-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, hPrK+DPcQDJG9earFc6zpsqvBsA0QLPjTsQCXYy8YZwbokb+NHLOjqhh/9xXotRB CbQ5KpitoPkyEFk8njFYDw== 0000086312-95-000017.txt : 19950727 0000086312-95-000017.hdr.sgml : 19950727 ACCESSION NUMBER: 0000086312-95-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950724 ITEM INFORMATION: Other events FILED AS OF DATE: 19950726 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: 95556221 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 24, 1995 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) 221-7911 ---------------------------------- (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 are statements derived from a press release dated July 24, 1995, of the registrant relating to its results for the quarter ended June 30, 1995, which will be superseded by the registrant's Quarterly Report on Form 10-Q for such period.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: July 26, 1995 EXHIBIT INDEX ------------- How Exhibit Filed - ------- ----- (99) Additional exhibits . . . . . . . . . . . . . . . (1) (1) Filed electronically under the EDGAR Operational Program. EX-99 2 Exhibit 99 July 24, 1995 - THE ST. PAUL COMPANIES 2ND-QUARTER EARNINGS DIP; SIX-MONTH EARNINGS WELL AHEAD OF LAST YEAR St. Paul, Minn. - The St. Paul Companies (NYSE:SPC) reported second-quarter 1995 operating earnings of $106.7 million, or $1.17 per share, compared with last year's second-quarter operating earnings of $117.3 million, or $1.31 per share. Net income for second-quarter 1995 was $113.0 million, or $1.24 per share, compared with $127.8 million, or $1.43 per share, for the second quarter of 1994. Second-quarter 1995 net income included after-tax realized investment gains of $6.3 million, or $0.07 per share, compared with $10.5 million, or $0.12 per share, for the second quarter of 1994. "Catastrophe losses of $55 million - compared with virtually no catastrophe losses in the second quarter of 1994 - offset otherwise strong second-quarter 1995 results," said Douglas W. Leatherdale, chairman and chief executive officer. "These losses were largely the result of spring storms in Texas and the Midwest, where our underwriting operations have a significant presence." Six-months results - ------------------ "Operating earnings for the first half were up 29 percent over 1994," Leatherdale said. For the first six months of 1995, operating earnings were $215.2 million, or $2.38 per share, compared with $166.9 million, or $1.85 per share, for the first six months of 1994. Net income for the first half of 1995 was $223.6 million, or $2.47 per share, compared with $192.2 million, or $2.14 per share, for the first half of 1994. Net income for the first six months of 1995 included after-tax realized investment gains of $8.4 million, or $0.09 per share, compared with gains of $25.3 million, or $0.29 per share, for the first six months of 1994. Underwriting Operations - ------------------------ "Premiums increased 19 percent over second-quarter 1994, due to growth in both our domestic and international underwriting operations, including our recent acquisition of much of the international business of CIGNA Reinsurance- Property & Casualty," Leatherdale said. "At the same time, we are encouraged by our ability to hold our non-commission underwriting expenses nearly flat following the reconfiguration of our underwriting operations at year-end 1993." THE ST. PAUL COMPANIES SECOND-QUARTER UNDERWRITING OPERATIONS HIGHLIGHTS Three months ended June 30 1995 1994 - -------------------------- ---- ---- Written premiums $1,095,126,000 $921,119,000 Underwriting loss ($25,675,000) ($13,544,000) Net investment income $180,810,000 $164,461,000 Pretax operating earnings* $137,258,000 $145,565,000 Combined ratio 101.4 100.2 *excluding realized investment gains THE ST. PAUL COMPANIES SIX-MONTHS UNDERWRITING OPERATIONS HIGHLIGHTS Six months ended June 30 1995 1994 - ------------------------ ---- ---- Written premiums $2,011,489,000 $1,725,690,000 Underwriting loss ($41,127,000) ($96,601,000) Net investment income $359,228,000 $328,986,000 Pretax operating earnings* $295,925,000 $214,877,000 Combined ratio 101.7 105.2 *excluding realized investment gains Insurance Brokerage Operations - ------------------------------ For the second quarter of 1995, The Minet Group, The St. Paul's London-based insurance brokerage operation, had a pretax loss of $3.7 million, compared with a pretax loss of $4.6 million for the same 1994 period. For the first six months of 1995, Minet had a pretax loss of $18.3 million, compared with a pretax loss of $13.6 million for the first half of 1994. "Minet continues to operate in an extremely competitive market environment, which has hampered its ability to increase revenues," Leatherdale said. The John Nuveen Company - ----------------------- The St. Paul's portion of The John Nuveen Company's second-quarter 1995 pretax operating earnings totaled $19.5 million, compared with pretax operating earnings of $17.9 million for the same period in 1994. The St. Paul owns 77 percent of Nuveen. For six-months 1995, The St. Paul's portion of Nuveen's pretax operating earnings was $38.9 million, compared with $35.2 million for the first half of 1994. Consolidated Financial Position - ------------------------------- Consolidated assets of The St. Paul Companies as of June 30, 1995, were $18.5 billion, compared with $17.5 billion as of Dec. 31, 1994. Common shareholders' equity was $3.3 billion at the end of the second quarter, compared with $2.7 billion on Dec. 31, 1994. Book value per common share as of June 30, 1995, was $39.07, compared with $32.46 on Dec. 31, 1994. Unrealized appreciation in The St. Paul's bond portfolio contributed to the rise in assets and shareholders' equity. The St. Paul Companies, headquartered in Saint Paul, Minn. is a group of companies that provides property- liability insurance underwriting and insurance brokerage products and services throughout the world. THE ST. PAUL COMPANIES SECOND-QUARTER RESULTS 1995 1994 ---- ---- Revenues $1,330,728,000 $1,165,149,000 Operating Earnings $106,716,000 $117,279,000 Per Common Share (Fully Diluted) $1.17 $1.31 Realized Investment Gains, Net of Taxes $6,251,000 $10,483,000 Per Common Share (Fully Diluted) $0.07 $0.12 Net Income $112,967,000 $127,762,000 Per Common Share (Fully Diluted) $1.24 $1.43 THE ST. PAUL COMPANIES SIX-MONTHS RESULTS 1995 1994 ---- ---- Revenues $2,598,187,000 $2,328,924,000 Operating Earnings $215,173,000 $166,851,000 Per Common Share (Fully Diluted) $2.38 $1.85 Realized Investment Gains, Net of Taxes $8,390,000 $25,348,000 Per Common Share (Fully Diluted) $0.09 $0.29 Net Income $223,563,000 $192,199,000 Per Common Share (Fully Diluted) $2.47 $2.14 -----END PRIVACY-ENHANCED MESSAGE-----