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4-Traders Homepage  >  Equities  >  Nasdaq  >  State Auto Financial Corp    STFC

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State Auto Financial : Reports Fourth Quarter and Year 2016 Results

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02/24/2017 | 09:16am CET

By a News Reporter-Staff News Editor at Investment Weekly News -- State Auto Financial Corporation (NASDAQ:STFC) reported fourth quarter 2016 net income of $32.5 million, or $0.77 per diluted share, versus net income of $3.1 million, or $0.07 per diluted share, for the fourth quarter of 2015. Net income from operations1 per diluted share for the fourth quarter 2016 was $0.46 versus net income from operations1 per diluted share of $0.00 for the same 2015 period.

For the year ended Dec. 31, 2016, STFC had net income of $21.0 million, or $0.50 per diluted share, compared to net income of $51.2 million, or $1.23 per diluted share, for the same 2015 period. Net loss from operations1 per diluted share for the year ended Dec. 31, 2016 was $0.07 versus net income from operations1 per diluted share of $0.85 for the same 2015 period. Operating Results STFC's GAAP combined ratio for the fourth quarter 2016 was 101.3 versus 106.2 for the fourth quarter of 2015. Catastrophe losses during the fourth quarter 2016 accounted for 5.0 points of the 68.6 total loss ratio points, or $16.2 million, versus 1.3 points of the total 72.8 loss ratio points, or $4.3 million, for the same period in 2015. Non­catastrophe losses during the fourth quarter 2016 included 1.9 points of favorable development relating to prior years, or $6.3 million, versus 6.9 points of adverse development, or $22.3 million, for the same period in 2015.

Net written premium for the fourth quarter of 2016 increased 1.4% compared to the same period in 2015. By segment, net written premium was relatively flat for personal, business decreased 2.1% and specialty increased 11.6%.

Personal auto and homeowners new business premium and new policy counts were up, while policies in force were lower compared to the fourth quarter of 2015. During the first half of 2016, the Company increased its number of personal lines agency appointments, and conducted pricing reviews designed to improve personal lines profitability. The decline in the business insurance segment was significantly driven by our decision to exit our large account business and rate actions to improve profitability in commercial auto. The growth in the specialty insurance segment was primarily driven by an increase in new business for E&S property.

STFC's GAAP combined ratio for the year ended 2016 was 106.2 compared to 101.5 for the same 2015 period. Catastrophe losses increased the loss ratio for the year ended 2016 by 6.3 points, or $81.6 million, compared to 4.0 points, or $51.1 million for the year ended 2015.

Non­catastrophe losses for the year ended 2016 included 2.2 points of adverse development relating to prior years, or $28.4 million, versus 0.8 points of adverse development, or $10.7 million, for the same period in 2015.

Net written premium for the year ended 2016 increased 1.5% compared to the same 2015 period. By segment, net written premium was relatively flat for personal, decreased 5.4% for business, and increased 21.7% for specialty. The trends in the personal and business net written premiums are due to the same factors discussed above for the fourth quarter. The growth in the specialty insurance segment was largely driven by an increase in new business for both E&S casualty and programs. Book Value and Return on Equity STFC's book value was $21.31 per share as of Dec. 31, 2016, a decrease of $0.51 per share from STFC's book value on Sept. 30, 2016. The decrease was driven by the change in unrealized investment gains, slightly offset by net income. Return on stockholders' equity for the twelve months ended Dec. 31, 2016, was 2.4% compared to 5.8% for the twelve months ended Dec. 31, 2015.

Keywords for this news article include: Investment and Finance, State Auto Financial Corporation.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC

(c) 2017 NewsRx LLC, source Business Newsletters

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Financials ($)
Sales 2017 1 372 M
EBIT 2017 -
Net income 2017 43,7 M
Debt 2017 -
Yield 2017 1,49%
P/E ratio 2017 25,97
P/E ratio 2018 18,50
Capi. / Sales 2017 0,82x
Capi. / Sales 2018 0,81x
Capitalization 1 118 M
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Consensus
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Buy
Mean consensus HOLD
Number of Analysts 5
Average target price 26,5 $
Spread / Average Target -1,2%
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Managers
NameTitle
Michael E. LaRocco Chairman, President & Chief Executive Officer
Steven Eugene English Chief Financial Officer & Senior Vice President
Tara Shull Finance Director & Head-Investor Relations
Gregory A. Tacchetti Chief Information & Strategy Officer, SVP
David J. D'Antoni Independent Director
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