| [February 20, 2018] |
 |
State Auto Financial Reports Fourth Quarter and Year End 2017 Results
State Auto Financial Corporation (NASDAQ:STFC) today reported a fourth
quarter 2017 net loss of $5.8 million, or $0.14 per diluted share,
versus net income of $32.5 million, or $0.77 per diluted share, for the
fourth quarter of 2016. Net loss from operations1 per diluted
share for the fourth quarter 2017 was $0.46 versus net income from
operations1 per diluted share of $0.46 for the same 2016
period.
For the year ended 2017, STFC had a net loss of $10.7 million, or $0.25
per diluted share, compared to net income of $21.0 million, or $0.50 per
diluted share, for the same 2016 period. Net loss from operations1
per diluted share for the year ended Dec. 31, 2017 was $1.26 versus net
loss from operations1 per diluted share of $0.07 for the same
2016 period.
The fourth quarter and year ended 2017 net loss and net loss from
operations included a charge of $36.4 million, or $0.86 per diluted
share, related to the enactment of the Tax Cuts and Jobs Act of 2017
(TCJA).
GAAP Operating Results
STFC's GAAP combined ratio for the fourth quarter 2017 was 100.9
compared to 101.3 for the same 2016 period. Catastrophe losses during
the fourth quarter 2017 accounted for 2.6 points of the 62.9 total loss
ratio points, or $8.3 million, versus 5.0 points of the total 68.6 loss
ratio points, or $16.2 million, for the same period in 2016.
Non-catastrophe losses during the fourth quarter 2017 included 3.7
points of favorable development relating to prior years, or $11.8
million, versus 1.9 points, or $6.3 million, for the same period in 2016.
Net written premium for the fourth quarter of 2017 decreased 2.1%
compared to the same period in 2016. By segment, net written premium for
personal increased 19.1% and commercial and specialty decreased 1.4% and
51.0%, respectively. The personal segment increase was primarily due to
rate actions taken to improve the profitability in personal auto and a
higher level of new business policies for the fourth quarter 2017
compared to the fourth quarter 2016. The decrease in the commercial
segment was primarily driven by actions taken to improve commercial auto
profitability and a reduction in workers' compensation due to the
softening market conditions during the fourth quarter 2017 compared to
the fourth quarter 2016. The decline in the specialty segment was
primarily due to our decision to exit specialty business.
STFC's GAAP combined ratio for the year ended 2017 was 107.7 compared to
106.2 for the same 2016 period. Catastrophe losses increased the loss
ratio for the year ended 2017 by 9.7 points, or $124.0 million, compared
to 6.3 points, or $81.6 million for the year ended 2016. Non-catastrophe
losses for the year ended 2017 included 3.5 points of favorable
development relating to prior years, or $44.6 million, versus 2.2 points
of adverse development, or $28.4 million, for the same period in 2016.
Net written premium for the year ended 2017 decreased 1.9% compared to
the same 2016 period. By segment, net written premium for personal
increased 5.7% and commercial and specialty decreased 1.3% and 19.7%,
respectively. The segment trends were due to the same factors
discussed above.
Personal and Commercial Statutory Operating
Results
STFC previously announced its decision to exit the specialty insurance
segment and identified its continuing operations as the personal and
commercial insurance segments. The statutory personal and commercial
combined ratio2 for the fourth quarter 2017 was 97.1 compared
to 96.7 for the same 2016 period. Catastrophe losses during the fourth
quarter 2017 accounted for 0.4 points of the 59.2 total loss ratio
points, or $1.1 million, versus 3.6 points of the total 63.9 points or
$9.3 million for the same period in 2016. Non-catastrophe losses during
the fourth quarter 2017 included 5.2 points of favorable development
relating to prior years, or $13.7 million, versus 3.0 points or $7.8
million, for the same period in 2016.
The statutory personal and commercial combined ratio2 for the
year ended 2017 was 102.3 compared to 104.5 for the same 2016 period.
Catastrophe losses increased the loss ratio for the year ended 2017 by
6.8 points, or $70.1 million, compared to 7.0 points, or $74.1 million
for the year ended 2016. Non-catastrophe losses for the year ended 2017
included 4.7 points of favorable development relating to prior years, or
$48.8 million, versus adverse development of 0.6 points or $6.8 million,
for the same period in 2016.
Book Value and Return on Equity
STFC's book value was $20.76 per share as of Dec. 31, 2017, a decrease
of $0.52 per share from STFC's book value on Sept. 30, 2017. The
decrease was primarily driven by the revaluation of our net deferred tax
asset due to the enactment of the TCJA. Return on stockholders' equity
for the twelve months ended December 31, 2017, was (1.2)% compared to
2.4% for the twelve months ended December 31, 2016.
STFC's Chairman, President and CEO Mike LaRocco commented on the quarter
and year as follows:
"2017 was the year in which State Auto's turnaround began to take hold.
We delivered profitable fourth quarter results in our personal and
commercial lines of business, with a statutory combined ratio of 97.1.
Loss ratios in personal and commercial auto continued to improve as a
result of actions we've taken around rates, underwriting and claims
handling practices. These efforts take time to earn out in the numbers,
but we have the processes and people in place to maintain our focus on
improving profitability.
"Retention in our personal auto and homeowners lines declined as a
result of the rate actions, but we know we can't afford to knowingly
write risks at an unprofitable rate. And while our loss ratio improved
in our largest line, personal auto, our expense ratio was elevated in
the fourth quarter due to continued investment in our digital technology
platform and foundation and timing and changes in our agent bonus
compensation plan.
"Our technology investment is critical if we're to become more efficient
as we grow profitably. In the fourth quarter, we continued the rollout
of State Auto Connect for personal lines and successfully rolled out
State Auto Connect for our business owners policy (BOP) and commercial
auto in four states. Our decision to go completely digital is paying
off, with approximately a 37% increase in new business and record quote
volumes for the year in our personal lines. For the first time in eight
years, we grew the number of homeowners policies written, and we ended
2017 with four straight months of auto policy count growth.
"In our continuing businesses the full year statutory combined ratio was
102.3. In late 2017, we made the tough call to exit the specialty
segment. I'm pleased to say we've made progress toward completing
agreements to exit all our lines except E&S property, which we placed in
run-off in November.
"We accomplished a great deal in 2017, and I'm very proud of our team's
efforts that moved us even closer to delivering profitable growth for
our policyholders and shareholders."
About State Auto Financial Corporation
State Auto Financial Corporation, headquartered in Columbus, Ohio, is a
super regional property and casualty insurance holding company and is
proud to be a Trusted Choice® company partner. STFC stock is traded on
the NASDAQ Global Select Market, which represents the top fourth of all
NASDAQ listed companies.
The insurance subsidiaries of State Auto Financial Corporation are part
of the State Auto Group. The State Auto Group markets its insurance
products throughout the United States, through independent insurance
agencies, which include retail agencies and wholesale brokers. The State
Auto Group is rated A- (Excellent) by the A.M. Best Company and includes
State Automobile Mutual, State Auto Property & Casualty, State Auto
Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual,
Rockhill Insurance, Plaza Insurance, American Compensation and
Bloomington Compensation. Additional information on State Auto Financial
Corporation and the State Auto Insurance Companies can be found online
at http://www.StateAuto.com/STFC.
1 Net income (loss) from operations, a non-GAAP financial
measure which management believes is informative to Company management
and investors, differs from GAAP net income (loss) only by the exclusion
of realized capital gains and (losses), net of applicable taxes, on
investment activity for the periods being reported. For STFC, this
amounted to income of $0.32 per diluted share for the fourth quarter
2017 and income of $1.01 year to date 2017 versus income of $0.31 per
diluted share for the fourth quarter 2016 and income of $0.57 year to
date 2016.
2The statutory personal and commercial combined ratio is a
measure used by management to evaluate STFC's operating performance for
its ongoing operations. Details behind the compilation of these results
can be found on page 19 of this release.
STFC has scheduled a conference call with interested investors for
Tuesday, Feb. 20, at 11 a.m. ET to discuss the Company's fourth quarter
2017 performance. Live and archived broadcasts of the call can be
accessed at http://www.StateAuto.com/STFC.
A replay of the call can be heard beginning at 2 p.m., Feb. 20, by
calling 855-859-2056, conference ID 51534854. Supplemental schedules
detailing the Company's fourth quarter 2017 financial, sales and
underwriting results are made available on http://www.StateAuto.com/STFC
prior to the conference call.
Except for historical information, all other information in this news
release consists of forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected, anticipated or
implied. The most significant of these uncertainties are described in
State Auto Financial's Form 10-K and Form 10-Q reports and exhibits to
those reports, and include (but are not limited to) legislative changes
at both the state and federal level, state and federal regulatory rule
making promulgations and adjudications, class action litigation
involving the insurance industry and judicial decisions affecting
claims, policy coverages and the general costs of doing business, the
impact of competition on products and pricing, inflation in the costs of
the products and services insurance pays for, product development,
geographic spread of risk, weather and weather-related events, and other
types of catastrophic events. State Auto Financial undertakes no
obligation to update or revise any forward-looking statements.
|
|
|
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
|
|
|
|
Selected Consolidated Financial Data
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
Three months ended December 31
|
|
Year ended December 31
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net premiums written
|
|
$
|
300.7
|
|
|
$
|
307.1
|
|
|
$
|
1,269.3
|
|
|
$
|
1,293.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Earned premiums
|
|
318.7
|
|
|
323.8
|
|
|
1,275.1
|
|
|
1,291.9
|
|
|
Net investment income
|
|
22.3
|
|
|
20.6
|
|
|
78.8
|
|
|
74.7
|
|
|
Net realized gain on investments
|
|
21.3
|
|
|
19.9
|
|
|
65.1
|
|
|
36.5
|
|
|
Other income
|
|
0.6
|
|
|
0.6
|
|
|
2.3
|
|
|
2.3
|
|
|
Total revenue
|
|
362.9
|
|
|
364.9
|
|
|
1,421.3
|
|
|
1,405.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before federal income taxes
|
|
37.9
|
|
|
33.1
|
|
|
33.4
|
|
|
19.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal income tax expense (benefit)
|
|
43.7
|
|
|
0.6
|
|
|
44.1
|
|
|
(1.8
|
)
|
|
Net (loss) income
|
|
$
|
(5.8
|
)
|
|
$
|
32.5
|
|
|
$
|
(10.7
|
)
|
|
$
|
21.0
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per common share:
|
|
|
|
|
|
|
|
|
|
- basic
|
|
$
|
(0.14
|
)
|
|
$
|
0.78
|
|
|
$
|
(0.25
|
)
|
|
$
|
0.50
|
|
|
- diluted
|
|
$
|
(0.14
|
)
|
|
$
|
0.77
|
|
|
$
|
(0.25
|
)
|
|
$
|
0.50
|
|
|
(Loss) earnings per share from operations (A):
|
|
|
|
|
|
|
|
|
|
- basic
|
|
$
|
(0.46
|
)
|
|
$
|
0.47
|
|
|
$
|
(1.26
|
)
|
|
$
|
(0.07
|
)
|
|
- diluted
|
|
$
|
(0.46
|
)
|
|
$
|
0.46
|
|
|
$
|
(1.26
|
)
|
|
$
|
(0.07
|
)
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
- basic
|
|
42.3
|
|
|
41.7
|
|
|
42.1
|
|
|
41.6
|
|
|
- diluted
|
|
42.3
|
|
|
42.2
|
|
|
42.1
|
|
|
42.0
|
|
|
Return on average equity (LTM)
|
|
(1.2
|
)%
|
|
2.4
|
%
|
|
|
|
|
|
Book value per share
|
|
$
|
20.76
|
|
|
$
|
21.31
|
|
|
|
|
|
|
Dividends paid per share
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
Total shares outstanding
|
|
42.4
|
|
|
41.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP ratios:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
2.6
|
|
|
5.0
|
|
|
9.7
|
|
|
6.3
|
|
|
Non-cat loss and LAE ratio
|
|
60.3
|
|
|
63.6
|
|
|
62.3
|
|
|
66.6
|
|
|
Loss and LAE ratio
|
|
62.9
|
|
|
68.6
|
|
|
72.0
|
|
|
72.9
|
|
|
Expense ratio
|
|
38.0
|
|
|
32.7
|
|
|
35.7
|
|
|
33.3
|
|
|
Combined ratio
|
|
100.9
|
|
|
101.3
|
|
|
107.7
|
|
|
106.2
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Reconciliation of non-GAAP financial measure:
|
|
|
|
|
|
|
|
|
|
Net (loss) income from operations:
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(5.8
|
)
|
|
$
|
32.5
|
|
|
$
|
(10.7
|
)
|
|
$
|
21.0
|
|
|
Less net realized gain on investments, less applicable federal
income taxes
|
|
13.8
|
|
|
12.9
|
|
|
42.3
|
|
|
23.7
|
|
|
Net (loss) income from operations
|
|
$
|
(19.6
|
)
|
|
$
|
19.6
|
|
|
$
|
(53.0
|
)
|
|
$
|
(2.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
($ and shares in millions, except per share amounts)
|
|
|
|
|
|
(unaudited)
|
|
December 31
|
|
December 31
|
|
|
|
2017
|
|
2016
|
|
ASSETS
|
|
|
|
|
|
Fixed maturities, available-for-sale, at fair value (amortized cost
$2,173.1 and $2,095.9, respectively)
|
|
$
|
2,192.8
|
|
|
$
|
2,109.3
|
|
|
Equity securities, available-for-sale, at fair value (cost $318.6
and $323.1, respectively)
|
|
365.3
|
|
|
382.8
|
|
|
Other invested assets, available-for-sale, at fair value (cost $25.8
and $25.5, respectively)
|
|
56.0
|
|
|
45.1
|
|
|
Other invested assets
|
|
5.6
|
|
|
5.4
|
|
|
Notes receivable from affiliate
|
|
70.0
|
|
|
70.0
|
|
|
Total investments
|
|
2,689.7
|
|
|
2,612.6
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
91.5
|
|
|
51.1
|
|
|
Accrued investment income and other assets
|
|
36.5
|
|
|
40.0
|
|
|
Deferred policy acquisition costs
|
|
117.8
|
|
|
129.8
|
|
|
Reinsurance recoverable on losses and loss expenses payable
|
|
3.1
|
|
|
3.6
|
|
|
Prepaid reinsurance premiums
|
|
6.4
|
|
|
6.1
|
|
|
Current federal income taxes
|
|
4.8
|
|
|
6.7
|
|
|
Net deferred federal income taxes
|
|
57.2
|
|
|
102.1
|
|
|
Property and equipment, net
|
|
7.3
|
|
|
7.4
|
|
|
Total assets
|
|
$
|
3,014.3
|
|
|
$
|
2,959.4
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Losses and loss expenses payable
|
|
$
|
1,255.6
|
|
|
$
|
1,181.6
|
|
|
Unearned premiums
|
|
611.8
|
|
|
617.8
|
|
|
Notes payable (affiliates $15.2 and $15.2, respectively)
|
|
122.1
|
|
|
122.1
|
|
|
Pension and postretirement benefits
|
|
64.5
|
|
|
74.4
|
|
|
Due to affiliate
|
|
2.7
|
|
|
2.4
|
|
|
Other liabilities
|
|
76.7
|
|
|
69.8
|
|
|
Total liabilities
|
|
2,133.4
|
|
|
2,068.1
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Common stock, without par value. Authorized 100.0 shares; 49.2 and
48.6 shares issued, respectively, at stated value of $2.50 per share
|
|
123.0
|
|
|
121.6
|
|
|
Treasury stock, 6.8 and 6.8 shares, respectively, at cost
|
|
(116.8
|
)
|
|
(116.5
|
)
|
|
Additional paid-in capital
|
|
171.8
|
|
|
159.9
|
|
|
Accumulated other comprehensive income
|
|
36.7
|
|
|
32.5
|
|
|
Retained earnings
|
|
666.2
|
|
|
693.8
|
|
|
Total stockholders' equity
|
|
880.9
|
|
|
891.3
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
3,014.3
|
|
|
$
|
2,959.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
|
|
|
|
Condensed Consolidated Statements of Income
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
Three months ended December 31
|
|
Year ended December 31
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Earned premiums
|
|
$
|
318.7
|
|
|
$
|
323.8
|
|
|
$
|
1,275.1
|
|
|
$
|
1,291.9
|
|
|
Net investment income
|
|
22.3
|
|
|
20.6
|
|
|
78.8
|
|
|
74.7
|
|
|
Net realized gain on investments
|
|
21.3
|
|
|
19.9
|
|
|
65.1
|
|
|
36.5
|
|
|
Other income from affiliates
|
|
0.6
|
|
|
0.6
|
|
|
2.3
|
|
|
2.3
|
|
|
Total revenues
|
|
362.9
|
|
|
364.9
|
|
|
1,421.3
|
|
|
1,405.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and loss expenses
|
|
200.4
|
|
|
222.2
|
|
|
918.3
|
|
|
942.4
|
|
|
Acquisition and operating expenses
|
|
121.0
|
|
|
105.8
|
|
|
455.8
|
|
|
430.4
|
|
|
Interest expense
|
|
1.5
|
|
|
1.4
|
|
|
5.9
|
|
|
5.5
|
|
|
Other expenses
|
|
2.1
|
|
|
2.4
|
|
|
7.9
|
|
|
7.9
|
|
|
Total expenses
|
|
325.0
|
|
|
331.8
|
|
|
1,387.9
|
|
|
1,386.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before federal income taxes
|
|
37.9
|
|
|
33.1
|
|
|
33.4
|
|
|
19.2
|
|
|
Federal income tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
Current
|
|
0.4
|
|
|
(0.2
|
)
|
|
0.4
|
|
|
(1.7
|
)
|
|
Deferred
|
|
43.3
|
|
|
0.8
|
|
|
43.7
|
|
|
(0.1
|
)
|
|
Federal income tax expense (benefit)
|
|
43.7
|
|
|
0.6
|
|
|
44.1
|
|
|
(1.8
|
)
|
|
Net (loss) income
|
|
$
|
(5.8
|
)
|
|
$
|
32.5
|
|
|
$
|
(10.7
|
)
|
|
$
|
21.0
|
|
|
(Loss) earnings per common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.14
|
)
|
|
$
|
0.78
|
|
|
$
|
(0.25
|
)
|
|
$
|
0.50
|
|
|
Diluted
|
|
$
|
(0.14
|
)
|
|
$
|
0.77
|
|
|
$
|
(0.25
|
)
|
|
$
|
0.50
|
|
|
Dividends paid per common share
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
|
|
|
|
Consolidated Statements of Comprehensive Income
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
Three months ended December 31
|
|
Year ended December 31
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net (loss) income
|
|
$
|
(5.8
|
)
|
|
$
|
32.5
|
|
|
$
|
(10.7
|
)
|
|
$
|
21.0
|
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
|
|
Net unrealized holding (losses) gains on investments:
|
|
|
|
|
|
|
|
|
|
Unrealized holding gains (losses)
|
|
3.4
|
|
|
(53.7
|
)
|
|
69.0
|
|
|
27.8
|
|
|
Reclassification adjustments for gains realized in net income
|
|
(21.3
|
)
|
|
(19.9
|
)
|
|
(65.1
|
)
|
|
(36.5
|
)
|
|
Income tax expense (benefit)
|
|
6.9
|
|
|
25.8
|
|
|
(0.7
|
)
|
|
3.0
|
|
|
Total net unrealized holding (losses) gains on investments
|
|
(11.0
|
)
|
|
(47.8
|
)
|
|
3.2
|
|
|
(5.7
|
)
|
|
Net unrecognized benefit plan obligations:
|
|
|
|
|
|
|
|
|
|
Net actuarial loss arising during the period
|
|
(1.0
|
)
|
|
(3.0
|
)
|
|
(1.0
|
)
|
|
(3.0
|
)
|
|
Reclassification adjustments for amortization to net income:
|
|
|
|
|
|
|
|
|
|
Prior service credit
|
|
(1.4
|
)
|
|
(1.4
|
)
|
|
(5.5
|
)
|
|
(5.5
|
)
|
|
Net actuarial loss
|
|
1.9
|
|
|
2.3
|
|
|
8.0
|
|
|
9.4
|
|
|
Income tax expense (benefit)
|
|
0.3
|
|
|
0.7
|
|
|
(0.5
|
)
|
|
(0.3
|
)
|
|
Total net unrecognized benefit plan obligations
|
|
(0.2
|
)
|
|
(1.4
|
)
|
|
1.0
|
|
|
0.6
|
|
|
Other comprehensive (loss) income
|
|
(11.2
|
)
|
|
(49.2
|
)
|
|
4.2
|
|
|
(5.1
|
)
|
|
Comprehensive (loss) income
|
|
$
|
(17.0
|
)
|
|
$
|
(16.7
|
)
|
|
$
|
(6.5
|
)
|
|
$
|
15.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
|
|
|
|
Condensed Consolidated Statement Of Stockholders' Equity
|
|
($ and shares in millions)
|
|
|
|
|
|
(unaudited)
|
|
Year Ended
|
|
Year Ended
|
|
|
|
December 31
|
|
December 31
|
|
|
|
2017
|
|
2016
|
|
Common shares:
|
|
|
|
|
|
Balance at beginning of year
|
|
48.6
|
|
|
48.1
|
|
|
Issuance of shares
|
|
0.6
|
|
|
0.5
|
|
|
Balance at period ended
|
|
49.2
|
|
|
48.6
|
|
|
|
|
|
|
|
|
Treasury shares:
|
|
|
|
|
|
Balance at beginning of year and year ended
|
|
(6.8
|
)
|
|
(6.8
|
)
|
|
|
|
|
|
|
|
Common stock:
|
|
|
|
|
|
Balance at beginning of year
|
|
$
|
121.6
|
|
|
$
|
120.4
|
|
|
Issuance of shares
|
|
1.4
|
|
|
1.2
|
|
|
Balance at period ended
|
|
123.0
|
|
|
121.6
|
|
|
|
|
|
|
|
|
Treasury stock:
|
|
|
|
|
|
Balance at beginning of year
|
|
$
|
(116.5
|
)
|
|
$
|
(116.3
|
)
|
|
Shares acquired on stock award exercises and vested restricted shares
|
|
(0.3
|
)
|
|
(0.2
|
)
|
|
Balance at period ended
|
|
(116.8
|
)
|
|
(116.5
|
)
|
|
|
|
|
|
|
|
Additional paid-in capital:
|
|
|
|
|
|
Balance at beginning of year
|
|
$
|
159.9
|
|
|
$
|
153.5
|
|
|
Issuance of common stock
|
|
8.8
|
|
|
6.8
|
|
|
Tax expense from share-based compensation
|
|
-
|
|
|
(3.0
|
)
|
|
Stock awards granted
|
|
3.1
|
|
|
2.6
|
|
|
Balance at period ended
|
|
171.8
|
|
|
159.9
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income:
|
|
|
|
|
|
Balance at beginning of year
|
|
$
|
32.5
|
|
|
$
|
37.6
|
|
|
Change in unrealized gains on investments, net of tax
|
|
3.2
|
|
|
(5.7
|
)
|
|
Change in unrecognized benefit plan obligations, net of tax
|
|
1.0
|
|
|
0.6
|
|
|
Balance at period ended
|
|
36.7
|
|
|
32.5
|
|
|
|
|
|
|
|
|
Retained earnings:
|
|
|
|
|
|
Balance at beginning of year
|
|
$
|
693.8
|
|
|
$
|
689.4
|
|
|
Net (loss) income
|
|
(10.7
|
)
|
|
21.0
|
|
|
Cash dividends paid
|
|
(16.9
|
)
|
|
(16.6
|
)
|
|
Balance at period ended
|
|
666.2
|
|
|
693.8
|
|
|
|
|
|
|
|
|
Total stockholders' equity at period ended
|
|
$
|
880.9
|
|
|
$
|
891.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
|
|
|
|
Condensed Consolidated Statements of Cash Flow
|
|
($ millions)
|
|
|
|
|
|
(unaudited)
|
|
Twelve months ended
|
|
|
|
December 31
|
|
|
|
2017
|
|
2016
|
|
Cash flows from operating activities:
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(10.7
|
)
|
|
$
|
21.0
|
|
|
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization, net
|
|
12.5
|
|
|
14.6
|
|
|
Share-based compensation
|
|
4.2
|
|
|
3.7
|
|
|
Net realized gain on investments
|
|
(65.1
|
)
|
|
(36.5
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Deferred policy acquisition costs
|
|
12.0
|
|
|
(0.7
|
)
|
|
Accrued investment income and other assets
|
|
3.5
|
|
|
(4.5
|
)
|
|
Postretirement and pension benefits
|
|
(9.0
|
)
|
|
(28.8
|
)
|
|
Other liabilities and due to/from affiliate, net
|
|
6.0
|
|
|
7.3
|
|
|
Reinsurance recoverable on losses and loss expenses payable and
prepaid reinsurance premiums
|
|
0.2
|
|
|
3.0
|
|
|
Losses and loss expenses payable
|
|
74.0
|
|
|
128.6
|
|
|
Unearned premiums
|
|
(6.0
|
)
|
|
1.5
|
|
|
Deferred tax expense (benefit) on share-based awards
|
|
-
|
|
|
(0.2
|
)
|
|
Federal income taxes
|
|
46.3
|
|
|
4.5
|
|
|
Net cash provided by operating activities
|
|
67.9
|
|
|
113.5
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Purchases of fixed maturities available-for-sale
|
|
(505.4
|
)
|
|
(589.3
|
)
|
|
Purchases of equity securities available-for-sale
|
|
(185.9
|
)
|
|
(143.1
|
)
|
|
Purchases of other invested assets
|
|
(1.4
|
)
|
|
(1.5
|
)
|
|
Maturities, calls and principal reductions of fixed maturities
available-for-sale
|
|
233.6
|
|
|
240.9
|
|
|
Sales of fixed maturities available-for-sale
|
|
184.8
|
|
|
211.6
|
|
|
Sales of equity securities available-for-sale
|
|
252.7
|
|
|
153.0
|
|
|
Sales of other invested assets available-for-sale
|
|
1.1
|
|
|
0.8
|
|
|
Net cash used in investing activities
|
|
(20.5
|
)
|
|
(127.6
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
10.2
|
|
|
2.2
|
|
|
Payments to acquire treasury shares
|
|
(0.3
|
)
|
|
(0.2
|
)
|
|
Payment of dividends
|
|
(16.9
|
)
|
|
(16.6
|
)
|
|
Deferred tax expense on share-based awards
|
|
-
|
|
|
0.2
|
|
|
Proceeds from long-term debt
|
|
-
|
|
|
21.5
|
|
|
Net cash (used in) provided by financing activities
|
|
(7.0
|
)
|
|
7.1
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
40.4
|
|
|
(7.0
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
51.1
|
|
|
58.1
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
91.5
|
|
|
$
|
51.1
|
|
|
Supplemental disclosures:
|
|
|
|
|
|
Federal income tax refund
|
|
$
|
(1.6
|
)
|
|
$
|
-
|
|
|
Interest paid (affiliates $0.8 and $0.8, respectively)
|
|
$
|
5.7
|
|
|
$
|
5.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
|
|
|
|
Fixed Maturities
|
|
($ in millions, at fair value)
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
December 31
|
|
|
|
|
December 31
|
|
|
|
|
|
2017
|
|
%
|
|
|
2016
|
|
%
|
|
Fixed Maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities and obligations
of U.S. government agencies
|
$
|
436.9
|
|
|
19.9
|
%
|
|
|
$
|
404.7
|
|
|
19.2
|
%
|
|
Obligations of states and political subdivisions
|
525.8
|
|
|
24.0
|
%
|
|
|
643.7
|
|
|
30.5
|
%
|
|
Corporate securities
|
529.7
|
|
|
24.2
|
%
|
|
|
449.6
|
|
|
21.3
|
%
|
|
U.S. government agencies mortgage-backed securities
|
700.4
|
|
|
31.9
|
%
|
|
|
611.3
|
|
|
29.0
|
%
|
|
|
Total fixed maturities
|
$
|
2,192.8
|
|
|
100.0
|
%
|
|
|
$
|
2,109.3
|
|
|
100.0
|
%
|
|
|
Ratings Quality*
|
|
|
|
|
|
|
|
|
|
|
AAA
|
$
|
56.0
|
|
|
2.6
|
%
|
|
|
$
|
62.6
|
|
|
3.0
|
%
|
|
|
AA**
|
1,329.6
|
|
|
60.5
|
%
|
|
|
1,345.7
|
|
|
63.8
|
%
|
|
|
A
|
450.1
|
|
|
20.5
|
%
|
|
|
395.4
|
|
|
18.7
|
%
|
|
|
BBB
|
352.7
|
|
|
16.2
|
%
|
|
|
294.2
|
|
|
14.0
|
%
|
|
|
Below investment grade
|
4.4
|
|
|
0.2
|
%
|
|
|
11.4
|
|
|
0.5
|
%
|
|
|
Total fixed maturities
|
$
|
2,192.8
|
|
|
100.0
|
%
|
|
|
$
|
2,109.3
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TIPS, at fair value
|
$
|
155.8
|
|
|
|
|
|
$
|
161.8
|
|
|
|
|
|
TIPS, at amortized cost
|
$
|
146.5
|
|
|
|
|
|
$
|
153.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By type of bond
|
|
|
|
|
|
|
|
|
|
|
State general obligations
|
$
|
13.9
|
|
|
2.6
|
%
|
|
|
$
|
12.0
|
|
|
1.9
|
%
|
|
|
Local general obligations
|
85.0
|
|
|
16.2
|
%
|
|
|
100.6
|
|
|
15.6
|
%
|
|
|
Revenue bonds
|
303.8
|
|
|
57.8
|
%
|
|
|
351.5
|
|
|
54.6
|
%
|
|
|
Pre Refunded bonds
|
40.2
|
|
|
7.6
|
%
|
|
|
89.1
|
|
|
13.8
|
%
|
|
|
Other
|
82.9
|
|
|
15.8
|
%
|
|
|
90.5
|
|
|
14.1
|
%
|
|
|
Total
|
$
|
525.8
|
|
|
100.0
|
%
|
|
|
$
|
643.7
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Top 10 States
|
|
|
|
|
Top 10 States
|
|
|
|
|
|
New York
|
$
|
78.1
|
|
|
14.9
|
%
|
|
New York
|
$
|
80.8
|
|
|
12.6
|
%
|
|
|
Texas
|
53.5
|
|
|
10.2
|
%
|
|
Washington
|
58.2
|
|
|
9.0
|
%
|
|
|
Ohio
|
50.6
|
|
|
9.6
|
%
|
|
Texas
|
56.9
|
|
|
8.8
|
%
|
|
|
Washington
|
49.2
|
|
|
9.4
|
%
|
|
Ohio
|
51.1
|
|
|
7.9
|
%
|
|
|
Georgia
|
26.7
|
|
|
5.1
|
%
|
|
Louisiana
|
39.8
|
|
|
6.2
|
%
|
|
|
North Carolina
|
23.5
|
|
|
4.5
|
%
|
|
Georgia
|
34.2
|
|
|
5.3
|
%
|
|
|
Nevada
|
20.8
|
|
|
4.0
|
%
|
|
North Carolina
|
23.8
|
|
|
3.7
|
%
|
|
|
Maryland
|
18.0
|
|
|
3.4
|
%
|
|
Pennsylvania
|
20.2
|
|
|
3.1
|
%
|
|
|
Dist of Columbia
|
17.9
|
|
|
3.4
|
%
|
|
Connecticut
|
18.2
|
|
|
2.8
|
%
|
|
|
Louisiana
|
17.4
|
|
|
3.3
|
%
|
|
Nevada
|
17.7
|
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratings Quality*
|
|
|
|
|
|
|
|
|
|
|
AAA
|
$
|
36.6
|
|
|
7.0
|
%
|
|
|
$
|
47.5
|
|
|
7.4
|
%
|
|
|
AA**
|
318.2
|
|
|
60.5
|
%
|
|
|
383.2
|
|
|
59.5
|
%
|
|
|
A
|
161.1
|
|
|
30.6
|
%
|
|
|
191.8
|
|
|
29.8
|
%
|
|
|
BBB
|
9.9
|
|
|
1.9
|
%
|
|
|
21.2
|
|
|
3.3
|
%
|
|
|
Total
|
$
|
525.8
|
|
|
100.0
|
%
|
|
|
$
|
643.7
|
|
|
100.0
|
%
|
|
*Based on ratings by nationally recognized rating agencies. All
ratings exclude credit enhancements.
|
|
**The AA rating category includes securities which have been either
pre-refunded or escrowed to maturity.
|
|
|
|
|
|
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
|
|
|
|
Net Investment Income
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2016
|
|
3/31/2017
|
|
6/30/2017
|
|
9/30/2017
|
|
12/31/2017
|
|
Quarter to Date
|
|
|
|
|
|
|
|
|
|
|
|
Gross investment income:
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturities
|
|
$
|
15.3
|
|
|
$
|
14.6
|
|
|
$
|
14.2
|
|
|
$
|
14.8
|
|
|
$
|
14.5
|
|
TIPS
|
|
1.1
|
|
|
1.2
|
|
|
1.7
|
|
|
0.6
|
|
|
1.6
|
|
Total fixed maturities
|
|
16.4
|
|
|
15.8
|
|
|
15.9
|
|
|
15.4
|
|
|
16.1
|
|
Equity securities
|
|
3.0
|
|
|
1.7
|
|
|
2.0
|
|
|
2.0
|
|
|
4.8
|
|
Other
|
|
1.5
|
|
|
1.5
|
|
|
1.5
|
|
|
1.6
|
|
|
1.7
|
|
Total gross investment income
|
|
20.9
|
|
|
19.0
|
|
|
19.4
|
|
|
19.0
|
|
|
22.6
|
|
Less: Investment expenses
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
Net investment income
|
|
$
|
20.6
|
|
|
$
|
18.7
|
|
|
$
|
19.1
|
|
|
$
|
18.7
|
|
|
$
|
22.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date
|
|
|
|
|
|
|
|
|
|
|
|
Gross investment income:
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturities
|
|
$
|
59.4
|
|
|
$
|
14.6
|
|
|
$
|
28.8
|
|
|
$
|
43.6
|
|
|
$
|
58.1
|
|
TIPS
|
|
4.0
|
|
|
1.2
|
|
|
2.9
|
|
|
3.5
|
|
|
5.1
|
|
Total fixed maturities
|
|
63.4
|
|
|
15.8
|
|
|
31.7
|
|
|
47.1
|
|
|
63.2
|
|
Equity securities
|
|
7.3
|
|
|
1.7
|
|
|
3.7
|
|
|
5.7
|
|
|
10.5
|
|
Other
|
|
5.6
|
|
|
1.5
|
|
|
3.0
|
|
|
4.6
|
|
|
6.3
|
|
Total gross investment income
|
|
76.3
|
|
|
19.0
|
|
|
38.4
|
|
|
57.4
|
|
|
80.0
|
|
Less: Investment expenses
|
|
1.6
|
|
|
0.3
|
|
|
0.6
|
|
|
0.9
|
|
|
1.2
|
|
Net investment income
|
|
$
|
74.7
|
|
|
$
|
18.7
|
|
|
$
|
37.8
|
|
|
$
|
56.5
|
|
|
$
|
78.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2016
|
|
3/31/2017
|
|
6/30/2017
|
|
9/30/2017
|
|
12/31/2017
|
|
TIPS, fair value
|
|
$
|
161.8
|
|
|
$
|
171.9
|
|
|
$
|
170.7
|
|
|
$
|
153.5
|
|
|
$
|
155.8
|
|
TIPS, book value
|
|
$
|
153.2
|
|
|
$
|
162.3
|
|
|
$
|
163.4
|
|
|
$
|
145.5
|
|
|
$
|
146.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
|
|
|
|
Income Taxes
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table sets forth the tax effects of temporary
differences that give rise to significant portions of deferred tax
assets and deferred tax liabilities at December 31, 2017 and 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31
|
|
December 31
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
Unearned premiums not currently deductible
|
|
$
|
25.5
|
|
|
$
|
42.6
|
|
|
|
|
|
|
Losses and loss expenses payable discounting
|
|
11.3
|
|
|
19.7
|
|
|
|
|
|
|
Postretirement and pension benefits
|
|
13.6
|
|
|
26.1
|
|
|
|
|
|
|
Realized loss on other-than-temporary impairment
|
|
2.6
|
|
|
4.0
|
|
|
|
|
|
|
Other liabilities
|
|
9.2
|
|
|
16.6
|
|
|
|
|
|
|
Net operating loss carryforward
|
|
34.3
|
|
|
58.9
|
|
|
|
|
|
|
Tax credit carryforwards
|
|
3.7
|
|
|
3.3
|
|
|
|
|
|
|
Other
|
|
2.0
|
|
|
8.8
|
|
|
|
|
|
|
Total deferred tax assets
|
|
102.2
|
|
|
180.0
|
|
|
|
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
Deferral of policy acquisition costs
|
|
24.7
|
|
|
45.4
|
|
|
|
|
|
|
Net unrealized holding gains on investments
|
|
20.3
|
|
|
32.5
|
|
|
|
|
|
|
Total deferred tax liabilities
|
|
45.0
|
|
|
77.9
|
|
|
|
|
|
|
Net deferred federal income taxes
|
|
$
|
57.2
|
|
|
$
|
102.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table sets forth the federal income tax expense
components for the three and twelve months ended December 31, 2017
and 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31
|
|
Year ended December 31
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Income before federal income taxes
|
|
$
|
37.9
|
|
|
$
|
33.1
|
|
|
$
|
33.4
|
|
|
$
|
19.2
|
|
|
Federal income tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
Current
|
|
0.4
|
|
|
(0.2
|
)
|
|
0.4
|
|
|
(1.7
|
)
|
|
Deferred (A)
|
|
43.3
|
|
|
0.8
|
|
|
43.7
|
|
|
(0.1
|
)
|
|
Total federal income tax expense (benefit)
|
|
43.7
|
|
|
0.6
|
|
|
44.1
|
|
|
(1.8
|
)
|
|
Net (loss) income
|
|
$
|
(5.8
|
)
|
|
$
|
32.5
|
|
|
$
|
(10.7
|
)
|
|
$
|
21.0
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
Includes $36.4 million of deferred tax expense as a result of the
revaluation of our net deferred tax asset to the new corporate tax
rate of 21.0% under the legislation commonly known as the Tax Cuts
and Jobs Act of 2017
|
.
|
|
|
|
|
|
|
|
|
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
|
|
|
|
Statutory Personal Insurance Segment Results
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
unaudited
|
|
|
|
|
|
|
|
|
|
Personal Auto
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
97.9
|
|
|
$
|
80.6
|
|
|
$
|
362.9
|
|
|
$
|
333.8
|
|
|
Net earned premiums
|
|
89.2
|
|
|
83.3
|
|
|
340.7
|
|
|
330.6
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
(0.5
|
)
|
|
(0.1
|
)
|
|
7.9
|
|
|
7.0
|
|
|
Non-cat loss and ALAE
|
|
60.6
|
|
|
63.2
|
|
|
237.2
|
|
|
243.9
|
|
|
Total Loss and ALAE
|
|
60.1
|
|
|
63.1
|
|
|
245.1
|
|
|
250.9
|
|
|
ULAE
|
|
5.9
|
|
|
5.5
|
|
|
21.7
|
|
|
20.4
|
|
|
Total Loss and LAE
|
|
66.0
|
|
|
68.6
|
|
|
266.8
|
|
|
271.3
|
|
|
Underwriting expenses
|
|
30.8
|
|
|
21.0
|
|
|
104.2
|
|
|
89.7
|
|
|
Net underwriting loss
|
|
$
|
(7.6
|
)
|
|
$
|
(6.3
|
)
|
|
$
|
(30.3
|
)
|
|
$
|
(30.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
(0.6
|
)%
|
|
(0.1
|
)%
|
|
2.3
|
%
|
|
2.1
|
%
|
|
Non-cat loss and ALAE ratio
|
|
67.9
|
%
|
|
75.8
|
%
|
|
69.6
|
%
|
|
73.8
|
%
|
|
Total Loss and ALAE ratio
|
|
67.3
|
%
|
|
75.7
|
%
|
|
71.9
|
%
|
|
75.9
|
%
|
|
ULAE ratio
|
|
6.7
|
%
|
|
6.6
|
%
|
|
6.4
|
%
|
|
6.1
|
%
|
|
Total Loss and LAE ratio
|
|
74.0
|
%
|
|
82.3
|
%
|
|
78.3
|
%
|
|
82.0
|
%
|
|
Expense ratio
|
|
31.5
|
%
|
|
26.0
|
%
|
|
28.7
|
%
|
|
26.9
|
%
|
|
Combined ratio
|
|
105.5
|
%
|
|
108.3
|
%
|
|
107.0
|
%
|
|
108.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Homeowners
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
59.0
|
|
|
$
|
50.7
|
|
|
$
|
227.9
|
|
|
$
|
223.0
|
|
|
Net earned premiums
|
|
56.1
|
|
|
56.3
|
|
|
220.7
|
|
|
226.8
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
0.2
|
|
|
3.9
|
|
|
34.4
|
|
|
40.4
|
|
|
Non-cat loss and ALAE
|
|
15.3
|
|
|
17.5
|
|
|
89.2
|
|
|
84.2
|
|
|
Total Loss and ALAE
|
|
15.5
|
|
|
21.4
|
|
|
123.6
|
|
|
124.6
|
|
|
ULAE
|
|
3.5
|
|
|
3.2
|
|
|
14.8
|
|
|
15.0
|
|
|
Total Loss and LAE
|
|
19.0
|
|
|
24.6
|
|
|
138.4
|
|
|
139.6
|
|
|
Underwriting expenses
|
|
21.3
|
|
|
15.8
|
|
|
76.0
|
|
|
69.7
|
|
|
Net underwriting gain
|
|
$
|
15.8
|
|
|
$
|
15.9
|
|
|
$
|
6.3
|
|
|
$
|
17.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
0.3
|
%
|
|
6.9
|
%
|
|
15.6
|
%
|
|
17.8
|
%
|
|
Non-cat loss and ALAE ratio
|
|
27.3
|
%
|
|
31.2
|
%
|
|
40.4
|
%
|
|
37.2
|
%
|
|
Total Loss and ALAE ratio
|
|
27.6
|
%
|
|
38.1
|
%
|
|
56.0
|
%
|
|
55.0
|
%
|
|
ULAE ratio
|
|
6.3
|
%
|
|
5.6
|
%
|
|
6.7
|
%
|
|
6.6
|
%
|
|
Total Loss and LAE ratio
|
|
33.9
|
%
|
|
43.7
|
%
|
|
62.7
|
%
|
|
61.6
|
%
|
|
Expense ratio
|
|
36.2
|
%
|
|
31.1
|
%
|
|
33.4
|
%
|
|
31.2
|
%
|
|
Combined ratio
|
|
70.1
|
%
|
|
74.8
|
%
|
|
96.1
|
%
|
|
92.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Personal
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
5.2
|
|
|
$
|
4.8
|
|
|
$
|
18.9
|
|
|
$
|
20.4
|
|
|
Net earned premiums
|
|
4.7
|
|
|
5.1
|
|
|
18.9
|
|
|
21.1
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
-
|
|
|
0.3
|
|
|
1.1
|
|
|
1.1
|
|
|
Non-cat loss and ALAE
|
|
2.0
|
|
|
1.2
|
|
|
8.8
|
|
|
8.6
|
|
|
Total Loss and ALAE
|
|
2.0
|
|
|
1.5
|
|
|
9.9
|
|
|
9.7
|
|
|
ULAE
|
|
0.3
|
|
|
0.2
|
|
|
1.2
|
|
|
1.4
|
|
|
Total Loss and LAE
|
|
2.3
|
|
|
1.7
|
|
|
11.1
|
|
|
11.1
|
|
|
Underwriting expenses
|
|
2.2
|
|
|
1.6
|
|
|
7.1
|
|
|
7.4
|
|
|
Net underwriting gain
|
|
$
|
0.2
|
|
|
$
|
1.8
|
|
|
$
|
0.7
|
|
|
$
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
0.4
|
%
|
|
5.0
|
%
|
|
5.7
|
%
|
|
5.1
|
%
|
|
Non-cat loss and ALAE ratio
|
|
41.0
|
%
|
|
24.1
|
%
|
|
46.5
|
%
|
|
41.1
|
%
|
|
Total Loss and ALAE ratio
|
|
41.4
|
%
|
|
29.1
|
%
|
|
52.2
|
%
|
|
46.2
|
%
|
|
ULAE ratio
|
|
6.8
|
%
|
|
6.2
|
%
|
|
6.5
|
%
|
|
6.8
|
%
|
|
Total Loss and LAE ratio
|
|
48.2
|
%
|
|
35.3
|
%
|
|
58.7
|
%
|
|
53.0
|
%
|
|
Expense ratio
|
|
39.8
|
%
|
|
36.6
|
%
|
|
37.4
|
%
|
|
36.8
|
%
|
|
Combined ratio
|
|
88.0
|
%
|
|
71.9
|
%
|
|
96.1
|
%
|
|
89.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total Personal Insurance
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
162.1
|
|
|
$
|
136.1
|
|
|
$
|
609.7
|
|
|
$
|
577.2
|
|
|
Net earned premiums
|
|
150.0
|
|
|
144.7
|
|
|
580.3
|
|
|
578.5
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
(0.3
|
)
|
|
4.1
|
|
|
43.4
|
|
|
48.5
|
|
|
Non-cat loss and ALAE
|
|
77.9
|
|
|
81.9
|
|
|
335.2
|
|
|
336.7
|
|
|
Total Loss and ALAE
|
|
77.6
|
|
|
86.0
|
|
|
378.6
|
|
|
385.2
|
|
|
ULAE
|
|
9.7
|
|
|
8.9
|
|
|
37.7
|
|
|
36.8
|
|
|
Total Loss and LAE
|
|
87.3
|
|
|
94.9
|
|
|
416.3
|
|
|
422.0
|
|
|
Underwriting expenses
|
|
54.3
|
|
|
38.4
|
|
|
187.3
|
|
|
166.8
|
|
|
Net underwriting gain (loss)
|
|
$
|
8.4
|
|
|
$
|
11.4
|
|
|
$
|
(23.3
|
)
|
|
$
|
(10.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
(0.2
|
)%
|
|
2.8
|
%
|
|
7.5
|
%
|
|
8.4
|
%
|
|
Non-cat loss and ALAE ratio
|
|
51.9
|
%
|
|
56.6
|
%
|
|
57.7
|
%
|
|
58.2
|
%
|
|
Total Loss and ALAE ratio
|
|
51.7
|
%
|
|
59.4
|
%
|
|
65.2
|
%
|
|
66.6
|
%
|
|
ULAE ratio
|
|
6.5
|
%
|
|
6.3
|
%
|
|
6.5
|
%
|
|
6.3
|
%
|
|
Total Loss and LAE ratio
|
|
58.2
|
%
|
|
65.7
|
%
|
|
71.7
|
%
|
|
72.9
|
%
|
|
Expense ratio
|
|
33.4
|
%
|
|
28.3
|
%
|
|
30.7
|
%
|
|
28.9
|
%
|
|
Combined ratio
|
|
91.6
|
%
|
|
94.0
|
%
|
|
102.4
|
%
|
|
101.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statutory Commercial Insurance Segment Results
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
unaudited
|
|
|
|
|
|
|
|
|
|
Commercial Auto
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
16.6
|
|
|
$
|
18.2
|
|
|
$
|
73.5
|
|
|
$
|
79.0
|
|
|
Net earned premiums
|
|
18.6
|
|
|
20.2
|
|
|
76.2
|
|
|
88.3
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
(0.1
|
)
|
|
-
|
|
|
0.8
|
|
|
0.8
|
|
|
Non-cat loss and ALAE
|
|
10.7
|
|
|
14.6
|
|
|
44.7
|
|
|
70.1
|
|
|
Total Loss and ALAE
|
|
10.6
|
|
|
14.6
|
|
|
45.5
|
|
|
70.9
|
|
|
ULAE
|
|
1.2
|
|
|
1.2
|
|
|
4.5
|
|
|
4.8
|
|
|
Total Loss and LAE
|
|
11.8
|
|
|
15.8
|
|
|
50.0
|
|
|
75.7
|
|
|
Underwriting expenses
|
|
8.1
|
|
|
7.5
|
|
|
31.5
|
|
|
30.5
|
|
|
Net underwriting loss
|
|
$
|
(1.3
|
)
|
|
$
|
(3.1
|
)
|
|
$
|
(5.3
|
)
|
|
$
|
(17.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
(0.5
|
)%
|
|
(0.1
|
)%
|
|
1.1
|
%
|
|
1.0
|
%
|
|
Non-cat loss and ALAE ratio
|
|
57.4
|
%
|
|
72.2
|
%
|
|
58.6
|
%
|
|
79.4
|
%
|
|
Total Loss and ALAE ratio
|
|
56.9
|
%
|
|
72.1
|
%
|
|
59.7
|
%
|
|
80.4
|
%
|
|
ULAE ratio
|
|
6.6
|
%
|
|
6.1
|
%
|
|
5.9
|
%
|
|
5.5
|
%
|
|
Total Loss and LAE ratio
|
|
63.5
|
%
|
|
78.2
|
%
|
|
65.6
|
%
|
|
85.9
|
%
|
|
Expense ratio
|
|
49.4
|
%
|
|
41.1
|
%
|
|
43.0
|
%
|
|
38.5
|
%
|
|
Combined ratio
|
|
112.9
|
%
|
|
119.3
|
%
|
|
108.6
|
%
|
|
124.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Small Commercial Package
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
30.1
|
|
|
$
|
30.5
|
|
|
$
|
123.8
|
|
|
$
|
125.6
|
|
|
Net earned premiums
|
|
30.9
|
|
|
31.6
|
|
|
127.4
|
|
|
127.5
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
0.4
|
|
|
4.4
|
|
|
12.4
|
|
|
12.9
|
|
|
Non-cat loss and ALAE
|
|
14.1
|
|
|
13.8
|
|
|
61.1
|
|
|
65.3
|
|
|
Total Loss and ALAE
|
|
14.5
|
|
|
18.2
|
|
|
73.5
|
|
|
78.2
|
|
|
ULAE
|
|
1.8
|
|
|
1.8
|
|
|
6.1
|
|
|
6.9
|
|
|
Total Loss and LAE
|
|
16.3
|
|
|
20.0
|
|
|
79.6
|
|
|
85.1
|
|
|
Underwriting expenses
|
|
14.8
|
|
|
12.8
|
|
|
55.7
|
|
|
51.3
|
|
|
Net underwriting loss
|
|
$
|
(0.2
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
(7.9
|
)
|
|
$
|
(8.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
1.3
|
%
|
|
13.9
|
%
|
|
9.7
|
%
|
|
10.1
|
%
|
|
Non-cat loss and ALAE ratio
|
|
45.4
|
%
|
|
43.7
|
%
|
|
48.0
|
%
|
|
51.2
|
%
|
|
Total Loss and ALAE ratio
|
|
46.7
|
%
|
|
57.6
|
%
|
|
57.7
|
%
|
|
61.3
|
%
|
|
ULAE ratio
|
|
6.1
|
%
|
|
5.6
|
%
|
|
4.8
|
%
|
|
5.3
|
%
|
|
Total Loss and LAE ratio
|
|
52.8
|
%
|
|
63.2
|
%
|
|
62.5
|
%
|
|
66.6
|
%
|
|
Expense ratio
|
|
49.1
|
%
|
|
41.9
|
%
|
|
45.0
|
%
|
|
40.8
|
%
|
|
Combined ratio
|
|
101.9
|
%
|
|
105.1
|
%
|
|
107.5
|
%
|
|
107.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle Market Commercial
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
25.9
|
|
|
$
|
26.3
|
|
|
$
|
111.1
|
|
|
$
|
108.8
|
|
|
Net earned premiums
|
|
27.9
|
|
|
27.3
|
|
|
109.1
|
|
|
110.5
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
0.8
|
|
|
1.1
|
|
|
8.4
|
|
|
8.4
|
|
|
Non-cat loss and ALAE
|
|
12.8
|
|
|
9.8
|
|
|
50.6
|
|
|
61.8
|
|
|
Total Loss and ALAE
|
|
13.6
|
|
|
10.9
|
|
|
59.0
|
|
|
70.2
|
|
|
ULAE
|
|
1.3
|
|
|
1.3
|
|
|
4.8
|
|
|
6.0
|
|
|
Total Loss and LAE
|
|
14.9
|
|
|
12.2
|
|
|
63.8
|
|
|
76.2
|
|
|
Underwriting expenses
|
|
11.5
|
|
|
10.4
|
|
|
42.5
|
|
|
43.0
|
|
|
Net underwriting gain (loss)
|
|
$
|
1.5
|
|
|
$
|
4.7
|
|
|
$
|
2.8
|
|
|
$
|
(8.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
3.2
|
%
|
|
4.1
|
%
|
|
7.7
|
%
|
|
7.6
|
%
|
|
Non-cat loss and ALAE ratio
|
|
45.6
|
%
|
|
35.8
|
%
|
|
46.4
|
%
|
|
55.9
|
%
|
|
Total Loss and ALAE ratio
|
|
48.8
|
%
|
|
39.9
|
%
|
|
54.1
|
%
|
|
63.5
|
%
|
|
ULAE ratio
|
|
4.7
|
%
|
|
4.6
|
%
|
|
4.4
|
%
|
|
5.3
|
%
|
|
Total Loss and LAE ratio
|
|
53.5
|
%
|
|
44.5
|
%
|
|
58.5
|
%
|
|
68.8
|
%
|
|
Expense ratio
|
|
44.3
|
%
|
|
39.7
|
%
|
|
38.3
|
%
|
|
39.5
|
%
|
|
Combined ratio
|
|
97.8
|
%
|
|
84.2
|
%
|
|
96.8
|
%
|
|
108.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Workers' Compensation
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
22.0
|
|
|
$
|
21.8
|
|
|
$
|
88.4
|
|
|
$
|
92.0
|
|
|
Net earned premiums
|
|
22.5
|
|
|
23.8
|
|
|
88.8
|
|
|
93.8
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Non-cat loss and ALAE
|
|
12.6
|
|
|
14.0
|
|
|
50.2
|
|
|
58.5
|
|
|
Total Loss and ALAE
|
|
12.6
|
|
|
14.0
|
|
|
50.2
|
|
|
58.5
|
|
|
ULAE
|
|
1.6
|
|
|
2.2
|
|
|
6.7
|
|
|
8.4
|
|
|
Total Loss and LAE
|
|
14.2
|
|
|
16.2
|
|
|
56.9
|
|
|
66.9
|
|
|
Underwriting expenses
|
|
7.4
|
|
|
6.2
|
|
|
28.4
|
|
|
26.7
|
|
|
Net underwriting gain
|
|
$
|
0.9
|
|
|
$
|
1.4
|
|
|
$
|
3.5
|
|
|
$
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
-
|
%
|
|
-
|
%
|
|
-
|
%
|
|
-
|
%
|
|
Non-cat loss and ALAE ratio
|
|
55.8
|
%
|
|
58.7
|
%
|
|
56.5
|
%
|
|
62.3
|
%
|
|
Total Loss and ALAE ratio
|
|
55.8
|
%
|
|
58.7
|
%
|
|
56.5
|
%
|
|
62.3
|
%
|
|
ULAE ratio
|
|
7.4
|
%
|
|
9.4
|
%
|
|
7.6
|
%
|
|
9.0
|
%
|
|
Total Loss and LAE ratio
|
|
63.2
|
%
|
|
68.1
|
%
|
|
64.1
|
%
|
|
71.3
|
%
|
|
Expense ratio
|
|
33.4
|
%
|
|
28.4
|
%
|
|
32.1
|
%
|
|
29.1
|
%
|
|
Combined ratio
|
|
96.6
|
%
|
|
96.5
|
%
|
|
96.2
|
%
|
|
100.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Farm & Ranch
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
11.1
|
|
|
$
|
9.5
|
|
|
$
|
42.6
|
|
|
$
|
37.0
|
|
|
Net earned premiums
|
|
10.5
|
|
|
9.2
|
|
|
39.6
|
|
|
35.5
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
0.2
|
|
|
(0.3
|
)
|
|
5.1
|
|
|
3.5
|
|
|
Non-cat loss and ALAE
|
|
7.8
|
|
|
6.1
|
|
|
23.0
|
|
|
14.4
|
|
|
Total Loss and ALAE
|
|
8.0
|
|
|
5.8
|
|
|
28.1
|
|
|
17.9
|
|
|
ULAE
|
|
0.5
|
|
|
0.6
|
|
|
2.1
|
|
|
2.2
|
|
|
Total Loss and LAE
|
|
8.5
|
|
|
6.4
|
|
|
30.2
|
|
|
20.1
|
|
|
Underwriting expenses
|
|
4.8
|
|
|
3.7
|
|
|
16.3
|
|
|
14.1
|
|
|
Net underwriting (loss) gain
|
|
$
|
(2.8
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(6.9
|
)
|
|
$
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
2.0
|
%
|
|
(3.0
|
)%
|
|
13.0
|
%
|
|
9.9
|
%
|
|
Non-cat loss and ALAE ratio
|
|
74.1
|
%
|
|
66.2
|
%
|
|
57.9
|
%
|
|
40.8
|
%
|
|
Total Loss and ALAE ratio
|
|
76.1
|
%
|
|
63.2
|
%
|
|
70.9
|
%
|
|
50.7
|
%
|
|
ULAE ratio
|
|
4.8
|
%
|
|
6.3
|
%
|
|
5.5
|
%
|
|
6.0
|
%
|
|
Total Loss and LAE ratio
|
|
80.9
|
%
|
|
69.5
|
%
|
|
76.4
|
%
|
|
56.7
|
%
|
|
Expense ratio
|
|
43.3
|
%
|
|
38.6
|
%
|
|
38.2
|
%
|
|
38.1
|
%
|
|
Combined ratio
|
|
124.2
|
%
|
|
108.1
|
%
|
|
114.6
|
%
|
|
94.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Other Commercial
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
3.3
|
|
|
$
|
4.2
|
|
|
$
|
14.2
|
|
|
$
|
17.0
|
|
|
Net earned premiums
|
|
3.5
|
|
|
4.2
|
|
|
14.6
|
|
|
17.0
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Non-cat loss and ALAE
|
|
2.7
|
|
|
1.0
|
|
|
2.6
|
|
|
6.3
|
|
|
Total Loss and ALAE
|
|
2.7
|
|
|
1.0
|
|
|
2.6
|
|
|
6.3
|
|
|
ULAE
|
|
0.5
|
|
|
0.3
|
|
|
1.1
|
|
|
1.2
|
|
|
Total Loss and LAE
|
|
3.2
|
|
|
1.3
|
|
|
3.7
|
|
|
7.5
|
|
|
Underwriting expenses
|
|
2.0
|
|
|
1.7
|
|
|
7.7
|
|
|
7.2
|
|
|
Net underwriting (loss) gain
|
|
$
|
(1.7
|
)
|
|
$
|
1.2
|
|
|
$
|
3.2
|
|
|
$
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
-
|
%
|
|
-
|
%
|
|
0.1
|
%
|
|
-
|
%
|
|
Non-cat loss and ALAE ratio
|
|
81.9
|
%
|
|
24.3
|
%
|
|
18.4
|
%
|
|
37.2
|
%
|
|
Total Loss and ALAE ratio
|
|
81.9
|
%
|
|
24.3
|
%
|
|
18.5
|
%
|
|
37.2
|
%
|
|
ULAE ratio
|
|
11.0
|
%
|
|
7.7
|
%
|
|
7.0
|
%
|
|
7.6
|
%
|
|
Total Loss and LAE ratio
|
|
92.9
|
%
|
|
32.0
|
%
|
|
25.5
|
%
|
|
44.8
|
%
|
|
Expense ratio
|
|
61.7
|
%
|
|
43.6
|
%
|
|
54.4
|
%
|
|
42.4
|
%
|
|
Combined ratio
|
|
154.6
|
%
|
|
75.6
|
%
|
|
79.9
|
%
|
|
87.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Insurance
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
109.0
|
|
|
$
|
110.5
|
|
|
$
|
453.6
|
|
|
$
|
459.4
|
|
|
Net earned premiums
|
|
113.9
|
|
|
116.3
|
|
|
455.7
|
|
|
472.6
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
1.3
|
|
|
5.2
|
|
|
26.7
|
|
|
25.6
|
|
|
Non-cat loss and ALAE
|
|
60.7
|
|
|
59.3
|
|
|
232.2
|
|
|
276.4
|
|
|
Total Loss and ALAE
|
|
62.0
|
|
|
64.5
|
|
|
258.9
|
|
|
302.0
|
|
|
ULAE
|
|
6.9
|
|
|
7.4
|
|
|
25.3
|
|
|
29.5
|
|
|
Total Loss and LAE
|
|
68.9
|
|
|
71.9
|
|
|
284.2
|
|
|
331.5
|
|
|
Underwriting expenses
|
|
48.6
|
|
|
42.3
|
|
|
182.1
|
|
|
172.7
|
|
|
Net underwriting (loss) gain
|
|
$
|
(3.6
|
)
|
|
$
|
2.1
|
|
|
$
|
(10.6
|
)
|
|
$
|
(31.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
1.2
|
%
|
|
4.5
|
%
|
|
5.9
|
%
|
|
5.4
|
%
|
|
Non-cat loss and ALAE ratio
|
|
53.3
|
%
|
|
50.9
|
%
|
|
50.9
|
%
|
|
58.5
|
%
|
|
Total Loss and ALAE ratio
|
|
54.5
|
%
|
|
55.4
|
%
|
|
56.8
|
%
|
|
63.9
|
%
|
|
ULAE ratio
|
|
6.1
|
%
|
|
6.4
|
%
|
|
5.6
|
%
|
|
6.2
|
%
|
|
Total Loss and LAE ratio
|
|
60.6
|
%
|
|
61.8
|
%
|
|
62.4
|
%
|
|
70.1
|
%
|
|
Expense ratio
|
|
44.6
|
%
|
|
38.4
|
%
|
|
40.2
|
%
|
|
37.6
|
%
|
|
Combined ratio
|
|
105.2
|
%
|
|
100.2
|
%
|
|
102.6
|
%
|
|
107.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statutory Personal & Commercial Insurance Segment Results
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
unaudited
|
|
|
|
|
|
|
|
|
|
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
271.0
|
|
|
$
|
246.6
|
|
|
$
|
1,063.3
|
|
|
$
|
1,036.6
|
|
|
Net earned premiums
|
|
263.9
|
|
|
261.0
|
|
|
1,036.0
|
|
|
1,051.1
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
1.1
|
|
|
9.3
|
|
|
70.1
|
|
|
74.1
|
|
|
Non-cat loss and ALAE
|
|
138.4
|
|
|
141.2
|
|
|
567.4
|
|
|
613.1
|
|
|
Total Loss and ALAE
|
|
139.5
|
|
|
150.5
|
|
|
637.5
|
|
|
687.2
|
|
|
ULAE
|
|
16.7
|
|
|
16.3
|
|
|
63.0
|
|
|
66.3
|
|
|
Total Loss and LAE
|
|
156.2
|
|
|
166.8
|
|
|
700.5
|
|
|
753.5
|
|
|
Underwriting expenses
|
|
102.8
|
|
|
80.7
|
|
|
369.4
|
|
|
339.5
|
|
|
Net underwriting gain (loss)
|
|
$
|
4.8
|
|
|
$
|
13.5
|
|
|
$
|
(33.9
|
)
|
|
$
|
(41.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
0.4
|
%
|
|
3.6
|
%
|
|
6.8
|
%
|
|
7.0
|
%
|
|
Non-cat loss and ALAE ratio
|
|
52.5
|
%
|
|
54.0
|
%
|
|
54.7
|
%
|
|
58.4
|
%
|
|
Total Loss and ALAE ratio
|
|
52.9
|
%
|
|
57.6
|
%
|
|
61.5
|
%
|
|
65.4
|
%
|
|
ULAE ratio
|
|
6.3
|
%
|
|
6.3
|
%
|
|
6.1
|
%
|
|
6.3
|
%
|
|
Total Loss and LAE ratio
|
|
59.2
|
%
|
|
63.9
|
%
|
|
67.6
|
%
|
|
71.7
|
%
|
|
Expense ratio
|
|
37.9
|
%
|
|
32.8
|
%
|
|
34.7
|
%
|
|
32.8
|
%
|
|
Combined ratio
|
|
97.1
|
%
|
|
96.7
|
%
|
|
102.3
|
%
|
|
104.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statutory Specialty Insurance Segment Results
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
unaudited
|
|
|
|
|
|
|
|
|
|
E&S Property
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
(1.3
|
)
|
|
$
|
12.8
|
|
|
$
|
30.1
|
|
|
$
|
44.4
|
|
|
Net earned premiums
|
|
9.1
|
|
|
10.5
|
|
|
40.5
|
|
|
40.4
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
7.3
|
|
|
6.5
|
|
|
52.6
|
|
|
6.9
|
|
|
Non-cat loss and ALAE
|
|
1.2
|
|
|
4.1
|
|
|
12.6
|
|
|
13.5
|
|
|
Total Loss and ALAE
|
|
8.5
|
|
|
10.6
|
|
|
65.2
|
|
|
20.4
|
|
|
ULAE
|
|
0.3
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
(0.4
|
)
|
|
Total Loss and LAE
|
|
8.8
|
|
|
10.5
|
|
|
65.3
|
|
|
20.0
|
|
|
Underwriting expenses
|
|
2.4
|
|
|
5.2
|
|
|
17.4
|
|
|
20.1
|
|
|
Net underwriting (loss) gain
|
|
$
|
(2.1
|
)
|
|
$
|
(5.2
|
)
|
|
$
|
(42.2
|
)
|
|
$
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
80.7
|
%
|
|
61.9
|
%
|
|
130.1
|
%
|
|
17.0
|
%
|
|
Non-cat loss and ALAE ratio
|
|
14.0
|
%
|
|
38.8
|
%
|
|
31.2
|
%
|
|
33.5
|
%
|
|
Total Loss and ALAE ratio
|
|
94.7
|
%
|
|
100.7
|
%
|
|
161.3
|
%
|
|
50.5
|
%
|
|
ULAE ratio
|
|
1.7
|
%
|
|
(1.5
|
)%
|
|
-
|
%
|
|
(0.9
|
)%
|
|
Total Loss and LAE ratio
|
|
96.4
|
%
|
|
99.2
|
%
|
|
161.3
|
%
|
|
49.6
|
%
|
|
Expense ratio
|
|
(180.1
|
)%
|
|
39.7
|
%
|
|
57.9
|
%
|
|
45.1
|
%
|
|
Combined ratio
|
|
(83.7
|
)%
|
|
138.9
|
%
|
|
219.2
|
%
|
|
94.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
E&S Casualty
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
26.7
|
|
|
$
|
23.7
|
|
|
$
|
110.3
|
|
|
$
|
99.6
|
|
|
Net earned premiums
|
|
27.0
|
|
|
24.3
|
|
|
103.1
|
|
|
91.0
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
(0.2
|
)
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
Non-cat loss and ALAE
|
|
19.7
|
|
|
21.2
|
|
|
72.0
|
|
|
65.3
|
|
|
Total Loss and ALAE
|
|
19.5
|
|
|
21.3
|
|
|
72.1
|
|
|
65.4
|
|
|
ULAE
|
|
0.8
|
|
|
0.4
|
|
|
3.7
|
|
|
4.3
|
|
|
Total Loss and LAE
|
|
20.3
|
|
|
21.7
|
|
|
75.8
|
|
|
69.7
|
|
|
Underwriting expenses
|
|
9.7
|
|
|
8.6
|
|
|
39.2
|
|
|
35.5
|
|
|
Net underwriting loss
|
|
$
|
(3.0
|
)
|
|
$
|
(6.0
|
)
|
|
$
|
(11.9
|
)
|
|
$
|
(14.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
(0.7
|
)%
|
|
0.4
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
|
Non-cat loss and ALAE ratio
|
|
73.0
|
%
|
|
87.6
|
%
|
|
69.8
|
%
|
|
71.8
|
%
|
|
Total Loss and ALAE ratio
|
|
72.3
|
%
|
|
88.0
|
%
|
|
69.9
|
%
|
|
71.9
|
%
|
|
ULAE ratio
|
|
3.1
|
%
|
|
1.7
|
%
|
|
3.6
|
%
|
|
4.7
|
%
|
|
Total Loss and LAE ratio
|
|
75.4
|
%
|
|
89.7
|
%
|
|
73.5
|
%
|
|
76.6
|
%
|
|
Expense ratio
|
|
36.4
|
%
|
|
36.1
|
%
|
|
35.5
|
%
|
|
35.6
|
%
|
|
Combined ratio
|
|
111.8
|
%
|
|
125.8
|
%
|
|
109.0
|
%
|
|
112.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programs
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
4.2
|
|
|
$
|
24.0
|
|
|
$
|
65.6
|
|
|
$
|
112.7
|
|
|
Net earned premiums
|
|
18.7
|
|
|
28.0
|
|
|
95.5
|
|
|
109.4
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
0.2
|
|
|
0.3
|
|
|
1.2
|
|
|
0.5
|
|
|
Non-cat loss and ALAE
|
|
13.8
|
|
|
22.5
|
|
|
71.5
|
|
|
94.9
|
|
|
Total Loss and ALAE
|
|
14.0
|
|
|
22.8
|
|
|
72.7
|
|
|
95.4
|
|
|
ULAE
|
|
1.5
|
|
|
0.8
|
|
|
5.7
|
|
|
5.5
|
|
|
Total Loss and LAE
|
|
15.5
|
|
|
23.6
|
|
|
78.4
|
|
|
100.9
|
|
|
Underwriting expenses
|
|
2.6
|
|
|
7.6
|
|
|
20.0
|
|
|
37.3
|
|
|
Net underwriting gain (loss)
|
|
$
|
0.6
|
|
|
$
|
(3.2
|
)
|
|
$
|
(2.9
|
)
|
|
$
|
(28.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
1.0
|
%
|
|
1.3
|
%
|
|
1.2
|
%
|
|
0.5
|
%
|
|
Non-cat loss and ALAE ratio
|
|
73.6
|
%
|
|
80.2
|
%
|
|
74.9
|
%
|
|
86.7
|
%
|
|
Total Loss and ALAE ratio
|
|
74.6
|
%
|
|
81.5
|
%
|
|
76.1
|
%
|
|
87.2
|
%
|
|
ULAE ratio
|
|
7.8
|
%
|
|
2.4
|
%
|
|
5.9
|
%
|
|
5.1
|
%
|
|
Total Loss and LAE ratio
|
|
82.4
|
%
|
|
83.9
|
%
|
|
82.0
|
%
|
|
92.3
|
%
|
|
Expense ratio
|
|
60.7
|
%
|
|
31.6
|
%
|
|
30.5
|
%
|
|
33.1
|
%
|
|
Combined ratio
|
|
143.1
|
%
|
|
115.5
|
%
|
|
112.5
|
%
|
|
125.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total Specialty Insurance
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
29.6
|
|
|
$
|
60.5
|
|
|
$
|
206.0
|
|
|
$
|
256.7
|
|
|
Net earned premiums
|
|
54.8
|
|
|
62.8
|
|
|
239.1
|
|
|
240.8
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
7.3
|
|
|
6.9
|
|
|
53.9
|
|
|
7.5
|
|
|
Non-cat loss and ALAE
|
|
34.7
|
|
|
47.8
|
|
|
156.1
|
|
|
173.7
|
|
|
Total Loss and ALAE
|
|
42.0
|
|
|
54.7
|
|
|
210.0
|
|
|
181.2
|
|
|
ULAE
|
|
2.6
|
|
|
1.1
|
|
|
9.5
|
|
|
9.4
|
|
|
Total Loss and LAE
|
|
44.6
|
|
|
55.8
|
|
|
219.5
|
|
|
190.6
|
|
|
Underwriting expenses
|
|
14.7
|
|
|
21.4
|
|
|
76.6
|
|
|
92.9
|
|
|
Net underwriting loss
|
|
$
|
(4.5
|
)
|
|
$
|
(14.4
|
)
|
|
$
|
(57.0
|
)
|
|
$
|
(42.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
13.4
|
%
|
|
11.1
|
%
|
|
22.5
|
%
|
|
3.1
|
%
|
|
Non-cat loss and ALAE ratio
|
|
63.4
|
%
|
|
76.1
|
%
|
|
65.3
|
%
|
|
72.2
|
%
|
|
Total Loss and ALAE ratio
|
|
76.8
|
%
|
|
87.2
|
%
|
|
87.8
|
%
|
|
75.3
|
%
|
|
ULAE ratio
|
|
4.5
|
%
|
|
1.5
|
%
|
|
4.0
|
%
|
|
3.9
|
%
|
|
Total Loss and LAE ratio
|
|
81.3
|
%
|
|
88.7
|
%
|
|
91.8
|
%
|
|
79.2
|
%
|
|
Expense ratio
|
|
49.5
|
%
|
|
35.0
|
%
|
|
37.2
|
%
|
|
36.2
|
%
|
|
Combined ratio
|
|
130.8
|
%
|
|
123.7
|
%
|
|
129.0
|
%
|
|
115.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statutory Insurance Segment Results
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
unaudited
|
|
|
|
|
|
|
|
|
|
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net written premiums
|
|
$
|
300.7
|
|
|
$
|
307.1
|
|
|
$
|
1,269.3
|
|
|
$
|
1,293.3
|
|
|
Net earned premiums
|
|
318.7
|
|
|
323.8
|
|
|
1,275.1
|
|
|
1,291.9
|
|
|
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE
|
|
8.3
|
|
|
16.2
|
|
|
124.0
|
|
|
81.6
|
|
|
Non-cat loss and ALAE
|
|
173.3
|
|
|
189.0
|
|
|
723.5
|
|
|
786.8
|
|
|
Total Loss and ALAE
|
|
181.6
|
|
|
205.2
|
|
|
847.5
|
|
|
868.4
|
|
|
ULAE
|
|
19.2
|
|
|
17.4
|
|
|
72.5
|
|
|
75.7
|
|
|
Total Loss and LAE
|
|
200.8
|
|
|
222.6
|
|
|
920.0
|
|
|
944.1
|
|
|
Underwriting expenses
|
|
117.6
|
|
|
102.1
|
|
|
446.0
|
|
|
432.4
|
|
|
Net underwriting gain (loss)
|
|
$
|
0.3
|
|
|
$
|
(0.9
|
)
|
|
$
|
(90.9
|
)
|
|
$
|
(84.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cat loss and ALAE ratio
|
|
2.6
|
%
|
|
5.0
|
%
|
|
9.7
|
%
|
|
6.3
|
%
|
|
Non-cat loss and ALAE ratio
|
|
54.4
|
%
|
|
58.4
|
%
|
|
56.8
|
%
|
|
60.9
|
%
|
|
Total Loss and ALAE ratio
|
|
57.0
|
%
|
|
63.4
|
%
|
|
66.5
|
%
|
|
67.2
|
%
|
|
ULAE ratio
|
|
6.0
|
%
|
|
5.3
|
%
|
|
5.7
|
%
|
|
5.9
|
%
|
|
Total Loss and LAE ratio
|
|
63.0
|
%
|
|
68.7
|
%
|
|
72.2
|
%
|
|
73.1
|
%
|
|
Expense ratio
|
|
39.1
|
%
|
|
33.2
|
%
|
|
35.1
|
%
|
|
33.4
|
%
|
|
Combined ratio
|
|
102.1
|
%
|
|
101.9
|
%
|
|
107.3
|
%
|
|
106.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table provides a reconciliation of our statutory
underwriting results to GAAP consolidated income before federal income
taxes for the fourth quarters and years ended December 31, 2017 and 2016:
|
|
|
|
|
|
|
|
|
|
|
($ millions)
|
|
4Q 2017
|
|
4Q 2016
|
|
YTD 2017
|
|
YTD 2016
|
|
Segment income (loss) before federal income taxes:
|
|
|
|
|
|
|
|
|
|
Insurance segments:
|
|
|
|
|
|
|
|
|
|
Personal insurance SAP underwriting gain (loss)
|
|
$
|
8.4
|
|
|
$
|
11.4
|
|
|
$
|
(23.3
|
)
|
|
$
|
(10.3
|
)
|
|
Commercial insurance SAP underwriting (loss) gain
|
|
(3.6
|
)
|
|
2.1
|
|
|
(10.6
|
)
|
|
(31.6
|
)
|
|
Specialty insurance SAP underwriting loss
|
|
(4.5
|
)
|
|
(14.4
|
)
|
|
(57.0
|
)
|
|
(42.7
|
)
|
|
Total insurance segments
|
|
0.3
|
|
|
(0.9
|
)
|
|
(90.9
|
)
|
|
(84.6
|
)
|
|
Investment operations segment:
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
22.3
|
|
|
20.6
|
|
|
78.8
|
|
|
74.7
|
|
|
Net realized capital gains
|
|
21.3
|
|
|
19.9
|
|
|
65.1
|
|
|
36.5
|
|
|
Total investment operations segment
|
|
43.6
|
|
|
40.5
|
|
|
143.9
|
|
|
111.2
|
|
|
All other segments income
|
|
0.4
|
|
|
0.1
|
|
|
0.6
|
|
|
0.4
|
|
|
Reconciling items:
|
|
|
|
|
|
|
|
|
|
GAAP adjustments
|
|
(3.4
|
)
|
|
(3.8
|
)
|
|
(10.2
|
)
|
|
2.0
|
|
|
Interest expense on corporate debt
|
|
(1.5
|
)
|
|
(1.4
|
)
|
|
(5.9
|
)
|
|
(5.5
|
)
|
|
Corporate expenses
|
|
(1.5
|
)
|
|
(1.4
|
)
|
|
(4.1
|
)
|
|
(4.3
|
)
|
|
Total reconciling items
|
|
(6.4
|
)
|
|
(6.6
|
)
|
|
(20.2
|
)
|
|
(7.8
|
)
|
|
Total consolidated income before federal income taxes
|
|
$
|
37.9
|
|
|
$
|
33.1
|
|
|
$
|
33.4
|
|
|
$
|
19.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Development of Prior Accident Years Ultimate Liability
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2016
|
|
3/31/2017
|
|
6/30/2017
|
|
9/30/2017
|
|
12/31/2017
|
|
|
|
Redundancy /(Deficiency)
|
|
Non-cat loss and ALAE:
|
|
|
|
|
|
|
|
|
|
|
|
Personal Insurance Segment:
|
|
|
|
|
|
|
|
|
|
|
|
Personal Auto
|
|
$
|
0.6
|
|
|
$
|
0.6
|
|
|
$
|
1.2
|
|
|
$
|
0.5
|
|
|
$
|
2.1
|
|
|
Homeowners
|
|
(0.4
|
)
|
|
(2.8
|
)
|
|
0.9
|
|
|
-
|
|
|
0.4
|
|
|
Other Personal
|
|
0.2
|
|
|
(0.1
|
)
|
|
(2.0
|
)
|
|
(0.4
|
)
|
|
1.1
|
|
|
Personal Insurance Segment
|
|
0.4
|
|
|
(2.3
|
)
|
|
0.1
|
|
|
0.1
|
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Insurance Segment:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Auto
|
|
1.5
|
|
|
1.5
|
|
|
1.6
|
|
|
2.6
|
|
|
3.3
|
|
|
Small Commercial Package
|
|
2.0
|
|
|
2.0
|
|
|
2.9
|
|
|
2.9
|
|
|
3.5
|
|
|
Middle Market Commercial
|
|
1.5
|
|
|
(1.0
|
)
|
|
6.4
|
|
|
0.8
|
|
|
2.1
|
|
|
Workers' Compensation
|
|
2.2
|
|
|
1.9
|
|
|
2.8
|
|
|
2.2
|
|
|
2.0
|
|
|
Farm & Ranch
|
|
0.6
|
|
|
-
|
|
|
0.8
|
|
|
0.2
|
|
|
(0.2
|
)
|
|
Other Commercial
|
|
0.9
|
|
|
3.2
|
|
|
1.1
|
|
|
1.2
|
|
|
0.2
|
|
|
Commercial Insurance Segment
|
|
8.7
|
|
|
7.6
|
|
|
15.6
|
|
|
9.9
|
|
|
10.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Personal & Commercial Insurance Segments
|
|
9.1
|
|
|
5.3
|
|
|
15.7
|
|
|
10.0
|
|
|
14.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Insurance Segment:
|
|
|
|
|
|
|
|
|
|
|
|
E&S Property
|
|
(0.8
|
)
|
|
(0.4
|
)
|
|
(1.2
|
)
|
|
(1.4
|
)
|
|
-
|
|
|
E&S Casualty
|
|
(1.2
|
)
|
|
0.2
|
|
|
0.1
|
|
|
0.8
|
|
|
(1.5
|
)
|
|
Programs
|
|
(0.9
|
)
|
|
(0.3
|
)
|
|
0.2
|
|
|
(0.6
|
)
|
|
(0.1
|
)
|
|
Specialty Insurance Segment
|
|
(2.9
|
)
|
|
(0.5
|
)
|
|
(0.9
|
)
|
|
(1.2
|
)
|
|
(1.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cat Loss and ALAE
|
|
0.1
|
|
|
2.2
|
|
|
(0.6
|
)
|
|
0.2
|
|
|
0.2
|
|
|
ULAE
|
|
0.1
|
|
|
2.7
|
|
|
1.5
|
|
|
0.2
|
|
|
(1.1
|
)
|
|
Total
|
|
$
|
6.4
|
|
|
$
|
9.7
|
|
|
$
|
15.7
|
|
|
$
|
9.2
|
|
|
$
|
12.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20180220005448/en/
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