The St Paul Companies has reported US$214m in third quarter profits, compared with $63m for the same period in 2002, announced a report. It said strong premium revenues had boosted profits.
St Paul has been working to exit health insurance and several international operations, which the report said had resulted in a fall in revenues from $2.3bn to $2.25bn.
Chairman and chief executive Jay Fishman said the company had enjoyed record operating earnings in two of the past three quarters following last year's restructuring, the continued concentration on managing expenses and reduced legacy issues for 2003.
For the nine months ending 30 September, The St Paul earned $609m compared with a loss of $26m for the comparable period last year. Year to year revenues fell to $6,531bn from $6.975bn, said the report.
