Item 2.02. Results of Operations and Financial Condition.

On May 6, 2021, State Auto Financial Corporation (the "Company") issued a press release disclosing the Company's results of operations for the three month period ended March 31, 2021 (the "Release"). The full text of the Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. The Release included a non-GAAP financial measure, net income (loss) from operations per diluted share. The Company uses net income (loss) from operations because it believes this calculation better indicates the Company's operating performance than GAAP net income (loss) in that net income (loss) from operations excludes the sometimes volatile investment gains/losses, net of applicable federal income taxes, that can produce inconsistent results.



The Release included a non-GAAP financial measure, net income (loss) from
operations per diluted share. Net income (loss) from operations differs from
GAAP net income (loss) only by the exclusion of net investment gains (losses),
net of applicable taxes, on investment activity for the periods being reported.
For the three month period ended March 31, 2021, GAAP net loss from operations
was $(0.61) per diluted share, while net loss per share from operations
was $(0.18) per diluted share, for the same 2020 period. For the three month
period ended March 31, 2021, net investment gain, net of applicable taxes,
impacted the GAAP net loss per diluted share by $0.69, while net investment
loss, net of applicable taxes, impacted the GAAP net loss per diluted share
by $(2.44), for the same 2020 period.
Management uses net income (loss) from operations because it believes this
calculation better indicates the Company's 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.
Section 9.        Financial Statements and Exhibits


Item 9.01.        Financial Statements and Exhibits


(c)   Exhibits.


   Exhibit No.                                      Description of Exhibit
        99.1             Press release issued by State Auto Financial Corporation on May 6, 2021
                         regarding results of operations for the three month period ended March 31,
                         2021
         104             The cover page from this Current Report on Form 8-K, formatted as Inline
                         XBRL

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