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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 xKD6hKaA2He7wJP3ysoS+w==

<SEC-DOCUMENT>0000874977-04-000001.txt : 20040108
<SEC-HEADER>0000874977-04-000001.hdr.sgml : 20040108
<ACCEPTANCE-DATETIME>20040108095209
ACCESSION NUMBER:		0000874977-04-000001
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040107
FILED AS OF DATE:		20040108

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LOWTHER JOHN R
		CENTRAL INDEX KEY:			0001184083

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19289
		FILM NUMBER:		04514510

	BUSINESS ADDRESS:	
		STREET 1:		518 E BROAD STREET
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215
		BUSINESS PHONE:		6144645000

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STATE AUTO FINANCIAL CORP
		CENTRAL INDEX KEY:			0000874977
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				311324304
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		518 E BROAD ST
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215-3976
		BUSINESS PHONE:		6144645000

	MAIL ADDRESS:	
		STREET 1:		518 EAST BROAD STREET
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2004-01-07</periodOfReport>
    <issuer>
        <issuerCik>0000874977</issuerCik>
        <issuerName>STATE AUTO FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>STFC</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001184083</rptOwnerCik>
            <rptOwnerName>LOWTHER JOHN R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>518 E. BROAD STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>COLUMBUS</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43215</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Senior Vice President</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Shares without par value</value></securityTitle><transactionDate><value>2004-01-07</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>4750</value></transactionShares><transactionPricePerShare><value>5.50</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>57024.128</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</valu
e></directOrIndirectOwnership><natureOfOwnership><value>spouse</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Comon Shares without par value</value></securityTitle><transactionDate><value>2004-01-07</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>F</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2510</value></transactionShares><transactionPricePerShare><value>22.80</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>54514.128</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>spouse</value></natureOfOwnership><
/ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Employee Stock Option (Right to Buy) NQ</value></securityTitle><conversionOrExercisePrice><value>5.50</value></conversionOrExercisePrice><transactionDate><value>2004-01-07</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>4750</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1996-03-01</value></exerciseDate><expirationDate><value>2005-02-28</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>6750</value></underlyingSecurityShares></un
derlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>2000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>spouse</value></natureOfOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Includes direct holdings of 40,290.128 shares.  Direct holdings include the following acquisitions:  19.869 shares acquired in Dec 2003 under the dividend reinvestment feature of the STFC Employee Stock Purchase Plan; and 0.395 shares acquired in Dec 2003 under the STFC Dividend Reinvestment Plan.</footnote></footnotes><remarks/><ownerSignature><signatureName>John R. Lowther</signatureName><signatureDate>2004-01-08</signatureDate></ownerSignature></ownershipDocument>

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</DOCUMENT>
</SEC-DOCUMENT>
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