-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AGG8QZCC0K8Oo73YyHMVs3zmufO1AbEdun1u3DEbu5dSc2oVVyznYIY4Ms7rNHPi ALqIbpen7AUo9sYANAlSfw== 0000086312-97-000023.txt : 19970804 0000086312-97-000023.hdr.sgml : 19970804 ACCESSION NUMBER: 0000086312-97-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970728 ITEM INFORMATION: Other events FILED AS OF DATE: 19970801 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ST PAUL COMPANIES INC /MN/ CENTRAL INDEX KEY: 0000086312 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 410518860 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10898 FILM NUMBER: 97649758 BUSINESS ADDRESS: STREET 1: 385 WASHINGTON ST CITY: SAINT PAUL STATE: MN ZIP: 55102 BUSINESS PHONE: 6122217911 FORMER COMPANY: FORMER CONFORMED NAME: SAINT PAUL COMPANIES INC DATE OF NAME CHANGE: 19900730 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 --------------------------- Date of Report (Date of earliest event reported): July 28, 1997 THE ST. PAUL COMPANIES, INC. ------------------------------------------------------ (Exact name of Registrant as specified in its charter) Minnesota 0-3021 41-0518860 --------------- -------------------- --------------------- (State of (Commission File (I.R.S. Employer Incorporation) Number) Identification No.) 385 Washington St., St. Paul, MN 55102 - -------------------------------- -------- (Address of principal (Zip Code) executive offices) (612) 310-7911 ---------------------------------- (Registrant's telephone number, including area code) N/A - ------------------------------------------------------------ (Former name or former address, if changed since last report) Item 5. Other Events. ------------ Filed herewith is a press release dated July 28, 1997, of the registrant relating to its results for the quarter ended June 30, 1997, which will be superseded by the registrant's Quarterly Report on Form 10-Q for such period. The results for an interim period are not necessarily indicative of the results for a full year. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. ----------------------------------------------------- An Exhibit Index is set forth as the next page in this report. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE ST. PAUL COMPANIES, INC. By /s/ Bruce A. Backberg --------------------- Bruce A. Backberg Vice President and Corporate Secretary Date: August 1, 1997 EXHIBIT INDEX ------------- How Exhibit Filed - ------- ----- (99) Additional exhibits . . . . . . . . . . . . . . . (1) (1) Filed electronically under the EDGAR Operational Program. EX-99 2 Exhibit 99 July 28, 1997 - THE ST. PAUL COMPANIES REPORTS STRONG OPERATING EARNINGS FOR SECOND-QUARTER 1997 St. Paul, Minn. - The St. Paul Companies (NYSE:SPC) reported second-quarter 1997 operating earnings from continuing operations of $120.8 million, or $1.31 per share, compared with last year's second-quarter operating earnings of $104.2 million, or $1.14 per share. Net income for second-quarter 1997 was $230.5 million, or $2.50 per share, compared with $130.1 million, or $1.42 per share, for the second quarter of 1996. Second-quarter 1997 net income included after-tax realized investment gains of $109.7 million, or $1.19 per share, compared with $31.1 million, or $0.34 per share, for the second quarter of 1996. "Our underwriting results continue to be quite acceptable, despite the significant flood-related losses we incurred in Minnesota and North Dakota in the second quarter," said Douglas W. Leatherdale, chairman. "I am very pleased with our record realized investment gains in the quarter, which were driven by the success of our venture capital and equity investment portfolios." Six-months results - ------------------ For the first six months of 1997, operating earnings from continuing operations were $251.0 million, or $2.74 per share, compared with $217.4 million, or $2.38 per share, for the first six months of 1996. Net income for the first half of 1997 was $355.1 million, or $3.86 per share, compared with $258.9 million, or $2.83 per share, for the first half of 1996. Net income for the first six months of 1997 included after-tax realized investment gains of $171.8 million, or $1.85 per share, compared with $62.3 million, or $0.67 per share, for the first six months of 1996. "Overall, I am pleased with our results through the first half of 1997 despite the continuation of highly competitive market conditions," Leatherdale said. Consolidated Financial Position - ------------------------------- Consolidated assets of The St. Paul Companies as of June 30, 1997, were $20.93 billion, compared with $20.68 billion as of Dec. 31, 1996. Common shareholders' equity was $4.19 billion at the end of the second quarter, compared with $3.99 billion on Dec. 31, 1996. Book value per common share as of June 30, 1997, was $50.03, compared with $47.93 on Dec. 31, 1996. THE ST. PAUL COMPANIES CONSOLIDATED SECOND-QUARTER RESULTS Three months ended June 30 1997 1996 - -------------------------- ---- ---- Revenues $1,620,711,000 $1,364,474,000 Pretax Operating Earnings Underwriting $143,657,000 $122,990,000 Investment Banking- Asset Management 21,430,000 21,669,000 Parent and Other (24,624,000) (19,189,000) ------------ ------------ Total pretax operating earnings $140,463,000 $125,470,000 Income Tax Expense $19,647,000 $21,254,000 ------------ ------------ Operating Earnings from Continuing Operations $120,816,000 $104,216,000 Per Common Share (Fully Diluted) $1.31 $1.14 Realized Investment Gains, Net of Taxes $109,708,000 $31,079,000 Per Common Share (Fully Diluted) $1.19 $0.34 Discontinued Operations, Net of Taxes - $(5,242,000) Per Common Share (Fully Diluted) - $(0.06) Net Income $230,524,000 $130,053,000 Per Common Share (Fully Diluted) $2.50 $1.42 THE ST. PAUL COMPANIES CONSOLIDATED SIX-MONTHS RESULTS Six months ended June 30 1997 1996 - ------------------------ ---- ---- Revenues $3,177,914,000 $2,694,365,000 Pretax Operating Earnings Underwriting $291,716,000 $253,929,000 Investment Banking- Asset Management 44,134,000 43,236,000 Parent and Other (45,769,000) (42,127,000) ------------- ------------ Total pretax operating earnings $290,081,000 $255,038,000 Income Tax Expense $39,097,000 $37,655,000 ------------- ------------ Operating Earnings $250,984,000 $217,383,000 Per Common Share (Fully Diluted) $2.74 $2.38 Realized Investment Gains, Net of Taxes $171,839,000 $62,323,000 Per Common Share (Fully Diluted) $1.85 $0.67 Discontinued Operations, Net of Taxes $(67,750,000) $(20,832,000) Per Common Share (Fully Diluted) $(0.73) $(0.22) Net Income $355,073,000 $258,874,000 Per Common Share (Fully Diluted) $3.86 $2.83 THE ST. PAUL COMPANIES SECOND-QUARTER UNDERWRITING OPERATIONS HIGHLIGHTS Three months ended June 30 1997 1996 - -------------------------- ---- ---- Written premiums $1,186,285,000 $1,077,926,000 Net investment income $216,521,000 $193,819,000 Combined ratio 105.0 104.3 THE ST. PAUL COMPANIES SIX-MONTHS UNDERWRITING OPERATIONS HIGHLIGHTS Six months ended June 30 1997 1996 - ------------------------ ---- ---- Written premiums $2,215,505,000 $2,012,537,000 Net investment income $434,790,000 $382,722,000 Combined ratio 106.2 105.2 The St. Paul Companies, headquartered in St. Paul, Minn., is a group of companies that provides property-liability insurance and reinsurance underwriting throughout the world. -----END PRIVACY-ENHANCED MESSAGE-----