The St. Paul Companies Reports Fourth-Quarter and 2000 Results

January 23, 2001

The St. Paul Cos. has reported 2000 net income of $993.5 million, or $4.24 per diluted share, up 24 percent from 1999. Net income for the fourth quarter of 2000 was $193.5 million, or $.83 per diluted share, an increase of 46 percent from the same period in 1999.

Total after-tax operating earnings in 2000 were $625.5 million, or $2.66 per diluted share, compared to $636.3 million, or $2.61 per diluted share, for 1999. After-tax operating earnings for the fourth quarter of 2000 were $144.4 million, or $.61 per diluted share, compared to $155.9 million, or $.64 per diluted share, for the same period in 1999.

Most of the decline was due to an increase in the effective tax rate in 2000. Pretax operating earnings for 2000 were $845.9 million, up 5.8 percent from the $799.4 million reported for 1999. Net written premiums for 2000 were $5.88 billion, an increase of 15 percent from 1999.

On a pretax basis, property-liability insurance operating earnings grew to $202.0 million in the fourth quarter of 2000, up 21 percent from $166.4 million in the same period of 1999. Fourth-quarter 2000 property-liability net written premiums, at $1.50 billion, were up 29 percent over fourth-quarter 1999 premiums of $1.16 billion.

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