St. Paul, Minn.-based insurer The St. Paul Cos. fourth-quarter 2003 net income of $52 million, or 21 cents per share, including a previously announced fourth-quarter after-tax health-care reserve charge of $228 million, or 98 cents per share. Net income for fourth-quarter 2002 was $244 million, or $1.02 per share. Fourth-quarter 2003 operating earnings were $9 million, or 2 cents per share, versus $194 million, or 81 cents per share, for the same 2002 period.
Fourth-quarter 2003 highlights also included:
—A 13 percent increase in total revenues, to $2.32 billion;
—Ongoing segments’ net earned premiums were $1.83 billion, up 22.8 percent, and net written premiums were $1.86 billion, up 24.6 percent;
—Ongoing segments’ statutory combined ratio of 89.5, improved from 100.1;
—An 18.8 percent increase in Nuveen Investments’ contribution to earnings, to $32 million.
The company’s annual net income return on average equity was 11.1 percent, and annual operating earnings return on average adjusted equity was 11.6 percent.
Was this article valuable?
Here are more articles you may enjoy.
Illinois USPS Employee Indicted for Alleged Workers’ Comp Fraud 
Accuweather: Winter Storm to Cause Up to $115B in Damage, Economic Losses 
Florida House Panel Approves Bill to Waive Permits on Work of Less Than $7,500 
Navigators Can’t Parse ‘Additional Insured’ Policy Wording in Georgia Explosion Case 
