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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): April 28, 1997
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) 310-7911
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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 press releases dated April 28, 1997, of
the registrant relating to:
1. The Registrant's results for the quarter ended March 31,
1997, which will be superseded by the Registrant's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.
2. The anticipated impact of flooding in the Red River
Valley on the Registrant's second quarter 1997 results.
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: April 28, 1997
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EXHIBIT INDEX
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How
Exhibit Filed
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(99) 1. Registrant's Press Release dated April 28, 1997
relating to its results for the quarter ended
March 31, 1997...........................................(1)
2. Registrant's Press Release dated April 28, 1997
relating to the anticipated impact of flooding on
its second quarter 1997 results..........................(1)
(1) Filed electronically.
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Exhibit 99
April 28, 1997 - THE ST. PAUL COMPANIES' OPERATING EARNINGS
REACH NEW 1ST-QUARTER RECORD OF $130.2 MILLION
St. Paul, Minn. - The St. Paul Companies (NYSE:SPC) reported
record first-quarter operating earnings of $130.2 million
for first-quarter 1997, or $1.43 per share, compared with
first-quarter 1996 operating earnings of $113.2 million, or
$1.23 per share.
Net income of $124.5 million, or $1.37 per share, for
the first quarter, compared with $128.8 million, or $1.40
per share, for the first quarter of 1996. Net income
included after-tax realized investment gains of $62.1
million, or $0.67 per share, for the first quarter of 1997,
compared with $31.2 million, or $0.34 per share, for the
first quarter of 1996.
"I'm pleased with the strength of our first-quarter
operating earnings," said Douglas W. Leatherdale, chairman
and chief executive officer.
"Despite highly competitive market conditions, our
focused and disciplined underwriting approach, the addition
of Northbrook to our operations and the absence of
catastrophes all contributed to solid performance for the
first quarter," Leatherdale said.
Consolidated Financial Position
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Consolidated assets of The St. Paul Companies as of
March 31, 1997, were $20.4 billion, compared with $20.7
billion as of Dec. 31, 1996. Common shareholders' equity
was $3.9 billion at the end of the first quarter, compared
with $4.0 billion on Dec. 31, 1996. Book value per common
share on March 31, 1997, was $46.51, compared with $47.93 on
Dec. 31, 1996.
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THE ST. PAUL COMPANIES
CONSOLIDATED FIRST-QUARTER RESULTS
Three months ended March 31 1997 1996
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Revenues $1,557,203,000 $1,329,891,000
Pretax Operating Earnings
Underwriting $148,059,000 $130,939,000
Investment Banking-
Asset Management $22,704,000 21,567,000
Parent and Other (21,145,000) (22,938,000)
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Total pretax operating earnings $149,618,000 $129,568,000
Income Tax Expense $19,450,000 $16,401,000
Operating Earnings $130,168,000 $113,167,000
Per Common Share (Fully Diluted) $1.43 $1.23
Realized Investment Gains,
Net of Taxes $62,131,000 $31,244,000
Per Common Share (Fully Diluted) $0.67 $0.34
Discontinued Operations,
Net of Taxes ($67,750,000) ($15,590,000)
Per Common Share (Fully Diluted) ($0.73) ($0.17)
Net Income $124,549,000 $128,821,000
Per Common Share (Fully Diluted) $1.37 $1.40
FIRST-QUARTER UNDERWRITING OPERATIONS
HIGHLIGHTS
Three months ended March 31 1997 1996
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Written premiums $1,029,220,000 $934,611,000
Net investment income $218,269,000 $188,903,000
Combined ratio 107.5 106.1
The St. Paul Companies, headquartered in St. Paul, Minn., is
a group of companies providing property-liability insurance
products and services worldwide.
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Exhibit 99
April 28, 1997 - THE ST. PAUL EXPECTS $30 - $40 MILLION IN LOSSES
IN THE SECOND QUARTER FROM RED RIVER FLOOD
St. Paul, Minn. - The St. Paul Companies (SPC) today
announced that damage from the flood in the Red River Valley
in Minnesota and North Dakota is expected to result in
pretax catastrophe losses ranging from $30 million to $40
million for the second quarter of 1997.
The losses are primarily from commercial insurance
customers whose policies contained flood coverage
endorsements and from damage due to the fires that destroyed
several downtown Grand Forks, N.D. buildings. The range
also includes potential insured losses from personal
insurance customers whose policies contain coverage for
flood damage to vehicles and scheduled property.
"We expect to receive additional claims in the coming
weeks as people return to their homes and businesses to
clean up the destruction left behind by the flood," said
Chairman Douglas W. Leatherdale.
The St. Paul Companies, headquartered in St. Paul,
Minn. is a group of companies providing property-liability
insurance products and services worldwide.
