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State Auto Financial Q3 net income narrows

State Auto Financial has reported a net income of $0.2m, or $0.00 per diluted share, versus net income of $13m, or $0.33 per diluted share, for the third quarter of 2009.

The company reported total revenue of $340m for the third quarter of 2010, compared to $324.5m for the same quarter of 2009.

Net premium written for the third quarter of the 2010 was $351m, compared to $314m in the same quarter a year ago.

STFC chairman, president and CEO Bob Restrepo said, higher levels of catastrophes and lower investment income hurt both third quarter underwriting

performance and net income results.

Although State Auto and the industry avoided any meaningful losses from hurricanes this year, above average frequency and severity of wind and hail storms in the Midwest increased our catastrophe loss ratio results relative to last year’s third quarter and our five year average trend, Restrepo said.