St. Paul Cos. Report Third-Quarter Profit
ST. PAUL, Minn. (AP) _ The St. Paul Cos. Inc. on Wednesday reported a $214 million third-quarter profit, boosted by robust premium revenues.
The income, equivalent to 88 cents per share, compared with $63 million, or 27 cents per share, a year earlier.
On an operating basis, net income was 96 cents a share, up from 52 cents a share for the same period in 2002. The results were 4 cents per share better than analysts had expected, according to Thomson First Call.
Revenues fell to $2.25 billion, from $2.3 billion. The insurer has been working to exit health insurance and several international operations.
Net written premiums rose nearly 25 percent over the same period of 2002, to $1.89 billion.
``We continue to make tremendous progress,″ chairman and chief executive Jay Fishman said.
He said the company recorded record operating earnings in two of the past three quarters from benefits of last year’s restructuring, the continued concentration on managing expenses and reducing legacy issues for 2003.
The St. Paul, Minn.-based company provides commercial property-liability insurance and asset management services.
For the first nine months, The St. Paul earned $609 million compared with a loss of $26 million for the same period last year. Year-to-date revenues fell to $6.531 billion, from $6.975.
The company’s shares gained 33 cents to close at $36.13 on the New York Stock Exchange.
On the Net:
The St. Paul Cos. http://www.stpaul.com