St. Paul's First-Quarter Net Up 36 Percent
NU Online News Service, April 30, 4:24 p.m. EDT?The St. Paul Companies Inc. reported that its first-quarter profit increased by 36 percent to $181 million, or 75 cents per share, helped by its stronger underwriting performance.
In the corresponding period last year, the insurer posted $133 million net income, or 60 cents on a per share basis.
The St. Paul, Minn.-based company's ongoing insurance segments, which accounted for 94.4 percent of total net written premiums, recorded first-quarter net written premiums of $1.87 billion, up 32.4 percent over the 2002 first quarter. The St. Paul's first-quarter revenue fell, however, by 9.4 percent, to $2.11 billion from $2.33 billion one year ago.
The company's combined ratio also improved during that time span, falling to 91 percent from 99.3 percent one year ago. The improved underwriting figures outweighed a slightly lower net investment income, which was $281 million, down from $293 million in the 2002 first quarter.
"Our first-quarter earnings clearly demonstrate the strength of our operations," said Jay Fishman, chairman and chief executive officer.
"Solid execution, strong pricing, improving retentions, targeted new business, continued expense discipline and exceptional performance at Nuveen Investments all contributed to the quarter's results," Mr. Fishman said.
The St. Paul offers liability and casualty, property, workers' comp, auto, marine, and other commercial coverage. Its international operations include Lloyd's of London syndicates that specialize in niches markets, including kidnap and ransom, personal accident, and creditor coverage.
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