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State Auto Financial Reports Net Income Of $13m For Q3 2009

Generated a net loss of $14.7 million for the third quarter of 2008

State Auto Financial Corporation, a Columbus, Ohio-based property and casualty insurance holding company, has posted the third quarter 2009 net income of $13 million, or $0.33 per diluted share compared to a net loss of $14.7 million, or $0.37 per diluted share, for the third quarter of 2008.

The net income from operations per diluted share for the third quarter of 2009 was $0.27 compared a net loss of $0.30 for the same 2008 period.

The net written premium for the quarter increased 5.5% over the same period in 2008. STFC’s book value was $21.00 per share as of September 30, 2009, an increase of $1.36 per share from STFC’s book value on June 30, 2009.

For the first nine months of 2009, STFC had a net loss of $4.2 million, or $0.11 per diluted share, compared to a net loss of $30.5 million or $0.77 per diluted share for 2008.

The net written premiums increased 5.7% for the first nine months of 2009. The Book value per share increased $1.77 per share to $21.00 per share from STFC’s book value on December 31, 2008.