-----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, EgRpr3+CqmzX5AYQwVl6Xq/ewcTFlst1cHweoDliFfvpHKTaEcDHpIo/dT4i23Sm Nh6Y03lOwX/j8bhbzFOBew== 0000086312-96-000009.txt : 19960731 0000086312-96-000009.hdr.sgml : 19960731 ACCESSION NUMBER: 0000086312-96-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960729 ITEM INFORMATION: Other events FILED AS OF DATE: 19960730 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: 96600719 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 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 is a press release dated July 29, 1996, of the registrant relating to its results for the quarter ended June 30, 1996, which will be superseded by the registrant's Quarterly Report on Form 10-Q for such period.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 30, 1996 EXHIBIT INDEX ------------- How Exhibit Filed - ------- ----- (99) Additional exhibits . . . . . . . . . . . . . . . (1) (1) Filed electronically under the EDGAR Operational Program. EX-99 2 Exhibit 99 July 29, 1996 - ST. PAUL COMPANIES' SECOND QUARTER EARNINGS HURT BY SPRING STORMS IN MIDWEST St. Paul, Minn. - The St. Paul Companies (NYSE:SPC) reported second-quarter 1996 operating earnings of $99.0 million, or $1.09 per share, compared with last year's second-quarter operating earnings of $106.7 million, or $1.17 per share. "We experienced significant catastrophe losses this quarter as a result of spring storms in the Midwest, where we have a heavy concentration of business," said Douglas W. Leatherdale, chairman and chief executive officer. "In addition, our premiums were flat, reflecting highly competitive market conditions." Net income for second-quarter 1996 was $130.1 million, or $1.42 per share, compared with $113.0 million, or $1.24 per share, for the second quarter of 1995. Second-quarter 1996 net income included after-tax realized investment gains of $31.1 million, or $0.33 per share, compared with $6.3 million, or $0.07 per share, for the second quarter of 1995. "We were particularly pleased with the performance of our venture capital operations, which have contributed almost $60 million in pretax realized gains over the last six months," Leatherdale said. Six-months results - ------------------ For the first six months of 1996, operating earnings were $196.6 million, or $2.15 per share, compared with $215.2 million, or $2.38 per share, for the first six months of 1995. Net income for the first half of 1996 was $258.9 million, or $2.83 per share, compared with $223.6 million, or $2.47 per share, for the first half of 1995. Net income for the first six months of 1996 included after-tax realized investment gains of $62.3 million, or $0.68 per share, compared with gains of $8.4 million, or $0.09 per share, for the first six months of 1995. Consolidated Financial Position - ------------------------------- Consolidated assets of The St. Paul Companies as of June 30, 1996, were $19.61 billion, compared with $19.66 billion as of Dec. 31, 1995. Common shareholders' equity was $3.69 billion at the end of the second quarter, compared with $3.72 billion on Dec. 31, 1995. Book value per common share as of June 30, 1996, was $44.16, compared with $44.29 on Dec. 31, 1995. THE ST. PAUL COMPANIES CONSOLIDATED SECOND-QUARTER RESULTS Three months ended June 30 1996 1995 - -------------------------- ---- ---- Revenues $1,451,121,000 $1,330,728,000 Pretax Operating Earnings Underwriting $122,990,000 $137,258,000 Insurance Brokerage (4,524,000) (3,693,000) Investment Banking- Asset Management 21,669,000 19,532,000 Parent and Other (19,189,000) (19,190,000) ------------- ------------ Total pretax operating earnings $120,946,000 $133,907,000 Income Tax Expense $21,972,000 $27,191,000 Operating Earnings $98,974,000 $106,716,000 Per Common Share (Fully Diluted) $1.09 $1.17 Realized Investment Gains, Net of Taxes $31,079,000 $6,251,000 Per Common Share (Fully Diluted) $0.33 $0.07 Net Income $130,053,000 $112,967,000 Per Common Share (Fully Diluted) $1.42 $1.24 THE ST. PAUL COMPANIES CONSOLIDATED SIX-MONTHS RESULTS Six months ended June 30 1996 1995 - ------------------------ ---- ---- Revenues $2,859,812,000 $2,598,187,000 Pretax Operating Earnings Underwriting $253,929,000 $295,925,000 Insurance Brokerage (17,932,000) (18,324,000) Investment Banking- Asset Management 43,236,000 38,886,000 Parent and Other (42,127,000) (37,411,000) ------------- ------------ Total pretax operating earnings $237,106,000 $279,076,000 Income Tax Expense $40,555,000 $63,903,000 Operating Earnings $196,551,000 $215,173,000 Per Common Share (Fully Diluted) $2.15 $2.38 Realized Investment Gains, Net of Taxes $62,323,000 $8,390,000 Per Common Share (Fully Diluted) $0.68 $0.09 Net Income $258,874,000 $223,563,000 Per Common Share (Fully Diluted) $2.83 $2.47 THE ST. PAUL COMPANIES SECOND-QUARTER UNDERWRITING OPERATIONS HIGHLIGHTS Three months ended June 30 1996 1995 - -------------------------- ---- ---- Written premiums $1,077,926,000 $1,095,126,000 Net investment income $193,819,000 $180,810,000 Combined ratio 104.3 101.4 THE ST. PAUL COMPANIES SIX-MONTHS UNDERWRITING OPERATIONS HIGHLIGHTS Six months ended June 30 1996 1995 - ------------------------ ---- ---- Written premiums $2,012,537,000 $2,011,489,000 Net investment income $382,722,000 $359,228,000 Combined ratio 105.2 101.7 The St. Paul Companies, headquartered in St. Paul, Minn., is a group of companies that provides property-liability insurance underwriting and insurance brokerage products and services throughout the world. -----END PRIVACY-ENHANCED MESSAGE-----