St. Paul Travelers Cos. Inc. said yesterday that 2006 fourth-quarter earnings rose sharply, beating analysts' expectations.
Net income increased to $1.19 billion from $179 million for the period a year earlier when the company was hurt by record catastrophe losses and charges to expand reserves for asbestos and environmental claims.
Bear Stearns analyst David Small said the so-called "beat" of analysts' forecasts resulted primarily from $157 million of reserve releases largely from personal lines and $98 million in "other income."
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