State Auto Financial earnings beat expectations

State Auto Financial reported that its profit nearly doubled in the third quarter from a year ago when the insurer reported a one-time charge tied to a now-discontinued program. State Auto on Tuesday reported net income of $20.7 million, or 50 cents per share, for the three months that ended Sept. 30 compared with $11.9 million, or 28 cents per share, in the same period of 2014. Despite the improving profit, State Auto’s new top executive said he was disappointed with the results.