
%
N/M
10.7
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(6.0
)
%
N/M
(6.2
)
%
Current accident year non-cat loss and ALAE ratio
59.3
%
N/M
59.6
%
Total non-cat loss and ALAE ratio
53.3
%
N/M
53.4
%
Total Loss and ALAE ratio
63.5
%
N/M
64.1
%
ULAE ratio
6.7
%
N/M
6.5
%
Total Loss and LAE ratio
70.2
%
N/M
70.6
%
Expense ratio
34.7
%
N/M
34.7
%
Combined ratio
104.9
%
N/M
105.3
%
The following table provides a reconciliation of our statutory underwriting results to GAAP consolidated income (loss) before federal income taxes for the three and six months ended June 30, 2020 and 2019:
($ millions)
2Q 2020
2Q 2019
YTD 2020
YTD 2019
Segment income (loss) before federal income taxes:
Insurance operations:
Personal insurance SAP underwriting loss
$
(40.4
)
$
(29.9
)
$
(40.1
)
$
(25.7
)
Commercial insurance SAP underwriting loss
(12.4
)
(12.4
)
(42.4
)
(18.3
)
Specialty run-off
(6.3
)
0.7
(6.7
)
(0.7
)
Total insurance operations
(59.1
)
(41.6
)
(89.2
)
(44.7
)
Investment operations:
Net investment income
17.7
21.7
36.6
41.1
Net investment gain (loss)
75.9
10.3
(59.3
)
55.2
Total investment operations
93.6
32.0
(22.7
)
96.3
All other segments income
—
0.1
0.1
0.2
Reconciling items:
GAAP adjustments
8.7
6.1
14.6
10.1
Interest expense on corporate debt
(1.3
)
(1.3
)
(2.5
)
(2.5
)
Corporate expenses
(0.3
)
(2.9
)
(2.7
)
(5.4
)
Total reconciling items
7.1
1.9
9.4
2.2
Total consolidated income (loss) before federal income taxes
$
41.6
$
(7.6
)
$
(102.4
)
$
54.0
View source version on businesswire.com: https://www.businesswire.com/news/home/20200806005053/en/
State Auto Financial Corporation Media: Kyle Anderson, 614-917-5497 Kyle.Anderson@StateAuto.com or Investors: Natalie Schoolcraft, 614-917-4341 Natalie.Schoolcraft@StateAuto.com
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