State Auto Financial Corporation

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1 State Auto Financial Corporation June 2012 FINANCIAL STRENGTH REPUTATION RELATIONSHIPS RELIABILITY RESPONSIVENESS

2 Safe Harbor Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of The words believe, expect, anticipate, estimate, target, and similar expressions, among others, identify forward-looking statements. All forward-looking statements are based on assumptions, expectations and other information currently available to management. Such forward-looking statements are subject to certain risks and uncertainties that could cause events and the Company s actual results to differ materially from those expressed or implied. Please see the disclosure regarding forward-looking statements immediately preceding Part I of the Company s Annual Report on Form 10-K for the fiscal year ended December 31, The Company assumes no obligation to update any forward-looking statements. 2

3 NASDAQ: STFC Super regional property and casualty insurer Over $1.0 billion in annual premiums; 50% personal, 27% business and 23% specialty (2011 mix) taking into account intercompany pooling changes and quota share reinsurance) 63% owned by State Automobile Mutual (SAM) Over $1.7 billion in annual Group premiums all subject to pooling STFC currently retains 65% of the pool Rated A (Excellent) by A.M. Best 3

4 Group Structure State Auto Financial Corporation (STFC) Owned Approx. 63% State Automobile Mutual Insurance Company Affiliate State Auto Property and Casualty Insurance Company State Auto Insurance Company of Ohio State Auto Insurance Company of Wisconsin State Auto Florida Insurance Company Patrons Mutual Insurance Company Litchfield Mutual Fire Insurance Company Rockhill Insurance Milbank Insurance Company Rockhill Insurance Group Plaza Insurance American Compensation Farmers Casualty Insurance Company Bloomington Compensation Stateco Financial Services Inc. Investment Manager Meridian Insurance Group Affiliate Meridian Citizens Mutual Insurance Company Beacon National Insurance Group Meridian Security Insurance Co. Note: Shaded companies are participants in the intercompany reinsurance pool 4

5 Corporate Business Strategy and Goals Capital Adequacy: Grow surplus and maintain a strong balance sheet Profitability: Achieve a consistent underwriting profit Growth: Diversify and grow premium volume with the development of the Business and Specialty Segments Volatility: Reduce volatility of earnings by achieving a better business mix and increasing geographic diversification Expense Management: Maintain operational efficiency and lower expense ratio Grow Franchise Value: Constantly improve the company s visibility and customer (policyholders & producers) experience through the use of innovative products and superior customer service 5

6 Product Lines PERSONAL INSURANCE Personal Auto Homeowners Farm BUSINESS INSURANCE Business Owners Commercial Auto General Liability Umbrella SPECIALTY INSURANCE General Liability Environmental Executive General Binding Authority Health Care Programs Umbrella Workers Compensation 6

7 Strategies by Segment Personal Insurance Maintain personal auto profitability through enhanced pricing sophistication and risk segmentation Remediate Homeowners through aggressive rate action, the insurance to value program, mandatory wind/hail deductibles, by-peril rating and agency management Business Insurance Meet pricing goals in business insurance and implement Business Insurance Evolution to reduce expense ratio Specialty Insurance Expand profitable specialty lines through improved broker relations, specialized underwriting and price monitoring Address RED underwriting losses through reorganization and termination of unprofitable programs Achieve enhanced profitability in workers compensation through rate increases, targeting desirable segments and states and leverage the claims Tollway Claims Complete claims initiatives to reduce the loss and LAE ratio 7

8 Segment & Product Mix YTD March 31, 2012 By Segment By Annual Statement Lines Business 30% Specialty 27% Fire & Allied 8% Other & Product Liab. 9% Other Commercial 3% Commercial Multi-peril 13% Workers Comp 8% Commercial Auto 17% Personal 43% Other Personal 3% Homeowners 4% Personal Auto 36% 8

9 GAAP Combined Ratio 140% 120% 100% 92.8% 109.8% 105.8% 104.6% 116.3% 103.0% 109.4% 80% 60% 40% 20% 0% mos 2011 Expense Ratio Ex-CAT Loss Ratio CAT Loss Ratio 3-mos

10 STFC Catastrophe History Loss Ratio Points 1Q 2Q 3Q 4Q YEAR (2.3) (3.7) (0.4) (0.5) Yrs. Average ( ) (0.7)

11 Homeowners Remediation Rate Insurance to Value Mandatory Wind/Hail Deductibles By-Peril Homeowners Rating Agency Management Homeowners Withdrawal from States 11

12 Business Insurance Improvements Updating Models: Improved risk selection More granular pricing Improving Process Rules based decisioning Straight through processing Greater efficiency 12

13 Claims Improved processes Casualty Claim Management Actions Increased number and use of in-house counsel Created Home Office Large Loss Unit adjusters exclusively dedicated to casualty losses over $100,000 Established roundtable process, involving senior professionals for large loss reviews Expanded legal bill review Centralized PIP and Med Pay unit Standardized workflow processes across the enterprise Implementing new system to improve claim management efficiency and effectiveness 13

14 Claims Improved processes to reduce severity Casualty Claim Management Actions (Cont d) For Specialty risks: - Dedicated examiner and quality assurance team to oversee claims handled through TPAs - Continued development of metrics and audits to measure and manage TPA performance quality - Implementing pre-qualification standards for any future TPA partners Additional Actions Workers Compensation Claim Mgmt. Create specialized WC claims management structure Developed and implemented disciplined Tollway process that focuses on fast, accurate determination of compensability Implemented RTW s ID15 process (lost time WC claims) enterprisewide 14

15 Quota Share Key Contract Terms 75% quota share cession of homeowners book Three-year treaty effective 12/31/2011 Transfer of 2011 unearned premium reserve (UPR) New and renewing business effective on or after 1/1/2012 Catastrophe loss ratio caps Term catastrophe cap lesser of 34% or $380 million Annual catastrophe caps Year one lesser of 50% or $181 million Year two lesser of 40% or $150 million Year three lesser of 30% or $117 million $55 million occurrence limit $3 million per risk limit 29% flat ceding commission 100% profit sharing commission after reinsurer expense of 9% 15

16 STFC Investment Portfolio March 31, 2012 Allocation Total: $2.21 billion Fixed Income 89.0% Equities 11.0% Total 100.0% Equities 11.0% Other Invested Assets 3% Notes Receivable from Affiliates 3% Bond Ratings U.S. Government Agencies MBS 19% U.S. Treasury Bonds 21% Aaa 14.4% Aa 76.8% A 8.3% Other 0.5% Total 100.0% Corporate Bonds 11.7% Tax Exempt Municipal Bonds 35% Average Maturity: 7.2 years Duration: 3.9 Pre-Tax Yield: 3.6% 16

17 Summary Focus on underwriting discipline and pricing Reduce volatility of earnings Improve ex-catastrophe loss ratio Return to profitability and achieve expected returns 17

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