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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest
event reported): January 29, 1996
THE ST. PAUL COMPANIES, INC.
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(Exact name of Registrant as specified in its charter)
Minnesota 0-3021 41-0518860
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(State of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.
385 Washington St., St. Paul, MN 55102
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(Address of principal (Zip Code)
executive offices)
(612) 221-7911
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(Registrant's telephone number,
including area code)
N/A
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(Former name or former address, if changed since last
report)
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Item 5. Other Events.
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Filed herewith are statements derived from a press
release dated January 29, 1996, of the registrant relating
to its results for the year ended December 31, 1995, which
will be superseded by the registrant's Annual Report on Form
10-K for such period.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
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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
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Bruce A. Backberg
Vice President
and Corporate Secretary
Date: January 30, 1996
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EXHIBIT INDEX
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How
Exhibit Filed
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(99) Additional exhibits . . . . . . . . . . . . . . . (1)
(1) Filed electronically under the EDGAR Operational
Program.
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Exhibit 99
January 29, 1996 - THE ST. PAUL COMPANIES REPORTS RECORD
EARNINGS FOR 1995
St. Paul, Minn. - For the third consecutive year, The St.
Paul Companies (NYSE:SPC) has generated record earnings.
"Operating earnings increased 12%, and net income was
up 18% over 1994," said Douglas W. Leatherdale, chairman and
chief executive officer. "The St. Paul's capital base has
never been stronger. Common shareholders' equity grew $1
billion in the last year, to $3.7 billion, as a result of
strong earnings and growth in the realized and unrealized
appreciation in our investment portfolio."
Operating earnings were $464.9 million, or $5.07 per
share, for 1995, compared with $413.9 million, or $4.60 per
share, for 1994.
Net income for 1995 was $521.2 million, or $5.68 per
share, compared with net income of $442.8 million, or $4.93
per share, for 1994. 1995 net income included after-tax
realized investment gains of $56.3 million, or $0.61 per
share, compared with $28.9 million, or $0.33 per share, in
1994.
"Our underwriting operations performed well in 1995,"
Leatherdale said.
"Our domestic underwriting operation, St. Paul Fire and
Marine, recorded an 11 percent increase in premium volume
while maintaining a high level of profitability in a very
competitive marketplace.
"Our reinsurance operation, St. Paul Re, and our
international underwriting operation, St. Paul
International, both experienced improved results and strong
growth.
"Minet, The St. Paul's insurance brokerage operation,
continued to struggle in a difficult worldwide market,
producing a $13 million pretax loss in 1995.
"Our share of The John Nuveen Company's pretax earnings
was a record $88 million in 1995, the result of lower
interest rates and successful expense management,"
Leatherdale said. The St. Paul owns 78 percent of Nuveen.
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Fourth-quarter results
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Fourth-quarter results were impacted by $25 million in
catastrophe losses, most notably from Hurricane Opal.
For the fourth quarter of 1995, operating earnings were
$124.6 million, or $1.34 per share, compared with operating
earnings of $126.5 million, or $1.41 per share, for the
fourth quarter of 1994.
Net income for the fourth quarter of 1995 was $155.2
million, or $1.67 per share, compared with net income of
$120.8 million, or $1.35 per share, for the fourth quarter
of 1994. Net income for the fourth quarter of 1995 included
after-tax realized investment gains of $30.6 million, or
$0.33 per share, compared with after-tax investment losses
of $5.7 million, or ($0.06) per share, in 1994.
Consolidated Financial Position
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Consolidated assets of The St. Paul Companies as of
Dec. 31, 1995, were $19.7 billion, compared with $17.5
billion as of Dec. 31, 1994.
Common shareholders' equity was $3.7 billion on Dec.
31. 1995, compared with $2.7 billion on Dec. 31, 1994. Book
value per common share on Dec. 31, 1995, was $44.29,
compared with $32.46 on Dec. 31, 1994.
The St. Paul Companies, headquartered in Saint Paul,
Minn. is a group of companies that provides property-
liability insurance underwriting and insurance brokerage
products and services throughout the world.
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THE ST. PAUL COMPANIES
TWELVE-MONTHS UNDERWRITING OPERATIONS
HIGHLIGHTS
Twelve months ended Dec. 31 1995 1994
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Written premiums $4,243,213,000 $3,623,026,000
Underwriting loss ($103,045,000) ($113,008,000)
Net investment income $731,096,000 $674,818,000
Pretax operating earnings* $577,509,000 $524,742,000
Statutory combined ratio 101.8 102.3
*excluding realized investment gains
THE ST. PAUL COMPANIES
FOURTH-QUARTER UNDERWRITING OPERATIONS
HIGHLIGHTS
Three months ended Dec. 31 1995 1994
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Written premiums $1,074,096,000 $888,520,000
Underwriting profit (loss) ($36,584,000) $3,658,000
Net investment income $188,023,000 $176,449,000
Pretax operating earnings* $133,918,000 $162,904,000
Combined ratio 103.3 99.4
*excluding realized investment gains and losses
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THE ST. PAUL COMPANIES
CONSOLIDATED 1995 RESULTS
1995 1994
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Revenues $5,409,630,000 $4,701,285,000
Operating Earnings $464,852,000 $413,866,000
Per Common Share (Fully Diluted) $5.07 $4.60
Realized Investment Gains,
Net of Taxes $56,357,000 $28,962,000
Per Common Share (Fully Diluted) $0.61 $0.33
Net Income $521,209,000 $442,828,000
Per Common Share (Fully Diluted) $5.68 $4.93
THE ST. PAUL COMPANIES
CONSOLIDATED FOURTH-QUARTER RESULTS
1995 1994
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Revenues $1,446,577,000 $1,173,293,000
Operating Earnings $124,579,000 $126,527,000
Per Common Share (Fully Diluted) $1.34 $1.41
Realized Investment Gains (Losses),
Net of Taxes $30,668,000 ($5,706,000)
Per Common Share (Fully Diluted) $0.33 ($0.06)
Net Income $155,247,000 $120,821,000
Per Common Share (Fully Diluted) $1.67 $1.35
