On April 28, 2009, 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, 2009 (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 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 March 31, 2009 and 2008, GAAP net loss was $0.35 per diluted share and $0.31 per diluted share, respectively, while net loss from operations was $0.18 per diluted share and $0.28 per diluted share for these same respective periods. For the three-month period ended March 31, 2009, realized capital gains (losses), net of applicable taxes, increased the GAAP net loss per diluted share by $0.17, and for the three-month period ended March 31, 2008, realized capital gains (losses), net of applicable taxes, increased the GAAP net loss per diluted share by $0.03.

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 April 28, 2009, at approximately 10:00 a.m., EDT, to review the Company's financial results for the three-month period ended March 31, 2009, 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 April 28,
              2009, regarding results of operations for the three-month period ended
              March 31, 2009.

99.2          Transcript of conference call held by management of State Auto Financial
              Corporation on April 28, 2009.