-----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, BTkrQa02oExvN3nr/xUroiWZUxlJaWq2ZYOQVuZQBJ/E54xfx2hvYNgBwoRdoe4v J1HfFEQGMdy7PORsoyHc0g== 0000086312-97-000013.txt : 19970429 0000086312-97-000013.hdr.sgml : 19970429 ACCESSION NUMBER: 0000086312-97-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970428 ITEM INFORMATION: Other events FILED AS OF DATE: 19970428 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: 97588899 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): April 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 are press releases dated April 28, 1997, of the registrant relating to: 1. The Registrant's results for the quarter ended March 31, 1997, which will be superseded by the Registrant's Quarterly Report on Form 10-Q for such period.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. 2. The anticipated impact of flooding in the Red River Valley on the Registrant's second quarter 1997 results. 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: April 28, 1997 EXHIBIT INDEX ------------- How Exhibit Filed - ------- ----- (99) 1. Registrant's Press Release dated April 28, 1997 relating to its results for the quarter ended March 31, 1997...........................................(1) 2. Registrant's Press Release dated April 28, 1997 relating to the anticipated impact of flooding on its second quarter 1997 results..........................(1) (1) Filed electronically. EX-99 2 Exhibit 99 April 28, 1997 - THE ST. PAUL COMPANIES' OPERATING EARNINGS REACH NEW 1ST-QUARTER RECORD OF $130.2 MILLION St. Paul, Minn. - The St. Paul Companies (NYSE:SPC) reported record first-quarter operating earnings of $130.2 million for first-quarter 1997, or $1.43 per share, compared with first-quarter 1996 operating earnings of $113.2 million, or $1.23 per share. Net income of $124.5 million, or $1.37 per share, for the first quarter, compared with $128.8 million, or $1.40 per share, for the first quarter of 1996. Net income included after-tax realized investment gains of $62.1 million, or $0.67 per share, for the first quarter of 1997, compared with $31.2 million, or $0.34 per share, for the first quarter of 1996. "I'm pleased with the strength of our first-quarter operating earnings," said Douglas W. Leatherdale, chairman and chief executive officer. "Despite highly competitive market conditions, our focused and disciplined underwriting approach, the addition of Northbrook to our operations and the absence of catastrophes all contributed to solid performance for the first quarter," Leatherdale said. Consolidated Financial Position - ------------------------------- Consolidated assets of The St. Paul Companies as of March 31, 1997, were $20.4 billion, compared with $20.7 billion as of Dec. 31, 1996. Common shareholders' equity was $3.9 billion at the end of the first quarter, compared with $4.0 billion on Dec. 31, 1996. Book value per common share on March 31, 1997, was $46.51, compared with $47.93 on Dec. 31, 1996. THE ST. PAUL COMPANIES CONSOLIDATED FIRST-QUARTER RESULTS Three months ended March 31 1997 1996 - --------------------------- ---- ---- Revenues $1,557,203,000 $1,329,891,000 Pretax Operating Earnings Underwriting $148,059,000 $130,939,000 Investment Banking- Asset Management $22,704,000 21,567,000 Parent and Other (21,145,000) (22,938,000) ------------- ------------- Total pretax operating earnings $149,618,000 $129,568,000 Income Tax Expense $19,450,000 $16,401,000 Operating Earnings $130,168,000 $113,167,000 Per Common Share (Fully Diluted) $1.43 $1.23 Realized Investment Gains, Net of Taxes $62,131,000 $31,244,000 Per Common Share (Fully Diluted) $0.67 $0.34 Discontinued Operations, Net of Taxes ($67,750,000) ($15,590,000) Per Common Share (Fully Diluted) ($0.73) ($0.17) Net Income $124,549,000 $128,821,000 Per Common Share (Fully Diluted) $1.37 $1.40 FIRST-QUARTER UNDERWRITING OPERATIONS HIGHLIGHTS Three months ended March 31 1997 1996 - --------------------------- ---- ---- Written premiums $1,029,220,000 $934,611,000 Net investment income $218,269,000 $188,903,000 Combined ratio 107.5 106.1 The St. Paul Companies, headquartered in St. Paul, Minn., is a group of companies providing property-liability insurance products and services worldwide. EX-99 3 Exhibit 99 April 28, 1997 - THE ST. PAUL EXPECTS $30 - $40 MILLION IN LOSSES IN THE SECOND QUARTER FROM RED RIVER FLOOD St. Paul, Minn. - The St. Paul Companies (SPC) today announced that damage from the flood in the Red River Valley in Minnesota and North Dakota is expected to result in pretax catastrophe losses ranging from $30 million to $40 million for the second quarter of 1997. The losses are primarily from commercial insurance customers whose policies contained flood coverage endorsements and from damage due to the fires that destroyed several downtown Grand Forks, N.D. buildings. The range also includes potential insured losses from personal insurance customers whose policies contain coverage for flood damage to vehicles and scheduled property. "We expect to receive additional claims in the coming weeks as people return to their homes and businesses to clean up the destruction left behind by the flood," said Chairman Douglas W. Leatherdale. The St. Paul Companies, headquartered in St. Paul, Minn. is a group of companies providing property-liability insurance products and services worldwide. -----END PRIVACY-ENHANCED MESSAGE-----