State Auto reports big drop in first-quarter profit

State Auto Financial reported a big drop in its first-quarter profit today with the insurer expressing frustration over its inability to turn around its struggling auto business. State Auto reported profit of $3 million, or 7 cents per share, for the Jan. 1-March 31 quarter, well below the $24 million, or 60 cents per share, the company earned in the same period of 2015.