UPDATE 1-State Auto Financial Q2 loss narrower than expected
(Recasts; adds details)
July 24 (Reuters) - State Auto Financial Corp (STFC.O), a regional property and casualty insurance holding company, reported a second-quarter loss that was narrower than expected, helped by an 11 percent rise in net premium earned.
Net operating loss was $3.3 million, or 12 cents a share, which was way below analysts' estimates for a loss of 42 cents a share.
Net loss was $3.3 million, or 8 cents a share, compared with earnings of $23.4 million, or 56 cents a share, a year ago.
"We experienced unprecedented losses from catastrophic storm activity during the second quarter," Chief Executive Robert Restrepo said. "The $76.8 million total is not only a record high for a second quarter, but a record for catastrophe losses for any quarter in our history."
The company earned $281.1 million in premiums during the period, up from $253.3 million in the year-ago quarter.
Shares of the Columbus, Ohio-based company closed at $24.84 Wednesday on Nasdaq. (Reporting by Anurag Kotoky in Bangalore; Editing by Anil D'Silva)
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