State Auto Financial Declares Quarterly Dividend

COLUMBUS, Ohio--May 2, 20048, 2004--The board of directors of State Auto Financial Corporation today declared a quarterly cash dividend of $0.04 per share, payable June 30, 2004, to shareholders of record at the close of business on June 15, 2004.

This is the 52nd consecutive quarterly cash dividend declared by the company's board since STFC had its initial public offering of common stock on June 28, 1991. STFC's dividend payments have increased at a compound average annual growth rate exceeding 10% since 1991.

State Auto Financial Corporation is a regional property and casualty insurance holding company engaged primarily in writing both personal and commercial lines of insurance. The company currently markets its products through more than 22,000 independent agents associated with approximately 3,300 agencies in 26 central and eastern states, excluding New York, New Jersey and the New England states. The State Auto Insurance Companies' pool carries an A+ (Superior) rating from A.M. Best Co.