-----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, Wa/WkXYjZiO8hRtYfk19Kq7BFXUFXUut2Mat143tIT76wUikLrQBdOPDFpDOSNDE xY3VGeEBLsN+0H6z30stZg== 0000086312-96-000001.txt : 19960131 0000086312-96-000001.hdr.sgml : 19960131 ACCESSION NUMBER: 0000086312-96-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960129 ITEM INFORMATION: Other events FILED AS OF DATE: 19960130 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: 96508819 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): January 29, 1996 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dated January 29, 1996, of the registrant relating to its results for the year ended December 31, 1995, which will be superseded by the registrant's Annual Report on Form 10-K for such period. 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: January 30, 1996 EXHIBIT INDEX ------------- How Exhibit Filed - ------- ----- (99) Additional exhibits . . . . . . . . . . . . . . . (1) (1) Filed electronically under the EDGAR Operational Program. EX-99 2 Exhibit 99 January 29, 1996 - THE ST. PAUL COMPANIES REPORTS RECORD EARNINGS FOR 1995 St. Paul, Minn. - For the third consecutive year, The St. Paul Companies (NYSE:SPC) has generated record earnings. "Operating earnings increased 12%, and net income was up 18% over 1994," said Douglas W. Leatherdale, chairman and chief executive officer. "The St. Paul's capital base has never been stronger. Common shareholders' equity grew $1 billion in the last year, to $3.7 billion, as a result of strong earnings and growth in the realized and unrealized appreciation in our investment portfolio." Operating earnings were $464.9 million, or $5.07 per share, for 1995, compared with $413.9 million, or $4.60 per share, for 1994. Net income for 1995 was $521.2 million, or $5.68 per share, compared with net income of $442.8 million, or $4.93 per share, for 1994. 1995 net income included after-tax realized investment gains of $56.3 million, or $0.61 per share, compared with $28.9 million, or $0.33 per share, in 1994. "Our underwriting operations performed well in 1995," Leatherdale said. "Our domestic underwriting operation, St. Paul Fire and Marine, recorded an 11 percent increase in premium volume while maintaining a high level of profitability in a very competitive marketplace. "Our reinsurance operation, St. Paul Re, and our international underwriting operation, St. Paul International, both experienced improved results and strong growth. "Minet, The St. Paul's insurance brokerage operation, continued to struggle in a difficult worldwide market, producing a $13 million pretax loss in 1995. "Our share of The John Nuveen Company's pretax earnings was a record $88 million in 1995, the result of lower interest rates and successful expense management," Leatherdale said. The St. Paul owns 78 percent of Nuveen. Fourth-quarter results - ---------------------- Fourth-quarter results were impacted by $25 million in catastrophe losses, most notably from Hurricane Opal. For the fourth quarter of 1995, operating earnings were $124.6 million, or $1.34 per share, compared with operating earnings of $126.5 million, or $1.41 per share, for the fourth quarter of 1994. Net income for the fourth quarter of 1995 was $155.2 million, or $1.67 per share, compared with net income of $120.8 million, or $1.35 per share, for the fourth quarter of 1994. Net income for the fourth quarter of 1995 included after-tax realized investment gains of $30.6 million, or $0.33 per share, compared with after-tax investment losses of $5.7 million, or ($0.06) per share, in 1994. Consolidated Financial Position - ------------------------------- Consolidated assets of The St. Paul Companies as of Dec. 31, 1995, were $19.7 billion, compared with $17.5 billion as of Dec. 31, 1994. Common shareholders' equity was $3.7 billion on Dec. 31. 1995, compared with $2.7 billion on Dec. 31, 1994. Book value per common share on Dec. 31, 1995, was $44.29, 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 TWELVE-MONTHS UNDERWRITING OPERATIONS HIGHLIGHTS Twelve months ended Dec. 31 1995 1994 - --------------------------- ---- ---- Written premiums $4,243,213,000 $3,623,026,000 Underwriting loss ($103,045,000) ($113,008,000) Net investment income $731,096,000 $674,818,000 Pretax operating earnings* $577,509,000 $524,742,000 Statutory combined ratio 101.8 102.3 *excluding realized investment gains THE ST. PAUL COMPANIES FOURTH-QUARTER UNDERWRITING OPERATIONS HIGHLIGHTS Three months ended Dec. 31 1995 1994 - -------------------------- ---- ---- Written premiums $1,074,096,000 $888,520,000 Underwriting profit (loss) ($36,584,000) $3,658,000 Net investment income $188,023,000 $176,449,000 Pretax operating earnings* $133,918,000 $162,904,000 Combined ratio 103.3 99.4 *excluding realized investment gains and losses THE ST. PAUL COMPANIES CONSOLIDATED 1995 RESULTS 1995 1994 ---- ---- Revenues $5,409,630,000 $4,701,285,000 Operating Earnings $464,852,000 $413,866,000 Per Common Share (Fully Diluted) $5.07 $4.60 Realized Investment Gains, Net of Taxes $56,357,000 $28,962,000 Per Common Share (Fully Diluted) $0.61 $0.33 Net Income $521,209,000 $442,828,000 Per Common Share (Fully Diluted) $5.68 $4.93 THE ST. PAUL COMPANIES CONSOLIDATED FOURTH-QUARTER RESULTS 1995 1994 ---- ---- Revenues $1,446,577,000 $1,173,293,000 Operating Earnings $124,579,000 $126,527,000 Per Common Share (Fully Diluted) $1.34 $1.41 Realized Investment Gains (Losses), Net of Taxes $30,668,000 ($5,706,000) Per Common Share (Fully Diluted) $0.33 ($0.06) Net Income $155,247,000 $120,821,000 Per Common Share (Fully Diluted) $1.67 $1.35 -----END PRIVACY-ENHANCED MESSAGE-----