-----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, KFxSCMFq/kFCga6R38nAQAf2mgQvGGT34EasMd70n7mOffJUlK5p78/kBGXtCvT9 j02Y92RWu7J6YuoGIDaRcQ== 0000086312-95-000039.txt : 19951027 0000086312-95-000039.hdr.sgml : 19951027 ACCESSION NUMBER: 0000086312-95-000039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951023 ITEM INFORMATION: Other events FILED AS OF DATE: 19951026 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: 95584573 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): October 23, 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 October 23, 1995, of the registrant relating to its results for the quarter ended September 30, 1995, which will be superseded by the registrant's Quarterly Report on Form 10-Q for such period.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: October 26, 1995 EXHIBIT INDEX ------------- How Exhibit Filed - ------- ----- (99) Additional exhibits . . . . . . . . . . . . . . . (1) (1) Filed electronically under the EDGAR Operational Program. EX-99 2 Exhibit 99 October 23, 1995 - THE ST. PAUL COMPANIES REPORTS RECORD NINE-MONTHS OPERATING EARNINGS St. Paul, Minn. - The St. Paul Companies (NYSE:SPC) reported record operating earnings of $340.3 million, or $3.72 per share, for the first nine months of 1995, compared with $287.3 million, or $3.20 per share, for the same period of 1994. Net income for the first nine months of 1995 was $366.0 million, or $4.00 per share, compared with $322.0 million, or $3.59 per share, for nine-months 1994. Net income for the first nine months of 1995 included after-tax realized investment gains of $25.7 million, or $0.28 per share, compared with gains of $34.7 million, or $0.39 per share, for nine-months 1994. Common shareholders' equity was $3.5 billion at Sept. 30, a new high and more than $750 million higher than year- end 1994. "Nine-months operating earnings in 1995 were our highest ever, despite pretax catastrophe losses of $99 million, the second-worst nine-months total in our history. Strong underwriting results, coupled with effective expense controls, carried the day, however," said Douglas W. Leatherdale, chairman and chief executive officer. "1995 catastrophes have cost the U.S. property-liability insurance industry close to $6 billion through the end of September -- not including Hurricane Opal, which occurred in October. "Hurricane Opal, the strongest storm this season, is expected to produce fourth-quarter pretax losses ranging from $25 million to $30 million for The St. Paul Companies and over $2 billion for the U.S. property-liability insurance industry," Leatherdale added. Third-quarter Results - --------------------- For the third quarter of 1995, operating earnings were $125.1 million, or $1.35 per share, compared with last year's third-quarter operating earnings of $120.5 million, or $1.35 per share. 1995's quarterly per-share figure reflected The St. Paul's issuance earlier this year of convertible monthly income preferred securities. Net income for third-quarter 1995 was $142.4 million, or $1.54 per share, compared with net income of $129.8 million, or $1.45 per share, for the third quarter of 1994. Third-quarter 1995 net income included after-tax realized investment gains of $17.3 million, or $0.19 per share, compared with gains of $9.3 million, or $0.10 per share, in the same period of 1994. "We had a solid quarter in terms of both growth and profits," Leatherdale said. "Revenues, at $1.4 billion, were up 14%, and operating earnings increased 4 percent over last year." Underwriting Operations - ------------------------ "The combination of a 15 percent increase in earned premiums, pretax investment income growth of 9 percent, and an expense ratio of 28.5 produced a very good quarter for our underwriting operations," Leatherdale said. "Underwriting results were good throughout the organization. I'm particularly pleased with the third- quarter performance of our International Underwriting operation, which improved its results significantly from past quarters." THE ST. PAUL COMPANIES THIRD-QUARTER UNDERWRITING OPERATIONS HIGHLIGHTS Three months ended Sept. 30 1995 1994 - --------------------------- ---- ---- Written premiums $1,157,628,000 $1,008,816,000 Underwriting loss ($25,334,000) ($20,065,000) Net investment income $183,845,000 $169,383,000 Pretax operating earnings* $147,666,000 $146,961,000 Statutory combined ratio 100.4 99.9 *excluding realized investment gains THE ST. PAUL COMPANIES NINE-MONTHS UNDERWRITING OPERATIONS HIGHLIGHTS Nine months ended Sept. 30 1995 1994 - -------------------------- ---- ---- Written premiums $3,169,117,000 $2,734,506,000 Underwriting loss ($66,461,000) ($116,666,000) Net investment income $543,073,000 $498,369,000 Pretax operating earnings* $443,591,000 $361,838,000 Combined ratio 101.3 103.4 *excluding realized investment gains Insurance Brokerage Operations - ------------------------------ For the third quarter of 1995, The Minet Group, The St. Paul's London-based insurance brokerage operation, had pretax income of $4.6 million, compared with pretax income of $2.5 million for the third quarter of 1994. For the first nine months of 1995, Minet had a pretax loss of $13.7 million, compared with a pretax loss of $11.2 million for the first nine months of 1994. "Minet's profits edged up in the third quarter, but brokerage fees and commissions remained flat, reflecting the competitive marketplace," Leatherdale said. The John Nuveen Company - ----------------------- The St. Paul's portion of The John Nuveen Company's third-quarter 1995 pretax operating earnings totaled $22.2 million, compared with pretax operating earnings of $19.0 million for the same period in 1994. The St. Paul owns 77 percent of Nuveen. For nine-months 1995, The St. Paul's portion of Nuveen's pretax operating earnings was $61.1 million, compared with $54.1 million for the first nine months of 1994. Consolidated Financial Position - ------------------------------- Consolidated assets of The St. Paul Companies as of Sept. 30, 1995, were $18.8 billion, compared with $17.5 billion as of Dec. 31, 1994. Book value per common share as of Sept. 30, 1995, was $41.16, compared with $32.46 on Dec. 31, 1994. 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 THIRD-QUARTER RESULTS 1995 1994 ---- ---- Revenues $1,364,866,000 $1,199,068,000 Operating Earnings $125,100,000 $120,488,000 Per Common Share (Fully Diluted) $1.35 $1.35 Realized Investment Gains, Net of Taxes $17,299,000 $9,320,000 Per Common Share (Fully Diluted) $0.19 $0.10 Net Income $142,399,000 $129,808,000 Per Common Share (Fully Diluted) $1.54 $1.45 THE ST. PAUL COMPANIES NINE-MONTHS RESULTS 1995 1994 ---- ---- Revenues $3,963,053,000 $3,527,992,000 Operating Earnings $340,273,000 $287,339,000 Per Common Share (Fully Diluted) $3.72 $3.20 Realized Investment Gains, Net of Taxes $25,689,000 $34,668,000 Per Common Share (Fully Diluted) $0.28 $0.39 Net Income $365,962,000 $322,007,000 Per Common Share (Fully Diluted) $4.00 $3.59 -----END PRIVACY-ENHANCED MESSAGE-----