On February 17, 2009, State Auto Financial Corporation (the "Company") issued a press release disclosing the Company's results of operations for its three-month period and fiscal year ended December 31, 2008 (the "Release"). The full text of the Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The Release included a non-GAAP financial measure, net (loss) income from operations per diluted share. Net (loss) income from operations differs from GAAP net (loss) income only by the exclusion of realized capital gains (losses), net of applicable taxes, on investment activity for the periods being reported. For the three-month periods ended December 31, 2008 and 2007, GAAP net (loss) income was $(0.02) per diluted share and $1.01 per diluted share, respectively, while net (loss) income from operations was $0.53 per diluted share and $0.99 per diluted share for these same respective periods. For the three-month period ended December 31, 2008, realized capital gains (losses), net of applicable taxes, decreased the GAAP net loss per diluted share by $0.55, and for the three-month period ended December 31, 2007, realized capital gains and (losses), net of applicable taxes, increased the GAAP net income per diluted share by $0.02.

Management uses net (loss) income from operations because it believes this calculation better indicates the Company's operating performance than GAAP net
(loss) income because net (loss) income from operations excludes the sometimes volatile realized capital gains/losses, net of applicable federal income taxes, that can produce inconsistent results. Net (loss) income from operations provides a more consistent measure on which to predict future earnings of the Company.

The Company's management conducted a conference call on February 17, 2009, at approximately 10:00 a.m., EST, to review the Company's financial results for the three-month period and fiscal year ended December 31, 2008, and to respond to questions from interested investors and financial analysts. A transcript of the conference call is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

(c) Exhibits.

Exhibit No.       Description
99.1              Press release issued by State Auto Financial Corporation on
                  February 17, 2009, regarding results of operations for the
                  three-month period and fiscal year ended December 31, 2008.

99.2              Transcript of conference call held by management of State Auto
                  Financial Corporation on February 17, 2009.