STATE AUTO FINANCIAL CORPORATION (NASDAQ:STFC) Files An 8-K Results of Operations and Financial Condition
Item 2.02.
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Results of Operations and Financial Condition.
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“Company”)>issued a press release disclosing the Companys
results of operations for the three-month period and fiscal year
ended December 31, 2016>(the Release”). The full text of the
Release is furnished as Exhibit 99.1 to this Current Report on
Form 8-K.
from operations per diluted share. Net income from operations
differs from GAAP net income only by the exclusion of realized
capital gains (losses), net of applicable taxes, on investment
activity for the periods being reported. For the three-month
periods ended December 31, 2016>and 2015, GAAP net income was
$0.77>per diluted share and $0.07>per diluted share,
respectively, while net income from operations was $0.46>per
diluted share and $0.00>per diluted share for the same
respective periods. For the three-month periods ended December
31, 2016>and 2015, realized capital gains, net of applicable
taxes, increased the GAAP net income per diluted share by $0.31
and $0.07, respectively. For the fiscal years ended December 31,
2016>and 2015, GAAP net income was $0.50>per diluted share
and $1.23>per diluted share, respectively, while net loss from
operations was $0.07>per diluted share compared to net income
from operations of $0.85>per diluted share for the same
respective periods. For the fiscal years ended December 31,
2016>and 2015, realized capital gains, net of applicable
taxes, increased the GAAP net income per diluted share by $0.57
and $0.38, respectively.
believes this calculation better indicates the Companys operating
performance than GAAP net income (loss) in that net income (loss)
from operations excludes the sometimes volatile realized capital
gains/losses, net of applicable federal income taxes, that can
produce inconsistent results.
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Section 7.
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Regulation FD
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Item 7.01.
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Regulation FD Disclosure
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14, 2017, at approximately 11:00 a.m., ET, to review the Companys
financial results for the three-month period and fiscal year
ended December 31, 2016, and to respond to questions from
interested investors and financial analysts. A transcript of the
conference call is furnished as Exhibit 99.2 to this Current
Report on Form 8-K.
reconciliation schedules included with the Release, the Company
makes available on its website additional supplemental schedules
containing financial information for the Company. This
information is available at www.stateauto.com by clicking News
Releases under the Investors tab.
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Section 9.
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Financial Statements and Exhibits
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Item 9.01.
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Financial Statements and Exhibits
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(c)
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Exhibits.
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Exhibit No.
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Description of Exhibit
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99.1
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Press release issued by State Auto Financial
Corporation on February 14, 2017, regarding results of operations for the three-month period and fiscal year ended December 31, 2016. |
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99.2
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Transcript of conference call held by management of
State Auto Financial Corporation on February 14, 2017. |
About STATE AUTO FINANCIAL CORPORATION (NASDAQ:STFC)
State Auto Financial Corporation (State Auto Financial) is a property and casualty insurance holding company. The Company is engaged in writing personal, business and specialty insurance. Its segments include personal insurance, business insurance, specialty insurance and investment operations. Its personal insurance, business insurance and specialty insurance are known as insurance segments of the Company. It writes standard insurance covering personal exposures to individuals in the personal insurance segment. The Company writes insurance covering small-to-medium sized commercial exposures in the business insurance segment. The specialty insurance segment offers commercial coverages requiring product underwriting, claims handling and/or risk management services through a distribution channel of retail agents and wholesale brokers, which include program administrators and other sources. Its investment portfolio is managed by its subsidiary, Stateco Financial Services, Inc. STATE AUTO FINANCIAL CORPORATION (NASDAQ:STFC) Recent Trading Information
STATE AUTO FINANCIAL CORPORATION (NASDAQ:STFC) closed its last trading session up +0.24 at 26.00 with 42,249 shares trading hands.