-----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, LxC7WU3zAfNOcZjl5rwchXhLdEWGzZZoxqgC+DB/HILxyzc9n4Uh2rA6UF5CPh7u TLbPLmM+HUIG2nhItxFKUA== 0000086312-97-000027.txt : 19971029 0000086312-97-000027.hdr.sgml : 19971029 ACCESSION NUMBER: 0000086312-97-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971027 ITEM INFORMATION: FILED AS OF DATE: 19971028 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: SEC FILE NUMBER: 001-10898 FILM NUMBER: 97701828 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 27, 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 is a press release dated October 27, 1997, of the registrant relating to its results for the quarter ended September 30, 1997, which will be superseded by the registrant's Quarterly Report on Form 10-Q for such period.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. 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 28, 1997 EXHIBIT INDEX ------------- How Exhibit Filed - ------- ----- (99) Additional exhibits . . . . . . . . . . . . . . . (1) (1) Filed electronically. EX-99 2 Exhibit 99 Oct. 27, 1997 - THE ST. PAUL COMPANIES REPORTS STRONG THIRD QUARTER RESULTS ST. PAUL, Minn. - The St. Paul Companies (NYSE:SPC) reported third-quarter 1997 operating earnings from continuing operations of $132.6 million, or $1.43 per share, an increase of 44 percent, compared with last year's third- quarter operating earnings of $90.2 million, or $0.99 per share. "Our underwriting operations achieved good results despite the highly competitive insurance marketplace; catastrophe losses were down significantly from last year; and our investment portfolios performed well," said Douglas W. Leatherdale, chairman and chief executive officer. Net income for third-quarter 1997 was $163.4 million, or $1.76 per share, compared with $128.9 million, or $1.42 per share, for the third quarter of 1996. Third-quarter 1997 net income included after-tax realized investment gains of $30.8 million, or $0.33 per share, compared with $24.6 million, or $0.27 per share, for the third quarter of 1996. Nine-months results - ------------------- For the first nine months of 1997, operating earnings from continuing operations were $383.6 million, or $4.16 per share, compared with $307.6 million, or $3.37 per share, for the first nine months of 1996. Net income for the first nine months of 1997 was $518.5 million, or $5.62 per share, compared with $387.8 million, or $4.24 per share, for the first nine months of 1996. Net income for the first nine months of 1997 included after-tax realized investment gains of $202.7 million, or $2.19 per share, compared with $86.9 million, or $0.94 per share, for the first nine months of 1996. Consolidated Financial Position - ------------------------------- Consolidated assets of The St. Paul Companies as of Sept. 30, 1997, were $21.46 billion, compared with $20.68 billion as of Dec. 31, 1996. Common shareholders' equity was $4.43 billion at the end of the third quarter, compared with $3.99 billion on Dec. 31, 1996. Book value per common share as of Sept. 30, 1997, was $53.00, compared with $47.93 on Dec. 31, 1996. THE ST. PAUL COMPANIES CONSOLIDATED THIRD-QUARTER RESULTS Three months ended Sept. 30 1997 1996 - --------------------------- ---- ---- Revenues $1,497,048,000 $1,476,158,000 Pretax Operating Earnings Underwriting $157,975,000 $75,013,000 Investment Banking- Asset Management 23,149,000 23,282,000 Parent and Other (25,866,000) (19,928,000) ------------- ------------ Total pretax operating earnings $155,258,000 $78,367,000 Income Tax Expense (Benefit) $22,666,000 ($11,836,000) Operating Earnings from Continuing Operations $132,592,000 $90,203,000 Per Common Share (Fully Diluted) $1.43 $0.99 Realized Investment Gains, Net of Taxes $30,812,000 $24,620,000 Per Common Share (Fully Diluted) $0.33 $0.27 Discontinued Operations, Net of Taxes - $14,111,000 Per Common Share (Fully Diluted) - $0.16 Net Income $163,404,000 $128,934,000 Per Common Share (Fully Diluted) $1.76 $1.42 THE ST. PAUL COMPANIES CONSOLIDATED NINE-MONTHS RESULTS Nine months ended Sept. 30 1997 1996 - -------------------------- ---- ---- Revenues $4,674,962,000 $4,170,523,000 Pretax Operating Earnings Underwriting $449,691,000 $328,942,000 Investment Banking- Asset Management 67,283,000 66,518,000 Parent and Other (71,635,000) (62,055,000) ------------- ------------ Total pretax operating earnings $445,339,000 $333,405,000 Income Tax Expense $61,763,000 $25,819,000 Operating Earnings $383,576,000 $307,586,000 Per Common Share (Fully Diluted) $4.16 $3.37 Realized Investment Gains, Net of Taxes $202,651,000 $86,943,000 Per Common Share (Fully Diluted) $2.19 $0.94 Discontinued Operations, Net of Taxes $(67,750,000) $(6,721,000) Per Common Share (Fully Diluted) $(0.73) $(0.07) Net Income $518,477,000 $387,808,000 Per Common Share (Fully Diluted) $5.62 $4.24 THIRD-QUARTER UNDERWRITING OPERATIONS HIGHLIGHTS Three months ended Sept. 30 1997 1996 - --------------------------- ---- ---- Written premiums $1,182,837,000 $1,246,970,000 Net investment income $220,400,000 $201,914,000 Combined ratio 102.5 106.6 NINE-MONTHS UNDERWRITING OPERATIONS HIGHLIGHTS Nine months ended Sept. 30 1997 1996 - -------------------------- ---- ---- Written premiums $3,398,342,000 $3,259,507,000 Net investment income $655,190,000 $584,636,000 Combined ratio 105.0 105.6 The St. Paul Companies, headquartered in St. Paul, Minn., is a group of companies providing property-liability insurance products and services throughout the world. -----END PRIVACY-ENHANCED MESSAGE-----