The St. Paul Companies has announced second-quarter 2003 net income of $214m (£132m), up from a second-quarter 2002 net loss of $223m (£137m).
In its core specialty commercial operations, excluding Lloyd's, it posted a 25.2% rise in premiums. Including Lloyd's, its net written premiums for the sector increased by 8.2% to $1.21 billion (£739m).
However its combined ratio deteriorated to 96.6%, largely as a result of losses on surety bonds.
Jay Fishman, chairman and chief executive officer said: "We continue to make substantial progress. We are particularly pleased with the net written premium growth of more than 26% in our ongoing insurance segments excluding Lloyd's, which we see as early evidence of the success of our strategy."
