The St. Paul Travelers Cos. recently reported net income of $303 million for the quarter ended Dec. 31, 2004, or 45 cents per basic share and 44 cents per diluted share, compared to $489 million, or $1.13 per basic share and $1.09 per diluted share, in the prior year quarter.
Operating income for the fourth quarter of 2004 was $307 million, or 46 cents per basic share and 45 cents per diluted share, compared to $463 million, or $1.07 per basic share and $1.04 per diluted share, in the prior-year quarter. Operating income excludes net realized investment gains (losses).
The St. Paul Cos. and Travelers Property Casualty Corp. merged to form St. Paul Travelers on April 1, 2004. The periods prior to April 1, 2004 do not include the results of St. Paul. Average diluted shares outstanding were 708.6 million for the quarter, which included the dilutive effect of contingently convertible debt due to the adoption of new accounting requirements.
The company also announced its intentions to explore strategic alternatives to divest its 79 percent equity stake in Nuveen Investments Inc. and to combine its major insurance pools.
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